香港国际金融学会主席、香港中文大学（深圳）公共政策学院副院长肖耿认为，作为粤港澳大湾区的黄 金腹地，广州南沙与香港合作的重点，在于借助香港的制度优势与南沙的资源优势，在南沙培育出一批 兼具香港优势与内地优势、具备强大国际竞争力的企业。 期货日报网讯（记者 刘威魁）随着我国期货市场迎来高质量发展新征程，广东期货市场也在迎来重要 的发展机遇。近年来，广东省市区各级部门制定了一系列的文件，提出打造完整期货产业链、建设期货 市场风险管理中心、在南沙建设期货产业集聚区或期货小镇等设想。尤其是广期所落地广州以来，各类 资本和产业主体正纷至沓来，给予了广东期货市场更多关注。尤其是《关于金融支持广州南沙深化面向 世界的粤港澳全面合作的意见》（下称《南沙金融30条》）的发布，更是给予了南沙甚至整个广东期货 市场极大的鼓舞。 "过往的H股模式，即企业选择在香港上市，同时依托内地进行实际运作，为两地协同发展奠定了扎实 基础。"肖耿建议，南沙可以借鉴H股的模式，香港注册企业可利用香港的开放市场与国际化营商环境 上市、吸引人才、设立研发机构，同时鉴于香港成本较高，在南沙设立分支机构，将其视作在香港法律 与监管范畴下的派出机构。这样既能 ...

"对于期货市场而言，南沙不仅是广东期货市场的引擎，更是国家争夺大宗商品定价权的战略支点。"肖 成博士如是说。 紧扣南沙开发开放关键环节，广州南沙又迎来新一轮政策红利。《南沙金融30条》发布后，广州市各部 门及国家金融监管部门驻粤机构快速联动，在3个月内编制完成了《关于贯彻落实金融支持广州南沙深 化面向世界的粤港澳全面合作的意见实施方案》，为政策落地提供明确"施工图"。 肖成博士认为，《南沙金融30条》的发布，不仅是区域金融改革的实践，更是为期货行业的发展带来了 突破性进展。南沙落深落细重大金融改革创新试点，或将成为我国期货市场开放创新的重要"试验田"。 比如，《南沙金融30条》所提及的深化粤港澳合作，支持广期所与港交所合作推出跨境品种，相关期货 品种就可以探索"以人民币计价、国际流动性"的定价模式，从而增强我国大宗商品的价格影响力。此 外，允许港澳资本参控股境内期货公司，可以推动"监管白名单"试点，对跨境套保等业务实施包容性监 管，吸引国际资本和机构入驻南沙，进一步促进内地与港澳规则衔接，助力内地期货公司拓展离岸人民 币结算、跨境风险管理等业务。 期货日报网讯（记者 刘威魁）随着我国期货市场迎来高质量发展新征 ...

以下通过场景假设案例，模拟企业运用期货及期权工具进行套保的效果。 2025年7月初，多晶硅市场受"反内卷"预期影响，现货销售价格不低于完全成本价格，企业报价大幅上涨，此前下游企业的低价订单 被迫取消，并且难以采购到低价多晶硅。基于"反内卷"预期强烈，现货价格短期易涨难跌，企业为了降低原料采购成本，选择"期货 +期权"方案，锁定原合同多晶硅采购价的同时，运用期权工具降低新单采购成本。2025年7月10日，假设企业通过期货市场买入600 手多晶硅期货，开仓价格为41000元/吨，保证金为4000元/吨，占用资金720万元；同时，搭配场内期权，卖出PS2509-P-38500，成交 量为2000吨，开仓权利金为900元/吨，保证金为1600元/吨，占用资金320万元，持有1个月到期。 最终，企业可以减少12900元/吨的多晶硅采购成本。 | 时间 | 期货价格 | 期货损益情况 | 期权损益情况 | | --- | --- | --- | --- | | 2025年7月10日 | 41000 | +12000 | +900 | | 2025年7月30日 | 53000 | | | | 效果 | 低12900元/吨硅 ...

期货价格方面，7月天胶期货价格波动较大，1月合约最高涨至16425元/吨，7月底价格开始回落，最低跌至15000元/ 吨，8月起价格再次回升，当前处于震荡阶段。截至2025年8月20日，天然橡胶期货主力合约收盘价15675元/吨，20号胶 期货主力合约收盘价12525元/吨，合成橡胶期货主力合约收盘价11715元/吨。 天然橡胶价格区间震荡 当前国内外产区割胶顺利，供应正常上量。长期看，橡胶尚未进入衰产期，年度产量未有明显下滑迹象，下游需求依 然较弱，传统淡季汽车需求将进一步下滑。橡胶自身供需面偏弱，预计短期橡胶价格震荡偏弱的可能性较大。投资者 可考虑在RU2601合约小幅拉升后择机卖出平值或轻度虚值看涨期权赚取时间价值，同时买进更高行权价的看涨期权来 控制亏损。 [价格表现] 从市场价格看，泰国方面，由于主产区全面进入割胶季，天气干扰减弱，目前杯胶和乳胶价格平稳，波动较小，烟片 价格有所下滑，但原料价格均处于近五年高位。截至2025年8月20日，杯胶报价49.35泰铢/公斤，乳胶报价54.7泰铢/公 斤，胶片报价59.6泰铢/公斤。 国内现货方面，近期国储橡胶抛储工作已结束，共计成交约7万吨，以老全乳胶为主 ...

Core Viewpoint - The current "anti-involution" policy in China is guiding industries from a focus on scale expansion and price competition to a model emphasizing quality and value, which is also reflected in the futures market's shift towards deeper functional development [1] Group 1: Industry Development - The futures market in China has seen positive outcomes in terms of the speed and quantity of new product launches, trading volume growth, and improved market regulation [1] - The "anti-involution" policy is creating broader opportunities for the futures industry to support high-quality development of the real economy [1] - However, industry institutions still face challenges in utilizing futures tools for risk management, including insufficient professional capabilities, data barriers, and funding constraints [2] Group 2: Challenges for Industry Clients - Many enterprises, especially small and medium-sized ones, lack the professional capacity to effectively use hedging tools, including a misunderstanding of risk hedging tools and weak design capabilities for hedging plans [2] - Industry clients need to enhance their ability to gather and process information related to spot supply and demand, futures prices, macro policies, and international markets [2] - Financial pressures and costs are creating a "financial burden" for enterprises in hedging, necessitating higher funding management capabilities due to the margin system and leverage characteristics of futures trading [2] Group 3: Market Management Perspectives - To enhance the effectiveness of futures tools, the market must prevent irrational price fluctuations and establish a proactive, transparent expectation management mechanism [3] - Recommendations include improving the delivery system and establishing a layered warning and response mechanism for significant price discrepancies between futures and spot markets [3] - A collaborative model involving exchanges, futures companies, and leading industry enterprises for building delivery warehouses is suggested to address high storage costs and transportation issues [3] Group 4: Evolving Industry Needs - The demand from the real industry for the futures market is evolving, requiring a shift from traditional management to a composite model that includes exposure management and basis management [4] - The futures industry is experiencing a favorable policy environment, which supports the functionality and role of futures in the market [4] - Futures companies should focus on investor education to bridge the gap between the desire to use futures and the ability to do so effectively [4] Group 5: Service Innovation and Collaboration - Futures companies should continuously innovate service tools and business models to enhance their effectiveness in serving the real economy [6] - Suggestions for service tool innovation include the comprehensive application of OTC options, rights-inclusive trading, and cross-border risk management tools [6] - Collaboration among futures companies to share best practices and leverage comparative advantages is encouraged to improve industry service [7] Group 6: Talent Development - The cultivation of a professional talent pool is essential for the sustainable innovation and development of the industry [7] - A recommendation is made to build a composite team of industry researchers and futures analysts to better understand and address the real pain points of enterprises [7]

自2023年10月正式推出场外掉期清算业务以来，海南国际清算所可清算目录持续扩容，掉期清算产品达 到45个，已覆盖钢材、铁矿、废钢、甲醇等多个大宗商品品类，开户机构超过240家。截至目前，海南 国际清算所累计清算规模突破200万吨，清算合约价值突破40亿元，客户保证金实时余额峰值达1.4亿 元，日均客户权益近1亿元。尤为可喜的是，今年以来各项业务指标较2024年同期均实现了4到5倍的强 劲增长。 "自贸港速度"生动诠释了海南国际清算所从筹建到实现场外清算业务全面落地的跨越式发展——这一国 际一流清算平台雏形的快速成形，既彰显了我国金融市场建设的"中国效率"，更凝结着清算领域工作 者"无我奉献，有为担当"的精神面貌。 创新增能，智启新章，聚焦期现联动，优化风控策略。日前，"新形势下大宗商品风险管理与市场创新 融合发展论坛"在北京举办。该论坛由海南国际清算所股份有限公司（下称海南国际清算所）、中国人 民大学深圳研究院主办，上海佰掮商务咨询有限公司、首创证券股份有限公司、方正中期期货有限公司 协办。论坛吸引了大宗商品生产商、贸易企业及期货公司的代表参会。海南国际清算所总经理刘世源、 中国钢铁进出口产业联盟理事长耿波 ...

上期所"服务实体经济创新案例"系列报道（二） 2024年6月的山东淄博，造纸企业A的总经理盯着电脑屏幕上跳动的纸浆期货行情，指尖无意识地敲着 桌面。7月要交付的一批高档文化用纸订单已经签了，客户报的价格勉强能覆盖成本，但此刻仓库里的 纸浆库存已见底，市面上纸浆现货价格仍高悬在6400元/吨。 更让他心慌的是，刚收到的行业报告显示，2024年上半年，全球浆纸市场风云变幻。国外纸浆厂频遭各 类供应端突发状况冲击，木材供应受限、生产设备故障、运输环节受阻等问题频发，纸浆供应稳定性大 打折扣，供应缺口隐现，推动纸浆期现货价格持续上扬。同时，国内消费市场活跃度不足，下游成品纸 需求疲软，尤其在文化用纸、包装用纸等领域，订单量较往年同期下滑明显。此时看到纸浆期货价格回 落到6050元/吨附近，他想做点什么，却又不知如何下手。 在造纸产业有一定集群规模的山东地区，A企业与众多中小型造纸企业遇到的问题一样：缺乏专业的期 货团队与完善的风险管理体系，面对复杂多变的市场，不知如何利用金融工具对冲价格风险，处于"不 敢做"的迷茫境地。即便有心尝试，也因专业知识匮乏、操作经验欠缺，陷入"不会做"的尴尬局面。企 业只能在传统采购模式下 ...

本报讯（记者谭亚敏）8月21日，"北京物资学院校外实践教育基地"授牌活动在郑商所实体投教基地举 行，北京物资学院、郑商所和一德期货三方作为共建方在活动现场共同见证了基地揭牌。 据了解，北京物资学院校外实践教育基地作为产教融合、协同育人的重要载体，旨在通过共建产学研合 作平台、高水平专业课程、双师型师资团队和实习实训基地等方式，深化产教融合，培育兼具理论与实 操能力的复合型人才。 活动现场，北京物资学院相关负责人表示，此次共建校外实践教育，既是各方深化合作的重要里程碑， 更是推动期货人才培养与行业发展深度融合的崭新起点，通过参与投教活动、课题研究、联合开发实践 课程等方式，有利于让人才培养方案始终与行业发展同频共振。 一德期货相关负责人表示，作为此次实践教育基地的共建单位和北京物资学院的校友企业，一德期货将 在专业教学、讲座论坛、人才实训、课题研究等方面与各方深入开展合作，投入更大精力做好期货市场 人才培养的基础工作，不断扩大期货市场知识在高校的受众面和普及率，为期货市场的高质量发展贡献 力量。 郑商所有关负责人表示，近年来，郑商所通过举办"郑商所杯"、开展期货知识进校园和充分利用双投教 基地等，在推动开展期货 ...

Core Viewpoint - The options for eggs, corn starch, and live pigs have been successfully listed for one year, demonstrating stable operation and orderly participation from the industry, providing effective risk management tools for enterprises [1][7]. Group 1: Market Performance - As of August 22, 2025, the egg options had an average daily trading volume of 46,000 contracts, with a daily trading value of 13.21 million yuan, accounting for 18.8% of the underlying futures trading volume [1]. - Corn starch options had an average daily trading volume of 15,000 contracts and a daily trading value of 347,400 yuan, representing 10.5% of the underlying futures trading volume [1]. - Live pig options recorded an average daily trading volume of 8,000 contracts and a daily trading value of 1.6019 million yuan, making up 13.7% of the underlying futures trading volume [1]. Group 2: Industry Adoption - Companies are increasingly utilizing options to lock in profits, reduce costs, and enhance returns, building on their previous use of futures [2]. - Sichuan Green Science Poultry Industry Co., Ltd. has adopted a strategy of selling call options to secure fixed income amid declining egg prices, which have fallen below feed costs [3]. - Zhu Cheng Xingmao Corn Development Co., Ltd. employs various hedging strategies using corn starch options to manage costs and risks associated with their production and sales [4]. Group 3: Strategic Insights - The use of options has become a necessary tool for enterprises facing market uncertainties, allowing them to maintain operational stability and profitability [6]. - Recommendations for companies new to options include starting with small volumes and simple strategies, aligning operations with production plans, and avoiding speculative practices [6]. - The exchange plans to optimize option contract rules and enhance training to improve industry participation and support stable operations [7].

Group 1 - The futures market's high-level opening is essential for enhancing international competitiveness and supporting the country's higher-level opening [2] - The internationalization of the domestic futures market has accelerated, with specific futures contracts attracting foreign traders, thereby expanding market depth and making Chinese futures prices a significant reference for global trade [2][5] - The trend of international commodity market risks returning to Chinese market prices highlights the influence and fairness of the Chinese market [2] Group 2 - Suggestions include encouraging domestic and foreign exchanges to collaborate on contract mutual listing and optimizing cross-border connectivity mechanisms, drawing from successful models like Shanghai-Hong Kong Stock Connect [3] - The importance of educating foreign investors about Chinese market rules is emphasized, with recommendations for multi-language educational platforms and online training tools [3][4] - Domestic futures companies are increasingly venturing into international markets, providing overseas risk management and financing services while attracting foreign investors to participate in the Chinese market [5][6] Group 3 - The current international business environment presents significant opportunities for futures companies, driven by regulatory support and growing demand for risk management from domestic enterprises [5][6] - Challenges include cross-border regulatory differences, high compliance costs, and a shortage of professionals skilled in both derivatives and cross-border communication [6] - The need for enhanced international regulatory training and talent exchange is highlighted to improve the industry's capability in international business expansion [6] Group 4 - The Industry Service Alliance aims to connect the futures market with the real economy by building a global promotion platform and facilitating two-way communication [7] - Activities include showcasing Chinese futures market features and investment opportunities to international investors through targeted visits and industry salons [7] - The alliance plans to publish bilingual market journals to provide timely and accurate market information to international investors [7]