业务具体安排 根据公告，中恒电气本次拟开展的期货套期保值业务在品种、规模、期限等方面作出明确规划：业务品 种聚焦与生产经营高度相关的大宗商品，包括铜、铝、铅、锡、钢材等；交易场所限定为境内外经监管 机构批准、具备相应经营资格的金融机构；资金来源为公司自有资金，不涉及募集资金。 在交易规模上，公司设定了双重上限：一是交易保证金余额不超过2000万元，二是任一交易日持有的最 高合约价值不超过2亿元。上述额度内资金可循环使用，授权期限自本次董事会审议通过后十二个月。 指标 具体内容 交易保证金余额上限 不超过人民币2000万元 任一交易日最高合约价值 不超过人民币 20000万元 授权期限 自董事会审议通过后十二个月 资金来源 公司自有资金 来源：新浪财经-鹰眼工作室 杭州中恒电气股份有限公司（证券代码：002364，证券简称：中恒电气）于2025年12月16日发布公告 称，为应对大宗原材料价格波动风险，公司计划开展期货套期保值业务，以有效管控生产成本。公告显 示，该业务最高合约价值不超过2亿元，交易保证金余额上限为2000万元，资金将循环使用。 业务背景与核心目的 公告指出，公司开展期货套期保值业务的核心目的是" ...

Meeting Overview - The third temporary meeting of the ninth board of Yunnan Luoping Zinc Electric Co., Ltd. was held on December 12, 2025, with all six directors present, and the meeting was deemed legal and effective [2][3]. Resolutions Passed - The board approved a guarantee for a bank loan of 10 million yuan for its wholly-owned subsidiary, New Materials Company, to enhance its liquidity [3][12]. - A guarantee for a commercial factoring financing loan of 50 million yuan for another wholly-owned subsidiary, Xiangrong Mining Company, was also approved [3][23]. - The board proposed to purchase liability insurance for directors and senior management, which will be submitted to the shareholders' meeting for approval [3][31]. - The appointment of Zhang Jianhong as the financial director was approved [3][75]. - The board approved the plan for the company to engage in futures hedging business in 2026 [3][37]. Financial Guarantees - The total amount of external guarantees by the company and its subsidiaries is 230.9 million yuan, with an actual guarantee balance of 138.78 million yuan, accounting for 14.72% of the latest audited net assets [19][29]. Liability Insurance - The company plans to insure all directors and senior management with a maximum annual premium of 620,000 yuan and a coverage limit of 100 million yuan [32][33]. Futures Hedging Business - The company aims to conduct futures hedging to mitigate price risks and secure sales revenue, with a maximum margin requirement of 30 million yuan for the year 2026 [37][39].

Core Viewpoint - The increasing adoption of futures tools by petrochemical companies in China is enhancing price risk management across the industry chain, leading to cost reduction and improved competitiveness for both upstream and downstream partners [1][2]. Group 1: Industry Adoption of Futures Tools - The petrochemical industry is increasingly utilizing futures tools to manage price risks amid volatile raw material prices, creating a collaborative risk defense system across the supply chain [2][3]. - Long-established companies like Longchang Group have developed a mature futures and spot trading model, which effectively manages operational risks and supports downstream partners in optimizing procurement costs [2][4]. Group 2: Risk Management Strategies - Longchang Group employs hedging strategies to reduce inventory exposure risks and mitigate operational risks from raw material price fluctuations [2][5]. - The company dynamically manages exposure through a "rolling inventory" concept, continuously switching different inventory resources to lower costs and enhance profitability without increasing exposure [2][5]. Group 3: Downstream Support and Cost Optimization - Futures and options tools are helping downstream companies optimize costs and improve efficiency, allowing them to better serve their end customers [3][6]. - Longchang Group's unique combination of futures and spot trading provides differentiated risk management services throughout the entire business chain, enhancing customer relationships and loyalty [5][8]. Group 4: Regional Economic Development - The use of futures tools is significantly contributing to the collaborative development of the petrochemical industry and supporting the economic transformation of the northwest region of China [9][11]. - The futures market provides essential price information and risk management capabilities, enabling companies in the northwest to stabilize their operations and improve their competitive edge [11][12]. Group 5: Training and Knowledge Enhancement - Longchang Group is actively involved in training initiatives to enhance the understanding and application of futures tools among regional enterprises, addressing the knowledge gap compared to coastal regions [10][11]. - The company aims to promote practical experiences in financial derivatives usage, helping businesses develop tailored risk management models that align with their operational realities [12].

Core Viewpoint - Yunnan Luoping Zinc Electric Co., Ltd. plans to conduct futures hedging business in 2026 to mitigate price volatility risks and secure sales revenue through the futures market [1] Group 1: Futures Hedging Business - The hedging business will focus on the Shanghai zinc futures, with a maximum daily margin usage of 30 million RMB, which is reusable [2] - The monthly hedging position will not exceed 50% of the monthly zinc ingot production, and the cumulative position will not exceed 60% of total inventory [2] - The business period is set from January 1, 2026, to December 31, 2026, with operations managed by the company's futures decision-making team [2] Group 2: Risk Management Measures - The company has established a multi-dimensional risk control system, adhering to the principle of "hedging positions" and implementing a price fluctuation warning mechanism [3] - A tiered approval system for margin management is in place, with a minimum of 20% risk reserve fund [3] - Trading instructions require dual signatures from the futures decision-making team, and records are uploaded to the ERP system for regular internal audits [3] Group 3: Financial Treatment and Disclosure - The company will follow accounting standards for hedging and recognize the fair value changes in the current profit and loss or other comprehensive income based on effectiveness assessments [4] - If the recognized gains or losses from the futures business exceed 10% of the most recent audited net profit (1.26 million RMB threshold), the company will issue a timely announcement [4] - The implementation of this hedging business is expected to enhance the company's resilience to zinc price fluctuations, supporting operational stability in 2026 [4]

企业运用：化解经营风险 护航高质量发展 近年来，随着我国期货市场主动适应经济社会发展和产业结构变迁，不断丰富品种体系，有效平抑了企业的经营风险，期货工具成为有色金属企业破解生 产经营桎梏的重要手段。期货和衍生品作为有效应对原材料和产品价格波动的重要风险管理工具，帮助相关大宗商品生产企业有效规避了市场价格波动风 险，推动产业链供应链整体抗风险能力的提升，成为企业应对市场波动的最优解。 云南拥有丰富的矿产资源和优势的产业发展基础，素有"有色金属王国"的美誉，在中国有色金属版图中占据重要位置。在云南铜业股份有限公司（以下简 称"云南铜业"）、云南省贵金属新材料控股集团股份有限公司（以下简称"贵金属集团"）等头部企业的引领下，云南有色金属产业正全力加快转型升级， 为我国建设有色金属强国作出了积极贡献。 伴随着外部环境的不确定性增加，对中国有色金属产业平稳运行形成一定压力，铜、黄金等大宗商品价格出现了剧烈波动，对企业经营造成了影响。对于 高度依赖原材料的企业而言，价格剧烈波动不仅挤压利润，更威胁生产供应的稳定性。面对行业发展新形势、新挑战、新格局，云南铜业、贵金属集团等 行业企业如何实现有效的价格风险管理和库存管理，规 ...

嘉化能源公告称，公司拟使用不超1亿元自有资金，在不影响正常经营、操作合法合规前提下，进行期 货套期保值和投资，交易品种为PVC、烧碱等。授权期限自股东会审议通过之日起1年，授权董事长在 额度内决策并实施。该议案已通过第十届董事会第十五次会议审议，尚需股东会审议。公司提醒，期货 交易存在市场、政策等风险，已制定相关制度控制风险。 ...

Core Viewpoint - The company, Xiamen Xiangyu Co., Ltd., is leveraging futures and derivative tools to enhance risk management and drive high-quality development in the supply chain amidst volatile commodity prices [1][2]. Group 1: Risk Management and Futures Integration - The ability to control risks has become a core value and competitive advantage for listed companies, necessitating a shift from passive to active risk management through the use of derivatives [2]. - Xiamen Xiangyu's futures business is integrated into its extensive supply chain management platform, allowing for flexible operations across various commodity categories [2][4]. - The company has established a comprehensive management system to mitigate risks associated with derivative trading, including strict adherence to internal controls and regulatory compliance [8][9]. Group 2: Practical Applications of Futures - In February 2025, Xiamen Xiangyu engaged in basis procurement contracts to manage price risks effectively, resulting in a net profit of 170 yuan per ton through strategic trading [3]. - The company has developed a grain supply chain that includes a pricing model that helps farmers hedge against price fluctuations, thereby supporting rural revitalization [5][7]. - The "放心送" service allows farmers to manage price risks effectively, demonstrating the company's commitment to providing tailored risk management solutions [6][7]. Group 3: Business Expansion and Global Reach - Xiamen Xiangyu's business network spans over 110 countries, showcasing its capability in risk management and its role in empowering the supply chain [10]. - The company aims to become a world-class supply chain service provider, with risk management being a critical component of its strategic objectives [10].

证券代码：600301 股票简称：华锡有色 编号：2025-067 1、同意《关于广西华锡有色金属股份有限公司增加期货套期保值业务主体和金额的议案》； 2、本议案经公司董事会审计委员会审议通过。 具体内容详见公司于同日在上海证券交易所网站（www.sse.com.cn）披露的《广西华锡有色金属股份有 限公司关于增加期货套期保值业务主体和金额的公告》（公告编号：2025-068）和《广西华锡有色金属 股份有限公司关于增加期货套期保值业务主体和金额的可行性分析报告》。 表决情况：9票赞成、0票反对、0票弃权。 特此公告。 广西华锡有色金属股份有限公司 第九届董事会第二十三次会议（临时）决议公告 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、准确性和完整性承担法律责任。 广西华锡有色金属股份有限公司（以下简称"公司"）第九届董事会第二十三次会议（临时）通知与相关 文件于2025年12月10日通过电子材料和书面通知方式送达各位董事及高级管理人员，经全体董事一致同 意豁免本次会议时限，并于2025年12月11日以通讯方式召开。本次会议应出席会议的董事9名，实到9 ...

（记者 王晓波） 截至发稿，华锡有色市值为231亿元。 每经头条（nbdtoutiao）——专访管涛：美国政府经济贸易政策正逐渐动摇美元本位国际货币体系，利 多因素下人民币汇率有可能破7 每经AI快讯，华锡有色（SH 600301，收盘价：36.5元）12月11日晚间发布公告称，公司第九届第二十 三次董事会临时会议于2025年12月11日以通讯方式召开。会议审议了《关于广西华锡有色金属股份有限 公司增加期货套期保值业务主体和金额的议案》等文件。 2025年1至6月份，华锡有色的营业收入构成为：有色金属采选业占比92.96%，有色金属加工业占比 4.61%，服务行业占比2.43%。 ...

格隆汇12月11日｜华锡有色公告称，12月11日其第九届董事会第二十三次会议（临时）审议通过议案， 增加华锡有色为主体开展期货套期保值业务，交易品种为锡，交易场所为上海期货交易所。任一时点保 证金最高不超3240万元，任一交易日最高合约价值不超1.35亿元，资金可循环使用，来源为自有资金。 授权期限自董事会审议通过之日起12个月内有效。同时公司提示开展套保业务存在市场、资金和交易等 风险并给出控制措施。 ...