证券代码：600597 证券简称：光明乳业 公告编号：临2025-040号 光明乳业股份有限公司 关于新莱特开展套期保值业务的公告 本公司董事会及全体董事保证本公告内容不存在任何虚假记载、误导性陈述或者重大遗漏，并对其内容 的真实性、准确性和完整性承担法律责任。 重要内容提示： ●交易主要情况 ■ ●已履行及拟履行的审议程序：已经公司董事会审计委员会、董事会审议通过，尚需股东大会审议通 过。 ●特别风险提示：市场风险、操作风险、金融机构违约风险 根据《上海证券交易所股票上市规则》（以下简称《股票上市规则》）、《上海证券交易所上市公司自 律监管指引第5号一一交易与关联交易》（以下简称《自律监管指引第5号》）等相关要求并结合光明乳 业股份有限公司（以下简称"公司"或"本公司"）海外子公司新西兰新莱特乳业有限公司（以下简称"新 莱特"）日常经营需要，公司拟同意新莱特为防范汇率和利率风险，以日常经营业务为基础，以套期保 值为目的，开展远期外汇合约、利率互换合约业务。具体情况如下： 一、交易情况概述 （一）业务的目的 新莱特主营业务为工业奶粉、婴儿奶粉、奶酪、液态奶等乳制品的生产和销售，产品销往全球多个国家 和地区。新 ...

■■■ 三、上网附件 1、股东会议事规则修正案（尚须股东大会审议）。 特此公告。 光明乳业股份有限公司董事会 《关于修改董事会议事规则的议案》需提交公司股东大会审议。 二、《董事会议事规则》修改情况 ■ 二零二五年十一月二十八日 证券代码：600597 证券简称：光明乳业 公告编号：临2025-038号 光明乳业股份有限公司 关于修改董事会议事规则的公告 本公司董事会及全体董事保证本公告内容不存在任何虚假记载、误导性陈述或者重大遗漏，并对其内容 的真实性、准确性和完整性承担法律责任。 根据《公司法》《上市公司章程指引》《上海证券交易所股票上市规则》等相关法律法规、规范性文件 的要求，并结合修改后的《公司章程》《股东大会议事规则》，光明乳业股份有限公司（以下简称"公 司"）对《董事会议事规则》进行修改。具体情况如下： 一、董事会审议情况 2025年11月28日，公司以现场会议方式召开第八届董事会第六次会议，会议应到董事7人，亲自出席会 议董事7人。经审议，同意7票、反对0票、弃权0票，一致通过《关于修改董事会议事规则的议案》。 三、上网附件 1、董事会议事规则修正案（尚须股东大会审议）。 特此公告。 光明乳业股 ...

（编辑 楚丽君） 证券日报网讯 11月28日晚间，南方泵业发布公告称，公司于2025年11月28日召开了第六届董事会第九 次会议、第六届监事会第七次会议，均审议通过了《关于开展套期保值业务的议案》，同意公司子公司 在2026年整个会计年度以自有资金开展最高保证金金额不超过人民币5000万元的套期保值业务。在上述 范围内资金可循环使用，并授权期货套期保值领导小组在上述额度内决策并实施。 ...

Core Viewpoint - Zinc Industry Co., Ltd. has approved an increase in the hedging business margin limit for 2025 from 600 million to 700 million yuan, reflecting the company's proactive approach to managing market price volatility and indicating a trend towards more sophisticated risk management in the domestic non-ferrous metal industry [1][3][8] Summary by Sections Hedging Limit Increase: A Proactive Measure Against Market Volatility - The increase in the hedging limit aims to mitigate price volatility risks associated with raw materials and product inventories in the non-ferrous metal smelting and processing business, ensuring stable operational performance [3] - In the first half of 2025, Zinc Industry reported significant fluctuations in zinc and copper prices, which pressured the smelting segment's profitability. However, the company achieved revenue and net profit growth, with net profit rising by 99.07% year-on-year, highlighting the effectiveness of risk management tools [3][8] Industry Overview: Hedging Becoming a "Must-Have" for Listed Companies - The increase in hedging limits by Zinc Industry is part of a broader trend among listed companies, particularly in the non-ferrous metal sector, to strengthen risk management practices. Since 2025, many companies have announced hedging measures in response to increased market volatility [5] - Statistics show that at least 1,583 A-share listed companies in the real economy have issued hedging announcements this year, surpassing the total of 1,503 for all of 2024, marking a historical high [5] Upgrade Trend: Diversification of Tools and Scope - Zinc Industry's announcement indicates a clear upgrade in risk management strategies, expanding from traditional commodity price risks to include foreign exchange risks and exploring a variety of tools beyond just futures [7] - The trend of tool diversification is evident, with some non-ferrous metal companies beginning to use combination strategies like "futures + options." Zinc Industry has implemented a dual mechanism of "spot lock + futures hedging" to address exchange rate volatility [7][8]

Core Insights - The listing of platinum and palladium futures and options on the Guangzhou Futures Exchange signifies the emergence of new financial derivatives in China and serves as a beneficial supplement to the global platinum and palladium investment market [2][6] - The introduction of these contracts is expected to enhance China's influence in platinum group metal pricing and enrich the pricing system for these metals [2][8] Industry Implications - The listing addresses the lack of authoritative hedging channels in the domestic market, allowing companies to better manage price volatility risks associated with platinum and palladium [3][4] - The innovative inclusion of sponge form in the delivery range of contracts aligns with the actual usage habits of end-users, thereby enhancing the service of futures to the real economy [4][5] Market Dynamics - China is the largest consumer of platinum and palladium, accounting for over 30% of global demand, while domestic production is limited, leading to a heavy reliance on imports [5][8] - The global supply of platinum and palladium is primarily concentrated in South Africa and Russia, which together account for over 80% of platinum and 70% of palladium supply [5][6] Price Trends - Platinum prices have surged significantly in 2023, with New York Mercantile Exchange futures up approximately 80% and Shanghai Gold Exchange spot prices up over 92% year-to-date [7] - Future price forecasts suggest an upward trend, with expected annual increases of 10% to 15% due to persistent supply shortages and robust industrial demand [7][8] Future Outlook - The global platinum market is projected to see a narrowing supply gap by 2025, with expectations of a slight surplus by 2026, influenced by improved recovery supply and a decrease in demand primarily from the investment sector [8] - The listing of futures and options is anticipated to bolster the development of the precious metals industry in the Pearl River Delta region and nationwide [8]

图片来源：广州期货交易所 广州期货交易所（以下简称"广期所"）新能源金属期货板块又添"新军"！ 11月27日上午9时，铂、钯期货正式挂牌交易，主力合约在开盘后快速拉升，均涨超11%，盘内最高分别达457.15元/克和409.85元/克，随后震荡回落，最终 分别收于430.30元/克、370.60元/克，涨幅分别收窄至6.25%、1.53%。铂、钯是继工业硅、碳酸锂、多晶硅品种后，广期所上市的第四、第五个期货品种。 平安期货副总经理简翔在接受采访时亦表示，铂、钯的供应高度集中于南非和俄罗斯两个国家，受地缘政治、气候、运输等不确定因素影响较大，供给稳定 性长期面临挑战。铂、钯的价格波动剧烈，使得产业链企业面临更高的经营风险。 "在这样的背景下，广期所推出铂、钯期货及期权产品，恰逢其时。一方面，这为产业链企业提供了更为灵活、有效的风险管理工具，厂商可借助期货进行 套期保值，锁定成本或利润，规避原材料价格剧烈波动带来的不确定性。另一方面，期权产品的推出也为企业提供了更加多样化的风险对冲策略，特别是在 价格剧烈波动时，具备更强的风险缓释能力。"简翔提到。 对于期货公司对新品种上市的准备工作，以及目前产业企业及市场主体对 ...

11月27日，铂、钯期货正式在广州期货交易所上市交易，铂、钯期权也将于11月28日起上市交易。广期所的这两个"新成员"将为产业链带来 什么变化？产业企业又将迎来哪些新机遇？ 凭借卓越的催化性能、耐高温性和抗腐蚀特性，铂、钯在汽车尾气净化、氢能生产与利用、电子工业等新能源相关领域发挥着重要作用。随 着新能源产业的持续发展，铂、钯的需求有望进一步增加。 铂和钯同属铂族金属。从稀缺性看，铂的稀有程度是黄金的30倍，全球年产量约180吨；钯的稀有度虽低于铂，但同样珍贵，全球年产量约 200吨。 全球铂、钯供给高度集中在南非和俄罗斯。中国是全球最大铂、钯消费国，进口依存度较高。 近年来，在地缘政治、气候、运输等因素扰动下，铂、钯价格波动幅度较大。2024年，国际市场价格在每盎司900美元至1100美元之间剧烈波 动。这种波动对上下游企业构成显著风险。产业迫切需求价格"稳压器"，而期货市场功能由此凸显。 "衍生品工具的推出将实质性赋能上下游企业。"银河期货大宗商品研究所副所长车红云说，铂、钯期货及期权的上市，通过锁定采购成本与 销售价格，将显著平滑价格波动对经营周期的冲击，进而提升全链条抗风险韧性。 产业链企业金川集团期 ...

Core Insights - The launch of platinum and palladium futures on November 27 at the Guangzhou Futures Exchange marks a significant breakthrough in China's precious metals derivatives system, providing domestic enterprises with independent risk management tools and reducing reliance on foreign futures instruments [1][2] - The introduction of these futures is expected to help establish a more comprehensive and authoritative domestic pricing system for platinum and palladium [1] Group 1: Industry Impact - Platinum and palladium are critical raw materials for the automotive, refining, and new energy industries, with their price fluctuations significantly affecting production costs for companies in these sectors [2] - Prior to the domestic futures launch, companies relied on NYMEX platinum and palladium futures for cross-border revenue swap transactions, indicating a need for more localized risk management solutions [2] Group 2: Company Initiatives - Nanhua Futures and its risk management subsidiary, Nanhua Capital, have actively responded to client needs, achieving the first off-exchange options transaction on the listing day of platinum futures [1] - The collaboration with a domestic high-tech enterprise specializing in advanced coating and functional materials demonstrates the effective use of financial derivatives to enhance product price competitiveness and operational efficiency [2] - Nanhua Futures and Nanhua Capital are committed to serving the real economy by providing comprehensive risk management services across the entire platinum and palladium industry chain, aiming to foster new productive forces in China's modernization efforts [2]

Core Viewpoint - Zhejiang Agricultural Group Co., Ltd. plans to conduct hedging activities in 2026 to mitigate foreign exchange and commodity price volatility risks, with a maximum foreign exchange hedging limit of $440 million and a maximum margin for commodity futures of 761 million RMB [1][2] Business Overview: Focus on Risk Hedging to Lock in Operating Costs - The primary objective of the hedging activities is to avoid market risks in import-export operations and bulk commodity sales by stabilizing exchange rates and commodity prices [2] - The hedging business will cover two main areas: foreign exchange and commodity futures, with specific trading instruments closely related to the company's core operations [2] - The maximum trading limit for foreign exchange hedging is set at $440 million, while the margin for commodity futures and derivatives is capped at 761 million RMB, with funds sourced from the company's own capital [2] Risk Control: Multi-Dimensional System to Prevent Operational and Market Risks - The company emphasizes that the hedging activities are centered on "risk hedging," prohibiting speculative trading [3] - A specialized risk control system has been established to address potential risks associated with both foreign exchange and commodity futures hedging [4] Subsequent Arrangements: Authorization Mechanism to Ensure Efficiency - Following the approval of the hedging proposal, the company will seek authorization from the shareholders' meeting for the board of directors to further delegate authority to management for executing specific transactions within the approved limits [4] - The company anticipates that the hedging activities will help stabilize operational fluctuations and provide a safeguard for long-term sustainable development [4]

Core Insights - The gold jewelry market in China is experiencing a significant decline in demand, with a reported consumption of 278 tons in the first three quarters of 2025, representing a 25% year-on-year decrease [1] - Despite high international gold prices, retail companies in the gold jewelry sector are facing structural challenges, including a "store closure wave" and pressure on inventory management and profitability [1][4] - The pricing mechanism in the gold jewelry supply chain exposes retailers to risks due to price fluctuations, leading to a dual challenge of high prices reducing operational efficiency and suppressing consumer demand [2] Industry Performance - Major gold jewelry retailers, such as Chow Tai Fook and Luk Fook, have reported significant store closures, with Chow Tai Fook closing 296 stores and Chow Sang Sang reducing 333 stores in the first nine months of the year [1] - The retail sector is under pressure from high costs and low consumer demand, impacting profitability and operational strategies [1][4] Risk Management Strategies - A "laddered" risk management solution has been designed for gold jewelry retailers, incorporating put option protection strategies and zero-cost collar strategies to mitigate price fluctuation risks [2][3] - The put option strategy offers a safety net for retailers against price declines while allowing them to benefit from price increases, although it comes with high premium costs [2][3] - The zero-cost collar strategy provides downside protection while capping upside potential, allowing retailers to manage their financial exposure effectively without initial costs [3] Market Outlook - The gold market is expected to remain in a long-term bullish trend due to factors such as central bank purchases, geopolitical risks, and production cost support [2] - The industry is encouraged to explore market-based compensation mechanisms and innovative pricing models to adapt to the current economic environment [4]