一、市场行情态势回顾 【冠通期货研究报告】 铁矿日报：宏观向好预期仍存，需求表现一般 发布日期：2026 年 2 月 26 日 1、期货价格：铁矿石期货主力合约日内震荡，收于 748.5 元/吨，较前一个 交易日收盘价下跌-4 元/吨，跌幅-0.53%，成交 19.0 万手，持仓量 54.1 万手， 增仓 1.2 万手，沉淀资金 89.02 亿。铁矿下跌至预判支撑 730 附近之后，呈现一 定抗跌，短期以偏强反弹思路对待。 2、现货价格：港口现货主流品种青岛港 PB 粉 750 跌-2，超特粉 638 跌-2， 掉期主力 98.85(+0.05）美元/吨。掉期反弹走强后陷入窄幅震荡，现货微跌。 3、基差价差端：青岛港 PB 粉折盘面价格 785.3 元/吨，基差 36.8 元/吨， 基差小幅走扩；铁矿 5-9 价差 16.5 元，铁矿 9-1 价差 11.5 元。 二、基本面梳理 海外矿山发运环比增加，澳洲发运恢复；本期到港继续走弱，天气影响 到港节奏，后期有望回升；需求端，铁水产量环比回升，钢厂盈利率走弱， 刚需边际回升，关注节后需求支撑力度。库存方面，铁矿港口库存止增，到 港回落叠加钢厂补库使得港口累库压 ...

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].

截至2025年12月25日收盘，澳柯玛(600336)报收于8.55元，下跌1.84%，换手率3.8%，成交量30.29万 手，成交额2.59亿元。 当日关注点 澳柯玛股份有限公司关于开展远期外汇交易业务的公告 澳柯玛股份有限公司于2025年12月24日召开九届二十次董事会，审议通过《关于公司2026年度开展远期 外汇交易业务的议案》。为应对外汇波动风险，增强财务稳健性，公司及控股子公司拟在2026年度开展 金额不超过10,000万美元（或等值外币）的远期外汇交易业务，主要用于进出口业务的外汇套期保值， 不进行投机交易。交易品种包括外汇远期合约、期权、掉期、货币互换等，交易对手为具备资质的银行 金融机构，合约期限均在一年以内。公司已制定内部控制办法，明确禁止投机行为，并采取多项措施控 制市场、回款预测及法律风险。该事项无需提交股东大会审议。 澳柯玛股份有限公司2026年度日常关联交易预计公告 交易信息汇总 资金流向 12月25日主力资金净流出3381.98万元，占总成交额13.05%；游资资金净流入2017.77万元，占总成交额 7.79%；散户资金净流入1364.22万元，占总成交额5.27%。 公司公告汇 ...

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]

Core Viewpoint - The Shanghai Clearing House has announced a continuation of the phase-based exemption of clearing fees for financial institutions providing RMB foreign exchange derivative trading services to small and micro enterprises, effective from December 1, 2025, to November 30, 2027 [1] Group 1 - Financial institutions will be fully exempt from clearing fees based on their trading volume and the proportion of RMB foreign exchange derivatives included in central counterparty clearing [1] - The exempted RMB foreign exchange derivative transactions include forwards, swaps, and options (including combinations), specifically for the RMB/USD currency pair [1] - The relevant trading information will be provided by the Foreign Exchange Trading Center to the Shanghai Clearing House [1]

Core Viewpoint - The company, Zhuhai Bojie Electronics Co., Ltd., is actively managing financial risks through various strategies, including planned financial derivative transactions and cash management initiatives, while also proposing a mid-term cash dividend for shareholders [1][5][6]. Trading Information Summary - As of December 22, 2025, the company's stock closed at 76.68 yuan, up 4.48%, with a turnover rate of 6.21%, trading volume of 65,800 shares, and a transaction value of 507 million yuan [1]. - On the same day, the net outflow of funds from major investors was 1.0538 million yuan, while retail investors saw a net inflow of 1,779.44 million yuan [3]. Company Announcements Summary - The company announced a projected total of 59.0777 million yuan for daily related party transactions in 2026, which will involve purchasing raw materials, selling products, leasing properties, and receiving services [1][6]. - A feasibility analysis report for engaging in financial derivative transactions was approved, with a maximum static position contract amount of 600 million yuan, aimed at mitigating foreign exchange risk [2][3]. - The board approved a mid-term cash dividend proposal, distributing 0.940663 yuan (including tax) per 10 shares, totaling approximately 15 million yuan [5][6]. - The company plans to utilize up to 1.7 billion yuan of idle raised funds and 12 billion yuan of idle self-owned funds for cash management, focusing on low-risk short-term financial products [2][4][6].

Core Viewpoint - The company, Shenzhen Panhai Tonglian Precision Manufacturing Co., Ltd., has approved a foreign exchange hedging plan for 2026, with a maximum limit of $5 million or equivalent foreign currency for the hedging activities [1] Group 1: Company Performance - As of December 19, 2025, the stock price of Tonglian Precision closed at 47.44 yuan, reflecting a 0.25% increase from the previous trading day [1] - The total market capitalization of the company is 7.679 billion yuan [1] - The stock opened at 47.5 yuan, reached a high of 48.5 yuan, and a low of 47.07 yuan, with a trading volume of 1.11 million yuan and a turnover rate of 1.43% [1] Group 2: Foreign Exchange Hedging Plan - The board of directors approved a proposal to conduct foreign exchange hedging activities, with a maximum contract value not exceeding $5 million or equivalent foreign currency [1] - The expected maximum margin and premium to be utilized for these transactions is $300,000 or equivalent foreign currency [1] - The funding for these activities will come from the company's own funds, and the trading period will be within 12 months from the board's approval [1] - The hedging products will include forwards, swaps, options, and other foreign exchange derivatives [1]

智通财经APP获悉，12月19日，中国外汇交易中心发布关于继续免除中小微企业外汇衍生品交易相关银 行间外汇市场交易手续费的通知。金融机构通过外汇交易中心银企平台为中小微企业提供交易服务的， 外汇交易中心以客盘交易总量为基数，全额减免银行间外汇市场交易手续费。金融机构通过其他渠道为 中小微企业提供交易服务的，金融机构负责审核中小微企业标准并向外汇交易中心报备企业名单。外汇 交易中心按客盘交易总量的50%为基数，全额减免银行间外汇市场交易手续费。适用交易手续费优惠的 交易品种包括远期、掉期、货币掉期和期权等人民币外汇衍生品。 一、金融机构通过外汇交易中心银企平台为中小微企业提供交易服务的，外汇交易中心以客盘交易总量 为基数，全额减免银行间外汇市场交易手续费。 原文如下： 二、金融机构通过其他渠道为中小微企业提供交易服务的，金融机构负责审核中小微企业标准并向外汇 交易中心报备企业名单。外汇交易中心按客盘交易总量的50%为基数，全额减免银行间外汇市场交易手 续费。 外汇交易中心关于继续免除中小微企业外汇衍生品交易相关银行间外汇市场交易手续费的通知 三、适用交易手续费优惠的交易品种包括远期、掉期、货币掉期和期权等人民币 ...

Core Insights - The International Business Department of the Industrial and Commercial Bank of China (ICBC) Nantong Branch has successfully facilitated significant cross-border transactions for a leading manufacturing client, achieving approximately $140 million in cross-border receipts and 650 million yuan in cross-border RMB receipts, along with $19 million in export invoice financing and $420 million in derivative contracts, thereby enhancing the branch's market share and foreign exchange competitiveness [1][2] Group 1 - The International Business Department effectively coordinated resources from the provincial headquarters, leveraging large-scale bidding advantages to capture favorable market windows, which led to the successful implementation of large fund transactions and a combination of "export invoice financing + swaps," significantly reducing the financial costs for enterprises [2] - A specialized marketing team was formed to address the core needs of a leading enterprise in the Rugao area, focusing on optimizing financial products and trade financing, which involved high-level professional engagement with the enterprise's financial director [1] - The department established a "green channel" for seamless tracking of fund flows, ensuring efficient internal coordination and high service efficiency, which garnered high praise from clients [2] Group 2 - The next steps for the International Business Department include focusing on deepening relationships with leading clients, promoting a precise marketing model of "in-depth diagnosis + customized solutions + resource collaboration" across branches [2] - Continuous optimization of the empowerment mechanism and improvement of the tiered response and support system will be prioritized, along with adapting product offerings and service solutions to align with market and enterprise demand changes [2] - The department aims to consolidate and expand its leading position in cross-border business, injecting strong momentum into the high-quality development of foreign exchange operations [2]