铝价逼近历史峰值 关注高位波动及仓位管理 内容来源:国泰君安期货研究所、风险管理子公司 -投资有风险 入市须谨慎- 免责声明:在任何情况下,本文中的信息或所表述的意见均不构成对任何人的投资建议。 在任何情况下,本公司、本公司员工或者关联机构不承诺投资者一定获利,不与投资者 分享投资收益,也不对任何人因使用本文中的任何内容所引致的任何损失负任何责任。 投资者务必注意,其据此做出的任何投资决策与本公司、本公司员工或者关联机构无关。 场内期权 场内与场外结构相同。 场外期权 对于有期货多单底仓的投资者,建议考虑买入周 期适中、虚值幅度适中的看跌期权保护多单的回调风 险,也可考虑将期货多单置换为实值看涨期权控制回 调风险。 场外衍生品部联系方式:021-33037568 发布时间: 2026年1月6日 铝 元旦后传统有色上涨幅度讲一步陡峭,铝金属继续 和铜领涨,铝价已快速逼近历史记录峰值。现阶段铝现 货端表现赢弱,但边际或已经触及较差状态,期现基差 走阔引致的无风险套利空间或能使得元旦后现货的基差 贴水向上修复,市场预期基差表现接近触底。在2026年 中期供需面 -- 供给有约束、需求更趋多元化、紧平衡、 低库消比 ...

Core Viewpoint - The company aims to utilize futures and derivatives trading to hedge against significant fluctuations in raw material prices, specifically soybeans, to ensure stable operations and development [1][2][3]. Group 1: Trading Purpose and Instruments - The primary purpose of the trading is to leverage the hedging functions of the futures market to mitigate adverse impacts from raw material price volatility on the company's operations [1][2]. - The trading instruments include futures, options, forwards, swaps, and combinations of these financial tools [1][4]. - The company plans to use its idle self-owned funds for the hedging activities, with a maximum investment of RMB 50 million [2][3]. Group 2: Trading Amount and Sources - The expected maximum balance for margin and premiums related to futures and derivatives trading is set at RMB 50 million, which can be used cyclically within the approval period [2][3]. - The funding for these trading activities will come from the company's own funds, without involving raised capital [3][4]. Group 3: Trading Procedures and Risk Management - The board of directors approved the adjustment of the hedging business on July 10, 2025, which does not require shareholder approval [2][4]. - The company will engage in trading at recognized domestic and foreign exchanges, including the Shanghai Futures Exchange and Dalian Commodity Exchange [3][4]. - A comprehensive risk management system is in place to address potential market, liquidity, operational, and credit risks associated with the trading activities [5][6]. Group 4: Impact on Company Operations - The trading activities are expected to enhance the company's ability to manage raw material price risks effectively, thereby supporting stable operational performance [5][6]. - The accounting treatment for the futures and derivatives trading will comply with relevant financial reporting standards [6].