Report Industry Investment Rating No relevant content provided. Core Viewpoints - In the short term, iron ore is affected by supply - side and geopolitical disturbances, making it difficult to price based on fundamentals, and it is expected to fluctuate. Medium - to long - term, the high - inventory pressure is hard to ease, and the overall situation remains loose. If macro disturbances weaken, the fundamental pressure on iron ore will be large, and the medium - term performance is expected to be weakly fluctuating. In the short term, the downside space is limited, and it may enter a high - level consolidation phase [2][5] Summary by Directory Market行情态势回顾 - **Futures prices**: The main iron ore futures contract showed a slightly stronger intraday oscillation, closing at 815.5 yuan/ton, up 8.0 yuan/ton or 0.99% from the previous trading day's closing price. The trading volume was 247,000 lots, the open interest was 450,000 lots, and the settled funds were 8.077 billion yuan. The short - term support is around 795, and the short - term resistance is around 825, showing a slightly stronger oscillation within the support - resistance range [1] - **Spot prices**: The mainstream port spot varieties, Qingdao Port PB powder, rose 3 to 794, and Super Special powder rose 3 to 673. The swap main contract was at 108.35 (+0.9) US dollars/ton. The swap was highly volatile, and the spot prices rose slightly [1] - **Basis and spread**: The converted futures price of Qingdao Port PB powder was 826.9 yuan/ton, with a basis of 11.4 yuan/ton, and the basis slightly shrank. The iron ore 5 - 9 spread was 34.5 yuan, and the 9 - 1 spread was 22 yuan [1] Fundamental Analysis - **Supply**: Overseas mine shipments increased month - on - month, with both Australia, Brazil, and non - mainstream countries showing month - on - month rebounds. The arrivals this period decreased month - on - month, and the rhythm of shipments and arrivals still fluctuated [2] - **Demand**: The profitability rate of steel mills increased month - on - month. After the Two Sessions, the environmental protection restrictions in Hebei were lifted, and the blast furnaces under maintenance resumed production. The hot metal production recovered month - on - month, and some steel mills extended the resumption of production. There is still room for hot metal recovery. Attention should be paid to the support of peak - season demand [2] - **Inventory**: The iron ore port inventory decreased slightly month - on - month, the berthing inventory declined, and the steel mills' imported ore inventory accumulated [2] - **Overall situation**: Under the background of continuous supply - side and geopolitical disturbances, it is difficult to price iron ore based on fundamentals. In the short term, it is expected to fluctuate. In the medium - to long - term, the high - inventory pressure is hard to ease, and the overall situation remains loose. If macro disturbances weaken, the fundamental pressure on iron ore will be large, and the medium - term performance is expected to be weakly fluctuating [2] Macro - level Analysis - **Domestic**: After the important meetings, the domestic macro - economy has entered the verification period of fundamental reality. This week, the domestic export, inflation, and financial data were mainly released, and the overall data performance was relatively good. The macro - fundamentals maintained resilience, increasing the probability of a "good start" in the first quarter. The reality of external demand resilience has been initially confirmed, and the resilience of domestic demand is still reflected in the financial and capital levels. High - frequency commodity consumption is still at a seasonal low after the Spring Festival resumption of work. In the future, attention should be paid to the progress of domestic demand investment repair, the impact of imported inflation on the domestic price structure, and the sustainability of export resilience [4] - **Overseas**: The market is gradually pricing in the possibility that the high - oil - price environment may continue, and the market's concern about the US economic stagflation in the first quarter has further intensified. In the future, the overseas macro - logic may gradually shift from the "soft landing" expectation driven by the loosening of liquidity to the arrival time and amplitude of "inflation" and the possibility and time of the shift from "inflation" to "stagflation" [4] Viewpoint Summary - The iron ore fundamentals show that the supply is still loose, the hot metal production on the demand side has decreased, the resumption of production has been delayed, and the port inventory has declined to some extent. The overall fundamentals are still weak. Under the double disturbances of the supply side and geopolitics, it is difficult to trade based on the fundamental logic. The iron ore futures and spot show a positive basis, and the BACK structure continues. In the short term, the downside space is limited, and it may enter a high - level consolidation phase. Attention should be paid to further tests near the upper resistance [5]

Report Summary 1. Report Industry Investment Rating No information provided. 2. Core Viewpoint of the Report The iron ore market is expected to experience short - term high - level narrow - range fluctuations and show a slightly stronger tendency. Although the iron ore fundamentals face challenges such as disturbances in the shipping end and high inventory pressure, the positive basis and the continuation of the BACK structure limit the short - term downward space. Attention should be paid to further tests near the upper pressure level [5]. 3. Summary by Relevant Catalogs Market行情态势回顾 - Futures prices: The main contract of iron ore futures fluctuated slightly stronger during the day, closing at 787.5 yuan/ton, up 3.5 yuan/ton or 0.45% from the previous trading day. The trading volume was 193,000 lots, the holding volume was 475,000 lots, and the settled funds were 8.229 billion yuan. The short - term support is around 770, and the short - term pressure is around 795. It may fluctuate narrowly between the short - term pressure and support levels in the near future [1]. - Spot prices: The mainstream varieties of port spot, such as PB powder at Qingdao Port, remained unchanged at 773 yuan/ton, and Super Special powder remained unchanged at 655 yuan/ton. The main swap contract was 104.2 (+0.3) US dollars/ton. The swap continued to strengthen while the spot prices were unchanged [1]. - Basis and spread: The price of PB powder at Qingdao Port converted to the futures price was 803.8 yuan/ton, and the basis was 16.3 yuan/ton, with a slight contraction. The spread between May and September contracts of iron ore was 29 yuan, and the spread between September and January contracts was 18 yuan [1]. Fundamental Analysis - Supply side: Overseas mine shipments decreased significantly on a month - on - month basis, with declines in Australia, Brazil, and non - mainstream countries. The arrivals this period increased significantly as the previous high shipments gradually arrived. The port inventory of iron ore increased slightly on a month - on - month basis, the berthing inventory increased, and the factory inventory decreased slightly. Although the shipping has recovered, there are still expectations of disturbances, and the high - inventory pressure is difficult to relieve in the short term [2]. - Demand side: The number of blast furnace overhauls increased, and there were environmental protection restrictions in some areas during the Two Sessions. The molten iron output decreased significantly on a month - on - month basis, the steel mill profitability rate declined, and the复产 rhythm of molten iron was postponed. However, it is likely to recover seasonally later, and attention should be paid to the support strength of peak - season demand [2]. Macro - level Analysis - Domestic: After the release of the "Report", the policy expectation of the market for the active policy in the first half of the year to support the economic start of the "15th Five - Year Plan" will gradually converge, and then it will gradually turn to the verification stage of real data [4]. - Overseas: For the expectation of US dollar monetary policy, it is important to judge the stage of the current geopolitical conflict, which will affect the market's judgment duration of inflation and economy. The Fed will only react when the long - term inflation expectation changes. It is too early to discuss the duration of the war at present, and a neutral scenario is recommended as the benchmark for asset allocation portfolio construction. In the short term, it is advisable to appropriately manage the positions of risk assets such as equities and commodities [4].

Report Industry Investment Rating - Not provided in the report Core Viewpoints - The iron ore market may experience high-level narrow-range shock consolidation in the short term, with limited downward space. Attention should be paid to further tests near the upper pressure level [5] Summary by Directory Market行情态势回顾 - The main contract of iron ore futures fluctuated within the day, closing at 784 yuan/ton, down 0.5 yuan/ton or 0.06% from the previous trading day's closing price. The trading volume was 296,000 lots, the open interest was 468,000 lots, and the settled funds were 8.071 billion yuan. The short-term support below is around 770, and the short-term pressure above is around 795. In the near future, it may face pressure near the upper pressure and fall into a certain narrow-range shock consolidation [1] - The mainstream spot varieties at the port, Qingdao Port PB powder, fell 2 to 771, and Super Special powder fell 2 to 656. The main swap was 103.9 (+1.1) US dollars/ton. The swap continued to strengthen, while the spot declined slightly [1] - The price of Qingdao Port PB powder converted to the futures price was 801.6 yuan/ton, with a basis of 17.6 yuan/ton, and the basis shrank. The spread between iron ore contracts 5 and 9 was 27 yuan, and the spread between contracts 9 and 1 was 18 yuan [1] Fundamental Analysis - Overseas mine shipments decreased significantly on a month-on-month basis, with declines in both Australia, Brazil, and non-mainstream countries. The arrivals this period increased significantly, as the previous high shipments gradually arrived at the port. On the demand side, there were more blast furnace overhauls, and some areas implemented environmental protection restrictions during the Two Sessions. The pig iron output this period decreased significantly on a month-on-month basis, the steel mill profitability rate declined, and the resumption of pig iron production was postponed. However, it is likely to recover seasonally later. Attention should be paid to the support strength of peak-season demand [2] - In terms of inventory, the iron ore port inventory increased slightly on a month-on-month basis, the berthing inventory increased, and the mill inventory decreased slightly. With the convening of the National Two Sessions, there are still expectations of disturbances in supply and the macro environment. Attention should be paid to changes in market sentiment [2] - The supply shipments have recovered, but there are still expectations of disturbances. The pressure of high inventory is difficult to relieve in the short term. The convening of the Two Sessions combined with many geopolitical disturbances, and there is still uncertainty in the macro environment. Recently, commodities have shown strong performance. If the macro disturbances weaken, the fundamental pressure on iron ore will still be relatively large [2] Macro Level - Domestically, after the release of the "Report", the current market's policy expectation of the government's active policy efforts in the first half of the year to support the "15th Five-Year Plan" economic opening will gradually converge, and it will gradually shift to the verification stage of real data later [4] - Overseas, for the expectation of the US dollar monetary policy, it is important to determine which stage the current geopolitical conflict is in. This will affect the market's judgment duration of inflation and the economy. The Fed will only react when the long-term inflation expectation changes. The Fed is really considering whether the geopolitical event will evolve from a one-time energy shock to a more persistent inflation increase expectation. It may be too early to talk about the duration of the war at the current time. It is recommended to use the neutral scenario as the benchmark scenario for the construction of the asset allocation portfolio. In the short term, it is recommended to appropriately manage the positions of risk assets such as equities and commodities [4] Viewpoint Summary - Overall, in terms of the iron ore fundamentals, there are disturbances in the shipment end, and the pressure of high inventory is difficult to relieve in the short term. On the demand side, the pig iron output has decreased, and the resumption of production has been postponed. Iron ore still shows a positive basis and the BACK structure continues. The short-term downward space is limited for the time being, and it may fall into high-level narrow-range shock consolidation. Attention should be paid to further tests near the upper pressure level [5]

1. Report Industry Investment Rating - Not provided in the report 2. Core Viewpoints of the Report - The iron ore market is expected to remain slightly bullish in the short - term. The high shipping volume and high inventory pressure are difficult to alleviate in the short - term, while the iron water production on the demand side has increased, and the supply - demand contradiction is gradually accumulating. The holding of the Two Sessions and positive macro - expectations support the market, and the futures still show a BACK structure under a positive basis [2][5] 3. Summary According to the Table of Contents Market行情态势回顾 - The main contract of iron ore futures fluctuated slightly stronger, closing at 752 yuan/ton, down 1.5 yuan/ton or - 0.2% from the previous trading day. The trading volume was 230,000 lots, the open interest was 526,000 lots, and the settled funds were 8.695 billion yuan. The short - term support below has moved up to around 745, and a bullish rebound is expected in the near future [1] - The mainstream spot prices at ports decreased slightly. The PB powder at Qingdao Port was 752 yuan/ton, down 2 yuan; the Super Special powder was 639 yuan/ton, down 2 yuan. The main swap contract was 98.85 (+0.65) US dollars/ton, showing a fluctuating and slightly stronger trend [1] - The basis of PB powder at Qingdao Port was 28.7 yuan/ton, showing a slight expansion. The spread between May and September contracts of iron ore was 20.5 yuan, and the spread between September and January contracts was 14 yuan [1] Fundamental Analysis - Overseas mine shipments increased slightly month - on - month and remained at a high level. The arrivals this period were at a low level and decreased slightly month - on - month, but are expected to recover later. On the demand side, due to the staggered time of blast furnace restart and maintenance, the iron water production increased significantly month - on - month, the steel mill profitability rate recovered slightly, and the rigid demand increased marginally. During the Two Sessions, some regions will implement production restrictions, which will affect the recovery rhythm of iron water. Attention should be paid to the post - holiday demand support [2] - Iron ore port inventories increased month - on - month, while the inventory of ships at berth decreased. During the Spring Festival, steel mills mainly consumed their inventories, and the factory inventories decreased significantly. With the holding of the Two Sessions, attention should be paid to changes in market sentiment [2] - The supply - side shipments have recovered, and the pressure of high shipments and high inventories is difficult to alleviate in the short - term. With the Two Sessions approaching and geopolitical disturbances increasing, there are still uncertainties in the macro - environment. However, after the Spring Festival, the pricing weight of fundamentals is expected to increase, and the pressure on fundamentals will still be large after the weakening of macro - disturbances [2] Macro - level Analysis - Domestically, policy coordination has been strengthened, high - frequency consumption is warm, and the real estate market has improved marginally. In February, fiscal and monetary injections were higher than the seasonal average, and the liquidity environment was stable, which was beneficial to short - term interest rates. Exports were stable, travel and consumption were active during the Spring Festival, and the social retail sales from January to February may be better than expected, supporting domestic demand and mid - cap structural opportunities. Although real estate transactions are still at a low level, the listing prices in first - and second - tier cities have rebounded slightly, and the signal of policy optimization has increased, but the sustainability of the recovery remains to be observed. The quota of special bonds has been increased, but the investment structure has been adjusted, and the support for the black chain from infrastructure may be limited [4] - Overseas, consumer confidence has recovered, industrial orders are differentiated, and geopolitical and institutional risks have increased. Policy discussions around the Wash nominee have fermented, affecting the pricing of the US dollar and interest rates. With Trump strengthening his stance on Iran and the Israeli air strike on Iran, the situation in the Middle East has heated up, pushing up energy and safe - haven premiums. The overall situation shows a pattern of "growth not stalling, policy and geopolitical risks rising" [4]

Report Summary 1. Report Industry Investment Rating No information provided. 2. Core Viewpoint The high shipping volume and high inventory pressure of iron ore are difficult to alleviate in the short term. The iron water output on the demand side has increased, and the supply - demand contradiction is gradually accumulating. With the upcoming Two Sessions and positive macro - expectations, along with the futures still showing a BACK structure under a positive basis, the iron ore market will maintain a slightly stronger oscillation in the short term [5]. 3. Summary by Relevant Catalogs Market行情态势回顾 - **Futures price**: The main contract of iron ore futures oscillated strongly during the day, closing at 753.5 yuan/ton, down 1 yuan/ton or - 0.13% from the previous trading day's closing price. The trading volume was 240,000 lots, the open interest was 533,000 lots, and the settled funds were 8.833 billion yuan. The iron ore stopped falling and rebounded as expected after falling to the previous low, and the short - term support below has moved up to around 745. It is still treated with a strong rebound idea in the near future [1]. - **Spot price**: The mainstream varieties of port spot, Qingdao Port PB powder dropped 2 to 753 yuan/ton, Super Special powder dropped 2 to 642 yuan/ton, and the main swap was 99.1 (+0) US dollars/ton. The swap continued to rebound and strengthen, while the spot price slightly declined [1]. - **Basis and spread**: The Qingdao Port PB powder converted to the disc price was 781.8 yuan/ton, with a basis of 28.3 yuan/ton, and the basis slightly widened; the iron ore 5 - 9 spread was 20.5 yuan, and the 9 - 1 spread was 13.5 yuan [1]. Fundamental Analysis - **Supply**: Overseas mine shipments increased slightly month - on - month and remained at a high level. The arrivals this period remained at a low level and decreased slightly month - on - month, but are expected to rebound later. The high shipping volume and high inventory pressure are difficult to alleviate in the short term [2]. - **Demand**: Due to the mismatch of blast furnace restart and maintenance time, the iron water output increased significantly month - on - month this period, the steel mill profitability rate slightly recovered, and the rigid demand increased marginally. During the Two Sessions, some regions will implement production restrictions, which will affect the recovery rhythm of iron water. Attention should be paid to the demand support after the festival [2]. - **Inventory**: The iron ore port inventory increased month - on - month, and the berthing inventory decreased. During the Spring Festival, steel mills mainly consumed inventory, and the factory inventory decreased significantly [2]. Macro - level Analysis - **Domestic**: Domestic policies are synergistically strengthened, consumption is high - frequency warm, and the real estate market has marginal improvement. Fiscal and monetary injections in February were higher than seasonal levels, and the liquidity environment was stable, which was beneficial to short - term interest rates. Exports were stable, travel and consumption were active during the Spring Festival, and social retail sales from January to February may be better than expected, supporting domestic demand and mid - cap structural opportunities. Real estate transactions were still at a low level, but the listing prices in first - and second - tier cities rebounded slightly, and the signal of policy optimization increased, but the sustainability of the recovery remains to be observed. The special bond quota was raised, but the investment structure was adjusted, and the physical elasticity of infrastructure may be lower than the nominal scale, providing limited support for the black chain [4]. - **Overseas**: Overseas consumer confidence has recovered, industrial orders are differentiated, and geopolitical and institutional risks have increased. Policy discussions around the Wash nominee have fermented, and the risk premium affects the pricing of the US dollar and interest rates. Coupled with Trump's strengthening of the stance against Iran and the Israeli air strike on Iran, the situation in the Middle East has heated up, pushing up energy and hedging premiums. The overall situation shows a pattern of "growth not stalling, policy and geopolitical risks rising" [4].

1. Report Industry Investment Rating No relevant content provided. 2. Core Viewpoint of the Report The iron ore market has limited room for further decline in the short term and is expected to have a strong and upward - trending rebound. This is due to the inventory accumulation, limited recovery of backend demand, positive macro - expectations supported by the upcoming Two Sessions, and the futures still showing a BACK structure under a positive basis [4]. 3. Summary by Related Catalogs Market行情态势回顾 - The main contract of iron ore futures fluctuated during the day, closing at 748.5 yuan/ton, down 4 yuan/ton or 0.53% from the previous trading day's closing price. The trading volume was 190,000 lots, the open interest was 541,000 lots, with an increase of 12,000 lots, and the settled funds were 8.902 billion yuan. After the iron ore price dropped to around the predicted support level of 730, it showed certain resistance to decline, and a short - term strong rebound is expected [1]. - The mainstream spot prices at ports decreased slightly. The PB powder at Qingdao Port was 750 yuan/ton, down 2 yuan, and the Super Special powder was 638 yuan/ton, also down 2 yuan. The main swap contract was 98.85 (+0.05) US dollars/ton. After the swap rebounded strongly, it entered a narrow - range oscillation, while the spot prices declined slightly [1]. - The basis of Qingdao Port PB powder converted to the futures price was 36.8 yuan/ton, and the basis widened slightly. The spread between the May and September contracts of iron ore was 16.5 yuan, and the spread between the September and January contracts was 11.5 yuan [1]. Fundamental Analysis - Overseas mine shipments increased month - on - month, and Australian shipments recovered. The arrivals at ports continued to weaken due to weather influence, but are expected to pick up later. On the demand side, the molten iron output increased month - on - month, the profitability rate of steel mills weakened, and the rigid demand increased marginally. Attention should be paid to the post - holiday demand support [2]. - In terms of inventory, the iron ore port inventory stopped increasing. The decline in arrivals and the restocking of steel mills alleviated the port inventory accumulation pressure, but the overall inventory pressure is still building up. The relaxation of real - estate purchase restrictions in Shanghai boosted the market sentiment, but the short - term impact on real demand may be limited. With the upcoming Two Sessions after the Spring Festival, attention should be paid to the changes in market sentiment [2]. Macro - level Analysis - Domestically, during the Spring Festival, travel, consumption, and key economic data in January showed differences. The social financing at the beginning of January was stable. The government's financing was strong, highlighting the policy front - loading tendency. The private sector's financing met expectations. The long - term loans of residents were weak, but the short - term consumer loans were strong. The corporate loans seemed weak but were actually stable, mainly affected by bond financing extrusion, PSL investment, and policy transmission lag. The Spring Festival date shift also had an impact on the social financing reading, and the data from January to February should be observed comprehensively [3]. - Overseas, the US economy showed a slowdown in overall expansion and structural differentiation in multiple fields. The GDP growth rate in the fourth quarter of the US slowed down significantly, with personal consumption being the main drag, and inflation stickiness still existed. The overall pattern was weak domestic demand, cooling growth, and significantly different recovery rhythms among various sectors [3].

Group 1 - The company, CITIC Metal, announced plans to engage in currency derivatives hedging within 12 months from the authorization of the shareholders' meeting [2] - The maximum contract value for any trading day will not exceed $2 billion or its equivalent in foreign currency [2] - The margin and premium utilized will not exceed 50% of the consolidated net profit for 2024, with funding sourced from its own funds or credit lines [2] Group 2 - The types of derivatives involved include foreign exchange forwards, swaps, and options [2]

Core Viewpoint - The article emphasizes the importance of integrating "investment in material" and "investment in people" as a strategic upgrade for high-quality economic development in China, highlighting the need for both hard support through infrastructure and technology, and soft support through talent cultivation and service capabilities [1]. Group 1: Investment in Material - The futures market is expanding its product offerings to include new energy and green finance, enhancing participation from industrial clients and providing hard support for "investment in material" through innovative models like "insurance + futures" [2]. - The infrastructure of the futures market is deeply integrated with the real economy, with delivery warehouses evolving into hubs that link spot and futures markets, and tools being innovatively aligned with industry needs [2][3]. - The futures market provides risk management tools and venues for enterprises, with derivatives like options and swaps catering to personalized hedging needs, while also addressing the challenges of usage among enterprises [3]. Group 2: Investment in People - The focus on "investment in people" aims to address the pain points of enterprises that struggle with using futures effectively, by cultivating analysts and client managers who understand both financial derivatives and the industry chain [3]. - The industry faces a structural shortage of composite talents and lacks dedicated risk management teams within enterprises, which hampers the effective integration of "investment in material" and "investment in people" [4]. - The futures industry is encouraged to prioritize talent investment, extending services to broader areas that require financial support, and transitioning from mere transaction facilitation to comprehensive risk management services [5]. Group 3: Challenges and Recommendations - The current collaboration between "investment in material" and "investment in people" is still in its early stages, with a need for deeper integration and a systematic approach to overcome existing challenges [4]. - Recommendations include leveraging AI and digital platforms to lower professional barriers, fostering composite talent development, and creating a robust mechanism to support long-term integration [6]. - The futures industry should evolve from being a mere tool provider to a strategic partner, enhancing service models to cater to both large enterprises and small businesses, while also focusing on technology and talent development [7].

Core Viewpoint - Aokema Co., Ltd. is actively engaging in various financial and operational activities, including planned equity transfers, foreign exchange transactions, and anticipated related party transactions for 2026, which require shareholder approval [1][2][3][5]. Trading Information Summary - On December 25, 2025, Aokema's stock closed at 8.55 yuan, down 1.84%, with a turnover rate of 3.8%, trading volume of 302,900 shares, and a transaction value of 259 million yuan [1]. - The net outflow of main funds was 33.82 million yuan, accounting for 13.05% of the total transaction value, while retail investors saw a net inflow of 13.64 million yuan, representing 5.27% of the total [1]. Company Announcement Summary - Aokema's board of directors approved several resolutions on December 24, 2025, including plans for related party transactions for 2026, a loan application of up to 200 million yuan for an Indonesian smart manufacturing project, and the internal transfer of equity among subsidiaries [1][2][3]. - The company plans to hold its first temporary shareholders' meeting for 2026 on January 12, 2026, to discuss the expected related party transactions and the public transfer of a controlling subsidiary's equity [2][5]. Related Party Transactions - Aokema anticipates conducting related party transactions in 2026, with a total estimated amount of 1.104 billion yuan, including 800 million yuan for raw material procurement from a related company [3][4]. Foreign Exchange Transactions - The company plans to engage in foreign exchange transactions not exceeding 10 million USD (or equivalent foreign currency) in 2026 to hedge against foreign exchange risks related to import and export activities [2][4]. Equity Transfer - Aokema intends to publicly transfer 55% of its equity in Qingdao Aokema Information Industry Park Co., Ltd. with a base price of approximately 92.46 million yuan, pending shareholder approval [5]. - The internal transfer of 100% equity in Qingdao Aokema Smart Cold Chain Co., Ltd. to a wholly-owned subsidiary was also approved, aimed at optimizing resource allocation without affecting the company's financial status [5].

Core Viewpoint - The China Foreign Exchange Trading Center will implement a full exemption of transaction fees for financial institutions providing foreign exchange derivative trading services to small and micro enterprises starting from January 1, 2026, for a period of two years [1] Summary by Categories Policy Implementation - The exemption applies to transaction fees in the interbank foreign exchange market for financial institutions serving small and micro enterprises through the foreign exchange trading center's corporate platform [1] - For transactions conducted through other channels, financial institutions must verify the standards of small and micro enterprises and report the enterprise list to the foreign exchange trading center, which will then provide a full exemption based on 50% of the total transaction volume [1] Transaction Types - The fee exemption covers various types of transactions, including forwards, swaps, currency swaps, and options related to RMB foreign exchange derivatives [1] Reporting Requirements - Financial institutions are required to submit transaction information related to small and micro enterprises to the foreign exchange trading center by the 15th of each quarter's last month, including details such as client name, transaction type, currency pair, transaction volume, price, and duration [1]