记者了解到，3月25日晚，云南铜业发布了关于开展商品类期货和衍生品套期保值业务的公告，表示将针对生产的铜、金、银主产品和铜、银、锌贸易商 品，开展铜、金、银、锌套期保值业务。投入套期保值业务任意时点保证金最高不超过48.5亿元。 西部矿业方面表示，针对铜价大幅波动，公司管理层目前还在商讨应对措施。为了规避商品价格风险，公司一直在做套期保值，且公司签的都是长单，但期 货跟现货走势同向，所以铜价下跌对公司业绩的影响会滞后。至于维护股价的相关措施，西部矿业方面表示，上一轮大股东增持已经结束，未来可能还会有 增持计划，投资者可以关注公司后续公告。 铜陵有色方面表示，目前行情较为极端，公司还在商讨应对措施，也有套期保值业务。维护股价的相关措施方面，公司方面称回购方案已经获得通过，但具 体实施时间不方便透露。 每经记者 梁枭 每经编辑 张海妮 近日，国际铜价大幅下挫。同花顺数据显示，4月3日、4日，LME（伦敦金属交易所）期铜价格分别大跌4.02%、6.86%。今日（4月7日），沪铜主力合约开 盘跌停。或受此影响，A股上市铜企股价亦大幅下挫，截至午间收盘，金诚信（603979.SH）、北方铜业（000737.SZ）、云南 ...

Investment Rating - The report assigns an "Accumulate" rating for Xiamen International Trade (600755) [1] Core Views - The company is focusing on its core supply chain management business after divesting from real estate and financial services, positioning itself to navigate through economic cycles [8][10] - The domestic bulk commodity supply chain market presents significant growth potential, with the company holding only 0.85% market share as of 2023, indicating room for expansion [9][62] - The investment logic is based on a combination of demand recovery, internal growth, and a high dividend yield, making it a balanced investment option [10] Summary by Sections Company Overview - Xiamen International Trade has transitioned from a diversified business model to a focus on supply chain management, shedding non-core assets [34][37] - The company has a stable ownership structure backed by local state-owned assets, with 35.82% of shares held by Xiamen State-owned Assets Supervision and Administration Commission [38] Business Model - The company operates as a midstream circulation organizer with high turnover and low profit margins, leveraging its advantages in credit, capital, operations, and logistics [7][12] - The business model includes both self-operated and agency trading modes, with revenue primarily generated from the sale of goods [18] Financial Performance - The company’s revenue and profit growth rates are positioned in the upper-middle tier of the industry, with stable ROE and net profit margins [55][56] - Revenue projections for 2024 to 2026 are estimated at CNY 389.05 billion, CNY 404.61 billion, and CNY 418.84 billion, with corresponding net profits of CNY 1.22 billion, CNY 1.61 billion, and CNY 2.09 billion [10] Market Position - Xiamen International Trade is a leading player in the domestic bulk commodity supply chain, particularly strong in metals and paper products [42][43] - The company’s market share in key categories like steel, iron ore, and copper ranks among the top in the industry [43] Growth Strategy - The company is pursuing a dual growth strategy of horizontal expansion into new product categories and vertical integration along the supply chain [9][61] - The focus on emerging sectors such as health and renewable energy is part of its strategy to diversify and mitigate demand fluctuations [78]

Core Viewpoint - New Hope Group, a leading domestic natural gas company, reported a significant decline in both revenue and net profit for 2024, continuing a downward trend from 2023, prompting a proposal to privatize its Hong Kong-listed affiliate, New Hope Energy [1][2]. Financial Performance - New Hope Group's revenue decreased from 1,540.44 billion yuan in 2022 to 1,358.36 billion yuan in 2024, marking a continuous decline [2]. - The company's net profit attributable to shareholders fell by over 36% to 44.93 billion yuan in 2024 [2][5]. - The main contributors to the revenue decline were the retail and wholesale segments of natural gas, which accounted for over 65% of total revenue [2]. Market Conditions - Despite a steady increase in natural gas consumption nationally, New Hope Group's revenue has been adversely affected by falling natural gas prices, which dropped significantly from the highs seen in 2022 due to geopolitical tensions [4]. - The wholesale business's gross margin plummeted from 7.94% in 2022 to 0.37% in 2024, reflecting the impact of lower natural gas prices [4][6]. Strategic Moves - New Hope Group is actively engaging in hedging strategies to mitigate the effects of falling natural gas prices, reporting a derivative financial instrument gain of 27.39 billion yuan in 2023 [5]. - The company plans to privatize New Hope Energy, with the transaction potentially requiring the issuance of up to 2.2 billion new shares and a cash payment of approximately 183.5 billion Hong Kong dollars [9][8]. Financial Health - As of December 31, 2024, New Hope Group's cash reserves were insufficient to cover the privatization costs, leading to potential increases in debt levels and financial pressure [9][10]. - The company reported a high interest expense of 11.21 billion yuan against a net profit of 37.11 billion yuan, indicating a challenging financial situation [10][16]. Shareholder Impact - Despite high debt levels, New Hope Group distributed significant dividends totaling 31.64 billion yuan in 2024, which accounted for 70.1% of its net profit [16]. - The privatization of New Hope Energy could enhance the overall valuation of the company and benefit its controlling shareholder, Wang Yusuo, by consolidating assets under A-share listings [14][18].

证券代码：603288 证券简称：海天味业 公告编号：2025-010 佛山市海天调味食品股份有限公司 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。 重要内容提示： 随着公司及子公司海外市场的开拓，在日常经营过程中涉及跨境采购、产品 出口等外币业务，海外收支业务逐步提升，为更好地应对汇率或利率波动风险， 公司需开展外汇衍生品交易业务。公司开展外汇衍生品交易业务与公司日常经营 需求紧密相关，是基于公司外汇收支业务具体情况开展，以套期保值为目的，不 进行投机和非法套利。 （二）交易金额 结合公司实际经营情况，预计使用不超过人民币20亿元或等值外币额度开展 外汇衍生品交易业务，额度内可循环使用。上述不超过20亿元人民币或等值外币 额度是指公司外汇衍生品交易业务在任一时点开展交易的金额不超过该额度。 （三）资金来源 公司自有资金或自筹资金，不涉及使用募集资金的情况。 （四）交易方式 等价格波动将对衍生品交易产生潜在损失。 人为判断偏差，或未按既定程序操作而造成损失的风险。 的风险。 （二）风险控制措施 公司仅与具有外汇衍生品交易业务 ...

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、准确性和完整性依法承担法律责任。 重要内容提示： 杭州华光焊接新材料股份有限公司（以下简称"公司"或"华光新材"）拟 开展套期保值业务合约价值不超过人民币 2 亿元，套期保值业务保证金最高余额 不超过人民币 5000 万元（额度范围内资金可滚动使用），资金来源为自有资金， 不涉及募集资金。额度有效期为自公司董事会审议通过之日起 12 个月。 公司的套期保值业务以政策生产经营为基础，以降低原材料价格波动产生的 不利影响为目的，不进行单纯以营利为目的的投机和套利交易。 证券代码：688379 证券简称：华光新材 公告编号：2025-031 杭州华光焊接新材料股份有限公司 关于公司开展套期保值业务的公告 处理。 三、开展套期保值业务的风险分析及应对措施 公司于 2025 年 4 月 2 日召开了第五届董事会第十八次会议、第五届监事会 第十六次会议，审议通过了《关于公司开展套期保值业务的议案》，本议案无需 提交公司股东大会审议。 一、开展套期保值业务的必要性 鉴于铜材和白银占公司产品成本比重较大，其采购价格受市场价格 ...

Group 1 - Currency exchange plays a significant role in cross-border consumption, travel, and investment, with the current exchange rate of 1 Japanese Yen equating to approximately 0.0473 Chinese Yuan as of July 2024 [1][3] - The Bank of Japan has maintained an ultra-loose monetary policy, while the People's Bank of China adjusts its policies based on domestic economic conditions, impacting the value of the Yen [3][4] - The actual effective exchange rate index of the Yen is nearing historical lows, indicating a potential demand for value recovery [5] Group 2 - For small exchanges, digital banks with "flash exchange" features can facilitate quick transactions, while larger exchanges may benefit from "large amount preferential rates" offered by banks [4] - A 5% depreciation of the Yen could increase purchasing power by approximately 68 Yuan, while a 3% appreciation could reduce it by about 41 Yuan, highlighting the importance of monitoring exchange rate fluctuations [4] - Consumers are advised to operate when the exchange rate is within ±2% of the three-month average to minimize decision-making costs and should prioritize direct payments in Yen to avoid additional losses from currency conversion [5]

Core Viewpoint - New Oriental Holdings has reported a significant decline in both revenue and net profit for 2024, continuing a downward trend from 2023, prompting a proposal to privatize its Hong Kong-listed subsidiary, New Oriental Energy [2][3][5]. Financial Performance - New Oriental Holdings' revenue decreased from 1,540.44 billion yuan in 2022 to 1,358.36 billion yuan in 2024, marking a continuous decline over the years [3][5]. - The company's net profit attributable to shareholders fell by 36.64% to 44.93 billion yuan in 2024 [3][5]. - The main revenue sources, natural gas retail and wholesale, accounted for over 65% of total revenue, with combined income dropping from 1,038.8 billion yuan in 2022 to 908.9 billion yuan in 2024 [3][5]. Market Conditions - Despite steady growth in natural gas retail and wholesale volumes, revenue decline is attributed to falling natural gas prices, which significantly impacted profit margins [5][6]. - The wholesale business's gross margin plummeted from 7.94% in 2022 to 0.37% in 2024 due to lower selling prices [5][6]. Financial Strategies - To mitigate the impact of declining natural gas prices, New Oriental Holdings engaged in hedging activities, resulting in a financial gain of 27.39 billion yuan in 2023 [5][6]. - The company also realized investment income of 42.77 billion yuan from the sale of a subsidiary's equity [5][6]. Privatization Proposal - New Oriental Holdings plans to privatize New Oriental Energy, with a total transaction value estimated between 595.19 billion and 599.24 billion Hong Kong dollars [7][9]. - The privatization will require issuing up to 2.188 billion shares and paying approximately 183.5 billion Hong Kong dollars in cash, which exceeds the company's available cash resources [9][10]. Debt and Financial Pressure - As of December 31, 2024, New Oriental Holdings had over 300 billion yuan in interest-bearing debt, which could rise to nearly 500 billion yuan if the privatization is financed entirely through loans [9][10]. - The company's financial expenses reached 11.21 billion yuan in 2024, significantly impacting its net profit [10][13]. Shareholder Returns - Despite high debt levels, New Oriental Holdings distributed a total of 31.64 billion yuan in dividends in 2024, representing 70.1% of its net profit [12][15]. - The substantial dividends primarily benefit the controlling shareholder, Wang Yusuo, who holds 72.38% of the company's shares [13][15]. Future Outlook - The successful privatization of New Oriental Energy could enhance operational synergies within the natural gas sector and potentially improve the company's financial performance [15][16]. - The move is expected to increase the personal wealth of Wang Yusuo, as the valuation of assets is likely to rise with the transition to the A-share market [15][16].

1. Report Industry Investment Rating No information provided. 2. Core Viewpoints of the Report - The market price of industrial silicon is weakly stable, with downstream buyers mainly pressing for lower prices, and there is insufficient upward momentum in the short term [2]. - From the perspective of the futures market, trading volume has decreased. Be vigilant about trading enterprises repurchasing for hedging near the cost price [2]. - Supply is expected to decrease later, demand will be maintained as needed, and inventory will remain at a high level. Today, industrial silicon has seen a volume - shrinking decline [2]. - It is recommended to operate the industrial silicon main contract 2505 in the oscillation range of 9700 - 10100, with stop - loss prices at 9600 and 10200, and pay attention to the operation rhythm and risk control [2]. 3. Summary by Relevant Catalogs 3.1 Futures Market - The closing price of the main contract is 9785 yuan/ton, a decrease of 70 yuan; the position of the main contract is 220162 lots, a decrease of 9139 lots; the net position of the top 20 is - 38360 lots, a decrease of 657 lots; the warehouse receipts of the Guangzhou Futures Exchange are 69767 lots, a decrease of 24 lots; the price difference between the May - September contracts is - 75 [2]. 3.2 Spot Market - The average price of oxygen - passing 553 silicon is 10200 yuan/ton, unchanged; the average price of 421 silicon is 11050 yuan/ton, unchanged; the basis of the Si main contract is 415 yuan/ton, an increase of 70 yuan; the spot price of DMC is 14400 yuan/ton, unchanged [2]. 3.3 Upstream Situation - The average price of silica is 410 yuan/ton, unchanged; the average price of petroleum coke is 1650 yuan/ton, a decrease of 770 yuan; the average price of clean coal is 1850 yuan/ton, unchanged; the average price of wood chips is 540 yuan/ton, unchanged; the ex - factory price of graphite electrodes (400mm) is 12250 yuan/ton [2]. 3.4 Industry Situation - The monthly output of industrial silicon is 289350 tons, a decrease of 16450 tons; the weekly social inventory of industrial silicon is 60.4 tons, an increase of 1.3 tons; the monthly import volume of industrial silicon is 2211.36 tons, an increase of 71.51 tons; the monthly export volume of industrial silicon is 52919.65 tons, a decrease of 12197.89 tons [2]. 3.5 Downstream Situation - The weekly output of organic silicon DMC is 4.06 tons, a decrease of 0.09 tons; the average price of aluminum alloy ADC12 in the Yangtze River spot is 21000 yuan/ton, a decrease of 100 yuan; the overseas market price of photovoltaic - grade polysilicon is 16.75 US dollars/kg, unchanged; the weekly average spot price of photovoltaic - grade polysilicon is 5.01 US dollars/kg, a decrease of 0.03 US dollars/kg; the monthly export volume of unforged aluminum alloy is 17485.81 tons, a decrease of 632.98 tons; the weekly operating rate of organic silicon DMC is 61.73%, a decrease of 1.36%; the monthly output of aluminum alloy is 155.2 tons, an increase of 10.2 tons; the monthly export volume of aluminum alloy is 20187.85 tons, a decrease of 337.93 tons [2]. 3.6 Industry News - Tongwei Co., Ltd. announced that its wholly - owned subsidiary, Yongxiang Co., Ltd., plans to introduce strategic investors to increase capital by no more than 10 billion yuan. After the capital increase, the total shareholding ratio of strategic investors will not exceed 27.03% [2]. - A 7.9 - magnitude earthquake occurred in Myanmar, mainly affecting Yunnan. As it is a major industrial silicon production area, but the current operating rate of industrial silicon is low, the impact is basically small. It depends on the subsequent impact on transportation facilities [2].

Core Viewpoint - A Shandong chemical trading company, established in 2015, has become a significant player in the spot trading market for chemical products like asphalt and methanol, facing challenges due to price volatility in recent years [1] Group 1: Company Overview - The company operates primarily in the midstream sector, dealing with the risks associated with price fluctuations, which leads to significant profit volatility and challenges in achieving stable growth [1] - The company has developed a dedicated futures trading team with over 10 million yuan in trading capital, primarily focused on hedging risks related to asphalt production, but lacks expertise in methanol futures [1] Group 2: Risk Management Strategy - The company has adopted a basis arbitrage strategy to mitigate the impact of price volatility, successfully stabilizing its operations [1][2] - Understanding and analyzing basis risk is crucial for effective hedging operations, allowing the company to achieve better hedging outcomes and additional profits through low-risk arbitrage [2] Group 3: Recent Trading Activities - In October 2023, the company purchased approximately 6,700 tons of methanol at a fixed price of 2,365 yuan per ton, but faced risks due to unexpected price declines during the National Day holiday [2] - The company executed a hedging strategy by selling corresponding methanol futures contracts, locking in a basis of -111 yuan per ton, and later capitalized on price movements to achieve a profit of 61 yuan per ton [3] Group 4: Implementation and Scalability - The trading model employed by the company is designed to be accessible for small and medium-sized enterprises, ensuring that the strategy is practical and effective [4] - The flexible hedging model based on basis changes enhances operational efficiency for trading companies, allowing them to focus on basis levels rather than absolute prices, thus improving competitiveness and risk management [4]

3月24日至28日，郑商所主办的央企金融衍生业务培训班（第7期）在国务院国资委下属事业单位中国大 连经理学院举办，来自中石化、中建材、中粮集团等10余家中央企业，以及厦门国贸、物产中大、广东 天禾等10家地方国企的50余名业务骨干齐聚一堂，系统学习了金融衍生品业务监管政策、期货市场法治 化建设及风险防控实践等课程。据期货日报记者了解，该培训既是国务院国资委推动中央企业规范参与 金融衍生品市场的重要举措，也是期货市场持续深化服务国家战略、助力实体经济稳健发展的重要实 践。 监管体系升级 护航央企风险管理 近年来，随着全球大宗商品价格波动加剧，我国实体企业面临的市场风险敞口不断扩大。央企、国企作 为国民经济的重要支柱，其风险管理能力直接影响产业链供应链的稳定性。在此背景下，国务院国资委 自2020年起密集出台政策文件，构建覆盖业务准入、风险管控、合规操作的金融衍生业务监管框架。 培训首日，国务院国资委相关负责人系统梳理了我国金融衍生业务监管理念的演进历程，重点宣贯了 2020年《关于切实加强金融衍生业务管理有关事项的通知》（国资发财评规〔2020〕8号，下称8号文） 和2021年《关于进一步加强金融衍生业务管理有 ...