套保战略升级：从风险防御到价值赋能 对油脂油料企业而言，原材料价格的大幅波动直接影响生产成本与盈利能力的稳定性。套期保值作为核 心风险管理工具，通过提前锁定原材料采购价格或产品销售价格，帮助企业稳定经营业绩。金龙鱼凭借 业务团队的专业积淀与系统运作能力，已成功将套期保值从单纯的风险防御手段升级为支撑企业稳健运 营的战略基石，实现了期货工具与现货经营的深度融合。 数据显示，今年上半年金龙鱼实现营收1156.82亿元，同比增长5.67%；归母净利润17.56亿元，同比增 长60%；扣非净利润13.89亿元，同比增长764%。取得如此亮眼的业绩，套期保值业务功不可没。期货 日报记者发现，除期货套保外，2025年上半年金龙鱼商品签出期权的衍生品投资收益为5133万元，高于 2024年同期的2283万元。 另一家油脂企业——道道全在套期保值方面同样成效显著。今年上半年，道道全实现营收27.92亿元， 同比增长1.16%；归母净利润1.81亿元，同比增长563.15%。公司在半年报中明确表示，为有效降低原材 料和产成品价格波动对经营业绩的不利影响，利用商品期货开展套期保值业务以规避市场价格风险，保 障公司经营的稳定性和可 ...

Group 1 - The Zhengzhou Commodity Exchange announced the cancellation of designated PTA delivery and inspection-free brand qualifications for several companies, including Sinopec Yangzi Petrochemical Co., Ltd. and Shishi Jialong Petrochemical Fiber Co., Ltd. [1] - The designated PTA delivery brand qualifications for Sinopec Shanghai Petrochemical Co., Ltd., Sinopec Luoyang Company, Yadong Petrochemical (Shanghai) Co., Ltd., and Ningbo Liwan Polyester Materials Co., Ltd. have also been revoked [1] - The designated PTA delivery brand qualification for Hanbang (Jiangyin) Petrochemical Co., Ltd. has been suspended [1]

Group 1 - The 2025 China (Zhengzhou) International Futures Forum is a significant industry exchange platform, featuring various sub-forums focused on open discussions and risk management for enterprises [1][2] - The forum attracts a diverse range of participants, including government officials, exchanges, futures companies, industry clients, and academic experts, enhancing its professional and forward-looking nature [2][3] - The themes of the forum have evolved to address current global commodity trade conditions, with topics ranging from rural revitalization to risk management for industrial enterprises, reflecting the ongoing development of the futures market [2][3] Group 2 - Participants express a strong interest in learning from international experiences, particularly regarding the internationalization of the Chinese futures market amidst global economic uncertainties [3] - Zhengzhou serves as a central hub for transportation, connecting major economic regions, and the forum is positioned as a vital platform for exchanging ideas and experiences in the global futures market [3]

Core Viewpoint - The chemical industry in Shaanxi is at a critical juncture for transformation and upgrading, with a focus on risk management solutions through innovative financial tools in response to intensified competition and commodity price volatility [1][4]. Group 1: Industry Context - Shaanxi is a core region of China's energy and chemical industry, with a coal-based olefin industry chain that generates an annual output value exceeding 100 billion [2]. - The DCE is implementing three major initiatives to support the high-quality development of the chemical industry in Shaanxi, including expanding polyethylene delivery areas and innovating product designs [2]. Group 2: Financial Tools and Innovations - The DCE introduced three chemical monthly average price futures, which feature innovative pricing, lower annual volatility, and diverse strategies for risk management [2]. - Monthly average price futures provide enterprises with a smoother price curve, offering a reference for price trends with characteristics of gradual increases and decreases [2]. Group 3: Risk Management Practices - A framework for internal control of hedging was discussed, emphasizing a three-tier approval mechanism involving senior management, risk control, and the board of directors [3]. - Practical applications of futures derivatives in the industry were shared, highlighting how traders can optimize hedging effects and manage risks through various trading models [3]. Group 4: Training Outcomes - The successful training session marked a significant step for the Shaanxi chemical industry in risk management, with futures derivatives becoming essential tools for addressing market volatility [4]. - Innovative financial tools and models, such as monthly average price futures and basis trading, are transforming traditional business practices in the chemical sector [4].

本报讯南华期货8月18日晚间披露2025年半年报。报告显示，南华期货上半年实现营业收入11.01亿元， 同比下降58.27%；归母净利润2.31亿元，同比增长0.46%；基本每股收益0.38元。截至2025年6月30日， 南华期货境内期货经纪业务客户权益规模为273.47亿元。 另外，截至2025年6月底，南华期货资产管理业务规模为2.55亿元，较去年年末新增0.96亿元，增长 60.38%。（鲍仁） （文章来源：期货日报网） ...

Core Insights - The Guizhou Huaxia Ecological Trading Center achieved a record-breaking garlic single-batch contract delivery volume of over 160,000 tons in August 2025, marking a significant milestone in the industry [2][3] Group 1: Delivery Process - The garlic delivery process involved over 200 participating clients from various provinces, with the delivery primarily centered in the Jinxiang production area and covering multiple key garlic-producing regions [3] - The trading center demonstrated efficient organizational and coordination capabilities to manage the large volume and dispersed delivery locations, playing a crucial role in promoting spot circulation [3][6] Group 2: Industry Context - Jinxiang County is recognized as the largest garlic processing cluster in China, with an annual processing capacity of 2 million tons, accounting for over 70% of the national total [4] - The peak season for fresh garlic harvesting and trading occurs from May to June, with the best time for dry garlic storage being July to August [4] Group 3: Quality Control and Standards - The trading center employs third-party quality inspection agencies to ensure that each batch of garlic meets platform standards before storage, with rigorous quality checks conducted across major garlic-producing areas [5] - The trading center's delivery standards align with industry practices and have gained widespread market recognition [6][12] Group 4: Order Trading Model - The order trading model addresses the challenges faced in agricultural product circulation, allowing producers and traders to publish precise purchase and sales orders on the platform [7] - This model enhances market stability by enabling producers to adjust production plans based on market demand, thus addressing resource misallocation issues [8] Group 5: Financial Innovations - The platform has established a digital warehouse management system that allows for real-time monitoring of goods, facilitating warehouse receipt financing and addressing valuation and liquidity challenges [10] - The trading center's warehouse receipts have gained recognition from local financial institutions, enabling more businesses to secure low-interest loans based on certified receipts [10] Group 6: Ecological Product Value Transformation - The trading center is focused on exploring pathways for converting ecological product values into economic benefits, aligning with national strategies for sustainable development [11][12] - The center aims to establish standardized trading rules for agricultural ecological products, ensuring fair and transparent transactions while promoting the entire supply chain from production to sales [12]

Core Viewpoint - The Zhengzhou Commodity Exchange (ZCE) has successfully positioned itself as a key player in the internationalization of China's futures market, utilizing the "Zhengzhou Plan" to enhance the global pricing influence of Chinese commodities, particularly in the PTA and oilseed sectors [2][4][6]. Group 1: Market Positioning and Strategy - ZCE's strategic choice to prioritize PTA and oilseed futures for internationalization is based on China's dominant role in the global industrial chain [3][4]. - China is the largest producer and consumer of PTA and plays a significant role in the global vegetable oil market, providing a solid foundation for the authority and international influence of futures prices [4][5]. Group 2: Institutional Innovations - The "Zhengzhou Plan" has introduced a market-oriented approach to open up the futures market, including optimizing delivery rules and enhancing services for foreign enterprises [4][5]. - Specific measures include the inclusion of imported rapeseed meal in the delivery category and the introduction of new contracts to meet the risk management needs of importers [5][6]. Group 3: Global Trade and Economic Impact - The expansion of "Zhengzhou prices" in trade with RCEP and Belt and Road Initiative countries signifies a growing internationalization of China's futures market, reflecting a shift in global economic dynamics [6][7]. - The ZCE's efforts align with national strategies to enhance pricing influence in international commodity markets, leveraging domestic and international resources [6][8]. Group 4: Challenges and Future Directions - The internationalization of the Zhengzhou futures market faces challenges such as regulatory discrepancies and exchange rate fluctuations [7]. - A differentiated opening strategy is proposed to address these challenges, focusing on prioritizing competitive products and varying access standards for different types of foreign traders [7][8].

Group 1 - The article highlights the importance of futures trading in managing risks and enhancing competitiveness in cross-border trade, particularly in the context of changing global trade dynamics [1][5] - Xiamen Guotai Petrochemical successfully negotiated a PTA order with European buyers by utilizing a basis pricing strategy, which allowed them to secure a reasonable profit margin despite price negotiations [1][5] - Xiamen Jianfa combined hedging with basis trading in their procurement of Australian rapeseed meal, effectively managing price fluctuations and avoiding significant losses through strategic use of futures contracts [2][5] Group 2 - The article discusses the use of options by Wucai Zhongda Chemical Group to mitigate risks associated with importing Ukrainian sunflower meal during a crisis, demonstrating the effectiveness of dual insurance strategies in cross-border trade [3][4] - Wucai Zhongda also employed futures contracts to hedge against price declines in peanut procurement from Senegal, showcasing innovative risk management techniques in volatile markets [4] - The active trading of agricultural futures on the Zhengzhou Commodity Exchange has significantly improved companies' risk management capabilities and enhanced their market competitiveness in international agricultural trade [5]

Group 1 - The opening of the futures market has transformed the pricing power and risk management capabilities of companies in the PTA industry, allowing for more precise judgment and risk control through global price signals [1][3] - The influence of the "Zhengzhou price" has increased, with more export contracts adopting the "Zhengzhou futures price + premium/discount" model, enhancing pricing power [1] - The risk management function has been upgraded due to the increased participation of international players, leading to a more responsive domestic futures market to international factors [1] - Customer relationships have been restructured, with the introduction of "futures price locking + bonded delivery" replacing traditional negotiation methods, significantly improving cooperation efficiency [1][3] - There has been a shift in mindset from fearing market volatility to seeking opportunities within that volatility, prompting companies to transition from "factories" to "global supply chain operators" [1] Group 2 - Before the opening of the futures market, international trade relied heavily on opaque pricing and long-term contracts, leading to challenges in price transparency and risk management [5] - The introduction of the PTA futures market has allowed for a transparent pricing model where customers can lock in prices before signing contracts, effectively hedging against raw material price fluctuations [5] - The export-oriented bonded delivery system has improved efficiency in the delivery of goods, addressing issues such as logistics delays and trust crises [5] - Companies are now integrating various futures tools, such as bottle chip futures, to establish a comprehensive cost and profit management system, anticipating further internationalization of bottle chip futures [5]

Group 1 - The forum titled "'Empowering Trading, Building Ecology' - New Trends in Index Investment" was held in Shanghai, marking the launch of the "Trading Masters Club" [1] - The founder of the "Trading Masters Club," Li Xudong, emphasized the importance of social networks in investment success and aims to foster knowledge sharing and mutual assistance among investors [1] - The club is intended to break down information silos and cultivate a new generation of investment talent, helping young individuals develop systematic trading thinking [1] Group 2 - Li Xin, Chairman of Futures Daily, stated that the media will empower the "Trading Masters Club" from three dimensions: resources, platform, and ecology, transforming information advantages into practical support for traders [2] - Yang Jinghao, Chief Economist at Kangkai Data, discussed the current global economic downturn and suggested that A-shares present allocation opportunities due to asset rotation [2] - Wang Yayun from Xunuo Capital highlighted the unique value of stock index CTA strategies in uncertain markets, noting their potential for absolute returns through long and short trading [2] Group 3 - Over 80% of investors in global CTA strategy funds are institutional investors, including pension funds and sovereign wealth funds, benefiting from low correlation with stock and bond markets [3] - The integration of stock index futures into CTA strategies is beneficial, as their performance shows low correlation with stock index futures, enhancing net value when combined with long-term strategies [3] - The event featured numerous industry leaders and experts who shared their insights and experiences, enriching the discussions on trading strategies [3] Group 4 - The successful launch of the "Trading Masters Club" provides a quality platform for professionals and enthusiasts in the index investment field to collaborate and exchange ideas [4] - The club aims to consolidate industry strength and promote communication and development in index investment, assisting investors in navigating complex market environments [4] - Future activities and seminars will be organized regularly to provide ongoing professional support and quality services to members [4]