Core Insights - The future of enterprises is determined by the enhancement of comprehensive operational capabilities, innovative business models, and refined management levels in the context of a new industrial landscape [1] Group 1: Industry Trends - From 2010 to 2020, the industry faced challenges in futures hedging, with an increase in the proportion of futures hedging and a deterioration in the safety margin of the spot-futures basis, making hedging more difficult [1] - Post-2020, the development of risk management tools has become prominent, with a complex industrial cycle and external environment leading to a normalization of poor safety margins in the spot-futures basis [1] - The transition in bulk commodity trading from spot trading to basis trading and rights-inclusive trading has been observed, with a widespread promotion of spot-futures combination and an enhancement of risk management concepts [1] Group 2: Risk Management Tools - The profitability in the new era of industry no longer solely relies on processing and price differences but also includes profits from hedging/basis, optimizing business structures, risk management services, and premiums obtained through the combination of strategies and tools [1] - The recent acceleration in the listing process of domestic on-exchange options has led to a significant increase in the proportion of options trading [1] - Compared to on-exchange options, off-exchange options offer advantages such as a rich variety of products, diverse structures, and flexible elements, making them more aligned with the scenarios of spot trading [1][2]

Core Viewpoint - The 2025 China (Zhengzhou) International Futures Forum emphasizes the importance of futures and derivatives in managing risks for industrial enterprises amid complex economic conditions and significant commodity price fluctuations [1][3]. Group 1: Market Function and Tools - Zhengzhou Commodity Exchange (ZCE) has listed 47 varieties, creating a comprehensive tool system for industries such as polyester, coal chemical, salt chemical, oil and fat, soft commodities, and fruits to hedge risks [1]. - A well-regulated, transparent, and resilient futures market is seen as a "stabilizing anchor" and "accelerator" for industrial enterprises to enhance competitiveness [1]. Group 2: Risk Management Strategies - The ability to manage risks has shifted from being a "bonus" to a "survival necessity" for enterprises in the face of complex market conditions [3]. - Multinational commodity trading companies are increasingly utilizing derivatives like futures and options to manage risk exposure, stabilize profits, and ensure operational control [3]. Group 3: Regulatory and Service Enhancements - ZCE is committed to a market-first service philosophy, addressing participation challenges for enterprises and enhancing service quality through a "point-chain-surface" service matrix [2]. - The exchange employs strict regulatory measures and big data platforms to monitor risks in key varieties, ensuring a stable market environment for enterprises [2].

Core Viewpoint - The concept of effective hedging has been established among listed companies, with a total hedging amount of approximately 3.4 trillion yuan announced by A-share listed companies in 2024 [1] Group 1: Hedging Strategies - Liu Wencai, founder of the Hedging Network, highlighted the initial doubts companies have regarding the effectiveness of futures hedging during normal price fluctuations and the increased capital pressure during extreme price movements [1] - In May 2024, influenced by market sentiment, international copper futures prices reached historical highs, prompting a copper company to use call options instead of futures for hedging [1] Group 2: Practical Application - The copper company closed its futures buy hedge position on May 30, 2024, and opened a position in copper options with a quantity of 1,000 tons at an exercise price of 84,000 yuan/ton, with an average premium of 1,552 yuan/ton [2] - On June 24, 2024, the copper options expired without being exercised, resulting in a premium loss of 1,552 yuan/ton, while the company bought back copper futures at a transaction price of 78,650 yuan/ton, achieving an estimated profit of approximately 3.5 million yuan through this strategy [2] - Liu Wencai emphasized that futures are excellent tools for industrial companies, and the combination of futures and options can significantly enhance profits [2]

Core Viewpoint - The development quality of listed companies is crucial for the stability of the capital market, and effective risk management is a key dimension of this quality [1][2]. Group 1: Risk Management Trends - In 2025, from January to July, 1,114 listed companies engaged in futures and derivatives business, with approximately 80% (902 companies) involved in foreign exchange hedging, 33% (364 companies) in commodity futures hedging, and 15% (162 companies) in both [1]. - Manufacturing companies are the main participants in the futures market for hedging, particularly in the chemical and agricultural processing sectors, facilitating industry upgrades and overseas expansion [2]. - There is a growing trend towards systematic, refined, and global risk management among listed companies, with an increasing awareness of proactive hedging [2]. Group 2: Role of Associations and Guidelines - The China Listed Companies Association plays a pivotal role in guiding companies in rational participation in hedging, enhancing their quality of development [3]. - The Shanghai and Shenzhen Stock Exchanges have issued guidelines for the disclosure of hedging business information, leading to improved transparency and understanding of hedging effectiveness among investors [2][3]. Group 3: Recommendations for Companies - Companies are encouraged to establish a strong risk management awareness, avoid both conservative and speculative behaviors, and engage in regulated operations [4]. - It is essential for companies to develop a rigorous and efficient risk control system, including scientific decision-making and risk warning mechanisms [4]. - The cultivation of professional talent in derivatives risk management is critical, requiring a blend of knowledge in spot operations, financial theory, and risk control experience [4].

上海澎博财经资讯有限公司总经理卢乐希告诉记者，《管理规定》施行后，将对期货市场运行产生积 极、深远的影响。《管理规定》明确了程序化交易的全过程监管，要求交易者事前报告、事后核查，并 保存资料20年，这一举措将有效减少潜在的市场操纵等违规行为，维护市场的公平竞争环境，使市场运 行更加稳定有序。 受访人士纷纷表示，未来，程序化交易机构需重新审视自身的策略与风控体系，以适应新规要求；量化 机构要承担更高的合规成本与技术升级压力；期货公司则需加强管理，在完善自身合规审查机制的同 时，提升技术支持能力，适应新的监管要求和市场环境。 《管理规定》落地后，高频交易将被重点规范。陈劲松告诉记者，未来，期货市场程序化交易将迎来差 异化监管。其中，程序化交易将实行"先报告、后交易"，而高频交易者需额外报告策略类型、最高报撤 单频率、风控措施等核心参数。同时，在日常交易中，交易所对程序化交易进行实时监控，也将重点聚 焦报撤单频率高、报撤单成交比高等异常行为。 谈及对量化机构的影响，卢乐希认为，根据《管理规定》要求，量化机构需事前向交易所报告详细信 息，其合规成本将显著上升。此外，新规要求技术系统具备相应功能并通过测试，量化机构的技 ...

Core Viewpoint - The importance of establishing an internal control and risk management system for futures derivatives business in enterprises is emphasized, highlighting that internal control is essential for effective risk management [1][2]. Group 1: Internal Control and Risk Management - Internal control consists of policies, systems, and processes designed to ensure normal operations, reduce errors, and prevent asset loss [1]. - Risk management is a systematic approach to identify, assess, monitor, and control various risks faced by enterprises, aiming for sustainable development under different risk conditions [1]. - The risk management framework is built upon the internal control framework, making internal control a crucial part of risk management [1]. Group 2: Hedging and Operational Guidelines - The centralized operation and management of futures and derivatives trading should be conducted by the enterprise headquarters, ensuring separation of key roles such as decision-making, order placement, risk control, compliance supervision, and market research [1]. - The primary goal of engaging in futures market hedging is to mitigate market operational risks, necessitating the establishment of a supervision system and checks and balances for operational procedures [1]. - It is essential to standardize operations in decision-making, authorization, and trading processes to enhance the enterprise's risk resistance capabilities in the futures market [1]. Group 3: Trading Motivation and Behavior - The understanding of concepts influences trading motivations, which in turn determines trading behavior; poor trading motivations can amplify trading risks [2]. - Enterprises must adhere to the original intention of risk hedging, focusing on the physical market and avoiding speculation, while accepting imperfect hedging [2]. - Fine management of basis is necessary to optimize the hedging effect [2].

Core Viewpoint - The meeting held by multiple government departments emphasizes the importance of regulating competition in the photovoltaic industry for its high-quality development and sustainable growth [1] Group 1: Industry Regulation - The meeting highlighted the need for all parties in the photovoltaic industry to recognize the significance of a regulated competitive order for the industry's development [1] - There is a call for enhanced industry regulation and investment management for photovoltaic projects, promoting the orderly exit of outdated production capacities through market-oriented and legal methods [1] - The meeting aims to curb disorderly low-price competition and establish a robust price monitoring and product pricing mechanism [1] Group 2: Compliance and Enforcement - The government plans to combat illegal activities such as selling below cost and false marketing practices within the photovoltaic sector [1]

Group 1 - The core viewpoint of the article highlights the role of commercial banks in assisting commodity enterprises with risk management through various service models [1] - Banks can participate in commodity trading via exchange warehouse receipt trading platforms, helping enterprises reduce capital costs and operate with lighter assets [1] - In the entrusted sales model, banks address supply-demand mismatches in the industry chain, supporting liquidity at minimal costs while converting inventory into cash assets [1] Group 2 - In the entrusted supply model, banks can help enterprises lock in raw material procurement costs with minimal capital outlay [1] - Banks can integrate into the production and operation chain of clients, providing transitional liquidity support for large-scale procurement [1]

"套期会计的魅力在于，解决了某些情况下企业风险管理活动与传统会计准则要求不匹配的问题。"孟祥军说，通过实施套期 会计，可以通过财务报表信息直观反映企业采用套期保值开展风险管理活动的影响，可以减少利润的错配和波动。 据孟祥军介绍，套期会计是一项会计技术，其通过调整套期工具和被套期项目的收入费用（或利得损失）确认基准，使二者 在同一报告期计入损益或其他综合收益，从而真实反映风险管理活动的财务影响。 期货日报网讯（记者 邬梦雯）8月19日，由郑州商品交易所、芝加哥商业交易所集团主办的2025中国（郑州）国际期货论坛 在郑州正式开启。在当天下午举办的产业企业风险管理论坛上，信永中和会计师事务所合伙人孟祥军详细介绍了大宗商品套 期保值财务处理及审计合规要点。 ...

期货日报网讯（记者 谭亚敏）8月19日，由郑州商品交易所、芝加哥商业交易所集团联合主办的2025中国（郑州）国际期货 论坛正式开启。在当天下午举办的产业企业风险管理论坛上，避险网创始人刘文财介绍，当前上市公司成本有效套期保值 理念已经形成。 实际交易中，该铜企2024年5月30日平仓期货买入套保的头寸，转而买入铜场内期权相关合约，开仓数量1000吨，执行价 84000元/吨，权利金均价1552元/吨。6月24日，铜场内期权到期，该铜企放弃行权，权利金损失1552元/吨，同时买回铜期货 8月合约，成交价78650元/吨。总体测算，该策略用权利金损失规避了期货高位下跌的风险，较期货套保实现增值收益约350 万元。 "对产业企业来说，期货是一个很好的工具，企业要善于利用期货工具，做套保、做基差可以使企业增厚利润。目前期货和 期权相结合，对企业来说，也是一个很好好的帮手。"刘文财说。 据统计，2024年实体行业A股上市公司公告中提及的套期保值额度总计约为3.4万亿元（外币计价的按2024年的日均汇率折 算为人民币），其中商品套保额度约为2890亿元，外汇套保额度约为3.0万亿元，利率套保额度约为50亿元，未分类的额度 ...