1. Report Industry Investment Rating - Unilateral: The 12 - contract is expected to fluctuate, and the February contract is expected to fluctuate strongly. Arbitrage: None available [7] 2. Core View of the Report - The price of Maersk in the third week of January increased month - on - month, and the inflection point of freight rates still needs to be awaited. The cargo volume in December and January was at a relatively high level within the year. The valuation center of the 02 contract is constantly rising. The far - month contracts are facing the pressure of the Suez Canal's resumption of navigation, and their valuations are suppressed [1][4][5] 3. Summary According to the Directory I. Futures Price - As of December 30, 2025, the total open interest of all contracts of the container shipping index (European line) futures was 58,662.00 lots, and the single - day trading volume was 33,696.00 lots. The closing prices of EC2602, EC2604, EC2606, EC2608, EC2610, and EC2512 contracts were 1795.10, 1160.20, 1370.00, 1500.10, 1056.00, and 1308.00 respectively [6] II. Spot Price - On December 26, 2025, the SCFI (Shanghai - Europe route) price was $1690/TEU, the SCFI (Shanghai - West Coast of the United States) price was $2188/FEU, and the SCFI (Shanghai - East Coast of the United States) price was $3033/FEU. On December 29, the SCFIS (Shanghai - Europe) was 1742.64 points, and the SCFIS (Shanghai - West Coast of the United States) was 1301.41 points [6] III. Container Ship Capacity Supply - In January, the average weekly capacity was 306,200 TEU, and the capacities in WEEK2/3/4/5 were 314,900/278,900/333,100/298,000 TEU respectively. In February, the average weekly capacity was 274,500 TEU, and the capacities in WEEK6/7/8/9 were 316,800/319,200/217,800/244,400 TEU respectively. In January, there were 3 blank sailings (2 by the OA Alliance and 1 by the PA Alliance) and 1 TBN (1 by the OA Alliance). In February, there were 7 TBNs (4 by the OA Alliance, 3 by the MSC/PA Alliance) and 4 blank sailings (1 by the OA Alliance, 2 by the PA Alliance, and 1 by the Gemini Alliance). As of December 28, 2025, 260 container ships had been delivered in 2025, with a total capacity of 2.103 million TEU [3][6] IV. Supply Chain - The cease - fire mediation plan for Gaza is advancing, and the probability of the Suez Canal resuming navigation in 2026 is relatively high. Currently, Hapag - Lloyd said that if the Suez Canal resumes navigation, it is likely to happen after the Spring Festival in 2026. The resumption of the Suez Canal means an increase in effective capacity supply and the risk of further depressing freight rates [5] V. Demand and European Economy - The report does not provide specific content on this part, but the cargo volume in December and January was at a relatively high level within the year, and the signing process of long - term contracts by the OA Alliance and PA Alliance has accelerated [4]

Core Viewpoint - Zhejiang Dibay Electric Co., Ltd. plans to conduct commodity futures and foreign exchange hedging business in 2026 to mitigate risks associated with raw material price fluctuations and exchange rate changes [2][3][5] Group 1: Trading Information - On December 30, 2025, Dibay Electric's stock closed at 18.55 yuan, down 0.86%, with a turnover rate of 0.9% and a trading volume of 13,400 shares, amounting to a total transaction value of 24.96 million yuan [1] - On the same day, the net outflow of main funds was 2.9468 million yuan, accounting for 11.8% of the total transaction value; retail investors had a net inflow of 4.1773 million yuan, representing 16.73% of the total transaction value [1][5] Group 2: Company Announcements - The sixth board of directors of Dibay Electric held its third meeting on December 30, 2025, where it approved the proposal to engage in commodity futures and foreign exchange hedging for the year 2026 [2][3] - The company plans to use its own funds for hedging activities, with a maximum margin of 10 million yuan for copper and aluminum futures and 1 million USD for foreign exchange hedging, with contract values not exceeding 100 million yuan and 10 million USD respectively [2][3] - The hedging activities are set to take place from January 1 to December 31, 2026, and the company has established management systems and risk control measures to ensure that these activities are not speculative [2][3]

Core Viewpoint - The company, Qianhe Flavor Industry Co., Ltd., has announced the initiation of futures hedging business to mitigate the impact of raw material price fluctuations on its operations, with a focus on maintaining cost stability and competitive advantage [3][10]. Group 1: Announcement Details - The board of directors and the audit committee have approved the decision to engage in futures hedging business [2][9]. - The maximum trading margin to be utilized is capped at 20 million RMB, with the highest contract value held on any trading day not exceeding 200 million RMB, and these amounts can be reused within the specified period [4][25]. - The funding for this trading will come from the company's own funds and will not involve raised capital [5]. Group 2: Trading Specifications - The trading will occur on domestic commodity futures exchanges, focusing on futures contracts related to key raw materials such as soybeans, wheat, and sugar [6]. - The trading period is set for 12 months from the date of board approval, with management authorized to execute decisions within the approved limits [6][25]. Group 3: Risk Management - The company acknowledges the inherent risks associated with futures hedging, including market, funding, operational, technical, and policy risks, but emphasizes that the primary goal is not speculation or arbitrage [3][10]. - To manage these risks, the company has established a comprehensive internal control and risk management system, ensuring that the scale of hedging aligns with production needs and operational stability [13][15].

Group 1 - The company held its 19th meeting of the 9th Board of Directors on December 29, 2025, with all 11 directors present, including 4 independent directors [1][2][3] - The meeting approved the election of Hong Dingyou as a member of the Strategic Committee of the Board, effective immediately [2][17] - The company will provide financial assistance to its subsidiary, Zhejiang Environmental Group Ecological Research Institute, with a maximum amount of 19 million yuan for the period from January 1, 2026, to December 31, 2026 [5][21][22] Group 2 - The company plans to conduct a futures hedging business in 2026 with an annual investment amount of 350 million yuan, aimed at mitigating the impact of steel price fluctuations on its operations [9][36] - The financial assistance to the subsidiary is intended to address its operational funding shortages and ensure stable operations for the company as a whole [27][29] - The company will hold its first extraordinary shareholders' meeting of 2026 on January 14, 2026, at 14:30 at its headquarters [12][44]

Core Viewpoint - The company, Feinan Resources, is experiencing a positive impact on revenue due to the recent rise in international copper and silver prices, which is expected to enhance its earnings through metal price differentials. Group 1: Company Performance - As of December 26, 2025, Feinan Resources (301500) closed at 15.59 yuan, up 1.83%, with a turnover rate of 4.34%, a trading volume of 62,500 shares, and a transaction amount of 97.26 million yuan [1]. - The company primarily engages in hazardous waste disposal and recycling of non-ferrous metals, producing marketable products such as electrolytic copper, nickel powder, zinc ingots, tin ingots, gold ingots, silver ingots, and palladium powder [2]. Group 2: Revenue Mechanism - The company's profitability mainly derives from the price differential in metal purchases and sales, which increases when metal prices rise, positively affecting revenue and operational performance [2]. - The company utilizes futures contracts for price risk management of certain metal inventories, focusing on balancing the risks of price fluctuations rather than speculative trading [2]. Group 3: Market Dynamics - On December 26, the net outflow of main funds was 1.8557 million yuan, indicating a slight reduction in holdings by major investors, while retail investors showed a net inflow of 265,000 yuan [3].

Core Viewpoint - Jiangte Electric, a lithium salt producer, has incurred significant losses due to short-selling lithium carbonate futures, as prices surged past 130,000 RMB per ton, leading to a loss exceeding 10 million RMB in just 25 days [1][2][4]. Group 1: Losses and Financial Impact - The company's confirmed and floating losses from commodity futures and derivatives trading have reached over 10% of its audited net profit from the previous year, amounting to more than 10 million RMB [4]. - Jiangte Electric's trading activities are aimed at mitigating operational risks from price fluctuations in raw materials and products, but the recent rise in lithium carbonate prices has resulted in substantial losses in its futures account [7]. - The company plans to account for these trading activities according to the relevant accounting standards, with the actual impact on annual profits to be determined by real gains or losses [7]. Group 2: Market Dynamics and Price Fluctuations - The lithium carbonate market has experienced significant volatility, with prices dropping to below 70,000 RMB per ton before rebounding sharply due to increased demand from energy storage and regulatory changes [12][13]. - By December 26, the main contract for lithium carbonate futures surpassed 130,000 RMB per ton, marking an increase of over 8% and reaching a new high since November 2023 [13]. - The rapid V-shaped recovery in lithium prices caught many short-sellers, including Jiangte Electric, off guard, leading to unexpected financial strain [13]. Group 3: Future Strategies and Business Outlook - Jiangte Electric has prepared for its 2025 hedging activities with a planned guarantee amount not exceeding 300 million RMB, emphasizing a strategy focused on risk mitigation rather than speculative trading [12]. - The company has increased its hedging limit significantly in response to market conditions, from 100 million RMB to 300 million RMB, while also introducing copper futures to hedge against raw material risks [15]. - Despite some hedging success, the company faces ongoing challenges in its core business, with revenue and profit figures indicating a downward trend, including a projected net loss of 1.13 billion RMB in the first three quarters of 2025 [17].

Core Insights - The company Jiangte Electric has faced significant losses due to its futures hedging activities, with confirmed and floating losses exceeding 10 million RMB within 25 days as lithium carbonate futures prices surged past 130,000 RMB per ton [1][4]. Group 1: Financial Performance - Jiangte Electric reported a net profit loss of 397 million RMB in 2023 and 319 million RMB in 2024, continuing a trend of losses for two consecutive years [6]. - In the first three quarters of the current year, the company generated revenue of 1.432 billion RMB, a year-on-year increase of 14.62%, but the net profit loss expanded by 37.31% to 113 million RMB compared to the same period last year [6]. - The core lithium salt segment experienced a significant increase in production and sales volume by 115.91% in the first half of the year, yet the gross margin fell to -16.27% due to a surge in asset impairment losses [6]. Group 2: Market Conditions - As of December 26, the main contract for lithium carbonate closed up 8.12%, reaching a new high since November 2023, with a year-to-date increase of 68.72% [2]. - The company's hedging strategy aimed to mitigate operational risks from price fluctuations in raw materials and products, but the recent rise in lithium carbonate prices led to substantial losses in its futures accounts [4]. Group 3: Risk Management - Jiangte Electric's situation serves as a cautionary tale for other companies engaged in derivatives markets for risk management, emphasizing the need for precise assessment of spot risk exposure and the establishment of opposing futures positions [7].

Core Viewpoint - The company held its tenth board meeting, where it approved several governance-related proposals and a plan for its subsidiary to engage in commodity futures hedging activities to mitigate market risks [1][8]. Group 1: Board Meeting Resolutions - The board unanimously approved the revision of several internal governance documents, including the General Manager's Work Guidelines and the Board Secretary's Work System [2][3]. - The board also approved the revision of the Insider Information Management System and the Information Disclosure Management System [4][5]. - Other approved revisions included the management methods for independent directors and the audit and risk management committee's work guidelines [6][7]. Group 2: Commodity Futures Hedging Business - The board approved the subsidiary, China Chengtong Commodity Trading Co., Ltd., to conduct commodity futures hedging for the year 2026, with a maximum margin usage of 200 million RMB [8][19]. - The hedging activities aim to mitigate risks associated with market price fluctuations and will involve trading in commodities such as copper, aluminum, zinc, lead, nickel, tin, silicon manganese [15][21]. - The funding for these hedging activities will come from the subsidiary's own or self-raised funds, without involving raised capital [20]. Group 3: Company Registration Changes - The company completed the registration change to alter its type from "joint-stock company (Hong Kong, Macao, Taiwan and domestic joint venture, listed)" to "joint-stock company (listed)" [11]. - The updated business license reflects a registered capital of 2,170,079,582 RMB and outlines the company's operational scope, including commodity storage, processing, and trading [12].

Core Viewpoint - The recent increase in international copper and silver prices is expected to positively impact the revenue of Feinan Resources, a company primarily engaged in the disposal of hazardous waste and the recycling of non-ferrous metal resources [1]. Group 1: Price Transmission Mechanism - Feinan Resources' revenue is significantly influenced by the metal purchase and sales price difference, which increases when metal prices rise [1]. - The company prices its resource products, including electrolytic copper, nickel powder, zinc ingots, tin ingots, gold ingots, silver ingots, and palladium powder, based on real-time market prices, allowing it to capture price increases effectively [1]. - The company has a dynamic pricing adjustment mechanism that considers the timing of metal price changes and market conditions to optimize revenue [1]. Group 2: Hedging Strategy Optimization - Feinan Resources employs futures contracts for price risk management, focusing on balancing the risks of price fluctuations rather than speculative trading [1]. - The company does not hedge all its metal inventory but determines the scale of hedging based on factors such as inventory levels, pricing coefficients at the time of purchase, and market analysis [1]. - Continuous monitoring of metal prices and management of material turnover is emphasized to shorten the realization cycle of resource products [1].

Core Viewpoint - The recent surge in platinum and palladium prices is attributed to a combination of macroeconomic liquidity conditions, stable industrial demand, and increased market speculation, with significant price increases observed both domestically and internationally [2][3]. Price Trends - As of December 23, domestic platinum prices reached 555 CNY per gram, and palladium prices reached 466 CNY per gram, marking year-to-date increases of 144.50% and 86.77% respectively [2]. - Internationally, platinum and palladium prices in London rose to 2083 USD per ounce and 1773 USD per ounce, reflecting year-to-date increases of 126.17% and 92.51% respectively [2]. Futures Market Development - The Guangzhou Futures Exchange launched platinum and palladium futures and options contracts on November 27, 2023, marking a significant milestone in China's risk management system for these metals [2][3]. - The trading activity of platinum and palladium futures has steadily increased since their launch, with growing open interest and active participation from physical enterprises, indicating market recognition of their pricing and hedging functions [2][3]. Supply and Demand Dynamics - The global platinum market is experiencing a structural shortage for the third consecutive year, exacerbated by supply chain disruptions and geopolitical factors, particularly affecting supply from Russia and South Africa [3]. - Forecasts indicate a 3% year-on-year reduction in platinum supply to 219 tons in 2025, primarily due to weak mining output, while palladium supply is expected to decrease by 2% to 293 tons [3]. Corporate Participation in Futures Market - Companies like Haotong Technology and Yueyang Xingchang are actively engaging in the futures market to hedge against price volatility, with Haotong being approved as a designated delivery warehouse for platinum and palladium futures [5]. - Yueyang Xingchang plans to utilize up to 10 million CNY in trading margin for hedging through futures contracts, highlighting the importance of platinum and palladium in their cost structure [5]. Risk Management and Delivery System - The Guangzhou Futures Exchange has established a comprehensive delivery system for platinum and palladium futures, with a list of registered brands and warehouses to facilitate effective risk management for the industry [7][10]. - The exchange is preparing for the commencement of delivery operations in May 2026, ensuring that the necessary training and operational simulations are conducted beforehand [9][10].