智通财经APP获悉，本周，美国总统特朗普在地缘政治上采取的非正统做法以及日本采取的竞选策略， 刺激了金融市场高速发展。特朗普威胁要对欧洲盟友发动新的贸易战，原因是他要求丹麦将格陵兰岛的 控制权移交给美国，但随后他很快放弃了这一立场。在日本，尽管该国债务负担沉重且通胀居高不下， 首相高市早苗仍承诺减税，此举引发市场动荡。 结果是多笔引人注目的交易迅速带来了丰厚的回报或巨大的损失。以下是一些最受欢迎的市场策略的历 史、现状和可能的未来： 基差交易 这种被广泛应用的对冲基金策略，虽然历史上偶尔会出现亏损，但近年来却引起了人们的关注。这种策 略涉及借入资金(通常是在回购市场)，然后买卖债券，同时在期货市场建立相反的头寸。该策略旨在从 两个市场之间微小的价格差异中获利。支持者认为，在发达市场债务飙升之际，这种策略为政府债券提 供了重要的需求来源。 但这种交易风险极高。由于价格差异极小，投资公司必须通过大量借贷来放大收益，才能使其有利可 图。(这就像在缓慢行驶的压路机前捡硬币。)这种杠杆作用以及交易对短期融资的依赖，不时引起政策 制定者和监管机构的担忧。 基差交易的确切规模难以估量，这种缺乏透明度本身就令政策制定者感到担 ...

Core Viewpoint - Baocheng Futures, a financial strategic platform under China Huaneng Group, has been enhancing its functional capabilities in the futures industry for over 30 years, focusing on serving shareholder development, empowering the transformation of the real economy, and supporting rural revitalization strategies [3][4]. Group 1: Company Strategy and Operations - The company adheres to the strategic philosophy of "safety, leadership, and service," implementing the "three improvements and two controls" approach to enhance work quality, efficiency, and effectiveness while strictly controlling risks and costs [3][4]. - Baocheng Futures has established a service system that integrates capital, business, and strategic collaboration, achieving deep integration from resource sharing to value co-creation [4]. - The company focuses on risk management needs in core sectors such as coal, coke, electricity, and new energy, providing customized financial solutions to help enterprises manage risks and lock in costs and profits [4][6]. Group 2: Service to Shareholders and Clients - Baocheng Futures has built a collaborative development pattern with complementary advantages and resource sharing, leveraging nearly 100 business outlets of Changcheng Securities to provide seamless nationwide service [4][6]. - The company actively participates in financial innovation practices for shareholder units, exploring emerging fields such as green finance and wealth management, thus enriching the customer service system [5][6]. Group 3: Commitment to Real Economy - Since its establishment, the company has remained committed to serving the real economy, creating a differentiated and personalized risk management service system tailored to the needs of various industries and enterprises [6]. - Baocheng Futures has developed comprehensive risk management solutions for energy companies affected by international crude oil price fluctuations, including strategies for hedging and basis trading [6]. Group 4: Social Responsibility and Rural Revitalization - The company actively responds to the national rural revitalization strategy by innovating a "finance + industry + public welfare" assistance model, injecting financial resources into rural revitalization efforts [7]. - Baocheng Futures has engaged in infrastructure construction and public welfare support in rural areas, forming a virtuous cycle of "party building, financial empowerment, and industrial development" [7]. Group 5: Professional Recognition and Future Outlook - The company has received multiple industry awards for its outstanding performance in industrial services, risk management, and customer service, reflecting its commitment to serving the real economy [8]. - Looking ahead, Baocheng Futures aims to deepen its development strategy of "serving shareholders, empowering the real economy, and supporting rural revitalization," continuing to contribute significantly to the financial sector [8].

The Stock Exchange of Hong Kong Limited and the Securities and Futures Commission take no responsibility for the contents of this Application Proof, make no representation as to its accuracy or completeness and expressly disclaim any liability whatsoever for any loss howsoever arising from or in reliance upon the whole or any part of the contents of this Application Proof. Application Proof of Nanhua Futures Co., Ltd. 南華期貨股份有限公司 (A joint stock company incorporated in the People's Republic of China with limi ...

Group 1 - The event titled "Futures Serving High-Quality Development of the Real Economy and Training Activities for Bulk Commodity Industry in Zhejiang" was held in Hangzhou, focusing on risk management and trading strategies in the futures market [1] - Experts and representatives from over a hundred companies discussed topics such as hedging practices, options and rights trading, basis trading, and risk control in hedging [1] - The president of Beijing Heyirong Group shared that companies need strong risk management capabilities to navigate increasing market uncertainties due to changes in information flow, channel structures, and financial attributes [1] Group 2 - The general manager of Zhejiang Zheqi Industrial Co., Ltd. emphasized the importance of using derivatives for risk management to control uncertainties and achieve strategic goals [2] - The Chief Risk Officer of Aolan Agriculture highlighted the need for companies to establish a robust risk control framework to ensure compliance and operational stability during hedging activities [2] - The Dalian Commodity Exchange is enhancing its service mechanisms to help more companies strengthen their risk management capabilities through participation in the futures market, with plans to upgrade its "Enterprise Risk Management Plan" by 2025 [2]