Core Viewpoint - Fujian Furong Technology Co., Ltd. is actively managing its operational risks through the implementation of hedging strategies and corporate governance changes, which may impact its financial stability and market position. Group 1: Stock Performance - As of September 5, 2025, Furong Technology's stock closed at 10.06 yuan, down 1.57% from the previous week's 10.22 yuan. The stock reached a weekly high of 10.5 yuan on September 1 and a low of 9.65 yuan on September 4. The company's current market capitalization is 10.035 billion yuan, ranking 37th out of 90 in the consumer electronics sector and 1829th out of 5152 in the A-share market [1]. Group 2: Hedging Business Announcement - The wholly-owned subsidiary, Fujian Furongyuan Recycling Resources Development Co., Ltd., plans to engage in aluminum futures hedging to mitigate raw material price volatility, with a maximum investment of 4.8 million yuan sourced from its own funds. The trading will occur on the Shanghai Futures Exchange, with the authorization valid until December 31, 2025. The company has established management protocols to prevent speculative trading, focusing solely on hedging operations aligned with its production needs [2][3]. Group 3: Corporate Governance Changes - Furong Technology intends to abolish its supervisory board, transferring its powers to the audit committee of the board of directors. This decision has been approved in recent board meetings and a shareholder meeting, aligning with legal regulations and not adversely affecting the company's daily management or financial obligations [4]. Group 4: Upcoming Events - The company will hold a half-year performance briefing on September 16, 2025, to discuss its operational results and financial metrics with investors. Participants will include the chairman, general manager, independent directors, and financial director [5][6].

Report Summary 1. Report Industry Investment Rating No relevant content provided. 2. Core Viewpoints - The old - season market is ending, and the new - season soybeans are gradually coming onto the market. There is a strong wait - and - see attitude, resulting in light spot trading. The double - festival stocking - driven consumption recovery will face pressure from the new - season supply, and prices are mainly under pressure. The short - term trend in the futures market remains unchanged [3]. - There are both positive and negative factors. Positively, the bottoming - out of grass - roots grain reserves, the expected recovery of edible consumption demand, and the reduction of short - side positions drive the futures price rebound. Negatively, the expected increase in the quality and yield of new - season soybeans, the decline in the auction transaction rate, and the continuous double - auctions per week will put pressure on prices [3][4][6]. 3. Summary by Related Catalogs 3.1 Bean One Risk Strategy - **Inventory Management for Sellers**: For those with long spot positions, such as planting entities with high demand for selling new beans in autumn but facing large short - term selling pressure, it is recommended to short the A2511 bean one futures contract at an entry range of 4000 - 4050 with a hedging ratio of 30% to lock in planting profits. Also, when the seller's bargaining power weakens during the centralized listing period, selling the A2511 - C - 4050 call option at an entry range of 50 - 60 with a hedging ratio of 30% can increase the grain - selling price [2]. - **Procurement Management for Buyers**: For those with short spot positions worried about rising raw material prices and increased procurement costs, it is recommended to mainly wait to purchase spot goods in the medium - term and focus on forward procurement management. Wait for the autumn price guidance to go long on A2603 and A2605 [2]. 3.2 Core Contradictions and Interpretations - **Core Contradictions**: The old - season market is closing, the new - season is starting, and there is a wait - and - see attitude. The auction maintains a double - auction rhythm per week, and the transaction rate has declined. The consumption recovery for double - festival stocking will face new - season supply pressure, and the futures market shows a short - term trend [3]. - **Positive Factors**: The bottoming - out of grass - roots grain reserves restricts price drops. The expected recovery of edible consumption demand in September and the reduction of short - side positions drive the futures price rebound [6]. - **Negative Factors**: The expected increase in the quality and yield of new - season soybeans will lead to a concentrated supply, putting continuous pressure on prices. The decline in the auction transaction rate and the continued double - auctions per week will impact the old - season price system, and the technical short - term trend of the 11 - contract remains unchanged [4]. 3.3 Bean One Futures Price | Contract | 2025 - 09 - 01 | 2025 - 09 - 02 | Daily Change | Change Rate | | --- | --- | --- | --- | --- | | Bean One 11 Closing Price | 3965 | 3970 | 5 | 0.13% | | Bean One 01 Closing Price | 3964 | 3963 | - 1 | - 0.03% | | Bean One 03 Closing Price | 3963 | 3966 | 3 | 0.08% | | Bean One 05 Closing Price | 4008 | 4012 | 4 | 0.10% | | Bean One 07 Closing Price | 4010 | 4013 | 3 | 0.07% | | Bean One 09 Closing Price | 4111 | 4109 | - 2 | - 0.05% | [4]

Core Points - The company is holding its second extraordinary general meeting of shareholders on September 10, 2025, to discuss several key proposals [1][2] - The meeting will include a combination of on-site and online voting for shareholders [1] - The agenda includes the cancellation of the supervisory board, changes to registered capital, amendments to company management systems, and adjustments to futures hedging business [1][2][4] Proposal Summaries - **Proposal 1: Cancellation of the Supervisory Board** The company plans to abolish the supervisory board in accordance with the new Company Law effective from July 1, 2024, transferring its responsibilities to the audit committee of the board [2][4] - **Proposal 2: Change of Registered Capital and Amendment of Articles of Association** The company will reduce its total shares from 515,380,649 to 512,290,649 and its registered capital from 515,380,649 yuan to 512,290,649 yuan due to the repurchase and cancellation of 3.09 million restricted stocks [3][4] - **Proposal 3: Revision of Management Systems** The company is revising parts of its internal management rules to enhance governance and protect the rights of shareholders, including amendments to the rules of board and shareholder meetings [4][5] - **Proposal 4: Adjustment of Futures Hedging Business** To mitigate risks from price fluctuations of lithium carbonate and raw materials, the company intends to increase the margin for futures hedging transactions, with a total investment not exceeding a specified amount in yuan [5]

Core Viewpoint - The article discusses how Jiangsu Longpan Technology Group Co., Ltd. (Longpan Technology) utilizes futures derivatives to manage the volatility of raw material prices, particularly ethylene glycol, which is crucial for its automotive chemical products [1][2]. Group 1: Company Overview - Longpan Technology was founded in 2003 in Nanjing, Jiangsu Province, starting with automotive lubricants and has evolved into an international enterprise focusing on green energy core materials [2]. - The company went public on the Shanghai Stock Exchange in 2017 and plans to list on the Hong Kong Stock Exchange in 2024, becoming a dual-listed A+H share new energy technology company [2]. Group 2: Raw Material Procurement Strategy - Ethylene glycol is a key raw material for Longpan Technology, used in products like antifreeze and coolant, and its procurement is critical to the company's operations [2]. - The company employs a flexible pricing mechanism based on basis point pricing for ethylene glycol, allowing it to adapt to market changes [3]. Group 3: Risk Management through Derivatives - To mitigate the risk of price increases during the procurement period, Longpan Technology engages in derivative operations, such as buying call options and selling put options to create a synthetic futures long position [3]. - This strategy allows the company to hedge against rising costs, with the gains from options trading offsetting increased procurement expenses [3]. Group 4: Inventory Management and Cost Control - Longpan Technology uses a hedging strategy to manage its ethylene glycol inventory, ensuring that price fluctuations do not significantly impact overall production costs [3][4]. - The company has implemented a bear spread structure using put options to protect against potential price declines while minimizing premium costs [4]. Group 5: Team Structure and Operational Efficiency - Longpan Technology has a specialized futures team that collaborates across departments to execute hedging strategies effectively, likened to a "special forces" unit [5][6]. - The team includes roles focused on research, trading, and risk control, ensuring a comprehensive approach to market volatility [6]. Group 6: Accounting and Risk Management Practices - The company employs sophisticated hedge accounting practices to simplify market fluctuations into clear financial terms, focusing on cash flow hedging and fair value hedging [6]. - Longpan Technology emphasizes the importance of risk management in its operational framework, advocating for robust hedging systems and team development [6]. Group 7: Industry Trends and Future Outlook - The adoption of basis trading models is becoming prevalent among chemical companies in East China, fostering a collaborative environment among industry participants [7]. - Longpan Technology's approach to futures derivatives is seen as a model for other entities in the sector, promoting shared risk and benefits within the supply chain [7].

Report Summary 1. Core Viewpoints - The current domestic supply-demand situation of urea remains weak. Towards the weekend, due to the positive expectations of demand after the military parade and the Indian tender, the low-price transactions in some regions improved significantly, and upstream quotes were tentatively raised. The new round of Indian urea tender on September 2nd is generally considered bullish, and attention should be paid to the 15 reverse spread opportunity. In the medium term, the second batch of urea exports will support the demand side to some extent. Although factory inventory and pending orders pressure increase, with the opening of the export channel, there may be a phased rebound. However, agricultural demand is gradually weakening, and the fundamentals will face pressure in the second half of the year. The 01 contract is expected to fluctuate between 1650 - 1850 [4]. - Urea exports have been confirmed. In a market with strong speculative sentiment, urea futures are mainly priced speculatively, so they are expected to show a wide - range oscillation pattern with stronger downside support [4]. - Domestic policies suppress the market. The association requires factories to sell urea at low prices, which has a negative impact on spot sentiment [4]. 2. Price Range Forecast | Product | Price Range Forecast (Monthly) | Current Volatility (20 - day Rolling) | Current Volatility Historical Percentile (3 years) | | --- | --- | --- | --- | | Urea | 1650 - 1950 | 27.16% | 62.1% | | Methanol | 2250 - 2500 | 20.01% | 51.2% | | Polypropylene | 6800 - 7400 | 10.56% | 42.2% | | Plastic | 6800 - 7400 | 15.24% | 78.5% | [3] 3. Urea Hedging Strategies Inventory Management - **Scenario**: High finished - product inventory, worried about urea price decline. - **Strategy 1**: Short urea futures to lock in profits and make up for production costs according to inventory. Sell UR2601 and buy UR2601P1850, with a hedging ratio of 25% and an entry range of 1800 - 1950. - **Strategy 2**: Buy put options to prevent sharp price drops and sell call options to reduce capital costs. Sell UR2601C1950, with a hedging ratio of 50% and an entry range of 45 - 60 [3]. Procurement Management - **Scenario**: Low procurement of regular inventory, hope to purchase according to orders. - **Strategy 1**: Buy urea futures at present to lock in procurement costs in advance. Buy UR2601, with a hedging ratio of 50% and an entry range of 1650 - 1750. - **Strategy 2**: Sell put options to collect premiums and reduce procurement costs. If the urea price drops, the purchase price of spot urea can be locked. Sell UR2601P1650, with a hedging ratio of 75% and an entry range of 20 - 25 [3].

Core Viewpoint - The integration of financial tools and agricultural practices has significantly improved the sugarcane industry in Yunnan, enhancing the stability and profitability for farmers and the company alike [1][10]. Group 1: Agricultural Practices and Support - Yunnan Agricultural Group invests over 90 million yuan annually to implement advanced agricultural techniques and support farmers [2]. - Since 2019, the company has invested over 30 million yuan each year in breeding and demonstration bases for high-sugar cane varieties, increasing the good seed rate from less than 20% in 2018 to over 95% currently [2]. - The average yield of sugarcane has increased from 4 tons in 2018 to around 5 tons due to improved farming techniques and high-quality seeds [2]. Group 2: Financial Mechanisms and Risk Management - The company has established a robust financial framework, including a management system for hedging and risk control, to navigate market fluctuations [4][10]. - In the fourth quarter of last year, the company effectively utilized hedging strategies to lock in profits and avoid potential losses amounting to millions [5]. - The integration of futures trading has created a "stabilizer" mechanism that enhances the resilience of the sugarcane industry against price volatility [7][10]. Group 3: Collaboration and Innovation - Yunnan Agricultural Group collaborates with financial institutions to create innovative financial products, such as "order + futures" to stabilize raw material costs [9]. - The establishment of a financial ecosystem that includes various financial tools is crucial for managing market risks and ensuring stable profits [9]. - The company's approach serves as a model for integrating financial derivatives into modern agriculture, demonstrating the strategic value of such tools [10].

Core Viewpoint - The company, Shandong Huatai Paper Co., Ltd., is planning to engage in futures hedging business to mitigate price fluctuations of raw materials and finished products, thereby enhancing its risk resistance capabilities [6][8]. Section 1: Company Overview - The company is identified by the stock code 600308 and is referred to as Huatai Shares [19]. - The board of directors and senior management guarantee the authenticity, accuracy, and completeness of the report [1][5]. Section 2: Financial Data - The maximum amount for futures hedging business is set at RMB 18 million, excluding the margin for standard warehouse receipt delivery [9][10]. Section 3: Important Matters - The company has approved the proposal for futures hedging business, which is aimed at controlling market risks associated with price fluctuations [6][12]. Section 4: Risk Analysis and Control Measures - The company has established a management system for futures hedging business, which includes risk control measures and a professional team to oversee operations [14]. - The company will strictly control the types and scale of futures hedging to align with actual business needs [14]. Section 5: Impact on the Company - Engaging in futures hedging is expected to improve the company's financial stability and ability to respond to price volatility in raw materials and finished products [15][16]. Section 6: Investor Communication - The company will hold a performance briefing on September 8, 2025, to discuss the first half of 2025's operational results and financial status with investors [30][31].

Meeting Overview - The second meeting of the Supervisory Board of SANY Heavy Energy Co., Ltd. was held, with all three supervisors present, and the meeting was conducted in accordance with relevant laws and regulations [1] Financial Reporting - The Supervisory Board approved the 2025 semi-annual report, confirming that the report accurately reflects the company's financial status and operational results, and that the preparation process adhered to confidentiality regulations [1][2] - The voting result for this agenda was unanimous, with 3 votes in favor [2] Fund Management - The Supervisory Board approved the special report on the storage and actual use of raised funds for the first half of 2025, confirming compliance with relevant regulations and that there were no violations in the use of raised funds [2][3] - This agenda also received unanimous approval with 3 votes in favor [2] Related Transactions - The Supervisory Board approved an increase in the estimated daily related transactions for 2025, stating that these transactions are normal market activities and do not adversely affect the company or its shareholders [3][4] - This agenda will be submitted for approval at the shareholders' meeting [3] Governance Changes - The Supervisory Board agreed to abolish the Supervisory Board and amend the company's articles of association, transferring the supervisory functions to the Audit Committee of the Board of Directors [4] - This agenda will also be submitted for approval at the shareholders' meeting [4] Risk Management - The Supervisory Board approved an increase in the futures hedging business quota for 2025, stating that the decision aligns with actual business needs and includes appropriate risk control measures [4] - This agenda did not require submission to the shareholders' meeting and received unanimous approval [4]

Core Viewpoint - The company, SANY Energy Co., Ltd., is increasing its futures hedging business limit to enhance its risk management capabilities against raw material price fluctuations [1][4]. Group 1: Transaction Overview - The company plans to raise the maximum balance of margin and premium from RMB 100 million to RMB 150 million and the maximum contract value held on any trading day from RMB 100 million to RMB 300 million [1][2]. - The purpose of this increase is to mitigate the adverse effects of significant raw material price volatility on the company's operations while ensuring normal production [1][2]. - The funding for this business will come from the company's own funds and will not involve raised capital [2]. Group 2: Approval Process - The company’s board and supervisory board approved the increase in futures hedging business limits during meetings held on August 28, 2025 [1][2]. - This matter does not involve related party transactions and does not exceed the board's authority, thus it does not require submission to the shareholders' meeting [1][2]. Group 3: Risk Analysis and Control Measures - The primary risk associated with the futures hedging business is the potential for incorrect price predictions, which could lead to losses [3][4]. - The company has established clear approval and execution procedures for the hedging business, which comply with regulatory requirements and aim to minimize market liquidity risks [4]. Group 4: Impact on the Company - The futures hedging business is expected to stabilize the company's operations by mitigating the negative impacts of raw material price fluctuations, thus supporting sustainable production [4]. - The company will adhere to relevant accounting standards for financial instruments and hedging accounting in its financial reporting [4]. Group 5: Sponsor's Review Opinion - The sponsor, CITIC Securities, believes that the increase in the hedging business limit will effectively reduce risks associated with raw material price volatility and will not harm the interests of the company or its shareholders [5].

Core Viewpoint - The document outlines the internal management system for futures hedging business at Tai Rui Machinery Co., Ltd, aimed at strengthening internal controls and mitigating risks associated with price fluctuations of raw materials. Group 1: General Principles - The hedging business is defined as transactions aimed at locking in procurement costs and sales prices related to raw materials necessary for production [1] - The company is limited to hedging raw materials directly related to its operations and must not exceed annual operational demand in hedging scale [1][2] - The company must use its own funds for hedging and cannot use raised funds for this purpose [1][2] Group 2: Organization and Responsibilities - A leadership group is established to oversee the hedging business, consisting of designated personnel from management, finance, procurement, internal audit, and the board office, with the chairman as the leader [2] - The leadership group is responsible for comprehensive management, approval of hedging strategies, and emergency handling of risks [2][3] Group 3: Approval Authority and Authorization System - The leadership group drafts the annual hedging plan based on the company's operational plan and risk exposure, requiring board or shareholder approval for certain investment limits [3][4] - Authorization management is implemented, with the chairman issuing authorization letters detailing the scope and limits of hedging operations [4] Group 4: Internal Business Processes - The strategy group analyzes market conditions and prepares specific hedging plans for approval by the leadership group [5][6] - The finance department is responsible for fund allocation and accounting for hedging transactions [6][7] Group 5: Risk Management - The company must focus on key risk areas such as broker selection and market risks, establishing a comprehensive risk management system [8][9] - A risk reporting mechanism is in place to address significant losses or market fluctuations, with immediate reporting to the leadership group [9][10] Group 6: Emergency Response and Violations - The company has procedures for emergency responses to significant market changes or natural disasters that may impact hedging activities [10][11] - Violations of the hedging management system will result in disciplinary actions against responsible personnel [11]