新能源及有色金属日报 | 2025-06-26 现货流通货源偏强 铜价震荡偏强 市场要闻与重要数据 期货行情： 2025-06-25，沪铜主力合约开于 78410元/吨，收于 78810元/吨，较前一交易日收盘0.22%，昨日夜盘沪铜主力合约 开于 78,600元/吨，收于 78,720 元/吨，较昨日午后收盘上涨0.36%。 现货情况： 据 SMM 讯，昨日SMM 1#电解铜现货报价78530-78630元/吨，对2507合约报平水至升水60元/吨，均价升水30元/ 吨（跌10元）。早盘沪铜2506合约冲高78600元后回落，隔月价差收窄至130-150元。市场流通货源趋紧，升水企稳： 好铜成交升水40-60元，平水铜平水至升水20元，常州贴水20元货源抢手。预计今日升水维持但部分紧俏品种或上 涨。 重要资讯汇总： 宏观与地缘方面，特朗普称其认为伊以之间的战争已经结束，冲突可能再次爆发，或许很快，并表示不会放弃对 伊朗的制裁；不认为伊朗会重新进行核计划，下周美方将与伊朗会谈，不认为核协议是有必要的。国内方面，伊 朗防长抵达中国参加上合防长会。 矿端方面，外电6月25日消息，New World Resourc ...

金属期权 2025-06-26 金属期权策略早报 | 卢品先 | 投研经理 | 从业资格号：F3047321 | 交易咨询号：Z0015541 | 邮箱：lupx@wkqh.cn | | --- | --- | --- | --- | --- | | 黄柯涵 | 期权研究员 | 从业资格号：F03138607 | 电话：0755-23375252 | 邮箱：huangkh@wkqh.cn | | 李仁君 | 产业服务 | 从业资格号：F03090207 | 交易咨询号：Z0016947 | 邮箱：lirj@wkqh.cn | 金属期权策略早报概要：（1）有色金属偏多盘整，构建做空波动率策略策略；（2）黑色系区间盘整震荡，适合构 建熊市价差组合策略和卖方期权组合策略；（3）贵金属黄金高位盘整，有所下降回落现货避险策略。 表1：标的期货市场概况 | 期权品种 | 标的合约 | 最新价 | 涨跌 | 涨跌幅 | 成交量 | 量变化 | 持仓量 | 仓变化 | | --- | --- | --- | --- | --- | --- | --- | --- | --- | | | | | | （%） | (万手) | ...

1. Report Industry Investment Rating No relevant content provided. 2. Core Viewpoints of the Report - The Shanghai Composite Index, large-cap blue-chip stocks, small and medium-cap stocks, and ChiNext stocks showed a trend of rising after reaching a high, with the ChiNext rising the most at 3.18% [3]. - The implied volatility of financial options increased significantly, reaching a level above the mean [3]. - For ETF options, it is suitable to construct covered strategies, neutral double-selling strategies, and vertical spread combination strategies; for stock index options, it is suitable to construct neutral double-selling strategies and arbitrage strategies between synthetic long or short options and short or long futures [3]. 3. Summary by Relevant Catalogs 3.1 Stock Market Short Review - The Shanghai Composite Index closed at 3,455.97, up 35.41 points or 1.04%, with a trading volume of 620.2 billion yuan and an increase of 75.3 billion yuan [4]. - The Shenzhen Component Index closed at 10,393.72, up 176.10 points or 1.72%, with a trading volume of 982.6 billion yuan and an increase of 112.9 billion yuan [4]. - The Shanghai 50 Index closed at 2,747.73, up 31.81 points or 1.17%, with a trading volume of 102.3 billion yuan and an increase of 13.3 billion yuan [4]. - The CSI 300 Index closed at 3,960.07, up 56.03 points or 1.44%, with a trading volume of 361.7 billion yuan and an increase of 67.5 billion yuan [4]. - The CSI 500 Index closed at 5,862.55, up 96.72 points or 1.68%, with a trading volume of 239.3 billion yuan and an increase of 47.3 billion yuan [4]. - The CSI 1000 Index closed at 6,276.16, up 81.50 points or 1.32%, with a trading volume of 335 billion yuan and an increase of 31.3 billion yuan [4]. 3.2 Financial Option Volatility Analysis - The implied volatility of financial options increased significantly, reaching a level above the mean [3]. 3.3 Financial Option Strategies and Recommendations - For ETF options, suitable strategies include covered strategies, neutral double-selling strategies, and vertical spread combination strategies [3]. - For stock index options, suitable strategies include neutral double-selling strategies and arbitrage strategies between synthetic long or short options and short or long futures [3]. 3.4 Option Factor Analysis - **Volume and Open Interest PCR**: The volume and open interest PCR of various options showed different trends, with some decreasing and some increasing [6]. - **Pressure and Support Points**: The pressure and support points of various options were analyzed, providing reference for option trading [8]. - **Implied Volatility**: The implied volatility of various options was at different levels, with some above the mean and some at the mean [10]. 3.5 Strategy and Recommendations for Different Sectors - **Financial Stocks Sector (Shanghai 50ETF, Shanghai 50)**: The Shanghai 50ETF showed a short-term bullish upward trend. It is recommended to construct a bullish option bull spread combination strategy, a seller neutral strategy, and a covered call strategy [13]. - **Large-Cap Blue-Chip Stocks Sector (Shanghai 300ETF, Shenzhen 300ETF, CSI 300)**: These stocks showed a short-term bullish upward trend. It is recommended to construct a short volatility strategy by selling call and put options and a covered call strategy [13]. - **Large-Mid Cap Stocks Sector (Shenzhen 100ETF)**: The Shenzhen 100ETF showed a short-term bullish upward trend. It is recommended to construct a short volatility strategy by selling call and put options and a covered call strategy [14]. - **Small and Medium Cap Stocks Sector (Shanghai 500ETF, Shenzhen 500ETF, CSI 1000)**: These stocks showed a short-term bullish upward trend. It is recommended to construct a short volatility strategy by selling call and put options and a covered call strategy [14][15]. - **ChiNext Sector (ChiNext ETF, Huaxia Science and Technology Innovation 50ETF, E Fund Science and Technology Innovation 50ETF)**: These stocks showed a short-term bullish upward trend. It is recommended to construct a short volatility strategy by selling call and put options and a covered call strategy [15].

半年度报告——商品期权 商品期权再拾增长动能，寻找不确定中的 期权机会 报告日期： 2025 年 6 月 26 日 ★ 商品期权：再拾增长动能 今年以来，我国商品期权市场新品种上市节奏有所趋缓，铸 造铝合金、纯苯、丙烯、胶版印刷纸、葵花籽油、铂族金属 等品种或将成为年内主要增量。上半年商品期权成交重返增 长轨道，截至 6 月 15 日累计成交量达 5.95 亿手，同比大幅 增长 49%，增速显著高于 2024 年全年水平。从成交结构看， 贵金属和能源化工成交占比有所增长。 ★ 波动率：宏观及市场情绪抬升商品波动水平 今年上半年，整体商品市场的共振波动主要源于美国关税政 策的变化。2025 年四月，美国宣布对所有进口商品加征 10% 关税，并同步推行所谓"对等关税"政策，引发全球贸易格 局剧烈动荡。4 月 7 日清明节假期结束后的第一个交易日， 商品指数 20 日历史波动率上涨至 18.22%，单日涨幅达 9 个 百分点。随着 4 月 23 日特朗普释放关税下调信号，市场情绪 逐渐缓和，目前短期历史波动率已下降至近历史 25%分位水 平。从隐波看，能源与贵金属受宏观情绪影响波动率变化更 为剧烈。 ★ 期权策略推 ...

1. Report Industry Investment Rating No information provided 2. Core Viewpoints of the Report - The agricultural product sector mainly includes beans, oils, agricultural by - products, soft commodities, grains, and others. The overall trends are as follows: oilseeds and oils show a bullish upward trend, oils and agricultural by - products maintain a volatile market, soft commodity sugar continues to be weak, cotton consolidates at a high level after a rebound, and grains such as corn and starch gradually recover and then consolidate narrowly. [3][9] - It is recommended to construct option portfolio strategies mainly based on sellers, as well as spot hedging or covered strategies to enhance returns. [3] 3. Summary According to Related Catalogs 3.1 Futures Market Overview - Various agricultural product futures show different price changes, trading volumes, and open interest changes. For example, the latest price of soybean No.1 (A2509) is 4,160, down 26 (-0.62%), with a trading volume of 171,500 lots and an open interest of 198,300 lots. [4] 3.2 Option Factors - Volume and Open Interest PCR - The volume and open interest PCR of different agricultural product options are used to describe the strength of the option underlying market and the turning point of the underlying market. For example, the volume PCR of soybean No.1 is 0.68, and the open interest PCR is 0.58. [5] 3.3 Option Factors - Pressure and Support Levels - The pressure and support levels of different agricultural product options are analyzed from the perspective of the strike prices with the largest open interest of call and put options. For example, the pressure level of soybean No.1 is 4,500, and the support level is 4,100. [6] 3.4 Option Factors - Implied Volatility - The implied volatility of different agricultural product options is presented, including at - the - money implied volatility, weighted implied volatility, and their changes. For example, the at - the - money implied volatility of soybean No.1 is 10.09%, and the weighted implied volatility is 11.67% (-0.13%). [7] 3.5 Option Strategies and Recommendations 3.5.1 Oils and Oilseeds Options - **Soybean No.1 and No.2**: The US soybean weekly net sales are higher than expected. The soybean No.1 shows a pattern of rebound and then decline. It is recommended to construct a neutral call + put option combination strategy and a long collar strategy for spot hedging. [8] - **Soybean Meal and Rapeseed Meal**: The trading volume and delivery volume of soybean meal increase, and the basis rises. It is recommended to construct a bull call spread strategy, a neutral call + put option combination strategy, and a long collar strategy for spot hedging. [10] - **Palm Oil, Soybean Oil, and Rapeseed Oil**: The production of Malaysian palm oil decreases slightly in June, while the export data increases significantly. It is recommended to construct a bull call spread strategy, a bullish call + put option combination strategy, and a long collar strategy for spot hedging. [10] - **Peanut**: The downstream procurement is cautious, and the market is weak. It is recommended to construct a bear put spread strategy and a long + put + short call strategy for spot hedging. [11] 3.5.2 Agricultural By - products Options - **Pig**: The national average pig price rises slightly. It is recommended to construct a neutral call + put option combination strategy and a covered call strategy for spot. [11] - **Egg**: The egg inventory is expected to increase in the future, and the market is weak. It is recommended to construct a bearish call + put option combination strategy. [12] - **Apple**: The national cold - storage apple inventory is at a low level. It is recommended to construct a bear put spread strategy and a bearish call + put option combination strategy. [12] - **Jujube**: The jujube inventory decreases slightly. It is recommended to construct a neutral strangle option combination strategy and a covered call strategy for spot hedging. [13] 3.5.3 Soft Commodities Options - **Sugar**: The import volume of sugar decreases significantly. It is recommended to construct a bearish call + put option combination strategy and a long collar strategy for spot hedging. [13] - **Cotton**: The opening rates of spinning and weaving factories decrease, and the inventory increases. It is recommended to construct a neutral call + put option combination strategy and a covered call strategy for spot. [14] 3.5.4 Grains Options - **Corn and Starch**: The price of Northeast corn rises, and the North Port inventory decreases. It is recommended to construct a bull call spread strategy and a bullish call + put option combination strategy. [14]

Core Viewpoint - The company has approved the 2025 Stock Option and Restricted Stock Incentive Plan, which aims to motivate and retain key personnel through equity incentives [1][4]. Group 1: Incentive Plan Details - The company held meetings on June 12, 2025, to review and approve the incentive plan and its management measures [1]. - The incentive plan includes stock options and restricted stocks, with details published on June 13, 2025 [2]. - The public disclosure of the incentive plan included the names and positions of the incentive targets, which were made available internally from June 13 to June 22, 2025 [2]. Group 2: Verification Process - The supervisory board verified the names, identification documents, and employment contracts of the incentive targets [3]. - No objections were raised by employees regarding the incentive targets during the public disclosure period [2][4]. Group 3: Supervisory Board's Opinion - The supervisory board confirmed that the selected incentive targets meet the qualifications set forth in relevant laws and regulations [4][5]. - The incentive targets do not fall under any disqualifying conditions as outlined in the management regulations [5]. - The targets include directors, senior management, middle management, and core personnel who have formal employment relationships with the company [5].

电话/Tel.:010-50867666 传真/Fax:010-65527227 网址/Website:www.kangdalawyers.com 北京 西安 深圳 海口 上海 广州 杭州 沈阳 南京 天津 菏泽 成都 苏州 呼和浩特 香港 武汉 郑州 长 沙 厦门 重庆 合肥 北京市康达（深圳）律师事务所 关于苏州伟创电气科技股份有限公司 第一个行权期行权条件成就相关事项的法律意见书 康达（深圳）法意字【2025】第 0027 号 法律意见书 北京市朝阳区建外大街丁 12 号英皇集团中心 8 层 致：苏州伟创电气科技股份有限公司 北京市康达（深圳）律师事务所（以下简称"本所"）接受苏州伟创电气科技 股份有限公司（以下简称"伟创电气"或"公司"）的委托，就公司2024年股票期权 激励计划（以下简称"本次激励计划"）相关事宜担任法律顾问，并就本次激励计 划调整行权价格（以下简称"本次调整"）、首次授予股票期权第一个行权期行权 条件成就（以下简称"本次行权"）及注销部分股票期权（以下简称"本次注销"， 与"本次调整""本次行权"合称"本次调整、行权及注销"）事项出具本法律意见书。 为出具本法律意见书，本所律师审阅 ...

一、董事会会议召开情况 证券代码：688698 证券简称：伟创电气 公告编号：2025-042 苏州伟创电气科技股份有限公司 本公司董事会及全体董事保证本公告内容不存在任何虚假记载、误导性陈述或 者重大遗漏，并对其内容的真实性、准确性和完整性依法承担法律责任。 二、董事会会议审议情况 （一）审议通过《关于调整公司 2022 年限制性股票激励计划授予价格和 2024 年股票期权激励计划行权价格的议案》 根据公司《2022 年限制性股票激励计划（草案三次修订稿）》《2022 年限制 性股票激励计划实施考核管理办法（三次修订稿）》《2024 年股票期权激励计划 （草案）》《2024 年股票期权激励计划实施考核管理办法》的相关规定及 2022 年 第一次临时股东大会、2024 年第一次临时股东大会的授权，鉴于 2022 年限制性股 票激励计划首次授予的 2 名激励对象已离职，以及 2024 年股票期权激励计划授予 的 2 名激励对象已离职，1 名激励对象因个人原因自愿放弃获授的全部股票期权， 本次合计作废处理的 2022 年限制性股票激励计划已授予尚未归属的限制性股票数 量为 1.4 万股、注销 2024 年股票期权 ...

Summary of Key Points Core Viewpoint The announcement details the implementation and adjustments of the stock option incentive plan of Zhejiang Zhongtuo Group Co., Ltd., including the third exercise period for reserved stock options, the conditions for exercising these options, and the financial implications of these actions. Group 1: Stock Option Incentive Plan Overview - The stock option incentive plan was approved in March 2020, allowing for the initial grant of 37.62 million options and a reserved grant of 8.26 million options at an exercise price of 6.67 yuan per share [1][4]. - The plan has a maximum validity of 60 months from the grant date, with a waiting period of 24 months before options can be exercised [1][2]. Group 2: Exercise Conditions and Adjustments - The third exercise period allows for options to be exercised within 36 months after the first 24 months, with specific conditions that must be met [2][3]. - Adjustments to the reserved stock options have occurred due to resignations and performance evaluations, reducing the number of eligible options from 606,000 to 573,000 [7][8]. Group 3: Financial Impact and Shareholder Structure - The exercise of stock options will dilute the shareholding of the controlling shareholder, Zhejiang Transportation Investment Group, from 45.00% to 44.93% [15]. - The total number of shares after the exercise will increase by 1,101,500 shares, representing 0.16% of the total share capital, with a minor impact on the company's earnings per share [19]. Group 4: Legal and Compliance Aspects - The company has complied with necessary legal procedures and regulations regarding the stock option exercise, as confirmed by legal opinions [19]. - The funds raised from the exercise will be used to supplement the company's working capital [19].

登录新浪财经APP 搜索【信披】查看更多考评等级 证券代码：600233 证券简称：圆通速递 公告编号：临2025-043 圆通速递股份有限公司 关于调整第二期和第三期股票期权激励计划 相关事项的公告 本公司董事局及全体董事保证本公告内容不存在任何虚假记载、误导性陈述或者重大遗漏，并对其内容 的真实性、准确性和完整性承担法律责任。 圆通速递股份有限公司（以下简称"公司"）于2025年6月25日召开第十一届董事局第十七次会议及第十 一届监事会第十六次会议，分别审议通过了《关于调整第二期和第三期股票期权激励计划相关事项的议 案》。根据《上市公司股权激励管理办法》（以下简称《管理办法》）、《圆通速递股份有限公司第二 期股票期权激励计划（草案）》（以下简称《第二期股票期权激励计划》）、《圆通速递股份有限公司 第三期股票期权激励计划（草案）》（以下简称《第三期股票期权激励计划》）的相关规定和公司2021 年年度股东大会、2024年年度股东大会的授权，董事局对第二期、第三期股票期权激励计划的行权价格 和第三期股票期权激励计划的首次授予人数和授予数量进行调整。现将具体内容公告如下： 一、股票期权激励计划已履行的决策程序和信 ...