证券日报网讯 爱迪特（301580）11月27日在互动平台回答投资者提问时表示，汇率波动会对公司汇兑 损益产生一定影响，请投资者注意投资风险。公司专注于自身主业，严格执行汇率风险管理政策和流 程；通过调整结算币种、结算账期，降低整体的汇率风险敞口；将适时通过远期结汇业务或购买远期结 汇期权，锁定未来收汇的汇率，规避风险。 ...

作为地区外汇外贸主渠道银行，中国银行苏州分行发挥全球化优势，优化金融供给、创新服务模 式，为地区外贸保稳提质贡献金融力量。今年1至10月，该行已累计为地区进出口企业投放各类融资逾 1400亿元。 加大授信支持 发挥特色优势 合力推动共建"一带一路" 企业能够"拿下"海外大额项目，银行保函是竞标和履约的"硬性门槛"。今年，苏州一家企业获取非 洲莫桑比克招标信息后，紧急筹备投标工作，急需开立投标保函。苏州中行迅速组建专项服务小组，为 企业制定详尽的"分步走"方案，短短3天就完成了资料准备、账户开立、授信审批等多个环节，在投标 时间内为企业开出保函，为企业参与国际竞标提供了坚实信用背书。"中行的这三份保函真是雪中送 炭，为我们开拓市场业务解了燃眉之急！"企业负责人赞叹不已。今年1至10月，苏州中行已累计为地区 企业开立涉外保函超42亿元，服务覆盖61个共建"一带一路"国家和地区。 汇率风险是外贸企业发展中不可避免的挑战。苏州中行充分发挥专业优势，设立多家"汇率风险中 性示范网点"，组建专家团队，为外贸企业量身定制远期、期权、掉期等套期保值产品组合，提供"一站 式"汇率避险服务，助力提升外贸企业汇率风险管理水平。目前 ...

证券日报网讯美盈森（002303）11月14日发布公告，在公司回答调研者提问时表示，海外业务主要以收 美元为主。公司密切关注汇率波动情况，并根据公司外币业务收入占比及币种等实际情况，与银行充分 沟通及开展结汇，尽可能降低汇率波动对公司的影响。同时，公司也加大了对外币业务收入占比增加带 来的汇兑损益波动应对措施的研究力度，不排除后期做一些风险对冲工作的可能性。 ...

Core Viewpoint - The company held a Q3 2025 earnings presentation on November 13, 2025, to address investor concerns and discuss its performance and market strategies [2][3]. Group 1: Market Competition - The domestic cleanroom engineering market is experiencing intensified competition, prompting the company to focus on high-tech, high-value large cleanroom and electromechanical projects while leveraging AI for management efficiency [3][4]. - In overseas markets, particularly Singapore, the company maintains a competitive edge through its technical advantages in semiconductor cleanroom projects and a robust global supply chain [4][6]. Group 2: Financial Management - The company emphasizes strict management of accounts receivable, utilizing an electronic funds management platform to monitor project progress and payment statuses [5]. - The increase in accounts receivable at the end of Q3 is attributed to project settlement cycles, and the company is committed to enhancing management to ensure financial safety and efficiency [5][6]. Group 3: Business Development - The company is focused on expanding its cleanroom engineering services for the IC semiconductor industry, particularly in response to increased capital expenditures from downstream clients [6][7]. - The company is currently concentrating its overseas business in Southeast Asia, especially Singapore, while evaluating potential expansion into Japan, Europe, and North America based on its technological and managerial capabilities [6][7]. Group 4: Shareholder Engagement - The company is committed to a stable and reasonable dividend policy for 2025, considering factors such as operating performance and financial status [6][7]. - The management expresses gratitude for shareholder suggestions regarding employee stock incentives and acknowledges the importance of shareholder feedback for long-term development [7][8].

1. Report Industry Investment Ratings No specific industry investment ratings are provided in the report. 2. Core Views - The "15th Five - Year Plan" draft can help identify future key focus areas. The Sino - US trade talks in Kuala Lumpur reached a phased consensus, which will reduce the impact of tariff policies on the market and improve market risk appetite [2]. - It is expected that the USD/CNY spot exchange rate will operate in the range of 7.09 - 7.14 this week, with a potentially stronger overall trend. Enterprises are advised to conduct exchange - rate risk management [4]. - The stock index is expected to continue to fluctuate in the short term as the Fed's rate - cut expectation has cooled, but there is support below [5]. - For treasury bonds, a long - term bullish view is maintained, and mid - term long positions should be held [6]. - The short - term bullish trend of container shipping futures on the European line will continue, but the widening basis between futures and spot prices increases volatility risk [10]. - Precious metals are in a short - term adjustment phase. In the long - term, the price center of gravity is expected to rise, and investors can look for mid - term buying opportunities on dips [15]. - Copper prices are under pressure from the rising US dollar index, but there is support below. Aluminum prices are expected to be in an upward channel in the long - term, while alumina prices may be weak in the short - term [17][18]. - Zinc prices are expected to be in a strong and volatile state, and tin prices have sufficient bottom support [20][21]. - Carbonate lithium is expected to be in a volatile and strong state, while industrial silicon and polysilicon are expected to be in a wide - range volatile state [23][25]. - Lead prices are expected to be in a high - level volatile state in the short - term [26]. - Rebar and hot - rolled coils are expected to be in a weak and volatile state, challenging previous lows [28]. - Coking coal and coke are suitable as long - positions in the black market, and their prices are expected to rise [30]. - Ferroalloys are expected to be in a volatile state, with high inventory and weak demand [31]. - Crude oil prices are expected to oscillate in the range of 60 - 65 US dollars this week, with limited upward or downward breakthrough potential [35]. - LPG is expected to be in a weak and volatile state, with limited fundamental support [37]. - PX - PTA is expected to be in a strong and volatile state along with the cost side, but the oversupply expectation of PTA still exists [40]. - Ethylene glycol is expected to be in a wide - range volatile state, and a short - selling strategy is recommended on rallies [44]. - Methanol 01 may continue to decline, and it is recommended to hold previous short - call positions [46]. - PP and PE are in a state of strong supply and weak demand, and their prices are expected to be weak [49][51]. - Pure benzene and styrene are expected to be weak and prone to decline, and short - selling opportunities after rallies are recommended [53][54]. - High - sulfur fuel oil cracking is expected to be weak, and profit - taking is recommended. Low - sulfur fuel oil's fundamentals have improved [55][57]. - Asphalt is in a weak state. Short - term waiting or short - selling on rallies is recommended [59]. - Rubber and 20 - number rubber are expected to be in a range - bound and volatile state, with support below but no strong upward drivers [62]. - Urea is expected to be in a weak and volatile state, facing pressure due to weak domestic demand [63]. - For glass, soda ash, and caustic soda, soda ash is expected to be weak, glass may decline towards the end of the 01 contract, and caustic soda's market pressure is increasing [64][66][67]. - Pulp and offset paper are expected to be in a relatively volatile state in the short - term [68]. - Logs are in a weak state, and short - selling on rallies and 01 - 03 reverse arbitrage opportunities are recommended [69][70]. - Propylene is expected to be in a weak state, with an overall loose supply situation [72]. 3. Summaries by Relevant Catalogs Financial Futures - **Macro**: US employment data exceeded market expectations. The "15th Five - Year Plan" draft was released, and the Sino - US trade talks reached a phased consensus. The US government has been shut down for 36 days [1][2]. - **Renminbi Exchange Rate**: It is expected that the USD/CNY spot exchange rate will operate in the range of 7.09 - 7.14 this week, with a potentially stronger overall trend. Enterprises are advised to conduct exchange - rate risk management [4]. - **Stock Index**: The Fed's rate - cut expectation has cooled, and the stock index is expected to continue to fluctuate in the short term [5]. - **Treasury Bonds**: A long - term bullish view is maintained, and mid - term long positions should be held [6]. - **Container Shipping on the European Line**: The short - term bullish trend will continue, but the widening basis between futures and spot prices increases volatility risk [10]. Commodities Non - ferrous Metals - **Gold & Silver**: They are in a short - term adjustment phase. In the long - term, the price center of gravity is expected to rise, and investors can look for mid - term buying opportunities on dips [15]. - **Copper**: Copper prices are under pressure from the rising US dollar index, but there is support below. Some downstream orders have improved [17]. - **Aluminum Industry Chain**: Aluminum prices are expected to be in an upward channel in the long - term, while alumina prices may be weak in the short - term. Cast aluminum alloy has strong follow - up to aluminum prices [18][19]. - **Zinc**: It is expected to be in a strong and volatile state, with support at the bottom in November [20]. - **Tin**: It has sufficient bottom support, and a long - term bullish view is maintained [21]. - **Carbonate Lithium**: It is expected to be in a volatile and strong state, with a relatively stable supply increment and strong demand in November [23]. - **Industrial Silicon & Polysilicon**: Industrial silicon has a supply reduction expectation, and polysilicon's fundamentals are still weak [25]. - **Lead**: It is expected to be in a high - level volatile state in the short - term due to supply disturbances [26]. Black Metals - **Rebar & Hot - Rolled Coil**: They are expected to be in a weak and volatile state, challenging previous lows. The anti - dumping investigation on hot - rolled coils may affect far - month contracts [28]. - **Coking Coal & Coke**: They are suitable as long - positions in the black market, and their prices are expected to rise due to downstream replenishment and supply restrictions [30]. - **Ferroalloys**: They are in a state of high inventory and weak demand, and are expected to be in a volatile state [31]. Energy and Chemicals - **Crude Oil**: It is expected to oscillate in the range of 60 - 65 US dollars this week, with limited upward or downward breakthrough potential [35]. - **LPG**: It is expected to be in a weak and volatile state, with limited fundamental support [37]. - **PTA - PX**: It is expected to be in a strong and volatile state along with the cost side, but the oversupply expectation of PTA still exists [40]. - **MEG - Bottle Chip**: Ethylene glycol is expected to be in a wide - range volatile state, and a short - selling strategy is recommended on rallies [44]. - **Methanol**: Methanol 01 may continue to decline, and it is recommended to hold previous short - call positions [46]. - **PP and PE**: They are in a state of strong supply and weak demand, and their prices are expected to be weak [49][51]. - **Pure Benzene and Styrene**: They are expected to be weak and prone to decline, and short - selling opportunities after rallies are recommended [53][54]. - **Fuel Oil**: High - sulfur fuel oil cracking is expected to be weak, and profit - taking is recommended. Low - sulfur fuel oil's fundamentals have improved [55][57]. - **Asphalt**: It is in a weak state. Short - term waiting or short - selling on rallies is recommended [59]. - **Rubber & 20 - number Rubber**: They are expected to be in a range - bound and volatile state, with support below but no strong upward drivers [62]. - **Urea**: It is expected to be in a weak and volatile state, facing pressure due to weak domestic demand [63]. - **Glass, Soda Ash, and Caustic Soda**: Soda ash is expected to be weak, glass may decline towards the end of the 01 contract, and caustic soda's market pressure is increasing [64][66][67]. - **Pulp and Offset Paper**: They are expected to be in a relatively volatile state in the short - term [68]. - **Logs**: They are in a weak state, and short - selling on rallies and 01 - 03 reverse arbitrage opportunities are recommended [69][70]. - **Propylene**: It is expected to be in a weak state, with an overall loose supply situation [72].

Core Viewpoint - The article discusses the shift in foreign trade enterprises' currency exchange strategies in response to the Federal Reserve's interest rate cuts and the changing dynamics of the USD and RMB exchange rates, leading to increased willingness to convert USD to RMB [3][12][17]. Group 1: Currency Exchange Trends - Since late September, many foreign trade companies have increased their currency exchange efforts due to the Federal Reserve's resumption of interest rate cuts, which has diminished the yield advantage of USD investments [3][12]. - The RMB/USD exchange rate has risen above the 7.15-7.30 range, prompting expectations of further appreciation of the RMB, leading companies to act early to secure favorable exchange rates [3][12][17]. - The average exchange rate for foreign trade enterprises was 53.7% in the first eight months of the year, a slight increase of 0.5 percentage points from the previous year, indicating a cautious approach to currency conversion prior to the recent changes [11]. Group 2: Impact of Interest Rates on Investment Decisions - Prior to the Fed's interest rate cuts, many companies preferred to keep USD in offshore accounts for higher returns from USD-denominated investments, which yielded around 4.6% annually, significantly higher than domestic RMB rates [11][12]. - The shift in strategy is evident as companies like Chen Qi's have begun to convert a portion of their USD receivables to RMB, with plans to invest in domestic financial products that offer competitive returns [13][15]. - The article highlights that the recent interest rate cuts have led to a 180-degree change in the investment landscape, with companies now prioritizing currency conversion over holding USD assets [12][17]. Group 3: Risk Management Strategies - Companies are adjusting their risk management strategies for currency fluctuations, with some opting to hedge against exchange rate risks by betting on RMB appreciation for future imports [8]. - The article notes that the use of forward foreign exchange tools is becoming more common among foreign trade enterprises to lock in favorable exchange rates, although challenges such as high costs and collateral requirements remain [18][19]. - The central bank's data indicates that the foreign exchange hedging ratio for enterprises has increased to approximately 30%, up from 17% in 2020, reflecting a growing awareness of currency risk management [20].

Core Insights - A group of "invisible champion" companies in Jiangsu is steadily expanding globally, showcasing "China's intelligent manufacturing" through their core technology advantages in various sectors such as automotive lightweight components, ultra-high voltage equipment, and power semiconductors [1] Group 1: Company Developments - Xinan Technology, a high-tech company specializing in automotive lightweight components, has recently gone public and is expanding its global footprint with a new factory in Thailand expected to start production in Q1 2024 [2] - Borui Electric, a leader in power automation equipment, has successfully delivered products to over 70 countries, marking a significant achievement for Chinese ultra-high voltage technology [4] - Yangjie Electronics, a national champion in the semiconductor industry, has established a strong international presence, with overseas sales projected to account for 25% of total sales by 2024 [7] Group 2: Financial Support and Risk Management - Financial institutions are providing tailored foreign exchange risk management solutions to companies like Xinan Technology, which relies heavily on exports [2] - The People's Bank of China in Jiangsu has implemented a targeted approach to assist high-tech and specialized enterprises with foreign exchange hedging, resulting in a 9 percentage point increase in the proportion of companies engaging in hedging activities [3] - Jiangsu's cross-border trade pilot program has facilitated over $347.4 billion in transactions for 6,902 quality enterprises, enhancing the efficiency of fund settlement [5][6] Group 3: Policy and Market Trends - The Jiangsu government is promoting high-level openness in cross-border trade, simplifying processes and reducing documentation requirements for enterprises [5] - The financial support for Yangjie Electronics includes significant loans for technology upgrades and stock repurchase plans, demonstrating the critical role of financial services in supporting high-tech companies [8] - Jiangsu has established a cross-border cash pool business for multinational companies, allowing for efficient capital management and resource allocation [8]

Core Viewpoint - The company, Bright Dairy, announced a significant loss in its subsidiary, Synlait Milk Limited, due to underutilization of capacity at its North Island plant, leading to a decision to sell assets to Abbott Laboratories for $170 million [1][2]. Group 1: Financial Impact - Synlait Milk Limited plans to sell its North Island assets for $170 million (approximately NZD 288 million or CNY 1.21 billion) to Abbott Nutrition NZ Limited, with the transaction expected to close on April 1, 2026 [1]. - The sale is a response to substantial losses affecting Synlait's overall profitability, primarily due to low capacity utilization [1]. Group 2: Risk Management - Synlait Milk Limited is managing exchange rate risks through foreign exchange forward contracts to stabilize the settlement price against fluctuations in the USD/NZD exchange rate [2]. - The company will enter into a series of transitional service agreements with Abbott Nutrition, expected to last three years, with potential extensions [2]. Group 3: Company Structure - Bright Dairy's revenue composition for the year 2024 is as follows: dairy products account for 90.44%, other businesses for 4.85%, livestock for 4.22%, and miscellaneous for 0.5% [3]. Group 4: Market Position - As of the latest report, Bright Dairy has a market capitalization of CNY 11.7 billion [4].

Core Viewpoint - The company, Zhongman Petroleum, is actively managing foreign exchange risks by regularly assessing exposure and adjusting strategies to mitigate the impact of currency fluctuations on its performance [1] Group 1: Foreign Exchange Risk Management - The company will periodically evaluate foreign exchange risks and analyze exposure [1] - It plans to dynamically adjust its foreign exchange risk management strategies based on various factors, including local financial environment, contract terms, and relevant foreign exchange policies [1] - The company aims to optimize settlement methods and cycles to minimize the impact of exchange rate volatility on its performance [1] Group 2: Interest Expenses - Interest expenses primarily include bank loan interest and foreign exchange losses [1]

Core Viewpoint - The global financial market is at a critical "crossroads," with the Federal Reserve announcing a 25 basis point interest rate cut, leading to increased uncertainty in the market and significant fluctuations in the USD exchange rate [1] Group 1: Exchange Rate Management - The environment has intensified the volatility of the RMB against the USD, creating greater exchange rate uncertainty for foreign trade companies, making traditional methods of currency exchange inadequate [2] - An excellent foreign trade salesperson is not just responsible for securing orders but also for safeguarding profits by managing exchange rate risks effectively [2] Group 2: Pre-Contract Strategies - Establish clear pricing anchors in contracts, specifying the currency for pricing and settlement to mitigate exchange rate risks [6] - Include exchange rate sharing clauses in long-term contracts to distribute risks between parties if fluctuations exceed a predetermined range [6] - Implement price adjustment clauses to renegotiate prices if exchange rates fluctuate beyond a certain threshold before payment [6] Group 3: Post-Contract Strategies - Shorten payment cycles to reduce exposure to exchange rate fluctuations, utilizing methods like T/T against Copy Documents or sight letters of credit [6] - Consider staggered shipments and payments for large orders to spread risk over multiple time points [6] - Utilize foreign exchange derivatives, such as forward contracts, to lock in future exchange rates [6] Group 4: Currency Exchange Operations - The greatest risk in a volatile market is the lack of strategies and tools to manage fluctuations effectively [8] - Avoid common mistakes like "buying high and selling low" by setting target exchange rate ranges based on profit calculations [8] - Implement a strategy of phased currency exchange to smooth out the impact of exchange rate volatility [8] - Stay informed about bank promotions that may offer favorable exchange rates or reduced spreads [8]