近年来，山东省工业发展围绕一个主轴展开——新旧动能转换。2018年初，山东省新旧动能转换综合试 验区获批建设，成为我国唯一以新旧动能转换为主题的区域发展战略综合试验区。作为这个工业大省的 省会城市，济南是整个山东新旧动能转换的缩影。 ◎记者 闫婧 "齐多甘泉，冠于天下。" 济南被誉为"泉城"，素以泉水众多、风景秀丽而闻名天下。济南城内百泉争涌，天下第一泉景区分布着 久负盛名的趵突泉、黑虎泉、五龙潭、珍珠泉四大泉群，一直有"名泉七十二"之美称。 清冽甘美的泉水是济南的城市血脉，赋予这座城市灵秀的气质和旺盛的生命力。泉城涌新能，除了山水 之恬适、林泉之幽致，济南还有着冲刺高质量发展的坚实底气和强劲动能。 ——在AI新技术运用的多个垂直领域，成立30余年的软件公司金现代用代码与世界沟通，让AI技术落 地更容易。 "十四五"时期以来，济南上市公司等各类企业通过交易所市场股债融资7125亿元，较"十三五"时期增长 68%，募集资金主要投向新一代信息技术、高端装备制造、新材料、医药健康等重点产业，为全市建立 现代化产业体系提供重要支持。 近日，上海证券报调研小组走进济南，在清泉涌动里追光见明，近距离观察济南新旧动能转换的 ...

阿尔及利亚360新闻网站11月11日报道，阿工业部长巴希尔近日视察阿德拉尔省占地约5000公顷的棉花 加工项目重启进展，强调要加快施工进度、清除障碍，确保农业和工业环节尽快恢复运行。该工厂原属 国有食品集团AGRODIV，目前正进行全面修复与现代化改造，目标是恢复其农业种植和棉花加工的双 重功能。修复计划包括水井能力评估、水利网络重建、电力接入以及经济技术可行性研究。阿政府还与 西班牙公司 LS Alcantara System 建立培训合作，旨在提升本地技术人员的管理与操作水平，实现现代化 运营。该项目被视为南部地区经济振兴的重要支点，不仅有助于减少进口、提高棉花自给率，也将带动 就业和技能提升。此举反映出阿尔及利亚通过盘活收回资产、强化农产品加工业来推动经济多元化的战 略决心。 ...

Core Viewpoint - Yancheng Bohan Technology Development Co., Ltd. has been established with a registered capital of 100,000 RMB, focusing on various technology and material-related services and products [1] Company Overview - The legal representative of the company is Li Delin [1] - The registered capital of the company is 100,000 RMB [1] Business Scope - The company is involved in licensed projects such as road cargo transportation (excluding hazardous goods), which requires approval from relevant authorities before operation [1] - General projects include technology promotion and application services, cellulose fiber raw material and fiber manufacturing, and biobased material manufacturing and sales [1] - Other activities include cotton acquisition, processing, sales of cotton and hemp, synthetic fiber manufacturing and sales, high-performance fiber and composite material sales, and food additive sales [1] - The company also engages in the production of industrial textile products, import and export of goods, technology import and export, and handling and transportation services [1] - Additional activities include sales of pulp, knitted textiles, and raw materials, with operations conducted in accordance with business licenses [1]

截至目前，该局第一轮已全覆盖检查棉花收购加工企业100家，对检查发现的问题当场责令整改完毕。 "下一步，市场监管部门将持续抽调专业技术人员、行政执法人员组成先锋队，将'党建+护棉'业务相互 融合，深入棉花收购加工企业，开展棉花质量监督检查工作，保障棉花市场平稳运行。"乌苏市市场监 管局党组副书记、局长隋新义介绍。（杜志锋 马红忠 巴德玛 张春齐） "双节"过后，新疆维吾尔自治区乌苏市市场监管局提前谋划，开展"监管护棉"专项行动，强化党建引 领，组织党员先锋队对辖区100家棉花收购加工企业进行专项检查，帮扶指导企业对存在的问题进行整 改，确保收购加工企业基本技术条件符合国家标准及技术规范要求。 在乌苏市万畅棉纺有限公司棉花收购加工厂，监管人员深入棉花收购场地、棉花检验室，对地磅、计量 器具等进行查验。 在检查过程中，该局执法人员重点检查棉花收购加工企业是否执行"一试五定"检验流程，是否存在压级 压价、缺斤少秤等行为，是否严格落实棉花收购、贮藏和加工环节"三丝"管控措施，严查企业存在的违 法违规行为，确保棉花质量管控措施落实到位，全力做好辖区棉花企业质量提升工作。据介绍，前期， 乌苏市市场监管局配合招商新疆质量和 ...

Core Viewpoint - The article emphasizes the importance of accurate measurement and calibration in the cotton purchasing process, particularly in the Xinjiang Uygur Autonomous Region, to ensure fair market conditions and protect the interests of both farmers and enterprises [1][2]. Group 1: Measurement and Calibration - The Urumqi Market Supervision Administration has organized technical personnel to conduct a "precise health check" on measuring instruments at the Tarim region fiber testing institute, ensuring the accuracy and reliability of testing data for the upcoming cotton purchasing season [1][2]. - A total of 37 electronic balances and 4 electronic scales were tested and calibrated, with all instruments meeting the required accuracy and precision standards [2]. - Accurate measurement is crucial as even slight inaccuracies could result in significant financial losses for cotton purchasing and processing enterprises [2]. Group 2: Impact on Stakeholders - The calibration process not only helps avoid disputes but also enhances the efficiency of cotton quality traceability, ensuring that farmers can trust the system and enterprises can operate smoothly [2]. - Continuous improvement in professional technical services is aimed at providing solid guarantees for the accuracy, effectiveness, and reliability of cotton testing data, fostering a safe and fair market environment [2]. - The administration plans to combine routine inspections with special law enforcement to strictly address illegal practices such as short weighing, ensuring that farmers receive fair compensation for their efforts [2].

Core Insights - The article highlights the innovative risk management approach adopted by downstream enterprises in the Xinjiang cotton industry through structured OTC options, specifically the cumulative purchase options used by processing company X to manage procurement costs effectively in a volatile market [1][15]. Industry Overview - The cotton industry faces structural challenges, with cotton being a core raw material for the textile industry. Price fluctuations significantly impact garment manufacturing, foreign trade exports, and agricultural planting. Recent geopolitical conflicts, extreme weather, and competition from alternative fibers have exacerbated market volatility, putting pressure on the stability of enterprises, particularly those in Xinjiang, which accounts for over 90% of China's cotton production [2][3]. - In 2024, domestic cotton prices exhibited notable "double high and double low" fluctuations, with prices for Xinjiang 3128B cotton ranging from 15,200 to 16,800 yuan/ton, reflecting a year-on-year increase in price volatility of 1,600 yuan/ton [2]. - The industry is constrained by three major pressures: high costs, high inventory, and high import dependence, alongside two weaknesses: weak demand and weak profits. The cost of planting has risen due to a 12% increase in fertilizer and pesticide prices, with average costs exceeding 2,500 yuan per mu. Processing costs have also increased by 8% to 10% due to high energy prices [2][3][4][5]. Company Case Study - Company X, a processing enterprise in Xinjiang, relies on high-quality long-staple cotton for its core products. The company faces significant profit pressure due to rigid sales prices and elastic raw material costs, leading to gross margin fluctuations of 25% to 40% [6]. - To address procurement risks during price surges, X implemented a cumulative call option strategy, allowing for flexible and low-capital risk management. The option was designed to lock in procurement costs effectively [8][11]. - The cumulative call option was executed with an entry price of 13,490 yuan/ton and a daily contract volume of 30 tons over a 19-day observation period. The mechanism allowed for double contract volume if the settlement price fell below the trigger price [8][10]. Implementation and Results - Throughout the observation period, X closely monitored daily futures prices and flexibly triggered contract executions, ultimately securing procurement rights at a cost of 13,340 yuan/ton for 270 tons of CF505 futures contracts [11][12]. - The company successfully rolled over and adjusted its cumulative call option strategy, achieving an average procurement cost of 13,340 yuan/ton for a total of 2,520 tons, effectively smoothing the procurement cost curve [12][13]. - This case illustrates the effectiveness of customized OTC options in addressing the risk management challenges faced by the Xinjiang cotton industry, enhancing the ability of enterprises to hedge against market risks and stabilize operational profits [15].