Core Viewpoint - Sinopec reported a significant decline in investment income, with a year-on-year decrease of 69.9% to 1.647 billion yuan, resulting in a loss of 3.825 billion yuan in the first quarter of 2025, primarily due to the accounting performance of derivative settlements and the impact of downstream joint venture company performance [1] Group 1 - Sinopec's financial derivatives business aligns with regulatory requirements and aims to stabilize price fluctuations and mitigate market risks [1] - The company's derivative business operations were reported to be healthy and stable in the first quarter [1] - The changes in profit and loss from hedging activities are attributed to the accounting representation of derivative business settlements [1] Group 2 - The performance of Sinopec's joint ventures, primarily focused on downstream operations, experienced a year-on-year decline in the first quarter [1]

撰写品种：PTA 撰写时间：2025 年 4 月 28 日 回顾周期：周度 研究员 ：何宁 咨询证号：Z0001219 PTA 周度报告 一、博弈情绪消退，市场波动下降 海外关税情绪影响逐渐消退，博弈方向由情绪博弈转向未来基本面预期博弈，市场 对未来经济的担忧驱动美元指数快速下跌，美元指数重新选择震荡中枢。市场情绪消退 后，原油成交量有所收缩，行情波动率下降，暂时维持反弹震荡格局。TA 市场行情主 要受原油价格波动影响，原油价格企稳对 TA 支撑亦相对明显，市场悲观情绪得到一定 改善。当前海外关税仍然没有"尘埃落定"，市场衰退预期明显加强，潜在风险仍然存 在，需要更加注重风险防控并做好套期保值准备。 图1：原油主力合约日K 走势 图片来源：国金期货行情软件 关税目前对供需方面当前影响不大，TA 更多是受到市场情绪影响，市场回归交易 公司热线：028 6130 3163 研究所邮箱：institute@gjqh.com.cn 投诉：4006821188 供需逻辑后，需求旺季周期现货偏强，多次期货价格调整过程中，现货仍然维持相对 强硬状态。现货偏强是 TA 期货良好的支撑，但预期偏弱仍然表示市场存在调整风 险。市 ...

Core Viewpoint - The company reported a decline in total revenue for 2024, but the growth in its gold business presents a new opportunity for future performance improvement [1][4]. Revenue Performance - In 2024, the company achieved total revenue of 5.133 billion yuan, a decrease of 4.48% compared to 5.373 billion yuan in 2023 [4]. - The revenue decline has been a trend since 2020, with revenues dropping from 8.714 billion yuan to 5.133 billion yuan over the years [4]. Gold Business Growth - The gold business has emerged as a highlight, with the South African Onikin Mine officially commencing production in December 2024, leading to a steady increase in gold output in the first quarter of 2025 [4]. - During the reporting period, the company extracted 87,586 tons of gold ore, an increase of 22,565 tons year-on-year, and produced 182.91 kg of gold, with sales reaching 181.70 kg [4]. Profitability and Cost Control - The company reported a net profit of -97 million yuan, an improvement from -108 million yuan in 2023, reflecting a year-on-year increase of 10.28% [5]. - This improvement is attributed to effective cost control measures, including a successful strategy for stable production of cathode copper, which saw production rise to 7,888 tons, an increase of 2,137 tons year-on-year [5]. Sulfuric Acid and Cobalt Hydroxide - The production and sales of sulfuric acid increased to 62,883 tons and 41,808 tons, respectively, showing year-on-year increases of 2,755 tons and 6,861 tons [5]. - The rebound in cobalt hydroxide prices contributed to some impairment reversals, further enhancing the company's financial condition [5]. Risk Management and Financial Strategies - The company continued to implement hedging and derivative trading to manage market volatility, with a maximum hedging position for self-produced cathode copper set at 12,000 tons [6]. - As of March 31, 2025, the company had margin for futures contracts amounting to 1,491,008.50 yuan, and for commodity derivatives, 71,380 yuan, all within the approved limits [6]. - The company also utilized structured deposits and asset pledges to enhance funding efficiency, conducting one related transaction with an authorized amount of 580 million yuan [6].

登录新浪财经APP 搜索【信披】查看更多考评等级 证券代码：001331 证券简称：胜通能源 公告编号：2025-006 胜通能源股份有限公司2024年年度报告摘要 一、重要提示 本年度报告摘要来自年度报告全文，为全面了解本公司的经营成果、财务状况及未来发展规划，投资者 应当到证监会指定媒体仔细阅读年度报告全文。 所有董事均已出席了审议本报告的董事会会议。 非标准审计意见提示 □适用 √不适用 董事会审议的报告期利润分配预案或公积金转增股本预案 √适用 □不适用 是否以公积金转增股本 √是 □否 公司经本次董事会审议通过的利润分配预案为：以201,600,000股为基数，向全体股东每10股派发现金红 利0元（含税），送红股0股（含税），以资本公积金向全体股东每10股转增4股。 董事会决议通过的本报告期优先股利润分配预案 1）上游多元化采购降低成本 公司根据境内外LNG价格情况，积极寻找价差空间，除主要供应商中海油气电外，公司亦向中石化、 其它LNG运营商进行询价寻找合适的采购价格。公司已获得国家管网托运商准入资格，可以择机进行 窗口期采购。 2）中游稳步提升槽车运转能力 公司募投项目主要为购置LNG车辆，增加 ...

Core Viewpoint - The "Worry-Free Storage" project by Zhengzhou Commodity Exchange has significantly supported the management of urea reserves, enhancing national food security and addressing the challenges faced by storage enterprises in the urea market [1][4][5] Group 1: Project Overview - The "Worry-Free Storage" project was launched in early 2021 and has expanded its scale over the past five years, providing risk management support for 4.95 million tons of urea across 99 storage enterprises, covering approximately half of the national commercial urea reserves [1][4] - In the 2024-2025 period, the project achieved a breakthrough by including provincial-level fertilizer reserves from Anhui, Sichuan, and Hebei, marking an enhancement in its service capabilities [1][4] Group 2: Addressing Storage Challenges - Urea's unique production and seasonal usage characteristics create a supply-demand mismatch, prompting the government to implement various reserve systems since 1998 [1][2] - The project addresses the urgent need of storage enterprises to mitigate the risk of commodity devaluation, which has been exacerbated by the current market conditions where prices do not follow traditional seasonal patterns [2][3] Group 3: Financial Support and Risk Management - The project provides financial support for storage enterprises, covering costs associated with futures trading, delivery, and warehouse receipts, effectively closing risk exposure during the storage period [2][3] - Companies like Yuntu Holdings have successfully utilized the project to hedge against price declines, with urea prices dropping from around 1800-2000 RMB/ton to losses of 300-400 RMB/ton during storage [2][3] Group 4: Expansion and Impact - The project has expanded its coverage to all regions of the country, with trial enterprises managing a storage volume of 1.94 million tons, representing about half of the national urea commercial reserves [3][4] - The initiative has been recognized as a beneficial exploration by Zhengzhou Commodity Exchange, effectively reconciling the conflict between immobile goods during storage and fluctuating prices [4][5]

Core Viewpoint - The "Shangchu Wuyou" project initiated by Zhengzhou Commodity Exchange has successfully stabilized urea prices and mitigated risks for storage enterprises, thereby enhancing food security and supporting farmers in their operations [1][6]. Group 1: Project Overview - The "Shangchu Wuyou" project is the first national futures service project for state reserves, aimed at helping enterprises manage the risk of urea price depreciation through market-based solutions [1][3]. - Since its launch, the project has expanded from 3 provinces to 23 provinces, increasing the number of participating enterprises from 5 to 46 [6]. - The project has provided risk management support for 495 million tons of urea across 99 storage enterprises, significantly contributing to the national commercial fertilizer reserve plan [5][6]. Group 2: Impact on the Industry - The introduction of urea futures in 2019 has allowed storage enterprises to stabilize prices and manage risks effectively, likened to providing a "safety cushion" for their operations [3][5]. - Nearly 90% of leading urea trading enterprises, including state-owned, provincial, and private companies, have participated in the "Shangchu Wuyou" project [5]. - The project has been recognized in national policy documents, indicating its integration into the national strategy for agricultural supply and price stability [6]. Group 3: Benefits to Farmers - The stabilization of urea prices has led to a reduction in fertilization costs for farmers, with one farmer estimating a savings of 5 yuan per mu, translating to an additional income of 30,000 yuan for 2,000 mu of land [6]. - The project has increased farmers' enthusiasm for grain production by providing tangible financial benefits [7].

Report Industry Investment Rating - No relevant content provided Core Viewpoints - The intraday nickel and stainless - steel market shows a volatile and slightly stronger trend, but there is no significant improvement in the fundamentals. The market is currently speculating on the new tax rate implementation and tariff adjustments, with limited upside potential, and may return to a volatile situation [3]. Summary According to Related Catalogs 1. Nickel Price Forecast and Management Strategies - **Price Range Forecast**: The predicted price range for Shanghai nickel is 11,800 - 12,800 yuan/ton, with a current 20 - day rolling volatility of 32.75% and a historical percentile of 66.9% [2]. - **Inventory Management**: When product sales prices fall and inventory has impairment risks, it is recommended to short Shanghai nickel futures (60% hedging ratio) and sell call options (50% hedging ratio) to lock in profits and hedge against spot price declines [2]. - **Procurement Management**: When there are production and procurement needs and concerns about rising raw material prices, it is recommended to buy Shanghai nickel forward contracts according to the production plan, sell put options, and buy out - of - the - money call options, with the hedging ratio based on the procurement plan [2]. 2. Market Factors Analysis - **Positive Factors**: The MHP production of IMIP was damaged due to a landslide, leading to a short - term supply shortage in the nickel salt industry chain; the new Indonesian resource tax came into effect on April 26, raising the overall cost; the US dollar index shows a continuous weakening trend [4]. - **Negative Factors**: As the Philippine rainy season ends, the supply of nickel ore is gradually increasing; LME nickel inventory is difficult to digest and remains at a historical high; after the tariff policy buffer period, there is a negative feedback in the industrial chain, and the cost support for ferronickel has declined overall; the demand for refined nickel remains weak, and the oversupply situation continues, with no obvious driving force for the overall terminal demand; stainless - steel inventory remains high, and export difficulties increase the difficulty of terminal digestion [4]. 3. Market Data - **Nickel Futures**: The latest price of the Shanghai nickel main contract is 125,570 yuan/ton, with a 0% change; the LME nickel 3M price is 15,745 US dollars/ton, with a - 0.32% change. The trading volume is 95,837 lots, and the open interest is 37,304 lots. The warehouse receipt volume is 25,384 tons, with a 0.25% increase [2][6]. - **Stainless - Steel Futures**: The latest price of the stainless - steel main contract is 12,690 yuan/ton, with a 0% change. The trading volume is 134,890 lots, and the open interest is 143,261 lots. The warehouse receipt volume is 175,567 tons, with a - 0.52% decrease [7]. - **Inventory Data**: The domestic social nickel inventory is 43,960 tons, an increase of 652 tons; LME nickel inventory is 204,528 tons, an increase of 1,938 tons; stainless - steel social inventory is 999.4 tons, a decrease of 2.8 tons; nickel pig iron inventory is 24,173.5 tons, an increase of 3,690.5 tons [8].

Group 1 - The company plans to provide a total guarantee amount not exceeding 400 million yuan for its subsidiaries in 2025, covering various financial instruments such as loans and performance guarantees [1][3] - The internal decision-making process for the guarantee has been approved by the board of directors and the supervisory board, and it will be submitted to the shareholders' meeting for final approval [2][9] - The company has a current guarantee balance of 190 million yuan, which accounts for 15.43% of the audited net assets from the previous year, with no overdue guarantees [12] Group 2 - The company has two main subsidiaries involved in the guarantee: Ningbo Hongyu Industrial Co., Ltd. and Wuhu Rongji Sealing Systems Co., Ltd., both of which have stable financial conditions and good credit status [4][6] - The guarantees are deemed necessary to support the subsidiaries' operational needs and align with the company's overall strategic interests [8][9] - The board of directors has confirmed that the guarantee does not harm the interests of the company or its shareholders [9] Group 3 - The company intends to engage in foreign exchange derivative transactions to mitigate exchange rate risks, with a total transaction amount not exceeding 12 million USD [14][18] - The foreign exchange derivative transactions will be conducted in compliance with national regulations and will not be speculative in nature [15][20] - The company has established risk control measures to manage potential market, operational, and performance risks associated with these transactions [22][24] Group 4 - The company has proposed to extend the authorization for the board of directors to issue shares through a simplified procedure, which requires approval from the shareholders' meeting [48][51] - The company aims to ensure the smooth progress of its financing activities by extending the authorization period until the next annual shareholders' meeting [51]

Group 1 - The company emphasizes the importance of using simple, liquid, and low-risk foreign exchange derivatives for hedging against currency fluctuations [1][2] - The company has established management systems for futures and derivatives trading, detailing organizational structure, responsibilities, and risk management [1][3] - The company aims to mitigate adverse impacts from raw material price and exchange rate fluctuations through hedging operations in futures and derivatives markets [3][27] Group 2 - The company will hold its 2024 annual shareholders' meeting on May 20, 2025, with both on-site and online voting options available [5][6] - The meeting will take place at the company's administrative building in Guangzhou, and shareholders must register to attend [7][15] - The company has outlined the voting procedures for various types of shareholders, including those participating through margin trading and the Shanghai-Hong Kong Stock Connect [8][10] Group 3 - The company has announced a provision for asset impairment and recognition of fair value changes for non-current financial assets, totaling a reduction in profit of 614.25 million yuan for the year 2024 [19][27] - The impairment provisions include amounts for receivables, inventory, fixed assets, and goodwill, reflecting a cautious approach to financial reporting [19][21][26] - The company has confirmed fair value losses for non-current financial assets amounting to 38.12 million yuan, indicating a need for careful asset management [20][27] Group 4 - The company has implemented a change in accounting policy in accordance with the Ministry of Finance's new guidelines, which will not significantly impact its financial results [29][30] - The new accounting policy, effective from January 1, 2024, relates to the measurement of investment properties and quality assurance guarantees [31][32] Group 5 - The company has reported its fourth-quarter operational data for 2024, including production and sales figures for modified plastics, green petrochemicals, and new materials [34][38] - The sales volume for modified plastics reached 699,300 tons, while green petrochemical products and new materials also showed significant sales figures [34][39] - The company has noted no other significant operational impacts during the reporting period [38][39]

Core Viewpoint - Exchange rate risk, also known as foreign exchange risk, refers to the potential for loss (or gain) due to fluctuations in currency exchange rates affecting the value of assets, liabilities, income, or expenses denominated in foreign currencies [1][5]. Group 1: Types of Exchange Rate Risk - Transaction risk is the most common form of exchange rate risk, occurring during transactions priced in foreign currencies. For example, a Chinese export company expecting to receive 1 million USD may face a loss if the exchange rate changes unfavorably before payment is received [4]. - Translation risk, also known as accounting risk, arises when a company needs to convert its functional currency into its reporting currency for financial statements. A depreciation of the local currency against the reporting currency can lead to reduced asset and profit values in the consolidated financial statements [4]. - Economic risk, or operational risk, involves unexpected exchange rate changes that can affect a company's future revenues or cash flows by altering production costs, sales volumes, and pricing strategies. For instance, a sudden appreciation of the local currency can make exported products more expensive, potentially reducing sales [4]. Group 2: Impact and Management of Exchange Rate Risk - In the current international trade environment, exchange rate risk significantly impacts companies, particularly in foreign trade. For export-oriented firms, local currency appreciation can reduce price competitiveness and profit margins, while for import-oriented firms, local currency depreciation can increase costs [5]. - To assess and manage exchange rate risk, companies need to monitor factors influencing currency fluctuations, such as international balance of payments, foreign exchange reserves, interest rates, inflation, and political conditions. Financial instruments like foreign exchange forward contracts, futures, and options can be utilized for hedging [5]. - Companies should also optimize their choice of settlement currencies and adjust pricing strategies for imports and exports to mitigate the impact of exchange rate fluctuations [5].