修订时间：2025 年 8 月 无锡蠡湖增压技术股份有限公司 期货套期保值业务管理制度 第一章 总则 第一条 为了规范无锡蠡湖增压技术股份有限公司（以下简称"公司"）的 套期保值业务，发挥套期保值业务在公司生产经营中规避价格风险的功能，根据 《中华人民共和国证券法》《期货交易管理条例》《深圳证券交易所上市公司自 律监管指引第 2 号——创业板上市公司规范运作》《深圳证券交易所上市公司自 律监管指引第 7 号——交易与关联交易》等有关法律法规、规范性法律文件和 《无锡蠡湖增压技术股份有限公司章程》（以下简称"《公司章程》"）的规定， 结合公司实际情况，制定本制度。 第二条 本制度所称"期货套期保值业务"是指：公司以规避生产经营中使 用的主要原材料价格波动所产生的风险为目的，结合销售和生产采购计划，进行 境内期货交易所上市标准化期货合约的交易，实现抵消现货市场交易中存在的价 格波动风险，以此达到稳定采购成本的目的，保障公司业务稳步发展。 第三条 本制度同时适用于公司及全资、控股子公司等合并报表范围内的子 公司（以下简称"子公司"）的商品期货套期保值业务。子公司的商品期货套期 保值业务由公司进行统一管理、操作。未经 ...

证券代码：000635 证券简称：英力特 公告编号：2025-046 宁夏英力特化工股份有限公司 第九届董事会第四十次（临时）会议决议公告 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。 近日，田少平先生因工作调整原因辞去公司董事、董事长及董事 会专门委员会委员及主任委员职务。为保证公司董事会规范运行，经 股东单位国能英力特能源化工集团股份有限公司推荐，公司董事会提 名委员会资格审查，第九届董事会第四十次（临时）会议审议通过了 《关于增补提名第九届董事会非独立董事的议案》，同意提名李勇先 生为公司第九届董事会非独立董事候选人，并同意将《关于补选第九 届董事会非独立董事的议案》提交公司2025年第四次临时股东大会审 议。 公司《关于增补提名第九届董事会非独立董事的公告》刊载于同 日巨潮资讯网。 一、董事会会议召开情况 第四十次（临时）会议通知于2025年7月29日以专人送达或电子邮件 方式向公司董事发出。 二、董事会会议审议情况 第九届董事会非独立董事的议案》； 年度PVC期货套期保值业务的议案》。 公司开展期货套期保值业务，可以在一定程度上规避商品价格波 动的 ...

Group 1 - The core viewpoint of the articles emphasizes the importance of futures hedging for copper and rubber processing companies to stabilize their production and operations amid price fluctuations [1][5][10] - Copper prices have risen significantly this year, with New York copper increasing over 20% and Shanghai copper rising more than 6% [1] - A copper processing company in Ningbo successfully managed rising raw material costs through futures contracts, maintaining orderly production despite price increases [1][3] Group 2 - The company purchased 100 tons of copper futures at 73,000 yuan per ton in January, anticipating a need for raw materials in April [3] - By April, the copper price rose to 78,000 yuan per ton, but the futures contracts offset the increased procurement costs, effectively neutralizing the impact of price volatility [5][7] - The rubber processing industry also utilized futures hedging to manage price fluctuations, with a significant drop in rubber prices exceeding 20% since the beginning of the year [9][10] Group 3 - A rubber company in Hunan, which produces 650,000 tons annually, faced minimal impact from falling rubber prices due to effective futures hedging strategies [9] - The company locked in profits by selling 10,000 tons of rubber futures at 18,000 yuan per ton, despite the market price dropping to 14,000 yuan at delivery [12] - This strategy allowed the company to mitigate losses to zero, demonstrating the effectiveness of futures contracts in managing price risks [12]

Core Viewpoint - Zhejiang Hongchang Electric Technology Co., Ltd. (referred to as "Hongchang Technology") announced plans to engage in commodity futures hedging with a maximum trading guarantee amount of 40 million yuan to mitigate the impact of raw material price fluctuations on its operations [1][2]. Group 1: Company Strategy - The primary goal of the futures hedging business is to stabilize the cost structure of its main operations and enhance the stability of profitability by utilizing the price discovery and risk hedging mechanisms of the futures market [1][2]. - Hongchang Technology's direct material costs constitute a significant portion of its main business costs, making it vulnerable to fluctuations in raw material prices, which include enameled wire, plastic raw materials (PP/PA), and metal components [2][3]. Group 2: Industry Insights - Analysts indicate that the supply of copper concentrate has been tight, with smelting and processing fees (TC) declining to negative levels, while demand for copper continues to grow due to the development of the new energy industry and domestic policy expectations [1][2]. - The copper price is expected to maintain a strong trend in the short to medium term, supported by tight supply and expanding applications in solar, wind, and electric vehicle sectors [2][3]. - The upcoming traditional peak season ("Golden September and Silver October") may lead to further price increases for copper in the latter part of the third quarter and early fourth quarter [2].

Group 1: Investment Ratings - There is no information provided about the industry investment rating in the given report. Group 2: Core Views - The short - term trend of nickel and stainless steel is mainly volatile, and attention should be paid to the support of nickel iron [1] - The intraday trend of Shanghai nickel was volatile, with no obvious logical changes in the fundamentals. The first - phase benchmark price for Indonesia in August was released, nickel ore prices stabilized with a slight upward movement, and downstream products were differentiated. Nickel iron prices continued to decline, and stainless steel showed a relatively strong intraday trend, but the stability of its current position remains to be tested. Macroscopically, the movement of the US dollar index can be followed [4] Group 3: Summary by Related Catalogs Price and Volatility - The predicted price range of Shanghai nickel is 118,000 - 126,000 yuan/ton, with a current 20 - day rolling volatility of 15.17% and a historical percentile of 3.2%. The predicted price range of stainless steel is 12,500 - 13,100 yuan/ton, with a current 20 - day rolling volatility of 9.27% and a historical percentile of 1.8% [2] Risk Management Strategies Nickel - **Inventory Management**: When product sales prices fall and inventory has a risk of impairment, short Shanghai nickel futures according to inventory levels to lock in profits and hedge against spot price decline risks (sell 60% of NI main contracts), and sell call options (sell 50% of over - the - counter/on - exchange options) [2] - **Procurement Management**: When a company has future production procurement needs and is worried about rising raw material prices, buy Shanghai nickel forward contracts according to the production plan to lock in production costs on the futures market, sell put options, and buy out - of - the - money call options, with trading volumes based on the procurement plan [2] Stainless Steel - **Inventory Management**: When product sales prices fall and inventory has a risk of impairment, short stainless steel futures according to inventory levels to lock in profits and hedge against spot price decline risks (sell 60% of SS main contracts), and sell call options (sell 50% of over - the - counter/on - exchange options) [3] - **Procurement Management**: When a company has future production procurement needs and is worried about rising raw material prices, buy stainless steel forward contracts according to the production plan to lock in production costs on the futures market, sell put options, and buy out - of - the - money call options, with trading volumes based on the procurement plan [3] Market Conditions Nickel - The latest values of Shanghai nickel main continuous, continuous 1, continuous 2, and continuous 3 contracts are 120,910 yuan/ton, 120,910 yuan/ton, 121,060 yuan/ton, and 121,230 yuan/ton respectively, with daily changes of 0%, 0.23%, 0.27%, and 0.27%. The latest value of LME nickel 3M is 15,105 US dollars/ton, with a daily change of 0.30%. Trading volume decreased by 29.62% to 84,818 lots, open interest decreased by 5.16% to 90,543 lots, and the number of warehouse receipts decreased by 1.17% to 20,923 tons. The basis of the main contract increased by 75.0% to - 1,190 yuan/ton [6] Stainless Steel - The latest values of stainless steel main continuous, continuous 1, continuous 2, and continuous 3 contracts are 12,960 yuan/ton, 12,960 yuan/ton, 13,005 yuan/ton, and 13,035 yuan/ton respectively, with daily changes of 0%, 0.27%, 0.27%, and 0.15%. Trading volume decreased by 34.70% to 79,826 lots, open interest decreased by 1.74% to 85,949 lots, and the number of warehouse receipts decreased by 0.06% to 102,865 tons. The basis of the main contract increased by 4.55% to 345 yuan/ton [7] Industry Inventory - Domestic social nickel inventory is 39,486 tons, a decrease of 795 tons from the previous period; LME nickel inventory is 211,254 tons, an increase of 2,172 tons; stainless steel social inventory is 966.2 tons, a decrease of 1.2 tons; nickel pig iron inventory is 33,415 tons, an increase of 182 tons [8] Factors Affecting the Market Positive Factors - Indonesia's APNI plans to revise the HPM formula and include elements such as iron and cobalt; Indonesia shortens the nickel ore quota license period from three years to one year; the construction of the Yarlung Zangbo River Hydropower Station may increase the demand for stainless steel; nickel iron trading is warming up [6] Negative Factors - Stainless steel enters the traditional off - season of demand, and inventory reduction is slow; pure nickel inventory is high; nickel ore seasonal inventory increases, and the bottom support is somewhat weakened; Sino - US tariff disturbances still exist [6]

Core Viewpoint - The company is expanding its futures hedging business to mitigate the risks associated with price volatility of Mongolian coking coal and other commodities, enhancing its financial stability and operational resilience [1][2][3]. Group 1: Adjustment Reasons and Trading Purpose - The company focuses on supply chain trading of Mongolian coking coal, which has experienced significant price fluctuations due to various factors such as supply and demand, costs, policies, and international markets [1][2]. - To further hedge against price volatility risks, the company is increasing the scale of its futures hedging business and raising the upper limit for futures trading [1][2]. Group 2: Adjusted Trading Amount - The maximum trading margin and premium for the futures hedging business is set to not exceed RMB 200 million or equivalent in other currencies [2][3]. - The maximum contract value held on any trading day is expected to not exceed RMB 1 billion or equivalent in other currencies [2][3]. Group 3: Funding Sources and Trading Methods - The funding for the futures hedging activities will come from the company's own funds, without involving raised capital [3]. - The trading methods include selling hedges on existing inventory, hedging fixed-price purchase and sales contracts, and hedging expected procurement or production volumes [3][4]. Group 4: Trading Duration and Approval Process - The authorization period for the futures hedging business is set for 12 months from the date of board approval [4]. - The adjustment of the futures hedging business was approved by the company's board without the need for shareholder meeting approval [2][4]. Group 5: Impact on the Company and Accounting Treatment - The futures hedging business is aligned with the company's operational needs and aims to mitigate adverse impacts from price fluctuations in bulk mineral products [4]. - The company will conduct accounting for the futures hedging business in accordance with relevant regulations from the Ministry of Finance [4].

Summary of Key Points Core Viewpoint - Anhui Construction Group is actively engaging in financial strategies to enhance its operational efficiency and liquidity through futures hedging and bond issuance. Group 1: Trading Information - On July 18, 2025, Anhui Construction's stock closed at 4.8 yuan, with a slight increase of 0.21% and a turnover rate of 0.77% [1] - The trading volume was 132,800 shares, with a total transaction value of 63.6564 million yuan [1] - The net outflow of main funds was 10.5222 million yuan, accounting for 16.53% of the total transaction value [3] Group 2: Company Announcements - The ninth meeting of the ninth board of directors approved a proposal for Anhui Construction's subsidiary to engage in steel futures hedging, with a maximum trading margin of 15 million yuan and a maximum contract value of 150 million yuan [1][3] - The board also approved the establishment of a management method for futures hedging business, with unanimous support from all attending directors [1] - Anhui Construction's subsidiary, Anhui Construction Road and Bridge Group, has received approval to issue up to 1 billion yuan in short-term financing bonds and 2 billion yuan in medium-term notes [2][3]

Core Viewpoint - The series of seminars organized by Zhengzhou Commodity Exchange aims to educate industry participants about the upcoming launch of propylene futures and options, emphasizing the importance of these financial instruments in managing risks for the real economy [1][4]. Group 1: Seminar Details - The seminars took place from June 20 to July 8 across six locations: Shandong, Guangdong, Zhejiang, Hebei, Tianjin, and Liaoning, with a focus on how propylene futures can serve the industry [1]. - The events featured industry experts discussing global market dynamics, contract design, and practical applications of propylene futures, making complex financial tools more accessible [1][3]. - Participants showed high engagement, with over 100 attendees in Shandong and more than 150 in Guangzhou, indicating strong interest in risk management tools [1]. Group 2: Industry Insights - Shandong enterprises, being sensitive to price fluctuations, view propylene futures as a stabilizing force for their operations [2]. - Experts advised companies to clarify their participation goals, ensure proper risk management processes, and avoid excessive hedging [2]. - The seminars addressed the knowledge gap for companies wanting to engage with propylene futures and options, with attendees expressing appreciation for the timely and relevant training [2][3]. Group 3: Future Participation - Companies are eager to utilize propylene futures and options for hedging and profit stabilization once these instruments are launched [2][4]. - The training sessions have effectively spread awareness about the role of futures and options in price discovery, risk management, and resource allocation within the propylene industry [4]. - Market participants are preparing to leverage these financial tools to enhance their operational strategies and improve their competitive positioning [4].

Group 1 - The board of directors of Anhui Construction Group Co., Ltd. held its ninth meeting on July 18, 2025, with all seven directors present, complying with the Company Law and Articles of Association [1] - The board approved the proposal to conduct steel futures hedging business, allowing a maximum trading margin of RMB 15 million and a maximum contract value of RMB 150 million on any trading day, valid for 12 months from the approval date [1] - The proposal for the establishment of a "Futures Hedging Business Management Method" was also approved unanimously by the board [2]

Core Viewpoint - The transformation of the glass industry in Shahe, Hebei Province, showcases the evolution from a small workshop to a modern industrial cluster, highlighting China's manufacturing upgrade and the development of new productive forces [1][4]. Industry Development - The Shahe glass industry has evolved from producing low-end building glass using recycled materials to adopting advanced technologies like float glass production, significantly enhancing efficiency and reducing energy consumption [3][4]. - Currently, Shahe produces 20% of the national glass output, with over 600 deep processing enterprises and more than 1,000 product varieties, establishing itself as one of the largest glass industry hubs in China [4]. Technological Innovation - The industry has embraced automation and intelligent production, with companies like Dejin Glass implementing unmanned operations and real-time monitoring systems to enhance production efficiency [2][3]. - The focus on high-end, intelligent, and green production has led to the establishment of advanced production lines for automotive glass and other high-tech applications, breaking foreign technology monopolies [3][4]. Futures Market Impact - The introduction of glass futures has enabled local enterprises to manage risks associated with seasonal price fluctuations and inventory challenges, transitioning from passive to proactive risk management strategies [5][6][7]. - The futures market has become an essential tool for over 80% of glass production capacity in Shahe, facilitating better resource allocation and production planning [8]. Collaborative Efforts - The glass industry in Shahe has developed a collaborative ecosystem where production, trade, and processing enterprises work together to utilize futures for risk management, enhancing overall industry resilience [8][9]. - Future initiatives will focus on integrating price management, financial circulation, and technological upgrades to further advance the industry's transformation towards high-end, intelligent, and green production [8][9].