港交所 20260228 摘要 因此有必要在固定收益、外汇以及大宗商品等领域进行必要且审慎的投资。同 时，将在保持良好成本管控的前提下，持续评估投入方向与方式，聚焦能够带 来最佳机会的领域。 随着港交所提出未来十年将加强中国内地与其他亚洲经济体市场之间的互联互 通，并提及可能与马来西亚等地区扩大互联互通，相关举措将如何推进、如何 实现与该地区更紧密连接？ 未来互联互通的重点是在巩固中国内地互联互通这一核心优势的同时，将互联 互通网络从既有模式进一步延展至其他亚洲经济体，形成具有全球吸引力的区 域流动性池。推进路径包括：继续扩大与海外交易所的合作伙伴网络，强化与 中东及东南亚市场的互联互通基础；在此基础上，利用互联互通带来的市场可 及性提升，促进区域资本对接区域内的增长机遇，并为全球投资者提供更广泛 的区域流动性与增长敞口；同时，配合产品侧扩容，为投资者提供更多布局亚 洲及中国相关资产的工具，覆盖现金市场、ETP、衍生品及跨资产风险管理工 具等，以提升互联互通的使用深度与交易活跃度。2025 年已在中东和东南亚 方向推进互联互通并扩展合作网络，同时在中东设立新办事处，并欢迎来自相 港交所对 CMU OmniCl ...

Core Viewpoint - Northeast Pharmaceutical Group Co., Ltd. has announced plans to engage in financial derivatives trading to manage foreign exchange and interest rate risks arising from its foreign currency settlements in response to market fluctuations [1] Group 1: Financial Derivatives Trading - The primary objective of this trading initiative is hedging, aimed at locking in costs and avoiding risks rather than engaging in speculation or arbitrage [1] - The maximum trading amount is set at 300 million RMB, which can be rolled over within its validity period [1] - The trading instruments will mainly include forward foreign exchange settlements, currency swaps, options, interest rate swaps, and currency swaps, with trading periods generally not exceeding one year [1] Group 2: Financial Stability and Risk Management - The company emphasizes that all trading funds will come from its own capital and will collaborate with legally qualified domestic and foreign large commercial banks [1] - This initiative is viewed as a significant risk control measure to enhance financial stability and mitigate the potential adverse impacts of exchange rate and interest rate fluctuations on operational performance [1] - The company has established corresponding internal operational processes and risk control measures to prevent market, liquidity, and operational risks [1]

Group 1 - The company plans to use a maximum of RMB 280 million of temporarily idle raised funds for cash management, focusing on high-security, liquid investment products with a maturity of no more than 12 months [3][4][9] - The investment products include structured deposits, time deposits, agreement deposits, large certificates of deposit, and notice deposits from qualified financial institutions, and these funds will not be used for pledging or securities investment purposes [2][9] - The decision to use these funds was approved by the company's board of directors and does not require shareholder approval, as it falls within the board's authority [3][15] Group 2 - The company aims to enhance the efficiency and returns of the raised funds while ensuring that the investment does not affect the construction and use of the raised funds projects [4][20] - The funds for this cash management initiative come from the proceeds of a non-public offering of shares, which raised approximately RMB 295 million after deducting issuance costs [6][8] - The cash management products will be managed by a committee authorized by the board, ensuring compliance with relevant regulations and timely information disclosure [10][12][49] Group 3 - The company has established risk control measures to manage potential market risks associated with the cash management investments, including strict adherence to prudent investment principles and regular monitoring of investment performance [16][17][48] - The company will ensure that the cash management does not impact its daily operations or the normal progress of investment projects, thereby safeguarding the interests of the company and its shareholders [20][36] - The company’s sponsor has confirmed that the cash management initiative complies with relevant regulations and does not harm the interests of the company or its shareholders [21][36]

Core Insights - The number of A-share listed companies using derivatives continues to grow, with 1,782 companies publishing hedging-related announcements in the first 11 months of 2025, an increase of 279 companies or 18.6% year-on-year, reflecting the survival wisdom of Chinese enterprises in a complex international environment [1] Group 1: Hedging Trends - Since 2020, factors such as the pandemic, geopolitical conflicts, and supply chain restructuring have driven an increase in the hedging participation rate among listed companies in China, which stands at 35%, compared to the 70%-80% maturity level in Europe and the U.S. [2] - The demand for hedging in emerging sectors has surged, with industries such as electronics, basic chemicals, power equipment, machinery, and pharmaceuticals becoming the main players in hedging activities, aligning with the direction of China's manufacturing transformation [2] Group 2: Risk Management Strategies - Exchange rate risk is the primary concern for companies, with 1,311 companies publishing currency hedging announcements in the first 11 months of 2025, a 13% increase year-on-year, significantly outpacing other risk types [4] - Approximately 78% of companies use foreign exchange forward contracts for hedging, while 22% opt for foreign exchange options for dual protection [4] - The reform of the RMB exchange rate formation mechanism is reshaping market expectations, prompting companies to establish dynamic adjustment mechanisms for hedging strategies [4] Group 3: Commodity-Specific Hedging - Copper is the most popular commodity for hedging, with 80% of listed companies mentioning copper futures hedging in the first 11 months of 2025, due to its extensive application in various industries [6] - Different segments of the copper industry employ distinct hedging strategies, with upstream mining companies typically using sell hedges to lock in sales prices, while downstream processing companies adjust positions based on order conditions [7] Group 4: Evolving Hedging Practices - Companies are increasingly adopting refined risk management models, such as converting fixed price negotiations into basis trading to mitigate default risks and attract foreign partners [5] - The use of hedging tools is evolving from a simplistic approach to a more sophisticated operation, enhancing the resilience of the real economy against risks [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 Insights - Thailand has become a significant destination for Chinese enterprises expanding overseas, with continuous growth in China's exports to Thailand and increasing market share of Chinese goods in Thailand's import market [1] - Chinese investments in Thailand have reached new highs, particularly in sectors such as automotive manufacturing, electronic components, and rubber processing [1] - The Thai government promotes a business-friendly environment, making it an attractive opportunity for Chinese companies, especially in automotive manufacturing, digital economy, and clean energy [1] Group 1: Investment Trends - There is a rising trend of Chinese companies investing in Thailand, exemplified by Haier New Energy organizing a delegation to explore business opportunities and projects in the country [2] - Chinese banks, such as Bank of China and Industrial and Commercial Bank of China (ICBC), are providing comprehensive financial services to support Chinese enterprises in Thailand, including cross-border financial services and investment information [2] Group 2: Financial Cooperation - A multi-layered coordination framework for financial cooperation has been established between China and ASEAN, with initiatives like the Chiang Mai Initiative Multilateralization (CMIM) and the Belt and Road Initiative (BRI) facilitating large-scale infrastructure financing [3] - The Regional Comprehensive Economic Partnership (RCEP) has created unified rules for cross-border financial transactions, enhancing regional financial integration [3] Group 3: Challenges Faced - Despite the opportunities, Chinese enterprises face challenges in cross-border fund management and foreign exchange risks when entering the Thai market [4] - Large enterprises encounter complex registration processes and high banking fees, while small and medium-sized enterprises (SMEs) struggle with foreign exchange regulations and cash flow management [4][5] Group 4: Foreign Exchange Risk Management - Effective foreign exchange risk management is crucial for Chinese enterprises in Thailand, with large enterprises employing diverse strategies, yet many still lack formal hedging practices [5] - SMEs have limited access to foreign exchange risk management tools, making them vulnerable to currency fluctuations [5] Group 5: Recommendations for Enterprises - Chinese enterprises are advised to integrate into the local market, adapt culturally, enhance their corporate image, and comply with local laws [6] - Emphasis is placed on the importance of collaboration with local SMEs and optimizing financing strategies [6] Group 6: Role of Financial Institutions - Financial institutions are encouraged to build comprehensive service systems for enterprises going abroad, with large banks collaborating with local banks to enhance service capabilities [7] - Domestic banks should strengthen partnerships with overseas banks to better serve diverse needs of outbound enterprises [7]

Core Insights - The acceleration of Chinese enterprises' overseas expansion is significantly influenced by multiple factors, including changes in the global economy and geopolitical landscape, as well as the strategic value of the ASEAN market [1] Group 1: Opportunities and Challenges - The report highlights that foreign exchange risk management has become a critical financial need for Chinese enterprises in Thailand, with large enterprises employing diverse methods while many still lack formal hedging strategies [2] - Small and medium-sized enterprises (SMEs) face significant challenges in foreign exchange management, primarily due to high costs of hedging tools, limited access to complex financial products, and insufficient financial literacy [2] - The study emphasizes the need for financial institutions to create simplified and low-cost hedging tools, packaged financial products, and digital foreign exchange platforms to support the resilience and competitiveness of SMEs [2] Group 2: Support Ecosystem - There is a call for strengthening the overseas support ecosystem for Chinese enterprises, encouraging collaboration among trade promotion agencies, law firms, and accounting firms to facilitate overseas business expansion [3] - Simplifying and digitizing the overseas investment process is essential, with a proposal to establish a unified digital platform to integrate approval and filing requirements, thereby improving efficiency and predictability for small-scale projects [3]

Core Viewpoint - The People's Bank of China (PBOC) has established a significant network of currency swap agreements with various central banks globally, enhancing financial stability and supporting trade and investment [1][2]. Group 1: Currency Swap Agreements - The PBOC has signed 32 effective currency swap agreements with central banks or monetary authorities from regions including the European Central Bank, New Zealand, South Korea, Indonesia, Brazil, and Saudi Arabia, covering major economies across six continents [1]. - The total scale of these agreements amounts to approximately 4.5 trillion RMB [1]. Group 2: Functions of Currency Swaps - Currency swaps provide liquidity to financial markets, which is crucial for maintaining stability, especially highlighted during the 2008 financial crisis when many countries sought liquidity support from China [2]. - These swaps support the real economy by allowing central banks to provide funds through commercial banks to enterprises, facilitating bilateral trade and investment [2]. - Currency swaps are integral to financial cooperation between countries, encouraging financial institutions to offer bilateral currency settlement services, thus reducing exchange costs and mitigating exchange rate risks for businesses [2]. Group 3: Future Plans - The PBOC plans to gradually expand the coverage of currency swap cooperation, focusing on countries and regions with close economic ties to China, effectively utilizing swap funds to enhance liquidity supply and promote trade and investment facilitation [2].

Core Insights - United Overseas Bank (UOB) China has signed a memorandum of cooperation with Shenzhen Xinyuan Material Technology Co., Ltd. (Xinyuan Material) to enhance collaboration in green trade financing, cross-border fund management, and supply chain finance [1] Group 1: Partnership Details - The partnership aims to jointly promote the expansion of China's new materials and new energy industry into the ASEAN market [1] - UOB plans to provide green trade financing, foreign exchange transaction limits, and currency swap risk hedging tools for Xinyuan's production base in Malaysia [1]

Background of Forex Futures - Forex futures originated in the 1970s, driven by the significant changes in the international monetary system, particularly the collapse of the Bretton Woods system [4][5] - The Bretton Woods system established fixed exchange rates between currencies and the US dollar, which was pegged to gold, minimizing foreign exchange risk [4] - The collapse of this system in 1973 and the subsequent Jamaica Agreement in 1976 allowed countries to choose their exchange rate systems freely, increasing foreign exchange risk and the demand for risk management [4][5] Development of Forex Futures in the US - The Chicago Mercantile Exchange (CME) launched the first forex futures contracts in May 1972, marking the establishment of the forex futures market [6] - The market expanded rapidly after the Jamaica Agreement, with other exchanges like NYMEX and NYFE entering the forex futures business [6] - By 1982, standardized forex options were introduced, further diversifying the forex derivatives market [6][7] Current State of Forex Futures in the US - The CME is the primary market for forex futures and options in the US, continuously introducing new forex derivatives to meet diverse investor needs [2][10] - In 2024, the CME's average daily trading volume reached 26.5 million contracts, a 9% increase from 2023, with forex products averaging 1.03 million contracts daily, an 8% year-on-year growth [14] - The most traded forex futures in 2024 included the Euro (258,000 contracts), Japanese Yen (192,000 contracts), and British Pound (120,000 contracts) [14] Trends in Forex Futures Development - There is an increasing demand for forex derivatives due to heightened market volatility and the need for effective risk management [16] - Emerging market currency derivatives are expected to see significant growth as economies develop and trade volumes increase, particularly in regions like Latin America [16]