Core Viewpoint - The article discusses the ongoing bearish trend of the US dollar, highlighting that despite a recent stabilization, many market participants anticipate further depreciation due to various economic pressures and the Federal Reserve's potential interest rate cuts [1][2][4]. Group 1: Current Dollar Performance - The ICE Dollar Index experienced a nearly 11% decline in the first half of 2025, marking the largest drop since 1973 [2]. - Recent data shows a significant reduction in speculative net short positions on the dollar, dropping from approximately $21 billion at the end of June to $5.7 billion [2]. - Market participants remain skeptical about a trend reversal, citing concerns over the US fiscal and trade deficits, a weak job market, and a reassessment of currency hedging strategies [2][4]. Group 2: Economic Factors Influencing the Dollar - Persistent negative factors affecting the dollar include a reevaluation of the "American exceptionalism" narrative, trade protectionism concerns, and ongoing dual deficits [4][5]. - Weak US employment data has created room for more aggressive rate cuts by the Federal Reserve, which could diminish the dollar's interest rate advantage [5]. - The current pricing in the interest rate market suggests that the Fed may continue to lower rates through the end of the year, reinforcing bearish sentiment towards the dollar [5]. Group 3: Foreign Investment and Hedging Strategies - Foreign holdings of US assets amount to trillions, and any reduction in risk exposure could further pressure the dollar, although large-scale sell-offs have not yet occurred [6][7]. - Asset management companies are accelerating their hedging strategies in response to the dollar's weak performance, with more participants expected to join in the next three to six months [8]. - Hedging operations typically involve selling dollars through forward contracts or swaps, which could suppress the dollar's real-time exchange rate [9]. Group 4: Government Stance on Dollar Valuation - Industry experts suggest that the US government may not actively support a strong dollar, as its "America First" agenda conflicts with a strong dollar strategy [11]. - The dollar index is projected to fluctuate between 95 and 100 in the short term, with expectations of a further 5% to 7% depreciation against major non-US currencies over the next year [11]. - Current dollar levels are viewed as neutral, with analysts indicating that the dollar still has more room for decline in the ongoing bear market [12].

Core Viewpoint - Shenzhen Energy Group Co., Ltd. announced that its wholly-owned subsidiary, Sheneng (Hong Kong) International Co., Ltd., plans to use foreign exchange forward settlement and sales tools to conduct foreign exchange hedging business to effectively mitigate exchange rate fluctuation risks [1] Business Overview - Purpose: The Hong Kong company engages in the import and export trade of bulk commodities such as coal and natural gas, primarily settling in USD and HKD. The hedging aims to lock in revenue, costs, or risk exposure related to its operations, aligning with actual business needs and financial strength, and is not for speculative purposes [1] - Amount: The total scale of the hedging business is planned to not exceed $500 million (or equivalent foreign currency) within 12 months after board approval, with any single transaction not exceeding $200 million (or equivalent foreign currency) [1] - Method: The company plans to conduct hedging transactions by signing foreign exchange forward contracts with financial institutions qualified for foreign exchange hedging [1] - Duration: The hedging business will be conducted for a period of 12 months from the date of board approval [1] - Funding Source: The Hong Kong company will use its own funds, without involving raised funds or bank credit [1] Approval Process - The foreign exchange hedging business has been approved by the Audit and Risk Management Committee and the Board of Directors in meetings held on August 26, 2025. According to the company's articles of association, this matter does not require submission to the shareholders' meeting for approval [2] Risk and Control - The company acknowledges certain risks associated with the hedging business, including credit risk, exchange rate fluctuation risk, internal control risk, and liquidity risk. To mitigate these risks, the company has implemented several control measures: - Established internal control management standards for foreign exchange hedging, clarifying approval authority, organizational structure, and responsibilities [3] - Ensured that forward exchange rates match actual business needs, aiming to lock in procurement costs based on confirmed orders, prohibiting speculative and arbitrage trading [3] - Partnered with financial institutions that have relevant qualifications and high credit ratings to reduce performance risk [3] - Limited single transaction credit usage to no more than 50% of the total credit limit; established a dynamic monitoring system to track available credit balances and reserve a 20% liquidity buffer; regularly conducted extreme exchange rate stress tests to anticipate funding gaps; and actively expanded credit limits with partner banks to ensure smooth emergency financing channels [3] Accounting Treatment and Board Review - The company will account for and disclose the foreign exchange hedging business in accordance with relevant accounting standards. The board has approved the feasibility analysis report for the hedging business and confirmed the business scale, duration, and transaction currencies [4]

Core Viewpoint - Exchange rate risk, also known as foreign exchange risk, refers to the potential for loss (or gain) due to fluctuations in currency exchange rates affecting the value of assets, liabilities, income, or expenses denominated in foreign currencies [1][5]. Group 1: Types of Exchange Rate Risk - Transaction risk is the most common form of exchange rate risk, occurring during transactions priced in foreign currencies. For example, a Chinese export company expecting to receive 1 million USD may face a loss if the exchange rate changes unfavorably before payment is received [4]. - Translation risk, also known as accounting risk, arises when a company needs to convert its functional currency into its reporting currency for financial statements. A depreciation of the local currency against the reporting currency can lead to reduced asset and profit values in the consolidated financial statements [4]. - Economic risk, or operational risk, involves unexpected exchange rate changes that can affect a company's future revenues or cash flows by altering production costs, sales volumes, and pricing strategies. For instance, a sudden appreciation of the local currency can make exported products more expensive, potentially reducing sales [4]. Group 2: Impact and Management of Exchange Rate Risk - In the current international trade environment, exchange rate risk significantly impacts companies, particularly in foreign trade. For export-oriented firms, local currency appreciation can reduce price competitiveness and profit margins, while for import-oriented firms, local currency depreciation can increase costs [5]. - To assess and manage exchange rate risk, companies need to monitor factors influencing currency fluctuations, such as international balance of payments, foreign exchange reserves, interest rates, inflation, and political conditions. Financial instruments like foreign exchange forward contracts, futures, and options can be utilized for hedging [5]. - Companies should also optimize their choice of settlement currencies and adjust pricing strategies for imports and exports to mitigate the impact of exchange rate fluctuations [5].

证券代码（A/H）：000063/00763 证券简称(A/H)：中兴通讯 公告编号：202510 中兴通讯股份有限公司 关于二〇二五年度开展套期保值型衍生品交易的可行性分析及 申请交易额度的公告 本公司及董事会全体成员保证信息披露的内容真实、准确和完整，没有虚假记载、误导 性陈述或重大遗漏。 重要内容提示： 1、交易种类：中兴通讯股份有限公司（简称"公司"）及控股子公司（合称 "本集团"）拟开展套期保值型衍生品交易的类型包括：外汇远期合约、货币掉 期、利率掉期、买入期权、结构性远期合约。 2、交易金额：本集团拟开展的衍生品交易额度折合为 73 亿美元，即在授权 有效期内任意时点的交易余额不超过等值 73 亿美元，且此额度在授权有效期限 内可循环使用。 3、特别风险提示：本交易无本金或收益保证，在交易过程中存在市场风险、 流动风险及履约风险，敬请投资者注意投资风险。 一、衍生品交易情况概述 1、交易目的：为防范汇率、利率波动对本集团资产、负债和盈利水平造成的 影响，本集团以正常的进出口业务以及外币借款为背景，开展套期保值型衍生品 交易。本集团禁止从事衍生品投机行为。 2、交易金额：本集团在 2025 年度拟申 ...