Core Viewpoint - Jiangsu Asia-Pacific Light Alloy Technology Co., Ltd. plans to conduct aluminum futures hedging business to mitigate the impact of raw material price fluctuations on its operations, with a maximum margin of RMB 50 million allocated for this purpose [1][2]. Hedging Business Overview - The company specializes in the research, production, and sales of automotive thermal management system components and lightweight system materials, with aluminum ingots as its primary raw material [2]. - The pricing principle for product sales is based on "aluminum ingot price + processing fee," referencing the monthly average high and low prices of A00 aluminum ingots from Shanghai and Yangtze River non-ferrous metal exchanges [2]. - Due to significant price volatility in the aluminum market, the company aims to lock in product sales prices and costs through the use of its own funds for aluminum futures hedging [2]. - The hedging transactions will be limited to aluminum futures contracts traded on domestic and foreign exchanges, with the business period set for one year from the board's approval date [2]. Implementation and Approval Process - The board of directors approved the hedging business on August 16, 2024, with a maximum margin of RMB 50 million [3]. - As of June 30, 2025, the investment amount for the hedging business was zero, and the matter was subsequently approved in the board meeting on August 22, 2025, without needing shareholder approval [3]. Risk Analysis and Control Measures - The company acknowledges risks associated with price fluctuations, funding, internal controls, technology, operations, and customer defaults [4]. - The maximum amount for this business represents approximately 0.62% of total assets and 0.90% of net assets as of June 30, 2025 [4]. - To mitigate risks, the company has implemented measures such as aligning hedging activities with production needs, prohibiting speculative trading, and strictly controlling the scale of funds used [4]. Business Impact and Disclosure - The hedging business will be accounted for according to relevant accounting standards, impacting the balance sheet and income statement [5]. - The business aims to lock in raw material price risks and hedge against price fluctuations [5]. - The company will disclose any significant losses related to the hedging business that exceed 10% of the audited net profit attributable to shareholders from the previous year, with a threshold of RMB 10 million [5].

Group 1 - The London Metal Exchange (LME) has imposed new restrictions on holders of large positions in near-month contracts due to low inventory levels [1] - The premium for near-month copper contracts has surged to its highest level since October 2022, indicating supply tightness [1] - The new regulations require traders holding more than the total available inventory in near-month contracts to lend their positions at zero premium to the market [1] Group 2 - A single company holds over 90% of copper warrants and spot contracts, while two other companies hold between 50-79% [2] - As of last Friday, LME copper registered warehouse inventory stands at 99,200 tons, a decrease of over 60% since mid-February, marking the lowest level since August 2023 [2] - The continuous decline in inventory amplifies the market impact of large positions, posing a risk of pricing mechanism distortion [2]

金十数据5月22日讯，芝商所（CME）正就设立香港仓库展开磋商。今年1月，作为CME在金属期货领 域的竞争对手的伦敦金属交易所（LME）将香港纳入其全球仓库网络，香港成为LME认可的交付地点 之一。据知情人士透露，CME已与香港相关机构展开讨论，考虑将香港纳入其铝期货合约的实物交割 网络。此举或将增强CME在亚洲市场的影响力，并为其客户提供更便捷的交割渠道。CME发言人拒绝 就此事置评。 芝商所拟设香港仓库，增强亚洲市场布局 ...