Core Viewpoint - The article highlights the increasing participation of A-share listed companies in China's futures and options markets, indicating a growing trend in risk management through hedging strategies. Group 1: Market Participation - As of the end of 2024, 529 out of 5383 A-share listed companies participated in futures and options trading, representing 9.8% of all listed companies and 35.8% of market capitalization [2] - The number of companies involved in commodity futures and options reached 509, accounting for 9.5% of all listed companies, with a market cap exceeding 30% [2] - The average market capitalization of companies participating in commodity futures and options was 666.9 million, a 22.1% increase from 2023, significantly higher than the overall market average of 183.6 million [3] Group 2: Risk Management Strategies - Over 50% of the total cumulative positions held by non-financial listed companies in 2024 were for hedging purposes, marking a 15 percentage point increase from 2023 [3] - The number of listed companies using derivatives for hedging has surged, with 440 companies publishing 713 hedging-related announcements by August 2025, a 167% increase from the same period in 2024 [4] Group 3: Sector-Specific Insights - State-owned listed companies showed strong influence in the commodity futures and options market, with nearly 40% of such companies participating and accounting for nearly 80% of total positions [3] - The participation in commodity futures included 116 different products, with high engagement in copper, aluminum, silver, gold, lithium carbonate, rebar, and hot-rolled coil [3] Group 4: Market Trends - The options market has seen record high positions, with a peak of 13.48 million contracts in August 2025, reflecting a 207% increase in average daily positions compared to 2022 [6] - The number of listed options has expanded, with 62 products currently available, covering major categories such as energy and agricultural products [6]

登录新浪财经APP 搜索【信披】查看更多考评等级 证券代码：002299 证券简称：圣农发展 公告编号：2025-054 福建圣农发展股份有限公司 第七届董事会第十三次会议决议公告 本公司及董事会全体成员保证信息披露的内容真实、准确、完整，没有虚假记载、误导性陈述或者重大 遗漏。 大宗原料玉米、豆粕等是公司经营相关的主要原材料，为降低原材料价格波动对公司经营业绩的影响， 提升公司整体抵御风险的能力，公司拟以自有资金最高不超过10,000万元（不含标的实物交割款项）开 展商品期货套期保值业务。公司编制的《关于开展商品期货套期保值业务的可行性分析》作为议案附件 与本议案一并经本次董事会审议通过。 具体内容详见公司于2025年9月27日在公司指定信息披露媒体《证券时报》、《中国证券报》、《上海 证券报》、《证券日报》或巨潮资讯网（www.cninfo.com.cn）披露的《福建圣农发展股份有限公司关 于开展商品期货套期保值业务的公告》（公告编号：2025-055）。 二、审议通过《关于修订〈商品期货套期保值内部控制制度〉的议案》。表决结果为：9票赞成，0票反 对，0票弃权。 根据《中华人民共和国证券法》、《中华人民 ...

北京商报讯（记者 郭秀娟 王悦彤） 9月26日，圣农发展发布公告称，为降低原材料价格波动对公司经 营业绩的影响，提升公司整体抵御风险的能力，公司拟以自有资金最高不超过1亿元（不含标的实物交 割款项）开展商品期货套期保值业务，商品期货套期保值交易品种主要涉及玉米、豆粕等与公司生产经 营相关的原材料。该额度自本议案经董事会审议通过之日起12个月内滚动使用。 ...

Core Viewpoint - The document outlines the internal management system for futures hedging business at Tai Rui Machinery Co., Ltd, aimed at strengthening internal controls and mitigating risks associated with price fluctuations of raw materials. Group 1: General Principles - The hedging business is defined as transactions aimed at locking in procurement costs and sales prices related to raw materials necessary for production [1] - The company is limited to hedging raw materials directly related to its operations and must not exceed annual operational demand in hedging scale [1][2] - The company must use its own funds for hedging and cannot use raised funds for this purpose [1][2] Group 2: Organization and Responsibilities - A leadership group is established to oversee the hedging business, consisting of designated personnel from management, finance, procurement, internal audit, and the board office, with the chairman as the leader [2] - The leadership group is responsible for comprehensive management, approval of hedging strategies, and emergency handling of risks [2][3] Group 3: Approval Authority and Authorization System - The leadership group drafts the annual hedging plan based on the company's operational plan and risk exposure, requiring board or shareholder approval for certain investment limits [3][4] - Authorization management is implemented, with the chairman issuing authorization letters detailing the scope and limits of hedging operations [4] Group 4: Internal Business Processes - The strategy group analyzes market conditions and prepares specific hedging plans for approval by the leadership group [5][6] - The finance department is responsible for fund allocation and accounting for hedging transactions [6][7] Group 5: Risk Management - The company must focus on key risk areas such as broker selection and market risks, establishing a comprehensive risk management system [8][9] - A risk reporting mechanism is in place to address significant losses or market fluctuations, with immediate reporting to the leadership group [9][10] Group 6: Emergency Response and Violations - The company has procedures for emergency responses to significant market changes or natural disasters that may impact hedging activities [10][11] - Violations of the hedging management system will result in disciplinary actions against responsible personnel [11]

Core Viewpoint - The company aims to mitigate the adverse effects of raw material price fluctuations and exchange rate volatility on its operational performance by engaging in commodity futures and foreign exchange hedging activities [1][4]. Group 1: Commodity Futures Hedging Business - The maximum trading margin and premium for the commodity futures hedging business will not exceed RMB 10 million, with the highest contract value held on any trading day not exceeding RMB 100 million [2]. - The funding for this business will come from the company's own funds, and it will select approved domestic futures trading venues to conduct hedging related to raw materials such as hot-rolled coils, copper, and aluminum [2]. - The validity period for the usage of the approved limits is 12 months from the date of the board's approval, and the funds can be rolled over within this period [2]. Group 2: Foreign Exchange Hedging Business - The total amount for the foreign exchange hedging business will not exceed USD 2 million or its equivalent in other foreign currencies, also funded from the company's own resources [2]. - The trading instruments will include forward foreign exchange contracts, foreign exchange swaps, and other derivative products, with transactions conducted with qualified financial institutions approved by the State Administration of Foreign Exchange and the People's Bank of China [2]. - Similar to the commodity futures business, the validity period for the foreign exchange hedging business is also 12 months from the board's approval, with the funds available for rolling over during this period [2]. Group 3: Risk Analysis and Control - The company has identified risks associated with the commodity futures hedging business, including price fluctuation risk, liquidity risk, internal control risk, and technical risk [3]. - To manage these risks, the company has established a comprehensive risk management system, including a trading management policy, risk assessment systems, and regular internal audits [3]. - For the foreign exchange hedging business, risks include exchange rate fluctuation risk, operational risk, and performance risk, with measures in place to mitigate these risks through strict adherence to trading policies and collaboration with reputable financial institutions [3]. Group 4: Impact on the Company and Opinions - Engaging in commodity futures and foreign exchange hedging is expected to reduce the negative impact of raw material price and exchange rate fluctuations on the company's operational performance and profitability, thereby enhancing its financial stability [4]. - The supervisory board has expressed that the hedging activities align with the company's business development needs and that the decision-making process was lawful and compliant, posing no harm to the interests of the company and its shareholders [4]. - The sponsor has also affirmed that the hedging activities are necessary for the company, and that appropriate risk management measures have been established [4].

Core Viewpoint - Yibin Tianyuan Group Co., Ltd. has announced an increase in the risk margin limit for its commodity futures hedging business from RMB 100 million to RMB 150 million, effective until December 31, 2025, to better manage risks associated with market fluctuations in raw material procurement and product sales [1][2]. Group 1: Business Expansion and Risk Management - The increase in the margin limit is driven by the need to cover the expanded risk exposure due to the growth of the company's business operations [2]. - Enhancing the hedging limit will allow the company to more effectively utilize futures instruments to mitigate the impact of price volatility on operational performance, aligning with the overall risk management strategy [2]. - The company has established a comprehensive internal control system for futures hedging, with dedicated risk control positions and strict authorization processes to ensure that the increased limit remains manageable [2][3]. Group 2: Risk Control Measures - The company will strictly adhere to the hedging principles, limiting operations to domestic futures exchanges and ensuring that futures positions match the actual risk exposure, prohibiting speculative trading [3]. - There will be enhanced internal approval and monitoring of fund usage to ensure that the total risk margin does not exceed the new limit of RMB 150 million [3]. - The risk control department will conduct daily monitoring, risk assessments, and stress tests to promptly identify and address any anomalies in the hedging operations [3].

Core Viewpoint - The company plans to engage in commodity futures hedging to mitigate operational risks associated with price fluctuations in the metal market, enhancing the stability and sustainability of its business performance [1] Group 1: Company Actions - The company announced that its subsidiary, Zhejiang Suichang Huijin Nonferrous Metals Co., Ltd., will conduct commodity hedging activities starting from August 21, 2025 [1] - The proposed margin for the hedging activities will not exceed 50 million yuan [1] - The hedging activities will be valid for 12 months from the date of board approval and can be rolled over within the approval period [1] Group 2: Market Context - The company produces various metals including copper, tin, gold, silver, platinum, palladium, nickel, and lead, indicating a diverse portfolio in the nonferrous metals sector [1] - The decision to hedge is aimed at preventing adverse impacts from significant price volatility in the metal market [1]

（文章来源：证券日报） 证券日报网讯 8月11日晚间，时创能源发布公告称，公司已于2025年8月11日分别召开第二届董事会审 计委员会第十三次会议、第二届董事会第二十七次会议和第二届监事会第二十一次会议审议通过《关于 开展商品期货和外汇套期保值业务的议案》。公司开展商品期货套期保值业务任一时点占用的保证金最 高额度不超过人民币1亿元；开展外汇套期保值业务预计不超过1，000万美元或其他等值货币。期限自 公司董事会审议通过之日起12个月内。上述额度在投资期限内可循环滚动使用。该事项无须提交公司股 东大会进行审议。 ...

中信证券股份有限公司 关于佛山市金银河智能装备股份有限公司 开展商品期货套期保值业务的核查意见 中信证券股份有限公司（以下简称"中信证券"或"保荐机构"）作为佛山 市金银河智能装备股份有限公司（以下简称"金银河"或"公司"）向特定对象 发行 A 股股票的保荐机构，根据《证券发行上市保荐业务管理办法》 《深圳证券 交易所创业板股票上市规则（2025 年修订）》《深圳证券交易所上市公司自律监 管指引第 2 号—创业板上市公司规范运作（2025 年修订）》及《深圳证券交易所 上市公司自律监管指引第 13 号——保荐业务（2025 年修订）》等有关法律法规 和规范性文件的要求，对金银河拟开展商品期货套期保值业务进行了审慎核查， 发表如下核查意见： 一、开展商品期货套期保值业务的目的 鉴于公司控股子公司江西金德锂新能源科技有限公司的主要产品碳酸锂的 价格受市场价格波动影响明显，为有效规避和降低公司生产经营相关生产产品价 格波动风险，公司及子公司拟根据生产经营计划择机开展商品期货套期保值业务， 保证生产产品价格的相对稳定，降低价格波动对生产经营的影响。 二、开展商品期货套期保值业务基本情况 为有效地防范生产产品价格变动带 ...

Group 1 - The company aims to conduct commodity futures hedging to mitigate the impact of raw material price fluctuations on production costs and ensure stable business performance [2][4] - The maximum amount for the hedging business is set at RMB 40 million, which can be reused within the effective period [5][8] - The hedging will focus on futures related to copper and plastic, utilizing various trading tools including futures and options contracts [6][8] Group 2 - The hedging business is approved by the company's board and does not require shareholder meeting approval [4][13] - The funding for the hedging activities will come from the company's own funds, without involving raised capital [9][11] - The hedging period is set for 12 months from the board's approval date, with the possibility of extending if individual transactions exceed the authorized period [8][10] Group 3 - The company has established risk control measures, including compliance with laws and regulations, and has developed a management approach for the hedging business [10][14] - The company will regularly monitor market conditions and adjust hedging strategies accordingly to minimize risks [10][14] - The company has outlined potential risks associated with the hedging activities, including market, policy, liquidity, internal control, and technical risks [9][10]