江苏中利集团（维权）股份有限公司（证券简称：中利集团，证券代码：002309）11月27日发布公告 称，为应对海外业务汇率波动风险，公司及控股子公司计划在2026年度开展外汇套期保值业务，业务规 模上限为10亿元人民币或等值外币，额度在审批期限内可循环滚动使用。该议案已获公司第七届董事会 2025年第五次临时会议审议通过，尚需提交股东大会审议。 业务背景与操作框架 该议案尚需提交公司股东大会审议，预计将于2025年底前完成决策程序。二级市场方面，投资者需关注 后续股东大会议案表决结果及套保业务实际开展情况。 据公告披露，中利集团海外业务涉及美元、欧元等外币结算，近年来汇率市场波动加剧对公司经营业绩 稳定性构成潜在影响。本次外汇套期保值业务以"锁定汇率、规避风险"为核心目标，不涉及任何投机性 交易，所有操作均以实际经营业务为基础，交易金额与期限将严格匹配公司外汇收支需求。 业务操作框架显示，公司将通过经监管机构批准的银行等金融机构开展交易，具体工具包括： 汇率大幅波动背离预期风险：若实际汇率走势与套保合约方向相反，或汇率波动幅度超出预期，可能产 生汇兑损失 客户违约风险：海外客户支付能力变化导致无法按时结汇，进 ...

Core Points - Hongchuang Holdings (002379) reported a closing price of 21.88 yuan on November 11, 2025, with a market capitalization of 24.864 billion yuan, reflecting a 0.55% increase from the previous trading day [1] - The company announced plans to engage in foreign exchange hedging activities, including forward foreign exchange sales and purchases, foreign exchange swaps, and foreign exchange options, limited to USD transactions [1] - The total holding amount for these activities will not exceed 80 million yuan or its equivalent in foreign currency, with a rolling usage period of 12 months, funded by the company's own resources [1] - The board of directors has approved this initiative, which will be submitted for shareholder meeting approval, and independent directors have deemed the business necessary with effective risk control measures [1] Company Performance - On the trading day, Hongchuang Holdings opened at 21.95 yuan, reached a high of 23.48 yuan, and a low of 21.7 yuan, with a trading volume of 5.81 billion yuan and a turnover rate of 2.29% [1]

Core Viewpoint - The company has approved a foreign exchange hedging business with a maximum scale of 100 million RMB or equivalent foreign currency over the next twelve months, which can be reused [1] Group 1: Business Overview - The foreign exchange hedging business will be limited to currencies that are the same as the main settlement currencies used in the company's operations [1] - The hedging activities include forward foreign exchange contracts, foreign exchange swaps, currency swaps, foreign exchange options, interest rate swaps, interest rate options, and related combination products [1] Group 2: Regulatory and Counterparty Information - The trading counterparties for the hedging activities will be commercial banks that have been approved by regulatory authorities and possess qualifications for foreign exchange hedging operations [1]

Core Viewpoint - The article discusses the shift in foreign trade enterprises' currency exchange strategies in response to the Federal Reserve's interest rate cuts and the depreciation pressure on the US dollar, leading to an increased willingness to convert foreign currency into domestic currency [2][4][7]. Group 1: Currency Exchange Strategies - Following the Federal Reserve's interest rate cut in mid-September, many foreign trade enterprises, such as those in the consumer electronics sector, are opting to convert a portion of their dollar payments to lock in favorable exchange rates [2][4]. - Enterprises that previously adopted a "non-essential do not convert" strategy are now increasing their currency conversion efforts, recognizing that the Fed's rate cuts will lower the returns on dollar-denominated investments [4][6]. - The average currency conversion rate for foreign trade enterprises has slightly increased to 53.7% in the first eight months of the year, compared to the previous year's average [6]. Group 2: Impact of Interest Rates and Exchange Rates - The interest rate differential between US dollar investments and domestic RMB investments had previously attracted foreign trade enterprises to hold onto their dollar funds, with US dollar money market funds yielding around 4.6% [6][7]. - The recent shift in sentiment is attributed to the decline in US Treasury yields and the expectation of a rising RMB against the dollar, prompting enterprises to convert more of their dollar earnings [7][8]. - The RMB/USD exchange rate has recently strengthened, breaking the 7.1 mark, which has further encouraged enterprises to increase their currency conversion amounts [9][10]. Group 3: Risk Management and Financial Tools - Companies are adjusting their risk management strategies for currency fluctuations, with some opting to hedge against exchange rate risks by betting on RMB appreciation for future imports [4][12]. - Financial institutions are offering customized forward exchange solutions to help enterprises lock in favorable exchange rates and manage their cash flow needs [11][13]. - The use of foreign exchange hedging tools has increased, with the corporate foreign exchange hedging ratio rising to approximately 30% in September, up from 17% in 2020 [13].

Core Viewpoint - David Medical announced plans to engage in foreign exchange derivative trading to mitigate foreign exchange market risks and enhance financial stability [1] Group 1: Foreign Exchange Derivative Trading - The company and its subsidiaries intend to use no more than RMB 40,000 million (or equivalent foreign currency) of their own funds for foreign exchange derivative trading [1] - The primary currencies involved in the foreign exchange derivative business are those used in the company's overseas operations, mainly the US dollar [1] - The specific methods or products for the foreign exchange derivatives may include, but are not limited to, forward foreign exchange settlements, foreign exchange swaps, currency swaps, and foreign exchange options [1]

Core Insights - The article emphasizes the increasing demand for specialized, efficient, and convenient foreign exchange financial services due to the deepening of economic globalization and the continuous improvement of China's opening-up level [1] Group 1: Policy Implementation and Service Enhancement - The State Administration of Foreign Exchange in Shandong Province has issued a notice to facilitate capital project management, allowing non-financial enterprises to handle foreign debt registration directly with banks, significantly streamlining the process [2] - In July, the bank provided a one-stop service for a foreign enterprise by handling historical foreign debt cancellation and new foreign debt registration, saving time for the enterprise [2] Group 2: Online Service Optimization - The bank has developed a comprehensive online product system called "Cross-Border Instant Access," which includes various services for both export and import, enabling self-service operations and a paperless process [3] - The bank's online services have fully digitized foreign exchange and letter of credit operations, allowing enterprises to initiate transactions through online banking, enhancing flexibility and efficiency [3] Group 3: Direct Engagement with Enterprises - The bank actively engages with enterprises to understand their needs and challenges, providing tailored financial solutions, including cross-border direct lending to address low-cost financing demands [4] - The bank promotes risk management tools such as forward foreign exchange and options to help enterprises mitigate currency fluctuation risks [4] Group 4: Future Directions - The bank aims to continuously optimize cross-border investment and trade settlement services, integrating digital financial capabilities with national facilitation policies to offer more efficient and cost-effective solutions for enterprises [5]

1. Report Industry Investment Rating There is no information about the report industry investment rating in the provided content. 2. Core View of the Report - The probability of the USD/CNY spot exchange rate returning to the "6 era" within the year is still low, but it has increased compared to the previous expectation. The operating range is likely to be between 6.90 - 7.25, with the core fluctuation range more concentrated between 7.00 - 7.20. The overall appreciation space is relatively limited, but the depreciation momentum is accumulating [1]. - The USD/CNY spot exchange rate in Q4 2025 may have potential conditions for upward - fluctuating, but the actual increase depends on the central bank's policy attitude and regulatory signals, as well as the verification of the Chinese economy [2][19]. - The potential capital inflow can provide phased support for the RMB, but its sustainability and actual impact scale should not be linearly extrapolated. The Q4 2025 operating environment of the USD/CNY spot exchange rate will probably be in the cycle combination of "loose money and weak broad credit", which provides a core operating basis for "slowing down the appreciation rhythm" [3]. - The US dollar index is expected to be volatile and weak, with an operating range of 95 - 102 [6]. - The potential "US dollar settlement wave" has increased the probability of the USD/CNY spot exchange rate falling to the "6 era" within the year, although its formation is still restricted by multiple factors [7][90]. 3. Summary According to Relevant Catalogs 3.1 Main Views - **Strategy Suggestions** - **Arbitrage Strategy**: Given the expected increase in the volatility of the USD/CNY spot exchange rate in Q4 compared to Q3 but still in a historically low range, a short straddle option strategy can be adopted, selling both out - of - the - money call and put options [1]. - **Hedging Strategy** - **For Purchasing Foreign Exchange**: Prioritize forward exchange locking. Start at the low - middle level (7.00 - 7.10) of the core exchange rate range, and lock 60% - 80% of the positions in batches. If the exchange rate briefly falls to 6.90 - 7.00, an additional 20% - 30% can be locked. For those with non - fixed payment cycles, a combination of "forward exchange locking + optional transaction" can be used [1]. - **For Settling Foreign Exchange**: Anchor at the upper limit of the range. When the exchange rate reaches 7.18 - 7.20, settle 30% - 40% of the US dollars. If it breaks through 7.20, an additional 20% - 30% can be settled [1]. 3.2 Market Conditions and Core Concerns 3.2.1 Market Volatility Conditions - The USD/CNY spot exchange rate maintained a low - volatility operation in Q3 2025. Whether it can increase volatility in Q4 depends on factors such as macro - narrative changes, market trading volume, and the central bank's policy [10][19]. - **Macro - Narrative Perspective**: The shift from low - to high - volatility of the USD/CNY spot exchange rate is related to major macro - narrative changes, following a cycle of "narrative turning - divergence intensifying - volatility rising - cognition converging - volatility converging - new narrative starting". The next potential macro - narrative that may drive volatility is the "Fed's monetary policy shift (substantial and high - rhythm interest rate cuts)" [20]. - **Market Driving Force Perspective**: The inquiry trading volume of the USD/CNY spot exchange rate is positively correlated with its implied volatility. An increase in trading volume may indicate an increase in volatility. Currently, the three indicators (offshore - onshore spread, risk - reversal option, and RMB non - deliverable forward) show relatively stable market expectations for the RMB's appreciation and depreciation. If the trading volume remains above $35 billion, the market may accumulate upward volatility momentum [22][31]. - **Central Bank's Policy Perspective**: The central bank's exchange - rate management in Q4 focuses on the "dynamic balance between enhancing flexibility and preventing risks". It will adopt a "discretionary" approach, adjusting policy tools according to market dynamics. The RMB exchange rate is difficult to form a smooth appreciation or depreciation trend [34][38]. 3.2.2 Stock - Exchange Linkage - The stock market and the foreign - exchange market are related through capital flow and market expectation. The recent "residential deposit migration" to the stock market has provided incremental funds for the A - share market, which is driven by the decline in bank deposit interest rates and the increase in the attractiveness of equity assets [43][49]. - However, the "residential deposit/ total market value" chart has three core flaws and cannot be used as direct evidence of "residential deposit migration". The potential capital inflow can provide phased support for the RMB, but its sustainability and scale depend on the long - term investment attractiveness of the stock market and the domestic economic fundamentals [53][55]. - The Q4 2025 operating environment of the USD/CNY spot exchange rate is likely to be in the cycle of "loose money supply and weak credit expansion", with the appreciation rhythm slowing down. The probability of the RMB forming a trend - based appreciation against the US dollar within the year is still low, but the probability of the RMB exchange rate returning to the "6 era" has increased [63][64]. 3.2.3 External Weak US Dollar Environment - The Fed's interest - rate cut amplitude and rhythm depend on the evolution path of the US economic fundamentals. The September 2025 25 - basis - point interest - rate cut and the weak non - farm employment data have made the issue of "whether the US economy is facing a recession" a key concern [66]. - **Economic Level**: The current US employment market has slowed down but not stalled. Inflation pressure and real - estate market risks restrict the Fed from implementing substantial interest - rate cuts within the year [71][72]. - **Policy Level**: Politically, the short - term policy is likely to remain on the "gradual adjustment" track. If the Fed's independence is interfered with, it may lead to more and larger - scale interest - rate cuts. Overall, the US dollar index is expected to operate in the range of 95 - 102 [73][76]. 3.2.4 US Dollar Settlement Wave - The formation of the US dollar settlement wave has a solid capital foundation, but it also depends on the effective cooperation of enterprise settlement willingness. The factors affecting the RMB exchange rate returning to the "6 era" include the central bank's exchange - rate intermediate - price control, the attractiveness of the domestic equity market, the trend of the US dollar index, and the behavior of enterprises in foreign - exchange transactions [7][85]. 3.3 Q4 Exchange - Rate Trend Judgment - **Benchmark Scenario**: In the context of the Fed's cautious interest - rate cut and the weak recovery of the domestic economy, the USD/CNY spot exchange rate is expected to fluctuate in the range of 7.00 - 7.20, with the depreciation momentum gradually accumulating. There are uncertainties in the domestic economic recovery process and the Fed's interest - rate cut rhythm [91]. - **Upward Risk**: Factors such as the unexpected rebound of US inflation, strong US economic data, a change in global risk preference, and uncertainties in the domestic economic recovery may cause the RMB to face short - term depreciation pressure and may briefly break through the 7.20 mark [91][92]. - **Downward Risk**: If the US inflation continues to fall, the domestic economic recovery exceeds expectations, and domestic policies are actively implemented, the RMB may appreciate, and the USD/CNY spot exchange rate may fall below 7.0 [92]. 3.4 Strategy Suggestions - **Arbitrage Strategy**: In a low - volatility environment, a short straddle option strategy can be adopted, selling both out - of - the - money call and put options. Attention can also be paid to volatility surface arbitrage opportunities, such as constructing a position of "selling near - month straddle combinations + buying far - month straddle combinations" when the near - month implied volatility is significantly higher than the far - month [94]. - **Hedging Strategy** - **For Purchasing Foreign Exchange**: Prioritize forward exchange locking. Start at the low - middle level (7.00 - 7.10) of the core exchange - rate range, and lock 60% - 80% of the positions in batches. For those with non - fixed payment cycles, a combination of "forward exchange locking + optional transaction" can be used [95]. - **For Settling Foreign Exchange**: Anchor at the upper limit of the range. When the exchange rate reaches 7.18 - 7.20, settle 30% - 40% of the US dollars. If it breaks through 7.20, an additional 20% - 30% can be settled, leaving 20% - 30% for subsequent fluctuations [96]. - **Common Risk Warnings** - Avoid excessive speculation and adhere to the "risk - neutral" principle, with the hedging scale matching the actual trade volume [97]. - Dynamically track policies and the market. Adjust hedging positions in time if the USD/CNY spot exchange rate breaks through 7.25 or falls below 7.0 [99]. - Select appropriate tools. Small and medium - sized enterprises should give priority to simple tools such as forwards and options, while large enterprises can combine futures and other tools to optimize strategies but need to be equipped with a professional foreign - exchange management team [99].

Core Viewpoint - The company, Maiwei Biotech, announced plans to engage in foreign exchange derivative trading to mitigate risks associated with foreign exchange market fluctuations, with a total trading limit of up to $50 million or equivalent in other currencies [2] Group 1: Trading Strategy - The company and its subsidiaries intend to use self-owned funds for foreign exchange derivative trading, which includes but is not limited to foreign exchange forwards, swaps, options, and structured forwards [2] - The trading counterparties will be large domestic banks and financial institutions that are approved by regulatory authorities and have a solid credit rating [2] Group 2: Trading Limit and Duration - The total trading limit for foreign exchange derivatives is set at a maximum of $50 million [2] - The validity period for the authorized trading limit is 12 months from the date of approval by the company's board of directors, and the limit can be used in a rolling manner within this timeframe [2]

Summary of Key Points from the Conference Call Industry Overview - The conference call primarily discusses the **Global Foreign Exchange (FX) Market** and the trading activities related to various currency pairs, particularly focusing on options trading. Core Insights and Arguments - **Trading Volume Analysis**: - The total volume of calls and puts traded over the past 24 hours and one week is detailed, with significant activity noted in major currency pairs such as **EUR/USD**, **USD/JPY**, and **GBP/USD**. For instance, the **EUR/USD** pair had a total volume of **$71.781 billion** over the past week, indicating robust trading activity [2][12]. - **Notable Trades**: - The top trades in the past 24 hours for the **EUR/USD** pair include multiple call options with strikes around **1.1861** and **1.214**, with notional values of **$330 million** and **$330 million** respectively, indicating strong bullish sentiment [7][12]. - **Market Sentiment**: - The **Z-scores** for trading volumes are provided, indicating the relative strength of trading activity. For example, the **EUR/USD** pair shows a high volume of calls compared to puts, suggesting a bullish outlook among traders [2][8]. - **Risk Reversals**: - The report includes data on **25D risk reversals**, indicating market sentiment towards potential price movements in the **USD/JPY** pair, with levels showing a slight bearish bias [15]. Additional Important Content - **Expiry Information**: - Notable expiries for options are highlighted, with significant notional values associated with upcoming expiries in the **EUR/USD** and **GBP/USD** pairs, which could impact market dynamics [12][18]. - **Strike Price Analysis**: - The report provides a detailed breakdown of the volume of puts and calls across various strike price ranges for the **USD/JPY** pair, indicating where traders are positioning themselves for future movements [13][16]. - **Market Trends**: - The analysis includes trends in call volume as a percentage of total volume, suggesting a shift in trader sentiment over the past months, with a noted increase in bullish positions [14]. - **Analyst Certification and Disclosures**: - The report includes a note on analyst certification and important disclosures, emphasizing the credibility of the data presented [4]. This summary encapsulates the key points from the conference call, focusing on trading volumes, market sentiment, notable trades, and expiry information within the global FX market.

Core Viewpoint - Shanghai Canray Technology Co., Ltd. plans to engage in foreign exchange derivative trading to mitigate foreign exchange market risks and enhance financial stability [1][5]. Trading Details - The company and its subsidiaries intend to use their own funds for foreign exchange derivative transactions with a maximum trading limit of 100 million RMB (or equivalent in other currencies) [2]. - The trading limit is valid for 12 months from the board's approval date on September 12, 2025, with a maximum contract value of 100 million RMB at any point during this period [2]. - The types of derivatives include foreign exchange forwards, options, swaps, and currency swaps, which are characterized by transparency, liquidity, and known risks [2]. Review Procedure - The board of directors approved the proposal for foreign exchange derivative trading, with the supervisory board agreeing that it effectively mitigates foreign exchange risks and does not harm the interests of the company or its shareholders [3]. - The matter falls within the board's approval authority and does not require a shareholders' meeting [3]. Risk Analysis and Control Measures - The company adheres to principles of legality, prudence, safety, and effectiveness in its derivative trading, avoiding speculative and purely arbitrage transactions [4]. - A management system for foreign exchange derivative trading has been established to outline operational principles and approval authorities [4]. Impact on the Company - Engaging in foreign exchange derivative trading is expected to enhance the company's ability to manage foreign exchange volatility risks and protect shareholder interests [5]. - The company will account for this business in accordance with relevant accounting standards [5].