该公司进一步披露，2026年度公司及子公司拟开展金融衍生品业务的交易金额不超过30亿元人民币（含 等值外币）。 根据公告，拟开展的金融衍生品业务包括但不限于金融远期、金融掉期、金融期权、结构性远期、利率 掉期、货币互换、买入期权、卖出期权等；交易对手为具有衍生品交易业务经营资格、经营稳健且资信 良好的国内和国际性金融机构。 每经记者｜张寿林 每经编辑｜廖丹 开年以来，人民币对美元汇率整体升值势头延续。 近日，有企业提出，拟适时开展金融衍生品交易业务，通过金融掉期、金融期权等进行套期保值。 元旦假期刚过，有大型家居公司便提出，拟适时开展金融衍生品交易业务，并表示，这并非投机操作， 而是主动防范汇率、利率波动风险，增强财务稳健性、盈利稳定性。 有企业择机开展金融衍生工具交易业务 欧派家居1月6日披露，为防范汇率、利率波动风险，降低其对公司经营产生的不利影响，在遵守国家政 策法规的前提下，公司及子公司拟适时开展金融衍生品交易业务，增强公司财务的稳健性与盈利的稳定 性，并强调"不进行单纯以投机为目的的金融衍生品交易"。 除欧派家居外，2025年12月30日晚间，泉峰汽车发布公告称，2026年度拟开展金融衍生品业务，预 ...

二是石油和美元挂钩，进入"石油美元"时期。石油是国际上重要的战略性物资，是全球工业的血液，是 重要的国际大宗商品，石油以美元计价和结算，开启了"石油美元"时代。上世纪70年代布雷顿森林体系 解体、美元和黄金脱钩之后，美国很快与沙特签订协议，石油交易用美元定价结算，由此形成"石油美 元"体系，随后石油输出国组织（OPEC）其他国家纷纷加入。中东重要产油国通过输出石油获得大量美 元，拥有巨额财富，"石油美元"又回流美国，投资美国金融市场，进一步强化了美元的国际货币地位， 美元成为主要国际大宗商品的计价和结算货币。同样，美元汇率也是影响石油价格的重要因素，原油价 格和美元指数往往成反向变化。 三是金融衍生品和美元挂钩。随着国际金融市场和金融创新日益发展，外汇远期、期货、期权等金融衍 生品发展迅速。其中，以美元计价的相关金融衍生品交易量在全球排名靠前，占据主导地位。国际大宗 商品的衍生品以及跨境投融资相关的金融衍生品等，也选择以美元计价。全球金融衍生品的交易量是现 货交易的数倍乃至数十倍，美元再次成为其中的主要计价和结算货币。美元成为国际金融市场主要交易 货币，在全球外汇交易中占比处于较高水平。 四是当前阶段，美元寻 ...

Group 1 - The company and its subsidiaries will conduct related transactions based on principles of honesty, fairness, and market pricing, ensuring the fairness of these transactions [1][9] - The company plans to purchase raw materials from Langhui Petrochemical, which is a major supplier of plasticizers and resin, providing advantages in cost and supply stability [1][2] - The independent directors have approved the related transactions for 2026, confirming that these will not affect the company's independence or financial status [3][4] Group 2 - The company has signed a 13-year lease agreement for office space and parking with Zibo Henghui, with a rental fee of 600,000 RMB per year for the first five years, and market-based adjustments thereafter [5][10] - The company intends to continue leasing the property at the same rate after the initial five-year period, ensuring operational convenience and cost-effectiveness [11][12] - The total amount of related transactions with the mentioned parties has reached approximately 627.87 million RMB as of the announcement date [13] Group 3 - The company plans to apply for a total credit limit of up to 3 billion RMB for 2026, which includes various financial instruments to support its operations [18][19] - The company will provide guarantees for subsidiaries based on their financial health, with a maximum of 2 billion RMB for those with a debt ratio above 70% [19][25] - The company has no overdue guarantees or legal issues related to its guarantees as of the announcement date [26] Group 4 - The company intends to invest up to 1.1 billion RMB in high-security, liquid financial products to enhance fund utilization and returns [30][31] - The investment will be made using idle funds, ensuring that normal operations are not affected [38] - The company has established risk control measures for these investments, including regular audits and strict selection of investment targets [37][54] Group 5 - The company plans to engage in financial derivatives trading to hedge against currency and interest rate risks, with a maximum margin and contract value set for 2026 [41][44] - The trading will be conducted with qualified financial institutions, ensuring compliance with regulations [46][49] - The company has outlined risk management strategies to mitigate potential market, liquidity, and operational risks associated with these transactions [50][54] Group 6 - The company has approved a budget of up to 5 million RMB for charitable donations in 2026, reflecting its commitment to social responsibility [59][60] - The donations will be funded from the company's own resources and will not adversely impact its operations [61] Group 7 - The company has proposed to purchase liability insurance for its directors and senior management to enhance risk management [63][64] - The insurance coverage will have a limit of up to 100 million RMB, with an annual premium not exceeding 400,000 RMB [64]

Group 1 - The core concept of financial product transfer involves the transfer of ownership of foreign exchange, securities, non-commodity futures, and other financial products [2] - Other financial products include various asset management products such as funds, trusts, and wealth management products, as well as various financial derivatives [2] - The sales amount for financial product transfer is determined by the balance after deducting the purchase price from the selling price, with any positive or negative differences offset against each other [2] Group 2 - The time of tax obligation for taxpayers engaged in financial product transfer occurs on the day of ownership transfer [3] - Certain financial product transfer incomes are exempt from value-added tax, including transactions by qualified foreign institutional investors (QFII) and Hong Kong market investors through specific channels [4] - Financial product transfers cannot issue special value-added tax invoices [4] Group 3 - The relevant policies are outlined in the notice from the Ministry of Finance and the State Administration of Taxation regarding the comprehensive implementation of the pilot program for the conversion of business tax to value-added tax [4]

但如果遇到股价可能出现调整的时候，投资者该如何应对呢？第一个方法就是购买可转债。如果投资者 买入的不是股票，而是可转换债券，那么投资者就不用因为担心股价调整过多而进行避险操作。可转债 自带避险属性，转债价格在下跌到100元附近时会遇到极大的价格支撑。如果投资者持有的是平值可转 债，就不需要另外进行避险操作，这样也就能够避免出现踏空的情况。 第二个方法是对持股进行套期保值。当投资者买入优质蓝筹股之后，如果认为股市有短期调整的需要， 可以通过交易相关的金融衍生品来对冲短期投资风险，等到风险因素解除或者调整完毕时，投资者可以 平仓金融衍生品，重新回到正常的持股待涨阶段。此时不管用来对冲风险的金融衍生品盈亏如何，投资 者都不会面临不愿追高买回股票的煎熬局面，因为止损对冲的衍生品远比高价买回曾经低价卖出的股票 更加容易。 第三个方法就是设定强制买回的委托。现在的券商交易系统，大多具备条件单的功能。如果投资者10元 买入的股票上涨到了11元，投资者想要卖出规避短期调整风险，但又担心今后股价上涨到12元自己不愿 买回，也可以提前设置条件单，当股价上涨到12元时触发条件单买回持股，用没有人类感情的策略单来 回补股票也是一个可 ...

Core Points - Ankai Micro announced the approval of an increase in financial derivatives trading business by its board of directors [2] - The company will add 45 million RMB (approximately 6.9 million USD) to its existing foreign exchange derivatives quota of 10 million USD [2] - The new trading quota is valid for 12 months from the date of approval at the second extraordinary general meeting in 2025 [2] Financial Derivatives Trading - The board unanimously approved the proposal to expand the financial derivatives trading business [2] - The increase in trading quota includes derivatives other than foreign exchange [2] - The original foreign exchange derivatives quota's validity will also be extended for 12 months following the same approval [2] Management and Responsibility - The board authorized the chairman to sign relevant contracts within the investment quota after shareholder approval [2] - The chairman will be directly responsible for the operation and management of specific investment projects [2] - Designated personnel will be responsible for executing specific operational matters related to the trading [2]

格隆汇11月19日｜安凯微公告，公司为提高资金使用效率及资金收益水平，在不影响公司正常经营的前 提下，在原有外汇衍生品交易额度1000万美元（含等值外币）的基础上，拟增加额度4500万元人民币 （含等值外币）用于金融衍生品交易（除外汇衍生品外的其他衍生品交易）。 ...

Core Viewpoint - Haitong Futures emphasizes its commitment to industry development and customer service through its long-term participation in the national futures trading competition, viewing it as a platform for industry progress and strategic value [1][2]. Group 1: Strategic Value - The competition serves as a reflection of the company's industry responsibility, providing a fair platform for clients to test strategies and enhance professionalism in the futures market [2][3]. - Haitong Futures has established a strong brand association with the competition, enhancing its reputation among high-net-worth and institutional clients [3]. - The competition acts as a "data mine" for the company, offering insights into trading behaviors and preferences that inform product design and risk management [3]. Group 2: Customer Empowerment - The company has observed new customer trends, including diversified strategies and increased use of options, while also noting challenges such as heightened market volatility affecting profitability [4][5]. - Haitong Futures has developed a comprehensive service system to support clients, including rapid trading channels and personalized research reports to help clients navigate market trends [4][5]. Group 3: Future Direction - The futures market is influenced by macroeconomic conditions and technological changes, requiring participants to adapt to complex market dynamics [7]. - Haitong Futures is enhancing its technological capabilities, providing API support for quantitative trading and exploring AI-driven tools to improve trading efficiency [7]. - The future of the Chinese futures market is expected to feature accelerated product innovation, deeper internationalization, and strengthened regulations, shifting the focus from price competition to value creation [8].

著名经济学家宋清辉建议，下阶段人民币国际化需更侧重提升人民币的"可自由使用性"和"资产配置属 性"。在风险可控前提下，不妨稳步推进资本项目开放，让海外投资者更便利地将人民币自由汇出或汇 入。另一方面，建议推出国债、金融衍生品等更多元化、高流动性的人民币计价资产，吸引各国央 行、主权基金将人民币作为储备货币和配置货币。 图：中国宝武钢铁集团与全球矿业巨头力拓集团合资开发的澳大利亚西坡铁矿项目今年6月正式投产。图为澳大利 亚西坡铁矿项目现场。/新华社 内地经济学家宋清辉建议，下阶段人民币国际化需更侧重提升人民币的"可自由使用性"和"资产配置属性"。在风 险可控前提下，不妨稳步推进资本项目开放，让海外投资者更便利地将人民币自由汇出或汇入。另一方面，建议 推出国债、金融衍生品等更多元化、高流动性的人民币计价资产，吸引各国央行、主权基金将人民币作为储备货 币和配置货币。 大公报记者倪巍晨 原标题：三招推进/人民币国际化迎来新战略机遇窗口 首先要通过机制和系统建设，夯实主权信用和币值稳定性基础，满足国际市场使用需求，以"供求关系"为主要基 准，强化人民币国际支付结算便利化，推动建立人民币国际大宗商品交易定价机制；其次，人 ...

近期，"看多""看涨"中国资产成为许多外资机构的共识。北向资金作为外资配置A股的重要渠道之一， 今年以来持仓市值增长明显。万得资讯数据显示，截至三季度末，北向资金持有A股市值2.58万亿元， 年内北向资金持仓市值累计增加逾3800亿元，持仓市值已连续3个季度实现增长。 清华大学国家金融研究院院长田轩认为，首先，中国经济基本面稳健为全球资本提供了稳定的投资环 境。今年以来，主要经济指标呈现回升向好态势，前三季度GDP同比增长5.2%。其次，产业升级加 速，深度求索大模型开源技术带动人工智能商业化进程加速，人工智能、机器人等新质生产力领域实现 突破性发展，推动经济结构优化。同时，政策与制度红利也在加快释放，资本市场"1+N"政策体系落 地，对外开放政策持续深化，包括放宽沪深港通股票ETF范围、将不动产投资信托基金纳入互联互通机 制、税收优惠等，跨境投融资便利化措施连续推出。此外，人民币资产估值处于历史低位，具备较高性 价比，吸引长线资金战略布局。 在外资机构普遍看来，A股正逐步转向由盈利增长驱动的结构性上行阶段。田轩认为，A股回暖显著提 升了外资增配意愿，估值优势与资金流入形成正向循环。在美元走弱、欧洲财政刺激加 ...