近年来，受国际国内多重因素影响，国际航运市场价格波动幅度较大，大涨大落的海运费成本逐渐成为航 运产业链企业、外贸企业普遍的"痛点"。 为应对现货市场运价波动剧烈且难以准确预估的现状，伟仕信达决定在公司现货营销策略中结合集运指数（欧 线）期货合约（EC合约），通过套期保值的方式降低海运费波动风险。 据伟仕信达总经理徐晓将介绍，2024年7月，伟仕信达以7800美元/FEU的价格从MSK船公司预订了180个2024 年10月的线上电商舱位。"由于当时海运费较高，公司预计后续现货市场存在较大海运费下跌的可能。因此， 公司于2024年7月在EC2410合约上建立了36手空单锁定订舱价格（对应现货端约180FEU），入场点位为5200 点。" 据徐晓将回忆，当时伟仕信达在进行套期保值操作后，期现货运价持续下跌。在现货端，伟仕信达以6900美元 —7100美元/FEU的海运费向伟仕信达的产业客户提供海运订舱服务，出运船期在2024年9月25日至10月30日期 间的宁波舟山港至鹿特丹等港口的180个集装箱，现货市场损失约人民币100万元。不过，伟仕信达同时将期货 端平仓，出场点位为4670点，盘面净盈利为95万元，有效利用 ...

新能源及有色金属日报 | 2025-06-17 锂矿及锂盐价格偏弱，碳酸锂盘面偏弱运行 市场分析 2025年6月16日，碳酸锂主力合约2509开于60000元/吨，收于59780元/吨，当日收盘价较昨日结算价下跌0.02%。当 日成交量为218180手，持仓量为300422手，较前一交易日增加152990手，根据SMM现货报价，目前期货贴水电碳 720元/吨。所有合约总持仓615599手，较前一交易日增加17641手。当日合约总成交量较前一交易日减少37150手， 成交量减少，整体投机度为0.59 。当日碳酸锂仓单32043手，较上个交易日减少75手。 碳酸锂现货：根据SMM数据，2025年6月16日电池级碳酸锂报价6-6.1万元/吨，较前一交易日下跌0.015万元/吨，工 业级碳酸锂报价5.84-5.94万元/吨，较前一交易日下跌0.015万元/吨。根据SMM调研，碳酸锂现货成交价格重心小 幅下移。从当前碳酸锂市场供需格局来看：供应端，市场可流通量级仍保持较为充足的水平；需求端，下游材料 企业采购策略维持谨慎，仅维持刚性补库需求，尚未出现规模性备库行为。在前期宏观情绪扰动逐步消化后，碳 酸锂期货价格已回归基 ...

Group 1: Report Investment Rating - No investment rating information provided Group 2: Core Views - For industrial silicon, the futures price showed a weak oscillation, and the spot price remained stable. The fundamentals changed little, and it was expected to oscillate at the bottom in the short - term [1][3] - For polysilicon, the futures price oscillated, and the spot price was stable. The fundamentals were weak, and the market might maintain a wide - range oscillation in the short - term due to improved commodity sentiment and more capital games [4][6] Group 3: Industrial Silicon Summary Market Analysis - On June 16, 2025, the industrial silicon futures price oscillated weakly. The 2507 main contract opened at 7305 yuan/ton and closed at 7370 yuan/ton, a change of 0.41% from the previous settlement price. The 2505 main contract held 323363 positions at the close, and on June 17, the total number of warehouse receipts was 56823, a decrease of 1097 from the previous day [1] - The industrial silicon spot price was stable. The price of East China oxygen - passing 553 silicon was 8000 - 8300 yuan/ton, 421 silicon was 8400 - 9000 yuan/ton, Xinjiang oxygen - passing 553 silicon was 7500 - 7700 yuan/ton, and 99 silicon was 7500 - 7700 yuan/ton [1] - As of June 12, the total social inventory of industrial silicon in major areas was 57.2 tons, a decrease of 1.5 tons from the previous week. Among them, the general social warehouse was 13.3 tons, a decrease of 0.2 tons, and the social delivery warehouse was 43.9 tons, a decrease of 1.3 tons [1] Consumption End - The organic silicon DMC quotation was 10400 - 11100 yuan/ton, a decrease of 200 yuan/ton. The domestic organic silicon DMC market's transaction center continued to decline, and the mainstream transaction price was about 10700 yuan/ton. The lowest transaction price in Shandong was below 10500 yuan/ton. The operating rate of organic silicon monomer enterprises was expected to approach 70%, and the DMC transaction center was expected to decline slightly [2] Strategy - The industrial silicon futures price oscillated, and the spot price was stable. The fundamentals changed little, and it was expected to oscillate at the bottom in the short - term. The strategy was to operate within a range, and upstream enterprises could sell hedging at high prices [3] Group 4: Polysilicon Summary Market Analysis - On June 16, 2025, the polysilicon futures 2507 main contract oscillated. It opened at 33765 yuan/ton and closed at 34320 yuan/ton, a 1.93% change from the previous trading day. The main contract held 51277 positions, and the trading volume was 62835 [4] - The polysilicon spot price was stable. The re - feeding material was priced at 31.00 - 34.00 yuan/kg, dense material at 29.00 - 34.00 yuan/kg, cauliflower material at 28.00 - 31.00 yuan/kg, granular silicon at 30.00 - 32.00 yuan/kg, N - type material at 34.00 - 37.00 yuan/kg, and N - type granular silicon at 32.00 - 34.00 yuan/kg [4] - Polysilicon factory inventory increased slightly, and silicon wafer inventory decreased. The latest polysilicon inventory was 27.50, a 2.23% change, silicon wafer inventory was 19.34GW, a - 3.40% change. The weekly polysilicon output was 23800.00 tons, an 8.00% change, and the silicon wafer output was 13.10GW, a 0.40% change [4][5] - In terms of silicon wafers, the domestic N - type 18Xmm silicon wafer was 0.91 yuan/piece, N - type 210mm was 1.27 yuan/piece, and N - type 210R silicon wafer was 1.06 yuan/piece [5] - In terms of battery cells, the high - efficiency PERC182 battery cell was 0.27 yuan/W, PERC210 was about 0.28 yuan/W, TopconM10 was about 0.24 yuan/W, Topcon G12 was 0.26 yuan/W, Topcon210RN was 0.27 yuan/W, and HJT210 half - piece battery was 0.37 yuan/W [5] - For components, the mainstream transaction price of PERC182mm was 0.67 - 0.74 yuan/W, PERC210mm was 0.69 - 0.73 yuan/W, N - type 182mm was 0.69 - 0.70 yuan/W, and N - type 210mm was 0.70 - 0.70 yuan/W [5] Strategy - The polysilicon futures price oscillated, and the spot price was stable. The fundamentals were weak, and the market might maintain a wide - range oscillation in the short - term. The strategy was neutral [6]

Core Viewpoint - The geopolitical tensions in the Middle East have led to significant fluctuations in international oil prices, with Brent crude oil prices reaching as high as $76 per barrel before experiencing a sharp decline to $70.45 per barrel [1][2]. Group 1: Oil Price Movements - Brent crude oil prices experienced a peak of $76 per barrel, followed by a drop to $70.45 per barrel, reflecting a daily decline of 3.5% [1]. - Analysts suggest that the price of high-sulfur fuel oil is closely tied to crude oil prices, with a notable increase of 3.38% to 3276 yuan per ton [1][4]. - Morgan Stanley predicts that if regional conflicts escalate, oil prices could rise to $120 per barrel, while Goldman Sachs holds a contrary view, expecting prices to drop to $55 per barrel by Q4 2025 [3]. Group 2: Geopolitical Influences - The conflict between Israel and Iran has intensified, with Israel conducting airstrikes on Iranian nuclear facilities, prompting retaliatory actions from Iran [2]. - Turkish President Erdogan emphasized the need for diplomatic solutions to the escalating violence, which poses risks to regional security [2]. - Analysts indicate that ongoing tensions in the Middle East will likely keep oil prices elevated due to supply risks [2]. Group 3: Supply Chain Dynamics - The Middle East accounts for approximately one-third of global high-sulfur fuel oil exports, making it vulnerable to supply disruptions due to geopolitical conflicts [5]. - Iranian high-sulfur fuel oil shipments have decreased significantly due to U.S. sanctions, with May shipments reported at 900,000 tons, down 100,000 tons from the previous month [5]. - Russian high-sulfur fuel oil exports also faced a decline, with May shipments estimated at 2.2 million tons, a decrease of 200,000 tons from the previous month [5]. Group 4: Seasonal Demand Trends - Summer is a peak demand season for high-sulfur fuel oil, particularly in regions like the Middle East and South Asia, with Saudi Arabia's imports expected to rise [6]. - Egypt has increased its demand for high-sulfur fuel oil due to natural gas shortages, with June imports projected at 650,000 tons, an increase of 80,000 tons from the previous month [6]. - The demand for high-sulfur fuel oil may continue to grow, although OPEC+ production increases could impact this trend [6]. Group 5: Market Outlook - The volatility in international oil prices is expected to continue, influenced by geopolitical factors and supply-demand dynamics [7]. - Analysts recommend market participants to be cautious and consider hedging strategies to mitigate risks associated with price fluctuations [7]. - If Brent crude oil prices exceed $80 per barrel, high-sulfur fuel oil prices could rise above $510 per ton [8].

Core Viewpoint - The "2025 China International Cotton Conference" highlighted the need for the cotton industry in China to deepen reforms while consolidating its advantages, focusing on optimizing supply and promoting consumption through multiple channels to achieve a balance between production and demand [1][2]. Group 1: Industry Overview - Cotton plays a significant role in China's economy, with the country being a major producer and consumer, accounting for approximately 25% of global production and 33% of global consumption and textile exports [2]. - Since the 14th Five-Year Plan, cotton production and consumption have stabilized around 6 million tons and 8 million tons, respectively, providing employment for nearly 17 million people [2]. Group 2: Price Volatility and Risk Management - Recent years have seen increased volatility in cotton prices due to multiple factors, leading many cotton-related enterprises to adopt financial tools such as futures and options for risk management [1][2]. - The cotton and yarn industries have been in a downward cycle for the past three years, compounded by trade disputes, posing significant challenges to enterprise survival and profitability [2]. - Enterprises face exposure risks and can utilize futures and options for hedging to manage raw material and finished goods inventory effectively [2][4]. Group 3: Financial Tools and Strategies - The cotton and yarn futures exhibit a strong correlation, allowing textile companies to establish virtual factories to lock in processing profits [3]. - The use of basis point pricing and rights-based trading has become common in the cotton textile industry, with cotton futures showing over 90% correlation with certain polyester futures [4]. - Flexible futures and options strategies can optimize hedging effectiveness, potentially lowering costs or increasing returns [4]. Group 4: Promoting Cotton Consumption - The industry is focusing on sustainable consumption amid global economic challenges and increasing tariff barriers, with "optimizing supply and promoting consumption" identified as key strategies [5][6]. - Enhancing cotton quality and introducing new technologies and management practices are essential for meeting the high-quality demands of the textile industry [6]. - The industry is shifting from product and capacity focus to brand and service development, aiming for high-quality growth that offers more valuable cooperation opportunities [6].

PTA 图片来源：国金期货数据宝 二、旺季去库趋势虽未变,库存消化效率有所降低 海外地缘政治冲突扩大情况下,市场观望情绪加强,TA 去库速度有所放缓,基本 面方面的支撑有一定减弱。库存问题是今年 TA 重要交易话题，去库速度降低或影响 行情反弹的驱动力。总体上，全球金融市场风险释放时间不足的问题仍然存在，能源 价格的反弹过程难以一蹴而就,需求增长才是长期上涨的驱动要素。长周期视角下, TA 驱动力问题仍然在于原油，海外衰退预期并未充分减退，原油缺乏"正反馈"的情 况下 TA 风险管理工作仍然具备必要性。 图 2：PTA 库存季节性走势统计 图片来源:国金期货数据宝 公司热线：028 6130 3163 研究所邮箱：institute@gjqh.com.cn 投诉：4006821188 6 PTA TA TA TA 028 6130 3163 institute@gjqh.com.cn 4006821188 四、行情波动扩大，关注原油动态 能源价格波动属于当前影响 TA 行情的最重要驱动要素, 原油日 κ 修补技术性缺 口，大幅降低了 TA 逆势上涨后期回调的压力。原油价格波动扩大的状态对 TA 期货价 格影响 ...

Core Viewpoints - Overseas geopolitical conflicts have intensified market wait - and - see sentiment, slowing down the TA destocking speed and weakening fundamental support. The destocking speed may affect the driving force for market rebound. In the long - term, demand growth is the driving factor for long - term price increases, and TA's driving force still lies in crude oil. Risk management for TA is necessary due to the unsubsided overseas recession expectations [5]. - Energy price fluctuations are the most important driving factor for the TA market. The repair of the technical gap in the daily K of crude oil has reduced the pressure on TA's late - stage callback after a counter - trend rise. However, the rise in crude oil prices is mainly due to geopolitical factors rather than substantial demand growth, so the sustainability of the price increase is limited. Given the high absolute level of TA inventory, risk management and hedging should be considered [10]. Section Summaries Two: The destocking trend in the peak season remains unchanged, but the inventory digestion efficiency has decreased - Overseas geopolitical conflicts have led to increased market wait - and - see sentiment, slowing down the TA destocking speed and weakening fundamental support. The destocking speed may affect the driving force for market rebound. The problem of insufficient risk release time in the global financial market still exists, and energy price rebounds are difficult to achieve overnight. In the long - run, demand growth is the driving factor for price increases, and TA's driving force still lies in crude oil. Risk management for TA is necessary due to unsubsided overseas recession expectations [5]. Four: Market volatility has increased, pay attention to crude oil dynamics - Energy price fluctuations are the most important driving factor for the TA market. The repair of the technical gap in the daily K of crude oil has reduced the pressure on TA's late - stage callback after a counter - trend rise. The increased volatility of crude oil prices significantly affects the TA futures price, and the rebound slope of the TA main contract has increased. However, the rise in crude oil prices is mainly due to geopolitical factors rather than substantial demand growth, so the sustainability of the price increase is limited. Given the high absolute level of TA inventory, if energy prices adjust again, market risks may still exist, so risk management and hedging should be considered [10].

在中东紧张局势冲击下，周五（6月13日）美股三大指数均跌超1%，油价、金价大涨！下面速览昨夜今 晨最新情况。 伊朗导弹回击以色列 据央视新闻报道，当地时间13日，伊朗对以色列发动三波导弹袭击。 伊斯兰革命卫队称对数 十个目标实施"毁灭性精确打击"。以色列国防军则表示，在过去一个小时监测到两波来自伊朗 的导弹袭击， 导弹总数少于100枚 ，其中绝大多数被拦截或在中途坠落。以色列境内有部分 建筑物被导弹拦截产生的碎片击中。 目前， 以色列新一轮打击已开始，伊朗首都德黑兰防空系统被启动。 以方称数百栋受损，1人死亡5 0人受伤 据央视新闻援引以色列媒体的统计显示，仅在以色列中部城市拉马特甘就有九栋建筑物在伊朗 的导弹袭击中被完全摧毁，另有数百栋建筑在袭击中受损，导致至少50人受伤，1人死亡。 哈梅内伊称将彻底摧毁以政权 据央视新闻报道，伊朗最高领袖哈梅内伊13日晚间通过伊朗官方媒体发表声明，称伊朗武装部 队将采取武力行动，彻底摧毁以色列政权。 据央视新闻报道，当地时间13日，伊朗原子能组织负责人称， 伊朗核计划仍在继续强力推 进。 以色列对伊朗进行新一轮打击 据央视新闻报道，当地时间13日，以空军已开始新一轮针对伊 ...

Core Viewpoint - Western Mining (601168) has shown a slight increase in stock price, closing at 16.52 yuan, with a market capitalization of 39.367 billion yuan, ranking 8th in the industrial metals sector and 340th in the A-share market [1] Weekly Focus - The company conducted an institutional survey on June 12, discussing key topics such as hedging strategies, capital expenditures, and future development plans [1][2] - The company has a hedging ratio of approximately 50% for externally purchased raw materials to mitigate price fluctuations [1] - Annual capital expenditure is around 3 billion yuan, with the capital expenditure for the third phase of Yulong Copper's construction estimated at 5 billion yuan [1][6] - Currently, there are no plans for share buybacks or equity incentive programs, but the company will disclose any future plans [1] Resource Potential - Yulong Copper Mine has significant resource reserve potential, particularly in the unsealed areas of the ore body, with ongoing geological research and exploration efforts [2] Announcements - The company will participate in an online investor reception day on June 18, 2025, to discuss its 2024 annual performance and future strategies [3] - A cash dividend of 1 yuan per share will be distributed, with the record date set for June 19, 2025, and the payment date on June 20, 2025, totaling 2.383 billion yuan [4][6]

Core Viewpoint - The document outlines the regulations and operational guidelines for Fujian Fuguang Co., Ltd.'s financial derivatives trading activities, emphasizing risk management and compliance with relevant laws and internal policies [1][2][3]. Group 1: General Provisions - The regulations aim to standardize the financial derivatives trading business and related information disclosure to prevent risks [1]. - Financial derivatives include products such as futures, options, forwards, and swaps, which can be based on various underlying assets [1]. - The regulations apply to the company and its subsidiaries, requiring approval and disclosure for derivatives trading activities [1]. Group 2: Operational Principles - The company must adhere to principles of legality, prudence, safety, and effectiveness in its derivatives trading [2]. - All trading activities should focus on hedging to lock in costs and mitigate risks, avoiding speculative trading [2]. - Transactions are only permitted with qualified financial institutions approved by regulatory authorities [2]. Group 3: Approval Authority - The board of directors and shareholders' meeting are the primary decision-making bodies for derivatives trading [3]. - A feasibility analysis report must be submitted for board review before engaging in derivatives trading [3]. - Significant transactions, such as those exceeding 50% of the latest audited net profit or 5 million RMB, require shareholder approval [3]. Group 4: Management and Internal Processes - The finance department is responsible for managing derivatives trading, including developing annual management plans and monitoring compliance [4]. - The audit department oversees the actual operations of derivatives trading, including financial performance and adherence to regulations [4]. - Internal processes must include thorough analysis and recommendations for initiating or halting trading activities [5]. Group 5: Risk Reporting and Emergency Procedures - The finance department must promptly report significant price fluctuations and potential risks to the financial director [6]. - An emergency risk management mechanism must be activated in cases of market changes, regulatory violations, or significant losses [6]. - The audit department supervises the execution of internal risk reporting and emergency procedures [7]. Group 6: Information Disclosure and Record Management - The company is required to disclose information regarding its derivatives trading activities in accordance with regulatory requirements [7]. - All trading and delivery documents must be retained for a period of 10 years by the finance department [7]. - The regulations will be updated in accordance with any changes in relevant laws and regulations [7].