各位同仁： 华金证券率先在自营业务中引入挂钩同业存单发行利率的标准利率互换，针对同业存单等资产利率波动 可能带来的风险，精准匹配自身资产负债管理需求，通过灵活的交易策略构建风险对冲机制。这一举措 不仅丰富了华金证券的投资交易品种与风险管理手段，也为后续进一步拓展利率衍生品业务、提升综合 金融服务能力奠定了坚实基础。 标准利率互换业务：精准对冲风险，赋能市场主体发展 标准利率互换业务的推出与推广，为金融市场各类参与主体提供了高效、精准的风险管理工具，具备显 著的市场价值与业务优势。对于商业银行而言，该业务可精准对冲因短期利率变动导致的资产负债价值 波动，帮助银行稳定净息差，提升资产负债管理的精细化水平；对于券商、基金等投资机构，标准利率 互换为其持有的同业存单相关资产提供了专属的风险对冲手段，可有效降低利率波动对投资组合收益的 影响，增强组合抗风险能力。 此次中信证券与华金证券的成功合作，是证券公司在银行间创新衍生品业务领域优势互补、协同发展的 生动实践。未来，双方将继续在上海清算所与中国外汇交易中心的指导下，秉持互利共赢、探索创新的 精神，持续深化在标准利率互换及更多银行间衍生品领域的合作，不断拓展业务边界与 ...

Financial Data and Key Metrics Changes - The company reported revenues of $86 million for Q3 2025, or $84 million excluding EUAs related to the EU Emission Trading System, with a fleet average TCE of $70,900 per day [3] - Net income for the quarter was $16.8 million, translating to an EPS of $0.31, while adjusted net income was $23.5 million, or adjusted EPS of $0.43 [3][12] - The company achieved an all-time high cash balance of $479 million after refinancing FLEX Resolute and FLEX Constellation, with no debt maturity prior to 2029 [4][12] Business Line Data and Key Metrics Changes - FLEX Constellation is fully booked for Q4 2025 and Q1 2026, starting a 15-year time charter [4] - The company has a minimum firm backlog of 53 years, which could grow to 80 years if all options are declared [5][6] - Operating expenses for the quarter were $18.8 million, or approximately $15,700 per day, aligning with the full-year guidance of $15,500 [9][10] Market Data and Key Metrics Changes - Global LNG trading volumes increased by 3% year-on-year, reaching 350 million tons from January to October 2025, with the US leading the growth [15] - LNG exports from the US surged to 87 million tons, a 22% increase year-on-year, while European imports grew by 26% [15][16] - The spot market for LNG has shown signs of improvement, with current rates for modern two-stroke vessels around $70,000 per day [14] Company Strategy and Development Direction - The company is committed to maintaining a shareholder-friendly dividend policy, with a declared dividend of $0.75 per share, marking the 17th consecutive dividend [4][7] - The company aims to leverage its solid contract backlog and financial flexibility to navigate the current LNG shipping market [13] - The outlook for LNG shipping remains positive, with expectations of increased LNG volumes and a strong contract pipeline [20][22] Management's Comments on Operating Environment and Future Outlook - Management noted a positive shift in the spot market, driven by record LNG volumes and strong demand from regions like Egypt [14][15] - The company is optimistic about the next few years, anticipating more term market opportunities and a high wave of scrapping in the LNG fleet [25] - The management highlighted the importance of maintaining a solid balance sheet and available liquidity to ensure commercial flexibility [26] Other Important Information - The company has distributed nearly $730 million to shareholders since Q4 2021 [4] - The average cost of drydocking was $5.6 million, with all scheduled drydockings completed safely and efficiently [8] - The company has seen a significant reduction in interest expenses, down $10 million compared to the previous year, due to improved financing terms [10][11] Q&A Session Summary Question: What is the likelihood of the FLEX Aurora option being declared? - Management expressed optimism regarding the FLEX Aurora option, noting the current momentum in the spot market may influence decisions [23][24] Question: What are the opportunities in the term market? - Management indicated that FLEX Artemis is covered throughout 2025 and expects more term requirements for prompt deliveries and beyond [24][25] Question: How is the company managing its cash balance? - The company emphasized a strict capital discipline, prioritizing returns to shareholders while maintaining liquidity for market opportunities [26] Question: What is the status of the delisting from the Oslo Stock Exchange? - Management confirmed the delisting occurred on September 16, 2025, and encouraged remaining shareholders to transfer their shares to the New York Stock Exchange [27]

Core Insights - The probability of the federal funds rate reaching the "zero lower bound" (ZLB) in the next seven years is estimated at 9%, with current rate uncertainty exacerbating this risk [2] - Despite higher expected interest rates compared to the past decade, significant uncertainty remains, keeping the ZLB risk notable [2] - Empirical evidence suggests that changes in interest rate expectations are the primary drivers of ZLB risk [2] Historical Context - The Federal Reserve first lowered rates to the 0%-0.25% range during the 2008 financial crisis to stimulate economic recovery, maintaining this level for seven years [3] - Rates were again reduced to zero in response to the economic impact of the COVID-19 pandemic, lasting for two years [3] - Recent research indicates that the risk of returning to ZLB persists, influenced by complex economic conditions, geopolitical conflicts, and global economic sluggishness [3]

Group 1 - The core viewpoint of the news is the successful merger of the RMB interest rate swap contracts between Guotai Junan Securities and Haitong Securities, facilitated by the Shanghai Clearing House, marking the largest scale of derivative contract consolidation in the interbank market to date [2] - The Shanghai Clearing House formed a working group within two weeks to develop a consolidation plan for the derivative positions, completing the internal processing within four days, and successfully merging nearly 3,000 centralized clearing contracts worth several hundred billion yuan [2] - Since 2014, the Shanghai Clearing House has launched a series of derivative products, including RMB interest rate swaps and standard interest rate swaps, effectively meeting diverse risk management needs and enhancing clearing efficiency [2] Group 2 - In 2024, the volume of interest rate derivatives reached a record high, with a total clearing scale of 36.5 trillion yuan, an increase of 16.5% year-on-year [3] - In the first quarter of 2025, the clearing scale of interest rate derivatives exceeded 13 trillion yuan, with a year-on-year growth rate of 70%, demonstrating their role as a "safe haven" amid adjustments in the bond market [3] - The maximum single-day clearing volume for interest rate derivatives surpassed 410 billion yuan, indicating significant growth in clearing activity [3]

Core Viewpoint - The introduction of 3-year and 7-year standard bond forward contracts by the China Foreign Exchange Trading Center and Shanghai Clearing House aims to enhance the development of the standard bond forward market, facilitate price discovery, and meet the diverse needs of market participants [1] Group 1 - The new products will strengthen the linkage between spot and futures markets, allowing investors to manage risks more precisely and expand trading strategies [1] - Shenwan Hongyuan actively participated in the standard bond forward business, being one of the most active trading institutions in the market [1] - On the first day of the new products' launch, Shenwan Hongyuan successfully completed transactions for both the 3-year and 7-year standard bond forward contracts, further expanding the trading targets in the interbank interest rate derivatives market [1] Group 2 - Shenwan Hongyuan is committed to deepening its business in the domestic bond and derivatives market, maintaining a leading position in standard bond forwards and interest rate options [1] - The company will continue to support the innovative development of domestic derivatives business and seize opportunities during the market innovation transformation period [1] - This support aims to contribute to the robust development of the interest rate derivatives market and enhance financial services for the real economy [1]