According to the Zhitong Finance App, Shanghai Petrochemical Co., Ltd. (00338) issued an announcement. In order to lock in costs or profits, cope with market changes, and hedge risks, the company plans to carry out monetary financial derivatives preservation plans with banks and financial institutions to carry out commodity financial derivatives preservation plans using a proxy model. Among them, the planned trading volume for commodity financial derivatives is 3 million tons of refined oil products and other refined oil products and 1.78 million tons of exports in 2023; the planned transaction amount for monetary financial derivatives is estimated to be 200 million US dollars. It is proposed to use financial instruments such as forward settlement of foreign exchange and swaps.