Core Viewpoint - The listing of propylene futures and options on the Zhengzhou Commodity Exchange enhances the variety of the domestic futures market and provides significant changes for the propylene industry chain [1][3]. Industry Overview - Propylene is a crucial basic chemical product and the largest olefin variety in China, with a projected apparent consumption of 55.36 million tons and a market size of approximately 384.5 billion yuan in 2024 [1]. - The propylene industry features active trade, convenient storage, and broad demand, which will be better supported by the new futures and options [3]. Market Dynamics - The listing of propylene futures and options will meet the diverse needs of various market participants, enhancing market liquidity [3]. - Upstream producers can lock in production profits through selling hedges, while downstream companies can secure low raw material prices through buying hedges [3]. Risk Management - The new financial instruments will provide richer risk management tools for industry chain enterprises, enhancing resilience and supporting high-quality development [3][4]. - The introduction of these products is expected to improve the health of the national propylene industry chain by offering effective inventory valuation and processing range hedging tools [4]. International Trade - Domestic propylene companies are actively expanding into overseas markets, but they often rely on less representative and transparent foreign pricing sources [4]. - The new futures and options are anticipated to enhance the international influence of Chinese propylene prices, thereby improving trade efficiency for domestic enterprises [4]. Tool Diversification - The availability of both futures and options allows for more refined risk management, catering to the diverse and personalized needs of enterprises [4].

Core Viewpoint - The listing of propylene futures and options on the Zhengzhou Commodity Exchange is expected to enhance risk management tools for the propylene industry, improve pricing mechanisms, and support the transformation of China's chemical products from scale advantages to pricing advantages [3][12][14]. Industry Overview - Propylene is a crucial chemical raw material used in various daily products, including food packaging, sports equipment, and clothing [1]. - In 2024, China's propylene production capacity is projected to reach 69.73 million tons, with an output of 53.41 million tons and a market size of approximately 384.5 billion yuan [10]. Market Dynamics - The demand for propylene is primarily driven by polypropylene (PP), which accounts for 67.7% of propylene usage, followed by acrylonitrile at 6.6% [5]. - From 2014 to 2024, China's polypropylene production is expected to grow from 15.53 million tons to 37.75 million tons, reflecting a cumulative increase of 143.1% and an average annual growth rate of 9.3% [7]. Product Applications - Propylene is used to produce synthetic fibers, resins, and rubber, with significant applications in textiles, home appliances, automotive, and packaging industries [7]. - The production of polypropylene fibers (polypropylene) is expanding, with a projected output of 442,000 tons in 2024, marking a 5.7% year-on-year increase [8][9]. Industry Players - Major companies in the propylene sector include Rongsheng Petrochemical, which has a designed annual production capacity of 1.8 million tons for polypropylene, and Jilin Chemical Fiber, which holds a 40% share of global acrylic fiber production capacity [7][9]. Risk Management and Efficiency - The introduction of propylene futures and options is anticipated to provide companies with more diverse risk management tools, enhancing operational flexibility and efficiency [12][14]. - Companies are expected to utilize these financial instruments to stabilize supply chains, lock in prices, and optimize production costs [12][14]. International Market Influence - The listing of propylene futures and options is expected to enhance the international pricing influence of Chinese propylene, facilitating better participation of domestic companies in global markets [15]. Regulatory Framework - The Zhengzhou Commodity Exchange is committed to maintaining market stability and supporting the real economy by optimizing contract rules and promoting market development [16].

Core Viewpoint - The listing of propylene futures and options on the Zhengzhou Commodity Exchange is expected to enhance risk management tools for industry chain enterprises, thereby supporting high-quality development in the industry [1][4]. Group 1: Industry Significance - Propylene is a crucial basic chemical product with upstream raw materials including crude oil, naphtha, coal, methanol, and propane, and downstream products such as polypropylene and epoxy propane, which are widely used in various sectors [2][3]. - China is the world's largest producer and consumer of propylene, making its market stability vital for the chemical industry's high-quality development and the construction of a manufacturing powerhouse [2][3]. - The propylene industry faces challenges such as rapid upstream capacity expansion and insufficient downstream demand, highlighting the strong need for effective risk management [2][3]. Group 2: Market Impact - The introduction of propylene futures and options will provide effective pricing references, risk management, and resource allocation tools, enhancing the industry's resilience and supporting its transformation and upgrade [2][4]. - The futures and options will complement existing products like liquefied gas, methanol, and polypropylene, creating a more comprehensive risk management strategy for enterprises [4][5]. Group 3: Operational Benefits - The futures market will offer enterprises tools for hedging against price fluctuations, ensuring stable production and operations [4][6]. - The transparent and efficient nature of the futures market will provide authoritative price references, aiding enterprises in formulating better operational strategies [4][5]. - As the propylene futures market matures, China's influence on global propylene pricing is expected to increase, supporting domestic enterprises in international trade [4][6]. Group 4: Regulatory and Developmental Aspects - The Zhengzhou Commodity Exchange aims to maintain stable operations for the propylene futures and options market, focusing on serving the real economy and optimizing contract rules based on industry development [7].

Core Viewpoint - Zhang Xue's "Fixed Income +" fund has maintained a flexible and proactive investment style, successfully navigating market volatility and achieving positive returns through strategic asset allocation and risk management [1][20]. Group 1: Investment Strategy - Zhang Xue reduced the equity allocation in her fund from 18.56% in Q4 2022 to 7.41% by the end of Q1 2023, while increasing bond holdings, which helped stabilize the fund's net value amidst market fluctuations [1]. - The emphasis on timing and asset allocation has been a significant source of excess returns for Zhang Xue, who prefers to avoid marginal bets and focuses on risk-reward ratios [2][20]. - Zhang Xue's investment approach includes a preference for growth stocks in the equity portion, such as innovative pharmaceuticals and TMT sectors, rather than traditional dividend stocks [3][20]. Group 2: Market Analysis and Adaptation - Zhang Xue's unique career path, including nearly seven years in banking, has provided her with a broad macroeconomic perspective, which she applies to her investment decisions [6]. - The current low-interest-rate environment has prompted Zhang Xue to seek products that balance risk and return, moving away from purely defensive strategies [19]. - In 2024, Zhang Xue noted that China's long-term bonds have entered a "no man's land," indicating a need for enhanced risk management in her portfolio [7]. Group 3: Research and Collaboration - Zhang Xue benefits from extensive research support from various teams within the company, including macro strategy and equity research, which enhances her investment decision-making process [13][16]. - The collaboration with research teams allows Zhang Xue to effectively navigate complex sectors like innovative pharmaceuticals, where she has developed a strong understanding through continuous engagement with industry experts [15][17]. - Zhang Xue's proactive approach includes tracking asset performance over extended periods before making investment decisions, ensuring that her portfolio remains aligned with market dynamics [10]. Group 4: Performance and Philosophy - Zhang Xue's investment philosophy emphasizes the importance of maintaining a balance between risk and growth, believing that China still has significant growth potential beyond traditional dividend-paying stocks [20]. - Her funds have consistently achieved positive returns, with annualized volatility lower than that of similar funds, reflecting her effective risk management and strategic asset allocation [20][21]. - Zhang Xue likens her investment style to that of an off-road vehicle driver, aiming to provide clients with a smooth investment experience despite market challenges [21].

Core Insights - The energy and chemical industry is facing significant challenges due to frequent market price fluctuations and increased operational pressures on companies [2] - Zhejiang X Trading Co., Ltd. (X Trading), a wholly-owned subsidiary of A Petrochemical Co., Ltd. (A Petrochemical), plays a crucial role in raw material procurement and product sales, engaging deeply in futures trading to hedge risks and enhance value [2][3] Group 1: Challenges Faced by the Company - Raw material cost control is a major challenge due to the complex and lengthy PTA industry chain, making it difficult for the company to predict and manage procurement costs of raw materials like crude oil and PX, which directly impacts profit stability [3] - The company needs to balance cost control and effective risk management, as traditional methods may be costly and ineffective [3] - In a volatile market, the company must adapt its operational strategies flexibly to enhance competitiveness, with effective risk management being key to achieving this goal [3] - Efficient hedging tools are necessary for the company to respond quickly to market price changes and reduce risk exposure [3] Group 2: Risk Management Strategies - A tailored comprehensive risk management plan was developed, including hedging strategies, basis trading strategies, and options insurance strategies [3] - The company utilized futures contracts for crude oil and PX to lock in raw material procurement costs and employed sell hedging on polyester product sales to mitigate price decline risks [3] - A professional team was established to provide full-service support, including advanced technical support and system integration for seamless trading and risk management [4] Group 3: Case Studies - In a case study, X Trading locked in production profits by buying crude oil and PX futures while selling PTA futures, establishing positions to secure PTA production profits amid fluctuating market conditions [5][6] - Another case involved using sell hedging and reverse hedging operations to mitigate the risk of inventory devaluation and basis risk due to excess PTA raw material inventory [8][9] - The effectiveness of these strategies was highlighted, demonstrating the importance of utilizing futures markets for hedging and risk management [10] Group 4: Evaluation of Strategies - The risk management plan allowed A Petrochemical to successfully lock in procurement costs and sales prices, effectively avoiding risks from market price volatility [12] - The company maintained stable profits despite significant price fluctuations in crude oil, PX, PTA, and polyester futures [12] - The implementation of risk management not only improved financial efficiency but also enabled the company to adapt its operational strategies in response to market changes, enhancing competitiveness [12]

内部审计制度 品茗科技股份有限公司 第一章 总则 第一条 为进一步规范品茗科技股份有限公司（以下简称"公司"）的内部审 计工作，明确内部审计机构和人员的职责，提高内部审计工作质量，促进经营管 理，提高经济效益，保护投资者合法权益，根据《中华人民共和国审计法》、 《审 计署关于内部审计工作的规定》等法律、法规、规范性文件及《品茗科技股份有 限公司》（以下简称"《公司章程》"）的有关规定，制定本制度。 第二条 本制度所称内部审计，是指由公司内部审计机构及人员，依据国家 有关法律、法规、财务会计制度和公司内部管理规定，对公司内部控制和风险管 理的适当性和有效性、财务信息的真实性和完整性以及经营活动的效率和效果等 开展的一种评价活动。 第三条 本制度所称内部控制，是指由公司董事会、经理层和全体员工实施 的、为了保证公司战略目标的实现，而对公司战略制定和经营活动中存在的风险 予以管理的相关制度安排。 第四条 内部审计机构和人员在公司董事会的领导下，独立、客观地行使职 权，对董事会负责，不受其他部门或者个人的干涉。 公司各内部机构或者职能部门、控股子公司应当配合内部审计机构依法履行 职责，不得妨碍内部审计机构的工作。 第 ...

精准定制：徽丰实业创新期权方案，助力生猪养殖保价增收 山东某具有区域影响力的生猪养殖一体化服务企业，在向集团核心客户及同业提供生猪保价服务过程 中，寻求更精细化的风险管理方案。徽商期货风险管理子公司——徽丰实业（上海）有限公司深度对接 客户需求，创新性地为分批投保的养殖户设计了增强亚式看跌期权保价方案。该方案核心在于缩短采价 期至客户集中出栏时段，并优化结算方式，从而精准对冲出栏期生猪价格下跌风险，显著提升保价效 果。其亮点在于：一是推动企业客户服务升级，依托该保价方案助力集团客户构建"保价合同+订单+融 资"的新模式，有效降低企业融资成本及银行资金风险；二是打造可复制推广模式，方案充分契合养殖 户按批次投保锁定目标价格、在集中出栏期采价锁定利润的现实需求，成功为全国农业企业、规模化种 养殖场及合作社提供了极具参考价值的农产品场外期权保价服务范本。 润物则广，向心而聚。公司将持续秉承徽商精神，坚持"感恩、合作、共赢、使命"的价值观，以更加完 备的服务体系、更加专业的服务水平、更加饱满的服务热情，竭力为广大产业客户提供更全面更优质的 服务，做品牌突出、行业领先的期货与衍生品服务商。 近日，徽商期货选送的《全方位 ...

Core Viewpoint - The article discusses the impact of political turmoil and escalating geopolitical tensions on the U.S. stock market, highlighting the emergence of decentralized finance (DeFi) as a new asset allocation strategy amid traditional market volatility [1][2]. Market Reactions - The U.S. stock market experienced significant fluctuations, with the Dow Jones falling by 0.32% and the S&P 500 also retreating, while the Nasdaq saw a slight increase of 0.05% [1]. - A peak of 19.32 in the CBOE Volatility Index (VIX) indicated heightened market fear, reflecting concerns over the independence of the Federal Reserve's policies [2]. Interest Rates and Decentralized Finance - The uncertainty surrounding interest rates pushed the 10-year U.S. Treasury yield to 4.453%, while trading volumes in cryptocurrencies increased by 17% on the XBIT decentralized exchange, suggesting a shift towards DeFi as a risk hedging tool [4]. - Despite a 2.3% drop in Bitcoin's price, trading depth for stablecoin USDT surged by 40% on the XBIT platform, indicating users' strategies to hedge interest rate risks through smart contracts [5]. Geopolitical Tensions and Risk Management - The geopolitical situation, particularly the Israeli airstrikes in Syria, has led to increased demand for safe-haven assets, with gold prices reaching a historical high of $3352 per ounce [6]. - The XBIT platform maintained a premium rate for its gold token (XAUt) below 0.8%, thanks to its innovative cross-chain oracle system that synchronizes prices in real-time [6]. Technological Innovations in Trading - XBIT's decentralized exchange has implemented three key technological advancements: Optimistic Rollup for faster transaction confirmations, a decentralized arbitration system, and liquidity fragmentation techniques [8]. - During market volatility, XBIT demonstrated resilience with no liquidity issues, maintaining a slippage of 0.1% for BTC/USD trades, and institutional trading volume increased by 12 percentage points to 38% [8]. Monetary Policy and Trading Strategies - Despite a 92% probability of the Federal Reserve maintaining interest rates in July, market expectations for a rate cut in September rose to 67% [9]. - XBIT introduced a unique "policy hedging" strategy allowing users to simultaneously short the dollar index and long gold tokens through smart contracts, simplifying complex hedging operations [9]. Evolving Asset Allocation Strategies - XBIT's "War and Peace" index fund dynamically adjusts asset allocations based on real-time geopolitical developments, achieving a 12.7% excess return compared to traditional strategies [11]. - The platform's "Black Swan Insurance" product offers full asset protection when the VIX exceeds 20, attracting interest from traditional institutions like pension funds [11].

回看上週五（18日）專欄點評：美團-W (03690.HK)：昨日探底，是否開始反彈走勢，開始一波升浪？也有看空投資者認為沒到均線，下周初還得調整。窩輪市場上， 有人留意行使價133元的認購證Simon:技術信號總結為"買入"。如果認同會升，參考阻力位在134.3元，剛好升穿保力加通道頂部。121.6元，第二個支持位在119.1元。 美團(03690)今日(7月21日)早盤延續升勢，截至9:50股價報132.5元，上漲4.48%，從技術面觀察，股價已成功突破MA10(122.3元)和MA30(129.84元)，但仍受 制於MA60(132.74元)的壓力，呈現區間震盪格局。RSI指標52處於中性區域，配合8.9%的5日振幅，顯示市場交投活躍但未出現過熱跡象，為投資者提供良 好操作空間。 | 信號總結 | 賣出信號 中立信號 | 買入信號 | | --- | --- | --- | | 100 000 000 員人 | O | | 關鍵位分析方面，下方121.4元構成即時支撐，若失守則可能下探118.8元；上方134元為短期重要阻力，突破後將挑戰137.8元關口。技術指標呈現分歧信 號，雖然MACD和保力加通道 ...

Core Insights - The lithium carbonate market has been experiencing a significant price decline, leading to operational challenges for companies across the supply chain [2][4] - CITIC Futures has innovated its asset management services to help lithium carbonate industry players manage risks and stabilize operations through financial tools [1][6] Industry Challenges - The lithium carbonate market has seen a prolonged "cooling" phase, with spot prices dropping from relatively high levels since the launch of futures in July 2023, falling below 60,000 yuan/ton by June 2025 [2] - Companies in the lithium carbonate sector are facing a dual decline in revenue and profits, resulting in increased operational pressure [2][5] Company Response - CITIC Futures has tailored customized solutions to meet the urgent needs of industry clients, focusing on risk management and stable operations through financial instruments [4][6] - The asset management team at CITIC Futures leverages its expertise to design and execute risk management and yield enhancement strategies centered around lithium carbonate futures and options [4][5] Strategy Implementation - The strategy aims to balance risk management with yield enhancement, capturing potential profit opportunities in the lithium carbonate market while controlling downside risks [5] - CITIC Futures assists clients in optimizing raw material procurement costs and providing effective value protection and yield enhancement for inventory management [5] Future Prospects - The innovative strategy represents a practical application of asset management services to support the stable development of enterprises, with potential for broader application across various commodity sectors [6] - The successful implementation of this strategy indicates a promising future for customized financial services, which can adapt to different market environments and extend to diverse areas such as cash management optimization [6]