【#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。 ...

A07·公司纵横 ...

Core Viewpoint - Ningbo Fangzheng plans to issue short-term financing bonds and engage in hedging activities to mitigate risks from raw material price fluctuations and exchange rate volatility [2][5]. Trading Information Summary - As of February 3, 2026, Ningbo Fangzheng's stock closed at 23.79 yuan, up 1.41%, with a turnover rate of 2.22%, trading volume of 23,900 shares, and a transaction value of 56.31 million yuan [1]. - On the same day, the net outflow of main funds was 3.20 million yuan, while retail investors experienced a net outflow of 1.95 million yuan, and speculative funds saw a net inflow of 5.15 million yuan [1][4]. Company Announcement Summary - The company held its 20th meeting of the third board of directors on February 2, 2026, where it approved several proposals, including the issuance of short-term financing bonds and the initiation of hedging activities, which will require shareholder approval [1][2]. - The upcoming temporary shareholders' meeting is scheduled for February 27, 2026, to discuss the proposed issuance of short-term financing bonds and hedging activities, with a record date of February 12, 2026 [2]. - The company plans to conduct hedging activities with a maximum margin or premium of 60 million yuan and a maximum contract value of 500 million yuan per trading day, focusing on commodities like aluminum and copper, as well as foreign exchange [2][4]. Internal Control and Disclosure Management - The company has established a debt financing tool information disclosure management system to ensure compliance with relevant regulations and to maintain transparency in its operations [3]. - An internal control system for hedging activities has also been implemented, outlining the scope of business, trading principles, organizational responsibilities, and risk control measures [3].

Core Viewpoint - To mitigate the risk of inventory impairment due to falling gold prices, gold leasing has become a standard practice for some jewelry companies, with Zhou Dasheng announcing a maximum trading limit of 4,000 kilograms for its gold leasing business in 2026 [5][10]. Group 1: Company Actions - Zhou Dasheng has conducted gold leasing annually since its listing in 2017, with trading limits increasing from 1,500 kilograms to 5,000 kilograms over the years [5][7]. - The company’s board approved a proposal for gold leasing in 2026, allowing transactions up to 80% of its total gold inventory, capped at 4,000 kilograms [5][10]. - Other companies, such as Chaohongji and Hunan Gold, have also engaged in gold leasing to optimize financing and manage risks associated with gold price fluctuations [8][11]. Group 2: Risk Management Strategies - Gold leasing serves dual purposes: risk management against inventory impairment from falling gold prices and optimizing financing costs [8][10]. - Companies typically engage in hedging operations alongside leasing to counteract potential losses from rising gold prices, ensuring stable operational costs [10][12]. - The risk management framework should include careful determination of leasing scale and duration based on gold price trends, effective use of hedging tools, and enhanced transparency in contract design and accounting practices [12]. Group 3: Market Context - The international gold prices have seen significant fluctuations, with a notable increase of over 70% in 2025, prompting companies to adopt leasing as a strategy to manage costs [10][11]. - The current market environment, characterized by rising gold prices, has led companies to prefer leasing over direct purchases to mitigate price risk and reduce cash outlay [8][10].

Core Viewpoint - The article discusses how jewelry companies, including Zhou Dasheng, are increasingly adopting gold leasing as a standard practice to mitigate inventory impairment risks due to falling gold prices [1][3]. Group 1: Gold Leasing Business - Zhou Dasheng announced a maximum gold leasing transaction limit of 4,000 kilograms for the year 2026, approved by its board of directors [2][3]. - Since its listing in 2017, Zhou Dasheng has engaged in gold leasing annually, with transaction limits increasing from 1,500 kilograms to a peak of 5,000 kilograms [5][6]. - Other companies like Chao Hong Ji, China Gold, and Hunan Gold have also engaged in gold leasing, typically renting gold from banks in tonnage and often employing hedging strategies [1][5]. Group 2: Risk Management and Financial Optimization - Companies utilize gold leasing primarily for risk management and optimizing financing costs, allowing them to avoid large upfront cash investments in raw materials [6][7]. - By leasing gold, companies can establish a risk position that counteracts the price fluctuations of their owned inventory, effectively hedging against potential impairment losses [6][7]. - The leasing arrangement allows companies to manage cash flow more efficiently, freeing up capital for other operational activities [6]. Group 3: Market and Accounting Risks - The article highlights that gold leasing can lead to actual losses if gold prices rise significantly during the leasing period, as companies would face higher costs to repurchase gold for return [7][8]. - Accounting measurement risks arise from the need to recognize fair value changes during the lease period, which can negatively impact reported profits even if the company plans to hold the leased gold until maturity [7][8]. - Companies are advised to enhance their risk management frameworks and operational discipline to mitigate these risks, including careful determination of leasing scales and terms based on market expectations [9]. Group 4: Hedging Strategies - Companies often engage in hedging operations alongside gold leasing, such as entering into forward contracts to lock in future costs for repaying leased gold [8][9]. - The strategy aims to stabilize operating costs and ensure predictability, allowing companies to focus on production rather than speculation on gold prices [8][9]. - The article notes that international gold prices have seen significant increases, with a rise of over 70% in 2025, emphasizing the importance of effective risk management in the current market environment [8].

Core Viewpoint - The company has established a hedging management system to manage the risks associated with raw material price fluctuations [1] Group 1: Risk Management - The company utilizes futures hedging to lock in copper prices for forward orders, allowing for effective cost risk mitigation through the offsetting of gains and losses between futures and spot markets [1] - Rising copper prices have increased the company's cost expenditures, impacting its funding requirements [1] Group 2: Compliance and Control - The company strictly adheres to relevant regulations and implements risk control measures to ensure business compliance and stability [1]

证券日报网讯 2月3日，豫光金铅在互动平台回答投资者提问时表示，公司作为有色金属冶炼企业，白 银是主要产品之一，其价格波动会影响公司现货端盈利，但公司已通过持续优化的套期保值策略对冲相 关风险，以减少价格波动对经营业绩的潜在影响、保障公司稳健运营。公司严格遵循既定套保方案，根 据生产经营计划与库存情况动态调整套保比例，期货端损益与现货端损益形成有效对冲，整体经营利润 保持相对稳定。目前，公司生产经营一切正常，相关财务数据请以公司在法定信息披露媒体发布的公告 为准。 （文章来源：证券日报） ...

期货日报网讯（记者 刘威魁）受供需多重因素持续影响，近期碳酸锂价格波动较大，为助力市场参与 者把握碳酸锂产业发展格局及未来趋势，加深对期货业务规则的理解，增强风险防范意识和能力，1月 30日，广期所在上海举办"新能源·向未来"碳酸锂业务专题培训，通过"现场+线上直播"相结合的模式， 面向期货公司分析师、产业企业及投资者等市场参与者，系统化讲解碳酸锂市场的运行情况，有效帮助 市场参与者及时把握行业动态、合理运用期货工具。据悉，本次活动共吸引期货公司、产业客户及其他 投资者等共计近2500人参与。 产业企业应注重加强风险管理 在国家"双碳"战略指引下，锂电产业发展迅猛，成为推动全球能源绿色低碳转型的重要引擎，产业地位 不断提升。我国锂产业在产业规模、技术经济指标、综合竞争力等方面成果突出，在全球具有一定影响 力。 2025年以来，受供需多重因素持续影响，碳酸锂价格波动较大。相关数据显示，2025年，碳酸锂价格呈 现"先抑后扬、触底反转"态势，上半年从7.8万元/吨阴跌至6月的5.9万元/吨；下半年受江西锂矿减产、 储能需求增长影响，价格反弹，四季度主力合约突破13万元/吨，较年内低点翻倍。 自碳酸锂期货上市以来， ...

Group 1 - The core point of the announcement is that Zhou Dazheng Jewelry Co., Ltd. has approved the implementation of gold leasing and forward trading business for the year 2026 to mitigate risks associated with gold price fluctuations [1][9]. Group 2 - Gold leasing involves borrowing gold from banks for production and operations, with the company paying rental fees and returning equivalent gold at the end of the lease [1]. - The maximum limit for gold leasing transactions is set at 80% of the company's total gold inventory, not exceeding 4,000 kg, and the trading limit can be used on a rolling basis [3]. - The company will authorize its legal representative or designated personnel to manage the leasing operations within the approved limits [4]. - The financial department will negotiate with banks for specific leasing terms, with individual leases not exceeding 12 months and rates capped at the benchmark bank loan interest rate [5]. Group 3 - The gold forward trading and leasing combination business aims to lock in gold prices to mitigate risks from price fluctuations during leasing [9][10]. - The expected trading volume for the combination business is also capped at 4,000 kg, with no additional collateral required beyond the bank's credit limit [12]. - The company will only engage in this business to hedge against price fluctuations, avoiding speculative trading [10]. Group 4 - The board meeting held on January 30, 2026, approved the proposals for both gold leasing and the combination business, with unanimous support from all attending directors [19][21][23]. - The company plans to apply for a bank credit limit of up to 4 billion RMB for various financing needs, including gold leasing [20].

Core Viewpoint - Ningbo Fangzheng plans to issue short-term financing bonds and engage in hedging activities to mitigate risks associated with raw material price fluctuations and exchange rate volatility [1][4][8]. Trading Information Summary - As of February 2, 2026, Ningbo Fangzheng's stock closed at 23.46 yuan, up 2.22%, with a turnover rate of 4.21%, trading volume of 45,300 shares, and a transaction value of 107 million yuan [1]. - On the same day, the net outflow of main funds was 3.49 million yuan, while retail investors saw a net inflow of 5.99 million yuan [1][5]. Company Announcement Summary - The third board meeting on February 2, 2026, approved several proposals, including the issuance of short-term financing bonds and the initiation of hedging activities, which will require shareholder approval [1][8]. - The first temporary shareholders' meeting of 2026 is scheduled for February 27, 2026, to vote on the proposed bond issuance and hedging activities [2][5]. Hedging Business Analysis - Ningbo Fangzheng plans to conduct commodity futures and foreign exchange hedging to reduce the impact of raw material price and exchange rate fluctuations on its operations [3][4]. - The maximum total margin and premium for the hedging activities will not exceed 60 million yuan, with a maximum contract value of 500 million yuan per trading day [3][4]. Internal Control and Disclosure - The company has established an internal control system for hedging activities, outlining the scope, trading principles, and risk management measures, prohibiting speculative trading [7]. - A disclosure management system for debt financing tools has been implemented to ensure compliance with relevant regulations and timely reporting of significant events [6].