Core Viewpoint - Zhejiang Merchants Futures Co., Ltd. is hosting the first "Hedging Party" simulation competition from August to December 2025 to celebrate its 30th anniversary, aiming to enhance market risk management capabilities for enterprises and support high-quality development [1][2] Group 1 - The competition is designed to respond to the call for the futures industry to serve the real economy, leveraging the company's experience in derivative services and technology accumulation [1] - The "Hedging Party" system, developed by the company, integrates strategy suggestions, real-time alerts, and data analysis to provide comprehensive risk management solutions for enterprises [1] - The event highlights practical and professional aspects, focusing on real-world application in a simulated trading environment [2] Group 2 - Teams of 3 to 10 participants will compete using mainstream commodity futures and options contracts, utilizing the "Hedging Party" system to design and execute hedging strategies [2] - Each team will be supported by a dedicated advisory team consisting of senior researchers, risk controllers, and project managers, ensuring enhanced participation experience and skill development [2] - The competition includes stages for proposal submission, strategy execution, summary, and evaluation, with a panel of industry experts judging the entries [2]

Group 1: Defu Technology - Defu Technology has acquired Luxembourg Copper Foil, positioning itself among the global leaders in high-end IT copper foil production. Luxembourg Copper Foil, established in 1960, is the only non-Japanese high-end IT copper foil manufacturer globally, with an annual production capacity of 16,800 tons. Its core products include HVLP and DTH [1] - The projected revenue for Luxembourg Copper Foil in 2024 is €134 million, with a net profit of -€370,000. In Q1 2025, the expected revenue is €45 million, with a net profit of €1.67 million, indicating a quarterly turnaround [1] - Defu Technology's total production capacity for electrolytic copper foil has increased to 191,000 tons per year, making it the global leader. The company plans to accelerate technology resource integration to enhance profitability, with a research and development investment of ¥183 million in 2024 and the addition of 17 new invention patents [1] Group 2: Yahua Group - Yahua Group is a major producer of lithium salt products, particularly battery-grade lithium hydroxide, with industry-leading production technology and equipment. The company’s product quality exceeds national standards, making it a core supplier for leading global automotive and battery manufacturers [2] - The company has established long-term agreements with key clients, including Tesla, LGES, and CATL, with top clients accounting for 90% of revenue. A significant portion of orders comes from international clients [2] - Yahua Group has diversified its lithium ore sourcing through self-controlled mines and external purchases, including the Kamativi lithium mine in Zimbabwe and the Lijiagou lithium mine in Sichuan. The company also has a civil explosives business covering over 20 provinces in China and countries like Australia, New Zealand, and Zimbabwe [2] - In 2024, Yahua Group plans to hedge against price fluctuations in lithium salt products through futures contracts for lithium carbonate, continuing to adjust its hedging strategy based on production plans and market conditions [2]

Group 1: Weili Medical - Weili Medical reported that its overseas production costs are slightly higher than domestic ones, but savings on shipping and storage are expected to keep gross margins stable [1] - The gross margin for urology products exceeds 70%, driven by domestic brand effects, import substitution, and overseas market expansion [1] - The company has increased its efforts to export urology products since 2023, resulting in significant growth in external sales revenue over the past two years [1] - Production capacity is concentrated in five cities, with new factories being built in Indonesia and Mexico to mitigate geopolitical risks and enhance automation levels [1] Group 2: JinkoSolar - JinkoSolar emphasized the need to control new capacity in the photovoltaic industry to address intense competition and guide prices back to rational levels [2] - The company is making progress in upgrading high-power products, with partial deliveries of products over 640W expected in Q3, and a majority of orders transitioning to these products next year [2] - JinkoSolar anticipates that its TOPCon capacity will reach 670W next year, with potential for 680-700W in the next 2-3 years, and aims to improve battery mass production efficiency to over 28% [2] - The global photovoltaic market demand remains stable, with a return to normal demand in China and rapid growth in emerging overseas markets, leading to stable component prices [2] Group 3: Yahua Group - Yahua Group is a leading producer of lithium salt products, particularly battery-grade lithium hydroxide, with industry-leading production technology and stable product quality [3] - The company serves major global automotive and battery manufacturers, with top clients like Tesla, LGES, and CATL accounting for 90% of revenue [3] - Yahua has established a diversified supply chain for lithium ore, including self-controlled mines in Zimbabwe and Sichuan, as well as long-term purchase agreements for external sources [3] - The company’s civil explosives business covers over 20 provinces in China and extends to countries like Australia, New Zealand, and Zimbabwe [3] - In 2024, Yahua plans to hedge against price fluctuations in lithium salt products through futures contracts for lithium carbonate [3] Group 4: Institutional Overview - Shenzhen Zhengyuan Investment was established in 2015 in the Qianhai Free Trade Zone and obtained a private securities investment fund license in the same year [4] - The firm has a professional research team, rich investment experience, and a comprehensive risk management system [4] - Zhengyuan focuses on the transformation and upgrading of the Chinese economy, aiming to connect social capital with quality industries to achieve asset preservation and appreciation for clients [4]

中信证券股份有限公司 关于思看科技（杭州）股份有限公司 开展外汇衍生品交易业务的核查意见 中信证券股份有限公司（以下简称"中信证券"或"保荐人"）作为思看科 技（杭州）股份有限公司（以下简称"思看科技"或"公司"）首次公开发行股 票并在科创板上市及持续督导的保荐人，根据《证券发行上市保荐业务管理办法》 《上海证券交易所科创板股票上市规则》《上海证券交易所科创板上市公司自律 监管指引第 1 号—规范运作》等有关规定，对思看科技开展外汇衍生品交易业务 事项进行了审慎核查，具体情况如下： 一、交易情况概述 （一）交易目的 公司及控股子公司存在部分进出口业务涉及外汇结算，为减少外汇汇率波动 带来的风险，降低汇率波动对公司经营业绩的影响，增强公司财务稳健性，公司 拟适当开展外汇衍生品交易业务。公司及控股子公司开展的外汇衍生品交易品种 均为与基础业务密切相关的外汇衍生产品或组合，公司不会从事以投机和套利为 目的的衍生品交易。 （二）交易金额及期限 公司及控股子公司拟使用自有资金开展预计交易额度不超过 1,500 万美元 （或等值人民币）的外汇衍生品业务。上述交易额度自公司第二届董事会第一次 会议审议通过之日起 12 个月 ...

Core Viewpoint - The report highlights the financial performance and operational strategies of Daodaoquan Grain and Oil Co., Ltd. for the first half of 2025, showcasing a slight increase in revenue and significant growth in net profit, driven by effective cost management and market development strategies [1][5]. Financial Performance - The company's revenue for the reporting period reached CNY 2,792,439,603.13, representing a 1.16% increase compared to CNY 2,760,461,625.24 in the same period last year [5][14]. - The net profit attributable to shareholders increased significantly, with a net profit of CNY 156,992,250.92, marking a 428.51% increase from CNY 29,704,835.94 in the previous year [5][14]. - Basic and diluted earnings per share rose to CNY 0.53, up 562.50% from CNY 0.08 [5][14]. - The total assets of the company at the end of the reporting period were CNY 4,447,542,959.43, a 10.19% increase from CNY 4,036,196,359.98 at the end of the previous year [5][14]. Business Overview - The main products of the company include packaged edible vegetable oils, primarily rapeseed oil, which is a leading brand in the domestic market [6][7]. - The company operates under a dual sales model, combining agency and direct sales, with a focus on both traditional retail and e-commerce platforms [7][9]. - The company has maintained a stable market position, leveraging its brand recognition and operational efficiency to drive sales growth [7][8]. Market Position and Strategy - Daodaoquan is recognized as a national key leading enterprise in agricultural industrialization, with a strong market share in the rapeseed oil segment [8][12]. - The company has a robust distribution network with 1,397 regional distributors, enhancing its market reach and consumer access [12][13]. - The company emphasizes brand management and quality control, having established a comprehensive quality assurance system and obtained relevant certifications [12][13]. Operational Highlights - The company reported a decrease in sales expenses by 27.26% to CNY 61,555,819.07, indicating improved cost management [14]. - The gross profit margin for packaged oil products increased to 20.53%, reflecting effective pricing strategies and cost control measures [10][14]. - The company has introduced new products, including high oleic rapeseed oil and other specialty oils, to enhance its product portfolio and competitiveness [9][10].

Core Viewpoint - The Guangzhou Futures Exchange (GFE) is seeking public opinion on the upcoming launch of platinum and palladium futures and options contracts, addressing the urgent hedging needs of industry players due to significant price volatility in recent years [1][2][6]. Group 1: Futures and Options Launch - GFE has announced the public consultation for platinum and palladium futures and options contracts, with a deadline for feedback set for August 7, 2025 [5]. - Platinum and palladium futures will have no alternative delivery products and will implement a brand delivery system, requiring delivery products to be registered brands published by the exchange [4][11]. - The trading codes for platinum and palladium futures are "PT" and "PD," respectively, with a contract size of 1000 grams per lot and a minimum price fluctuation of 0.05 yuan per gram [13]. Group 2: Market Context and Demand - Platinum and palladium are crucial raw materials in the new energy sector, particularly in fiberglass and hydrogen energy applications, and are considered scarce resources globally [6]. - The demand for hedging in the industry has become urgent due to significant fluctuations in the spot prices of platinum and palladium in recent years [6]. - GFE has previously launched futures for industrial silicon, polysilicon, and lithium carbonate, indicating a focus on supporting green and low-carbon development [7][10]. Group 3: Delivery and Trading Rules - The delivery method for platinum and palladium futures will follow established practices in the futures market, including physical delivery and various delivery options [13]. - The quality standards for delivery will be based on national and international standards, with specific indicators for purity and impurity levels [13]. - The holding limits for positions will vary based on the trading volume, with specific limits set for both platinum and palladium contracts [14].

（编辑 任世碧） 证券日报网讯 7月31日晚间，深圳华强发布公告称，公司及控股子公司拟开展的套期保值型衍生品交易 业务预计任一交易日持有的最高合约价值不超过1.10亿美元或等值币种，预计动用的交易保证金和权利 金上限（包括为交易而提供的担保物价值、预计占用的金融机构授信额度、为应急措施所预留的保证金 等）不超过1，400万美元或等值币种。上述额度在董事会审议通过之日起12个月内可滚动使用，但期限 内任一时点的交易金额（含前述交易的收益进行再交易的相关金额）将不超过已审议额度。公司于2025 年7月31日召开董事会会议审议通过了上述事项。上述事项无需提交公司股东大会审议。 ...

Group 1: Company Overview - Sichuan Yahua Industrial Group is a leading producer of lithium salt products, particularly battery-grade lithium hydroxide, with industry-leading production technology and automation [2] - The company has a strong market position in the civil explosives industry, ranking fourth in total production value as of 2024, with electronic detonator sales leading the industry for several consecutive years [2] Group 2: Lithium Business - The company has established a diversified lithium resource assurance system through self-controlled and purchased mines, with a processing capacity of 2.3 million tons of raw ore annually from the Kamativi lithium mine in Zimbabwe [4] - Major customers for lithium salts include global leaders such as TESLA, LGES, and domestic companies like CATL, with top clients accounting for 90% of revenue as of 2024 [3] Group 3: Civil Explosives Business - The civil explosives business covers multiple regions including Sichuan, Tibet, Xinjiang, and extends to international markets such as Australia and Zimbabwe [5][6] - The company is focused on expanding its mining service business in overseas markets while maintaining strong relationships with large domestic clients [2] Group 4: Risk Management - The company employs futures contracts for lithium carbonate to hedge against price fluctuations, aiming to mitigate risks associated with market volatility [6]

Core Viewpoint - The training organized by Hebei Securities Regulatory Bureau, Hebei Provincial Financial Office, and Zhengzhou Commodity Exchange aims to enhance the understanding of local government and state-owned enterprises regarding the futures market, thereby promoting their active participation in risk management through futures trading [1][2]. Group 1: Training Objectives and Participants - The training is the first joint initiative aimed at local government departments to improve their understanding of futures business and create a favorable environment for state-owned enterprises in Hebei to engage in the futures market [2]. - Over 130 representatives from various sectors including finance, taxation, auditing, and state-owned enterprises participated in the training [1]. Group 2: Industry Context and Challenges - Hebei, as a traditional industrial province, has significant potential in utilizing the futures market due to its leading production in coal, steel, glass, corn, and eggs [1]. - The volatility of commodity prices has increased the demand for risk management among enterprises, highlighting a gap in their capabilities to effectively hedge against risks [1]. Group 3: Training Content and Outcomes - The training covered topics such as the functions of the futures derivatives market, risk management models for enterprises, and compliance in financial handling and auditing of futures derivatives [2]. - Practical experiences were shared by companies like Zhongnong Group and Zhengda Glass, which received positive feedback from participants [2]. Group 4: Future Plans - The Hebei Securities Regulatory Bureau plans to strengthen collaboration with local governments and futures exchanges to implement national policies aimed at enhancing the role of the futures market in supporting the real economy [2].

Group 1 - The event "DCE·Industry Action: Futures + OTC Empowering Stable Operations for Enterprises" was successfully held to address the risk management needs of the chlor-alkali chemical industry, aiming to enhance the operational capabilities of enterprises [1][3] - The training featured three senior experts who provided insights tailored to the actual needs of enterprises, focusing on the current supply-demand dynamics and future price trends of the PVC market [1] - The event facilitated face-to-face communication to accurately diagnose the actual risk management needs of enterprises, effectively delivering knowledge on applicable financial derivative tools [3] Group 2 - The training included detailed discussions on key aspects of hedging operations, supported by practical case studies to clarify core issues and strategies in hedging [1] - The event emphasized the importance of futures companies in supporting the real economy, with a commitment to exploring new service models to inject strong financial momentum into the sustainable development of the real economy [3] - The training provided clear guidance on the specific processes and operational points of PVC futures delivery, helping enterprises manage delivery risks effectively [1]