Summary of Market Transactions on September 12, 2025 Core Insights - The overall market transactions showed a mixed performance across different sectors, with significant variations in both transaction volumes and holding amounts [1]. Group 1: Stock Index Sector - Stock index sector transactions amounted to 860.73 billion, reflecting a decrease of 15.38% compared to the previous period [1]. - The holding amount in this sector was 1381.94 billion, down by 1.89% [1]. - The transaction-to-holding ratio stood at 61.92% [1]. Group 2: Government Bonds Sector - Government bonds transactions totaled 458.80 billion, a decline of 20.23% [1]. - The holding amount reached 723.76 billion, decreasing by 1.75% [1]. - The transaction-to-holding ratio was 64.11% [1]. Group 3: Base Metals Sector - Base metals transactions were recorded at 358.52 billion, an increase of 27.67% [1]. - The holding amount in this sector was 523.79 billion, up by 3.58% [1]. - The transaction-to-holding ratio was 74.07% [1]. Group 4: Precious Metals Sector - Precious metals transactions amounted to 477.79 billion, showing a significant increase of 34.69% [1]. - The holding amount was 504.51 billion, with a slight increase of 2.04% [1]. - The transaction-to-holding ratio was notably high at 131.45% [1]. Group 5: Energy and Chemicals Sector - Energy and chemicals transactions reached 389.62 billion, reflecting a growth of 7.51% [1]. - The holding amount was 446.53 billion, with a marginal increase of 0.44% [1]. - The transaction-to-holding ratio was 67.68% [1]. Group 6: Agricultural Products Sector - Agricultural products transactions totaled 278.19 billion, down by 4.69% [1]. - The holding amount was 553.24 billion, showing a negligible change of 0.02% [1]. - The transaction-to-holding ratio was 42.87% [1]. Group 7: Black Building Materials Sector - Black building materials transactions amounted to 283.25 billion, an increase of 5.40% [1]. - The holding amount was 372.92 billion, down by 1.70% [1]. - The transaction-to-holding ratio was 77.39% [1].

Summary of Market Transactions and Positions Core Insights - The overall market transactions across various sectors showed a mixed performance, with significant fluctuations in both transaction volumes and positions compared to previous periods [1]. Sector-wise Summary - **Stock Index Sector**: - Transaction volume reached 860.73 billion, down by 15.38% from the previous period - Position amount was 1,381.94 billion, down by 1.89% - Transaction-to-position ratio stood at 61.92% [1] - **Government Bonds Sector**: - Transaction volume was 458.80 billion, down by 20.23% - Position amount was 723.76 billion, down by 1.75% - Transaction-to-position ratio was 64.11% [1] - **Base Metals Sector**: - Transaction volume increased to 358.52 billion, up by 27.67% - Position amount was 523.79 billion, up by 3.58% - Transaction-to-position ratio reached 74.07% [1] - **Precious Metals Sector**: - Transaction volume surged to 477.79 billion, up by 34.69% - Position amount was 504.51 billion, up by 2.04% - Transaction-to-position ratio was notably high at 131.45% [1] - **Energy and Chemicals Sector**: - Transaction volume was 389.62 billion, up by 7.51% - Position amount was 446.53 billion, up by 0.44% - Transaction-to-position ratio was 67.68% [1] - **Agricultural Products Sector**: - Transaction volume decreased to 278.19 billion, down by 4.69% - Position amount was 553.24 billion, up by 0.02% - Transaction-to-position ratio was 42.87% [1] - **Black Building Materials Sector**: - Transaction volume increased to 283.25 billion, up by 5.40% - Position amount was 372.92 billion, down by 1.70% - Transaction-to-position ratio was 77.39% [1]

Report Industry Investment Ratings - **Bullish**: Gold, Copper, Aluminum, Nickel, Stainless Steel, Zinc, Tin, Industrial Silicon, Palm Oil, Soybean Meal, Ethanol, Ethylene Glycol, Short - Fiber, Styrene, Propylene, PP, Alumina [1] - **Bearish**: Iron Ore, Coke, Coking Coal, Soda Ash, Black Metal, Cotton, Sugar, Corn, Logs, Crude Oil, Fuel Oil, BR Rubber, PTA, Pure Benzene, Styrene, PVC, LPG, Container Shipping Routes [1] - **Sideways**: Treasury Bonds, Silver, Alumina, Stainless Steel, Rebar, Hot - Rolled Coil, Paper Pulp, Live Pigs, Natural Rubber, PE, PP, PVC, PG [1] Core Views of the Report - Short - term stock index futures' discount has widened again, and with liquidity drive, short - term index adjustments may bring long - position layout opportunities. Asset shortage and weak economy are favorable for bond futures, but the central bank's short - term interest - rate risk warning suppresses the upside. The Fed is expected to cut interest rates in September, providing support for gold prices. [1] - For base metals, the US CPI inflation data basically meets expectations, increasing the Fed's interest - rate cut expectation. The approaching consumption peak season may drive up copper and aluminum prices. Nickel prices are expected to fluctuate strongly in the short - term, but there is still pressure from long - term primary nickel oversupply. [1] - In the black metal sector, the supply - demand situation is not optimistic in the short - term, with supply recovering and demand at risk of weakening, and high inventory levels. The steel market is under pressure due to supply surplus. [1] - In the agricultural products sector, the market situation varies. For example, palm oil has short - term callback risks but long - term upward logic. Cotton has short - term supply tightness, while sugar is expected to be in a weak - sideway trend. [1] - In the energy and chemical sector, the overall situation is affected by factors such as production increases, cost support, and demand changes. For example, crude oil's fundamental situation is loose, and PTA's production has recovered. [1] Summary by Related Catalogs Macro - Financial - **Stock Index Futures**: Short - term discount widening and liquidity drive may offer long - position opportunities during short - term index adjustments [1] - **Treasury Bonds**: Asset shortage and weak economy are favorable, but central - bank interest - rate risk warning suppresses upside [1] Precious Metals - **Gold**: Fed's expected September interest - rate cut provides support, short - term high - level strong operation with attention to volatility risks [1] - **Silver**: Short - term high - level strong operation [1] Non - Ferrous Metals - **Copper**: US inflation data and approaching consumption peak season may drive up prices [1] - **Aluminum**: Fed's interest - rate cut expectation and consumption peak season may lead to a strong trend [1] - **Alumina**: Production and inventory are increasing, but price is near the cost line with limited downward space [1] - **Zinc**: Social inventory increase pressures the price, but LME inventory decline and macro support limit the downside [1] - **Nickel**: Short - term macro - driven strong oscillation, long - term primary nickel oversupply pressure exists [1] - **Stainless Steel**: Raw - material support exists, short - term sideway operation [1] - **Tin**: Overall support exists, pay attention to low - long opportunities [1] Black Metals - **Rebar**: Valuation returns to neutral, industrial drive is unclear, and macro drive is positive [1] - **Hot - Rolled Coil**: Near - month contracts are restricted by production cuts, far - month contracts have upward adjustment opportunities [1] - **Iron Ore**: Short - term supply - demand is not optimistic, with high inventory [1] - **Coke and Coking Coal**: Supply - demand is weak, price is under pressure [1] - **Soda Ash**: Supply surplus pressure is large, price is under pressure [1] Agricultural Products - **Palm Oil**: Short - term callback risk, long - term upward logic [1] - **Soybean Meal**: Domestic inventory increase may pressure the price, but long - term upward logic remains [1] - **Cotton**: Short - term supply tightness, new - cotton acquisition game is the focus [1] - **Sugar**: Expected to be in a weak - sideway trend, short - term downward space is limited [1] - **Corn**: New - grain harvest may bring selling pressure, C01 is expected to decline [1] - **Soybean Meal**: MO1 has limited downward space, short - term sideway adjustment, consider low - long [1] - **Paper Pulp**: Consider 11 - 1 positive spread [1] - **Logs**: Fundamental situation is stable, price is in a weak - sideway trend [1] Energy and Chemicals - **Crude Oil**: Geopolitical tension, OPEC+ production increase, and Fed's interest - rate cut expectation affect the price [1] - **Fuel Oil**: Similar influencing factors as crude oil [1] - **Natural Rubber**: Raw - material cost support, slow inventory removal, and negative market sentiment [1] - **BR Rubber**: Follow crude oil, pay attention to inventory removal and device maintenance [1] - **PTA**: Production recovery, downstream profit improvement [1] - **Ethylene Glycol**: Basis strengthening, new device production pressure [1] - **Short - Fiber**: Device return, weakening delivery willingness [1] - **Pure Benzene and Styrene**: Inventory accumulation, supply increase, import pressure [1] - **PE**: Macro - positive, more maintenance, weak - sideway price [1] - **PP**: Maintenance support is limited, sideway - weak trend [1] - **PVC**: Return to fundamentals, supply pressure, sideway - weak trend [1] - **Alumina**: Approaching peak season, low inventory, price rebound [1] - **LPG**: Crude oil production increase, fundamental pressure, downstream profit deterioration [1] Shipping - **Container Shipping Routes**: September supply exceeds the same - period level, freight rate decline is faster than expected [1]

Group 1: Report Overview - The report is the Baocheng Futures Variety Arbitrage Data Daily Report for September 12, 2025, covering multiple commodity sectors including thermal coal, energy chemicals, black metals, non - ferrous metals, agricultural products, and stock index futures [1] Group 2: Thermal Coal - The table shows the basis, 5 - month minus 1 - month, 9 - month minus 1 - month, and 9 - month minus 5 - month spreads of thermal coal from September 5 to September 11, 2025. The basis on September 11 was - 126.4 yuan/ton, and the spreads were all 0.0 [2] Group 3: Energy Chemicals Energy Commodities - Data on the basis of fuel oil, crude oil, and asphalt, and the ratio of crude oil to asphalt are presented from September 5 to September 11, 2025. For example, on September 11, the basis of INE crude oil was 16.42 yuan/ton, and the ratio of crude oil to asphalt was 0.1413 [7] Chemical Commodities - **Basis**: The basis of rubber, methanol, PTA, LLDPE, V, and PP from September 5 to September 11, 2025 is provided. For instance, on September 11, the basis of rubber was - 1005 yuan/ton [9] - **Inter - delivery spreads**: The 5 - month minus 1 - month, 9 - month minus 1 - month, and 9 - month minus 5 - month spreads of rubber, methanol, PTA, LLDPE, PVC, PP, and ethylene glycol are given. For example, the 5 - month minus 1 - month spread of rubber was 30 yuan/ton [10] - **Inter - commodity spreads**: The spreads of LLDPE - PVC, LLDPE - PP, PP - PVC, and PP - 3*methanol from September 5 to September 11, 2025 are shown. On September 11, the LLDPE - PVC spread was 2352 yuan/ton [10] Group 4: Black Metals Inter - delivery spreads - The 5 - month minus 1 - month, 9 - month(10) minus 1 - month, and 9 - month(10) minus 5 - month spreads of rebar, iron ore, coke, and coking coal are presented. For example, the 5 - month minus 1 - month spread of rebar was 49.0 yuan/ton [19] Inter - commodity spreads - The ratios of rebar to iron ore, rebar to coke, coke to coking coal, and the spread of rebar minus hot - rolled coil from September 5 to September 11, 2025 are given. On September 11, the ratio of rebar to iron ore was 3.88 [19] Basis - The basis of rebar, iron ore, coke, and coking coal from September 5 to September 11, 2025 is provided. On September 11, the basis of rebar was 118.0 yuan/ton [20] Group 5: Non - Ferrous Metals Domestic Market - The domestic basis of copper, aluminum, zinc, lead, nickel, and tin from September 5 to September 11, 2025 is shown. On September 11, the basis of copper was 10 yuan/ton [27] London Market - Data on LME non - ferrous metals including LME premium/discount, Shanghai - London ratio, CIF price, domestic spot price, and import profit/loss for copper, aluminum, zinc, lead, nickel, and tin on September 11, 2025 are presented. For example, the LME premium/discount of copper was (61.54) [34] Group 6: Agricultural Products Basis - The basis of soybeans No.1, soybeans No.2, soybean meal, soybean oil, and corn from September 5 to September 11, 2025 is provided. On September 11, the basis of soybeans No.1 was 115 yuan/ton [39] Inter - delivery spreads - The 5 - month minus 1 - month, 9 - month minus 1 - month, and 9 - month minus 5 - month spreads of various agricultural products are given. For example, the 5 - month minus 1 - month spread of soybeans No.1 was 47 yuan/ton [39] Inter - commodity spreads - The ratios and spreads such as soybeans No.1 to corn, soybeans No.2 to corn, soybean oil to soybean meal, soybean meal minus rapeseed meal, soybean oil minus palm oil, rapeseed oil minus soybean oil, and corn minus corn starch from September 5 to September 11, 2025 are shown. On September 11, the ratio of soybeans No.1 to corn was 1.79 [39] Group 7: Stock Index Futures Basis - The basis of CSI 300, SSE 50, CSI 500, and CSI 1000 from September 5 to September 11, 2025 is provided. On September 11, the basis of CSI 300 was - 13.97 [51] Inter - delivery spreads - The spreads of next - month minus current - month and next - quarter minus current - quarter for CSI 300, SSE 50, CSI 500, and CSI 1000 are presented. For example, the next - month minus current - month spread of CSI 300 was - 53.8 [53]

□袁林 今年是《成渝地区双城经济圈建设规划纲要》实施的收官之年。五年来，四川省达州市和重庆市 万州区、开州区始终情系一家亲、共谋一盘棋、着力一体化，加速推动川渝万达开地区统筹发展 ——从最初的夯基垒台到后来的重点突破，再到如今的积厚成势、整体跃升，取得了一批具有创 新性和辨识度的标志性成果。 作为成渝地区双城经济圈重要的区域中心城市之一，达州不仅加速推动川渝万达开地区统筹发 展，更铆足劲融入成渝地区双城经济圈、服务成渝地区双城经济圈建设。如今，区域协同发展的 歌声在川渝东北的山水间越唱越响。 不断深化统筹联动 协作成效可圈可点 8月12日，重庆港万州港区红溪沟作业区，一艘满载进口铁矿石的货轮缓缓靠岸。随着装卸机械的 轰鸣声，这些铁矿石被装上列车，经达万铁路直奔达州。这是东西部（舟山—达州）大宗物资产 业联盟江海联运的首单业务，江海联运模式比传统物流模式节省一周左右时间，物流成本降低6% 以上、货损控制在1%以内。 江海联运模式顺利开启，达州与万州多年来开展的铁水联运合作发挥了重要作用。达州入股万州 港新田作业区二期项目，与万州等方面共建共营该港口。这是万达开地区一体化发展的生动切 片，折射出三地经济往来的紧密 ...

新华财经北京9月11日电 9月13日至15日，第十九届榆林国际煤炭暨高端能源化工产业博览会、第三届 西部氢能博览会将在陕西榆林联袂举办。本届大会以"高端能化低碳发展氢启未来"为主题，首次实 现"双展联动"，旨在搭建集展览展示、技术交流、国际合作于一体的高端能化产业平台，推动能源化工 产业绿色转型与高质量发展。 此外，展会将注重体验与互动，集中展示AI智能、工业机器人、无人机巡检等在能源领域的创新应用 及智能化解决方案，打造沉浸式体验场景，展现行业创新活力。 作为国家能源革命创新示范区，榆林正以高端化、多元化、低碳化为方向，加快建设世界一流能源化工 基地。本届博览会的举办，将进一步推动技术、资本与产业深度融合，为能源转型及区域高质量发展提 供有力支撑。 金秋九月，诚邀各界相约榆林，共赴绿色能源盛会，见证能化产业的创新与未来。 （文章来源：新华财经） 作为西北地区高规格的能源行业盛会，本届博览会总展示面积约9万平方米，设高端能化企业展区、区 域协同发展展区、智能数字展区、氢能全产业链展区、绿色低碳国际展区、先进能化装备展区六大展 区，全面覆盖煤炭及高端能源化工产业链，多维度呈现传统能源深度开发、新能源前沿应用、智 ...

Report Summary 1. Investment Rating The provided reports do not mention any industry investment ratings. 2. Core Views - **Equity Index Futures**: A-shares are experiencing an oscillating rebound with the technology sector leading the way. After a significant rally, A-shares may enter a high-level oscillating pattern. Wait for the volatility to further converge before confirming a better entry point [2][4]. - **Treasury Bond Futures**: The bond market sentiment remains weak due to the tightening of funds. The short - term bond market may still be sensitive to negative news. Investors are advised to wait and see, paying attention to the movement of funds and the market's expectation of loose monetary policy [5][7]. - **Precious Metals**: Geopolitical events and interest - rate cut expectations have been digested. Precious metals are in a high - level oscillating state. Gold is recommended to be bought cautiously at low prices, and silver can be traded in a band within the range of $40 - 42 [8][9][10]. - **Container Shipping Futures**: The market is expected to be weakly oscillating. Consider shorting the October contract or engaging in a spread arbitrage between the December and October contracts [11][12]. - **Non - ferrous Metals**: - **Copper**: The price is expected to oscillate. The short - term interest - rate cut boosts the financial attribute of copper, but the upside is limited. The long - term supply - demand contradiction provides bottom support [13][17]. - **Alumina**: The price is expected to oscillate weakly. Mid - term, consider shorting at high prices. The market is in a state of high supply, high inventory, and weak demand [18][20]. - **Aluminum**: The price is expected to oscillate widely around the actual fulfillment of peak - season demand. The macro - environment provides support, while the fundamental improvement is not strong [21][22]. - **Aluminum Alloy**: The price is expected to oscillate strongly. Pay attention to the supply of scrap aluminum and the inflection point of inventory [23][24]. - **Zinc**: The price is expected to oscillate. The supply is expected to be loose, and the price upside is limited, while the low inventory provides support [25][28]. - **Tin**: The price is expected to oscillate widely. The supply is tight, and the demand is weak. Pay attention to the import of tin ore from Myanmar [28][31]. - **Nickel**: The price is expected to adjust within a range. The macro - environment is generally stable, and the cost provides some support, but the mid - term supply is abundant [31][33]. - **Stainless Steel**: The price is expected to oscillate within a range. The raw material cost provides support, but the demand is weak [34][37]. - **Lithium Carbonate**: The price is expected to oscillate and consolidate. The supply and demand are in a tight balance, and the market is affected by news [38][41]. - **Black Metals**: - **Steel**: The steel price is weak. The rebar and hot - rolled coil should pay attention to the support levels around 3100 and 3300 respectively. The steel supply and demand have not deteriorated to the negative feedback stage [41][43]. - **Iron Ore**: The price is expected to oscillate and be bullish. The supply is expected to recover, and the demand will increase. The low - level port inventory provides support [45][46]. - **Coking Coal**: The price is expected to oscillate. The coal mines are resuming production, and the supply and demand are easing. The price may continue to decline in September [47][49]. - **Coke**: The price is expected to oscillate. The first round of price cuts has been implemented, and there is still room for further cuts. The supply will gradually become loose [50][52]. - **Agricultural Products**: - **Meal Products**: The high - yield expectation of US soybeans suppresses the price, but the domestic cost provides support. The downside of domestic meal products is limited [53][55]. - **Live Pigs**: The market supply - demand contradiction is limited. The price has limited room to fall, but the overall supply - demand pressure is still large [56][57]. - **Corn**: The short - term supply and demand of corn are weak, and the price is under pressure. The mid - term trend is weak [58][59]. 3. Summary by Directory Financial Derivatives - **Financial Futures**: - **Equity Index Futures**: A-shares showed an oscillating rebound on Wednesday. The TMT sector was strong, while the chemical sector corrected. The four major equity index futures contracts had mixed performances. The market is affected by domestic and overseas news, and the monetary policy in the second half of the year is crucial for the equity market [2][3][4]. - **Treasury Bond Futures**: Treasury bond futures closed down across the board. The yield of major interest - rate bonds in the inter - bank market rose. The capital is tightening, and the bond market sentiment is weak. Pay attention to the central bank's subsequent attitude [5][6][7]. - **Precious Metals**: US 8 - month PPI data was lower than expected, and the demand for the 10 - year Treasury bond auction was strong. Gold and silver prices showed a high - level oscillation. The Fed's policy path and geopolitical events affect the price. Gold is recommended to be bought cautiously at low prices, and silver can be traded in a band [8][9][10]. - **Container Shipping Futures**: The spot price of container shipping continued to decline slowly. The SCFIS European line index and the SCFI composite index showed different trends. The supply of container ships increased, and the demand was affected by the PMI of different regions. The futures price is expected to be weakly oscillating [11][12]. Commodity Futures - **Non - ferrous Metals**: - **Copper**: The spot price of copper declined slightly. The US 8 - month PPI data boosted the interest - rate cut expectation. The supply of copper concentrate was tight, and the demand was marginally improved. The inventory situation was mixed. The copper price is affected by the macro - environment and fundamentals, and is expected to oscillate [13][15][17]. - **Alumina**: The spot price of alumina declined. The supply was high, the demand was weak, and the inventory was increasing. The price is expected to oscillate weakly, and consider shorting at high prices in the mid - term [18][20]. - **Aluminum**: The spot price of aluminum declined slightly. The supply of electrolytic aluminum was high, and the demand was marginally improved. The inventory situation was mixed. The aluminum price is affected by the macro - environment and fundamentals, and is expected to oscillate around the peak - season demand [20][21][22]. - **Aluminum Alloy**: The spot price of aluminum alloy was stable. The supply was affected by the season, and the demand was marginally improved. The inventory was increasing. The price is expected to oscillate strongly, and pay attention to the supply of scrap aluminum [23][24]. - **Zinc**: The spot price of zinc declined. The supply of zinc ore was loose, and the demand was about to enter the peak season. The inventory situation was mixed. The zinc price is expected to oscillate, and the upside is limited [25][27][28]. - **Tin**: The spot price of tin declined slightly. The supply of tin ore was tight, and the demand was weak. The price is expected to oscillate widely, and pay attention to the import of tin ore from Myanmar [28][30][31]. - **Nickel**: The spot price of nickel declined. The supply of refined nickel was high, and the demand was stable in some sectors and weak in others. The inventory situation was mixed. The price is expected to adjust within a range [31][32][33]. - **Stainless Steel**: The spot price of stainless steel was stable. The supply was expected to increase, and the demand was weak. The inventory was slowly decreasing. The price is expected to oscillate within a range, and pay attention to the raw material and demand [34][36][37]. - **Lithium Carbonate**: The spot price of lithium carbonate declined. The supply was affected by various factors, and the demand was stable. The inventory was decreasing. The price is expected to oscillate and consolidate, and pay attention to the news [38][39][41]. - **Black Metals**: - **Steel**: The prices of rebar and hot - rolled coil showed different trends. The cost and profit situation of steel changed. The supply was affected by production restrictions and was expected to recover. The demand was in the off - season and was expected to improve seasonally. The inventory was increasing. The steel price is expected to be affected by the supply of coking coal [41][42][43]. - **Iron Ore**: The spot price of iron ore declined slightly. The futures price was stable. The supply decreased significantly, and the demand was expected to increase. The inventory situation was mixed. The price is expected to oscillate and be bullish [45][46]. - **Coking Coal**: The futures price of coking coal declined. The supply was affected by production restrictions and was expected to recover. The demand was expected to increase. The inventory was decreasing. The price is expected to oscillate and decline in September [47][48][49]. - **Coke**: The futures price of coke had a mixed performance. The first - round price cut was implemented, and there was still room for further cuts. The supply was expected to increase, and the demand was expected to recover. The inventory situation was mixed. The price is expected to oscillate [50][51][52]. - **Agricultural Products**: - **Meal Products**: The domestic spot price of soybean meal declined slightly, and the trading volume increased. The spot price of rapeseed meal was stable, and the trading volume was zero. The high - yield expectation of US soybeans and various supply - demand factors affected the price. The domestic cost provides support [53][54][55]. - **Live Pigs**: The spot price of live pigs declined slightly. The inventory of breeding sows increased slightly, and the profit of different breeding modes changed. The supply - demand contradiction is limited, and the price has limited room to fall [56][57]. - **Corn**: The spot price of corn had different trends in different regions. The inventory of old - season corn was tight, and the new - season corn was about to be listed. The demand was weak. The short - term supply and demand are weak, and the mid - term trend is weak [58][59].

登录新浪财经APP 搜索【信披】查看更多考评等级 重要内容提示： ● 问题征集：投资者可于2025年9月12日（星期五）至9月18日（星期四）16:00前登录上证路演中心网 站首页点击"提问预征集"栏目或通过公司邮箱（junzheng@junzhenggroup.com）进行提问，公司将在业 绩说明会上对投资者普遍关注的问题进行回答。 内蒙古君正能源化工集团股份有限公司（以下简称"公司"）已于2025年8月28日在上海证券交易所网站 披露了《君正集团2025年半年度报告》，为便于广大投资者更全面深入地了解公司2025年半年度经营成 果、财务状况，公司计划于2025年9月19日（星期五）15:00-17:00召开2025年半年度业绩说明会（以下 简称"业绩说明会"），就投资者普遍关心的问题进行沟通交流。 一、业绩说明会类型 本次业绩说明会以视频录播结合网络互动的方式召开，公司将针对2025年半年度经营成果、财务状况等 具体情况与投资者进行互动交流和沟通，在信息披露允许的范围内就投资者普遍关注的问题进行回答。 二、业绩说明会召开的时间、地点 （一）召开时间：2025年9月19日（星期五）15:00-17:00 三 ...

Group 1 - The launch of futures and options for coated printing paper, fuel oil, asphalt, and pulp options on the Shanghai Futures Exchange (SHFE) marks a significant development in the financial tools available for the paper industry [1][2] - The paper and board production in China is projected to reach 136 million tons in 2024, maintaining its position as the world's largest producer and consumer for 16 consecutive years [2] - The introduction of these financial instruments is expected to enhance the risk management capabilities of upstream and downstream enterprises in the cultural paper sector, supporting the sustainable development of the paper industry [2][3] Group 2 - Coated printing paper is a crucial segment of the paper industry, widely used in cultural dissemination, writing, and printing, with a market size exceeding 100 billion yuan [3] - The pulp futures market, established in 2018, has become an essential tool for pricing and risk management in the industry, and the addition of new futures and options will further strengthen the hedging framework for enterprises [3][4] - The SHFE aims to enhance the risk management level of the pulp and paper industry chain and support the green and low-carbon transformation of the sector through these new financial products [4]

Core Viewpoint - The launch of futures and options for newsprint paper, fuel oil, asphalt, and pulp options on the Shanghai Futures Exchange marks a significant development in China's futures market, providing essential financial tools for the paper industry and enhancing risk management capabilities [1][2][4]. Industry Summary - The paper industry is a crucial sector in China's light industry, with a production capacity of 136 million tons in 2024, maintaining its position as the world's largest producer and consumer of paper and paperboard for 16 consecutive years [2]. - The introduction of newsprint paper futures and options, along with pulp options, is timely and significant for the industry's high-quality development and transition towards a stronger paper manufacturing nation [2][3]. - The new financial instruments will provide important risk management tools for upstream and downstream enterprises in the cultural paper sector, supporting the sustainable development of the paper industry [2][3]. - The market's liquidity and contract continuity for previously listed products like fuel oil and asphalt have demonstrated effective risk management capabilities during price volatility [2]. - The addition of these new products signifies a new phase of collaborative development between futures and options, enhancing the multi-layered derivative system in the industry [2][4]. Company Summary - Newsprint paper is a vital segment of the paper industry, widely used in cultural dissemination, writing, and printing, with China's market exceeding 100 billion yuan [3]. - The pulp futures market, established in 2018, has become an essential tool for pricing and risk management in the industry, and the new products will further strengthen the hedging system for the paper supply chain [3]. - The introduction of these financial instruments will help companies manage raw material costs and price fluctuations, thereby improving operational stability and resource allocation efficiency [3]. - The Shanghai Futures Exchange aims to enhance product offerings and promote high-level openness in the futures market, supporting the green and low-carbon transformation of the paper industry [4].