Core Viewpoint - The Dalian Commodity Exchange announced adjustments to the price limit and margin levels for various futures contracts, effective from February 12, 2026, and will revert to pre-holiday standards after the trading resumes on February 24, 2026 [1][2]. Summary by Category Price Limit Adjustments - Iron ore futures price limit will be adjusted to 11% with a margin level of 13% - Coking coal and coke futures price limits will be set at 10%, with margin levels unchanged for coke and adjusted to 14% for coking coal - Soybean futures (both types), soybean meal, corn, and eggs will have a price limit of 8% and a margin level of 9% - Other commodities like palm oil, ethylene glycol, styrene, and liquefied petroleum gas will have a price limit of 10% and a margin level of 11% [1]. Margin Level Adjustments - The margin levels for corn starch and japonica rice will be set at 8% and 7% respectively - Live pigs and logs will have a price limit of 8% and a margin level of 10% - Pure benzene will have a price limit of 11% and a margin level of 12% - Other futures contracts will maintain their current price limits and margin levels [1][4]. Post-Holiday Adjustments - After the holiday, the price limits and margin levels for iron ore, coking coal, coke, soybeans, soybean meal, soybean oil, palm oil, corn, corn starch, japonica rice, eggs, live pigs, and several plastics will revert to pre-holiday standards - Other futures contracts will maintain their existing price limits and margin levels [2].

2025年以来，全球地缘局势冲突持续、大宗商品价格波动，叠加物流秩序扰动，实体企业尤其是中小微 企业陷入成本难控、经营承压的困境，期货市场作为风险管理核心平台，成为缓解企业经营压力、稳定 市场预期的关键力量。 华西期货总经理魏哲平日前在接受中国证券报记者专访时表示，针对中小微企业经营中的痛点问题，期 货行业可通过"保险+期货"、基差贸易等定制化服务寻求突破，通过工具创新为企业筑起风险"防护 墙"。同时，行业还需进一步加强投资者教育、加速政策落地，推动期货服务从"单一工具供给"向"一站 式风险管理方案"升级，助力实体企业穿越市场周期、提振经营信心，让期货真正成为实体企业稳健经 营的"硬核支撑"。 "作为国民经济根基的实体企业，正面临着原材料价格波动与物流不确定性的双重挤压。"魏哲平举例 道，农业领域的生猪养殖户面临"猪周期"与饲料成本上涨的叠加压力，制造业企业也因铜、铝等原材料 价格波动导致生产计划频繁调整，中小微企业尤其因资金有限、专业能力不足，在风险面前更显被动。 这种不确定性不仅影响企业短期盈利，更削弱了市场主体对未来的预期。 而期货市场的价值，恰恰在于为企业构筑"风险防火墙"。魏哲平表示，期货市场兼具商 ...

Group 1 - The Shanghai Futures Exchange announced adjustments to the risk control parameters for tin futures, including changes to trading margins, price fluctuation limits, and intraday opening limits [1] - Starting from January 15, 2026, the price fluctuation limit for tin futures contracts will be set at 11% [1] - The trading margin for hedging positions will be adjusted to 12%, while the margin for general positions will be set at 13% [1] Group 2 - New trading limits have been established, with a maximum intraday opening quantity of 800 lots for non-futures company members, overseas special non-broker participants, and clients starting from January 16 [1] - Accounts with actual control relationships will be subject to the single client standard for intraday opening quantities [1] - Hedging and market-making transactions will not be subject to these new opening limits [1] Group 3 - The adjustments are based on the relevant provisions of the Shanghai Futures Exchange Risk Control Management Measures [1] - The exchange aims to enhance market risk management through increased trading margins, expanded price fluctuation ranges, and restricted intraday opening quantities [1]

Core Viewpoint - The emphasis on the importance of the real economy and financial services highlights the need for risk management companies to adapt and innovate in their service offerings to better support the real economy [1][2]. Group 1: Financial Infrastructure and Market Opportunities - The Central Committee's proposal for the 15th Five-Year Plan includes the steady development of futures, derivatives, and asset securitization, which presents new opportunities for the high-level development of the futures and derivatives market [1]. - The recent training session for executives of futures risk management companies focused on compliance, risk control, and governance capabilities, aiming to integrate compliance concepts into strategic decision-making and business development [1][5]. Group 2: Evolving Service Demands - The methods by which enterprises engage with the futures market have evolved, leading to increased demands for risk management companies to provide diverse and innovative services [2]. - The current workforce in futures risk management companies has grown to nearly 4,000, indicating the sector's importance in serving the real economy [2]. Group 3: Service Capability Enhancement - To enhance service capabilities, futures risk management companies must shift from passive compliance to proactive risk management and develop a systematic governance approach [4]. - Companies should focus on attracting and retaining talent while creating a clear strategic vision and profitable business models [4]. Group 4: Compliance and Risk Management - Compliance is essential for the sustainable development of futures risk management companies, necessitating a comprehensive risk management framework that includes organizational structure, management systems, and quantifiable risk indicators [5]. - The training concluded with discussions on improving risk control capabilities for industry enterprises and sharing best practices for serving small and medium-sized enterprises and national strategies [5].

Core Insights - In 2024, Guotai Junan Risk Management successfully addressed cross-regional supply chain challenges for Weiteou New Materials through an "invisible transfer" strategy, ensuring production continuity and mutual benefits for both parties [1] Group 1: Company Operations - Weiteou New Materials, a leading enterprise in the electronic chemicals industry in Shenzhen, specializes in the R&D, production, and sales of microelectronic soldering materials [1] - The company required the disposal of 22 tons of warehouse receipts located in East China, prompting Guotai Junan Risk Management to form a specialized team to design a warehouse receipt exchange solution [1] - The warehouse receipt exchange mechanism aims to optimize resource allocation, enhance supply chain efficiency, reduce costs, and manage risks for enterprises [1] Group 2: Transaction Details - After analyzing Weiteou New Materials' needs, Guotai Junan Risk Management identified 200 tons of "Yunheng" brand tin ingots from Yunnan as a suitable match, leading to the signing of two purchase and sales contracts [2] - The exchange allowed 22 tons of tin ingots to be "moved" from East China to Shenzhen without actual logistics, optimizing inventory at a low cost and high efficiency for Weiteou New Materials [2] - Guotai Junan Risk Management was able to exchange the "Yunheng" tin ingots, which had a premium of 300 yuan/ton, for "YT" brand tin ingots with a premium of 800 yuan/ton, achieving a win-win outcome [2] Group 3: Market Context and Future Implications - The increasing participation of industrial clients in futures delivery has led to some mismatches in warehouse receipt resources, highlighting the ongoing demand for resource optimization in the market [3] - Guotai Junan Risk Management's expertise in futures and spot business enables effective assistance for terminal enterprises in optimizing warehouse receipts [3] - The successful implementation of this project serves as a strong support for promoting the warehouse receipt exchange model and aligns with the newly released rules by the China Futures Association, which recognize exchange trade as a solution for managing price volatility risks and stabilizing operations [3]

Group 1 - The Secretary General of the Guangdong Stainless Steel Materials and Products Association, Huang Gengyan, and Assistant President Chen Jiayong visited the member company Guangzhou Futures Co., Ltd. Foshan Branch, where they were warmly received by General Manager Lin Xi [2] - General Manager Lin Xi provided suggestions on risk management strategies for production and trading enterprises in the stainless steel sector, emphasizing the need for companies to choose suitable risk management methods based on their operational needs and development plans [2] - The company aims to offer personalized services tailored to the actual operations of enterprises, helping them stabilize their business [2] Group 2 - Guangzhou Futures Co., Ltd. Foshan Branch has been a member of the Guangdong Stainless Steel Materials and Products Association since its establishment on November 1, 2011, and is located at 57 Jihua 5th Road, Zhumiao Street, Chancheng District, Foshan City [4] - The company has received multiple awards since its inception and adheres to a customer demand-oriented approach, maintaining the philosophy of "industry-based, innovation-driven" [4] - Guangzhou Futures Foshan Branch is committed to providing high-quality services to its clients with a dedication to "contribution, persistence, and commitment" [4]

Report Information - Report Name: Nanhua Soybean No.1 Industry Risk Management Daily Report - Date: October 29, 2025 - Analyst: Bian Shuyang (Investment Consulting License No.: Z0012647) - Research Assistant: Kang Quangui (Qualification Certificate No.: F03148699) - Investment Consulting Business Qualification: CSRC License [2011] No. 1290 [1] Industry Investment Rating - No industry investment rating is provided in the report. Core Viewpoints - New - season soybean listing is hindered by rainfall in the southern产区, leading to a supply shortage of high - protein edible soybeans, which supports the price to rise seasonally. Meanwhile, restrained selling willingness at the grass - roots level and rigid bidirectional grain return acquisitions ease price pressure. Strong acquisition willingness in the spot market and the limited market scale lead to a fundamental shift [3]. - The selling pressure of soybeans is gradually decreasing, and the downstream has a strong willingness to acquire high - quality soybeans. The uninitiated state - reserve acquisition restricts price decline, and if it starts and purchases at a reasonable price, it may further strengthen the price [3]. - The southern产区's listing progress is gradually recovering. The resumption of US soybean imports after the progress of Sino - US trade negotiations (with uncertain time) and the possible decline in acquisition intensity after the execution of grain return orders are negative factors for the market [6]. Summary by Related Content Price Forecast - The price range forecast for the Soybean No.1 contract 11 in the current month is 3900 - 4100, with a current 20 - day rolling volatility of 11.02% and a historical percentile of 25.1% [2] Risk Strategies | Behavior Orientation | Scenario Analysis | Spot Exposure | Strategy Recommendation | Hedging Tool | Buying/Selling Direction | Hedging Ratio | Suggested Entry Range | | --- | --- | --- | --- | --- | --- | --- | --- | | Inventory Management | Planting subjects have a large demand for selling new soybeans harvested in autumn, but there is significant short - term selling pressure, which weighs on prices | Long | Take advantage of the futures price rebound to appropriately lock in planting profits and short - sell | A2601 | Short | 30% | Above 4100 | | Inventory Management | During the concentrated listing period, the bargaining power of sellers weakens | Long | Sell call options to increase the grain selling price | A2511 - C - 4050 | Sell | 30% | 30 - 50 (Hold) | | Procurement Management | Concerned about rising raw material prices and increased procurement costs | Short | Mainly wait to purchase spot goods in the medium term and focus on long - term procurement management | A2603, A2605 | Long | - | Wait for the price to bottom out in the fourth quarter | [2] Spot Price and Basis - On October 28, 2025, the spot prices of domestic third - grade soybeans in Harbin, Nenjiang, Jiamusi, and Changchun were 3900, 3860, 3940, and 3970 respectively, with corresponding basis values of - 215, - 217, - 137, and - 107 [4] Futures Closing Price | Contract | October 27, 2025 | October 28, 2025 | Daily Change | Change Rate | | --- | --- | --- | --- | --- | | Soybean No.1 11 | 4054 | 4100 | 46 | 1.13% | | Soybean No.1 01 | 4077 | 4115 | 38 | 0.93% | | Soybean No.1 03 | 4085 | 4123 | 38 | 0.93% | | Soybean No.1 05 | 4121 | 4155 | 34 | 0.83% | | Soybean No.1 07 | 4117 | 4155 | 38 | 0.92% | | Soybean No.1 09 | 4121 | 4158 | 37 | 0.90% | [4][7]

Report Overview - The report is the "South China Nickel & Stainless Steel Industry Risk Management Daily" dated September 24, 2025, by the South China New Energy & Precious Metals Research Team [1] Industry Investment Rating - Not provided in the report Core Viewpoints - The nickel and stainless steel markets are currently in a state of internal oscillation, with no significant changes in the fundamentals. Concerns about the stability of ore supply are increasing, while the cobalt price has upward potential, driving up the prices of MHP and nickel salts. Nickel iron prices remain firm, and the stainless steel market shows a wait - and - see attitude before the holiday [3] Key Points by Category Price and Volatility Forecast - The price range forecast for Shanghai nickel is 118,000 - 126,000 yuan/ton, with a current 20 - day rolling volatility of 15.17% and a historical percentile of 3.2%. The price range forecast for stainless steel is 12,500 - 13,100 yuan/ton, with a current 20 - day rolling volatility of 6.88% and a historical percentile of 0.1% [2] Risk Management Strategies Nickel - **Inventory Management**: When facing the risk of product price decline and inventory devaluation, sell Shanghai nickel futures (NI main contract) at a 60% hedging ratio and sell call options at a 50% hedging ratio [2] - **Procurement Management**: For future production procurement needs, buy Shanghai nickel forward contracts (far - month NI contracts) according to the production plan, sell put options, and buy out - of - the - money call options, with the hedging ratio based on the procurement plan [2] Stainless Steel - **Inventory Management**: When facing the risk of product price decline and inventory devaluation, sell stainless steel futures (SS main contract) at a 60% hedging ratio and sell call options at a 50% hedging ratio [3] - **Procurement Management**: For future production procurement needs, buy stainless steel forward contracts (far - month SS contracts) according to the production plan, sell put options, and buy out - of - the - money call options, with the hedging ratio based on the procurement plan [3] Market Situation Analysis Core Contradictions - In the nickel market, the Indonesian energy department's sanctions on mining companies have increased concerns about the stability of ore supply. In the new energy sector, the expected extension of the cobalt export ban in Congo may drive up the prices of MHP and nickel salts. Nickel iron prices are firm, and the stainless steel market shows a wait - and - see attitude [3] Positive Factors - Indonesia's APNI plans to revise the HPM formula, shorten the nickel ore quota license period, and the stainless steel has been destocking for several weeks. Also, the Indonesian forestry working group has taken over part of the nickel mining area [5] Negative Factors - High pure nickel inventory, Sino - US tariff disturbances, uncertainties in EU stainless steel import tariffs, the implementation of South Korea's anti - dumping duty on Chinese stainless steel plates, weak stainless steel spot transactions [5] Market Data Nickel Disk - The latest price of Shanghai nickel main contract is 121,450 yuan/ton, up 1% from the previous day. The trading volume increased by 103.70% to 107,755 lots, and the open interest increased by 125.11% to 85,526 lots [5] Stainless Steel Disk - The latest price of the stainless steel main contract is 12,895 yuan/ton, with little change. The trading volume decreased by 12.00% to 122,330 lots, and the open interest decreased by 5.80% to 116,704 lots [5] Inventory Data - Domestic nickel social inventory is 41,484 tons, an increase of 429 tons; LME nickel inventory is 230,586 tons, an increase of 132 tons; stainless steel social inventory is 897,200 tons, a decrease of 5,400 tons; nickel pig iron inventory is 28,652 tons, a decrease of 614.5 tons [6] Industry News - CATL and Antam are promoting the construction of a nickel integrated smelter [7]

Core Viewpoint - A profound transformation is occurring in Henan, focusing on the construction of a modern industrial system, where companies like Tongda Cable Co., Ltd. are leveraging the futures market to manage risks and seize opportunities amid commodity price fluctuations [2][3]. Company Overview - Tongda Cable, founded in 1987 and listed in 2011, has been a leader in the cable industry for nearly 40 years, specializing in the production and sales of cables, precision processing of aircraft components, and aluminum-based composite materials [3]. - The company has an annual production capacity of over 100,000 tons for ultra-high voltage cables and 50,000 kilometers for power and high-end cables, contributing to major projects like the 1000kV transmission line [3]. Challenges Faced - The company faces significant challenges due to raw material costs, with electrolytic aluminum and cathode copper accounting for over 70% of production costs [4]. - Price volatility of these metals, influenced by supply-demand dynamics and macroeconomic factors, has led to substantial risks, particularly when contracts are won based on current prices but delivered months later [4]. Risk Management Strategy - Since 2007, Tongda Cable has utilized futures tools, starting with aluminum and later expanding to copper, to hedge against price fluctuations [6]. - The company has developed a comprehensive risk management framework, including a specialized internal control system, a professional team, and strict risk management protocols [8]. Recent Developments - In response to rising aluminum prices in late 2024, the company quickly implemented a hedging strategy by purchasing call options, resulting in a profit of 44,440 yuan, effectively mitigating the impact of rising raw material costs [7]. - Tongda Cable has been recognized as a best practice case for risk management in futures by the China Listed Companies Association and has been approved as a service base for integrating finance and industry [6][11]. Industry Collaboration - The company emphasizes collaboration within the supply chain, moving from a focus on price to technology and service, enhancing customer engagement from the design phase of projects [10]. - Tongda Cable is also establishing a strategic supplier evaluation system to strengthen partnerships and improve communication regarding hedging tools and market analysis [11]. Conclusion - Tongda Cable's experience exemplifies how companies in Henan are effectively utilizing futures and derivative tools to manage price risks, stabilize operations, and achieve high-quality development in line with national industrial goals [11].

Group 1 - The training session aims to enhance risk management capabilities of agricultural enterprises in Yinchuan through the use of futures and derivatives [1][2] - The agricultural industry in Yinchuan is a key pillar for local economic development, facing increased operational pressures due to international commodity price fluctuations and extreme weather [2][3] - Futures markets serve as a crucial tool for price discovery, risk management, and resource allocation, helping agricultural producers stabilize costs and revenues [2][3] Group 2 - The Dalian Commodity Exchange (DCE) has been actively collaborating with local governments and financial institutions, serving over 1.8 million farmers through various risk management programs [3][5] - The training focused on core agricultural products like soybean meal and corn, providing practical applications of risk management tools [3][4] - Experts emphasized the importance of avoiding misconceptions about hedging and encouraged businesses to develop strategies based on industry needs [4][5] Group 3 - The training included both theoretical knowledge and practical case studies, fostering interaction between participants and instructors [5] - Companies expressed intentions to explore new models combining futures pricing with contract farming to enhance collaboration across the supply chain [5][6] - Future initiatives will focus on deepening services for local enterprises to leverage futures tools for risk management and competitiveness [5]