金融期货和期权 策略早餐 主要品种策略早餐 （2025.06.25） 股指期货 品种：IF、IH、IC、IM 日内观点：震荡偏强 中期观点：偏强 参考策略：持有卖出 MO2507-P-5800 虚值看跌期权、IM2507 多单 核心逻辑： 1.海外地缘政治紧张局势现转机，伊以双方释放停战信号，风险情绪回升，明 显提振 A 股市场，后续关注两国局势进展。 2.国内方面，基本面回归偏弱现实，政策提振内需预期有望兑现。央行等六部 门联合发布《关于金融支持提振和扩大消费的指导意见》，支持政策提前落地，进 一步提振权益市场。 国债期货 品种：TS、TF、T、TL 日内观点：震荡稍弱，不建议追空 中期观点：偏强 参考策略：T2509 或 TL2509 交易盘多单减仓，配置盘多单持有 核心逻辑： 1.海外地缘政治紧张局势现转机，伊以双方释放停战信号，风险情绪回升，施 压避险资产。 请务必阅读文末免责条款 1 策略早餐 2.资金方面，央行加大净投放力度呵护市场，存款类机构隔夜利率依然稳定在 1.37%附近，7 天期因跨月明显上行 16BP。中长期资金持稳，国股行 1 年期同业存 单成交在 1.64%附近，略有上行。央行公告将 ...

Group 1 - The company held a shareholder meeting on June 24, 2025, with a combination of on-site and online voting [3][4][5] - A total of 160 shareholders and representatives attended the meeting, representing 136,965,103 shares, which is 45.09% of the total voting shares [5][6] - The meeting was presided over by the chairman, Mr. Chen Hong, and complied with relevant laws and regulations [4][17] Group 2 - The meeting reviewed and voted on several proposals, including amendments to the company's articles of association and governance systems [8][16] - The proposal to amend the articles of association received 99.60% approval, with 136,413,203 votes in favor [8] - The proposal to amend the shareholder meeting rules also passed with 99.58% approval, totaling 136,383,503 votes in favor [9] Group 3 - The proposal to amend the board meeting rules was approved with 99.58% support, totaling 136,383,503 votes [10] - The proposal to revise the independent director work system received 99.58% approval, with 136,383,503 votes in favor [11] - The proposal to amend the external guarantee management system was approved with 99.47% support, totaling 136,233,703 votes [12][13] Group 4 - The proposal to adjust the performance assessment indicators for the 2024 stock option incentive plan received 99.57% approval, totaling 136,371,103 votes [16] - The legal opinion from the law firm confirmed that the meeting's procedures and voting results were in compliance with applicable laws and regulations [17][19]

Group 1 - The core viewpoint of the articles highlights the significant decline in lithium carbonate prices, which have dropped nearly 90% from their peak in 2022, with current prices around 60,700 yuan/ton compared to 560,000 yuan/ton previously [1][4] - The lithium carbonate market has seen a downward trend, with prices for high-quality lithium carbonate ranging from 60,100 to 60,900 yuan/ton, and battery-grade and industrial-grade lithium carbonate also experiencing price reductions [1][4] - The recent MMLC lithium industry conference discussed the application of financial tools, such as options hedging, to help stabilize operations for companies in the lithium supply chain amid price volatility [2][3] Group 2 - The market sentiment remains pessimistic regarding lithium prices, with macroeconomic disturbances and strong supply pressures contributing to a spiral decline in prices [4] - The research indicates that the resource clearing progress and demand expectations will be critical factors in future market dynamics, with potential risks of further price declines due to limited production cuts and cost support failures [4] - The domestic terminal market shows strength driven by policies promoting trade-ins, but uncertainties remain regarding policy implementation, while the European market has higher expectations due to carbon emission standards [4]

Core Viewpoint - The company has announced the first grant of stock options under its 2025 stock option incentive plan, with a total of 4.51 million options to be granted, representing 2.43% of the company's total share capital, with the grant date set for June 23, 2025 [1][5][6]. Summary by Sections Stock Option Grant Details - The first grant of stock options will be 4.51 million options, which is 2.43% of the company's total share capital [1][5]. - The stock options will be granted to 26 incentive objects, including directors, senior management, and key technical/business personnel [6][8]. - The exercise price for the stock options is set at 10.06 yuan per option [6]. Approval and Compliance - The stock option plan has undergone necessary approvals from the board and the supervisory committee, confirming that all conditions for granting the options have been met [5][6]. - The company has ensured that neither the company nor the incentive objects have encountered any disqualifying circumstances as per regulatory requirements [6][8]. Performance Conditions - The stock options will have a validity period of up to 48 months from the grant date, with a waiting period of at least 12 months before the options can be exercised [8][9]. - The performance targets for the options include specific revenue growth rates and the number of new intellectual property applications for the years 2025 to 2027 [10][11][12]. Financial Impact - The company will recognize the stock option expense in its financial statements, with the estimated impact on net profit being considered in the context of the plan's positive effects on employee motivation and operational efficiency [19][20]. - The fair value of the stock options will be determined using the Black-Scholes model, and the costs will be amortized over the vesting period [19][20]. Legal Compliance - The legal opinion confirms that the stock option plan complies with relevant laws and regulations, and the necessary disclosures will be made [20][21].

Core Viewpoint - Shenzhen Laisai Intelligent Control Co., Ltd. has completed the initial registration of stock options under the 2025 stock option and restricted stock incentive plan, which aims to motivate employees and align their interests with the company's performance [1][2][3] Summary by Sections Approval Procedures - On May 16, 2025, the company's board and supervisory board approved the incentive plan and related management measures [2][3] - The list of incentive recipients was publicly announced from May 19 to May 29, 2025, with no objections received [2] - The first extraordinary general meeting of shareholders approved the incentive plan on June 3, 2025 [3] Initial Grant Details - The initial grant date for stock options was June 11, 2025, with registration completed by June 24, 2025 [4] - A total of 4.863 million stock options were granted to 266 recipients, with an adjusted exercise price of 50.28 yuan per share [4][5] Stock Option Distribution - The total stock options granted under the plan amount to 6 million, with 4.863 million granted initially, representing 1.58% of the company's total share capital at the time of the plan announcement [4][5] - The reserved portion of stock options is 1.137 million, accounting for 0.37% of the total share capital [4][5] Exercise Conditions - The stock options can be exercised starting 12 months after the grant date, with specific conditions outlined for each exercise period [6][7] - The exercise conditions include company performance metrics such as revenue and net profit growth rates, with specific targets set for the years 2025 to 2027 [9][10] Financial Impact - The estimated cost of the stock option incentive plan is approximately 25.3362 million yuan, which will be amortized over the years 2025 to 2028 [14] - The plan is expected to have a positive impact on the company's long-term performance by enhancing employee motivation and operational efficiency [14]

Group 1 - The company announced the decision to cancel 2,969,011 stock options due to the first exercise period of the 2023 stock option incentive plan expiring without being exercised and the second exercise period not meeting the exercise conditions [1][2] - The cancellation of stock options will not have a significant impact on the company's financial status or operating results, nor will it harm the interests of the company and its shareholders, especially minority shareholders [1][2] - The company provided a risk fund of 7.735 million yuan to guarantee the performance of obligations under a financing lease contract with Zhejiang Yinjin Leasing [2]

大宗商品研究所 农产品研发报告 玉米淀粉日报 2025 年 6 月 24 日 第一部分 数据 | 玉米&玉米淀粉数据日报 | | | | | | | | 2025/6/24 | | --- | --- | --- | --- | --- | --- | --- | --- | --- | | 期货盘面 | | | | | | | | | | 期货 | | 收盘价 | 涨跌 | 涨跌幅 | 成交量 | 增减幅 | 持仓量 | 增减幅 | | C2601 | | 2291 | 2 | 0.09% | 24,184 | 73.19% | 106,578 | 6.82% | | C2505 | | 2317 | -2 | -0.09% | 3,148 | 13.28% | 13,234 | 13.47% | | C2509 | | 2408 | -1 | -0.04% | 495,033 | 32.83% | 994,996 | 3.72% | | CS2601 | | 2679 | -18 | -0.67% | 1,012 | 16.59% | 4,514 | -4.75% | | CS2505 | | 2698 ...

投资咨询业务资格:证监许可【2012】31号 IIC ERR. 权教据目报 主能介于品中心 =: F0251925 2025/6/24 数据来源: Wind,国贸期货研究院 沪深300PCR走势 中证1000PCR走势 11 J 0.9 0.8 0.7 04 03 02 = 位PCR 1.2 0.8 0.6 04 0.2 上证50波动率分析 上证50历史波动率 力史波动率链 0.5 醫小值 最大值 -- 10%分位值 0.45 30%分位值 -- 60%分位值 · 当前值 0.4 90%分位值 0.35 0.3 80% 0.25 70% 0.2 60% 50% 0.15 | 行情回顾 | | | | | | | | --- | --- | --- | --- | --- | --- | --- | | 指数 收盘价 张肤帽(%) | | | 成交额(亿元) | | 成交里(亿) | | | 上证50 2684. 7761 0. 41 | | | 720. 36 | | 42. 96 | | | 沪深300 3857. 9016 0. 29 | | | 2324. 82 | | 133.80 | | | 中证1 ...

先锋期货期权日报 2025-6-24 风险揭示 本报告中的信息或所表述的意见并不构成对任何人的投资建议。本报告所载 的资料、工具、意见及推测只提供给客户作参考之用。过去的表现并不代表未来 的表现，未来的回报也无法保证，投资者可能会损失本金。 在任何情况下，我们不对任何人因使用本报告中的任何内容所引致的任何损 失负任何责任，投资者需自行承担风险。此报告中所指的投资及服务可能不适合 阁下，我们建议阁下如有任何疑问应咨询独立投资顾问。 | 标 的 | 平值期权隐 | 排 名 | 标的30天历 | 排 名 | 标的当日 | 排 名 | | --- | --- | --- | --- | --- | --- | --- | | | 含波动率 | | 史波动率 | | 真实波幅 | | | sc2508 | 3.3% | 1 | 3.4% | 1 | 10.8% | 1 | | ps2508 | 2.1% | 2 | 1.8% | 8 | 3.9% | 12 | | pg2508 | 2.1% | 3 | 2.1% | 2 | 6.0% | 5 | | eb2508 | 1.9% | 4 | 1.9% | 6 | 5.6 ...

关注公众号，点击公众号主页右上角" ··· "，设置星标 "⭐" ，关注 鑫椤锂电 资讯~ 2025(第三届)中国固态电池 技术发展与市场展望高峰论坛 邀请函 时间 7月8-9日 地点 中国·上海 -主办- 鑫椤资讯 论坛日程 参会费用： 免费 企业赞助参会： 赞助方案详询主办方 论坛议题 I C C S I N O 7月8日 碳酸锂期货产业交流会 | 发言嘉宾 | 题目 | | --- | --- | | 国投期货有限公司 高级分析师 吴江 | 危与机一 碳酸锂上下游企业的期货期权的趋势应对 | | 山东瑞福锂业有限公司 张在武 技术研发部副部长 | 锂企业如何应对行业周期变化 | | 江西云威新材料股份有限公司 研发工程师 刘松霖 | 固态电池关键锂盐制备技术及产业化 | | 华西证券股份有限公司 首席分析师 晏溶 | 连续破防后锂矿如何利用期货期权工具应对挑战 | | 华期资本管理(广州)有限公司 总经理 邓胜副 | 当下市场环境里碳酸锂期现经营思路交流 | | 墓椤资讯 资深研究员 徐宇琳 | 2025年碳酸锂期现业务实务及供需展望 | 7月9日 2025（第三届）中国固态电池技术发展与市场展望高峰论 ...