岁暮天寒，真情送暖。近日，港信期货再次向五莲县困难群众送去优质大米，以持续三年的爱心捐赠传 递企业的关怀与温度。 一袋米，载着温暖；一堂课，传递新知。港信期货以实际行动诠释国有金融企业的社会责任，坚持物资 帮扶与知识赋能并重，在乡村振兴的道路上持续贡献专业力量与人文温度，与乡村一道，共守温暖、共 筑希望。 港信期货与五莲县相关村党组织围绕乡村振兴主线，坚持开展党建共建，通过党课联学等形式推动资源 共享、行动协同，本次捐赠正是双方持续合作的又一生动实践。 结合当地农业实际，港信期货还组织了面向乡村干部与村民的专题培训，聚焦玉米等农产品，系统介绍 期货市场的基本原理与价格风险管理知识，帮助村民了解如何运用现代金融工具增强农业经营的稳健 性，为乡村发展融入更多专业思维。 ...

Core Viewpoint - The Central Rural Work Conference held in Beijing from December 29 to 30 focuses on the modernization of agriculture and rural areas, emphasizing tasks such as stabilizing agricultural product prices, ensuring stable income for farmers, enhancing the quality and efficiency of the "vegetable basket" industry, and improving agricultural disaster prevention and mitigation [1][2]. Group 1: Agricultural Modernization and Futures Market - The conference outlines key tasks that align with the core functions of the futures market, such as price discovery, risk management, and resource allocation, indicating a clear direction for the futures industry to support agriculture [1]. - The futures industry is encouraged to leverage its advantages to address challenges in agricultural production and operations, such as price volatility and financing difficulties, thereby becoming a crucial financial service for the agricultural economy [1][2]. Group 2: Risk Management and Financial Services - The emphasis on maintaining reasonable prices for important agricultural products and ensuring stable income for farmers positions the futures industry as a key tool for stabilizing agricultural expectations and safeguarding farmer earnings [2]. - The "insurance + futures" model is highlighted as a method to transfer price volatility risks to the derivatives market, providing dual protection for farmers in terms of price and income [2]. - The futures industry is urged to enhance financial education for farmers, improve service accessibility and transparency, and develop a price index system for agricultural products to make futures tools understandable and usable for farmers [2][3]. Group 3: Future Pathways for the Futures Industry - The futures industry can deepen its services through two main pathways: forming fair and transparent agricultural product price signals and promoting the "insurance + futures" model to cover more specialty agricultural products [3]. - Collaboration with financial institutions and leading enterprises to create a "futures + orders + credit" ecosystem is essential for activating rural assets and addressing financing challenges [3]. - The industry aims to integrate futures services into the entire rural revitalization chain, injecting financial momentum into the high-quality development of agriculture in China [3].

Core Viewpoint - The 20th Central Committee's Fourth Plenary Session has approved the "15th Five-Year Plan" proposal, emphasizing the construction of a modern industrial system and strengthening the foundation of the real economy, which aligns with the strategic goals of the company in contributing to national development and modernization efforts [1] Group 1: Company Role and Services - The company plays four key roles: "hedging manager," "talent cultivation base," "research consulting expert," and "risk management toolbox," focusing on serving the core agricultural business of COFCO Group [2] - During the "14th Five-Year Plan" period, the company has served 13 specialized companies within COFCO Group, covering 17 product categories, and facilitated a derivative scale exceeding 4 billion yuan [2] Group 2: Business Development and Innovations - The company is expanding its "large delivery" business, with a projected delivery volume increase of 60.98% in 2024, enhancing the value chain for industrial enterprises [3] - The company has pioneered the "insurance + futures" model, covering 56% of provincial-level administrative regions in China, with a cumulative coverage area exceeding 2.1 million acres and serving nearly 200,000 households [4] Group 3: Professional Service Enhancement - The company is enhancing its professional capabilities by developing innovative service models, including a "dual-engine" service model and a comprehensive service model integrating "orders + insurance + futures + credit" [5] - The company has served over 3,900 industrial clients and nearly 150 listed companies, achieving a dual increase in service quality and effectiveness [5] Group 4: Digital and Research Capabilities - The company is strengthening its integrated research and investment service capabilities through advanced digital systems and tools, enhancing service value and client satisfaction [6][7] Group 5: Rural Revitalization and Support - The company is committed to the rural revitalization strategy, launching the "Dream Garden" initiative to provide multi-layered derivative services for agriculture, processing, and sales [8] - The company has signed rural revitalization agreements with over 40 regions, implementing 35 support projects and assisting nearly 3,500 households [9] Group 6: Future Outlook - The company aims to continue its commitment to serving the real economy during the "15th Five-Year Plan" period, leveraging COFCO Group's industrial advantages and focusing on innovation to stabilize supply chains and support economic development [10]

Core Insights - The article highlights the successful implementation of the "insurance + futures" project in Shaanxi province, which has significantly improved the financial stability of local farmers and enhanced their risk management capabilities [1][8]. Group 1: Project Implementation - The "insurance + futures" model was introduced in Shaanxi to provide financial security to farmers, particularly in the pig farming sector, where price volatility poses significant risks [4][6]. - In 2023, the first village-level "insurance + futures" project was launched in Shiyukou Village, covering 1,200 pigs and resulting in a compensation payout of 186,800 yuan, which accounted for 54% of the village's collective annual income [6][8]. Group 2: Community Engagement - The project faced initial skepticism from villagers, who preferred direct financial aid over insurance solutions. Efforts were made to educate the community about the benefits of the "insurance + futures" model [5][6]. - Community activities, such as cultural events and educational support for students, were organized to build trust and rapport with villagers, facilitating the acceptance of financial tools [3][4]. Group 3: Financial Growth and Support - The scale of the "insurance + futures" project in Shaanxi has rapidly expanded, with insurance premiums exceeding 200 million yuan in 2024, covering over 100,000 pigs and 200,000 acres of farmland [8][10]. - The provincial government has increased financial support for the project, with annual subsidies growing to enhance participation among small farmers [8][10]. Group 4: Future Prospects - The success of the "insurance + futures" initiative in Shiyukou Village has sparked interest from neighboring villages, indicating a potential for broader adoption of this financial model across the region [7][10]. - The ongoing efforts aim to further integrate financial innovations into rural development, ensuring that more farmers benefit from these initiatives [10][11].

Core Viewpoint - The introduction of an off-exchange options product linked to the cold chain logistics price index marks a significant step in utilizing financial derivatives for risk management in the logistics sector, transitioning from traditional commodity markets to modern logistics applications [1][6][9]. Group 1: Industry Context - The cold chain logistics industry faces significant challenges due to price volatility, which impacts cost budgeting and profit calculations for companies like Huading Cold Chain Technology [2][3]. - The establishment of the "Henan Cold Chain Logistics Price Index" aims to provide a reliable market price benchmark, addressing issues of transparency and efficiency in resource allocation within the industry [8][9]. Group 2: Financial Innovation - The first transaction of the off-exchange options product involved Huading Cold Chain Technology purchasing a call option based on the "Zhengzhou-Beijing" cold chain logistics price index, allowing for financial protection against rising transport costs [2][3]. - Financial institutions, particularly COFCO Futures, played a crucial role in designing and implementing this innovative risk management tool, responding to the specific needs of cold chain logistics companies [4][5]. Group 3: Market Implications - The successful implementation of this options product signifies a new approach to risk management in the logistics sector, enabling companies to proactively hedge against price fluctuations rather than passively endure them [6][10]. - The collaboration between logistics companies and financial institutions exemplifies the potential for deeper integration of financial tools within the logistics industry, paving the way for a more resilient supply chain model [9][10].

Core Viewpoint - The integration of futures and derivatives into bank credit risk management is essential for enhancing asset quality and managing credit risks effectively, especially in a low-interest-rate environment [1][2][12]. Group 1: Importance of Futures in Credit Risk Management - The 20th Central Committee of the Communist Party emphasizes the steady development of futures and derivatives markets, laying a policy foundation for high-quality development during the 14th Five-Year Plan [1]. - Futures serve as effective hedging tools for commodity enterprises to manage raw material price fluctuations, thereby linking banks and the real economy [1][5]. - The integration of futures into credit risk management is a practical choice for banks to address market price volatility and enhance risk control capabilities [2][12]. Group 2: Key Risks in Credit Management - Credit risk management is crucial for maintaining the stability of credit asset quality, which is a key indicator of a bank's core competitiveness [2]. - Price volatility risk is the dominant risk in credit management, affecting various sectors such as commodity trade financing and agricultural loans [3][4]. - Without utilizing futures for price risk management, banks expose their funds to market volatility, which can lead to significant credit risks [3][4]. Group 3: Functions of Futures in Risk Management - The core function of futures is price risk management, which includes price discovery, risk avoidance, and asset allocation [3][4]. - Futures can effectively address the shortcomings of traditional credit risk management methods, which often rely on collateral and credit ratings [4][5]. - By embedding futures into the credit risk management framework, banks can create a closed-loop management mechanism that effectively reduces substantive risks [3][4]. Group 4: Enhancing Client Stability and Risk Control - Banks can guide clients in using futures for hedging, thereby stabilizing their operations and enhancing repayment capabilities [5][6]. - The introduction of futures tools can help banks manage collateral risks by embedding hedging requirements into collateral management [6][7]. - Optimizing product structures to balance risk and return can be achieved by integrating futures into credit products, allowing for tailored solutions based on clients' risk profiles [7][8]. Group 5: Implementation Strategies for Futures Integration - Banks should clarify the applicable scenarios and operational standards for integrating futures into credit policies [9][10]. - Credit ratings should incorporate clients' futures usage and risk management capabilities to guide better risk assessment [10][11]. - Strengthening the review of hedging plans during credit approval processes is essential to ensure effective risk coverage [10][11]. Group 6: Post-Loan Management and Monitoring - Establishing a dynamic post-loan management mechanism to monitor the effectiveness of futures usage and risk hedging is critical [11][12]. - Regularly collecting data on clients' hedging operations can help assess whether risk management goals are being met [11]. - Timely adjustments to credit exposure and risk mitigation measures should be implemented based on market changes and client performance [11][12].

Core Insights - The development of lithium resources in China is expected to see significant advancements and achievements by 2025, with multiple large-scale lithium mining projects being established across various provinces, enhancing the supply capacity of lithium resources and supporting the stable development of the new energy industry chain [1] Group 1: Major Lithium Mining Projects - Tianhua New Energy's subsidiary obtained a mining license for the ceramic soil (containing lithium) mine in Jiangxi Province, with a production scale of 9 million tons per year and a validity period of 23 years [2] - The Vilarasto lithium polymetallic mine in Inner Mongolia received a mining license, with a total mineral reserve of 55.27 million tons, including 4.198 million tons of Li2O, and is expected to generate an annual output value of 2.3 billion yuan [4][5] - The Xinjiang Hotan Dahongliutan 509 lithium mine development plan was approved, proposing a production scale of 4 million tons per year [6] - The Yajiang Muro lithium mine in Sichuan received approval for its mining and selection tail project, with a mining scale of 3 million tons per year [7][8] - The Daba lithium mine in Sichuan's Ma'erkang City has a proposed production scale of 5 million tons per year, with an estimated service life of 23 years [9] - The Shuangtan quartz mine in Yajiang has a proposed lithium mining scale of 2.6 million tons per year, with a service life of 29 years [10] Group 2: New Developments and Approvals - The Garin Zangke Potash Fertilizer Company received mining rights for lithium as a by-product, expanding its mining scope to include lithium, magnesium, and boron [11] - Dazhong Mining's subsidiary obtained a mining license for the Hunan Jijia Mountain lithium mine, with a planned open-pit mining scale of 20 million tons per year [12] - The application for the renewal of mining rights for the lithium mine in Jiangxi Province has been submitted to the Ministry of Natural Resources [13][14] - Zijin Mining's lithium polymetallic mine project in Hunan has been completed and put into production, marking a significant step towards becoming one of the largest lithium suppliers globally [15]

消费品以旧换新方面，支持汽车置换更新；支持家电以旧换新。个人消费者购买冰箱、洗衣机、电视、 空调、电脑、热水器等6类家电中1级能效或水效标准的产品，按产品销售价格的15%给予补贴，每位消 费者每类产品可补贴1件，每件补贴不超过1500元。支持数码和智能产品购新。个人消费者购买手机、 平板、智能手表手环、智能眼镜等4类产品（单件销售价格不超过6000元），按产品销售价格的15%给 予补贴，每位消费者每类产品可补贴1件，每件补贴不超过500元。支持智能家居产品（含适老化家居产 品）购新补贴，具体补贴品类、补贴标准由地方结合实际自主合理制定。 期货日报网讯（记者 杨美）据国家发展改革委官网消息，国家发展改革委、财政部印发的《关于2026 年实施大规模设备更新和消费品以旧换新政策的通知》12月30日对外发布，明确2026年"两新"政策的支 持范围、补贴标准和工作要求。 实施机制优化方面，落实全国统一大市场建设要求，本通知明确的汽车报废更新、汽车置换更新、6类 家电以旧换新以及4类数码和智能产品购新，在全国范围执行统一的补贴标准。依法依规严肃处理骗补 套补、"先涨后补"等违法违规行为。 支持设备更新项目方面，在继续支持 ...

Core Insights - The project "Insurance + Futures" launched by CITIC Futures and China Pacific Insurance in Lanping County, Nujiang Prefecture, aims to mitigate core operational risks for local pig farmers by using feed prices as the insured target [1] - The initiative leverages aid funds to cover core costs, facilitating a precise linkage between policy resources and financial tools, thus helping farmers stabilize operational expectations and lock in breeding costs [1] Group 1 - The project focuses on transferring the risk of rising feed prices to the futures market, providing a financial "safety net" for pig farmers [1] - The introduction of aid funds significantly lowers the participation threshold for local farmers, ensuring that financial protection services are accessible and burdensome [1] - CITIC Futures conducted in-depth research on local industry pain points to customize risk management solutions that meet the actual needs of pig farming in Lanping County [1] Group 2 - CITIC Futures plans to continue deepening the application of the "Insurance + Futures" model, expanding project coverage and enriching the types of protection offered [2] - The company aims to provide more precise financial services that align with rural industry needs, contributing to poverty alleviation and rural revitalization efforts [2]

Core Insights - A new energy company in Hainan has adopted a cumulative put option strategy for hedging the price of lithium carbonate extracted from retired batteries, addressing the risks of declining prices and cost inversion [1][3] - This project provides a new model for price risk management in the battery recycling industry, combining economic benefits with strategic significance [2] Project Background - The recycling of used power batteries has become a focus for manufacturers, automakers, and third-party recycling companies, with predictions indicating that the retired battery volume in China will exceed 580,000 tons in 2023 and reach 820,000 tons by 2025 [3] - The company recycles batteries to extract lithium carbonate, which accounts for over 60% of its sales revenue, and aims to hedge against price declines to improve profitability [3][4] Risk Management Needs - Starting in May 2024, lithium carbonate futures prices experienced significant declines, leading to a cost inversion situation that traditional futures hedging could not address [4] - The company and Dongzheng Runhe Capital Management identified that prices would likely remain low in the short term, prompting the need to lock in higher sales prices [4] Option Design Strategy - The company planned to produce 60 tons of lithium carbonate by the end of September 2024 and sought to sell it at prices above the spot market to stabilize cash flow [5] - Dongzheng Runhe designed a cumulative put option to help the company manage risks while optimizing inventory costs and achieving high-price pre-sales [5] Option Scheme Details - On September 26, 2024, the lithium carbonate market rebounded to 79,700 yuan/ton, and the company executed a transaction with an option period from September 26 to October 23, 2024 [6][9] - The option allowed the company to secure a selling price of 82,750 yuan/ton, which was 3,050 yuan/ton higher than the spot price [6][9] Project Outcome - During the holding period, the lithium carbonate market fluctuated downwards, leading the company to terminate the option early on October 18, 2024, realizing a profit of 35,805.43 yuan [11][13] - This initial attempt at a cumulative put option successfully achieved the goal of increasing revenue and reinforced the company's confidence in using structured derivatives for operational stability [11][13] Project Summary - The project provided the company with a selling price above market rates, addressing cost inversion issues and enhancing the resilience of the resource recycling industry [13] - It also strengthened the company's ability to withstand market cycles, providing financial support for technological research and capacity expansion [13] - The project serves as a replicable risk management template for the battery recycling industry, promoting a shift from "price competition" to "value management" [13]