以本次披露业绩快报数据计算，公司近年市盈率（TTM）图如下所示： 市净率(LF)历史分位(%) (%) 90 83d7 80 78:03 70 60 59.27 50 40 3%3 30 20 20:37 10 0 2024-09-30 | 2025-03-30 | 2024-12-30 | 2025-06-30 | 2024-06-30 | 2025-0 公司 -○- 行业均值 制图数据来自恒生聚源数据库 为规避原材料价格波动风险，公司开展了期货套期保值业务。报告期末，部分原材料价格出现较大幅度上涨，导致公司相关期货套保业务产生投资损失及公 允价值变动损失，对本期业绩构成一定影响。 历年总营收、净利同比增长情况(%) 400 - %300 200 100 -55.44 52 75 24:77 2.05 0 20- 8.29 -100 -200 -300 -400 2023 2021 2022 2024 2025E 2020 营业总收入同比增长率 - 归母净利润同比增长率 - 扣非净利润同比增长率 制图数据来自恒生聚源数据库 总营收、净利季度变动情况(亿元) 1.8 1.5 1.2 0.9 1.398 0.6 ...

影响经营业绩的主要因素：报告期内受主要原材料价格大幅上涨，以及合肥、乳源等地募投项目产能仍 处于爬坡阶段的影响，公司材料成本、固定资产折旧及人工费用均有增加，主营业务毛利率较去年同期 有所下降。同时，随着合肥、乳源等地募投项目陆续投产，人工费用、办公费用、新产品开发研发投入 增加等影响，公司期间费用较上年同期增加。 格隆汇2月27日丨欧莱新材(688530.SH)公布2025年度业绩快报，报告期内，公司实现营业收入5.45亿 元，较上年同期增长24.77%；归属于母公司所有者的净利润-4049.74万元，较上年同期下降243.76%； 归属于母公司所有者的扣除非经常性损益的净利润-4194.59万元，较上年同期下降325.50%。 为规避原材料价格波动风险，公司开展了期货套期保值业务。报告期末，部分原材料价格出现较大幅度 上涨，导致公司相关期货套保业务产生投资损失及公允价值变动损失，对本期业绩构成一定影响。 ...

责任编辑：小浪快报 声明：市场有风险，投资需谨慎。本文为AI大模型基于第三方数据库自动发布，任何在本文出现的信 息（包括但不限于个股、评论、预测、图表、指标、理论、任何形式的表述等）均只作为参考，不构成 个人投资建议。受限于第三方数据库质量等问题，我们无法对数据的真实性及完整性进行分辨或核验， 因此本文内容可能出现不准确、不完整、误导性的内容或信息，具体以公司公告为准。如有疑问，请联 系biz@staff.sina.com.cn。 2026年2月27日，双良节能（维权）（sh600481）触及涨停，涨停价9.57元，涨幅10%，总市值197.54亿 元，流通市值197.54亿元，截止发稿，总成交额15.29亿元。 根据喜娜AI异动分析，双良节能涨停原因可能如下，期货套期保值+国际业务突破+亏损收窄： 1、公司 开展期货套期保值业务，建立了完善的风控体系，有助于对冲原材料价格波动风险，稳定经营利润。同 时，公司中标中东地区电站项目，实现国际业务突破，拓展了海外市场，提升了国际影响力。 2、公司 中标超超临界热电项目，证明了其在空冷系统领域的技术竞争力。2025年公司预计亏损7.8 - 10.6亿元， 相比202 ...

（文章来源：证券日报） 证券日报网讯 2月25日，山东海化发布公告称，2026年2月25日召开的公司第九届董事会2026年第二次 临时会议，审议通过了《关于开展期货套期保值业务的议案》。公司及子公司拟以不超过16亿元的资 金，对在郑州商品交易所交易的纯碱及烧碱期货品种，利用期货及期权合约开展套期保值业务。本事项 尚需提交股东会审议。 ...

Core Viewpoint - The volatility in the global shipping market and geopolitical disturbances are significantly impacting export profits for foreign trade companies, with rising shipping costs threatening to erode already thin profit margins [1]. Group 1: Shipping Cost and Profit Impact - The profit margins for steel exports are already low, and sudden increases in shipping costs can eliminate order profits entirely [1]. - The situation in the Red Sea has escalated, with threats from Houthi attacks on commercial vessels, leading to expectations of a rebound in freight rates on the Asia-Europe route [1]. - The container shipping index (European line) futures contract EC2506 saw a significant decline of 37.9%, dropping from around 2350 points in early November 2024 to a low of 1460 points in mid-December 2024, indicating market volatility [1]. Group 2: Hedging Strategy - The company has attempted to hedge against shipping rate fluctuations using the container shipping index (European line) futures, despite initial concerns about the correlation between the European line futures and the Middle Eastern shipping route [2]. - Historical data analysis revealed a strong correlation between the Asia-Europe route and the Middle Eastern route in terms of freight rate trends, justifying the hedging decision [2]. - The high market participation and mature price discovery mechanism of the European line futures were also factors in the decision to use this hedging strategy [2]. Group 3: Financial Outcomes of Hedging - On January 7, 2025, the company purchased 6 contracts of EC2506 futures at a price of 1520.20 points, and by March 13, 2025, sold them at 2102.90 points, realizing a profit of approximately 171,700 yuan [3]. - The increase in shipping costs due to rising freight rates resulted in an additional transportation cost of about 185,600 yuan, leading to a net loss of only 13,900 yuan after hedging, compared to a potential profit reduction of over 90% without hedging [3]. - This hedging operation is viewed as a significant and positive attempt to stabilize profits and ensure fulfillment capabilities for clients [3]. Group 4: Future Risk Management - The risks associated with shipping cost fluctuations include profit compression due to rising rates post-contract, weakened competitive pricing, and unexpected geopolitical events affecting cost calculations [4]. - The introduction of the container shipping index (European line) futures in August 2023 has provided a more standardized and market-oriented risk management tool for import and export traders [4]. - The company plans to integrate the use of container shipping index futures into its standardized processes for import and export operations, enhancing efficiency and maintaining long-term relationships with global clients [4][5].

Core Viewpoint - Shandong Hengbang Smelting Co., Ltd. (Hengbang) has successfully integrated futures and derivatives into its business strategy, creating a robust risk management system that has enabled the company to achieve stable revenue and profit growth over more than a decade despite market volatility in gold and non-ferrous metals [1][2]. Group 1: Strategic Integration of Hedging - Futures hedging has played a critical role as a "stabilizer" and "protector" in Hengbang's strategic execution, allowing the company to manage price risks effectively while expanding its business [2]. - The company covers various commodities in its hedging strategy, including gold, silver, copper, and lead, aligning these tools with its strategic goals at different stages of development [2][5]. - Hengbang plans to deepen the integration of futures derivatives into all aspects of its operations, from strategic planning to production and sales, achieving comprehensive risk management [3]. Group 2: Operational Framework - Hengbang has established a leadership group for hedging operations, ensuring alignment between hedging strategies and overall business strategies [4]. - The company adheres to a strict management system for hedging, which includes defined business scope, approval authority, funding limits, and risk management protocols [4]. Group 3: Market Resilience - Hengbang's hedging logic is straightforward: it locks in processing profits through sell hedges during raw material procurement and manages sales price risks with buy hedges [5]. - The company has successfully navigated significant market disruptions, such as the 2008 financial crisis and the COVID-19 pandemic, by leveraging its hedging mechanisms to stabilize operations [5]. Group 4: Value Beyond Risk Management - The integration of futures markets has driven technological innovation within Hengbang, as the company aligns its production processes with high standards required for futures delivery [7]. - The successful certification of the "Humon" brand has enhanced brand value and market recognition, allowing Hengbang to command a premium in the market [8]. Group 5: Industry Empowerment - Hengbang actively shares its hedging experiences with small and medium-sized enterprises (SMEs) in the industry, helping them overcome barriers to using futures tools [9][10]. - The company provides tailored guidance to SMEs, assisting them in developing hedging strategies and risk management systems [11]. - As Hengbang's operational scale grows, its hedging activities are expanding to cover a broader range of products, reflecting its commitment to integrating futures tools into its future development [11].

Core Viewpoint - The Chinese steel industry has shown significant profit improvement in 2025, driven by multiple factors including raw material cost reductions and strategic adjustments by companies [1][2][6]. Group 1: Profit Improvement - The total operating profit of the steel industry in 2025 reached 109.8 billion yuan, indicating an overall improvement [1]. - Among 23 listed steel companies that announced 2025 performance forecasts, 12 reported profits while 11 incurred losses, with notable profit-makers including Hualing Steel and Shougang [1]. - The improvement in profitability is attributed to a combination of factors, including effective risk management through the use of futures and derivatives [1][2]. Group 2: Raw Material Market Dynamics - The primary reason for profit improvement is the decline in raw material costs, particularly iron ore and coking coal, which saw significant price drops [2]. - Steel prices have not decreased as sharply as raw material prices, allowing steel mills to expand their profit margins [2]. Group 3: Industry Structure and Demand - The "anti-involution" policy introduced last year has positively impacted industry valuations and steel mill profitability [3]. - The demand for steel in traditional construction has declined, but high-end manufacturing and emerging industries, particularly in electric vehicles, have seen robust demand growth [3]. - Regional disparities are evident, with eastern coastal steel companies benefiting from product structure adjustments, while central and western companies face more challenges due to reduced demand [3]. Group 4: Risk Management through Financial Tools - The use of financial derivatives for risk management has become a core competitive advantage for large steel companies [4][5]. - Baosteel exemplifies this approach by integrating futures into its operations to lock in raw material costs and stabilize profits [4]. Group 5: Future Outlook for 2026 - The steel industry is expected to continue its high-quality development trajectory, with overall profitability likely to improve but without significant changes [6]. - Profit totals for the industry in 2026 could reach or exceed 150 billion yuan, driven by recovering domestic demand and strong export performance [7]. - The competition will increasingly focus on cost control and high-end product competitiveness, with a shift towards optimizing structure and efficiency [8].

Core Viewpoint - The increasing volatility of global commodity prices has led more companies to recognize the importance of price risk management, engaging in futures and derivatives trading to support high-quality development [1][5]. Group 1: Company Announcements - **Northern Copper Industry**: The company plans to engage in copper, gold, and silver futures contracts through the Shanghai Futures Exchange, with a margin investment not exceeding RMB 700 million. The hedging strategy aims to align with operational activities to mitigate price volatility risks [2][7]. - **Qingdao Senqilin Tire**: The company intends to utilize futures market hedging to control market risks associated with raw material price fluctuations, with a maximum margin and premium limit of RMB 200 million for 2026. The hedging activities will include natural rubber futures contracts traded in China and Singapore [3][8]. - **Minglida**: The company aims to stabilize production costs and enhance predictability of profitability by engaging in futures hedging for aluminum and copper. The maximum margin and premium limit for this activity is set at RMB 250 million, with a maximum contract value of RMB 2.5 billion on any trading day [4][9].

Core Viewpoint - Companies are increasingly recognizing the importance of price risk management due to global commodity price fluctuations, engaging in futures and derivatives trading to safeguard high-quality development [1] Group 1: North Copper Industry - North Copper Industry announced plans to mitigate operational risks from price fluctuations of main products by engaging in copper, gold, and silver futures contracts through the Shanghai Futures Exchange, with a margin investment not exceeding RMB 700 million [2] - The company aims to align its futures hedging activities with its operational business to maximize the hedging of price volatility risks and has established a hedging management system to enhance internal controls and risk prevention measures [2] Group 2: Senqilin - Qingdao Senqilin Tire announced its intention to utilize the hedging functions of the futures market to effectively control market risks and mitigate adverse impacts from significant raw material price fluctuations, with a maximum margin and premium limit of RMB 200 million for its hedging activities [3] - The company will engage in futures contracts related to natural rubber and other commodities directly linked to its production operations, ensuring that the scale of its hedging activities matches its business operations [3] Group 3: Minglida - Minglida announced plans to conduct futures hedging activities to effectively address raw material price volatility risks, stabilize production costs, and enhance the predictability of its profitability, with a maximum margin and premium limit of RMB 250 million [4] - The company will limit its hedging activities to futures contracts for aluminum, aluminum alloys, and copper traded on domestic commodity exchanges, establishing a management system that outlines approval authority, operational processes, and risk control measures [4]

Group 1 - The company ST Xuefa (002485) closed at 4.36 yuan on February 6, 2026, down 0.68%, with a turnover rate of 0.69% and a trading volume of 37,400 hands, amounting to 16.21 million yuan [1] - On February 6, 2026, the net outflow of main funds was 3.12 million yuan, while retail funds showed a net inflow of 0.84 million yuan [4] - The company plans to apply for a financing limit of no more than 1 billion yuan for 2026, with mutual guarantees among subsidiaries, and a total new guarantee limit of no more than 1 billion yuan [2][4] Group 2 - The company intends to continue its futures hedging business to mitigate operational risks from price fluctuations in main commodities such as steel, aluminum, and coking coal, with a maximum margin of 75 million yuan [2][3] - The company has established internal control systems and risk management measures to ensure compliance and safety of funds in the futures hedging operations [3]