Report Summary 1. Report Industry Investment Rating - Not provided in the content 2. Core Viewpoints - Trump's statement on the cease - fire between Israel and Iran led to a sharp drop in oil prices at the opening, causing a general decline in chemical products. PE supply is contracting due to the conflict - related shutdown of Iranian polyolefin plants and domestic PE device maintenance, while demand is mainly for刚需 restocking in the off - season. Overall, the current supply - demand pressure of PE is not significant, and attention should be paid to import arrivals and full - density device conversion [3]. 3. Summary by Relevant Catalogs Price Forecast and Volatility - The monthly price range forecast for polyethylene is 7000 - 7400. The current 20 - day rolling volatility is 15.74%, and its historical percentile over 3 years is 40.1% [2]. Hedging Strategies - **Inventory Management** - For high - inventory situations worried about price drops, shorting L2509 futures at a 25% hedging ratio in the 7300 - 7400 range can prevent inventory depreciation. Selling L2509C7300 call options at a 50% ratio in the 70 - 120 range can collect premiums and lock in selling prices [2]. - For low - inventory situations, buying L2509 futures at a 50% ratio in the 7100 - 7200 range can prevent price increases in procurement. Selling L2509P7100 put options at a 75% ratio in the 50 - 100 range can collect premiums and lock in buying prices [2]. Core Contradictions - Supply contraction: The Israel - Iran conflict led to plant shutdowns in Iran, and domestic PE devices are in maintenance, with full - density device conversion reducing the supply of standard products. Demand is mainly for刚需 restocking in the off - season. Attention should be paid to import arrivals and full - density device conversion [3]. Bullish Factors - PE devices are in seasonal maintenance until July. The high HDPE - LLDPE price difference leads to full - density device conversion, and low HDPE inventory can absorb the supply pressure. The Israel - Iran conflict may reduce PE imports from Iran [4]. Bearish Factors - Multiple HDPE devices are planned to be put into operation in the middle of the year. The off - season and low - profit environment reduce domestic demand [5]. Market Data - **Futures Prices and Spreads** - The plastic main - contract basis, L01, L05, and L09 contracts all showed certain changes compared to previous days and weeks. Month - to - month spreads (L1 - 5, L5 - 9, L9 - 1) and the L - P spread also had significant changes [6][8]. - **Spot Prices and Regional Spreads** - Spot prices in North China, East China, and South China changed, and regional spreads (East - North, East - South) also showed fluctuations [8]. - **Non - standard and Standard Product Spreads** - Spreads between various HDPE products and LLDPE films, as well as between LDPE and LLDPE films, changed [8]. - **Upstream Prices and Processing Profits** - Brent crude oil prices, US ethane prices, coal prices, and methanol prices all changed, affecting the processing profits of different PE production methods [8].

Core Viewpoint - The training session aims to enhance the ability of enterprises in the Xinjiang Production and Construction Corps to utilize the futures market for managing operational risks and to support high-quality economic development [1][2]. Group 1: Training and Collaboration - The training was organized by the Xinjiang Production and Construction Corps State-owned Assets Supervision and Administration Commission, the Xinjiang Securities Regulatory Bureau, and the Zhengzhou Commodity Exchange, focusing on risk management through futures [1]. - Participants included regulatory officials, representatives from state-owned enterprises, listed companies, and financial experts, discussing the role of financial derivatives in industry transformation and supply chain stability [1][2]. - The Zhengzhou Commodity Exchange has established multiple delivery warehouses for cotton and jujube in Xinjiang, reinforcing the region's position as a trade center and pricing benchmark [2][3]. Group 2: Industry Challenges and Opportunities - Enterprises face price volatility and market risks due to global economic changes, which create uncertainties in procurement, production, and sales [1]. - The Xinjiang Production and Construction Corps emphasizes the need for enterprises to enhance their understanding of the futures market and develop a skilled workforce that comprehends both futures and spot markets [2][3]. - The training highlighted the importance of using futures and derivatives for risk management, with a focus on cotton and jujube, which are key products for the region [2][4]. Group 3: Expert Insights and Practical Applications - Industry experts provided insights on macroeconomic trends, cost fluctuations, and supply chain challenges, advising on how to use futures tools for risk hedging and strategic planning [3]. - The training included discussions on the core functions of the futures market, such as price discovery and resource allocation, and how these can support high-quality development for enterprises [3]. - Practical applications of futures and options in risk management were shared, including strategies for hedging and liquidity risk control, helping participants understand how to stabilize operations and secure profits [3][4].

Core Viewpoint - Shandong Energy Group, a major player in the energy sector, has effectively utilized futures tools for risk management, contributing to its significant revenue and market position in the global energy landscape [1][2][13]. Group 1: Company Overview - Shandong Energy Group achieved over 850 billion yuan in revenue in 2024, ranking 23rd among China's top 500 companies and 75th globally [1]. - The company operates across various sectors, including coal, electricity, new energy, high-end chemical materials, modern logistics, and strategic mineral resources [1]. Group 2: Risk Management Strategy - The company emphasizes the importance of using futures and derivatives to manage risks, stabilize profits, and ensure the smooth operation of the supply chain [2][6]. - Shandong Energy Group's marketing and trading subsidiary, Shandong Energy Marketing Co., plays a crucial role in risk management, dealing with over 30 types of products [1][3]. Group 3: Market Dynamics - The coal and coke market is vital for China's steel production, with over 1 billion tons of crude steel produced annually, making it essential for maintaining supply chain stability [3]. - The pricing mechanism in the coke market involves direct negotiations between steel mills and coke plants, with futures prices increasingly serving as a reference [3][4]. Group 4: Business Model and Operations - Shandong Energy Marketing Co. has established long-term agreements with coke plants and employs flexible pricing strategies to enhance market competitiveness [5][8]. - In 2024, the company sold nearly 600 million tons of coking coal, solidifying its position as the second-largest coking coal supplier in China [3][8]. Group 5: Risk Control Framework - The company has developed a comprehensive risk management system that includes a dual-layer decision-making process and strict compliance checks for futures operations [9][10]. - A digitalized and standardized management approach is being implemented to enhance efficiency and oversight in futures and spot market operations [11][12]. Group 6: Future Outlook - The company aims to adapt to the evolving global supply chain by enhancing its risk management capabilities and integrating advanced technologies like AI and blockchain [12][13]. - Emphasizing the need for a systematic and professional risk management team, the company seeks to embed risk management principles into all aspects of its operations [12][13].

上海起帆电缆股份有限公司 编号：信评委函字2025跟踪 0803 号 上海起帆电缆股份有限公司 声 明 方、评级对象和其他第三方的干预和影响。 ? 本评级报告对评级对象信用状况的任何表述和判断仅作为相关决策参考之用，并不意味着中诚信国际实质 性建议任 何使用人据此报告采取投资、借贷等交易行为，也不能作为任何人购买、出售或持有相关金融产品的依 据。 ? 中诚信国际不对任何投资者使用本报告所述的评级结果而出现的任何损失负责，亦不对评级委托方、评级 对象使用 ? 本次评级为委托评级，中诚信国际及其评估人员与评级委托方、评级对象不存在任何其他影响本次评级行 为独立、 客观、公正的关联关系。 ? 本次评级依据评级对象提供或已经正式对外公布的信息，以及其他根据监管规定收集的信息，中诚信国际 按照相关 性、及时性、可靠性的原则对评级信息进行审慎分析，但中诚信国际对于相关信息的合法性、真实性、完 整性、准 确性不作任何保证。 ? 中诚信国际及项目人员履行了尽职调查和诚信义务，有充分理由保证本次评级遵循了真实、客观、公正的 原则。 ? 评级报告的评级结论是中诚信国际依据合理的内部信用评级标准和方法、评级程序做出的独立判断，未受 ...

Core Insights - The article discusses the challenges faced by real enterprises due to weakening global demand and increasing geopolitical disturbances, emphasizing the need for effective risk management tools like futures to stabilize expectations and boost confidence [1][2] - It highlights the significant role of the futures market in price discovery, risk management, and resource allocation, positioning it as a "watchtower" and "firewall" for enterprises [3] Group 1: Market Challenges - Global demand has structurally weakened, compounded by geopolitical tensions, leading to increased operational pressures on enterprises [2] - Traditional industries are experiencing intense price wars due to previous capacity expansions and product homogenization, resulting in compressed profit margins [2] - The volatility of commodity prices has surged, with the rebar futures contract's volatility reaching 35% in Q1 2025, while the average profit margin for downstream steel trading companies is only 2.1% [2] Group 2: Futures Market Functions - The futures market plays an irreplaceable role in stabilizing market expectations through price discovery, allowing enterprises to make informed decisions [3] - Risk management through hedging provides a protective barrier for enterprises against price fluctuations, ensuring stable operations [3] - Resource allocation is optimized as futures prices guide enterprises in adjusting production schedules and inventory levels, enhancing supply-demand matching across the industry chain [3] Group 3: Expectations from the Futures Industry - Enterprises, especially small and medium-sized ones, face challenges in understanding futures market functions and lack professional risk management teams [4][5] - There is a need for customized solutions that align with specific business models and risk profiles, rather than standardized templates [5] - The industry is expected to lower participation barriers and costs, provide comprehensive support throughout the hedging process, and enhance digital tools for better risk management [5] Group 4: Service Innovations - The "招商风险管家" and "招商大宗商品研究" brands are designed to address diverse risk management needs of enterprises by leveraging the group's comprehensive financial resources [6][7] - These services include deep, ongoing support from risk management training to accounting treatment, ensuring a holistic approach to risk management [7] Group 5: Educational Initiatives - There is a recognized gap in understanding and application of futures tools among enterprises, necessitating enhanced education and training programs [8][9] - Collaboration with educational institutions to develop relevant courses and training for professionals in the industry is essential for building a skilled workforce [10]

（编辑 张钰鹏） 本报讯 （记者吴奕萱）为深入贯彻落实新"国九条"及资本市场做好金融"五篇大文章"等"1+N"政策体系，持续发挥资本市 场枢纽功能，更好服务民营经济发展，6月17日下午，正值《中华人民共和国民营经济促进法》颁布实施即将满月之际，宁波 市证券期货业协会举办"资本市场服务宁波民营经济高质量发展"主题采访活动。11家行业机构、8家民营企业代表参加活动。 兴业期货有限公司、浙商期货有限公司（以下简称"浙商期货"）、国海良时期货有限公司、国泰君安期货有限公司、申银 万国期货有限公司等期货经营机构代表在活动现场介绍了服务宁波民营企业风险管理情况，分享了支持企业运用期货及衍生品 工具规避风险的典型案例。 通过交流发现，现阶段，民营企业尤其是中小微企业在运用期货工具时，仍然面临着诸多困难。例如企业专业性缺乏、风 险管理意识薄弱；内部制度不完善；策略执行偏差导致套保效果削弱；期现品质割裂等问题。 对此，各家期货经营机构代表提出了深化投资者教育与培训、推动企业完善风险管理体系建设等建议。浙商期货宁波分公 司代表在现场表示，希望在当地政府的协调下，金融行业协会、现货产业协会、各类产业研究所能够多汇聚一起，针对宁波当 ...

Group 1 - The core concept of stock index futures and options is that they are essential derivative tools for equity markets, complementing each other to form a complete risk management system [3][4] - Stock index futures allow investors to short the market and provide a hedging tool, with a T+0 trading system enabling same-day buy and sell transactions [4][5] - Stock index options grant investors the right, but not the obligation, to buy or sell a stock index at a predetermined price, offering lower risk and higher potential returns compared to stock options [5][8] Group 2 - "IPO plus stock index futures options" is not a standard financial term but can be understood as the relationship between IPOs and stock index futures options, where IPOs are crucial for companies transitioning to public status [7][9] - Stock index futures are typically cash-settled, while stock index options can be settled either in cash or through physical delivery, depending on the contract design [8] - Both IPOs and stock index futures options can influence market sentiment and pricing, with stock index futures options providing risk management tools for companies post-IPO [9]

新能源及有色金属日报 | 2025-06-19 不锈钢支撑显现，盘面价小幅反弹 镍品种 市场分析 2025-06-18日沪镍主力合约2507开于118790元/吨，收于118480元/吨，较前一交易日收盘变化-0.42%，当日成交量 为76829手，持仓量为84114手。 沪镍主力合约2507继续弱势震荡，日线收出五连阴线。07主力合约的成交量对比上个交易日有所增加，持仓量对 比上个交易日基本持平。从量能方面来看，日线MACD的绿柱面积开始缓慢扩大，短周期内或许会延续弱势震荡 的阶段。60分钟线在6月6日的123000附近出现顶背离现象，继续关注上方122000-123000短期一线压力位置，下方 119000已破位底背离结构出现，关注短周期内反弹的力度。现货市场方面，金川镍早盘报价较上个交易日报价持 平，市场主流品牌报价均有一定的下调。近期精炼镍盘面以弱势震荡为主，但市场升贴水相对强硬，沪镍下方仍 有支撑，今天精炼镍现货成交整体表现尚可，升贴水对比上个交易日持平，升贴水近期处于相对平稳的态势。其 中金川镍升水变化0元/吨至2600元/吨，进口镍升水变化150元/吨至500元/吨，镍豆升水为 -450元/吨。 ...

Group 1 - The number of A-share listed companies participating in hedging activities continues to grow, with a significant increase in announcements related to hedging in May 2025 compared to the same period in 2024 [1] - In May 2025, 50 A-share listed companies in the real economy issued 78 announcements regarding hedging, up from 26 companies in May 2024, indicating a strong demand for risk management tools [1] - Year-to-date, 1,295 A-share listed companies have issued hedging-related announcements, an increase of 142 companies or 12% compared to the same period in 2024, with exchange rate risk being the primary concern [1] Group 2 - The People's Bank of China announced eight major financial opening measures, including the promotion of RMB foreign exchange futures trading to enhance risk management for financial institutions and foreign trade enterprises [1] - The China Securities Regulatory Commission plans to accelerate the implementation of key measures for capital market opening by 2025, including expanding the range of products available for foreign investment [1] - The establishment of the RMB foreign exchange futures market is expected to deepen the onshore market and provide a new option for the People's Bank of China in foreign exchange market regulation [2] Group 3 - The introduction of foreign exchange futures is anticipated to diversify trading participants and better serve the risk management needs of the real economy [2] - The China Financial Futures Exchange currently offers various futures and options products in equity and interest rate derivatives, and the addition of foreign exchange futures will fill a gap in the market [2]

Core Viewpoint - The company intends to conduct financial derivatives trading to mitigate foreign exchange risks and reduce financial costs, aligning with its operational needs and not engaging in speculative activities [2][3][7] Group 1: Basic Situation of Financial Derivatives Trading - The company primarily engages in the research, production, and sales of molds, automotive fixtures, automation tools, and components, with significant export business settled in USD or EUR [2] - In response to unstable foreign exchange environments, the company plans to conduct financial derivatives trading to enhance its ability to manage foreign exchange risks and minimize adverse impacts on its operating performance [2][3] Group 2: Trading Limits and Management - The proposed trading limit for financial derivatives is set at a maximum of RMB 300 million (or equivalent foreign currency), valid for 12 months from the board's approval [3][6] - The board has authorized the chairman to manage the trading operations and sign relevant agreements, ensuring that the trading activities are conducted with reputable financial institutions [3][6] Group 3: Risk Analysis and Control Measures - The company emphasizes that its derivatives trading will focus on hedging against foreign exchange risks and will not involve speculative trading [4][5] - A comprehensive risk management framework has been established, including clear procedures for decision-making, authorization, and risk assessment, to ensure effective control over derivatives trading [4][5] Group 4: Impact of Financial Derivatives Trading - The financial derivatives trading is expected to effectively mitigate foreign exchange market risks, reduce financial costs, and enhance foreign exchange gains without negatively impacting the company's financial and operational status [5][6][7] - The company will adhere to relevant accounting standards for the recognition and measurement of financial instruments related to the derivatives trading [5] Group 5: Approval Procedures and Opinions - The board and supervisory committee have approved the proposal for financial derivatives trading, confirming that it aligns with regulatory requirements and serves the interests of the company and its shareholders [6][7] - Independent directors have also supported the proposal, emphasizing that the trading activities will not harm the interests of the company or minority shareholders [6][7]