17. 铸造铝合金期货的交易单位和交割单位各是多少？ 为什么要上市铸造铝合金期货？ 铸造铝合金是废铝循环利用的主要途径，与传统电解铝相比，其生产工艺显著节约能源和水，大幅降低碳排放。上市铸造铝合金期货，一是服 务国家"双碳"战略，助力我国铝行业绿色低碳循环发展；二是完善铝产业链实体企业价格风险管理工具，服务企业稳健经营；三是推动建立铸 造铝合金行业"公开、公平、公正"的价格体系，发挥期货市场资源配置功能。 18. 铸造铝合金期货合约标的是什么？ 铸造铝合金期货合约标的为满足一定条件的铸造铝合金锭ADC12。 19. 哪些企业的铸造铝合金锭可以在期货市场进行交割？ 铸造铝合金期货实行品牌注册制度。交割铸造铝合金应当是在交易所注册的生产企业生产的注册商标的商品。 铸造铝合金期货交割品必备单证详见《上海期货交易所铸造铝合金期货业务细则》。 20. 根据《上海期货交易所交易管理办法》和《上海期货交易所风险控制管理办法》，交易所将对铸造铝合金期货交易实行保证金制度、涨跌停板 制度、持仓限额制度、大户报告制度、强行平仓制度、风险警示制度等风险控制措施。 铸造铝合金期货合约的交易单位为10吨/手，交割单位为30吨。 21. ...

棉花产业风险管理日报 2025/5/27 陈嘉宁（投资咨询证号：Z0020097 ） 投资咨询业务资格：证监许可【2011】1290号 棉花近期价格区间预测 | 价格区间预测（月度） | 当前波动率（20日滚动） | 当前波动率历史百分位（3年） | | --- | --- | --- | | 12800-13700 | 0.1172 | 0.279 | source： 南华研究 棉花风险管理策略建议 【利多解读】 1、24/25年度北疆棉花含杂偏高，优质资源偏紧，且目前剩余棉花货权多集中在大型轧花企业与贸易商手 中，棉花基差偏强 2、下游纱布厂整体负荷偏高，存在刚性的补库需求 【利空解读】 1、24/25年度北疆新棉加工成本多集中在15000元/吨上下，尚有部分新棉未套保 2、下游处于传统淡季，中美关税下调所带来的出口订单增量有限，下游走货偏慢，在政策频繁变动下， 下游观望情绪较重 | 行为 导向 | 情景分析 | 现货 敞口 | 策略推荐 | 套保工具 | 买卖 方向 | 套保比例 | 建议入 场区间 | | --- | --- | --- | --- | --- | --- | --- | --- | ...

聚乙烯风险管理日报 戴一帆（投资咨询证号：Z0015428） 顾恒烨（期货从业证号：F03143348 ） 投资咨询业务资格：证监许可【2011】1290号 聚乙烯价格区间预测 | | 价格区间预测（月度） | 当前波动率（20日滚动） | 当前波动率历史百分位（3年） | | --- | --- | --- | --- | | 聚乙烯 | 6900-7200 | 15.22% | 78.4% | source： 南华研究 聚乙烯套保策略表 | | 情景分析 | 现货 | 策略推荐 | 套保工具 | 买卖 | 套保比例(%) | 建议入 | | --- | --- | --- | --- | --- | --- | --- | --- | | | | 敞口 | | | 方向 | | 场区间 | | | 产成品库存偏高，担心 塑料价格下跌 | 多 | 为了防止存货跌价损失，可以根据企业的库存情 况，做空塑料期货来锁定利润，弥补企业的生产 成本 | L2509 | 卖出 | 25% | 7150- 7200 | | | | | 卖出看涨期权收取权利金降低成本，若聚乙烯价 格上涨还可以锁定现货卖出价格 | L250 ...

Report Summary 1. Report Industry Investment Rating No information provided. 2. Core Viewpoints - The oversupply pattern in the lithium carbonate market is expected to continue in Q2, with no significant growth in demand-side production scheduling. The supply side shows no obvious improvement, and both lithium ore and lithium salt inventories face great pressure, with a slow de-stocking process. The main market contradiction is that the pressure of lithium salt production capacity clearance is gradually spreading to the upstream ore end, and the loosening of ore prices will further drive down lithium salt prices. There is a risk of a spiral decline in ore and lithium salt prices [3]. - The fundamentals remain weak, but as the lithium carbonate price continues to decline, the probability of supply-side disturbances will increase. Be vigilant against sharp fluctuations caused by short covering. The short-term strong resistance level is 63,000 - 65,000 [4]. 3. Summary by Relevant Catalogs 3.1 Futures Price and Volatility - The pressure level of the lithium carbonate main contract is 65,000, the current volatility (20 - day rolling) is 25.3%, and the current volatility historical percentile (3 - year) is 30.1% [2]. 3.2 Risk Management Strategies - **Inventory Management**: For companies with high product inventories and inventory impairment risks, strategies include shorting lithium carbonate futures (using LC2508, selling, 60% hedging ratio, strategy level 2), selling call options (using over - the - counter/on - exchange options, selling, 60% hedging ratio, strategy level 3), and buying out - of - the - money put options (using on - exchange/over - the - counter options, buying, strategy level 2) [2]. - **Procurement Management**: For companies with future production plans and the risk of rising raw material prices, strategies include selling put options (using on - exchange/over - the - counter options, selling, hedging ratio based on procurement plan, strategy level 1 - 3), buying long - term lithium carbonate contracts (using far - month lithium carbonate contracts, buying, hedging ratio based on procurement plan), and buying out - of - the - money call options (using on - exchange/over - the - counter options, buying, hedging ratio based on procurement plan, strategy level 1) [2]. 3.3 Market News - It is rumored that several lithium salt plants plan to conduct maintenance in June, which is expected to affect the monthly lithium salt output by about 3,000 tons. Combined with last Thursday's shutdown, it is expected to affect the future monthly output by 4,500 tons, but it has little impact on the current lithium carbonate market [4]. 3.4利多 and利空 Factors - **利多 Factors**: Positive macro - policies may stimulate power demand growth; the probability of upstream ore and lithium salt plant shutdowns and maintenance increases as prices fall; there is an expectation of "90 - day" export rush due to the easing of Sino - US game, leading to passive de - stocking; high open interest may cause a rebound in the market due to short profit - taking [5][6]. - **利空 Factors**: There are still many future lithium ore production expectations, and high inventories suppress ore prices, which may drag down lithium carbonate costs; both lithium ore and lithium salt inventories are high and still in the process of inventory accumulation; industrial technology upgrades delay the clearance of high - cost production capacity [6]. 3.5 Price and Spread Data - **Futures Price Changes**: The closing price of the lithium carbonate futures main contract is 60,920, with a daily increase of 820 (1.36%), and a year - on - year decrease of 42.64%. The trading volume of the main contract is 392,469, with a daily increase of 130,487 (49.81%), and a year - on - year increase of 309.68%. The open interest of the futures main contract is 293,695, with a daily decrease of 32,777 (-10.04%), and a year - on - year increase of 71.11% [8]. - **Spot Price Changes**: The SMM average price of battery - grade lithium carbonate is 62,500, down 550 (-0.87%); the SMM average price of industrial - grade lithium carbonate is 60,900, down 550 (-0.9%); the SMM average price of battery - grade lithium hydroxide is 64,420, down 300 (-0.46%); the SMM average price of industrial - grade lithium hydroxide is 58,400, down 260 (-0.44%); the SMM average price of battery - grade lithium hydroxide CIF in China, Japan, and South Korea is 8.4 dollars/kg, down 0.05 (-0.59%); the fastmarkets average price of battery - grade lithium hydroxide CIF in China, Japan, and South Korea is 8.4 dollars/kg, with no change [10]. - **Lithium Carbonate Brand Basis**: The basis quotes of various lithium carbonate brands remain unchanged compared to the previous day [10][11]. - **Lithium Carbonate Month - to - Month Spread**: The spreads of LC07 - 08, LC08 - 11, LC11 - 12, and LC12 - 03 have different degrees of change compared to the previous period, with significant year - on - year changes [13]. - **Lithium Industry Chain Spread**: The difference between electric and industrial carbonates is 1,600 (no change); the difference between battery - grade carbonate and hydroxide is 1,920, up 250 (14.97%); the difference between battery - grade lithium hydroxide CIF in China, Japan, and South Korea and the domestic price is -4,080.28, down 131.83 (3.34%) [18]. - **Lithium Ore and Shipping Cost**: The average price of lithium mica (2% - 2.5%) is 1,260, down 20 (-1.56%); the average price of lithium spodumene concentrate (6%, CIF China) is 688 dollars/ton, down 2 (-0.29%); the fastmarkets price of lithium spodumene (6%) is 645 dollars/ton (no change); the price of lithium spodumene concentrate (6%, Zimbabwe) is 635 dollars/ton, down 15 (-2%) [20]. 3.6 Warehouse Receipt Data - The total number of lithium carbonate warehouse receipts is 34,154, a daily decrease of 825. Different warehouses have different changes in warehouse receipt quantities [23][24].

Group 1: Investment Rating - No investment rating information provided Group 2: Core Viewpoints - Short - term fundamentals support the market, with no obvious pressure on the spot side and no clear downward drivers. In the medium - long term, there is production pressure, which limits the price ceiling, and the market is expected to be volatile [3] - Bullish factors include short - term stable fundamentals, many upcoming maintenance plans, improved alumina profits with复产 expectations, and improved non - aluminum export situation [3] - Bearish factors are medium - long - term oversupply pressure, expected concentrated production on the supply side, and insufficient demand growth to support a market reversal [3] Group 3: Price Forecast and Strategy Price Forecast - The monthly price range forecast for caustic soda is 2400 - 2600. The current 20 - day rolling volatility is 24.53%, and its historical percentile over 3 years is 50.1% [4] Strategy Inventory Management - For enterprises with high finished - product inventory worried about price drops, they can short caustic soda futures (SH2509) to lock in profits, with a hedging ratio of 50% and an entry range of 2600 - 2650. They can also sell call options (SH509C2600) to collect premiums, with a hedging ratio of 50% and an entry range of 60 - 70 [4] Procurement Management - For enterprises with low procurement inventory and aiming to purchase based on orders, they can buy caustic soda futures (SH2509) to lock in procurement costs, with a hedging ratio of 50% and an entry range of 2350 - 2400. They can also sell put options (SH509P2400) to collect premiums, with a hedging ratio of 50% and an entry range of 90 - 100 [4] Group 4: Futures and Spot Market Data Futures Market - On May 27, 2025, the prices of caustic soda 05, 09, and 01 contracts were 2441, 2449, and 2394 respectively, with daily changes of - 59 (- 2.36%), - 37 (- 1.49%), and - 62 (- 2.52%) compared to May 26 [4] - The month - spreads (5 - 9), (9 - 1), and (1 - 5) were - 8, 55, and - 47 respectively, with daily changes of - 22, 25, and - 3 [4] - The 05, 09, and 01 contract basis (Shandong Jinling) were 371.5, 363.5, and 418.5 respectively, with daily changes of 121.5, 99.5, and 124.5 [4] Spot Market Liquid Caustic Soda - In Shandong, the 32 - alkali ex - factory prices of Jinling, Haihua, Lutai, and Hengtong on May 27, 2025 were 2813, 2875, 2719, and 2781 respectively, with daily changes of 62.5 (2.3%), 62.5 (2.2%), 31.25 (1.2%), and 62.5 (2.3%) [5][6] - In other regions, the prices of some brands remained unchanged on May 27 compared to May 26 [6] Caustic Soda Flakes - The market prices of caustic soda flakes in most regions remained stable on May 22 compared to May 21, except for a 25 (0.7%) increase in the Southwest region [6] Group 5: Price Difference - On May 27, 2025, the price differences such as Shandong 50 - alkali - 32 - alkali, Jiangsu 49 - alkali - 32 - alkali, etc. showed different daily changes. For example, Shandong 50 - alkali - 32 - alkali decreased by 62.5, while Jiangsu 49 - alkali - 32 - alkali remained unchanged [7]

中证报中证网讯（记者 周璐璐）为推动专业理论与业务实践深度融合，帮助在校学生更好地了解 证券行业前沿动态及实务操作、强化实践能力，促进教学与实践有机融合，近日，西部证券组织风险管 理部业务骨干走进西安财经大学，为金融专业本科生开展风险管理系列课程教学。西安财经大学经济学 院金融系主任、金融学专业负责人周晶主持并点评案例授课，百余名学生聆听课程。 西部证券表示，未来，将持续深化校企资源整合，依托专业人才禀赋，深耕课程共建、课题共研、 实训场景创新，并在党建联建、文化建设交流等维度不断拓展合作边界，推动理论研究与实践教学深度 融合，为资本市场高质量发展提供智力支持与人才保障。 课堂上，西部证券风险管理部业务骨干樊少杰向在场学生系统梳理行业监管机制的发展脉络，解析 证券行业分类评价的制度框架、方法体系、评价标准，以及业务发展状况、风险管理能力、持续合规状 况以及其他专项情况等评价维度，阐释了全面风险管理对券商合规经营与战略转型的支撑作用，提升了 学生对于全面风险管理体系在证券行业应用实践的认知。西部证券风险管理部市场风险与量化团队负责 人徐国澍聚焦证券公司操作风险管控全流程，从定义溯源到类型划分层层递进，结合《证券 ...

Core Viewpoint - The 2024 annual report on the cultural construction practices of securities companies highlights the importance of promoting and practicing Chinese financial culture as a core element for the industry, aiming to enhance business growth and support the creation of first-class investment banks [1][7]. Group 1: Cultural Construction - Securities companies are focusing on strengthening the professional ethics of their employees and actively implementing the "Five Musts and Five Must Nots" practice requirements to create a new pattern where culture leads business and brand drives growth [1][2]. - Guotai Junan Securities is exploring the establishment of an IT-specific subculture system to enhance the cultural foundation for high-quality financial technology development [2]. - Industrial Securities is deepening its integrity culture through comprehensive measures, including revising compliance documents and conducting employee education to reinforce the foundation of integrity culture [2][3]. Group 2: International Expansion - Chinese securities firms are accelerating their international expansion, particularly in Southeast Asia and the Middle East, aiming to make international business a new engine for performance growth [4]. - China Galaxy Securities reported an international business revenue of 2.173 billion yuan, a year-on-year increase of 8.29%, establishing itself as a significant performance pillar [4]. - CICC has achieved a global layout breakthrough with the operation of its Vietnam representative office and the establishment of its UAE branch, leading the market in serving Chinese enterprises' global IPOs with a total financing scale of 4.424 billion USD [4]. Group 3: Investor Education - The securities industry is expanding innovative forms of investor education, integrating it into customer service, compliance operations, and brand building [5][6]. - Dongfang Securities launched the "Dongfang Star Investor Education" brand, enhancing internal employee training and promoting industry culture through various external activities [6]. - Huolong Securities created an engaging educational IP character inspired by traditional culture, using animated storytelling to teach investment principles in an interactive manner [6].

Group 1 - The core viewpoint emphasizes the importance of futures and derivatives in risk management for listed companies, aligning with national strategies and enhancing corporate risk management capabilities [1][2][4] - A training program for senior executives from listed companies was held to improve practical skills in futures hedging and risk management, with participation from over 150 executives from 107 companies [1][4] - The futures market in China has developed significantly over 30 years, providing a robust ecosystem for enterprises to manage risks, with a wide variety of futures products and strong policy support [2][3] Group 2 - Shenzhen has 14 futures companies, serving over 20,000 industrial clients with a trading volume of nearly 5 trillion yuan, and has provided hedging services to 440 companies with a hedging amount exceeding 560 billion yuan [3] - As of April 2024, 87 listed companies in Shenzhen have engaged in hedging activities, representing 20.57% of the total [3][6] - The Capital Market Academy is focused on enhancing the participation of industrial clients in the futures market through targeted training programs [3][4] Group 3 - The integration of futures and spot markets is crucial for sustainable business development, allowing companies to actively manage risks and stabilize operating costs and profits [7] - Effective risk management through futures requires adherence to accounting standards and proper documentation of hedging relationships [7] - Companies are encouraged to enhance their understanding of futures market functions and improve their ability to utilize futures tools through professional training and practical experience [8]

Group 1 - The current market turbulence presents an opportunity for long-term investment, particularly as the Federal Reserve's interest rate hike cycle approaches its end and Hong Kong stocks are at historical low valuations [1][5] - Investors are advised to adopt a "pyramid" structure for their investment portfolio, with high-dividend utility stocks at the base for stable cash flow, leading to top-tier tech stocks in the middle, and a portion of flexible funds for capturing emerging opportunities in biotech and Web 3.0 [3][5] - Risk management should focus on designing safety nets rather than retracting positions, with strategies to adjust holdings based on market volatility and currency fluctuations [3] Group 2 - Establishing an "economic dashboard" to track key indicators such as CPI components and fund flows can provide valuable insights for investment decisions, helping to identify market signals that precede sector recoveries [3][5] - The use of intelligent investment research tools to create a long-term value map can assist in identifying undervalued assets amidst market noise, emphasizing the importance of rational analysis and data-driven decision-making [5]

Core Viewpoint - Shaanxi Natural Gas Co., Ltd. conducted a risk assessment of Shaanxi Yanchang Petroleum Finance Co., Ltd., confirming its legal status and sound operational conditions, with no significant risks identified in its management practices [1][13]. Group 1: Company Overview - Shaanxi Yanchang Petroleum Finance Co., Ltd. is a non-bank financial institution established in December 2013, with a registered capital of 287.303 million yuan, primarily owned by Shaanxi Yanchang Petroleum (Group) Co., Ltd. with an 82.087% stake [1][2]. - The company provides various financial services, including deposit acceptance, loan processing, and financial consulting for its member units [2][3]. Group 2: Internal Control and Risk Management - The company has established a robust internal control environment, with clear governance structures and responsibilities, enhancing decision-making and operational efficiency [4][5]. - A comprehensive risk management system is in place, with dedicated departments for risk assessment and internal auditing, ensuring effective risk identification and mitigation [5][6]. Group 3: Financial Performance - As of December 31, 2024, the total assets of Shaanxi Yanchang Petroleum Finance Co., Ltd. amounted to 2,292.886 million yuan, with total liabilities of 1,685.866 million yuan and owner’s equity of 607.020 million yuan [10][11]. - The company has maintained compliance with regulatory requirements, with all key financial indicators meeting the standards set forth by the relevant financial regulations [11][12].