Group 1 - The "Hundred Schools and Ten Thousand Talents" project is an important platform for teaching innovation, with the course on "Futures and Derivatives" aimed at finance master's students, integrating theory, strategy, and risk control with practical case studies [2][3] - The collaboration between Yunnan University and Zhongtian Futures aims to cultivate professionals with both theoretical knowledge and practical skills, responding to the growing demand for talent in the futures and derivatives market [5][7] - The course is part of a broader initiative to enhance the integration of industry and education, providing a platform for school-enterprise cooperation that benefits the industry by supplying a large number of skilled professionals [6][7] Group 2 - The futures and derivatives market plays a crucial role in serving the real economy and enterprise risk management, leading to an increasing demand for specialized talent in the industry [7] - Zhongtian Futures has committed to continuing its collaboration with universities to foster talent that possesses both theoretical and practical capabilities, contributing to the healthy development of the industry [5][7]

辽宁成大股份有限公司 期货和衍生品交易管理制度 第一章 总则 第一条 为规范辽宁成大股份有限公司（以下简称"公司"或"本公司"）及 控股子公司期货和衍生品交易行为，防范投资风险，强化风险控制，保证公司资 金、财产的安全，维护公司及股东利益，根据《中华人民共和国公司法》《中华 人民共和国证券法》和《上市公司信息披露管理办法》等法律法规、部门规章、 规范性文件，以及《上海证券交易所股票上市规则》《上海证券交易所上市公司 自律监管指引第5号--交易与关联交易》等业务规则和《辽宁成大股份有限公司章 程》（以下简称"《公司章程》"）的规定，结合公司实际情况，特制定本制度。 第二条 本制度所称期货交易是指在境内外合规的商品期货交易场所以期货 合约或者标准化期权合约为交易标的的交易活动。 本制度所称衍生品交易是指期货交易以外的，以互换合约、远期合约和非标 准化期权合约及其组合为交易标的的交易活动。 期货和衍生品的基础资产既可以是证券、指数、利率、汇率、货币、商品等 标的，也可以是上述标的的组合。 第三条 套期保值业务，是指为管理汇率风险、价格风险、利率风险、信用风 险等特定风险而达成与上述风险基本吻合的期货和衍生品交易的活 ...

法兰泰克重工股份有限公司 二零二五年八月 法兰泰克重工股份有限公司 期货和衍生品交易管理制度 第一章 总则 第二章 交易品种与类型 第五条 公司从事套期保值业务的期货和衍生品品种应当仅限于与公司生产 经营相关的产品、原材料和外汇等，且原则上应当控制期货和衍生品在种类、规 模及期限上与需管理的风险敞口相匹配。用于套期保值的期货和衍生品与需管理 的相关风险敞口应当存在相互风险对冲的经济关系，使得期货和衍生品与相关风 险敞口的价值因面临相同的风险因素而发生方向相反的变动。 法兰泰克重工股份有限公司 期货和衍生品交易管理制度 第六条 本制度所述套期保值业务主要包括以下类型的交易活动： 第一条 为规范法兰泰克重工股份有限公司（以下简称"公司"）期货和衍 生品交易行为，加强对期货和衍生品交易的管理，有效防范和控制风险，确保公 司资产安全，维护公司及股东利益，根据《中华人民共和国公司法》《中华人民 共和国证券法》 《上海证券交易所股票上市规则》 《上海证券交易所上市公司自律 监管指引第 5 号——交易与关联交易》等有关法律法规、规范性文件和《公司章 程》的有关规定，结合公司实际情况，制定本制度。 第二条 本制度所称期货交易 ...

Group 1 - The 2025 China (Zhengzhou) International Futures Forum focused on risk management for industrial enterprises and the high-quality development of China's futures and derivatives market [1] - As of July 2025, 1,114 listed companies in the market have engaged in futures and derivatives business, with over 80% (902 companies) involved in foreign exchange hedging and about one-third (364 companies) in commodity futures hedging [1] - The manufacturing sector is the main force in hedging activities, covering industries such as chemicals and agricultural products, facilitating industrial upgrades and overseas expansion [1] Group 2 - Derivatives have become an essential tool in enterprise risk management, and companies are encouraged to establish professional risk management teams to enhance their application capabilities [2] - As of July 2025, the total capital in the futures market reached approximately 1.82 trillion yuan, an increase of 11.6% from the end of 2024 [2] - The number of listed companies announcing hedging activities increased significantly, with 1,383 companies reporting hedging announcements in the first seven months of 2025, a year-on-year growth of 15.7% [2]

Core Viewpoint - The development quality of listed companies is crucial for the stability of the capital market, and effective risk management is a key dimension of this quality [1][2]. Group 1: Risk Management Trends - In 2025, from January to July, 1,114 listed companies engaged in futures and derivatives business, with approximately 80% (902 companies) involved in foreign exchange hedging, 33% (364 companies) in commodity futures hedging, and 15% (162 companies) in both [1]. - Manufacturing companies are the main participants in the futures market for hedging, particularly in the chemical and agricultural processing sectors, facilitating industry upgrades and overseas expansion [2]. - There is a growing trend towards systematic, refined, and global risk management among listed companies, with an increasing awareness of proactive hedging [2]. Group 2: Role of Associations and Guidelines - The China Listed Companies Association plays a pivotal role in guiding companies in rational participation in hedging, enhancing their quality of development [3]. - The Shanghai and Shenzhen Stock Exchanges have issued guidelines for the disclosure of hedging business information, leading to improved transparency and understanding of hedging effectiveness among investors [2][3]. Group 3: Recommendations for Companies - Companies are encouraged to establish a strong risk management awareness, avoid both conservative and speculative behaviors, and engage in regulated operations [4]. - It is essential for companies to develop a rigorous and efficient risk control system, including scientific decision-making and risk warning mechanisms [4]. - The cultivation of professional talent in derivatives risk management is critical, requiring a blend of knowledge in spot operations, financial theory, and risk control experience [4].

8月19日，中国上市公司协会相关负责人在2025中国(郑州)国际期货论坛上表示，随着我国期货和衍生 品市场的深入发展，风险管理工具的供给速度加快，产品和服务体系不断健全，在帮助企业规避风险、 促进产业保供稳价和转型升级方面发挥着重要作用。尤其在当前内外部经济形势日益严峻复杂、大宗商 品价格大幅波动的背景下，上市公司利用期货和衍生品管理风险的广度和深度不断增强。据统计，2025 年1月—7月，全市场公告开展期货和衍生品业务的实体上市公司已达1114家，其中超八成(902家)涉足 外汇套保，约三分之一(364家)开展商品期货套保业务，有15%(162家)同时开展商品期货和外汇衍生品 业务。 该负责人表示，上市公司利用衍生品管理风险逐渐呈现出一些新趋势新特征。从行业来看，制造业上市 公司是套保的主力军，行业主要覆盖化工、农产品加工等领域，为企业实现产业升级、加速海外布局提 供有利条件。从工具应用来看，以应对汇率、利率、大宗商品价格波动风险为主，逐渐延展到全面管理 金融资产价格波动带来的风险。从理念和效果来看，上市公司主动避险的意识越来越强，风险管理的系 统化、精细化、全球化趋势日益明显。 ...

Core Viewpoint - The development of China's futures and derivatives market is accelerating, providing essential risk management tools for companies amid complex economic conditions and significant commodity price fluctuations [1] Group 1: Market Development - The 2025 China (Zhengzhou) International Futures Forum was held, highlighting the importance of risk management in the current economic climate [1] - The supply speed of risk management tools is increasing, and the product and service system is continuously improving [1] Group 2: Company Engagement - As of January to July 2025, 1,114 listed companies have announced their engagement in futures and derivatives business [1] - Over 80% (902 companies) are involved in foreign exchange hedging, while approximately one-third (364 companies) are engaged in commodity futures hedging [1] - About 15% (162 companies) are simultaneously involved in both commodity futures and foreign exchange derivatives [1]

本报讯 （记者王宁）中国（郑州）国际期货论坛已成功举办七届，近日，记者获悉，2025中国（郑 州）国际期货论坛将于8月19日至20日在郑州举办。 记者了解到，除主论坛外，本届论坛还设置了四个分论坛，分别是对外开放论坛、产业企业风险管理论 坛、农产品（油脂油料）论坛和工业品（聚酯）论坛，精准覆盖了强国建设的关键领域。主论坛除政府 及归口监管部门参与外，国务院发展研究中心原副主任余斌、中国期货业协会党委书记杨光、芝加哥商 业交易所集团亚太地区董事总经理拉塞尔·贝蒂等嘉宾也将分别带来"中国经济高质量发展形势及展 望""期货和衍生品行业发展与强国建设""全球衍生品市场变革趋势与前景"的主题分享。各分论坛聚焦 开放实践、风险管理、产业供需等热点话题，通过主题演讲与圆桌讨论，为对外合作、产业升级与风险 防控提供解决方案。 论坛的"温度"，源于对实体企业需求的真切回应。厦门国贸（600755）石化有限公司总经理刘德伟直 言："本届论坛主题非常贴近企业所需。在石化行业从'进口依赖'向'出口导向'深刻转变的背景下，期待 在本届论坛中学到运用期货工具去进行出口定价、锁定加工利润的新方法。" "让实体企业稳健盈利，就是稳就业、保民 ...

Core Viewpoint - The training session aims to enhance the risk management capabilities of state-owned enterprises and listed companies in Henan, promoting the use of futures and derivatives to manage risks effectively in a complex global economic environment [1][2]. Group 1: Importance of Futures and Derivatives - Futures and derivatives serve as a "buffer" and "safe haven" for enterprises, emphasizing the need for robust management systems and professional teams to handle these financial instruments [2]. - The development of the futures market in China has provided more tools for enterprises to manage risks, with a well-established policy and market environment favoring listed companies that effectively utilize these tools [2][3]. Group 2: Training Content and Objectives - The training included sessions on macroeconomic analysis, internal control systems, and financial and tax processing, tailored to meet the actual needs of enterprises [4]. - The training aims to instill a correct understanding of hedging and to prevent enterprises from shifting focus from "risk management" to "speculative arbitrage," thereby enhancing their risk management capabilities [4]. Group 3: Support and Development of the Futures Market - The Henan government has been actively supporting the development of the futures market, with initiatives aimed at encouraging enterprises to participate and enhancing the market's competitive edge [1][3]. - Zhengzhou Commodity Exchange (ZCE) has established delivery service institutions across 11 cities in Henan, facilitating the integration of local agricultural and industrial products into the national delivery network [3].

Core Viewpoint - The document outlines the futures and derivatives trading management system of Trina Solar Limited, emphasizing risk management, compliance with regulations, and the structured approach to hedging activities. Group 1: General Principles - The system applies to the futures and derivatives trading activities of the company and its wholly-owned or controlled subsidiaries, which must be managed and operated uniformly by the company [3] - The trading activities must comply with relevant national laws and regulations, ensuring the safety of company assets [3][4] Group 2: Hedging Activities - Hedging activities include selling existing spot inventory, hedging fixed-price purchase and sales contracts, and hedging expected procurement or production volumes [2][3] - The company is prohibited from engaging in speculative trading and must only use hedging instruments related to its production and operational needs [4][5] Group 3: Approval and Management Process - A feasibility analysis report must be prepared for futures and derivatives trading and submitted for board approval, especially if certain financial thresholds are met [6] - The company must establish a trading working group responsible for the implementation of trading projects, with oversight from the audit department [15][16] Group 4: Risk Management and Reporting - The company must continuously track market price changes and assess the risk exposure of traded futures and derivatives, reporting to management and the board [10][23] - Any significant losses or risks must be reported immediately to senior management and the board, with necessary remedial measures discussed [23] Group 5: Information Disclosure - The company is required to disclose information regarding its hedging activities, including trading purposes, instruments, and any significant losses that meet specified thresholds [25][26] - The disclosure must be timely and accurate, ensuring transparency in the company's trading activities [12][28]