青岛高测科技股份有限公司 第一章 总则 第一条 为规范青岛高测科技股份有限公司（以下简称"公司"）外汇套期 保值业务管理，防范和控制外币汇率波动风险，根据《中华人民共和国公司法》 《中华人民共和国证券法》《上海证券交易所科创板股票上市规则》《上市公司 信息披露管理办法》《上海证券交易所科创板上市公司自律监管指引第1号—— 规范运作》《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》 等相关法律、法规及规范性文件的规定，以及《青岛高测科技股份有限公司章程》 等有关规定，结合公司实际情况，特制定本制度。 第二条 本制度所称外汇套期保值业务是指为满足正常经营或业务需要，与 境内外具有相关业务经营资质的银行等金融机构开展的用于规避和防范汇率或 利率风险的各项业务，包括但不限于远期结售汇业务、外汇掉期业务、利率互换 业务、外汇期权业务及其他外汇衍生产品业务等。 第三条 本制度适用于公司及全资子公司、控股子公司（以下合称为"子公 司"）开展的外汇套期保值业务，未经公司同意，子公司不得进行外汇套期保值 业务，子公司进行外汇套期保值业务视同公司进行外汇套期保值业务，适用本制 度。 第四条 公司外汇套期保值业务除遵 ...

烟台中宠食品股份有限公司 金融衍生品交易业务内部控制制度 第一章 总 则 第一条 为规范烟台中宠食品股份有限公司（以下简称"公司"）及各全资、控股子 公司（以下简称"各子公司"）金融衍生品交易行为，防范金融衍生品交易风险，根据《中 华人民共和国公司法》《中华人民共和国证券法》《深圳证券交易所股票上市规则》以 及《深圳证券交易所上市公司自律监管指引第 1 号——主板上市公司规范运作》等法律、 行政法规、部门规章和业务规则及《烟台中宠食品股份有限公司公司章程》（以下简称 《公司章程》），制定本制度。 第二条 本制度所称金融衍生品是指场内场外交易、或者非交易的，实质为远期、 互换和期权等产品或上述产品的组合。金融衍生品的基础资产既可以包括证券、指数、 汇率、利率、货币、商品、其他标的，也可以包括上述基础资产的组合；既可采取实物 交割，也可采取现金差价结算；既可采用保证金或担保、抵押进行杠杆交易，也可采用 无担保、无抵押的信用交易。 第三条 公司及各子公司应严格控制金融衍生品交易的种类及规模，公司从事的金 融衍生品交易为人民币远期结售汇、期权、远期外汇买卖、掉期（包括货币掉期和利率 掉期）和货币互换业务。 第四条 公 ...

Core Viewpoint - The company has established a set of regulations for forward foreign exchange settlement and sales to manage exchange rate risks in international trade, ensuring compliance with relevant laws and internal policies [1][2]. Group 1: General Principles - The company defines "forward foreign exchange settlement" as agreements with banks to handle future foreign exchange transactions based on predetermined terms [1]. - The company will not engage in foreign exchange trading solely for profit but will use it as a hedging tool to mitigate exchange rate risks [1][2]. Group 2: Operational Guidelines - Transactions are only permitted with approved financial institutions that have the qualifications for forward foreign exchange business [2]. - The total amount of forward foreign exchange contracts must not exceed the total foreign exchange income from signed but unpaid export orders [2][3]. - The company must establish its own forward foreign exchange trading accounts and cannot use third-party accounts [2]. Group 3: Organizational Structure and Responsibilities - The board of directors authorizes a forward foreign exchange leadership group to oversee daily management and analysis of forward foreign exchange activities [3]. - The leadership group is responsible for supervising the business, developing annual plans, and submitting reports to the board [3][4]. Group 4: Approval Authority - Approval for forward foreign exchange transactions is tiered based on the amount of unfulfilled contracts relative to export orders, with different thresholds requiring different levels of approval [4][5]. - All decision-making bodies must operate within their authorized limits and approved plans [5]. Group 5: Business Process - The marketing center uses daily bank rates to quote prices to customers and forecasts foreign currency receipts based on customer orders [5]. - The financial center analyzes proposed transactions and submits plans for approval by the leadership group [5][6]. Group 6: Risk Management - The financial center must settle transactions according to the terms of the forward contracts and report any significant risks to the leadership group or board [6]. - If potential losses exceed 2% of the total forward exchange amount, the financial center must submit an analysis and solution for decision-making [6]. Group 7: Confidentiality Measures - All personnel involved in forward foreign exchange activities must adhere to confidentiality protocols regarding transaction details and financial status [7]. - The audit department supervises the independence of operational processes and personnel involved in these transactions [7]. Group 8: Miscellaneous Provisions - Documentation related to foreign exchange transactions must be archived for at least 15 years [8]. - Any matters not covered by these regulations will be governed by relevant national laws and regulations [8].

证券代码：603182 证券简称：嘉华股份 公告编号：2025-017 山东嘉华生物科技股份有限公司 关于调整套期保值业务相关事项的公告 本公司董事会及全体董事保证本公告内容不存在任何虚假记载、误导性陈述 或者重大遗漏，并对其内容的真实性、准确性和完整性承担法律责任。 重要内容提示： ? 交易目的：为充分利用期货市场的套期保值功能，规避和减少因原材料 价格大幅波动对公司生产经营造成的不利影响，促进公司稳健发展，公司拟使用 部分闲置自有资金开展与生产经营有直接关系的原材料的套期保值业务。 ? 交易品种：主要是与公司生产经营相关的原材料大豆。 ? 交易工具：包括但不限于期货、场内期权、远期、收益互换、场外期权、 外汇远期、掉期、货币互换、利率互换等金融工具及上述金融工具的组合。 ? 交易场所：经依法批准或者核准，具有期货和衍生品交易业务经营资格 的场内交易场所或场外交易机构。 ? 交易金额：公司开展期货和衍生品交易业务预计投入的保证金和权利金 最高余额不超过人民币 5,000.00 万元，该额度在审批期限内可循环滚动使用。 ? 履行的审议程序：公司于 2025 年 7 月 10 日召开第六届董事会第四次会 议，审 ...

大连达利凯普科技股份公司 第一章 总 则 第一条 为防范和规避市场价格波动风险，充分发挥套期保值功能，规范大 连达利凯普科技股份公司（以下简称"公司"）套期保值业务的决策、操作及管 理程序，依据《大连达利凯普科技股份公司章程》（以下简称"《公司章程》" ）及相关法律、法规及规范性文件的规定制定本制度。 第二条 本制度适用于公司及公司的全资及其控股子公司，全资或控股子公 司的套期保值业务由公司进行统一管理。未经公司有权决策机构审议通过，公司 及公司的全资及其控股子公司不得开展套期保值业务。 金融衍生品套期保值业务是指为满足公司正常经营或业务需要，与境内外具 有相关业务经营资质的金融机构开展的用于规避和防范汇率或利率风险的各项业 务，包括但不限于远期结售汇、外汇掉期、外汇期权、利率掉期、利率期权、货 币互换、货币掉期及其组合等衍生产品业务。 商品期货套期保值业务是以规避公司生产经营中的商品价格风险为目的，从 事买进或卖出交易所期货或其他衍生产品合约，实现抵消现货市场交易中存在的 价格风险的交易活动，所采用的工具包括但不限于期货合约、远期/互换合约或 者标准化期权合约。 第四条 公司进行套期保值业务，应当遵循以下原 ...

内容提要 文章回顾过去二十年中国银行间利率衍生品市场的发展历程，其主要特点有：交易品种不断丰富、市场参与主体逐渐多元化、交易模式和清算方式日益完 善、市场边界不断拓展、应用场景更加多样、对外开放稳步推进、服务实体功能持续增强。展望未来，文章认为随着我国金融市场的繁荣发展，银行间利率 衍生品市场也必将进一步国际化、多元化和专业化。 过去二十年，中国银行间利率衍生品市场经历了快速发展阶段，交易品种不断丰富，市场参与主体逐渐多元化，交易模式和清算方式日益完善，服务实体功 能持续增强。笔者作为市场一员，亲身经历了银行间利率衍生品市场蓬勃发展的峥嵘岁月，谨以此文，回顾银行间利率衍生品市场的发展历程，展望市场未 来发展新篇章。 一、利率衍生品市场发展回顾 近年来，人民币利率互换品种结构和产品用途覆盖范围更为广泛。2019年，中国人民银行进一步推进利率市场化改革，优化贷款市场报价利率（LPR）形成 机制，推进完成存量浮动利率贷款挂钩定价基准的转换，使得贷款利率和市场利率同步波动。随后，挂钩LPR的人民币利率互换很快推出，有效将利率互换 的风险管理功能扩展至贷款市场，进一步满足实体经济的需求。2023年，中国外汇交易中心（以 ...

镍&不锈钢：底部支撑有所松动 南华新能源&贵金属研究团队 夏莹莹 投资咨询证号：Z0016569 管城瀚 从业资格证号：F0313867 投资咨询业务资格:证监许可【2011】1290号 沪镍区间预测 | 价格区间预测 | 当前波动率（20日滚动） | 当前波动率历史百分位 | | --- | --- | --- | | 11.7-12.6 | 15.17% | 3.2% | source： 南华研究,wind 沪镍管理策略 | 行为 导向 | 情景分析 | 策略推荐 | 套保工具 | 买卖方向 | | 套保比例 策略等级（满 分5） | | --- | --- | --- | --- | --- | --- | --- | | 库存 管理 | 产品销售价格下跌，库存有减 值风险 | 根据库存水平做空沪镍期货来锁定利 润，对冲现货下跌风险 | 沪镍主力合约 | 卖出 | 60% | 2 | | | | 卖出看涨期权 | 场外/场内期权 | 卖出 | 50% | 2 | | 采购 管理 | 公司未来有生产采购需求，担 心原料价格上涨 | 根据生产计划买入沪镍远期合约，盘面 提前采购锁定生产成本 卖出看跌期权 | ...

Group 1 - The purpose of conducting hedging business is to mitigate foreign exchange and interest rate risks associated with military trade contracts denominated in USD, which have significantly impacted the company's performance due to exchange rate fluctuations [1][2] - The hedging business will involve a maximum scale of USD 44 million, with a single transaction having a maximum duration of 8 months, primarily utilizing bank credit or the company's own funds [1][2] - The company has established a management framework for currency derivatives, requiring board approval for transactions that exceed 50% of the audited net assets from the previous fiscal year [2] Group 2 - The feasibility of conducting currency derivatives business is supported by the need to manage frequent foreign exchange market fluctuations that affect daily operations [3][4] - The company will adhere to accounting standards for financial instruments and hedge accounting, ensuring proper financial reporting of hedging activities [3][4] - Risk control measures include strict adherence to regulations, training for personnel, and regular audits to ensure compliance and effectiveness of internal controls [4][5] Group 3 - The conclusion is that conducting hedging business is necessary to reduce the adverse effects of significant exchange rate fluctuations on operations, supported by a comprehensive management approach and risk control measures [5]

Core Insights - The Qi Lu Bank's Science and Technology Financial Center Branch has achieved a remarkable 97.90% and 88.65% ratio of technology enterprise loan balances and clients, respectively, indicating a strong focus on serving technology-driven companies [1] - The branch has developed specialized financial products and services tailored to the unique needs of technology enterprises, aiming to provide comprehensive financial support throughout their lifecycle [2][3] Group 1: Financial Performance and Client Base - As of the end of Q1 2025, the branch has a loan balance of 1.575 billion yuan (approximately 15.75 billion) for various technology enterprises, serving 125 clients [1] - The high percentage of technology enterprise loans indicates a strategic focus on this sector, with the branch's loan balance and client count significantly surpassing traditional corporate lending metrics [1] Group 2: Innovative Financial Products - The branch offers a "Research Loan" product with a maximum credit term of 10 years, allowing flexible collateral options such as credit and intellectual property pledges, covering various funding needs [2] - The "Forward Win-Win Interest Rate Loan" product provides a three-year mid-term working capital loan with a unique interest structure, supporting the growth of enterprises [2] Group 3: Tailored Services and Solutions - The branch has developed a range of financial solutions, including the "Future Star" and "Morning Star" series, to meet the specific needs of technology enterprises at different innovation stages [3] - A comprehensive service brand called "Science and Technology Financial Steward" has been established, offering various management solutions to enhance client support [3][4] Group 4: Team and Ecosystem Engagement - The branch employs a specialized team of 9 out of 16 staff members dedicated to technology finance, emphasizing expertise in the sector [4] - Collaborative efforts with ecosystem partners, including associations and government platforms, are aimed at empowering technology enterprises through combined resources and support [4]

智通财经APP获悉，纽约金融市场近期呈现新动向：海外资产管理机构与养老金正加速构筑美元疲软防 火墙，旨在规避美国股市投资组合因汇率波动遭受双重冲击。这种防御性布局源于美元走势与美股表现 的关联性突变当美元指数因特朗普政府4月2日宣布的全球关税政策重挫6.5%、创三年新低时，传统认 知中"美股下跌时美元走强提供缓冲"的避险逻辑出现裂痕，迫使投资者重新审视货币风险对冲策略。 数据印证着市场情绪的微妙变化：罗素投资统计显示，过去12个月MSCI美国指数的欧元对冲版本实现 零收益，而未对冲版本暴跌8.3%，同期美元兑欧元汇率重挫13%。这种汇率损耗直接冲击着持有30万亿 美元美国证券(含17万亿美股、12万亿美债)的海外投资者。BNY Markets宏观策略师维利斯观察到，美 元远期合约抛售量创四年新高，即便面临关税政策波动或地缘冲突可能引发的美元反弹，投资者仍选择 用脚投票。 这场静默的货币保卫战中，外汇衍生品成为核心武器：资产管理人通过远期合约抛售美元兑欧元、英镑 等基础货币，辅以期权工具构筑风险屏障。当美元贬值时，这些对冲头寸的价值攀升恰好抵消股票组合 的汇率损失。正如MillTech基金解决方案主管麦肯纳所言 ...