Core Viewpoint - The company has approved a forward foreign exchange settlement business aimed at hedging, with a total transaction amount expected to be 30 million USD (or equivalent in RMB) [1] Group 1 - The board's audit committee and subsequent board meeting have approved the proposal for the forward foreign exchange settlement business [1] - The duration of the business is effective for 12 months from the date of board approval, with funding sourced from the company's own funds [1] - While the business can mitigate exchange rate risks, it still carries risks related to internal control, operations, and exchange rate fluctuations, for which the company has established relevant risk control measures [1] Group 2 - The sponsoring institution believes that the matter has followed necessary approval procedures and that the associated risks can be effectively controlled [1]

Group 1 - The company has approved the establishment and modification of internal governance systems applicable after the issuance and listing of H-shares [1][23][87] - The revised "External Investment Management System (applicable after H-share issuance and listing)" needs to be submitted for shareholder meeting approval [2][23] - The company has appointed Mr. Zhan Honghui as the secretary of the board, with a term until the end of the current board's tenure [4][6] Group 2 - The company plans to conduct hedging business to mitigate the impact of raw material price fluctuations on production costs [8][12] - The maximum trading margin and premium for the hedging business is capped at 60 million yuan, with a maximum contract value of 400 million yuan on any trading day [9][10] - The hedging business will utilize the company's own funds and will not involve raised funds directly or indirectly [16] Group 3 - The company has revised its articles of association to enhance governance structure and management level, in compliance with relevant laws and regulations [21][87] - The revised articles will take effect upon the listing of H-shares on the Hong Kong Stock Exchange [70][88] - The company has proposed to hold a second extraordinary general meeting in 2026 to discuss various matters, including the approval of daily related party transactions for 2026-2028 [25][44]

Group 1 - The company plans to grant 3,936,150 restricted shares to 115 incentive objects at a price of 6.39 yuan per share on December 29, 2025, which represents 0.197% of the total share capital [1][8] - The approval process for the incentive plan has been completed, including board meetings and public announcements, confirming that the granting conditions have been met [2][3][4] - The incentive plan aims to motivate key personnel, including directors and senior management, to enhance company performance and align their interests with shareholders [7][8] Group 2 - The company has established a daily related party transaction framework, which includes providing services or selling products to related parties, and purchasing services or products from them [21][22] - The board has approved the daily related party transactions for 2025 and the expected transactions for 2026, ensuring that these transactions do not harm the interests of the company or its non-related shareholders [21][24] Group 3 - The company plans to provide guarantees for its subsidiaries, with a total guarantee amount not exceeding 5.8 billion yuan for 2026, including various financial guarantees [32][34] - The board has approved the guarantee plan, which will be submitted for shareholder approval, ensuring that the guarantees are within a controlled risk framework [36][41] Group 4 - The company intends to engage in foreign exchange derivatives trading and commodity futures hedging to mitigate risks associated with price fluctuations and currency exchange rates [44][46] - The maximum margin for these transactions is set at 600 million yuan, and the trading will be based on the company's actual business needs [49][50] Group 5 - The company plans to use idle funds for entrusted wealth management, with an investment amount not exceeding 600 million yuan, aiming to enhance the efficiency of fund utilization [62][65] - This investment strategy is designed to be low-risk and will not affect the company's normal business operations [64][66]

格隆汇12月29日｜顺博合金公告，为降低公司原材料产品市场价格波动给公司带来的经营风险， 公司 拟利用金融工具的套期保值功能，对生产经营业务相关产品的风险 敞口择机开展商品期货期权套期保 值业务。投资种类仅限于公司及下属 公司与生产经营相关的原材料。在授权有效期内任一时点套期保 值业务 保证金和权利金最高余额不超过30,000万元（不含期货标的的实物交割 款项），且任一交易日 持有的最高合约价值不超过300,000万元，有效期 内可循环滚动使用。使用公司的自有资金，不涉及募 集资金。投资期限自公司股东会审议通过之日起12个月内。 ...

（记者 胡玲） 每经AI快讯，有投资者在投资者互动平台提问：请问贵司从7月到现在有开展白银套期保值业务吗？ 兴业银锡（000426.SZ）12月29日在投资者互动平台表示，2025年初至目前，公司未开展白银的套期保 值业务，仅于11月下旬启动少量锡的套期保值操作，过程中严格把控交易风险，控制建仓规模、审慎开 展相关操作。套期保值业务不会对公司当期经营业绩构成重大影响。 ...

格隆汇12月29日丨兴业银锡(000426.SZ)在投资者互动平台表示，2025年初至目前，公司未开展白银的 套期保值业务，仅于11月下旬启动少量锡的套期保值操作，过程中严格把控交易风险，控制建仓规模、 审慎开展相关操作。套期保值业务不会对公司当期经营业绩构成重大影响。具体情况敬请关注公司在指 定媒体发布的2025年年度报告。 ...

Group 1 - The current futures IRR level is above 1.7%, slightly higher than funding rates and certificate of deposit rates, indicating that the cost of hedging is not high amid concerns about bond market adjustment risks [1] - Two strategies for national bond futures are suggested: 1) Opportunities in short-end credit spreads under loose funding conditions, such as hedging strategies between short-end credit and medium-term national development bonds with TF/TS; 2) Observing the central bank's bond purchases and easing conditions to identify opportunities for flattening the yield curve as short-end rates decline [1] - For medium to long-term bonds, attention should be paid to the convexity points around 8 years for national development bonds, and around 5 years for medium-term bonds [1] Group 2 - As of December 26, 2025, the active bond index for 5-10 year national bonds increased by 0.03%, while the national bond ETF for the same duration rose by 0.05%, with the latest price at 115.37 yuan [3] - The trading volume for the national bond ETF 5-10 years was 3.28% with a transaction value of 60.14 million yuan, and the average daily transaction over the past month was 794 million yuan [3] - The latest scale of the national bond ETF 5-10 years reached 1.84 billion yuan, with a net outflow of 1.73 million yuan recently, but a total inflow of 20.9 million yuan over the last 20 trading days [3] Group 3 - The national bond ETF 5-10 years has seen a net value increase of 21.17% over the past five years, ranking 32 out of 189 in index bond funds, placing it in the top 16.93% [3] - The fund has recorded a maximum monthly return of 2.58% since inception, with the longest consecutive monthly gains lasting 10 months and a maximum increase of 5.81% [3] - The historical probability of profit over three years is 100%, with a monthly profit probability of 70.39% [3] Group 4 - The maximum drawdown for the national bond ETF 5-10 years in the last six months was 1.09%, with a relative benchmark drawdown of 0.58% [4] - The management fee for the national bond ETF 5-10 years is 0.15%, and the custody fee is 0.05% [4] - The tracking error for the national bond ETF 5-10 years over the last two months was 0.022%, closely tracking the active bond index for 5-10 year national bonds [4]

江特电机近日公告称，因做空碳酸锂期货及衍生品等原因，浮亏超1000万元。上市公司从事期货及衍生 品业务的风险可见一斑，即使是套期保值业务，也有规模超标演化为投机的可能，上市公司应谨慎从事 期货及衍生品的交易。而出于套期保值的需求，尤其要把握好尺度，别让风险对冲演变成投机风险。 江特电机的交易品种为碳酸锂、铜和纯碱，其中碳酸锂近期涨幅巨大，也是公司出现浮动亏损的主要品 种。江特电机套期保值的目的是防止碳酸锂价格下跌，提前通过期货及衍生品市场锁定产品销售价格， 即如果未来碳酸锂价格下跌，公司可以通过期货及衍生品市场获得收益弥补产品价格下跌的风险。 根据这个交易方向预判，江特电机持有的碳酸锂相关合约或许为期货空单、买入看跌期权以及卖出看涨 期权等看跌策略组合。这样的组合在碳酸锂价格上涨的时候会引发投资亏损，亏损金额也会"变相"转嫁 到公司的产品成本中，即公司提前锁定了销售价格，那么产品价格上涨所带来的额外收益，也需要去补 偿期货及衍生品的投资亏损。 另一方面，部分公司对期货及衍生品市场的认识不够深入，缺乏专业的风险管理能力和经验，无法准确 判断市场走势和合理控制交易规模。他们往往在市场行情有利时，被短期的盈利冲昏头 ...

Core Viewpoint - Jiangte Motor recently announced a floating loss exceeding 10 million yuan due to short selling of lithium carbonate futures and derivatives, highlighting the risks associated with futures and derivatives trading for listed companies [1] Group 1: Company Specifics - Jiangte Motor's trading involves lithium carbonate, copper, and soda ash, with lithium carbonate being the primary source of recent floating losses due to its significant price increase [1] - The company's hedging strategy aims to prevent losses from falling lithium carbonate prices by locking in sales prices through the futures and derivatives market [1] - The combination of strategies held by Jiangte Motor may include short futures, buying put options, and selling call options, which can lead to investment losses when lithium carbonate prices rise [1] Group 2: Industry Insights - Hedging is a risk management strategy used by listed companies to mitigate price volatility and stabilize operations by establishing opposite positions in the futures and derivatives market [2] - There is a risk that hedging can devolve into speculative trading, leading to significant losses for companies, especially when they pursue profit maximization without adequate risk management [2] - Companies often lack deep understanding and professional risk management capabilities in the futures and derivatives market, which can result in poor judgment and increased exposure to losses during unfavorable market conditions [2][3] Group 3: Recommendations - To prevent hedging from turning into speculative risk, companies must exercise caution in futures and derivatives trading and establish strict risk control measures [3]

截至2025年12月26日收盘，株冶集团（600961）报收于16.52元，较上周的16.1元上涨2.61%。本周，株 冶集团12月23日盘中最高价报17.06元。12月25日盘中最低价报15.89元。株冶集团当前最新总市值 177.24亿元，在工业金属板块市值排名28/60，在两市A股市值排名1107/5178。 湖南君见律师事务所关于株洲冶炼集团股份有限公司2025年第四次临时股东会的法律意见书 湖南君见律师事务所出具法律意见书，认为株洲冶炼集团股份有限公司2025年第四次临时股东会的召 集、召开程序，出席会议人员及召集人资格，表决程序和表决结果均符合相关法律法规及公司章程规 定，会议合法有效。本次会议审议通过了2026年度日常关联交易预计、商品期货套期保值及外汇衍生品 业务相关议案。 以上内容为证券之星据公开信息整理，由AI算法生成（网信算备310104345710301240019号），不构成 投资建议。 公司公告汇总：株冶集团召开2025年第四次临时股东会，审议通过2026年度日常关联交易预计及 相关衍生品业务议案。 公司公告汇总：湖南君见律师事务所出具法律意见书，确认株冶集团临时股东会会议程序及表 ...