Group 1 - The company plans to sign a financial service agreement with China National Gold Group Finance Co., Ltd. for the period from 2025 to 2028, with a maximum daily deposit balance of RMB 10 billion and a loan service limit not exceeding the maximum credit limit [21][23] - This transaction constitutes a related party transaction and does not constitute a major asset restructuring [22] - The agreement aims to broaden the company's financing channels, reduce financing costs, and improve capital management efficiency [23] Group 2 - The company will provide loan guarantees for its subsidiaries, including RMB 140 million for Jiapigou Company, RMB 150 million for Henan Jinyuan, RMB 130 million for Songxian Jinniu, RMB 125 million for Zhongjin Songxian Songyuan, and RMB 80 million for Hebei Yueri [38][39] - The total amount of external guarantees after this loan will be RMB 818.09 million, accounting for 2.99% of the company's latest audited net assets [61][62] - The guarantees are necessary to meet the operational needs of the subsidiaries and ensure stable business development [60] Group 3 - The company’s wholly-owned subsidiary, Henan Zhongyuan Gold Smelting Plant, plans to engage in hedging activities to mitigate risks associated with price fluctuations in the market for gold, silver, copper, and nickel [66][69] - The maximum margin for the hedging business will not exceed RMB 700 million, with a hedging scale limit of 29 tons of gold, 217 tons of silver, 35,000 tons of copper, and 361 tons of nickel [70][71] - The hedging activities will be conducted on the Shanghai Futures Exchange and are aimed at maintaining stable operational performance [66][69]

4月25日，"上期大学堂——从业人员强化班"走进"强源助企"产融服务基地活动在山东济南顺利举行， 此次活动组织了40余名沥青方面的期货分析师走进山东高速新材料集团，旨在加强期货行业与实体企业 的深入交流，实现理论与实践相结合，培养专业基础扎实、综合素质强的高质量期货行业人才，更好地 为产业企业提供风险管理服务。 深入产融服务基地参观实践 上述相关负责人表示，山东高速新材料集团将依托产融服务基地这一重要载体，持续探索期现结合新模 式，同时整合行业优质资源，带动更多产业链上下游企业参与期货市场，进一步发挥基地的辐射带动作 用，助力行业高质量发展。 2024年11月4日，山东高速新材料集团获得上期所首批石油沥青期货集团交割中心资质，核定库容为6万 吨，启用库容为6万吨。据悉，推动成立集团交割中心是上期所提升交割库质量三年行动计划中的重要 举措之一，不仅有助于降低交割成本、提高交割效率，以及缓解实体企业供需错配矛盾和促进产业稳定 发展，同时能进一步发挥大型优质仓储企业的风险管理优势，增强交割库的风险抵御能力，助力全国统 一大市场建设。 作为上期所指定的沥青交割仓库，山东高速新材料集团储运公司连续两年荣获"优秀交割仓库 ...

Core Viewpoint - The U.S. stock market has rebounded strongly from its lows, but market observers are cautioning investors not to celebrate too early, urging them to buy "insurance" in the options market to protect against potential declines [1][3]. Group 1: Market Performance and Options - The S&P 500 index has rebounded 10% from its April lows, leading to a decrease in the cost of hedging tools [1]. - The price of one-month put options, used to hedge against market declines, is currently at its lowest level since President Trump's large-scale tariff policy was introduced on April 2 [1]. - The Cboe Volatility Index, which measures market volatility, is currently at 25, down from approximately 60 on April 7, indicating reduced fear in the market [4]. Group 2: Economic Concerns and Trade Policies - Despite the market's positive response to signs of potential easing in Trump's trade policies, uncertainties remain regarding the resolution of tariff issues and their impact on the U.S. economy [1]. - The tariffs on China remain as high as 145%, with little hope for a short-term resolution, while a three-month suspension of tariffs on other countries is set to expire in July [1]. - Concerns about the economic outlook over the next 6 to 9 months persist, with analysts suggesting that the ultimate outcomes of tariffs, consumer spending, and corporate earnings remain uncertain [5]. Group 3: Investor Sentiment and Strategies - Some investors are confident that if the market declines again, the White House may further ease trade policies [3]. - There is a noted decrease in demand for "tail risk protection," indicating a level of confidence among investors regarding the current market conditions [4]. - Analysts suggest that the recent market gains may be largely due to low trading volumes, with some viewing the rebound as a short-covering rally [5].

Production Capacity and Expansion Plans - Current lithium ore mining capacity is 1.05 million tons/year, with a planned expansion to 2.5 million tons/year for ore selection, which is progressing in 2024 [2] - The company is preparing to add 350,000 tons/year of ore selection capacity at the original mining site, while the remaining capacity of the 2.5 million tons/year expansion project is still under site selection [5] - The lithium salt production capacity within the company is 4,800 tons/year, with a joint venture planning for 40,000 tons/year [2] Financial Performance - In 2024, the company achieved a revenue of 561 million CNY and a net profit of 215 million CNY, resulting in a basic earnings per share of 0.8289 CNY/share [2] - The company’s net profit remained positive despite a significant decline in lithium product prices, which fell by 43% year-on-year [6][7] Market and Industry Outlook - The lithium battery materials industry continues to have growth potential, driven by increasing demand in the electric vehicle and energy storage markets [7] - The company plans to enhance its core competitiveness and expand its revenue and profitability through various strategies, including improving lithium resource management and expanding production scale [4] Strategic Initiatives - The company is focusing on high-end products in the lithium battery anode and cathode materials sector, aiming to fill market gaps with high-rate and high-capacity products [7] - A comprehensive industry chain layout has been established, enhancing synergy and resilience against market fluctuations [7] Stock Performance and Market Perception - The company’s stock price has been negatively impacted by external factors such as macroeconomic conditions and market sentiment, leading to a perception of deliberate price suppression for low-cost capital increase [8] - The company emphasizes the importance of risk management and sustainable operations to enhance shareholder value [8]

Core Viewpoint - The company has reported a revenue of 1,580,926,138.26 yuan, representing a year-on-year increase of 4.69%, while the net profit attributable to shareholders decreased by 24.58% to 91,608,570.99 yuan, indicating potential challenges in profitability despite revenue growth [5]. Group 1: Business Model - The company adopts a production model based on "sales-driven production and standardized product safety stock" principles, with safety stock levels determined by historical sales and current orders [1]. - The procurement model categorizes materials into strategic, bottleneck, leverage, and general materials, ensuring a structured approach to supplier selection and procurement processes [2]. - The sales model focuses on a combination of direct sales and buyout distribution, emphasizing deepening domestic market penetration while exploring international markets [3]. Group 2: Financial Data - The company achieved a revenue of 1,580,926,138.26 yuan, a 4.69% increase from the previous year, while the net profit attributable to shareholders fell by 24.58% to 91,608,570.99 yuan [5]. - The company reported a net profit of 86,027,650.29 yuan after deducting non-recurring gains and losses, reflecting a 27.63% decline compared to the previous year [5]. Group 3: Shareholder Information - The total number of ordinary shareholders at the end of the reporting period and the month prior to the annual report disclosure is to be disclosed, along with the top ten shareholders [5]. Group 4: Important Matters - The company plans to apply for a comprehensive credit limit of up to 4 billion yuan from financial institutions to support operational needs [40]. - The board approved a cash dividend of 2.00 yuan per 10 shares, totaling 32,887,000.00 yuan, which represents 35.90% of the net profit attributable to shareholders [28]. - The company has proposed to use idle funds of up to 250 million yuan for purchasing financial products to enhance fund utilization efficiency [43].

Core Viewpoint - Sinopec reported a significant decline in investment income, with a year-on-year decrease of 69.9% to 1.647 billion yuan, resulting in a loss of 3.825 billion yuan in the first quarter of 2025, primarily due to the accounting performance of derivative settlements and the impact of downstream joint venture company performance [1] Group 1 - Sinopec's financial derivatives business aligns with regulatory requirements and aims to stabilize price fluctuations and mitigate market risks [1] - The company's derivative business operations were reported to be healthy and stable in the first quarter [1] - The changes in profit and loss from hedging activities are attributed to the accounting representation of derivative business settlements [1] Group 2 - The performance of Sinopec's joint ventures, primarily focused on downstream operations, experienced a year-on-year decline in the first quarter [1]

撰写品种：PTA 撰写时间：2025 年 4 月 28 日 回顾周期：周度 研究员 ：何宁 咨询证号：Z0001219 PTA 周度报告 一、博弈情绪消退，市场波动下降 海外关税情绪影响逐渐消退，博弈方向由情绪博弈转向未来基本面预期博弈，市场 对未来经济的担忧驱动美元指数快速下跌，美元指数重新选择震荡中枢。市场情绪消退 后，原油成交量有所收缩，行情波动率下降，暂时维持反弹震荡格局。TA 市场行情主 要受原油价格波动影响，原油价格企稳对 TA 支撑亦相对明显，市场悲观情绪得到一定 改善。当前海外关税仍然没有"尘埃落定"，市场衰退预期明显加强，潜在风险仍然存 在，需要更加注重风险防控并做好套期保值准备。 图1：原油主力合约日K 走势 图片来源：国金期货行情软件 关税目前对供需方面当前影响不大，TA 更多是受到市场情绪影响，市场回归交易 公司热线：028 6130 3163 研究所邮箱：institute@gjqh.com.cn 投诉：4006821188 供需逻辑后，需求旺季周期现货偏强，多次期货价格调整过程中，现货仍然维持相对 强硬状态。现货偏强是 TA 期货良好的支撑，但预期偏弱仍然表示市场存在调整风 险。市 ...

Core Viewpoint - The company reported a decline in total revenue for 2024, but the growth in its gold business presents a new opportunity for future performance improvement [1][4]. Revenue Performance - In 2024, the company achieved total revenue of 5.133 billion yuan, a decrease of 4.48% compared to 5.373 billion yuan in 2023 [4]. - The revenue decline has been a trend since 2020, with revenues dropping from 8.714 billion yuan to 5.133 billion yuan over the years [4]. Gold Business Growth - The gold business has emerged as a highlight, with the South African Onikin Mine officially commencing production in December 2024, leading to a steady increase in gold output in the first quarter of 2025 [4]. - During the reporting period, the company extracted 87,586 tons of gold ore, an increase of 22,565 tons year-on-year, and produced 182.91 kg of gold, with sales reaching 181.70 kg [4]. Profitability and Cost Control - The company reported a net profit of -97 million yuan, an improvement from -108 million yuan in 2023, reflecting a year-on-year increase of 10.28% [5]. - This improvement is attributed to effective cost control measures, including a successful strategy for stable production of cathode copper, which saw production rise to 7,888 tons, an increase of 2,137 tons year-on-year [5]. Sulfuric Acid and Cobalt Hydroxide - The production and sales of sulfuric acid increased to 62,883 tons and 41,808 tons, respectively, showing year-on-year increases of 2,755 tons and 6,861 tons [5]. - The rebound in cobalt hydroxide prices contributed to some impairment reversals, further enhancing the company's financial condition [5]. Risk Management and Financial Strategies - The company continued to implement hedging and derivative trading to manage market volatility, with a maximum hedging position for self-produced cathode copper set at 12,000 tons [6]. - As of March 31, 2025, the company had margin for futures contracts amounting to 1,491,008.50 yuan, and for commodity derivatives, 71,380 yuan, all within the approved limits [6]. - The company also utilized structured deposits and asset pledges to enhance funding efficiency, conducting one related transaction with an authorized amount of 580 million yuan [6].

登录新浪财经APP 搜索【信披】查看更多考评等级 证券代码：001331 证券简称：胜通能源 公告编号：2025-006 胜通能源股份有限公司2024年年度报告摘要 一、重要提示 本年度报告摘要来自年度报告全文，为全面了解本公司的经营成果、财务状况及未来发展规划，投资者 应当到证监会指定媒体仔细阅读年度报告全文。 所有董事均已出席了审议本报告的董事会会议。 非标准审计意见提示 □适用 √不适用 董事会审议的报告期利润分配预案或公积金转增股本预案 √适用 □不适用 是否以公积金转增股本 √是 □否 公司经本次董事会审议通过的利润分配预案为：以201,600,000股为基数，向全体股东每10股派发现金红 利0元（含税），送红股0股（含税），以资本公积金向全体股东每10股转增4股。 董事会决议通过的本报告期优先股利润分配预案 1）上游多元化采购降低成本 公司根据境内外LNG价格情况，积极寻找价差空间，除主要供应商中海油气电外，公司亦向中石化、 其它LNG运营商进行询价寻找合适的采购价格。公司已获得国家管网托运商准入资格，可以择机进行 窗口期采购。 2）中游稳步提升槽车运转能力 公司募投项目主要为购置LNG车辆，增加 ...

Core Viewpoint - The "Worry-Free Storage" project by Zhengzhou Commodity Exchange has significantly supported the management of urea reserves, enhancing national food security and addressing the challenges faced by storage enterprises in the urea market [1][4][5] Group 1: Project Overview - The "Worry-Free Storage" project was launched in early 2021 and has expanded its scale over the past five years, providing risk management support for 4.95 million tons of urea across 99 storage enterprises, covering approximately half of the national commercial urea reserves [1][4] - In the 2024-2025 period, the project achieved a breakthrough by including provincial-level fertilizer reserves from Anhui, Sichuan, and Hebei, marking an enhancement in its service capabilities [1][4] Group 2: Addressing Storage Challenges - Urea's unique production and seasonal usage characteristics create a supply-demand mismatch, prompting the government to implement various reserve systems since 1998 [1][2] - The project addresses the urgent need of storage enterprises to mitigate the risk of commodity devaluation, which has been exacerbated by the current market conditions where prices do not follow traditional seasonal patterns [2][3] Group 3: Financial Support and Risk Management - The project provides financial support for storage enterprises, covering costs associated with futures trading, delivery, and warehouse receipts, effectively closing risk exposure during the storage period [2][3] - Companies like Yuntu Holdings have successfully utilized the project to hedge against price declines, with urea prices dropping from around 1800-2000 RMB/ton to losses of 300-400 RMB/ton during storage [2][3] Group 4: Expansion and Impact - The project has expanded its coverage to all regions of the country, with trial enterprises managing a storage volume of 1.94 million tons, representing about half of the national urea commercial reserves [3][4] - The initiative has been recognized as a beneficial exploration by Zhengzhou Commodity Exchange, effectively reconciling the conflict between immobile goods during storage and fluctuating prices [4][5]