"粮食的粮食"价格高位波动 进入旺季，尿素市场新一轮涨价行情启动。 5月以来，尿素期现价格持续上涨，刷新近半年新高，截至5月16日收盘，主力合约价格逐步回落至1877元/吨。 现货市场上，尿素价格波动较大，南华期货统计分析，目前主流区域中小颗粒尿素价格参约1820～1860元/吨。银河期货研究报告称，随着尿素进入需求旺 季，氮肥生产将全面启动，同时出口政策预期持续扰动尿素价格持续上涨，后期走势需进一步关注出口信息变动影响。 作为"粮食的粮食"，尿素是目前农业上使用量最多的高效氮肥，受天然气供应短缺、环保限产、煤价及国际氮肥市场价格上涨等因素影响，尿素价格波动成 为企业承储面临的问题。 "一直以来我国实施化肥淡季商业储备制度，不过这类储备项目的承储企业一般需保障化肥库存约3个月在库。"行业人士告诉记者，在此期间，储备化肥存 在价格下跌风险。对此，2021年郑商所推出尿素"商储无忧"项目，对参与国家商业化肥储备并存在风险对冲需求的企业提供套期保值的资金支持。当前2025 年度"商储无忧"项目正有序开展，基本做到了尿素主要产销省及粮食产区全覆盖。 "去年国储中标时尿素价格较高，但之后价格一路下跌，最低跌至1500元 ...

证券代码：000878 证券简称：云南铜业 云南铜业股份有限公司投资者关系活动记录表 | 投资者关 | □特定对象调研 □分析师会议 | | --- | --- | | | □媒体采访 ☑业绩说明会 | | 系活动类 | □新闻发布会 □路演活动 | | 别 | □现场调研 □其他 | | 活动参与 | 投资者网上提问 | | 人员 | | | 时间 | 2025 年 5 月 16 日（周五）16:00-17:00 | | 地点 | 公司通过"全景路演"网站（https://rs.p5w.net）采用网络远程的方式召开业绩说 | | | 明会 | | 形式 | 网络文字互动方式 | | 上市公司 | 财务总监、董事会秘书：高洪波 | | 参加人员 | 财务资产部负责人：刘八妹 | | 姓名 | 证券部负责人、证券事务代表：孙萍 | | | 证券部业务经理：岳圣文 | | | 公司参加云南辖区上市公司 年度投资者网上集体接待日活动，就投 2024 | | | 资者在本次说明会中提出的问题进行了回复： | | | 1、铜 TC 已经为负并且不断走低，贵司是否会考虑减产？ | | | 感谢您对公司的关注。确实，现在 ...

Group 1: Company Overview - The company operates in two main industries: lithium and civil explosives [2] - In the lithium industry, the company has two lithium mines and three production bases, ensuring stable resource supply [2] - The civil explosives segment has a production capacity of over 260,000 tons for industrial explosives and nearly 90 million detonators, ranking fourth in the industry [2] Group 2: Financial Performance - In 2024, the company achieved a net profit of 257 million yuan, a year-on-year increase of 539.36% [3] - The growth was driven by stable demand from long-term lithium salt customers and effective resource matching in production and sales [3] Group 3: Lithium Production Capacity - The company currently has a total lithium salt production capacity of 99,000 tons, including 63,000 tons of lithium hydroxide and 36,000 tons of lithium carbonate [3] - By the end of 2025, the total lithium salt production capacity is expected to reach nearly 130,000 tons [3] Group 4: Lithium Resource Security - The company has established a diversified resource security system through self-controlled and purchased minerals [4][5] - The Kamativi lithium mine in Zimbabwe has a processing capacity of 2.3 million tons of raw ore annually [5] Group 5: Customer Base - The company has a strong customer base, with top clients accounting for 90% of revenue, including major companies like TESLA and CATL [6] - Long-term agreements with these clients support future production capacity release [6] Group 6: Overseas Business Development - The company has developed a robust overseas expansion capability, with operations in New Zealand, Australia, and Africa [7] - Future growth in overseas mining services will leverage cost and efficiency advantages in the civil explosives sector [7] Group 7: Risk Management - In 2024, the company utilized lithium carbonate futures for hedging against price volatility risks [8] - Future hedging strategies will be aligned with production plans and market conditions to mitigate potential impacts on operations [8]

Report Summary 1. Investment Rating No investment rating for the industry is provided in the report. 2. Core Viewpoints - The current market trend of nickel and stainless steel is mixed. There is still negative feedback in the ferronickel link on the fundamental side, and the support from the new - energy link has loosened. Although the Sino - US trade tariff agreement has eased concerns about the demand digestion of terminal products, its impact on nickel and stainless - steel varieties is limited, and attention should be paid to the subsequent reaction of the varieties to market sentiment [3]. - There are both positive and negative factors in the market. Positive factors include the Sino - US trade tariff agreement, the Philippine government's plan to ban nickel ore exports in June 2025, the implementation of the new Indonesian resource tax on April 26th leading to an overall increase in cost, and the lower - than - expected US CPI data increasing the expectation of interest rate cuts. Negative factors include the gradual increase in ore supply at the end of the Philippine rainy season, the weakening support of the MHP nickel sulfate link, the continuous negative feedback in the stainless - steel industry with the cost support at the ferronickel end moving down, and the high inventory of stainless steel with no obvious improvement in demand [4]. 3. Key Points by Category 3.1. Price Forecast and Management Strategies - **Price Forecast**: The predicted price range of Shanghai nickel is 119,000 - 129,000 yuan/ton, with the current 20 - day rolling volatility at 32.75% and the historical percentile of the current volatility at 66.9% [2]. - **Inventory Management Strategy**: When the product sales price drops and there is a risk of inventory impairment, it is recommended to short Shanghai nickel futures according to the inventory level to lock in profits and hedge against the risk of spot price decline. The recommended hedging tool is the Shanghai nickel main contract with a selling hedging ratio of 60% and a strategy level of 2. Another option is to sell call options with a hedging ratio of 50% and a strategy level of 2 [2]. - **Procurement Management Strategy**: When the company has future production procurement needs and is worried about rising raw material prices, it is recommended to buy Shanghai nickel forward contracts according to the production plan to lock in production costs in advance. The recommended hedging tools include buying far - month Shanghai nickel contracts, selling put options, and buying out - of - the - money call options. The hedging ratio is based on the procurement plan, and the strategy level is 3 [2]. 3.2. Market Data - **Nickel Market Data**: The latest price of the Shanghai nickel main - continuous contract is 123,600 yuan/ton, a decrease of 1,630 yuan (- 1%); the trading volume is 137,729 lots, an increase of 1,166 lots (0.85%); the open interest is 63,702 lots, an increase of 625 lots (0.99%); the warehouse receipt quantity is 23,344 tons, a decrease of 205 tons (- 0.87%); the basis of the main contract is - 1,915 yuan/ton, a decrease of 145 yuan (- 7.0%) [6]. - **Stainless - Steel Market Data**: The latest price of the stainless - steel main - continuous contract is 12,995 yuan/ton, a decrease of 85 yuan (- 1%); the trading volume is 128,580 lots, a decrease of 14,329 lots (- 10.03%); the open interest is 127,690 lots, a decrease of 4,068 lots (- 3.09%); the warehouse receipt quantity is 158,715 tons, a decrease of 94 tons (- 0.06%); the basis of the main contract is 590 yuan/ton, an increase of 100 yuan (20.41%) [7]. 3.3. Inventory Data - **Nickel Industry Inventory**: The domestic social inventory of nickel is 44,088 tons, a decrease of 13 tons; the LME nickel inventory is 199,146 tons, an increase of 714 tons; the stainless - steel social inventory is 989.1 tons, an increase of 13.7 tons; the nickel pig iron inventory is 28,396.5 tons, an increase of 4,223 tons [8].

证券代码：001331 证券简称：胜通能源 胜通能源股份有限公司 2025年5月15日投资者关系活动记录表 编号：2025-002 投资者关系 活动类别 □特定对象调研 □分析师会议 □媒体采访 业绩说明会 □新闻发布会 □路演活动 □现场参观 ☑其他（2025 年山东辖区上市公司投资者网上集体接待日活动） 活动参与人 员 通过全景网（http://ir.p5w.net）参与本次投资者网上集体接 待日活动的投资者 时间 2025 年 5 月 15 日（周四）下午 15：00-16：30 地点 全景网（http://ir.p5w.net） 形式 线上问答 上市公司接 待人员姓名 1.董事会秘书、财务总监：宋海贞先生 2.证券事务代表：杨鑫先生 交 流 主 要 内 容介绍 投资者提出的问题及公司回复情况 公司就投资者在本次说明会中提出的问题进行了回复： 1、公司境外子公司如何定位？ 尊敬的投资者您好，公司新加坡全资子公司是根据公司加快 海外布局，积极推进公司海外业务，提高核心竞争力的规划需要 成立的，2024 年度，新加坡子公司完成了 2 船 LNG 船货交易。同 时，2024 年 9 月，公司新加坡全资子公司与 ...

Group 1: Company Overview and Financial Performance - The company, Shandong Hengbang Smelting Co., Ltd., has a registered gold reserve of 150.38 tons, with 75 tons located in the Liaoshang Gold Mine [2] - In 2024, the company reported a revenue of CNY 956,585,166.29 from metals including zinc, antimony, bismuth, and selenium [14] - The average sales price of sulfuric acid in 2024 was CNY 131.81 per ton, with Q1 2025 averaging CNY 285.37 per ton [14] Group 2: Operational Challenges and Developments - The expansion of the Liaoshang Gold Mine is progressing slowly due to various reasons, with no specific timeline provided for resolution [3] - The integration of Qixia Jinxing is also facing delays, with the company working on measures and a timeline to address the issues [3] - The company has invested CNY 155,568.14 million in the multi-metal project, with a progress rate of 71.04% as of December 31, 2024 [5] Group 3: Shareholder Concerns and Corporate Governance - There are ongoing concerns regarding the competition issue with the controlling shareholder, Jiangxi Copper, particularly regarding the unfulfilled asset injection commitment made six years ago [4] - The company has communicated with the controlling shareholder about the transfer of mining rights, which is crucial for resolving the competition issue [8] - As of May 9, 2025, the number of shareholders is reported to be 46,938 [14] Group 4: Future Projections and Strategic Plans - The company is expected to achieve a revenue and profit increase in 2025, although specific percentage targets were not disclosed [4] - The Liaoshang Gold Mine is projected to commence production in 2027, subject to various regulatory and construction factors [11] - The company is exploring options for the gradual divestment of its long-term holdings in the Hong Kong-listed Wan Guo Gold project, which has not met expectations for stable raw material supply [3]

Core Viewpoint - The company is facing challenges in its smelting operations, with significant losses reported, and is under pressure to improve its market performance and investor confidence [16][19][22]. Group 1: Stock Performance and Market Sentiment - As of May 13, 2025, the company's stock closed at 15.98 yuan, up 0.38%, with a turnover rate of 1.02% and a trading volume of 243,700 hands, amounting to a transaction value of 389 million yuan [1]. - The company has seen a decline in institutional holdings, which may be influenced by market conditions and investment strategies [3]. - The company’s stock has underperformed compared to its peers, with a significant drop in value attributed to poor earnings performance and market sentiment [12][19]. Group 2: Financial Performance and Management - The company reported a net profit increase of only 9% in the first quarter, significantly lower than competitors like Zijin Mining and Luoyang Molybdenum, which saw net profit increases of 62% and 90%, respectively [7][12]. - The smelting segment has been a major source of losses, with the company’s smelting capacity at only 750,000 tons per year, which is lower than industry peers [16][19]. - The company plans to increase its copper smelting capacity by 33% in 2025, despite previous losses, indicating a strategy to enhance production [18]. Group 3: Strategic Decisions and Future Outlook - The company is considering strategic partnerships to improve management and operational efficiency, particularly in light of its challenges in the smelting sector [20]. - The management has emphasized the importance of risk management in its hedging strategies, despite facing losses in its futures trading [5][21]. - The company is committed to optimizing its resource allocation and enhancing operational efficiency to improve its financial performance [19].

Group 1 - The global trade environment is deteriorating, leading to a restructuring of supply chains and increased risks for companies [1] - Companies must enhance market competitiveness, maintain cash flow stability, secure raw material supply, and expand sales channels to survive [1] - Traditional business models are inadequate in the current risk-laden environment, making futures tools essential for survival [1] Group 2 - The evolution of over-the-counter (OTC) options in China reflects the transformation of the futures market in serving the real economy [2] - The futures market has shifted from a single hedging function to building an ecosystem for risk management [2] - Risk management subsidiaries of futures companies play a crucial role by providing diverse risk solutions, integrating risk management into various business processes [2] Group 3 - Recent tariff disruptions have highlighted the need for companies to upgrade their risk management strategies [2] - Companies should view options and futures as strategic resources for optimizing business models rather than merely as cost avoidance tools [2] - The introduction of more futures and options products will provide companies with safer and more efficient risk management tools [2]

Core Insights - The article discusses the significant growth of the off-exchange derivatives trading business by risk management subsidiaries of futures companies in China, which has increased by 8.8% since the beginning of 2025, driven by the need for customized risk management solutions for real enterprises facing external shocks and market volatility [1][2]. Group 1: Market Trends - As of April 18, 2025, the nominal principal of commodity off-exchange derivatives held by risk management subsidiaries reached 228.03 billion yuan, reflecting an increase of 18.53 billion yuan since January 20, 2025, when Trump took office, marking an approximate growth of 8.8% [2]. - The demand for hedging has surged due to intensified market fluctuations caused by trade policies, with some companies reporting a 40% increase in their off-exchange derivatives positions in April 2025 [2][5]. Group 2: Client Demographics - The primary clientele for these off-exchange derivatives are real enterprises, with over 95% being private small and medium-sized enterprises (SMEs), which often struggle with the standardized nature of traditional futures contracts [2][3]. - Customized derivatives can address the specific needs of SMEs, providing tailored solutions for price fluctuations and exchange rate risks [2][4]. Group 3: Risk Management Solutions - Off-exchange derivatives have proven effective for SMEs, allowing them to manage risks without the high capital requirements and expertise typically needed for direct participation in futures markets [4][6]. - Examples include a petrochemical company using vanilla options to secure higher selling prices and a private steel mill locking in future prices to avoid rising procurement costs [3][5]. Group 4: Future Outlook - The market for off-exchange derivatives is expected to continue expanding, driven by the increasing complexity of the macroeconomic environment and the need for effective risk management strategies among enterprises [6]. - The unique advantages of off-exchange derivatives, such as preemptive risk control, position them as essential tools for enterprises aiming to enhance their competitiveness and navigate global market uncertainties [6].

Core Points - The company held its 2024 Annual General Meeting (AGM) to discuss various proposals, including the remuneration plan for directors and senior management for 2025 [1][2] - The company reported a revenue of 4,080.21 million yuan for 2024, representing a year-on-year increase of 10.72%, while the net profit attributable to shareholders was -244.15 million yuan, a significant decline of 831.71% compared to the previous year [8][23] - The company plans to continue enhancing its governance and investor relations, focusing on compliance with legal regulations and improving communication with investors [14][15] Meeting Procedures - The AGM required attendees to register and confirm their participation, ensuring the meeting's order and efficiency [2][3] - Voting was conducted through both on-site and online methods, with results to be announced after the meeting [3][9] - The meeting agenda included the presentation of the board's work report, discussions on various proposals, and the election of voting members [6][9] Financial Performance - The company achieved a total production of 381,102.54 tons in 2024, a 29.38% increase from the previous year, while sales volume increased by 20.67% [24] - The gross profit margin decreased by 3.14% to 10.44%, attributed to lower sales prices and increased competition in certain markets [25][28] - The company faced significant financial challenges, with total expenses rising to 16.09% of revenue, up from 14.59% the previous year, primarily due to increased sales and financial costs [27][28] Governance and Oversight - The board of directors and the supervisory board conducted regular meetings to ensure compliance with laws and regulations, maintaining oversight of the company's operations [11][12][19] - Independent directors provided reports on their activities, emphasizing their commitment to protecting shareholder interests [21] - The supervisory board monitored the company's financial status and compliance with internal controls, confirming that no violations occurred during the reporting period [19][20]