股票代码：603569 股票简称：长久物流 公告编号：2025-044 为减少汇率波动对公司经营效益的影响，公司拟与国内资信较好的商业银行 等金融机构开展金融衍生产品交易业务。2024 年 8 月 23 日召开了第五届董事会 第六次会议及第五届监事会第四次会议审议通过了《关于开展金融衍生产品交易 的议案》，公司业务开展良好，未发生超过授权额度的情况。因 12 个月的授权期 限已满，故申请再次开展金融衍生产品交易合作，本次具体业务内容如下： 一、金融衍生产品概述 （一）交易目的 公司持续开拓国际业务，所需外汇结算量逐渐增加，面临的外汇风险增大。 公司需固化汇率，降低汇率波动对经营业绩的影响。 因国际形势变动等不确定性事件影响，可能会导致全球汇率波动幅度加大， 对公司利润产生较大影响，为降低外汇风险敞口，拟开展金融衍生品交易，丰富 公司外汇风险管理工具。 北京长久物流股份有限公司 关于开展金融衍生产品交易的公告 本公司董事会及全体董事保证本公告内容不存在任何虚假记载、误导性陈 述或者重大遗漏，并对其内容的真实性、准确性和完整性承担个别及连带责任。 重要内容提示： 本次交易以生产经营为基础，以套期保值为目的，不进行 ...

长久物流（股票代码：603569）于2025年8月27日发布公告，为降低外汇市场风险，减少汇率波动对公 司利润的影响，公司及合并报表范围内子公司拟与国内资信较好的商业银行等金融机构开展金融衍生产 品交易。 金融衍生产品交易存在市场风险、履约风险、流动性风险和操作风险等。为控制风险，公司采取了一系 列措施： - 选择结构简单、风险可控的产品，以保值为目的，交易额不超授权额度上限。 - 按确定的收 汇、付汇金额和期限交易，选择适合业务背景、流动性强、风险可控的产品和专业信用良好的协作金融 机构。 - 明确职责分工与审批流程，建立监督机制，加强各流程风险控制。 - 财务部门负责组织实施和 跟踪，出现不利情况及时控制风险并报告；审计部门负责审计监督；独立董事和监事会有权监督检查。 对公司影响 公司开展此项业务旨在规避外汇市场波动风险对生产经营的影响，提高应对汇率波动风险的能力，不存 在投机和套利行为，不会影响公司日常资金周转和主营业务开展。公司将根据相关会计准则对交易业务 进行核算与会计处理，并及时披露达到标准的交易业务信息。 点击查看公告原文>> 交易详情 本次拟开展的金融衍生产品交易业务授权期限为董事会审议通过之 ...

（编辑 楚丽君） 证券日报网讯 8月15日晚间，晨光新材发布公告称，公司于2025年8月14日召开的第三届董事会第十三 次会议审议通过《关于开展外汇衍生品交易业务的议案》，同意公司及合并报表范围内子公司根据实际 经营需要开展外汇衍生品交易业务，包括期限为不超过一年的远期结售汇、外汇掉期、外汇期权、利率 掉期、利率期权、货币掉期等业务或业务的组合，累计交易金额不超过9，000万美元（或其他等值货 币），在额度及决议有效期内，可循环滚动使用。授权公司管理层在上述额度及业务期限内负责具体实 施外汇衍生品交易业务的相关事宜并签署相关合同等法律文件。 ...

Core Viewpoint - The People's Bank of China (PBOC) proposed to cancel the regulation on the freezing of pledged bonds in bond repurchase agreements, which is seen as a significant move to enhance market liquidity and deepen the opening-up of the bond market [1][2]. Group 1: Market Liquidity and Depth - The cancellation of the freezing regulation is expected to release liquidity in the bond market, allowing previously frozen high-liquidity bonds to re-enter the secondary market, thus increasing the available trading volume [2][3]. - Currently, the average daily transaction volume of pledged repos in the interbank market is around 50 to 60 trillion yuan, and releasing just 10% of the frozen bonds could inject an additional 10 trillion yuan into the market, enhancing market activity [3]. Group 2: International Integration - The adjustment aligns China's bond market with international practices, particularly the buyout repo model commonly used overseas, which allows pledged bonds to remain tradable [3][4]. - The move is anticipated to lower operational costs and improve convenience for foreign investors, thereby promoting a higher level of openness in the bond market [3][4]. Group 3: Monetary Policy Efficiency - The removal of the freezing requirement provides greater flexibility for the central bank's monetary policy operations, addressing the issue of "no bonds available for purchase" during bond transactions [4]. - This reform is part of a broader strategy to enhance liquidity management, which includes various measures taken by the central bank since May, aiming to create a comprehensive liquidity support system [4].

Core Viewpoint - The company has established a comprehensive set of guidelines for its hedging activities to mitigate market price volatility risks, ensuring that these activities align with its operational needs and comply with relevant regulations [1][2]. Group 1: Hedging Business Overview - The hedging business includes financial derivatives and commodity futures hedging to mitigate risks associated with exchange rates, interest rates, and commodity prices [1][2]. - The company must conduct hedging activities in a legal, prudent, safe, and effective manner, ensuring that these activities do not interfere with normal operations or involve speculative trading [2]. Group 2: Organizational Structure - The company's board of directors and shareholders' meeting serve as the decision-making bodies for hedging activities [3]. - A dedicated working group is established to manage hedging activities, comprising key executives such as the chairman, general manager, and financial officers [3][4]. Group 3: Approval Authority - The company must prepare a feasibility analysis report for hedging activities, which requires approval from the board of directors [5]. - Certain transactions, particularly those involving significant financial commitments, must also be submitted for shareholders' approval [5]. Group 4: Risk Management - The company is required to conduct thorough assessments of financial institutions before engaging in hedging activities [27]. - Regular audits and checks are mandated to ensure compliance with risk management policies and to identify any operational risks [28][30]. Group 5: Emergency Procedures - In the event of significant market changes or natural disasters, the company must promptly report and take necessary actions to mitigate risks, including closing or locking positions [37][39]. - Contingency plans are in place for operational disruptions, ensuring that trading can continue through alternative means [40][41]. Group 6: Documentation and Record Keeping - All documentation related to hedging activities, including applications, approvals, and transaction records, must be archived for a minimum of ten years [41]. - The company is responsible for maintaining confidentiality regarding its hedging strategies and financial information [25].

Overview of the Development of China's Interbank Interest Rate Derivatives Market - The article reviews the development of China's interbank interest rate derivatives market over the past twenty years, highlighting key characteristics such as the diversification of trading varieties, the increasing variety of market participants, the improvement of trading and clearing methods, the expansion of market boundaries, the diversification of application scenarios, steady progress in opening up, and the continuous enhancement of services to the real economy [1][2]. Historical Development of Interest Rate Derivatives Market 1. Initial Exploration Period (2005-2014) - The first RMB interest rate swap transaction occurred in October 2005, marking the official start of the market. By 2014, the trading volume surged from 30 billion yuan to 4 trillion yuan [2][4]. - Market participants were primarily financial institutions, with commercial banks focusing on hedging against interest rate risks [3]. 2. Accelerated Development Period (2014-2019) - In 2014, the Shanghai Clearing House began providing centralized clearing services for RMB interest rate swaps, significantly reducing counterparty credit risk and enhancing market liquidity. The trading volume reached 20 trillion yuan by 2018, five times the volume in 2014 [4][5]. 3. Maturing Period (2019-Present) - The market has seen a diversification of trading varieties and participants, with the introduction of LPR-linked interest rate swaps and standard interest rate swap services. The trading volume has consistently exceeded 30 trillion yuan annually in recent years [5][6][7]. Current Status of the Interest Rate Derivatives Market - The annual trading volume of interest rate derivatives has grown from 30 billion yuan to 30 trillion yuan over the past two decades, indicating high growth rates. However, the overall scale remains small compared to international markets, with significant potential for further development [10][11]. - The number of market participants has increased, but the market structure remains relatively flat, indicating a need for further diversification of participant types [11][12]. Recommendations for Market Development 1. Promote Market Segmentation and Market Maker System - Establishing a market maker system can enhance liquidity and risk management, allowing large financial institutions to act as a buffer during market volatility [13][14]. 2. Increase Market Varieties and Improve Yield Curve - Introducing interest rate futures and enhancing the accuracy of pricing for short-term interest rates can improve the effectiveness of hedging strategies [15]. 3. Improve Exit Mechanisms for Existing Transactions - Developing more flexible exit mechanisms for existing transactions can encourage participation and increase trading volumes [16]. Conclusion - Over the past twenty years, China's interbank interest rate derivatives market has matured significantly, with a diverse range of products and improved liquidity. The market is expected to continue evolving towards greater internationalization, diversification, and specialization, contributing to the overall development of China's financial market [17].

Group 1: Money Market Overview - The average daily trading volume in the money market increased, with a total transaction volume of 136.5 trillion yuan in May, reflecting a 4.6% decrease month-on-month, while the average daily transaction rose by 10.4% to 7.2 trillion yuan [2] - The overall liquidity in the market remained balanced and loose, with the central bank implementing a 10 basis point interest rate cut and a 0.5 percentage point reserve requirement ratio reduction, releasing 1 trillion yuan in funds [3] - The average daily balance in the money market increased to 11.7 trillion yuan, up 1.2% month-on-month, while the average net lending balance of large commercial banks rose by 20.4% [4] Group 2: Bond Market Dynamics - The issuance of bonds decreased to 4.48 trillion yuan in May, down 9.8% month-on-month but up 18.8% year-on-year, with net financing increasing by 68% to 2.11 trillion yuan [6] - The trading volume of bonds increased, with a total of 30 trillion yuan traded in May, reflecting a 6.7% month-on-month increase and a 5.5% year-on-year increase [8] - Bond yields experienced fluctuations, with the 10-year government bond yield ranging between 1.63% and 1.73%, indicating a steepening yield curve [10] Group 3: Interest Rate Swaps - The interest rate swap curve shifted upward overall, with slight increases in the swap prices for various maturities [11] - The average daily transaction volume for interest rate swaps saw a minor increase, with a total nominal principal amount of 3.2 trillion yuan traded in May [11]

Core Viewpoint - The global central banks are in a continuous wave of interest rate cuts, with various countries like Egypt, Australia, and Canada already taking action, driven by a complex interplay of factors including slowing economic growth and geopolitical tensions [1][3]. Group 1: Economic Environment - The global economic growth forecast has been revised down from 3% in 2024 to 2.8% in 2025, influenced by rising trade protectionism and geopolitical conflicts affecting energy supply chains [1]. - The recent decline in inflation has created space for policy shifts, allowing central banks to lower interest rates [1]. Group 2: Trading Opportunities - The interest rate cut cycle presents three major trading opportunities: - Revaluation of interest-sensitive assets, particularly benefiting the real estate and manufacturing sectors, with a noted lag of 3-6 months for mortgage rates to impact home sales [3]. - Structural market trends in equities, where technology stocks typically outperform in early rate cut phases, while energy stocks may underperform due to weakened demand expectations [3]. - Arbitrage opportunities in commodities, with gold's hedging function becoming more pronounced during periods of declining real interest rates [3]. Group 3: Risks in the Current Environment - Four core risks accompany the interest rate cut environment: - The lag in policy transmission may lead to a delayed response from the real economy to rate cuts [4]. - Debt risks may escalate as emerging markets increase leverage, potentially leading to credit rating downgrades and widening credit spreads [4]. - An escalation in currency wars could arise if the dollar index breaches critical levels, prompting currency interventions and market volatility [4]. - The risk of inflation resurgence if demand rebounds too quickly due to rapid rate cuts [4]. Group 4: Risk Management Strategies - DLSM Forex platform offers a comprehensive risk management framework, including: - Application of macro hedging tools like interest rate options and currency corridor strategies to lock in profits and mitigate risks [4]. - Credit screening of micro-level entities, focusing on cash flow coverage ratios to avoid high-leverage operations [4]. - Dynamic rebalancing of asset portfolios based on macroeconomic data adjustments to respond to market changes [4][5]. Group 5: Impact of AI Revolution - The AI revolution is reshaping trading logic, with significant capital expenditure increases in leading AI companies like Nvidia and TSMC, showing a notable negative correlation with U.S. Treasury yields [5]. - However, there are concerns regarding technological iteration risks and regulatory uncertainties that need to be monitored [5].

Group 1: Money Market Overview - The average daily trading volume and balance in the money market increased in April, with a significant decline in major repo rates and a rebound in the net lending balance of large commercial banks [2][4][5] - The total trading volume in the money market reached 143.1 trillion yuan, a month-on-month increase of 9.4%, with an average daily transaction of 6.5 trillion yuan, up 4.4% month-on-month [2][3] - The average daily balance in the money market rose to 11.6 trillion yuan, an increase of 3.8% month-on-month, while the net lending balance of large commercial banks increased by 18.4% [5][6] Group 2: Bond Market Dynamics - The total bond issuance in April was 4.96 trillion yuan, a month-on-month increase of 7.8% and a year-on-year increase of 23%, while net financing decreased by 7.9% month-on-month [8] - The trading volume of bonds decreased, with a total of 33 trillion yuan in transactions, reflecting a month-on-month decline of 12.6% [9][10] - Bond yields experienced a downward trend followed by a period of stability, with the 10-year government bond yield fluctuating between 1.62% and 1.81% [11] Group 3: Interest Rate Swap Market - The interest rate swap curve shifted downward overall, with significant decreases in swap rates for various maturities [12][13] - The average daily transaction volume in the interest rate swap market decreased, with a total nominal principal of 3.6 trillion yuan, reflecting a 14.6% month-on-month decline [13]

Group 1 - The U.S. "reciprocal tariffs" policy poses challenges to the global economic environment and financial market stability, prompting China to implement a series of macroeconomic policies to support economic growth [1] - In April, the People's Bank of China (PBOC) announced ten monetary policy measures to enhance macroeconomic control and support the real economy [1][3] - The interbank market showed resilience with a total transaction volume of 183.6 trillion yuan in April, reflecting a 4.7% month-on-month increase but a 2.6% year-on-year decrease [1] Group 2 - In April, the PBOC net injected 500 billion yuan through Medium-term Lending Facility (MLF) and net withdrew 179.2 billion yuan through reverse repos, resulting in an overall net injection of 270.8 billion yuan for the month [2][3] - Major repo rates declined, with the weighted average of overnight repo rates (DR001 and R001) decreasing by 10 and 16 basis points respectively [2] Group 3 - The bond market saw an issuance of 4.96 trillion yuan in April, a 7.8% month-on-month increase and a 23% year-on-year increase, while net financing decreased by 7.9% month-on-month [4] - The issuance of special government bonds and central financial institution bonds is expected to increase supply pressure in May [4] Group 4 - The yield on government bonds decreased in April, with the 1-year to 30-year yields dropping between 8 and 20 basis points [5] - The credit bond yields also declined, while credit spreads widened, indicating a mixed performance in the bond market [5] Group 5 - The interest rate swap curve shifted downward in April, with significant decreases in the swap rates for various maturities [6] - The average daily transaction volume in the RMB interest rate swap market decreased, indicating a reduction in trading activity [6]