Core Viewpoint - The company establishes a Risk Management Committee to enhance risk prevention and control, ensuring effective management of compliance risks and supporting high-quality development [1]. Group 1: General Principles - The Risk Management Committee is responsible for overseeing the company's overall risk management and ensuring that risks associated with business activities are controlled within reasonable limits [1]. - The committee follows a principle of "prevention first, control during, and remedy afterward" to fulfill its risk prevention responsibilities [1]. - The committee aims for scientific and meticulous decision-making to effectively identify and mitigate risks [1]. Group 2: Composition and Structure - The Risk Management Committee consists of five members, including one independent director, nominated by the chairman and elected by the board of directors [2]. - The chairman of the committee is the company's chairman, who also serves as the committee's presiding officer [2]. - Committee members must have knowledge of enterprise management, risk supervision, and legal knowledge, ensuring they can dedicate sufficient time to their responsibilities [2]. Group 3: Responsibilities and Authority - The committee is responsible for approving risk management strategies, policies, and major risk management solutions [3]. - It supervises the effectiveness of the risk management system and guides comprehensive risk management efforts [3]. - The committee reviews risk management reports and compliance management policies for board approval [3]. Group 4: Meeting Procedures - The committee holds regular and temporary meetings, which can be proposed by the board or committee members [5]. - Members must attend meetings in person or delegate their voting rights if unable to attend [5]. - Decisions require a majority vote from all committee members, including those not present [6]. Group 5: Confidentiality and Record Keeping - All committee members are bound by confidentiality regarding meeting discussions and decisions [18]. - Meeting records must be maintained for at least ten years, signed by attending members [19].

1. Report Industry Investment Rating No relevant information provided. 2. Core Views of the Report - The current market is dominated by the mining license issue in Jiangxi. If it remains unresolved, significant market fluctuations may occur. The market has two logics: one is a potential "futures up - capacity release - increased ore consumption - ore price increase" chain during price rebounds; the other is a "lithium salt down - ore price down - lithium salt down again" negative feedback during price declines. In the second half of the year, the futures market is expected to first rise in Q3 due to improved macro - sentiment, mining license issues, and off - season demand, then fall in Q4 as production increases after technical upgrades [3]. - There are both positive and negative factors in the market. Positive factors include improved macro - sentiment and unresolved mining license issues; negative factors are high future lithium ore production expectations, inventory pressure, continuous inventory accumulation of lithium salt and cells, and cost reduction from technological upgrades [3][5]. 3. Summary by Relevant Catalogs 3.1 Futures Price Interval Prediction - The short - term strong support level for the lithium carbonate futures main contract is 65,000 yuan/ton. The current 20 - day rolling volatility is 42.2%, and its historical percentile in 3 years is 73.5% [2]. 3.2 Risk Management Strategy Recommendations - **Inventory Management**: For high - inventory situations with potential for inventory impairment, sell 20% of LC2511 lithium carbonate futures, sell 20% of call options (both over - the - counter and on - exchange), and buy out - of - the - money put options [2]. - **Procurement Management**: For future procurement plans, buy lithium carbonate forward contracts according to the plan to lock in costs, sell put options, and buy out - of - the - money call options [2]. 3.3 Futures Data - **Futures Main Contract**: The closing price of the lithium carbonate futures main contract is 72,300 yuan/ton, with a daily increase of 2,680 yuan (3.85%) and a weekly increase of 4,020 yuan (5.89%). The trading volume is 766,669 lots (an 80.24% daily increase and 46.91% weekly increase), and the open interest is 289,832 lots (a 12.44% daily increase and 26.36% weekly increase) [8]. - **LC2601 Contract**: The closing price is 72,600 yuan/ton, with a daily increase of 2,560 yuan (3.66%) and a weekly increase of 3,460 yuan (5.00%). The trading volume is 129,077 lots (a 78.65% daily increase and 12.79% weekly increase), and the open interest is 112,441 lots (a 4.61% daily decrease and 12.77% weekly increase) [8]. - **Month - spread Changes**: LC09 - 11 is - 380 yuan/ton, with a daily decrease of 20 yuan (6%) and a weekly decrease of 60 yuan (19%); LC11 - 12 is - 280 yuan/ton, with a daily decrease of 20 yuan (8%) and a weekly increase of 240 yuan (- 46%); LC11 - 01 is - 300 yuan/ton, with a daily increase of 120 yuan (- 29%) and a weekly increase of 240 yuan (- 44%) [10]. 3.4 Spot Data - **Lithium Ore**: The average prices of various lithium ores have different daily and weekly changes. For example, the average price of lithium mica (Li2O: 2 - 2.5%) is 1,750 yuan/ton, with a daily increase of 60 yuan (3.55%) and no weekly change; the average price of lithium spodumene (Li2O: 6%, Brazil CIF) is 750 US dollars/ton, with a daily increase of 12.5 US dollars (1.69%) and a weekly decrease of 15 US dollars (- 1.96%) [16]. - **Carbon/Hydrogen Lithium**: The average price of industrial - grade lithium carbonate is 69,000 yuan/ton (a 0.22% daily increase and - 1.29% weekly decrease), and the average price of battery - grade lithium carbonate is 71,100 yuan/ton (a 0.21% daily increase and - 1.25% weekly decrease) [19]. - **Downstream Products**: The prices of downstream products such as lithium iron phosphate, ternary materials, and electrolytes also have different daily changes. For example, the average price of lithium iron phosphate (power - type) is 32,535 yuan/ton, with a daily decrease of 60 yuan (- 0.18%) [24]. 3.5 Basis and Warehouse Receipt Data - **Basis**: The basis of the lithium carbonate main continuous contract is shown in the chart. The brand - based basis quotes of different companies for the LC2507 contract vary, with most having no daily changes [26][27]. - **Warehouse Receipts**: The total number of lithium carbonate warehouse receipts increased from 15,023 to 16,443, with different changes in each warehouse [30][31]. 3.6 Cost and Profit No specific numerical summaries are provided due to the graphical presentation of cost - profit data, but it includes production profit from purchased lithium ore, theoretical delivery profit, and import profit of lithium carbonate [33].

Core Insights - The course emphasizes the importance of financial literacy for modern managers, highlighting that understanding financial statements and data-driven decision-making is essential for business survival and growth [3][4][5]. Financial Concepts - The course covers basic financial accounting concepts and their significance in business management, aiming to enhance the financial awareness of mid-to-senior level managers [4]. - Participants will learn the fundamental logic of the balance sheet, income statement, and cash flow statement, enabling effective decision-making through financial analysis [5]. Tax Planning - The course will address the starting point of corporate tax planning, focusing on the calculation logic of value-added tax and its impact on cash flow [6]. Corporate Governance - An understanding of the basic structure of corporate governance will be provided, along with insights into internal controls and auditing, and their role in promoting business operations [7]. Strategic Financial Management - The course will explore the connection between planning, budgeting, forecasting, financial strategy, and corporate goals, equipping participants with methods for value creation [8]. Practical Application - The training includes real-world case studies to address various financial issues encountered during corporate transformation and upgrading, combining theoretical knowledge with practical application [9][12]. Course Structure - The course spans two days, combining 50% theoretical content with 50% practical training, totaling 12 hours [12]. - It will include discussions on financial accounting's basic assumptions, the relationship between the three financial statements, and the implications of financial data [17]. Risk Management - The course will cover the management of corporate risks and the relationship between risk management and value creation, including the interpretation of the COSO framework [15][17]. Budgeting and Forecasting - Participants will learn about the management logic of budgeting, including variance analysis between budgeted and actual figures, and tools for budget forecasting [16][17].

Core Viewpoint - The conference organized by Jinyuan Futures focused on the core products of the black industry chain, particularly rebar, discussing new perspectives and paths for stable business operations amidst global supply chain restructuring and market volatility [1][4]. Group 1: Conference Overview - The event gathered 120 steel traders from the western region to explore methods for stable operations using futures and options tools [1]. - Jinyuan Futures aims to transform the futures market into a risk management platform that supports the real economy, emphasizing the importance of professional capabilities in volatile market conditions [4]. Group 2: Expert Presentations - Zhou Xiaobin discussed the impact of macro policies and supply-demand dynamics on rebar prices, highlighting the importance of understanding macro trends for formulating micro strategies [6]. - Ban Peng analyzed the changing trading logic in the black industry, noting that stable steel production and profits contrast with the price declines experienced earlier in the year due to trade tariffs, falling coal prices, and deflationary expectations [9]. - Lan Ruijiang presented a mixed strategy of "futures + options," emphasizing the flexibility and risk management benefits of this approach compared to traditional futures strategies [12]. - Yang Zhang provided insights on comprehensive risk management for steel trading companies, focusing on inventory management and the critical role of risk control in modern trading enterprises [15]. Group 3: Interactive Discussions - The final segment featured a discussion among experts addressing the pain points faced by steel traders during their transformation, fostering interaction and engagement with attendees [18]. - The conference underscored the necessity of a comprehensive risk management system for sustainable business operations, emphasizing that risk management is an ongoing journey rather than a destination [23].

Core Viewpoint - The plastic industry is undergoing unprecedented transformation opportunities and challenges due to global supply chain restructuring and domestic industrial upgrades [1] Group 1: Industry Development - The DCE, in collaboration with the government of Anqing and the Anhui Securities Regulatory Bureau, hosted a training event focusing on the integration of futures and spot markets to support the transformation and upgrading of the plastic industry [1] - The plastic sector is one of the most stable segments in DCE's operations, with ongoing improvements in the tools and systems to enhance market quality and price influence [2] - The plastic industry in Anhui is showing significant cluster effects and development momentum, positioning itself as a key player in China's manufacturing landscape [2] Group 2: Challenges and Opportunities - The plastic industry is at a critical juncture for transformation, with changes in raw material production routes and increasing price volatility risks [3] - The application of plastic products spans various industries, including home appliances, real estate, textiles, and new energy, with emerging demands reshaping the industry landscape [3] - Challenges such as the downturn in the real estate cycle, high inventory levels in textiles, construction, and chemicals, along with insufficient effective demand, create significant uncertainties for enterprises [3] Group 3: Risk Management - Futures tools are becoming essential for stable operations in the plastic industry, with a correlation of over 0.9 between DCE's chemical futures and spot prices, and a hedging efficiency exceeding 92% [4] - A systematic approach to risk management involves recognizing risks, selecting appropriate financial tools, and effectively managing risks to ensure operational profitability [4] - Successful case studies illustrate how companies have utilized futures tools to stabilize production and optimize procurement costs, achieving win-win outcomes in volatile market conditions [4] Group 4: Event Participation - The training event attracted nearly 150 participants, including representatives from Anhui's plastic enterprises, local government departments, and financial institutions, receiving positive feedback on its effectiveness [5]

Core Viewpoint - The training session aims to enhance the risk management capabilities of state-owned enterprises and listed companies in Henan, promoting the use of futures and derivatives to manage risks effectively in a complex global economic environment [1][2]. Group 1: Importance of Futures and Derivatives - Futures and derivatives serve as a "buffer" and "safe haven" for enterprises, emphasizing the need for robust management systems and professional teams to handle these financial instruments [2]. - The development of the futures market in China has provided more tools for enterprises to manage risks, with a well-established policy and market environment favoring listed companies that effectively utilize these tools [2][3]. Group 2: Training Content and Objectives - The training included sessions on macroeconomic analysis, internal control systems, and financial and tax processing, tailored to meet the actual needs of enterprises [4]. - The training aims to instill a correct understanding of hedging and to prevent enterprises from shifting focus from "risk management" to "speculative arbitrage," thereby enhancing their risk management capabilities [4]. Group 3: Support and Development of the Futures Market - The Henan government has been actively supporting the development of the futures market, with initiatives aimed at encouraging enterprises to participate and enhancing the market's competitive edge [1][3]. - Zhengzhou Commodity Exchange (ZCE) has established delivery service institutions across 11 cities in Henan, facilitating the integration of local agricultural and industrial products into the national delivery network [3].

Core Viewpoint - The approval of propylene futures and options by the China Securities Regulatory Commission marks a significant development in the domestic futures market, enhancing risk management tools for the propylene industry chain and improving price influence in international markets [1][2]. Group 1: Industry Overview - Propylene is a crucial basic chemical product with upstream raw materials including crude oil, naphtha, coal, methanol, and propane, and downstream products such as polypropylene, epoxy propane, and acrylonitrile [1]. - China is the world's largest producer and consumer of propylene, with a projected apparent consumption of 55.36 million tons and a market size of approximately 384.5 billion yuan in 2024 [1]. Group 2: Market Implications - The listing of propylene futures and options is expected to provide robust inventory hedging tools and processing range hedging tools for upstream and downstream enterprises in the propylene industry chain, facilitating resource optimization [2]. - The introduction of these financial instruments will meet the diverse and personalized risk management needs of enterprises, allowing them to choose from various options contracts with different strike prices and expiration months [2]. Group 3: Future Developments - The Zhengzhou Commodity Exchange will ensure thorough preparations for the smooth launch of propylene futures and options under the guidance of the China Securities Regulatory Commission [2].

1. Report Industry Investment Rating No relevant content provided. 2. Core Views of the Report - The oversupply pattern in the lithium carbonate market is expected to continue in Q2, with no significant increase in production during the off - season on the demand side. The production on 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, potentially leading to a spiral decline [3]. - Positive factors include positive macro - policies that may stimulate power demand growth and an increasing probability of supply - side disturbances as lithium ore and lithium salt prices decline. Negative factors are the high future production expectations of lithium ore, high inventories suppressing ore prices, high inventories of both lithium ore and lithium salt, and the delay of production capacity clearance due to industrial technology upgrades [4]. 3. Summary by Related Catalogs 3.1 Futures Price and Volatility - The price of the lithium carbonate main contract is predicted to oscillate between 57,000 - 62,000 yuan/ton, with a current 20 - day rolling volatility of 20.2% and a historical percentile of 21.3% over 3 years [2]. 3.2 Enterprise Risk Management Strategy - **Inventory Management**: For enterprises with high product inventories and risk of inventory impairment, it is recommended to short 70% of the LC2509 lithium carbonate futures to lock in finished - product profits, sell 30% of call options (either over - the - counter or on - exchange options), and buy out - of - the - money put options (on - exchange or over - the - counter options) [2]. - **Procurement Management**: For enterprises with future procurement plans and concerns about raw material price increases, it is recommended to buy far - month lithium carbonate contracts according to the procurement plan to lock in procurement costs, sell put options (on - exchange or over - the - counter options), and buy out - of - the - money call options (on - exchange or over - the - counter options) [2]. 3.3 Futures Market Changes - **Lithium Carbonate Main Contract**: The closing price was 59,860 yuan/ton, up 80 yuan or 0.13% from the previous day; the trading volume was 181,606 lots, down 36,574 lots or 16.76%; the open interest was 307,335 lots, up 6,913 lots or 2.30% [8]. - **LC2511 Contract**: The closing price was 59,760 yuan/ton, down 20 yuan or 0.03% from the previous day; the trading volume was 17,850 lots, down 3,940 lots or 18.08%; the open interest was 67,483 lots, up 4,127 lots or 6.51% [8]. 3.4 Lithium Ore and Lithium Salt Prices - **Lithium Ore**: The prices of most lithium ore types remained stable, except for the fastmarkets lithium ore with Li2O:6% which decreased by 2.5 dollars/ton or 0.4% [19]. - **Lithium Carbonate/Hydroxide**: Industrial - grade and battery - grade lithium carbonate prices decreased by 0.08%, industrial - grade and battery - grade (micronized) lithium hydroxide prices decreased by 0.52% and 0.43% respectively [22]. 3.5 Lithium Industry Chain Spot Price Differences - The difference between battery - grade and industrial - grade lithium carbonate remained unchanged at 1,600 yuan/ton; the difference between battery - grade lithium hydroxide and battery - grade lithium carbonate decreased by 230 yuan/ton or 5.00%; the difference between battery - grade lithium hydroxide CIF in Japan, South Korea and domestic prices increased by 244.96 yuan/ton or 16.99% [24]. 3.6 Lithium Carbonate Basis - The basis quotes of major lithium carbonate brands such as Shengxin Lithium Energy, Tianqi Lithium, etc., all decreased by 200 yuan for the LC2507 contract [26][27]. 3.7 Downstream Product Prices - The prices of most downstream products such as lithium iron phosphate, lithium manganese iron phosphate, ternary materials, and lithium hexafluorophosphate decreased slightly, while the prices of some products like lithium iron phosphate for specific uses and electrolytes remained stable [32][34]. 3.8 Lithium Carbonate Warehouse Receipts - The total number of lithium carbonate warehouse receipts decreased by 330 lots to 31,713 lots, with decreases in some warehouses such as Suining Tiancheng, Zhongchu Lingang, etc. [36]

Summary of Bread Financial (BFH) 2025 Conference Call Company Overview - **Company**: Bread Financial (BFH) - **Date of Conference**: June 11, 2025 Key Industry Insights - **Consumer Spending Trends**: Positive trends observed in consumer spending and credit sales, with expectations for an increase in second quarter compared to the first quarter [5][6][10] - **Impact of Natural Disasters**: Anticipated $13 million impact on the non-performing loan (NCL) rate due to hurricane-related accommodations for affected consumers [6][10] - **Credit Quality**: Year-over-year improvement in credit quality, with a noted decrease in the NCL loss rate by 83 basis points in May [10][12] Financial Performance - **Guidance for Full Year**: Confidence in achieving the low end of the guidance at 8% for the year, contingent on June data and tariff resolutions [11][12] - **Bond Tender Offer**: Successful cash tender offer for $150 million of senior notes, with strong demand exceeding $500 million [14][15] - **Capital Management**: Focus on maintaining liquidity and capital levels while being opportunistic with buybacks and debt management [16][60][61] Strategic Transformation - **Company Evolution**: Significant transformation over the past four years, focusing on simplifying operations and enhancing financial discipline [20][21][22] - **Partnership Model**: Emphasis on building strong relationships with retail partners to drive co-branding opportunities and improve customer engagement [24][27] - **Credit Underwriting Improvements**: Shift in credit mix from subprime to higher quality, with subprime now at low 40% of the portfolio [30][31] Competitive Landscape - **Buy Now Pay Later (BNPL) Impact**: BNPL competition is acknowledged, but it primarily affects lower credit tiers, with Bread Financial focusing on prime and near-prime customers [28][29] - **Regulatory Environment**: Recent favorable rulings regarding late fees and pricing changes are expected to provide a tailwind to net interest margin (NIM) and revenues [46][50] Future Outlook - **Strategic Priorities**: Focus on operational excellence, optimizing the balance sheet, and enhancing technology capabilities to drive growth and efficiency [68][70] - **Long-term Goals**: Aim for a return on tangible common equity (ROTCE) target of over 20% through disciplined capital management and growth strategies [68][70] Additional Considerations - **Student Loan Impact**: Monitoring of consumers with student loans shows stable performance, with no significant uptick in delinquencies despite the resumption of payments [39][40][41] - **Market Conditions**: Caution regarding macroeconomic conditions and their potential impact on credit quality and consumer behavior [35][36] This summary encapsulates the key points discussed during the conference call, highlighting Bread Financial's current performance, strategic direction, and outlook in the context of the broader financial services industry.

Core Viewpoint - Tianma Group is transforming from a "passive burden" to an "active breakthrough" by leveraging a risk management system that links futures and spot markets, thus navigating the volatility in agricultural product prices [1] Group 1: Company Overview - Tianma Group, established in 2002 in Fuzhou, initially focused on special aquatic feed and has since diversified into various sectors including poultry feed, eel farming, and food processing, creating a complete industrial chain [2] - The company has become a key national agricultural enterprise and a national technology innovation demonstration enterprise, leading the global market share in special aquatic feed [2] Group 2: Market Challenges - The company faces significant price volatility in key feed production materials such as soybean meal, corn, and soybean, influenced by climate, planting area, international trade policies, and supply-demand mismatches [3] - Price fluctuations complicate cost control, inventory management, and supply chain stability, with rising raw material prices increasing procurement costs and potential shortages impacting production [3] Group 3: Futures Market Engagement - Tianma Group began developing its futures risk management system in 2013, establishing a professional futures team and integrating hedging into its operational decision-making [4] - The company utilizes futures markets for risk management by locking in procurement prices for raw materials, thus mitigating the impact of price volatility on operations [5] Group 4: Hedging Strategy - The company employs a hedging strategy that includes direct hedging and basis trading, tailored to various commodities based on production schedules and market analysis [5] - A typical hedging case involved selling corn futures at approximately 2460 CNY/ton and later closing positions at 2390-2430 CNY/ton, successfully reducing potential losses from inventory devaluation [6] Group 5: Risk Management Framework - Tianma Group adheres to a strict hedging business management system, conducting demand assessments and developing detailed hedging plans that require approval from a dedicated leadership group [7] - The internal audit department conducts regular audits of the futures derivatives business to ensure compliance and effective risk management [8] Group 6: Future Directions - The company is exploring collaborations with futures companies for forward trading and standard warehouse receipt trading, aiming to integrate logistics and supply chain management with futures market functionalities [8] - Tianma Group is interested in innovative insurance products linked to temperature indices for aquaculture, indicating a commitment to further risk management exploration [8]