氯碱月报 ◼ 期货策略建议：逢高空思路 ◼ 期权策略建议：买入看跌期权 本报告及路演当中所有观点仅供参考，请务必阅读此报告倒数第二页的免责声明 观点及策略建议 01 烧碱 壹 S H ：非铝下游需求淡季 ， 关 注 氧化铝提货情况 V ：供需格局偏弱 ， 关注煤炭从成本端的影响 广发期货研究所 蒋诗语 投资咨询资格：Z0017002 ◼ 烧碱主要观点：近期下游氧化铝价格持稳，市场成交积极性下降，但当前国内电解铝行业利润高企，企业紧抓稳产保供拉动补库需求增加。供应方面， 后市检修企业少于7月， 供应有增加预期，华南地区非铝淡季但供应增量，华东企业出口多是前期订单，非铝市场同样一般，但8月下旬江苏部分主力企业检修预期，因此供应缩量下或对价格有一定支撑。 预计8月主产区仓单数量将增加，需求端没有明显利好支撑，涨价下游接受度有限，提货积极性较弱，而降价下游提货积极性则明显提高，因此下游对价格敏感度较高。后期可关注 氧化铝企业拿货情况，临近主力交割月，整体预期中性偏弱。 ◼ PVC主要观点：供给端新增产能陆续投放，内贸偏弱，本周现货成交偏弱，盘面仓单增加，基差走强。库存压力持续增加，需求难以改善。8月国内外新增产能持续 ...

Report Summary 1. Investment Ratings The report does not provide an overall industry investment rating. 2. Core Views - **Financial Futures and Options**: The intraday view of stock index futures is a volatile rebound, and the medium - term view is bullish. For treasury bond futures, both the intraday and medium - term views are bullish [1][2]. - **Commodity Futures and Options**: For aluminum, it is expected to trade at a high level both intraday and in the medium - term. For steel products like rebar and hot - rolled coil, the intraday price is expected to be volatile and strong, and the price is expected to be strong from July to August [4][5]. 3. Summary by Category Financial Futures and Options - **Stock Index Futures (IF, IH, IC, IM)**: - **Reference Strategy**: Hold long positions in IM2509 [1]. - **Core Logic**: The marginal slowdown of fundamental repair strengthens policy expectations. The government's strengthened long - cycle assessment of insurance funds is beneficial for the entry of incremental funds. Overseas, the phased settlement of tariff uncertainties has a limited impact on the equity market [1]. - **Treasury Bond Futures (TS, TF, T, TL)**: - **Reference Strategy**: Hold long positions in T2509 or TL2509 [3]. - **Core Logic**: During the tax period, the central bank's injection of medium - term liquidity supports the long - end bond market. The weak domestic fundamentals and low inflation strengthen the expectation of monetary easing. After the release of multiple negative news, the bond market maintains a rebound momentum [3]. Commodity Futures and Options - **Metal and New Energy Materials (Aluminum)**: - **Reference Strategy**: Sell AL2508 - P - 19300 [4]. - **Core Logic**: Due to supply - side reforms, the increase in aluminum production capacity is limited. The current social inventory is at a five - year low, and the good performance of the automotive market is beneficial for aluminum prices [4]. - **Black and Building Materials (Rebar, Hot - Rolled Coil)**: - **Reference Strategy**: Continue to hold long positions in in - the - money call options RB2510 - C - 3000, short positions in out - of - the - money put options RB2510 - P - 2900, and short - term short positions in out - of - the - money call options RB2510 - C - 3300 [5]. - **Core Logic**: The supply pressure of steel raw materials is expected to ease, which may support the prices of furnace materials and steel production costs. The low inventory of finished steel products and the emergence of multiple positive factors are expected to boost speculative demand [5].

Group 1: Report Industry Investment Rating - No relevant content provided Group 2: Core View of the Report - The short - term trend of soybean meal and palm oil futures is expected to be oscillating and strengthening, while the medium - term trend is oscillating [5][6][7] Group 3: Summary by Variety Soybean Meal (M) - **View**: Short - term and intraday view is oscillating and strengthening, medium - term view is oscillating; reference view is oscillating and strengthening [5][7] - **Core Logic**: The excellent growth rate of US soybeans exceeded market expectations, and the futures price fell again to test the support at the 1000 - cent mark. The negative basis of domestic soybean meal continued to widen. In the short term, the supply expectation of soybean meal futures dominated the market again. The futures were stronger than the spot, and the trend was stronger than that of US soybeans. The short - term oscillating and strengthening pattern continued [5] Palm Oil (P) - **View**: Short - term and intraday view is oscillating and strengthening, medium - term view is oscillating; reference view is oscillating and strengthening [6][7][8] - **Core Logic**: The fundamentals of Malaysian palm oil continued to improve, which boosted the palm oil futures price and had a continuous linkage effect on domestic palm oil futures prices. The domestic palm oil futures price followed the fluctuations of the international palm oil market. The lack of enthusiasm from capital participation restricted the rebound space, and it ran in an oscillating and strengthening manner in the short term [8]

Report Summary 1. Investment Ratings - This report does not provide an overall industry investment rating. 2. Core Views - **Overall**: The report analyzes multiple commodity futures and options, including livestock, soft commodities, and energy, and provides short - term and medium - term views and trading strategies for each variety. - **Livestock and Soft Commodities**: - **Pig**: The current supply and demand are both weak, with a short - term narrow - range shock and a medium - term pattern of near - strong and far - weak. It is recommended to sell high [1][2]. - **Sugar**: It shows a short - term weak shock and a medium - term trend of rising first and then falling. It is advisable to sell high [3][4][5]. - **Energy**: - **Crude Oil**: It has a short - term weak shock and a medium - term downward pressure. Selling out - of - the - money call options on SC crude oil is recommended [6][7][8]. - **PVC**: It has a short - term range shock and limited upward space in the medium term. It is recommended to hold the strategy of selling out - of - the - money call options [9][10]. 3. Summary by Variety Pig - **Short - term View**: Narrow - range shock [1] - **Medium - term View**: Near - strong and far - weak [1] - **Strategy**: Sell high [2] - **Core Logic**: - **Supply**: The average weight of pig slaughter is decreasing, and the weight - reduction rhythm is accelerating due to policy and temperature. The market's ability to digest pork is limited, and the demand for large pigs is in the off - season [1]. - **Demand**: The secondary fattening group may continue to enter the market due to low pig prices, low feed prices, and an expanding standard - fat price difference. Secondary fattening still has a continuous impact on pig prices [1]. - **Market**: The short - term supply - demand mismatch leads to a strong bullish sentiment, but the current supply - demand is weak, and there is no strong driving force for a sharp rise [2]. Sugar - **Short - term View**: Weak shock [3] - **Medium - term View**: Rising first and then falling [3] - **Strategy**: Sell high [4] - **Core Logic**: - **International**: The global sugar production in 2025/26 is expected to increase by 4.7% year - on - year, with a significant supply surplus. Brazil's gasoline price cut and expected production increase, as well as India's expected large - scale production increase, will put pressure on sugar prices in the medium and long term [4]. - **Domestic**: The domestic sugar sales progress is fast, and the inventory pressure is small, but the import profit window is open, and the future supply pressure is the core factor restricting sugar prices. The current basis can support the market, but the supply pressure of processed sugar is about to be realized [5]. Crude Oil - **Short - term View**: Weak shock [6] - **Medium - term View**: Under pressure [6] - **Strategy**: Sell out - of - the - money call options on SC crude oil [6] - **Core Logic**: - **Supply**: OPEC + will increase production in August, and may increase production significantly again in early August. The geopolitical premium has declined, and the growth rate of U.S. crude oil production will slow down in the long term [6][7]. - **Demand**: Although the refinery operating rates in major consuming countries are high, the downstream demand has not reached the peak season level. The demand for gasoline and diesel has limited growth [7]. - **Inventory**: The U.S. crude oil inventory has unexpectedly increased, and commercial crude oil inventories will accumulate in the third quarter [8]. PVC - **Short - term View**: Range shock (4800 - 5000) [9] - **Medium - term View**: Limited upward space [9] - **Strategy**: Hold the strategy of selling out - of - the money call options [9] - **Core Logic**: - **Cost**: The supply of calcium carbide has increased, and the price has decreased [9]. - **Supply**: Some PVC plants are under maintenance, but there are new production capacity expectations, and the supply will increase significantly [9][10]. - **Demand**: The low - level rebound of PVC futures prices has boosted the replenishment willingness of some downstream enterprises, but the downstream operating rate is low, and the domestic demand will continue to weaken. The export has short - term support, but there is uncertainty in anti - dumping policies [10]. - **Inventory**: The terminal demand is weak in the off - season, and the PVC inventory has accumulated [10].

Report Summary 1. Report Industry Investment Rating No investment rating information is provided in the report. 2. Core Views - For copper, the global supply - demand pattern remains tight due to pre - emptive US demand. The opening of the domestic refined copper export window since June supports copper prices before US tariffs are imposed, but weak tariff implementation may reduce copper trade demand [1][2][3]. - For protein粕, the RVO obligation of the US EPA is unexpectedly positive, and international vegetable oils are reasonably priced high in the short term. Soybean prices are mainly oscillating, and the strategy of selling out - of - the - money call options on soybean oil 2509 is considered [4][5][6]. - For petroleum asphalt, the asphalt futures price maintains a high - level oscillation pattern in the short term due to crude oil cost support. In the long run, the asphalt fundamentals are weak in summer, and the asphalt cracking spread continues to weaken [7][8][9]. 3. Summary by Variety Metal and New Energy Materials Sector - Copper - **Intraday View**: 78200 - 79200 [1] - **Medium - term View**: 60000 - 90000 [1] - **Reference Strategy**: Adopt an oscillating operation approach [1] - **Core Logic**: - **Macro**: The US Congressional Budget Office indicates that the "big and beautiful" legal system will increase the fiscal deficit by $2.8 trillion [1]. - **Supply**: In May 2025, China imported 2.4 million tons of copper ore concentrates, a 6.6% year - on - year increase; from January to May, the cumulative import was 12.41 million tons, a 7.4% year - on - year increase. The supply of recycled copper raw materials is tightening. The Kakula copper mine in Congo (Kinshasa) has复产, but the 2025 production plan is reduced. The Adani copper smelter in India has a risk of canceling the long - term supply contract [1]. - **Demand**: In May 2025, China's exports of unwrought copper and copper products decreased by 23.6% year - on - year; imports decreased by 16.6% year - on - year. The overall market for refined copper rods is weak, and the new orders for enameled wire are decreasing. The US may impose a 25% tariff on imported copper [2]. - **Inventory**: On June 18, LME copper inventory decreased by 200 tons to 107,400 tons. SHFE copper warehouse receipts decreased by 7,527 tons to 47,000 tons, and international copper warehouse receipts decreased by 582 tons to 4,162 tons [2]. Livestock, Poultry and Soft Commodities Sector - Protein粕 - **Intraday View**: Soybean meal 2509 continues to oscillate between [3000, 3100] [4] - **Medium - term View**: Soybean meal 2509 builds a bottom in the range of [2900, 3100] [4] - **Reference Strategy**: Sell out - of - the - money call options on soybean oil 2509 - C - 8400 [4] - **Core Logic**: - **Weather and Market Impact**: In late June, soybean meal 2509 follows US soybeans into an oscillating market due to uncertain weather in US and Canadian rapeseed production areas. The Middle East geopolitical conflict and the US EPA's RVO proposal have boosted soybean oil prices [4]. - **International Soybean Situation**: The good condition of US soybeans is negative for far - month contracts, but the strength of vegetable oils drives up US soybean prices, resulting in a mixed situation for soybean meal. The expected soybean arrivals in June, July, and August are 12 million tons, 9.5 million tons, and 8.5 million tons respectively [5]. - **Rapeseed Situation**: Canadian rapeseed planting is faster than usual, which is negative for far - month contracts. ICE rapeseed follows the rise of US soybean oil. The estimated global rapeseed production in the 25/26 year is 89.77 million tons [5]. Energy and Chemicals Sector - Petroleum Asphalt - **Intraday View**: High - level oscillation [7] - **Medium - term View**: Under pressure [7] - **Reference Strategy**: Hold the strategy of shorting asphalt and going long on high - sulfur fuel oil spread [7] - **Core Logic**: - **Supply**: This week, the losses of local refineries in asphalt production have deepened, and the domestic asphalt refinery operating rate has decreased. As of June 17, the weekly asphalt production was 537,000 tons, a decrease of 12,000 tons [7]. - **Demand**: In the north, demand is restricted by high prices, and trading has declined slightly; in the south, demand is weak due to rainfall. The operating rate of waterproofing membrane enterprises is low. Asphalt refinery inventory has decreased, while social inventory is relatively stable [8]. - **Cost**: Geopolitical premiums support high oil prices in the short term. In the long run, oil prices will decline from high levels due to supply growth and weakening demand [8].

Core Viewpoint - The article emphasizes the long-term performance and risk management strategies of Nanjing Chiying Private Fund Management Co., which focuses on futures market investments and aims for sustainable wealth growth while ensuring capital safety [2][5]. Company Overview - Nanjing Chiying was established in 2007 and is one of the first private fund teams in China to collaborate with public funds [2]. - The company has a strong emphasis on rational investment and risk control, with a track record of positive returns on all completed products since the 2012 privatization of futures private equity [5][6]. Performance Highlights - The company has achieved a continuous performance curve with a stair-step growth pattern over 20 years [5]. - All completed products have yielded positive returns, with a total of 15 products managed and 12 completed successfully [7]. Core Team - The core team consists of five members with over 20 years of experience in the futures market, combining deep market understanding with practical trading experience [6][7]. - The team is led by Qian Jun, who has a background in investment management and has been with the company since its inception [6]. Competitive Advantages - The company employs a comprehensive risk control system, prioritizing capital safety over potential opportunities [5][7]. - It focuses on absolute returns and has a high compound annual growth rate, demonstrating significant compounding effects [7]. - The investment strategy includes a dynamic approach to profit locking and risk management, ensuring a balance between capturing trends and protecting investor capital [7]. Product Strategy - The main strategy involves a subjective CTA trend-following approach, which captures complete trends to maximize returns [7]. - The strategy includes low-risk trial positions, dynamic profit locking, and a focus on maximizing trend capture without preemptively predicting market tops or bottoms [7]. Recent Developments - The company rebranded to Nanjing Chiying Private Fund Management Co. in 2023 and has plans for new product launches in collaboration with private fund platforms [6][9].

1. Report Industry Investment Ratings No relevant content provided. 2. Core Views of the Report - For financial futures and options, the overall market is affected by overseas and domestic factors. The stock index futures are expected to continue adjusting in the short - term and move in a range in the medium - term, while the bond futures are expected to be strong in the medium - term [1][2]. - For commodity futures and options, different varieties in the metal and new energy materials sector have different trends. Copper is expected to move in a range, while industrial silicon, polycrystalline silicon, and lithium carbonate are expected to be weak [4][6][8][11]. 3. Summary by Related Catalogs Financial Futures and Options Stock Index Futures - **Varieties**: IF, IH, IC, IM [1] - **Intraday View**: Continued adjustment [1] - **Medium - term View**: Range - bound, with the Shanghai and Shenzhen 300 Index operating in the range of [3800, 3950] [1] - **Reference Strategy**: Hold the sold MO2506 - P - 5800 out - of - the - money put option, and short - sell IM2506 on rallies [1] - **Core Logic**: Overseas, the initial Sino - US trade agreement and the Middle East conflict have mixed impacts; domestically, the fundamental data is weak, and the market lacks a continuous upward main line [1] Bond Futures - **Varieties**: TS, TF, T, TL [2] - **Intraday View**: Short - term bonds fluctuate narrowly, and long - term bonds are strong [2] - **Medium - term View**: Strong [2] - **Reference Strategy**: Hold long positions in T2509 or TL2509 [2] - **Core Logic**: Overseas, the Middle East conflict boosts the domestic bond market; in terms of funds, the central bank's operation is beneficial to long - term bonds; fundamentally, the financial data and price levels support the loose expectation [3] Commodity Futures and Options Metal and New Energy Materials Sector - Copper - **Intraday View**: 78000 - 79100 [4] - **Medium - term View**: 60000 - 90000 [4] - **Reference Strategy**: Adopt a shock - operation strategy [4] - **Core Logic**: Macroscopically, the Israel - Iran conflict affects the market; in terms of supply, the production plan of a copper mine is reduced, while Yunnan Copper's production increases; in terms of demand, the wire and cable and copper rod industries have different trends; in terms of inventory, LME and SHFE have different inventory changes. The Sino - US tariff negotiation results are crucial for the future copper price [4][5] Metal and New Energy Materials Sector - Industrial Silicon - **Intraday View**: Weak operation in the range of 7300 - 7400 [6] - **Medium - term View**: Under pressure in the range of 7000 - 8500 [6] - **Reference Strategy**: Sell SI2507 - C - 9000 and short - sell futures [6] - **Core Logic**: Both supply and demand have decreased, and the inventory is at a high level [6][7] Metal and New Energy Materials Sector - Polycrystalline Silicon - **Intraday View**: Weak operation in the range of 33000 - 34000 [8] - **Medium - term View**: Low - level operation in the range of 30000 - 40000 [8] - **Reference Strategy**: Hold the sold PS2507 - C - 45000 [8] - **Core Logic**: Both supply and demand have decreased, and the inventory is at a high level [8][9][10] Metal and New Energy Materials Sector - Lithium Carbonate - **Intraday View**: Weak operation in the range of 62000 - 65000 [11] - **Medium - term View**: The cost support weakens, and the price steadily declines in the range of 59000 - 65000 [11] - **Reference Strategy**: Hold the sold LC2507 - C - 83000 [11] - **Core Logic**: The spot price is low, the supply pressure is large, and the total inventory is at a high level [11]

Report Summary 1. Report Industry Investment Rating No relevant information provided. 2. Core Views - If the opening price of AD2511 is below 19,000 yuan/ton, go long on the AD2511 contract and short on the AL2511 contract; if it is above 19,600 yuan/ton, short the AD2511 contract unilaterally [4]. - The absolute price of aluminum alloy is expected to be poor, but it needs to be evaluated against the opening price. The relative price of aluminum alloy is currently at a low level. The supply of scrap aluminum will continue to be tight, and the fundamentals of aluminum alloy are weaker than those of electrolytic aluminum [5]. 3. Summary by Directory Background: Current Node Aluminum Price Further Upside is Limited - The profit of the electrolytic aluminum industry is 3,000 yuan/ton, at a relatively high level. The alumina price on the cost side is weak, and the inventory on the consumption side is still decreasing. However, the production of aluminum rods and aluminum strips and foils shows a marginal decline, indicating the approach of the seasonal consumption off - season. Without additional macro - disturbing factors, there is no fundamental support for further increasing the aluminum price. With low inventory, the aluminum price will mainly fluctuate with a slight downward trend and limited decline space [5]. Compared with Electrolytic Aluminum, Aluminum Alloy Fundamentals are Weaker - The operating rate of recycled alloys is only about 50%, with excess capacity, while the electrolytic aluminum operating rate is 97%, approaching the production capacity ceiling. The consumption of recycled alloys is overly concentrated in the automotive sector. Currently, the automobile production is good and vehicle lightweighting is ongoing, which boosts the consumption of aluminum alloy. In the long run, when automobile production and lightweighting development approach the bottleneck, the increase in the penetration rate of new - energy vehicles will drag down the consumption of aluminum alloy [5]. Scrap Aluminum Supply will Continue to be Tight - Forecasts show that the supply growth of domestic scrap aluminum will be limited, and the supply of old scrap aluminum may face challenges, leading to a continuous tight supply situation [18]. Smelting Profit and Spread Performance - From the analysis of recycled alloy smelting profit and ADC12 - A00 spread seasonality, the current relative price of aluminum alloy is at a low level. The Baotai quotation is 19,400 yuan/ton, and the actual spot transaction price is 19,200 yuan/ton. If the price of the aluminum alloy 2511 contract reaches 19,600 yuan/ton, the smelting losses of aluminum alloy plants will be repaired, and the hedging willingness will increase [5]. Expiring Warehouse Receipt Mode is Unfavorable for Buying Delivery - According to sample mine statistics, the output in the first quarter of 2025 was 1142,000 tons, with only a year - on - year increase of 4700 tons [28]. Contract Details Comparison - The trading unit of aluminum is 5 tons/hand, and that of aluminum alloy is 10 tons/hand. The minimum price change for both is 5 yuan/ton. The trading time, last trading day, and delivery date are similar, but there are differences in details such as trading code, delivery unit, and warehouse receipt validity period. The aluminum alloy futures will be listed for trading on June 10, 2025 [30].

Report Summary 1. Report Industry Investment Rating No investment rating information is provided in the report. 2. Report's Core View - For copper, the market is influenced by multiple factors. The US government's policies may intensify the global supply - demand tightness, but domestic factors like canceled photovoltaic projects and the off - season in the copper industry reduce the upward momentum. For protein粕, the market is complex with different trends in related products, and the future trend of bean粕 depends on factors such as US soybean weather. For petroleum asphalt, the demand is weak due to rainfall and project funds, and the supply is increasing, so the price is expected to be under pressure in the long - term [1][3][4][6][8][10]. 3. Summary by Variety Copper - **Intraday and Mid - term Views**: Intraday view is in the range of 77000 - 78600, and the mid - term view is in the range of 60000 - 90000. The reference strategy is to adopt an oscillating operation idea [1]. - **Core Logic**: Macroscopically, there are concerns about high tariffs on imported copper. Supply - wise, the Kamoa - Kakula copper mine will resume operation at the end of June, and the global copper concentrate supply - demand tightness persists. Demand - wise, the开工 rate of refined copper rod enterprises is expected to rise slightly this week but may decline in June. Consumption in different regions is weak. In terms of inventory, LME copper inventory decreased and SHFE copper warehouse receipts increased on June 4 [1][2]. - **Outlook**: The US government's policies may exacerbate the supply - demand tightness, but domestic factors reduce the upward momentum [3]. Protein粕 - **Core Logic**: This week, the meal market oscillated. The pressure from domestic traders' large - scale purchases of South American soybeans may have been released. The weather speculation of US soybeans before the end of August may help bean粕 2509 build a bottom. The vegetable oil market has different trends, affected by policies and planting progress [4]. - **International Situation**: US soybean planting is going smoothly. The expected soybean arrivals in June, July, and August are 1200, 950, and 850 million tons respectively. Canadian rapeseed planting is faster than usual, and the global rapeseed production is expected to increase in the 25/26 season [5]. - **Outlook**: Pay attention to the USDA and MPOB monthly reports next week. Bean粕 2509 will generally oscillate, and it is advisable to consider selling out - of - the - money put options on the near - month contracts [6]. - **Intraday and Mid - term Views**: Intraday, bean粕 2509 oscillates in the range of [2900, 3000]. Mid - term, it searches for a bottom at a relatively low position in the range of [2800, 3100]. The reference strategy is to continue holding the sold out - of - the - money put option of bean粕 2509 - P - 2850 [7]. Petroleum Asphalt - **Intraday and Mid - term Views**: Intraday, it runs under pressure, and mid - term, it oscillates weakly. The reference strategy is to sell high [8]. - **Core Logic**: Supply - side, local refineries' losses in asphalt production have deepened, but the domestic asphalt plant operating rate has increased. Demand - side, due to rainfall and project funds, the demand is weak. Inventory - wise, the plant inventory has declined for three consecutive weeks, and the social inventory has increased for two consecutive weeks. The cost is affected by the oil price, which has some upward potential but also faces pressure from OPEC+ [8][9]. - **Outlook**: The release of asphalt's rigid demand is less than expected. In the long - term, with the increase in supply, if the oil price falls, the asphalt price is expected to follow a weak trend [10].

Group 1 - The core viewpoint of the articles highlights the unexpected financial performance of Knight Dairy (832786.BJ) in 2024, with a revenue increase of only 3.22% to 1.297 billion yuan, while net profit turned into a loss of 7.6951 million yuan compared to a profit of 93.85 million yuan in 2023 [2] - The decline in fresh milk prices is identified as a critical factor impacting Knight Dairy's profitability, with domestic milk prices dropping nearly 40% over 40 months, leading to an average price of 3.32 yuan/kg in 2024, a year-on-year decrease of 13.42% [2] - Knight Dairy's heavy reliance on a single major customer, Mengniu, for over 90% of its fresh milk sales limits its bargaining power, resulting in a challenging situation where both raising cattle and selling cattle are unprofitable [2] Group 2 - The company faces challenges due to its single business structure, with over 40% of its sugar business sales dependent on a single customer, Zhejiang Hangshishan Industrial [3] - Although Knight Dairy has attempted to diversify by expanding into milk powder and long-life sterilized milk, these segments saw revenue growth of 40% and 85% respectively in 2024, but their gross margins remain below 10%, making them unlikely to become significant growth drivers in the short term [3] - Knight Dairy has been criticized by the Beijing Stock Exchange for not timely revising its earnings forecast, raising concerns about its financial transparency [3]