11月7日， 晶科能源 公告称，公司拟将开展期货套期保值业务所需保证金最高占用额度，由不超过6.6亿元增 加至不超过15亿元，预计任一交易日持有的最高合约价值不超过103亿元，不以逐利为目的进行投机交易，有 利于提升公司整体抵御风险能力，增强财务稳健性。 此前，10月27日， 亿纬锂能 公告称，公司调整商品套期保值业务额度，最高保证金和权利金上限从3.5亿元增 至10亿元，最高合约价值从35亿元增至85亿元，以降低原材料价格波动风险。 业内人士表示，包括晶科能源、亿纬锂能等在内的新能源上市企业大幅上调套期保值业务额度，显示出上市公 司意识到价格风险管理的重要性，愿意投入更多资金参与期货和衍生品交易，特别是在多晶硅等新能源产品价 格剧烈波动的背景下，开展套期保值已成为企业生存和发展的必要手段。 资料显示，多晶硅作为光伏产业链的关键上游原材料，价格波动直接影响整个产业的成本结构和盈利能力。今 年多晶硅价格大起大落，成为推动企业更多拥抱期货市场的重要原因之一。 近期，新能源上游多晶硅等原材料价格波动加剧，相关行业上市公司纷纷加大期货市场参与力度，参与家 数与套期保值额度同步扩大。 事实上，今年以来，有越来越多的上市 ...

Core Insights - The volatility in the prices of upstream raw materials for new energy, such as polysilicon, has intensified, prompting listed companies to increase their participation in the futures market [1] - A significant rise in the number of companies engaging in hedging activities has been observed, with 458 companies announcing hedging-related activities in October, marking a 2.3 times year-on-year increase compared to the same period in 2024 [1] - Current trends suggest that the number of companies participating in hedging activities will exceed 2000 by the end of the year [1] Industry Summary - The new energy sector is experiencing heightened price fluctuations in key raw materials, leading to a strategic shift among companies towards risk management through futures and derivatives trading [1] - The increase in participation in the futures market reflects a growing awareness among companies regarding the importance of price risk management [1] - The substantial growth in the number of companies engaging in hedging indicates a proactive approach to mitigating financial risks associated with raw material price volatility [1]

Group 1: Commodity ETFs Growth - The total scale of commodity ETFs in the market has increased by over 200% this year, reaching a total of 229.99 billion yuan with a net inflow of 102.02 billion yuan as of November 14 [1] - The primary driver of this growth is the performance of gold ETFs, with leading products like Huaan Gold ETF growing from 1.2 billion yuan at inception to 87.38 billion yuan, a more than 70-fold increase [1] - The rise in commodity prices has created a profit-making effect that attracts capital into commodity ETFs, which offer a low-threshold and transparent investment tool for ordinary investors [1] Group 2: Asset Sales by A-Share Companies - Nearly 250 A-share companies have announced asset sales since October, reflecting a significant increase compared to previous years [1] - Companies are selling assets to focus on core businesses, accelerate capital recovery, or improve annual performance due to unsatisfactory results in the first three quarters [1] - The urgency of asset sales is influenced by new delisting regulations that pressure companies to meet financial data standards, although there are uncertainties in completing these sales by year-end [1] Group 3: Lithium Battery Industry and Energy Storage - The energy storage market has surged since Q3, driving rapid demand for lithium battery materials, with prices for lithium hexafluorophosphate, lithium iron phosphate, and lithium carbonate significantly increasing [2] - Phosphate lithium batteries dominate the new energy storage sector, accounting for over 97% of installed capacity [2] - The energy storage boom is seen as a new growth driver for lithium demand, indicating that this trend may just be beginning [2] Group 4: Major Contracts and Stock Price Catalysts - Nearly 70 A-share companies have signed significant contracts or strategic cooperation agreements since October, which are viewed positively by the market and tend to boost stock prices [3] - The mechanical equipment and power equipment sectors have the highest number of companies involved in these contracts, with notable projects like a 6.16 billion yuan contract for a large-scale energy storage project [3] Group 5: Hong Kong-listed Automakers' Q3 Reports - Xpeng Motors, Leap Motor, and Geely Auto reported their Q3 results, with Xpeng's losses narrowing significantly, Leap continuing to be profitable, and Geely's profits increasing substantially [4] - The automotive industry is expected to face a critical phase next year, with companies needing strong profitability to survive [4] - All three companies expressed optimism about the market outlook and plans to accelerate overseas expansion despite the upcoming reduction in new energy vehicle purchase tax incentives [4]

Core Insights - The market mechanism and price formation logic of industrial silicon are undergoing significant changes, highlighting the increasing value of financial derivatives for market participants [1] - Financial derivatives provide standardized price signals and establish a comprehensive risk buffer mechanism, enabling companies to maintain operational stability amid market volatility [1] Group 1: Financial Derivatives and Their Role - Financial derivatives, particularly options, allow companies to manage risks and optimize costs/profits, providing a way to gain additional returns while controlling risks [2] - Selling put options can reduce procurement costs by generating premium income, which can be beneficial regardless of whether the option is exercised [2] Group 2: Case Study and Practical Application - A case study illustrates a downstream grinding company using options to lower raw material procurement costs, achieving a cost saving of 125 yuan/ton through the sale of put options [3] - The company sold 1,000 tons of SI2510-P-8000 options on August 14, 2025, with a premium of 125 yuan/ton, which helped in reducing procurement costs [3] Group 3: Industry Challenges and Strategies - Industrial silicon grinding companies face shrinking profit margins due to volatile raw material prices and increased competition, making effective use of financial derivatives crucial for overcoming operational challenges [4] - Futures can lock in raw material costs and sales prices, while options allow companies to hedge against price declines while retaining upside potential, thus optimizing cost structures and improving capital efficiency [4] Group 4: Future Outlook - The application of financial derivatives in the industrial silicon sector is expected to expand, becoming a core support for optimizing risk management and enhancing resource allocation efficiency [5] - This development is anticipated to help the industry seize opportunities in the context of global energy transition towards low carbon [5]

套保额度大幅增加 11月15日，骆驼股份公告称，公司预计动用的交易保证金和权利金上限不超过9000万元，进行商品期 货、期权套期保值交易，主要目的是为了降低原材料和库存产品价格波动所带来的相关经营风险。 证券时报记者 魏书光 近期，新能源上游多晶硅等原材料价格波动加剧，相关行业上市公司纷纷加大期货市场参与力度，参与 家数与套期保值额度同步扩大。 事实上，今年以来，有越来越多的上市公司意识到价格风险管理的重要性，并通过多种方式和渠道参与 期货及衍生品交易。统计数据显示，仅10月份，发布套期保值相关公告的上市公司家数就达458家，较 2024年同期增加218家，同比增长 2.3倍。按照当前趋势，年内参与套期保值的上市公司数量将突破2000 家。 新能源企业 值得注意的是，"反内卷"政策预期下，产业链上下游受益情况并不均衡。从产业链受益方向来看，涨价 会先从硅料开始，再逐步传导到硅片、电池片、组件等中下游环节。不过，当前中下游电池和组件仍处 于大面积亏损。 来自中国有色金属工业协会硅业分会的预测显示，今年四季度，国内多晶硅产量在38.2万吨左右，同比 小幅增加3%。预计2025年，全年国内多晶硅产量约134万吨，同 ...

Core Insights - The volatility in the prices of upstream raw materials, particularly polysilicon, has led to an increased participation of listed companies in the futures market for risk management [2][3] - In October alone, 458 companies announced hedging activities, a 2.3-fold increase year-on-year, indicating a growing awareness of price risk management among companies [2][8] - The number of companies engaging in hedging activities is expected to exceed 2000 by the end of the year [2][8] Company Actions - Camel Group announced a maximum trading margin and premium limit of 90 million yuan for futures and options hedging to mitigate risks from price fluctuations [3] - JinkoSolar plans to increase its hedging margin from 660 million yuan to 1.5 billion yuan, with a maximum contract value of 10.3 billion yuan, enhancing its financial stability [3] - EVE Energy adjusted its hedging limits, raising the maximum margin from 350 million yuan to 1 billion yuan, and the maximum contract value from 3.5 billion yuan to 8.5 billion yuan [3] Market Dynamics - Polysilicon prices have experienced significant fluctuations, impacting the cost structure and profitability of the entire photovoltaic industry [4] - The price of polysilicon dropped from 56,000 yuan/ton at the beginning of the year to 34,400 yuan/ton by the end of June, a decline of 38.6% [4] - Following a rebound driven by "anti-involution" policies, polysilicon prices rose to 47,100 yuan/ton by the end of July, marking a 36.9% increase within a month [4] Industry Trends - The futures market is becoming a crucial tool for companies to manage risks and stabilize profits amid price volatility [8] - The number of listed companies engaging in hedging activities has increased significantly, with 1,737 companies reporting hedging announcements in the first ten months of the year, a 15.6% year-on-year increase [8] - The electronics, basic chemicals, power equipment, machinery, and automotive sectors have the highest number of companies participating in hedging [8]

1. Report Industry Investment Rating - Not provided in the given content 2. Core View of the Report - The fundamentals of lithium carbonate present a pattern of strong supply and demand, but the production of power cells has reached its peak, and downstream players are adopting a wait - and - see attitude towards high prices. The spot market has light trading volume, with both trading volume and open interest at high levels, leading to a crowded trading channel and intense long - short competition. There is a high risk of price fluctuations in lithium carbonate, and caution should be exercised against a sharp decline after a peak [6][97] 3. Summary by Relevant Catalogs 1.1 Lithium Carbonate Market Review - Last week, lithium carbonate fluctuated upwards, with a weekly increase of 7.51%. The trading volume reached 4.9 million lots (+1.43 million), and the open interest reached 516,800 lots (+25,800). The basis was at a discount of 2,210 yuan/ton [8][9] 1.2 Supply Side Lithium Ore - In October, China's lithium spodumene production was 7,350 tons of LCE, a month - on - month increase of 8.1%; lithium mica production was 7,700 tons of LCE, a month - on - month decrease of 5.5% [13] - In September, the import volume of lithium concentrate increased to 520,500 tons, a month - on - month increase of 10.6% and a year - on - year increase of 38.0% [17] - In August, the volume of lithium spodumene shipped from Port Hedland to China increased to 128,000 tons, a month - on - month increase of 44.3% and a year - on - year increase of 26.6% [21] Lithium Battery Recycling - In November, the expected recycling volume of waste lithium batteries was 30,164 tons, a month - on - month decrease of 0.1% and a year - on - year increase of 19.4% [26] Lithium Carbonate - Last week, the lithium carbonate production was 21,545 tons, a month - on - month increase of 0.1%. In September, the import volume of lithium carbonate decreased to 19,597 tons, a month - on - month decrease of 10.3% and a year - on - year increase of 20.5% [31] - In September, the volume of lithium carbonate exported from Chile to China was 11,101 tons, a month - on - month decrease of 14.5% and a year - on - year decrease of 33.1% [33] Lithium Hydroxide - In November, the operating rate of lithium hydroxide was 45%, and the scheduled production was 29,970 tons, a month - on - month increase of 2.6% and a year - on - year decrease of 0.1%. In September, the export volume of lithium hydroxide was 6,526 tons, a month - on - month increase of 15.0% and a year - on - year decrease of 48.7% [40] 1.3 Downstream Demand Lithium Iron Phosphate - Last week, the production of lithium iron phosphate was 89,894 tons, a month - on - month increase of 1.0%. In November, the scheduled production of iron phosphate was 341,300 tons, a month - on - month increase of 3% and a year - on - year increase of 46% [43] Ternary Materials - Last week, the production of ternary materials was 18,884 tons, a month - on - month decrease of 1.8%. In September, the import volume increased, and the export volume decreased [49] Ternary Precursors - In November, the operating rate of ternary precursors was 49%, and the scheduled production was 92,300 tons, a month - on - month decrease of 0.1% and a year - on - year increase of 20.4%. In September, the export volume increased slightly [54] Lithium Manganate and Lithium Cobaltate - In November, the operating rate of lithium manganate was 33%, and the scheduled production was 11,990 tons, a month - on - month decrease of 4% and a year - on - year decrease of 4%. In November, the operating rate of lithium cobaltate was 69%, and the scheduled production was 13,585 tons, a month - on - month increase of 3% and a year - on - year increase of 75% [59] Electrolyte - In November, the scheduled production of electrolyte was 210,780 tons, a month - on - month increase of 1.5% and a year - on - year increase of 28.0%. In September, the export volume of lithium hexafluorophosphate increased [64] 1.4 Terminal Demand Power Batteries - In October, the production of power batteries was 170.6 GWh, a month - on - month increase of 12.8% and a year - on - year increase of 50.8%. In October, the installed capacity of power batteries was 84.1 GWh, a month - on - month increase of 10.7% and a year - on - year increase of 42.1% [67] - Last week, the production of ternary power cells was 7.45 GWh, a month - on - month decrease of 0.7%, and the production of lithium iron phosphate power cells was 22.4 GWh, remaining flat month - on - month [68] New Energy Vehicles - In October, the production of new energy vehicles was 1.772 million units, a month - on - month increase of 9.6% and a year - on - year increase of 21.1%. In October, the sales of new energy vehicles were 1.715 million units, a month - on - month increase of 6.9% and a year - on - year increase of 19.9% [73] Energy Storage - In November, the scheduled production of energy - storage batteries was 55.8 GWh, a month - on - month increase of 2.8% and a year - on - year increase of 31.2%. In September, the winning bid power scale of energy storage was 6.45 GW, a month - on - month decrease of 3.7% and a year - on - year increase of 25.0%; the winning bid capacity scale was 16.34 GWh, a month - on - month decrease of 12.4% and a year - on - year increase of 46.3% [79] Consumer Electronics - In October, the production of Chinese smartphones was 11.693 million units, a month - on - month decrease of 4.7% and remaining flat year - on - year. In October, the production of Chinese micro - computers was 2.422 million units, a month - on - month decrease of 21.8% and a year - on - year decrease of 15.2% [82] 1.5 Cost - The price of lithium ore increased. The price of 6% lithium spodumene concentrate increased by $79/ton, and the price of lithium mica increased by 160 yuan/ton [87] 1.6 Inventory - The total inventory of lithium carbonate decreased by 3,481 tons. Structurally, the inventory of smelters decreased by 2,445 tons, the downstream inventory decreased by 3,236 tons, and other inventories decreased by 2,200 tons [92] - Last week, the inventory of lithium iron phosphate decreased by 981 tons, and the inventory of ternary materials decreased by 342 tons [93] 1.7 Market Outlook - The supply of lithium mica mines in Jiangxi remains at a low level, while the production of lithium spodumene increases, and the import volume of lithium ore rises. The weekly production of lithium carbonate remains high, with a decrease in the production of lithium carbonate from lithium spodumene and lithium mica, and an increase in the production from salt lakes and recycling. The import volume of lithium salts will recover, the export volume of lithium salts from Chile will increase, and the recycling sector will maintain stable growth. The production growth rates of new energy vehicles and cell factories have slowed down, with inventory reduction in lithium iron phosphate and ternary materials last week. The scheduled production of energy - storage batteries continues to grow, but the winning bid scale of energy storage has declined. The prices of lithium spodumene concentrate and lithium mica have increased. Overall, the inventory has decreased [6][97]

Core Viewpoint - Kingsoft Financial Limited is a licensed institution regulated by the Hong Kong Securities and Futures Commission, specializing in global futures, securities brokerage, and asset management services, with a strong focus on providing quality services to clients through its extensive experience in hedging and arbitrage [1] Group 1: Company Overview - Kingsoft Financial has participated in 10 out of the 12 editions of the Global Derivatives Trading Competition organized by Futures Daily, serving as a designated trading firm [1] - The company emphasizes integrity and professionalism, acting as a bridge between exchanges and clients, assisting in hedging, arbitrage, and speculative trading [1] - The presence of its clients in both lightweight and heavyweight categories of the competition enhances the company's professional brand image and trust among investors [1] Group 2: Client Success and Trading Practices - The company's successful traders are skilled at seizing investment opportunities while managing account risks, typically avoiding full-margin trading and setting stop-loss orders to handle unexpected market fluctuations [2] - Client success in trading indirectly validates the company's level of professional service [2] - The trading competition serves as a talent incubator and educational platform for the futures industry, promoting trading concept upgrades and enhancing market vitality [2] Group 3: Market Insights and Risk Management - Kingsoft Financial provides daily market briefings to help clients stay informed about market changes and seize investment opportunities [2] - The company closely monitors market risk and promptly sends risk alerts to clients during significant market fluctuations, adjusting margin requirements or controlling client positions for high-risk products [3] - The trading platform supports quantitative trading and offers various order types to meet diverse client strategies, with weekly stress tests conducted to assess client position risks [3]

截至2024年12月底，延长果业完成期货交割400吨，其中92.5%获得1000元/吨升水，套期保值总量达 5600吨，既有效规避了价格波动风险，也保障了果农收益，破解了传统模式下的"卖果难"与企业亏损困 局。 在2024年苹果市场价格剧烈波动的背景下，融达期货（郑州）股份有限公司（下称融达期货）携手中国 供销集团延长果业有限责任公司（下称延长果业），通过"动态基差计算模型+梯度套保"组合策略，成 功助力解决陕北苹果产业存在的"期货标准化与现货分级矛盾"难题，助力企业实现风险管理升级与产业 链稳定。去年，延长果业共套保5600吨，通过期货市场交割400吨，构建了产融深度融合的新生态，为 农业产业链现代化提供了可复制、可推广的"延长样本"。 期货日报记者了解到，2024年6月，融达期货联合延长果业，深入黄土高原开展为期半个月的苹果套袋 实地调研，覆盖陕西延安、咸阳、渭南等主产区。随后，融达期货又于2024年10月起派专人入驻延长果 业近两个月，完整参与苹果的采收、分级、基差计算、期货套保和交割等环节。 融达期货洛阳营业部总经理李永超介绍，融达期货为延长果业设计了"分级建仓+敞口调整"的梯度套保 策略。具体来看， ...

实现更全面的风险覆盖 生猪养殖利润对饲料价格变动相对更为敏感，应在套保序列中优先配置；而蛋鸡养殖利润更多受蛋周期 本身主导，饲料端对冲仅作为利润管理的辅助工具效果更佳，再结合贸易商的实际情况，制定可能的套 保策略。 本次相关性分析从"饲料原料—养殖成本—消费替代与利润"三大逻辑层次展开，揭示从原料端到养殖端 的价格传导与风险关联。在数据处理上，为全面捕捉市场长期关系与流动性特征，本次测算综合选取了 连续合约、主力合约及价格指数进行交叉验证，确保结果的稳健性与代表性。测算周期力求覆盖各品种 可获取历史数据的最大区间，以包含完整的产业周期波动，避免短期干扰，从而保证相关性分析更贴合 实际情况。 具体相关性分析：豆粕与菜粕保持0.89~0.94的极高正相关性，因其均为植物蛋白原料，供需驱动高度 一致，是最优套利配对；而玉米与豆粕亦呈现0.64~0.78的高度正相关，反映共享饲料需求周期，适用 于构建饲料成本组合以同步对冲原料价格上涨风险。在养殖成本传导方面，生猪与玉米、豆粕分别为弱 至中度正相关（0.37~0.46、0.20~0.35），体现成本传导的时滞与灵活性；鸡蛋与玉米、豆粕的相关性 略强（0.37~0.64 ...