2025年10月31日，旭阳集团与一家知名外商签署了覆盖2025—2026年度的焦炭销售长期协议。今年是旭 阳集团踏入而立之年的年份，也是旭阳集团与这家外商合作的第十个年头，双方焦炭业务量已达300万 吨。在这背后，不仅是双方合作的深化，更暗藏着旭阳集团借助期货套保工具穿越市场风浪的经营智 慧。 旭阳集团成立于1995年，并于1999年在香港上市。三十年来，旭阳集团经历了由单一公司到多家公司、 由区域性公司到全国性公司的发展，已从一家焦炭生产企业发展成为集焦炭、化工、运营管理服务、贸 易、新能源、新材料等业务板块于一体的全球领先能源化工公司，连续多年入选"中国企业500强"。近 日，期货日报记者走进旭阳集团，深入了解这家煤焦化工龙头企业如何从早期"试水"期货领域到如今构 建起全链条套保体系。 套保护航 从风险防火墙到跨国合作桥梁 旭阳集团与期货工具的深度结缘最早可追溯到2013年。据现任集团总监兼旭阳营销有限公司总经理陈志 胜回忆，2012年8月他调任北京，次年1月便牵头开启了集团在焦炭等品种的期货业务布局，旭阳集团参 与了大商所焦炭期货上市前期调研。陈志胜从现货采购、销售一线而来，带领团队积极投身期货交易实 ...

来源：郑商所发布 期货日报 记者 韩乐 在国民经济的庞大版图中，PTA产业紧密连接着石油化工与化纤纺织两大关键领域。从身上所穿的衣 物，到手中使用的饮料瓶，都离不开PTA的身影。然而，长期以来价格波动一直是困扰PTA产业企业的 难题。2006年12月，我国期货市场首个化工品种——PTA期货在郑商所挂牌上市，开启了PTA产业发展 的新篇章。如今，逸盛石化有限公司（下称逸盛石化）的车船板出口保税交割顺畅落地、浙江恒逸国际 贸易有限公司（下称恒逸国贸）的基差贸易平稳运行、荣盛石化股份有限公司（下称荣盛石化）的套保 策略精准对冲风险，这都是PTA产业积极探索期现融合的生动缩影。 积极探索：套保打开企业生存窗口 "对产业来讲，从最初的不了解到后面的尝试、运用，再到现在与PTA期货深度结合，这是一个从无到 有的过程。"逸盛石化PTA销售副总经理徐际恩如是说。 徐际恩向期货日报记者表示，在2010年之前，国内PTA采购主要依赖进口，如今已转变为净出口，反映 出行业从紧缺到充沛的演变。在此过程中，逸盛石化作为行业最大的供应商，也在市场变化中不断寻找 出路。 记者了解到，国内PTA行业以民营企业为主，基本上是从下游纺织企业逐步 ...

南华期货碳酸锂企业风险管理日报 2025年12月09日 夏莹莹 投资咨询证书：Z0016569 研究助理：余维函 期货从业证号：F03144703 联系邮箱：yuwh@nawaa.com 投资咨询业务资格：证监许可【2011】1290号 期货价格区间预测 | 品种 | 价格区间预测 | 当前波动率（20日滚动） | 当前波动率历史百分位（3年） | | --- | --- | --- | --- | | 碳酸锂主力合约 | 强支撑位：83000 | 56.7% | 88.1% | source： 同花顺,南华研究 锂电企业风险管理策略建议 | 行为导向 | | 情景分析 | 策略推荐 | 套保工具 | 操作建议 | 推荐套保比例 | | --- | --- | --- | --- | --- | --- | --- | | | | | | 远月期货合约 | 买入 | 10% | | | 产成品价格无相 | 未来有生产电池材料的计划，担 | 为防止成本上涨，企业根据生产 | LC2605-P-83000 | 卖出 | 20% | | | 关性 | 心未来采购碳酸锂时价格上涨导 | 计划需买入对应生产计划的期货 ...

应对原材料与产成品价格波动双重压力 公告显示，华润材料主营的瓶级聚酯切片（PET）生产高度依赖PTA、MEG等原材料，而此类大宗商品 受原油价格、装置开工率及供需关系影响，价格长期波动显著。与此同时，公司产成品采用"一口价"远 期交割模式，原材料采购与产品销售的定价机制差异导致利润稳定性面临挑战。 值得注意的是，2024年PET行业产能快速扩张引发供需失衡，叠加郑州商品交易所PET期货上市后价格 波动加剧，公司库存贬值风险上升。据披露，本次套期保值业务将通过买入原材料期货合约对冲采购成 本波动，同时卖出产成品期货合约锁定库存价值，形成"原料+成品"双向风险管理体系。 套期保值业务核心参数 交易品种 境内期货交易所挂牌的PTA、MEG、PET期货合约 单日保证金最高额度 5.17亿元（可循环使 用） 业务期限 2026年1月1日至2026年12月31日 资金来源 自有资金（不涉及募集资金及信贷资金） 套 保规模限制 原材料不超过年度需求量90%，产成品不超过年度产量90% 决策机构 期货业务领导小组 （配备专业团队及信息管理系统） 风险控制体系已就位 公司表示，已建立完善的套期保值业务管控机制：修订《期货套期保 ...

Core Viewpoint - Sany Heavy Industry announced its plan to continue futures hedging operations in 2026 to mitigate the adverse effects of raw material price fluctuations on production and to lock in production costs [1] Group 1: Company Actions - Sany Heavy Industry's wholly-owned subsidiary, Sany Automobile Manufacturing Co., Ltd., will engage in futures hedging, utilizing a maximum trading margin and premium of 800 million yuan and a maximum contract value of 2 billion yuan on any trading day [1] - The company will use its own funds for futures hedging and will not utilize raised funds for this purpose [1] - The hedging will involve commodities such as steel, copper, aluminum, crude oil, and rubber, which are correlated with corresponding futures varieties [1] Group 2: Industry Context - The global economic environment is complex, with significant volatility in commodity prices, leading to a strong demand for risk management among real economy enterprises [1] - The futures market is increasingly recognized for its role in serving the real economy, with rising participation from state-owned and listed companies in futures trading, characterized by comprehensive industry coverage and refined trading strategies [1] - As of now, China has listed 164 futures and options varieties, enhancing the resilience and safety of supply chains [2] - The futures market has developed the scale and capability to support the real economy, playing a crucial role in enterprise trade pricing and risk management across major sectors [2]

证券代码：603277 证券简称：银都股份 公告编号：2025-043 银都餐饮设备股份有限公司 关于开展期货和衍生品交易的公告 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： 本事项已经公司第五届董事会审计委员会第十次会议、第五届董事会第十六次会议审议通过，该事项不 涉及关联交易，且在董事会审议权限范围内，无需提交股东会审议。 ● 特别风险提示 公司开展套期保值业务，以合法、谨慎、安全和有效为原则，不以套利、投机为目的，所有交易行为均 以正常生产经营为基础，但仍可能存在市场风险、政策风险、交割风险、技术风险和操作风险等正常交 易风险。敬请广大投资者充分关注投资风险。 公司主要从事商用餐饮设备的研发、生产、销售以及货物进出口业务，由于全球经济不确定性加剧，公 司常规采购消耗的部分原材料包括但不限于不锈钢、铜、能化类（异氰酸酯等）原料以及进出口涉及的 海运费价格呈现较大波动，为了减少原材料价格及海运费波动对生产经营的影响，公司拟对部分原材料 和海运费进行套期保值。 公司套期保值业务拟使用的期货及衍生品合约主要包括 ...

Group 1 - The company will hold its second extraordinary general meeting of shareholders in 2025 on December 23, 2025, at 15:30 [3][4] - The meeting will combine on-site voting and online voting, with specific voting times outlined for both methods [4][20] - Shareholders must register to attend the meeting, with registration details provided, including required documentation [9][10] Group 2 - The company plans to increase its registered capital and amend its articles of association, which will be discussed at the upcoming shareholder meeting [26][28] - The total share capital will change from 402,100,778 shares to 561,952,003 shares due to a capital reserve transfer and stock buyback [26][27][28] Group 3 - The company has extended the repayment period for interest-free loans provided to local government entities from December 31, 2025, to December 31, 2026 [33][35] - The total amount of interest-free loans provided by the company and its subsidiary to local governments is 2,925.09 million yuan, which is 0.65% of the company's audited net assets as of December 31, 2024 [43] Group 4 - The company has approved a guarantee for its subsidiary, Jiangxi Barton, with a maximum principal limit of 200 million yuan [47][49] - The guarantee is part of a broader approval for a total guarantee limit of 5 billion yuan for the year 2025 [45] Group 5 - The company anticipates engaging in daily related transactions with its associate company, Guangdong Zhongyao Environmental Technology Co., Ltd., with an estimated transaction amount not exceeding 30 million yuan for 2026 [60][61] - The company has previously engaged in related transactions with Guangdong Zhongyao, with actual transactions amounting to 15.10 million yuan as of October 2025 [60] Group 6 - The company plans to implement a futures hedging plan for 2026, with an expected margin balance not exceeding 300 million yuan to manage price risks associated with metals [72][73] - The hedging will involve trading standard futures contracts for metals such as copper, nickel, tin, gold, and silver [72][76]

Core Viewpoint - SANY Heavy Industry Co., Ltd. is planning to engage in futures hedging business to mitigate the adverse effects of raw material price fluctuations on its production operations, with a focus on commodities such as steel, copper, aluminum, crude oil, and rubber [5][11]. Group 1: Futures Hedging Business - The purpose of the futures hedging business is to effectively avoid the negative impacts of spot price fluctuations of raw materials on the company's production [5]. - The maximum trading margin and premium for the futures hedging business is set at RMB 800 million, with the highest contract value held on any trading day not exceeding RMB 2 billion [7]. - The trading period for this business is from January 1, 2026, to December 31, 2026 [9]. Group 2: Approval and Procedures - The board of directors convened on December 5, 2025, to approve the proposal for the futures hedging business, which does not require submission to the shareholders' meeting for approval [10]. - The company will use its own funds for the futures hedging business and will not utilize raised funds [8]. Group 3: Risk Analysis and Control Measures - The company acknowledges several risks associated with the futures hedging business, including market risk, funding risk, internal control risk, and technical risk [11]. - To mitigate these risks, the company will align the hedging business with its production operations, control the scale of funds used, and adhere to its internal management system for futures hedging [12]. Group 4: Impact on the Company - The futures hedging business is expected to lower the adverse effects of price fluctuations on raw materials and products, effectively manage production costs, and control operational risks, thereby safeguarding operating profits [13].

Core Viewpoint - Sany Heavy Industry (06031.HK) announced the approval of a proposal to conduct futures hedging business to mitigate the adverse effects of raw material price fluctuations on production [1] Group 1: Company Actions - The company will hold its ninth board meeting on December 5, 2025, to review the futures hedging proposal [1] - The proposal does not require submission to the shareholders' meeting as per relevant regulations [1] Group 2: Business Strategy - Sany's wholly-owned subsidiary, Sany Automobile Manufacturing Co., Ltd., will continue its futures hedging business in 2026 [1] - The hedging will involve major raw materials related to production, including steel and its raw materials, copper, aluminum, crude oil, and rubber, which have a correlated relationship with corresponding futures products [1]

Core Viewpoint - Sany Heavy Industry (06031.HK) announced the approval of a proposal to engage in futures hedging business to mitigate the adverse effects of raw material price fluctuations on production [1] Group 1: Company Actions - The company will hold its ninth board meeting on December 5, 2025, to review the futures hedging proposal [1] - The proposal does not require submission to the shareholders' meeting as per relevant regulations [1] Group 2: Risk Management Strategy - Sany Heavy Industry's wholly-owned subsidiary, Sany Automobile Manufacturing Co., Ltd., will continue its futures hedging business in 2026 [1] - The hedging will involve major raw materials related to production, including steel and its raw materials, copper, aluminum, crude oil, and rubber, which have a correlated relationship with corresponding futures products [1]