聚乙烯风险管理日报 戴一帆（投资咨询证号：Z0015428） 顾恒烨（期货从业证号：F03143348 ） 投资咨询业务资格：证监许可【2011】1290号 聚乙烯价格区间预测 | | 价格区间预测（月度） | 当前波动率（20日滚动） | 当前波动率历史百分位（3年） | | --- | --- | --- | --- | | 聚乙烯 | 7100-7400 | 19.44% | 90.6% | source： 南华研究 聚乙烯套保策略表 1. 内需情况持续偏弱，农膜仍处于产销淡季。 | 行为 | 情景分析 | 现货 | 策略推荐 | 套保工具 | 买卖 | 套保比例(%) | 建议入 | | --- | --- | --- | --- | --- | --- | --- | --- | | 导向 | | 敞口 | 为了防止存货跌价损失，可以根据企业的库存情 | | 方向 | | 场区间 | | 库存 管理 | 产成品库存偏高，担心 塑料价格下跌 | 多 | 况，做空塑料期货来锁定利润，弥补企业的生产 成本 | L2509 | 卖出 | 25% | 7300- 7400 | | | | | 卖出看涨期权收取 ...

Core Viewpoint - The Hong Kong Stock Exchange (HKEX) announced a joint statement from the People's Bank of China, the Hong Kong Securities and Futures Commission, and the Hong Kong Monetary Authority regarding the deepening of "Swap Connect" cooperation, aimed at enhancing the management of RMB interest rate risks for overseas investors [1] Group 1 - The Hong Kong OTC Clearing Limited, a subsidiary of HKEX, will collaborate with the China Foreign Exchange Trade System and the National Interbank Funding Center to enrich the product tenors and types under the "Swap Connect" framework [1] - The optimization measures include extending the interest rate swap contract tenors to 30 years, catering to the diverse risk management needs of market institutions [1] - The product spectrum will be expanded to include interest rate swap contracts referencing the Loan Prime Rate (LPR) [1]

| 对稳定。感谢您的关注！ | | --- | | 目前已上线的小游戏表现如何？未来在小游戏研发和推 3. | | 广方面的资源投入计划是怎样的？ | | 答:公司已上线的小程序游戏包括《大圣顶住》、《塔防三国 | | 志II》等，由于产品生命周期等原因，其流水表现与刚上线时相 | | 比有一定程度的下滑。未来，公司会根据游戏测试数据表现及市 | | 场环境情况动态调节小游戏的研发和推广节奏。 | | 4. 境外市场方面，《代号 S》和《代号 H》的研发进度分 | | 别处于什么阶段？预计在哪些海外市场重点推广？ | | 答:《代号 S》和《代号 H》尚在测试和调优阶段，预计主要 | | 面向欧美游戏市场。谢谢！ | | 5. 2025 年的销售策略和费用投入计划是怎样的，以保障公 | | 司产品的市场份额和知名度？ | | 答:公司会根据在研产品的研发和调优进度，积极推进新游戏 | | 的上线和推广。同时，公司也会适当关注新品研发，结合市场情 | | 况，对新产品、新方向进行试验和研发。 | | 6. 在游戏行业人才竞争激烈的环境下，公司如何吸引和留 | | 住高端人才？ | | 答:通过合理的激励、授权和 ...

Regulatory Actions - In April 2025, a total of 74 penalties were issued to rural small and medium-sized banks by the financial regulatory authorities and the People's Bank of China, with a total fine amounting to approximately 32.6 million yuan [1] - Compared to the first quarter of this year, where fines totaled 127 million yuan and over 300 individuals were penalized, the enforcement in April showed a reduction in the severity of penalties despite a similar number of fines issued [1][2] - The largest fine in April was 1.05 million yuan, imposed on a rural credit institution in Tianjin for internal control failures and violations related to loan management [1] Compliance Trends - There has been an increase in penalties issued by the People's Bank of China to rural small and medium-sized banks, with 146 fines reported in the first four months of this year compared to 234 fines for the entire year of 2024 [3] - The penalties primarily relate to issues in financial statistics, anti-money laundering, account management, credit reporting, and payment settlement [3] Loan Management Focus - Loan management remains a key area of concern for regulatory authorities, with approximately 70% of penalties in the first four months of this year related to loan management issues [5] - The regulatory emphasis on improving pre-loan and post-loan management is driven by changes in the economic environment and the characteristics of agricultural loan disbursement [5][6] - The need for enhanced risk monitoring in agricultural credit is highlighted, with a focus on leveraging information technology to improve loan management processes [6][7]

4 正文目录 1 市场回顾 .....................................................................4 1.1 现货价格振荡回升，基差走阔 .............................. 错误！未定义书签。 姓名：陈栋 宝城期货投资咨询部 从业资格证号：F0251793 投资咨询证号：Z0001617 电话：0571-87006873 邮箱：chendong@bcqhgs.com 本人具有中国期货业协会授 以勤勉的职业态度，独立、客 准确地反映了本人的研究观 体推荐意见或观点而直接或 间接接收到任何形式的报酬。 专业研究·创造价值 2025 年 5 月 15 日 纯苯 纯苯期货期权合约及规则介绍 核心观点 1.2 期价上涨，月差转为升水 .................................. 错误！未定义书签。 2 橡胶市场供需依然偏弱 ........................................ 错误！未定义书签。 2.1 产胶国产量稳步回升，供应压力增大 ................... ...

央行：拟进一步丰富"互换通"产品类型。一是延长合约期限，延长 利率互换合约期限至30年，满足市 场机构多样化风险管理需求；二是扩充产品谱系，推出以贷款市场报价利率（ LPR）为参考利率的利 率互换合约。两地金融市场基础设施机构将陆续上线以上优化措施。 ...

资产管理不在朝夕之盈，而在长远之兴。 公募基金的留客之道 近年来，A股市场结构化行情愈演愈烈，赚钱难度有所增加，投资者与机构均面临着挑战。一方面，投 资者在海量投资产品与复杂市场环境中，陷入"既怕踏空又恐踩雷"的焦虑，追涨杀跌成为常态；另一方 面，机构在投入大量资源"摇人"拓客后，如何将短期资金沉淀为长期投资，实现从"拉新"到"留客"的跨 越，成为行业高质量发展的关键。 在近期上海证券交易所、上海资产管理协会和第一财经联手推出的"资管行业践行'三投资'理念优秀实 践"系列访谈中，公募基金业内人士就如何做好投资的风险管理、破解"短钱困局"，给出了自己的答 案。 风险管理筑牢基石 随着A股市场结构化行情持续演绎，板块轮动速度显著加快，热点切换犹如"走马灯"。Wind数据显示， 今年1月，有色金属行业以4.47%的涨幅领涨申万一级行业；2月计算机板块接力冲高后，随即陷入长达 两个月的回调周期；3月家用电器行业单月涨幅超4%，却在4月迎来5.65%的回调。 这种高频次、大幅度的行业轮动，让普通投资者难以捕捉投资节奏，追涨杀跌现象屡见不鲜。每当市场 出现阶段性上涨，投资者情绪迅速升温，增量资金跑步入场，但急涨后的回调往 ...

近日，除华夏久盈资产因处于风险处置期，暂缓披露2024年度信息披露报告外，34家保险资管公司2024 年财报均已悉数披露。 数据显示，2024年，保险资管公司累计实现营业收入415.99亿元、净利润185.075亿元，同比分别增长 14.41%、17.4%，其中21家公司实现营业收入与净利润"双增"。 33家公司实现盈利 2024年，34家保险资管公司中，33家实现了盈利。其中，国寿资产、泰康资产、平安资管稳居净利润前 三，分别为38.57亿元、28.43亿元、24.51亿元。太平资本成为唯一亏损机构，2024年亏损0.16亿元。 分析人士指出，保险资管公司业绩普涨得益于两方面：一是资本市场回暖带动投资收益提升；二是行业 在另类投资、权益配置等领域的提前布局。 提升内控管理水平 保险资管公司作为金融市场的重要参与主体，承担着保险资金保值增值的主要职能。在资产规模扩张的 同时，保险资管行业对风险管理的重视程度空前。近期，多家保险资管公司发声，为内部控制优化与全 面风险管理建言献策。 随着金融市场不断发展，保险资管公司面临的操作风险日益复杂多样，对内部控制的要求更加严格。人 保资产表示，2024年7月实施的《银行 ...

Group 1 - The financial industry is accelerating the transition to a green low-carbon economy through deepening green finance, influenced by global climate governance and China's high-quality economic development [1] - The introduction of the "Guidelines for Sustainable Development Reports of Listed Companies" marks a significant change in the A-share market, transitioning to a new phase of "mandatory and voluntary disclosure" [1] - The guidelines will be implemented starting January 2025, requiring companies to disclose their 2025 sustainable development reports by April 30, 2026, with transitional arrangements to ease the pressure on businesses [1] Group 2 - The Ministry of Finance and the Ministry of Ecology and Environment will release the "Corporate Sustainable Disclosure Standards No. 1 - Climate (Trial) (Draft for Comments)" in April 2025, which includes six chapters and 47 articles covering governance, strategy, risk management, and more [2] - The new standards will require companies to disclose climate-related risks and opportunities, financial impact analysis, greenhouse gas emissions accounting, and carbon reduction targets, providing important guidance for high-quality information disclosure [2] - Listed banks will need to restructure their ESG reporting framework to ensure compliance with regulatory standards as the mandatory disclosure deadline approaches [2] Group 3 - The new disclosure requirements may pose challenges for some small and medium-sized banks due to potential historical data gaps or insufficient system support [3] - The report suggests that listed banks should integrate sustainable development concepts into strategic planning and governance structures, shifting ESG risk management from a supplementary role to a core decision-making factor [3] - Banks are encouraged to establish a regular climate risk stress testing mechanism, with major banks already conducting such tests under the guidance of the central bank, expanding from credit risk to liquidity and reputational risks [3]

【环球时报驻美国特约记者 萧达 环球时报特约记者 王逸】自北京时间5月14日12时01分（美东时间5月14日0时01分）起，中美同时调整对对方商品加征关 税措施。根据中美日内瓦经贸会谈联合声明，美方取消91％的加征关税，暂停实施24％的"对等关税"；中方也相应取消91％反制关税，暂停实施24％的反制 关税。双方各自保留10％的关税。与此同时，美国采购商迅速开始行动，抓紧时间从中国抢购和囤货，有中国出口工厂老板称，他的手机来电铃声近两天来 一直没停，都是美方要求加快交货的。这凸显中美之间巨大而真实的贸易需求。美国高盛分析师称，未来90天，从中国进口将爆火，"抢先"成为关键词。不 过，法新社称，尽管中美关税争端暂时缓解，但美国公司仍担忧90天后美方政策"可能出现波动"。对于中美是否会举行下阶段高层经贸会谈，并讨论美方以 芬太尼为由对中国产品征收的20%关税，中国外交部发言人林剑14日在记者会上表示，美方以芬太尼为借口对中国无理加征两轮关税，中方均第一时间采取 包括关税和非关税措施在内的反制举措，坚定维护自身正当权益。这些反制措施仍然有效。 美国企业加紧进口囤货 "中美正式同时互降关税。"据法新社14日报道，根据中 ...