据《中国经营报》记者了解，由于2025年人民币汇率出现单边走势，企业"持汇观望"的态度扭转，结汇 意愿有所增强。目前，企业对于金融机构套期保值的需求大幅增长，不少银行也加大了相关产品和服务 的推广。 汇兑损失惨重 作为深圳一家外贸出口企业的负责人，王蒙（化名）最后悔的事情就是企业2025年的货款没有及时结 汇，这直接导致企业汇兑损失超过50万元。 "2025年7月，人民币兑美元汇率迎来了一波上涨行情，由7.15一路上涨至7附近。受此影响，企业账上 的美元货款总计缩水了50多万元，相当于全年的利润都填到汇兑损失上了。"王蒙表示。 他告诉记者，由于国际市场需求减弱，出口企业的整体利润在逐步下滑。"我们企业主要是做小商品加 工出口，利润率在5%左右。" "进入2026年之后，人民币汇率升值趋势没有出现变化。我们确实对未来汇率变化比较担忧，而企业运 营也需要人民币资金，所以对持有的部分美元进行了结汇。"王蒙称，在当前的市场形势下，企业会选 择减少美元持有量。 东方证券（600958.SH）的研究报告显示，由于人民币持续升值，2025年12月企业向商业银行结汇意愿 确有增加。2025年12月，银行代客结售汇轧差达999 ...

Core Viewpoint - The company announced plans to engage in financial derivatives business to hedge against risks related to exchange rates and interest rates, pending approval from the upcoming shareholders' meeting [1] Group 1: Business Development - The company will hold its ninth board meeting in 2026 to review the proposal for the financial derivatives business, which will then be submitted for approval at the first extraordinary shareholders' meeting of 2026 [1] - The planned trading amount for the financial derivatives business is expected to not exceed 1 billion yuan within the next 12 months, with the validity period of the trading limit lasting 12 months from the date of shareholder approval [1] - The business will utilize self-owned funds and will include products such as forwards and options [1] Group 2: Risk Management - The primary aim of initiating this business is to mitigate risks associated with fluctuations in exchange rates and interest rates [1] - The company has established corresponding risk control measures to manage the potential risks involved in this new business venture [1]

"我们深耕大宗商品贸易多年，在期现协作方面积累了一定经验。然而，随着市场环境的变化与行业的 发展升级，传统的套期保值模式及基差贸易模式正面临新的挑战。"浙江一家头部大宗商品贸易商近日 向记者道出了他们的烦恼。 期货日报记者了解到，在宏观不确定性增加与产业周期下行的共同影响下，近年来黑色商品市场呈 现"弱预期、低波动、高博弈"的运行特征。一方面，需求修复乏力，基差持续走弱；另一方面，政策预 期反复切换，盘面价格在狭窄区间内震荡，市场方向难以形成一致预期。 上述贸易商表示，在这种市场行情中，按照以往方式进行空头建仓和移仓换月，往往面临"方向不明、 成本偏高、效果有限"的现实问题，这也是当前黑色产业链企业普遍面临的问题。 中信期货服务团队认为，需求不振导致基差交易高度拥挤，套保效果因此受到影响；波动率下降使得方 向性套保的风险收益比有所降低；在近远月合约结构不利的情况下，频繁移仓产生的展期损耗正在持续 侵蚀套保成果。该团队发现，在当前市场环境下，企业关注的焦点不再局限于是否开展套期保值，而是 如何在套保过程中优化建仓价格、控制移仓成本，并为经营决策预留弹性空间。 为满足这家贸易商精细化管理风险的需求，中信期货服务团 ...

上海有色网行业研究院新能源事业部储能分析师李亦沙在会上介绍，全球储能市场主要增长区域集中于 中国、美国、欧洲、中东以及澳大利亚等地。预计2024—2030年全球储能电芯需求将持续增长，复合年 均增长率（CAGR）为24%。谈及碳酸锂价格变动对储能成本的影响，李亦沙表示，碳酸锂价格每上涨 1万元/吨，电芯成本增加6元/千瓦时，内部收益率（IRR）下降0.12%。 碳酸锂是动力电池的核心原材料，它的价格波动也会给电池和新能源汽车市场带来影响。中国汽车流通 协会乘用车市场信息联席分会秘书长崔东树在会上介绍，近年来新能源汽车销量呈现持续增长态势， 2025年全年零售量大幅增长。与此同时，2025年，新能源商用车电池月度需求峰值突破1700万千瓦时， 全年需求规模较往年翻倍。崔东树认为，当前汽车正从机械工具转变为耐用电子消费品，使用周期缩 短、更新加速。电动车兼具出行工具、第三空间、储能单元等多重属性，将推动锂电池在能量密度、循 环寿命等方面的需求升级。目前来看，世界汽车生产体系正从美日韩向中国等新兴市场转移，中国新能 源汽车产业链优势持续强化，锂电池需求将随产业转移进一步增加。崔东树预测，"十五五"期间，我国 汽车销 ...

Core Viewpoint - The A-share market is witnessing an increase in hedging strategies among listed companies, with 91 companies announcing hedging-related activities this year, covering various sectors such as equipment manufacturing, automotive parts, fine chemicals, and new energy materials [1] Group 1: Hedging Strategies - Companies are increasingly customizing hedging strategies based on their operational characteristics to build robust risk management frameworks [1] - Hedging can effectively mitigate risks related to raw materials, exchange rates, and interest rates, enhancing corporate competitiveness and financial health [1] - Cross-border and full supply chain companies can alleviate regional operational risks and manage price fluctuations across the entire supply chain [1] Group 2: Specific Company Announcements - Dongwei Technology announced plans to use futures and options for hedging to mitigate uncertainties from raw material price fluctuations, with a maximum trading margin and premium of 25 million yuan and a maximum contract value of 250 million yuan [2] - Ningbo Fangzheng plans to engage in commodity futures and foreign exchange hedging to reduce adverse impacts from raw material price volatility, with a total margin and premium cap of 60 million yuan or equivalent foreign currency [2] Group 3: Market Trends and Insights - Analysts predict a bullish trend for copper prices in 2025 and 2026, making hedging an effective tool for managing price volatility [3] - Companies are moving towards regular hedging practices, integrating them into their operational processes rather than using them solely for short-term emergencies [3] - Jiangsu Longpan Technology has announced a hedging plan with a margin and premium cap of 300 million yuan and a maximum contract value of 1.2 billion yuan, emphasizing the need for foreign exchange hedging due to increasing overseas business [3][4] Group 4: Recommendations for Hedging Practices - Companies should develop hedging strategies based on real risk exposure, considering procurement cycles, inventory levels, and tool liquidity [4] - A recommendation is made for companies to establish independent control mechanisms for decision-making, execution, and risk management, ensuring that hedging remains focused on risk mitigation rather than speculation [4]

截至2026年2月4日收盘，华生科技（605180）报收于15.72元，较前一交易日下跌0.44%，最新总市值为 26.57亿元。该股当日开盘15.7元，最高15.84元，最低15.59元，成交额达4277.19万元，换手率为 1.61%。 近日，华生科技发布《关于开展金融衍生品交易业务的公告》。公告显示，公司为防范外汇波动风险， 拟在第三届董事会第十二次会议审议通过之日起12个月内开展远期结售汇业务，交易品种为美元、欧 元、日元等主要结算货币的远期结售汇。预计任一交易日持有的最高合约价值不超过2亿元人民币，动 用的最高保证金和权利金不超过2,200万元，资金来源为自有资金和银行授信。该事项已由董事会审议 通过，无需提交股东大会审议。公司强调不以投机为目的，旨在通过套期保值降低汇率波动带来的财务 风险，并已制定相关内控制度进行风险管控。 最新公告列表 《关于开展金融衍生品交易业务的公告》 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。 ...

Core Viewpoint - The performance difficulties faced by JuShi Chemical are significantly attributed to losses in its liquefied petroleum gas (LPG) business, which have been exacerbated by volatile international energy market prices and a lack of effective hedging mechanisms [1] Group 1: Business Performance - The LPG segment has experienced substantial losses, which the company acknowledges are not coincidental and are linked to its exposure to price risks [1] - Despite improvements in the modified plastics segment due to lower optical material costs, market expansion in Nigeria, and capacity release from the Hubei EPP project, the LPG losses continue to hinder overall performance [1] - The fine chemicals business has seen revenue growth driven by increased demand for polyphosphate [1] Group 2: Risk Management - JuShi Chemical needs to urgently enhance its risk response mechanisms to mitigate the impact of business volatility on its overall performance [1]

分析师 1: 你好的，各位投资者们，大家上午好，我是华宝有色研究员骆易成。然后这个我们今天这 个策略会，非常荣幸的邀请到了四川黄金的这个董秘周总，还有这个 AR 杨总，就给我们 跟我们线上投资者做一个线上交流。然后麻，还麻烦这个，还麻烦杨总跟周，周总跟杨总 就是叫我们的这个四季度的这个经营情况，做个简要的回顾，然后主要是还是对后面的整 体的一个后续，咱们公司的一些经营状状况，或者说一些这个采矿权、探矿权这样一个展 做一些相关的这样的展望吧，谢谢。 四川黄金董秘杨总: 好的。首先感谢各位投资者今天通过电话会议进入我们数字黄金今天的一个交流会。首先 是非常感谢，其次的话，我们那个向各位同事汇报一下我们 2525 年度的主要的一个情况 吧。然后我们于上周也发布了公司 2025 年度的一个业绩预告。然后我们 25 年度的话， 实现预计净利润的话是在 4.2~4.8 亿之间。然后这个的话净利润的话也是同比，你的大幅 的一个增长。这个增长的主要，动，主要的原因，主要来自于我们这个国际金价的一个同 步的上涨。以及我们 2025 年度销售的金属量同比 2024 年有所增加导致的。 所以说这个从我们公司的生产经营基本面上来看， ...

Group 1 - The chemical market is experiencing significant price fluctuations due to multiple factors, including rising international oil prices, supply tightening from maintenance of chemical facilities, and adjustments in export tax policies, leading to a strong rebound in prices of various chemical products [1][2] - Most chemical traders are adopting a cautious strategy to navigate the volatile market, with a consensus in the industry that the macro environment is highly unstable, prompting companies to reduce risk exposure to mitigate price volatility risks [1][2] - The challenges faced by traders stem from macroeconomic impacts, market sentiment fluctuations, and regulatory measures that have constrained their operational flexibility, making effective risk management and capital control critical [2][3] Group 2 - Mingri Holdings has developed a systematic response to market volatility, focusing on proactive strategies to ensure stable operations and achieve mutual benefits with upstream and downstream clients [2][3] - The core strategy of Mingri Holdings involves utilizing a combination of futures and spot trading to pursue certainty in operations, moving away from speculative trading based on market volatility [3][4] - The company emphasizes strengthening basis trading as a primary defense against price fluctuations, allowing it to lock in reasonable profits regardless of market price movements, thus establishing a solid foundation for stable operations [3][4] Group 3 - Mingri Holdings has designed various "option trading" models that cater to the actual needs of clients, transforming complex financial tools into accessible risk management products, which fosters collaborative development with clients [4][5] - The company provides "ceiling price" contracts for downstream clients to help them manage procurement costs and "floor price" contracts for upstream clients to secure minimum sales revenue, creating a win-win situation [4][5] - To ensure financial stability, Mingri Holdings is increasing the proportion of hedging in its existing inventory and forward contracts, strictly controlling operational risk exposure to maintain cash flow stability [4][5]

【#黄金租赁成多家珠宝企业标配#，按吨向银行"借金"，对冲金价下跌风险】#多家黄金企业按吨向银 行租赁黄金#为应对金价下跌带来的存货减值风险，黄金租赁已成为部分珠宝企业的"标配"。2月2日， 周大生发布公告称，2026年度开展黄金租赁业务交易最高额度不超过4000千克的议案已获得董事会审议 通过。 分析人士指出，企业普遍在租赁的同时进行套期保值操作，主要是为了应对金价单边上涨带来的亏损风 险，结合国际金价走势，企业要避免黄金租赁带来的亏损，应在风险管理体系和操作纪律上加强建设。 #黄金回购也要限额了#（红星资本局） 据了解，黄金租赁是指企业向银行借入黄金原材料用于生产经营，按照合同约定支付租赁费用，当租借 到期后，通过向上海黄金交易所购入或以自有库存将等质等量的黄金实物归还银行。 红星资本局梳理发现，自2017年上市以来，周大生每年均开展了黄金租赁业务，交易最高额度从1500千 克一度涨至5000千克。除周大生之外，此前潮宏基、中国黄金、湖南黄金等企业也开展过黄金租赁业 务，这些企业均按吨向银行租赁黄金，同时，普遍会进行套期保值操作。 ...