Core Viewpoint - The report outlines the continuous sponsorship and supervision activities conducted by Guotai Junan Securities for Shaanxi Sry New Materials Co., Ltd. following its IPO, emphasizing compliance with regulations and the company's operational performance. Group 1: Continuous Supervision Activities - The company issued 40.01 million shares at a price of RMB 10.48 per share, raising a total of RMB 419.30 million, with a net amount of RMB 356.91 million after deducting issuance costs [1]. - Guotai Junan Securities has been appointed as the continuous sponsor from March 16, 2022, to December 31, 2025, conducting regular communications, site inspections, and due diligence [1][2]. - The sponsor has assisted the company in establishing internal systems and decision-making processes to comply with legal and regulatory requirements [1][2]. Group 2: Information Disclosure and Compliance - The sponsor reviewed the company's information disclosure documents, ensuring compliance with relevant regulations and confirming that disclosures were accurate and timely [9]. - During the supervision period, the company and its major stakeholders did not fail to fulfill any commitments [2][6]. - The company has been advised to maintain transparency and avoid concealing important information [1][2]. Group 3: Financial Performance and Key Indicators - The company's revenue for 2024 is reported at approximately RMB 1.33 billion, reflecting a 12.73% increase from the previous year [20]. - The net profit attributable to shareholders increased by 26.88%, driven by revenue growth and improved sales structure [22]. - The company's total assets reached approximately RMB 2.13 billion, marking a 24.39% increase compared to the previous year [20]. Group 4: Research and Development - The company invested RMB 68.83 million in R&D, representing 5.18% of its revenue, which is an increase from 5.04% in the previous year [22]. - The company has developed new products and technologies, including high-performance copper alloys for liquid rocket engines and components [22][24]. - The R&D team, led by nine core technical personnel, has established partnerships with aerospace institutions to enhance technological capabilities [11][22]. Group 5: Market Risks and Challenges - The company faces risks related to technological advancements in the new materials industry, which require continuous R&D investment to maintain competitive advantages [10][17]. - Potential market disruptions may arise from the introduction of new materials and technologies that could replace existing products [17][18]. - The company is also exposed to risks from fluctuations in raw material prices, particularly copper, which significantly impacts production costs [14][16].

期货日报讯（记者 刘威魁）在当下大宗商品贸易市场下，无论是传统贸易商，还是生产厂家都会存在 库存管理的问题。尤其是在常备库存和超期库存的成本方面，很多企业都会感觉这似乎是一个束手无策 的问题。 后，2024年11月，在中信建投期货的协助下，天美锂能向广期所提供了相关材料，顺利通过了产业立 项，进入了项目考核期。 "碳酸锂期货上市后，我们一直耐心对天美锂能进行系统性套期保值辅导。当前，该司运用套期保值在 库存保值管理等方面取得了良好的套期保值效果，规避了大部分价格风险。"中信建投期货上海分公司 产业总监谢江涛认为，碳酸锂期货为企业提供了风险管理工具，更强化了锂电行业上下游企业之间的合 作，提升了产业的整体竞争力。此次产业服务计划，将帮助新能源企业在实践中更加深刻地了解期货市 场的基本知识、操作规则以及风险管理的重要性，不仅能提高企业对期货市场的认知度，还能增强企业 参与期货市场的意愿和能力。 在此过程中，锂电产业企业，也对期货市场有了更多期待。刘洋表示，未来，期待广期所推出氢氧化锂 等更多与产业相匹配的期货品种，来帮助企业优化风险管理，降本增效。同时，也希望产业企业能够积 极参与广期所举办市场培育活动，帮助更多 ...

中矿资源集团股份有限公司 证券代码：002738 证券简称：中矿资源 公告编号：2025-029 号 中矿资源集团股份有限公司 本公司及董事会全体成员保证信息披露的内容真实、准确、完整，没有虚 假记载、误导性陈述或重大遗漏。 表决情况：同意 9 票，反对 0 票，弃权 0 票。 《中矿资源集团股份有限公司商品期货期权和衍生品套期保值业务管理制 度》与本决议同日刊登于巨潮资讯网（http://www.cninfo.com.cn）。 公司铜矿产资源板块业务顺利推进，产能正在逐渐释放，为降低铜商品市场 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 的产品风险敞口择机开展商品期货期权和衍生品套期保值业务，有效降低产品市 场价格波动风险，保障稳健经营。 中矿资源集团股份有限公司 一、董事会会议召开情况 中矿资源集团股份有限公司（以下简称"公司"或"本公司"）第六届董事 会第十七次会议于 2025 年 5 月 19 日以通讯表决的方式召开，会议通知于 2025 年 5 月 16 日通过邮件及书面形式发出。本次会议应参加表决董事 9 名，实际参 加表决董事 9 名。本次会议由公司董事长王平卫先生主 ...

Core Viewpoint - The Northwest region of China is witnessing traditional enterprises embracing modern financial concepts, particularly risk management and futures trading, to achieve transformation and upgrade their operations [1] Group 1: Company Transformation and Futures Trading - Qinglong Pipeline Group has evolved into a comprehensive service provider in the water-saving sector, participating in major engineering projects while actively engaging in futures trading since 2021 to stabilize operations amid fluctuating raw material prices [2][3] - The company successfully utilized basis trading to secure favorable pricing for future raw material purchases, significantly reducing production costs compared to traditional procurement methods [4] Group 2: Agricultural Film Procurement and Cost Management - Gansu Jiyang Plastic Co., Ltd. leverages basis trading to provide affordable agricultural films, essential for crop growth in the arid Northwest climate, while managing raw material costs effectively [5][6] - The company has adopted futures and options to hedge against price volatility, resulting in a more stable profit margin and reduced procurement costs for government agricultural film subsidies [7][8] Group 3: Industry Collaboration and Risk Management - Longchang Petrochemical Group has been involved in the futures market since 2007, developing a mature system for integrating futures and spot trading, benefiting both itself and downstream partners like Qinglong Pipeline and Jiyang Plastic [9][10] - The company emphasizes collaboration across the supply chain, offering various methods to help clients lock in procurement costs, including the use of call and put options [10] Group 4: Future Prospects and Industry Growth - The risk management awareness among Northwest enterprises has significantly improved, with many now actively using futures for price discovery and hedging, indicating a positive trend for future market participation [12] - The region is attracting more industries due to lower labor costs and resource availability, presenting new opportunities for growth, particularly in the plastic and chemical sectors [13]

Core Viewpoint - Northern Copper Industry is actively advancing deep resource exploration at its copper mine, which is expected to increase copper concentrate production after completion [1][4]. Group 1: Company Performance - In 2024, Northern Copper achieved a copper concentrate production of 43,600 tons and cathode copper production of 313,200 tons, representing a year-on-year increase of 133.03% [4]. - The company reported a significant revenue increase, with total operating income reaching 24.107 billion yuan, up 156.60% from the adjusted 9.395 billion yuan in 2023 [4]. - Despite the revenue growth, the net profit attributable to shareholders slightly decreased by 1.37% to 613 million yuan [4]. Group 2: Production and Operations - The company operates a copper mine with an annual processing capacity of 9 million tons and two smelting plants with a total copper concentrate processing capacity of 1.3 million tons [4]. - The increase in production for 2024 was primarily driven by the commissioning of a comprehensive recovery project at its subsidiary, which significantly boosted capacity [6]. - The company plans to maintain stable production levels in 2025, with expected outputs similar to 2024, unless new projects are initiated [9]. Group 3: Market Conditions - The processing fee for copper concentrate has drastically decreased, impacting profitability, with fees dropping from around $60 per dry ton to below $10 [6]. - The copper price is expected to remain volatile but high, with historical peaks observed in May 2024 [7][8]. - The company is engaging in hedging activities to mitigate price fluctuations, with a proposed cap of $600 million for financial derivatives [8]. Group 4: Future Plans - Northern Copper is focusing on deep resource exploration to enhance production, with a project expected to add approximately 15,000 tons of copper concentrate annually [9]. - The company is also exploring international opportunities for resource development and cooperation [9]. - Domestic demand for copper is anticipated to remain stable, driven by traditional industries and emerging sectors such as electric vehicles and renewable energy [10].

"粮食的粮食"价格高位波动 进入旺季，尿素市场新一轮涨价行情启动。 5月以来，尿素期现价格持续上涨，刷新近半年新高，截至5月16日收盘，主力合约价格逐步回落至1877元/吨。 现货市场上，尿素价格波动较大，南华期货统计分析，目前主流区域中小颗粒尿素价格参约1820～1860元/吨。银河期货研究报告称，随着尿素进入需求旺 季，氮肥生产将全面启动，同时出口政策预期持续扰动尿素价格持续上涨，后期走势需进一步关注出口信息变动影响。 作为"粮食的粮食"，尿素是目前农业上使用量最多的高效氮肥，受天然气供应短缺、环保限产、煤价及国际氮肥市场价格上涨等因素影响，尿素价格波动成 为企业承储面临的问题。 "一直以来我国实施化肥淡季商业储备制度，不过这类储备项目的承储企业一般需保障化肥库存约3个月在库。"行业人士告诉记者，在此期间，储备化肥存 在价格下跌风险。对此，2021年郑商所推出尿素"商储无忧"项目，对参与国家商业化肥储备并存在风险对冲需求的企业提供套期保值的资金支持。当前2025 年度"商储无忧"项目正有序开展，基本做到了尿素主要产销省及粮食产区全覆盖。 "去年国储中标时尿素价格较高，但之后价格一路下跌，最低跌至1500元 ...

证券代码：000878 证券简称：云南铜业 云南铜业股份有限公司投资者关系活动记录表 | 投资者关 | □特定对象调研 □分析师会议 | | --- | --- | | | □媒体采访 ☑业绩说明会 | | 系活动类 | □新闻发布会 □路演活动 | | 别 | □现场调研 □其他 | | 活动参与 | 投资者网上提问 | | 人员 | | | 时间 | 2025 年 5 月 16 日（周五）16:00-17:00 | | 地点 | 公司通过"全景路演"网站（https://rs.p5w.net）采用网络远程的方式召开业绩说 | | | 明会 | | 形式 | 网络文字互动方式 | | 上市公司 | 财务总监、董事会秘书：高洪波 | | 参加人员 | 财务资产部负责人：刘八妹 | | 姓名 | 证券部负责人、证券事务代表：孙萍 | | | 证券部业务经理：岳圣文 | | | 公司参加云南辖区上市公司 年度投资者网上集体接待日活动，就投 2024 | | | 资者在本次说明会中提出的问题进行了回复： | | | 1、铜 TC 已经为负并且不断走低，贵司是否会考虑减产？ | | | 感谢您对公司的关注。确实，现在 ...

Group 1: Company Overview - The company operates in two main industries: lithium and civil explosives [2] - In the lithium industry, the company has two lithium mines and three production bases, ensuring stable resource supply [2] - The civil explosives segment has a production capacity of over 260,000 tons for industrial explosives and nearly 90 million detonators, ranking fourth in the industry [2] Group 2: Financial Performance - In 2024, the company achieved a net profit of 257 million yuan, a year-on-year increase of 539.36% [3] - The growth was driven by stable demand from long-term lithium salt customers and effective resource matching in production and sales [3] Group 3: Lithium Production Capacity - The company currently has a total lithium salt production capacity of 99,000 tons, including 63,000 tons of lithium hydroxide and 36,000 tons of lithium carbonate [3] - By the end of 2025, the total lithium salt production capacity is expected to reach nearly 130,000 tons [3] Group 4: Lithium Resource Security - The company has established a diversified resource security system through self-controlled and purchased minerals [4][5] - The Kamativi lithium mine in Zimbabwe has a processing capacity of 2.3 million tons of raw ore annually [5] Group 5: Customer Base - The company has a strong customer base, with top clients accounting for 90% of revenue, including major companies like TESLA and CATL [6] - Long-term agreements with these clients support future production capacity release [6] Group 6: Overseas Business Development - The company has developed a robust overseas expansion capability, with operations in New Zealand, Australia, and Africa [7] - Future growth in overseas mining services will leverage cost and efficiency advantages in the civil explosives sector [7] Group 7: Risk Management - In 2024, the company utilized lithium carbonate futures for hedging against price volatility risks [8] - Future hedging strategies will be aligned with production plans and market conditions to mitigate potential impacts on operations [8]

Report Summary 1. Investment Rating No investment rating for the industry is provided in the report. 2. Core Viewpoints - The current market trend of nickel and stainless steel is mixed. There is still negative feedback in the ferronickel link on the fundamental side, and the support from the new - energy link has loosened. Although the Sino - US trade tariff agreement has eased concerns about the demand digestion of terminal products, its impact on nickel and stainless - steel varieties is limited, and attention should be paid to the subsequent reaction of the varieties to market sentiment [3]. - There are both positive and negative factors in the market. Positive factors include the Sino - US trade tariff agreement, the Philippine government's plan to ban nickel ore exports in June 2025, the implementation of the new Indonesian resource tax on April 26th leading to an overall increase in cost, and the lower - than - expected US CPI data increasing the expectation of interest rate cuts. Negative factors include the gradual increase in ore supply at the end of the Philippine rainy season, the weakening support of the MHP nickel sulfate link, the continuous negative feedback in the stainless - steel industry with the cost support at the ferronickel end moving down, and the high inventory of stainless steel with no obvious improvement in demand [4]. 3. Key Points by Category 3.1. Price Forecast and Management Strategies - **Price Forecast**: The predicted price range of Shanghai nickel is 119,000 - 129,000 yuan/ton, with the current 20 - day rolling volatility at 32.75% and the historical percentile of the current volatility at 66.9% [2]. - **Inventory Management Strategy**: When the product sales price drops and there is a risk of inventory impairment, it is recommended to short Shanghai nickel futures according to the inventory level to lock in profits and hedge against the risk of spot price decline. The recommended hedging tool is the Shanghai nickel main contract with a selling hedging ratio of 60% and a strategy level of 2. Another option is to sell call options with a hedging ratio of 50% and a strategy level of 2 [2]. - **Procurement Management Strategy**: When the company has future production procurement needs and is worried about rising raw material prices, it is recommended to buy Shanghai nickel forward contracts according to the production plan to lock in production costs in advance. The recommended hedging tools include buying far - month Shanghai nickel contracts, selling put options, and buying out - of - the - money call options. The hedging ratio is based on the procurement plan, and the strategy level is 3 [2]. 3.2. Market Data - **Nickel Market Data**: The latest price of the Shanghai nickel main - continuous contract is 123,600 yuan/ton, a decrease of 1,630 yuan (- 1%); the trading volume is 137,729 lots, an increase of 1,166 lots (0.85%); the open interest is 63,702 lots, an increase of 625 lots (0.99%); the warehouse receipt quantity is 23,344 tons, a decrease of 205 tons (- 0.87%); the basis of the main contract is - 1,915 yuan/ton, a decrease of 145 yuan (- 7.0%) [6]. - **Stainless - Steel Market Data**: The latest price of the stainless - steel main - continuous contract is 12,995 yuan/ton, a decrease of 85 yuan (- 1%); the trading volume is 128,580 lots, a decrease of 14,329 lots (- 10.03%); the open interest is 127,690 lots, a decrease of 4,068 lots (- 3.09%); the warehouse receipt quantity is 158,715 tons, a decrease of 94 tons (- 0.06%); the basis of the main contract is 590 yuan/ton, an increase of 100 yuan (20.41%) [7]. 3.3. Inventory Data - **Nickel Industry Inventory**: The domestic social inventory of nickel is 44,088 tons, a decrease of 13 tons; the LME nickel inventory is 199,146 tons, an increase of 714 tons; the stainless - steel social inventory is 989.1 tons, an increase of 13.7 tons; the nickel pig iron inventory is 28,396.5 tons, an increase of 4,223 tons [8].

证券代码：001331 证券简称：胜通能源 胜通能源股份有限公司 2025年5月15日投资者关系活动记录表 编号：2025-002 投资者关系 活动类别 □特定对象调研 □分析师会议 □媒体采访 业绩说明会 □新闻发布会 □路演活动 □现场参观 ☑其他（2025 年山东辖区上市公司投资者网上集体接待日活动） 活动参与人 员 通过全景网（http://ir.p5w.net）参与本次投资者网上集体接 待日活动的投资者 时间 2025 年 5 月 15 日（周四）下午 15：00-16：30 地点 全景网（http://ir.p5w.net） 形式 线上问答 上市公司接 待人员姓名 1.董事会秘书、财务总监：宋海贞先生 2.证券事务代表：杨鑫先生 交 流 主 要 内 容介绍 投资者提出的问题及公司回复情况 公司就投资者在本次说明会中提出的问题进行了回复： 1、公司境外子公司如何定位？ 尊敬的投资者您好，公司新加坡全资子公司是根据公司加快 海外布局，积极推进公司海外业务，提高核心竞争力的规划需要 成立的，2024 年度，新加坡子公司完成了 2 船 LNG 船货交易。同 时，2024 年 9 月，公司新加坡全资子公司与 ...