参加培训的企业代表均表示，通过本次系统性的理论授课、前沿的案例分析及深度的同业研讨进一步提 升了企业对期货及衍生品工具的认知水平和应用能力，对于引导树立正确的风险管理理念，有助于企业 在复杂多变的市场环境中增强抗风险能力和核心竞争力。 宁波市证券期货业协会相关负责人也表示，将以本期培训为新的起点，持续深化服务实体经济内涵，积 极联合证监会系统单位等各方力量，共同搭建更广阔的合作平台，为促进宁波期现市场互联互通，营造 良好的产融结合发展环境。 大连商品交易所相关业务负责人在活动中表示，近年来，大宗商品价格波动加剧，实体企业风险管理需 求迫切。大商所在持续完善产品体系、不断丰富市场服务模式、深化场外建设、加快高水平对外开放等 方面努力为实体经济健康发展保驾护航。宁波的经济结构与大商所上市品种关联度较高，一直以来都是 大商所产业服务的重要区域之一。举办本次产业培训活动，就是希望在地方政府部门的支持下，能与证 监会系统单位一起，帮助实体企业进一步认识期货市场的功能与作用，依托衍生品工具强化风险管理能 力、提升企业管理水平，积极为宁波实体经济的高质量发展助力赋能。 中国期货市场监控中心相关部门负责人在致辞中提到，近年来 ...

Group 1 - The training program for steel industry professionals is aimed at enhancing risk management and cost control through the use of financial derivatives [1][2] - The steel industry in China is undergoing a critical transformation from "scale expansion" to "quality improvement," with significant sustainable development potential [2] - The Shanghai Futures Exchange (SHFE) is committed to high-quality development of steel futures, implementing targeted policies based on extensive research into industry needs [2] Group 2 - The training includes three sessions scheduled from September to November, focusing on innovation, risk management, and compliance in the steel sector [2] - Experts from the steel and futures industries will provide insights on green and low-carbon development, as well as practical applications of futures and derivatives [2] - The program aims to equip participants with the knowledge to effectively utilize futures and options for hedging, thereby enhancing risk management capabilities within the steel supply chain [2]

Core Viewpoint - Chujiang New Materials (002171.SZ) utilizes a "raw materials + processing fee" profit model in its copper-based materials segment, ensuring stable processing manufacturing fees while mitigating the impact of copper price fluctuations through strict hedging tools [2] Group 1 - The company earns relatively stable processing fees from its copper-based materials segment [2] - The company employs hedging tools to reduce the impact of copper price volatility on its profitability [2]

纯苯-苯乙烯风险管理日报 2025/9/23 戴一帆（投资咨询证号：Z0015428） 黄思婕（期货从业证号：F03130744） 投资咨询业务资格：证监许可【2011】1290号 苯乙烯价格区间预测 2、9月新增浙石化两套60万吨苯乙烯装置检修，9月苯乙烯供应继续收紧。本周多次传出有苯乙烯装置降负或 提前检修的消息，有待核实。 | | 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） | | --- | --- | --- | --- | | 纯苯 | 5600-6200 | / | / | | 苯乙烯 | 6800-7400 | 29.40% | 85.8% | source： 南华研究 苯乙烯套保策略表 | 行为导 | 情景分析 | 现货敞 | 策略推荐 | 套保工具 买卖方 | | 套保比例 | 建议入场 | | --- | --- | --- | --- | --- | --- | --- | --- | | 向 | | 口 | | | 向 | (%) | 区间 | | 库存管 | 产成品库存偏高，担心苯乙烯价格下 | 多 | 为了防止存货跌价损失，可以根据企业的 ...

Group 1 - The company announced on September 22 that its profits primarily come from product design and services [2] - The company indicated that fluctuations in gold prices are influenced by various factors, and it will use hedging tools to mitigate the impact of gold price volatility on its profits [2]

Group 1: Product Strategy - The company focuses on high value-added products to stimulate consumer demand and enhance profit margins, launching series like Zhenjin Zhenzuan and cultural products from the Palace Museum, which have increased customer satisfaction and average transaction value [1] - Future product development will continue to align with customer needs, emphasizing brand strength and industry leadership in areas such as traditional craftsmanship and IP collaborations [2] Group 2: Financial Strategy - In response to fluctuations in gold prices during the current Federal Reserve's interest rate cut cycle, the company plans to utilize hedging tools to mitigate the impact on profits [2] - The company's profit primarily derives from product design and services, indicating a strategic focus on maintaining profitability despite market volatility [2] Group 3: Investor Relations - The investor relations activity was conducted via an online platform, ensuring compliance with regulations and preventing the disclosure of any undisclosed significant information [1]

Core Viewpoint - The current pig industry is facing a dilemma of high production capacity and low prices, prompting discussions on capacity regulation and market outlook at a recent industry seminar [1][3]. Group 1: Industry Challenges - The pig industry is caught in a "production-loss" cycle, with high sow productivity and improved farming efficiency leading to oversupply and sustained pressure on prices [3]. - Despite efforts to reduce market supply through measures like lowering slaughter weights, the overall goal of capacity reduction has not been achieved due to high breeding sow inventory and quick recovery of production by large enterprises after cutbacks [3]. Group 2: Risk Management Strategies - Many leading companies plan to maintain current production levels and utilize hedging strategies to manage market risks and lock in profits, indicating a shift towards using financial derivatives for risk management [3][4]. - Companies like Guangxi Shennong emphasize a balanced approach to hedging, focusing on risk prevention while maintaining competitive advantage, viewing hedging as a long-term strategic tool rather than mere speculation [4]. Group 3: Market Outlook - Industry representatives predict that the domestic pig market will exhibit new characteristics, including improved disease prevention capabilities post-African swine fever, a likely long-term saturation of production capacity, and a potential reduction in the amplitude of price fluctuations [5]. - The cyclical nature of the pig market is expected to persist, but future cycles may be shorter compared to the historical average of four years, with factors like hoarding and secondary fattening potentially causing price volatility [5].

Core Viewpoint - The company is actively expanding its business in precision manufacturing for mechanical components, particularly in the fields of industrial robots and drones, while also establishing a new production facility in Thailand to enhance its operational capabilities [2][3]. Group 1: Company Performance and Market Position - As of September 19, 2025, the company's stock price is 19.98 yuan, up 4.77% from the previous week, with a total market capitalization of 3.848 billion yuan, ranking 24th in the home appliance components sector [1]. - The company has a total of 15 drone component products, with 2 already designated for production, and 1 of these is currently in mass production [2][4]. Group 2: Production and Operational Developments - The company has established a production base in Thailand at the end of 2020, with a new factory construction project initiated in 2023, expected to be completed by September 2024 [3]. - The new factory will primarily focus on automotive components, with plans to simultaneously run clutch and automotive parts production [3][4]. - The company employs a production model that combines "order-based production" with "inventory-based production" to manage seasonal sales fluctuations [3]. Group 3: Strategic Initiatives and Future Prospects - The company is in the process of developing industrial robot components, specifically steel wheels for reducers, which are currently in the small batch sampling stage and have not yet reached mass production [2][4]. - A subsidiary, Qijing Nuotong, has been established to focus on heat pump projects, with production expected to commence in the fourth quarter of this year [2][4]. - Approximately one-third of the company's revenue comes from exports, which are primarily priced and settled in US dollars, making the company sensitive to exchange rate fluctuations [3][4].

Report Information - Report Title: Nickel & Stainless Steel Industry Risk Management Daily Report [1] - Date: September 18, 2025 [1] - Research Team: Nanhua New Energy & Precious Metals Research Team [2] - Analysts: Xia Yingying, Guan Chenghan [2] Industry Investment Rating - Not provided in the report Core Viewpoints - The nickel and stainless steel futures markets showed weak intraday oscillations, with the overall non - ferrous metals market relatively soft and no significant changes in the fundamentals [4]. - There are still supports in the new energy sector. The nickel salt supply is tight, and price increases are frequent, expected to remain strong. The nickel - iron price is firm, but high - price transactions have declined [4]. - The stainless steel futures price once fell below 12,900, and the spot market offered discounts. There was some improvement in transactions, but the fundamental momentum is currently calming down, and attention should be paid to subsequent macro - level trends [4]. - Although the takeover of a small part of the PT Weda Bay nickel mine has limited impact on actual production, it has raised concerns about the nickel ore supply [4][6]. - The news of Antam and CATL promoting the construction of an integrated nickel smelter in Indonesia supports the long - term demand for nickel in the new energy field [6] Key Points by Category Price Forecast - The predicted price range for Shanghai nickel is 118,000 - 126,000 yuan/ton, with a current 20 - day rolling volatility of 15.17% and a historical percentile of 3.2% [3]. - The predicted price range for stainless steel is 12,500 - 13,100 yuan/ton, with a current 20 - day rolling volatility of 7.61% and a historical percentile of 1.1% [3] Risk Management Strategies Shanghai Nickel - **Inventory Management**: When facing the risk of product price decline and inventory depreciation, sell Shanghai nickel futures (NI main contract) with a 60% hedging ratio and sell call options (over - the - counter/on - exchange options) with a 50% hedging ratio [3]. - **Procurement Management**: When worried about rising raw material prices, buy Shanghai nickel forward contracts (far - month NI contracts) according to the production plan, sell put options (on - exchange/over - the - counter options), and buy out - of - the - money call options (on - exchange/over - the - counter options) [3] Stainless Steel - **Inventory Management**: When facing the risk of product price decline and inventory depreciation, sell stainless steel futures (SS main contract) with a 60% hedging ratio and sell call options (over - the - counter/on - exchange options) with a 50% hedging ratio [4]. - **Procurement Management**: When worried about rising raw material prices, buy stainless steel forward contracts (far - month SS contracts) according to the production plan, sell put options (on - exchange/over - the - counter options), and buy out - of - the - money call options (on - exchange/over - the - counter options) [4] Market Data Nickel Futures - The closing price of Shanghai nickel main - continuous contract is 121,790 yuan/ton, with a 0% change [8]. - The closing price of Shanghai nickel continuous - one contract is 121,990 yuan/ton, down 0.67% [8]. - The closing price of Shanghai nickel continuous - two contract is 122,180 yuan/ton, down 0.63% [8]. - The closing price of Shanghai nickel continuous - three contract is 122,370 yuan/ton, down 0.63% [8]. - The LME nickel 3M price is 15,445 US dollars/ton, down 0.63% [8] Stainless Steel Futures - The closing price of stainless steel main - continuous contract is 12,935 yuan/ton, with a 0% change [11]. - The closing price of stainless steel continuous - one contract is 12,935 yuan/ton, down 0.27% [11]. - The closing price of stainless steel continuous - two contract is 12,985 yuan/ton, down 0.27% [11]. - The closing price of stainless steel continuous - three contract is 13,060 yuan/ton, down 0.19% [11] Inventory Data - Domestic social nickel inventory is 41,055 tons, an increase of 1,125 tons [12]. - LME nickel inventory is 228,468 tons, an increase of 2,034 tons [12]. - Stainless steel social inventory is 902,600 tons, a decrease of 16,100 tons [13]. - Nickel pig iron inventory is 28,652 tons, a decrease of 614.5 tons [13] News and Event Analysis Positive Factors - Indonesia's APNI plans to revise the HPM formula by adding elements such as iron and cobalt [7]. - Indonesia shortens the nickel ore quota license period from three years to one year [7]. - Stainless steel inventories have decreased for several consecutive weeks [7]. - The takeover of part of the PT Weda Bay nickel mine by the Indonesian forestry working group [7]. - CATL and Antam promote the construction of an integrated nickel smelter in Indonesia [7][6] Negative Factors - High pure nickel inventories [7]. - Sino - US tariff disturbances [7]. - Uncertainty in the EU's stainless steel import tariffs has increased [7]. - South Korea's anti - dumping duty on Chinese stainless steel thick plates has been implemented [7]. - Relatively weak stainless steel spot transactions [7]

在聚酯产业链长期受价格周期性波动困扰的当下，从上游PX到中游PTA，再到下游聚酯制品，各环节 利润如同"过山车"般频繁切换，企业经营始终面临"成本难控、利润难锁"的双重挑战。而期货及期权等 衍生工具的深度渗透，正在从根本上改变这一局面。 期货衍生品的价值，不仅在于帮助企业"锁定加工费、控制原材料成本"，更在于让企业摆脱 "被动承受 价格波动"的困境——当企业无须为短期价格涨跌焦虑时，才能更从容地投入技术研发、拓展市场，而 非陷入"低价促销战"的内耗。 值得关注的是，期权工具的"保险式"特性，进一步丰富了产业风控选择；而头部企业对衍生工具的娴熟 运用，更成为带动产业协同的关键。比如新凤鸣通过"PTA—聚酯—纺丝"一体化布局结合期货套保，既 实现了原料自给自足，又锁定了加工费；恒力石化借助原油、聚酯产品期货交易，规避价格波动冲击。 这些龙头企业还通过布局交割厂库、推广点价模式，带动上下游中小企业参与衍生品市场，大幅提升了 整个产业链的抗风险能力与协同效率，避免了"单兵作战"的脆弱性。 从实际作用看，期货衍生品为聚酯企业筑起了"抗波动防线"，有效平滑周期冲击、稳定经营基本盘。 PX与PTA的加工费时常在短期内大幅收 ...