（文章来源：证券日报） 证券日报网讯 1月9日，福蓉科技发布公告称，2026年1月9日，公司召开了第四届董事会第三次会议， 审议通过了《关于全资子公司2026年度开展商品套期保值业务的议案》。公司全资子公司福建省福蓉源 再生资源开发有限公司（简称"再生资源公司"）2026年度拟开展铝锭期货套期保值业务。再生资源公司 投入资金（保证金）控制在人民币1，800万元以内。该业务授权有效期内任一时点的交易保证金金额不 超过上述额度；上述额度在有效期内可滚动循环使用。 ...

截至2025年12月26日收盘，佛燃能源(002911)报收于12.29元，下跌1.05%，换手率0.34%，成交量4.28万 手，成交额5276.51万元。 当日关注点 交易信息汇总资金流向 12月26日主力资金净流出502.29万元；游资资金净流出213.34万元；散户资金净流入715.63万元。 公司公告汇总北京市君合（广州）律师事务所关于佛燃能源集团股份有限公司2025年第五次临时股东会 的法律意见 2025年第五次临时股东会决议公告 佛燃能源集团股份有限公司于2025年12月26日召开2025年第五次临时股东会，审议通过了《关于申请发 行债务融资工具的议案》《关于开展2026年年度商品套期保值等防范商品价格波动风险业务的议案》 《关于开展2026年度外汇套期保值业务的议案》《关于公司2026年度日常关联交易预计的议案》《关于 回购注销部分限制性股票及调整回购数量和回购价格的议案》《关于修订的议案》《关于修订的议 案》。会议由董事会召集，董事长尹祥主持，出席股东及代理人共128人，代表股份占公司总股份的 83.1307%。北京市君合（广州）律师事务所对本次会议出具了法律意见书，认为会议程序合法、表决 ...

登录新浪财经APP 搜索【信披】查看更多考评等级 表格（2） ■ 为简化业务办理手续，相关法律文件和合同上法定代表人签字或加盖其私人印鉴章具有同等法律效力， 由此引起的法律纠纷由本公司负责。 二、审议程序 公司于2025年12月11日召开了第七届董事会第五十三次会议，审议通过了《关于2026年公司及子公司开 展衍生品及商品套期保值交易额度预测的议案》。本次外汇衍生品交易及商品套期保值交易额度预测事 项需提交公司股东会审议，不构成关联交易。 三、交易风险分析 （一）外汇衍生品交易业务风险分析 1、价格波动风险：因外汇行情变动较大，可能产生因标的利率、汇率等市场价格波动而造成金融衍生 品价格变动导致亏损的市场风险。 2、流动性风险：因市场流动性不足导致无法完成交易的风险。 3、履约风险：对部分按照预算进行相应风险管理而开展衍生品业务，存在合约到期无法履约导致的违 约风险。 4、内部控制风险：衍生金融交易专业性较强，复杂程度较高，可能会产生由于内控体系不完善造成的 风险。 5、操作风险：可能因为计算机系统不完备导致技术风险及操作人员误操作的风险。 （二）商品套期保值业务风险分析 1、价格异常波动风险：存在极个别的非 ...

Core Viewpoint - The company, Zhongfu Industrial Co., Ltd., announced its plan to continue commodity hedging activities in 2026 to mitigate price volatility risks associated with aluminum and related products, with a maximum margin amount not exceeding 400 million RMB or equivalent foreign currency [1][2]. Group 1: Hedging Business Overview - The hedging business focuses on core products in the aluminum industry chain, aiming to reduce price volatility risks and enhance performance stability [2]. - The trading instruments include standardized futures contracts and options traded on approved domestic exchanges [2]. - The funding source for the hedging activities will be the company's own funds, with a trading period set from January 1, 2026, to December 31, 2026 [2]. Group 2: Risk Management Measures - The company has identified five major categories of risks associated with the hedging activities, including market risk, operational risk, liquidity risk, internal control deficiencies, and technical system failures [2]. - Six risk control measures have been established, including strengthening internal audit supervision and regularly reviewing the execution of trading plans [2][4]. Group 3: Business Stability and Market Context - As a veteran in the aluminum industry, the company aims to address the challenges posed by price fluctuations in alumina and electrolytic aluminum, which have been affected by supply-demand dynamics and energy costs since 2025 [3]. - By locking in raw material procurement costs and product sales prices, the company expects to smooth out performance volatility [3]. - The company emphasizes adherence to the principle of "hedging aligned with core business" and will not engage in derivative trading unrelated to its production operations [3].

Core Viewpoint - Henan Jindan Lactic Acid Technology Co., Ltd. has approved a proposal to engage in commodity hedging to mitigate risks associated with price fluctuations of raw materials, products, and shipping costs [1][2]. Group 1: Hedging Business Overview - The primary objective of the hedging business is to address multiple price fluctuation pressures in production and operations, particularly due to the high cost share of key raw materials like corn and coal [2]. - The company plans to hedge against price volatility in various commodities, including corn, starch, wheat, soybean meal, soybeans, thermal coal, coking coal, PTA, and shipping costs [2]. Group 2: Financial and Operational Details - The maximum investment in the hedging business will not exceed 15 million yuan, with a cap of 50 million yuan on the value of contracts held on any trading day [3]. - The funding for this hedging initiative will come from the company's own and self-raised funds, excluding any fundraising or bank credit [3]. Group 3: Risk Management and Compliance - A comprehensive risk management system has been established, including an internal audit department to monitor compliance and ensure that the hedging activities align with operational needs [4]. - The company has received validation from Guojin Securities, which recognizes the necessity of the hedging business to mitigate price volatility impacts and enhance overall risk resilience [4]. Group 4: Approval Process and Strategic Intent - The proposal for the hedging business has been approved by the company's board and supervisory committee, eliminating the need for a shareholder meeting [5]. - The initiative is aimed at strengthening financial stability and supporting long-term development without adversely affecting the main business operations or funding arrangements [5].

Core Viewpoint - The company aims to mitigate operational risks associated with aluminum ingot price fluctuations by engaging in futures hedging activities, which are deemed necessary for stabilizing its business operations [1][4]. Group 1: Necessity of Hedging Business - The company faces significant operational risks due to volatile aluminum ingot prices, which can greatly impact profitability [1]. - The proposed hedging strategy involves using futures contracts to lock in costs and profits, thereby ensuring stable operations [1]. Group 2: Overview of Hedging Business - The hedging will focus on aluminum ingots as the trading commodity [1]. - The maximum margin for trading is set at 4.8 million RMB, which will be used on a rolling basis throughout the hedging period [1]. - The trading will occur on the Shanghai Futures Exchange, utilizing entirely self-owned funds for margin [1]. - The authorization for this hedging business is valid until December 31, 2025 [1]. Group 3: Risk Analysis of Hedging Business - Market risk arises from asymmetric price movements between futures and spot markets, potentially leading to simultaneous losses [2]. - Operational risk may occur if trading procedures are not followed or if personnel lack sufficient understanding of derivatives [2]. - Liquidity risk could arise from insufficient market activity, making it difficult to execute trades [2]. - Internal control risks may stem from an inadequate internal control system [2]. - Technical risks could result from incomplete computer systems [2]. Group 4: Risk Control Measures - The company will align hedging activities with its production needs, ensuring that futures contracts match the timing of physical hedging requirements [3]. - Strict internal controls will be implemented to manage funds used for hedging, adhering to the approved margin limits [3]. - The company will monitor futures trading closely and select contracts with adequate liquidity [3]. - Professional personnel will be employed, and a robust reporting and internal audit mechanism will be established to manage risks effectively [3][4]. - Any trading plans exceeding board authorization must be reported for approval [4]. Group 5: Feasibility Analysis Conclusion - The company has established internal control systems and risk prevention measures, making the proposed aluminum ingot hedging business feasible and necessary [4]. - The hedging strategy is designed to prevent price fluctuation risks while adhering to hedging principles, thus enhancing profit stability and reducing adverse impacts on financial performance [4].

Core Viewpoint - The company has approved a hedging business to mitigate risks associated with price fluctuations of raw materials and related products, using its own funds not exceeding 46 million yuan [1][2][3] Group 1: Hedging Business Details - The hedging business will focus on futures related to cottonseed and its products, including cotton oil and cotton meal/protein, as well as soybean meal futures [2] - The investment amount is capped at 46 million yuan, which includes margin and risk funds, with a maximum contract value of 650 million yuan on any trading day [2] - The trading will occur on legally operating futures exchanges within China, using self-owned funds without involving raised capital [2] Group 2: Risk Management and Oversight - The hedging business is intended solely to reduce risks from price fluctuations and not for profit-making purposes [2] - The company has established a risk management system to control market, technical, and policy risks, including regular audits by the audit department and oversight by the audit committee [2][3] - The supervisory board supports the hedging initiative, affirming that it aligns with legal and regulatory requirements and does not harm the interests of shareholders, particularly minority shareholders [3]

Group 1 - The company has approved a plan to conduct commodity hedging business, with a trading margin and premium cap of up to RMB 10 million initially, which can be rolled over within the effective period [1] - The cap for the trading margin and premium was later increased to RMB 20 million, reflecting the company's ongoing strategy to manage commodity price risks [2] - As of August 18, 2025, the company reported a total investment loss of RMB 11.63 million from its hedging activities, with unrealized losses from open positions amounting to RMB 11.44 million [2] Group 2 - The company's hedging activities are not expected to impact its daily operations, and the overall profit impact will be determined by actual gains or losses [3] - The company plans to enhance its market monitoring and risk management strategies to mitigate risks associated with its hedging activities [3]

Core Viewpoint - The company aims to enhance its risk management capabilities by increasing the margin for its commodity hedging business, specifically in lithium carbonate, to mitigate the adverse effects of price volatility on its operations [1][2][6] Group 1: Background and Necessity - The company, through its subsidiary Sichuan Huati Lithium Energy Co., Ltd., is engaged in lithium carbonate-related products, which have experienced significant price fluctuations in recent years [1] - To reduce the negative impact of these price fluctuations on its operations, the company has decided to conduct commodity futures and derivatives trading for hedging purposes [1][2] Group 2: Feasibility Analysis - The increase in the margin for the hedging business is necessary due to the rising volume of lithium carbonate business and heightened market volatility [1][3] - The company has established a hedging policy and formed a leadership team to oversee the operations, ensuring compliance with risk management protocols [2][3] Group 3: Trading Details - The trading activities will focus solely on lithium carbonate futures and derivatives that are directly related to the company's operations, conducted on legally operating domestic exchanges [2][3] - The maximum margin and premium for these trading activities will not exceed RMB 30 million, which can be recycled within the effective period [3] Group 4: Risk Management - The company acknowledges the inherent risks associated with hedging, including potential losses from price discrepancies and market volatility [4][5] - To mitigate these risks, the company has implemented strict approval processes, operational guidelines, and risk control measures [5][6] Group 5: Accounting Principles - The company will adhere to relevant accounting standards for financial instruments and hedging activities, ensuring accurate reporting in financial statements [5][6] Group 6: Conclusion - The decision to engage in hedging activities and increase the margin is deemed practical and aligned with the company's operational needs, supported by a robust internal control framework [6]

Core Viewpoint - The company has decided to increase the margin limit for its commodity hedging business from RMB 20 million to RMB 30 million to better manage the risks associated with the volatility in lithium carbonate prices [2][3][4] Summary by Sections 1. Announcement of Margin Increase - The board of directors approved the increase in the margin limit for commodity hedging activities to RMB 30 million, which can be used on a rolling basis within the effective period [2][3] 2. Purpose of Trading - The company aims to mitigate the adverse effects of price fluctuations on its operations by utilizing futures and derivatives trading tools to enhance its overall risk resistance [2][3] 3. Trading Specifications - The hedging activities will focus solely on lithium carbonate futures and derivatives that are directly related to the company's operations, conducted on legally operating domestic futures exchanges [2][3] 4. Financial Details - The new margin limit includes the value of collateral provided for trading, expected credit limits from financial institutions, and emergency reserve margins, excluding physical delivery payments [3][4] 5. Authorization Period - The authorization for the increased margin limit is valid for 12 months from the date of board approval, with automatic extensions for any trades that exceed this period [3] 6. Funding Source - The company will utilize its own funds for the commodity hedging activities [3] 7. Risk Management Measures - The company has established a hedging policy to manage risks associated with trading, including market, price, policy, liquidity, operational, technical, credit, and funding risks [5][6][7] 8. Accounting Principles - The company will adhere to relevant accounting standards for the financial reporting of its hedging activities [7][8]