成立国茂控股，有利于上海进一步发挥国内大循环中心节点和国内国际双循环战略链接作用，强化上海 在大宗商品领域的交易和定价功能，提升"上海价格"国际影响力，为上海"五个中心"建设特别是国际贸 易中心提质升级作出积极贡献。 揭牌仪式上，国茂控股发布首批产业、金融、股东生态合作伙伴，着力构建全产业链合作生态圈。在当 天下午上海市国资委召开的建设国际化大宗商品贸易投资商座谈会上，中国人民银行上海总部、上海期 货交易所、伦敦金属交易所相关负责人，中远海运集团、中粮集团、必和必拓、嘉能可、维多集团、海 亮集团等公司代表围绕"建设国际化大宗商品贸易投资商、推动上海国际贸易中心提质升级"主题，从全 球贸易创新、绿色数字化转型、核心竞争力培育、国际化经营路径等方面进行深入交流，对上海国际贸 易中心建设、打造商品全球资源配置枢纽功能等提出意见建议，并表示将与国茂控股进一步加强交流， 开展生态合作。 上海国茂控股有限公司（以下简称"国茂控股"）11月27日揭牌成立。作为上海市政府批准成立的市属一 级国有企业，国茂控股致力于打造在关键领域具有核心竞争力的国际化新型大宗商品贸易投资平台。 国茂控股党委书记、董事长郑元湖，党委副书记、总裁 ...

Core Insights - The article discusses the transformation of the commodity trading industry in China, highlighting the shift from traditional trading models to integrated supply chain management services, driven by market dynamics and the need for risk management [1][2][3]. Industry Evolution - The commodity trading sector in China was initially characterized by rapid growth and a lack of information transparency, with many traders relying on traditional "buy low, sell high" strategies for profit [2]. - The 2008 global financial crisis exposed the vulnerabilities of these traditional models, leading to significant losses for traders as commodity prices plummeted [2][3]. - Increased market transparency and competition have pressured traders to evolve, as clients now demand more than just basic supply services, seeking stability in pricing and cost control [3]. Risk Management and Transformation - The development of China's futures market has provided traders with new tools for hedging price risks, prompting many to establish risk management departments and adopt a "spot-futures" combined operational model [3][4]. - Traders have moved beyond simple hedging to create diversified risk management systems that include basis trading and options, enhancing their competitive edge [4][5]. Integrated Service Ecosystem - The integration of warehousing and logistics into the trading model has become essential for enhancing service efficiency and creating value within the supply chain [7]. - Traders are building comprehensive service systems that combine trading, warehousing, logistics, finance, and information services, transitioning from "spot-futures operators" to "integrated service providers" [7][8]. - The establishment of smart warehousing and logistics networks has improved inventory management and service delivery, while also enabling traders to offer financial services to clients [7][8]. Global Competitive Landscape - As the Chinese economy becomes more integrated into global supply chains, traders recognize the need to enhance their global resource allocation capabilities to compete with international giants [9]. - The combination of risk management through financial tools and a robust physical network has become a key strategy for traders to maintain competitiveness in cross-border trade [9]. Future Outlook - The uncertainty in the commodity market is expected to persist due to geopolitical tensions, climate change, and technological advancements, necessitating continuous innovation and adaptation by traders [10]. - By focusing on empowering the real economy and enhancing service offerings, traders can achieve sustainable growth in a complex market environment [10].

Core Viewpoint - Shanghai Guomao Holdings Co., Ltd. has been established as a state-owned enterprise approved by the Shanghai municipal government, aiming to create a competitive international commodity trading and investment platform [1] Group 1: Company Overview - Guomao Holdings is structured around a business development model that includes spot trading, financial futures, upstream resource investment, midstream supply chain management, and downstream industrial layout [1] - The company aims to cultivate core capabilities in industry research, digital empowerment, international operations, and risk control [1] Group 2: Strategic Importance - The establishment of Guomao Holdings will enhance Shanghai's role as a central node in domestic circulation and a link in the dual circulation strategy, strengthening its trading and pricing functions in the commodity sector [1] - The initiative is expected to elevate the international influence of "Shanghai prices" and contribute positively to the construction of Shanghai's "five centers," particularly in upgrading the international trade center [1] Group 3: Partnerships and Ecosystem - During the unveiling ceremony, Guomao Holdings announced its first batch of partners in industry, finance, and shareholder ecosystems, focusing on building a comprehensive industry chain cooperation ecosystem [1]

11月27日，上海国茂控股有限公司（简称国茂控股）揭牌成立。上海市委副书记、市长龚正为国茂控股 揭牌。据悉，国茂控股是上海市政府批准成立的市属一级国有企业。公司探索建立以现货贸易为基础、 金融期货为特色，以上游资源投资、中游供应链管理、下游产业布局为经营体系的业务发展模式，培育 构建产业研究、数字化赋能、国际化经营、风险控制等核心能力，积极参与全球大宗商品资源配置。根 据此前上海国际港务（集团）股份有限公司发布的公告，上海国茂控股有限公司注册资本130亿元人民 币，其中国际集团出资30亿元，持股23.08%；上港集团出资20亿元，持股15.38%；其他8家上海市国资 监管企业或其指定主体合计出资80亿元，持股61.54%。 ...

11月27日下午，市国资委召开建设国际化大宗商品贸易投资商座谈会。市国资委党委书记、主任贺青主持会议，市国资委副主任、一级巡视员陈东出席会 议。 贺青指出，组建上海国茂控股有限公司是上海加快建设"五个中心"、推动国际贸易中心提质升级的关键举措。在当前全球产业链供应链加速重构、国际贸 易格局深刻调整的时代背景下，要推动发展模式从传统贸易向现代贸易加快转型，构建"全球贸易+产业组织+金融投资"的运营模式，建设国际化大宗商 品贸易投资商。新成立的国茂控股要积极加强与各方合作，共谋发展、共襄盛举。 国茂控股党委书记、董事长郑元湖，党委副书记、总裁罗东原出席会议，并介绍公司情况。国茂控股将立足上海金融要素富集、产业基础雄厚、跨境贸易 便利等综合优势，以现货贸易为基础、以金融期货为特色，强化关键资源、重点能源、高价值农产品的全球配置能力，在品类选择上聚焦战略价值高、市 场规模大、产业生态成熟、期现联动紧密的关键领域，系统构建产业研究、数字化赋能、国际化经营、风险控制四大核心能力，更好地服务战略性新兴产 业高质量发展。公司将对标国际一流，在大宗商品贸易投资领域与全球合作伙伴互利共赢、共同建设上海大宗商品贸易投资生态圈，打造 ...

国茂控股是上海市政府批准成立的市属一级国有企业。公司探索建立以现货贸易为基础、金融期货为特 色，以上游资源投资、中游供应链管理、下游产业布局为经营体系的业务发展模式，培育构建产业研 究、数字化赋能、国际化经营、风险控制等核心能力，积极参与全球大宗商品资源配置，致力于打造在 关键领域具有核心竞争力的国际化新型大宗商品贸易投资平台。 成立国茂控股，有利于上海进一步发挥国内大循环中心节点和国内国际双循环战略链接作用，强化上海 在大宗商品领域的交易和定价功能，提升"上海价格"国际影响力，为上海"五个中心"建设特别是国际贸 易中心提质升级作出积极贡献。 市委常委、常务副市长吴伟讲话。中船集团总经理王国强、中远海运集团总经理朱碧新出席。揭牌仪式 上，国茂控股发布首批产业、金融、股东生态合作伙伴，着力构建全产业链合作生态圈。 上海国茂控股有限公司揭牌成立，龚正出席并揭牌 上海国茂控股有限公司今天（11月27日）揭牌成立。市委副书记、市长龚正为国茂控股揭牌。 强化上海在大宗商品领域的交易和定价功能，提升"上海价格"国际影响力，为上海"五个中心"建设特别 是国际贸易中心提质升级作出积极贡献 来源：上海发布 ...

Core Viewpoint - Shanghai Guomao Holding Co., Ltd. has been established with a registered capital of 13 billion RMB, focusing on bulk commodity investment and trade, marking a significant step in enhancing Shanghai's influence and competitiveness in the global commodity market [1][2][4]. Company Summary - Shanghai Guomao was jointly funded by ten state-owned enterprises in Shanghai, including Dongfang International Group and Shanghai International Port Group, with a total investment of 13 billion RMB [4][5]. - The company is registered in Putuo District, Shanghai, and its business scope includes investment activities, trade brokerage, import and export of goods, supply chain management, and various other services related to bulk commodities [6][4]. Industry Context - The establishment of Shanghai Guomao is part of Shanghai's broader strategy to enhance its international trade center capabilities and to cultivate local bulk commodity traders [1][10]. - Putuo District has become a core area for bulk commodity trade, accounting for about one-sixth of the city's trade volume, with a focus on non-ferrous metal trading [7]. - Shanghai's port trade volume is projected to reach 11.07 trillion RMB in 2024, maintaining its position as the leading port trade city globally [8]. Strategic Importance - The Shanghai government has emphasized the importance of nurturing local traders to improve their global competitiveness and to support the city's role as a hub for international resource allocation [10][11]. - The new company aims to fill the gap in Shanghai's lack of influential local large-scale traders in the bulk commodity sector, which is crucial for enhancing the city's trade capabilities [11].

Core Viewpoint - Southbound funds have increased their holdings in Zhi Yuan Holdings (00990.HK) significantly, indicating growing investor interest in the company [1] Group 1: Shareholding Changes - On November 18, 2025, southbound funds increased their holdings by 3.81 million shares, bringing the total to 1.47 billion shares, which represents a 0.26% increase [2] - Over the past five trading days, there have been four days of net increases in holdings, totaling 32.55 million shares [1][2] - In the last 20 trading days, there were 10 days of net increases, amounting to 14.21 million shares [1] Group 2: Current Shareholding Status - As of now, southbound funds hold 1.47 billion shares of Zhi Yuan Holdings, accounting for 10.28% of the company's total issued ordinary shares [1] Group 3: Company Overview - Zhi Yuan Holdings, formerly known as Ronghui International Group, is primarily engaged in the distribution, trading, and processing of metal products [2] - The company operates through two segments: the distribution, trading, and processing segment, which deals with commodities such as iron ore, coal, nickel ore, copper ore, steel, and chemical products; and the financial services segment, which provides securities and derivative financial services, margin financing, and fund management services [2]

Core Insights - The key term for Putuo District this year is "Yanghu-Ning Industrial Innovation Belt," which is a significant economic corridor connecting nine cities in the Yangtze River Delta region, projected to have a GDP exceeding 15.9 trillion yuan in 2024, accounting for 11.8% of the national economy [1][3] Group 1: Strategic Key - The Yanghu-Ning Industrial Innovation Belt serves as a vital artery for the national strategy of Yangtze River Delta integration, with Putuo acting as a key facilitator for innovation and collaboration [3] - Putuo District has initiated a series of industrial innovation "chain alliances" leveraging resources from major institutions along Wuning Road, enhancing the technological value of the "golden key" [3] - The establishment of the "Yangtze River Delta Isotope Technology Innovation Alliance" led by Shanghai Chemical Industry Research Institute marks a significant advancement in the biomedicine sector, breaking foreign monopolies on carbon-13 isotope technology [3] Group 2: Industrial Key - During the 14th Five-Year Plan, the four major industries of intelligent software, R&D services, technology finance, and life health have doubled their tax revenue contribution compared to the end of the 13th Five-Year Plan, yet a billion-level characteristic industrial cluster has not yet formed [5] - Putuo District has a long-standing reputation as a core area for bulk commodity trade, with its current bulk trade scale accounting for one-sixth of the city's total, and non-ferrous metals making up one-third of this trade [5] Group 3: Governance Key - The development goal is to enhance the quality of life for residents, with initiatives such as the comprehensive development of the Suzhou River and community engagement projects that allow residents to participate in local improvements [7] - The district encourages residents to undertake small community projects, fostering a sense of connection and warmth within the neighborhood, which reflects the underlying value of the "golden key" [7]

Core Insights - The article discusses the transformation of commodity trading companies into modern industrial service providers through the integration of futures and spot markets, emphasizing risk management and value co-creation [1][2][4] Group 1: Industry Transformation - Companies like Hangzhou Relian Group, Wuchan Zhongda Chemical Group, and Jiayue Commodity Group are leading the way in integrating futures and spot trading to enhance their service offerings [1][2] - The shift from traditional trading to modern industrial services involves embedding futures and spot trading into the core operations of these companies [2][3] - The integration of risk management tools has become essential for companies to navigate price volatility and enhance operational stability [3][8] Group 2: Risk Management and Value Creation - Effective risk management is now viewed as a core competitive advantage, with companies transitioning from profit maximization to operational stability [8][9] - The use of derivative tools allows companies to transform adversarial price negotiations into collaborative partnerships within the supply chain [5][6] - Companies are developing comprehensive risk management services that not only stabilize their operations but also provide value to their clients [7][9] Group 3: Innovative Practices - The article highlights specific case studies, such as the intervention by Relian Group to stabilize a polyester plant's operations through futures tools, demonstrating the practical application of these strategies [6][7] - Wuchan Zhongda Chemical's innovative approach to hedging and risk management showcases the potential for tailored solutions in response to market challenges [6][9] - Jiayue Commodity Group's focus on providing comprehensive risk management and supply chain solutions illustrates the evolving role of commodity service providers [8][10] Group 4: Ecosystem Development - The integration of futures and spot trading is fostering a new ecosystem where companies collaborate to share risks and benefits, moving away from zero-sum competition [11] - The concept of "value co-existence" emphasizes mutual growth and partnership between service providers and their clients [9][11] - Companies are increasingly adopting personalized and comprehensive service models to better support their clients' operational needs [10][11]