机遇背后的挑战 尽管机遇广阔，企业在进入泰国市场过程中仍面临跨境资金管理和外汇风险等现实挑战。 《报告》调查发现，即使开始在泰国经营管理后，中国企业仍然在跨境资金管理方面面临重大困难。大 型企业在初期扩张时的挑战是企业注册和批准的流程复杂耗时，导致初始资本注入出现延误；中长期经 营时面临的主要挑战是高昂的银行手续费和交易成本，以及从中国汇出资金的延迟和不确定性。中小企 业的受访者将外汇管制法规视为最紧迫问题，由于现金流资金管理能力相对薄弱，它们容易受到监管限 制和跨境支付低效的影响，对中小企业的业务连续性影响尤其显著。 泰国已成为中国企业出海的重要目的地之一。相关数据显示，中国对泰国出口额持续增长，中国商品在 泰国进口市场的份额稳步提升。同时，中国对泰国绿地投资连创新高，投资领域主要集中在汽车制造、 电子元件、橡胶加工等行业。 汇丰中国常务副行长（候任）兼副行政总裁卫艾华指出，作为东盟第二大经济体，泰国不仅拥有自由开 放的市场环境，其政府更秉持亲商重商、鼓励投资的施政理念，为中资企业提供了极具吸引力的发展机 遇，特别是在汽车制造、数字经济及清洁能源等行业领域。凭借地处东盟中心地带的区位优势，泰国已 成为区域贸 ...

入中国的区域金融体系。 不过，出海企业在不同发展阶段具有不同的金融需求和挑战。《白皮书》结合调研结果提到，比如在泰 国，中国企业从事经营管理，仍然在跨境资金管理方面面临重大困难，且大型企业和中小企业的偏好存 在显著差异。 "中国对东南亚的金融直接投资，最近这几年出现了快速增长、领域多元、地位日益重要的特点，东盟 国家已成为中国最大的出口目的地。希望我们多出口这个地区，而不仅是将东南亚国家作为'跳板'，从 而使我们的出口贸易保持增长势头。"10月22日，上海浦山基金会会长、中国社会科学院学部委员余永 定在一场报告发布会上表示。 面对复杂的内外部环境，中国企业出海正在发生多重变化。中国金融四十人论坛（CF40）与开泰银行 当天发布的《金融服务企业出海白皮书》（下称《白皮书》）指出，整体来看，中国制造业出海投资呈 现出明确的复苏趋势，"新三样"（新能源汽车、锂电池、光伏）绿地投资引领出海热潮。 《白皮书》称，在出海目的地方面，"新三样"投资主要流向东南亚（马来西亚、印度尼西亚、泰国 等）、欧洲（匈牙利）和北非（摩洛哥），以利用当地资源、市场或区位优势；非"新三样"投资，特别 是电子元件和消费电子组装，则高度集中于越 ...

"中国企业本轮出海的浪潮，是多种因素共同作用的结果。"中国金融四十人研究院执行院长郭凯表示， 一是全球经济与地缘政治格局正面临深刻变化；二是中美经贸与地缘政治关系进入新时期；三是东盟市 场凭借其独特的战略价值和区位优势，成为全球投资的焦点。 报告显示，外汇风险管理已成为在泰中国企业的关键金融需求，大型企业和中小企业在管理手段和能力 上存在巨大差距。大型企业受访者在外汇风险管理方面采取了多样化的方法，近一半选择使用远期合 约、少部分使用货币互换，但仍有近一半表示未采用正式对冲策略。这一结果显示即使在融资能力强的 大型企业中，仍有相当一部分企业缺乏结构化的外汇风险管理实践。中小企业的外汇管理手段使用率极 低，大部分在没有正式对冲策略的情况下运营，使其在汇率波动面前极为脆弱。制约中小企业参与外汇 风险管理的三大因素是：套期保值工具成本较高、获得复杂金融产品的机会有限、以及金融素养和内部 资金管理能力不足。这为金融机构创造了明显机会，包括开发简化且低成本的套期保值工具、打包式金 融产品、数字化外汇平台、能力建设服务以及泰中银行联合融资机制，以支持中小企业的长期韧性和竞 争力。 近年来，中国企业出海的步伐显著加快，东南 ...

The UK cemented its position as the global epicenter for FX and OTC interest rate derivatives in April 2025, posting $4.745 trillion and $4.32 trillion in average daily turnover, respectively. Despite intense competition, London’s share of global trading remained near historic highs, supported by deep liquidity, electronic infrastructure, and overlapping time zones.Headline Numbers Signal MomentumThe Bank for International Settlements’ Triennial Survey, coordinated across 52 jurisdictions and compiled local ...

Core Points - The company has established a system to regulate futures and derivatives trading, aiming to control risks and enhance investment returns while protecting the interests of the company and its shareholders [1][2][4] - The system applies to the company and its wholly-owned and controlling subsidiaries, with specific exceptions outlined [1][2] - The company is prohibited from using raised funds for futures and derivatives trading, focusing instead on hedging activities related to specific risks [2][4] Group 1: Trading Regulations - Futures trading refers to transactions involving futures contracts or standardized options, while derivatives trading includes swaps, forwards, and non-standardized options [1][2] - The company must establish internal control systems for futures and derivatives trading, including investment decision-making, business operations, and risk control [4][5] - The board of directors must approve futures and derivatives trading decisions, ensuring compliance with internal control procedures [5][6] Group 2: Risk Management - The company is required to form a working group for futures and derivatives trading, composed of professionals in investment decision-making, business operations, and risk control [6][8] - The working group must assess business risks and develop strict decision-making procedures and monitoring measures [6][8] - The company must set appropriate stop-loss limits and monitor market price changes to manage risks effectively [7][8] Group 3: Information Disclosure - The board of directors must disclose relevant documents to the stock exchange after making decisions on futures and derivatives trading [18][19] - The company must provide detailed information about the trading purpose, instruments, and expected risks when engaging in futures and derivatives trading [19][20] - Any significant losses or deviations from expected outcomes must be reported promptly, ensuring transparency in trading activities [20][21]

Overview - The company plans to conduct financial derivative business in 2025 to manage foreign exchange risks and mitigate the impact of exchange rate and interest rate fluctuations on its performance [1][5]. Financial Derivative Business Overview - The purpose of the financial derivative business is to meet foreign exchange risk management needs and effectively avoid the impact of exchange rate and interest rate fluctuations on the company's performance [1]. - As of December 31, 2024, the company's subsidiary EMBA had a net position of $290 million (approximately 2.083 billion RMB) in currency derivatives [1]. Specific Derivative Contracts - The Hong Kong subsidiary plans to hedge against USD/JPY exchange rate fluctuations with a forward contract not exceeding 17 billion JPY, maturing on July 22, 2025 [2]. - The Hong Kong subsidiary also plans to hedge against EUR/USD exchange rate fluctuations with a forward contract not exceeding €250 million, maturing on July 22, 2025 [2]. - EMBA plans to enter into interest rate swap contracts to lock in rates for project financing loans, with a nominal principal amount not exceeding $566 million [2]. - EMBA intends to conduct forward foreign exchange contracts for TRY/USD to lock in costs related to Turkish coal-fired power generation, with a nominal principal amount not exceeding 10.5 billion TRY (approximately $306 million) [2]. Additional Derivative Activities - The Hungarian subsidiary plans to conduct forward foreign exchange contracts for HUF/EUR with a contract amount not exceeding 3.4 billion HUF (approximately €8.15 million) [3]. - The Hungarian subsidiary also plans to enter into interest rate swap contracts with a nominal principal amount not exceeding €6.4 million [4]. - The Serbian subsidiary plans to conduct interest rate swap contracts with a nominal principal amount not exceeding €18.8 million [4]. - The Japanese subsidiary plans to enter into interest rate swap contracts with a nominal principal amount not exceeding 25 billion JPY [4]. - The Greek project company plans to conduct interest rate swap contracts with a nominal principal amount not exceeding €6.3 million [4]. - The Romanian subsidiary plans to conduct interest rate swap contracts with a nominal principal amount not exceeding €3.3 million [4]. Feasibility and Risk Management - The company has established a foreign exchange risk management framework to ensure professional and centralized management of risks associated with financial derivative activities [5]. - A dedicated foreign exchange risk management team has been formed, consisting of professionals from various departments and external banking experts, to review hedging proposals and monitor risks [5]. Approval Process - The financial derivative business plan for 2025 was approved by the company's board of directors with unanimous consent [6].