收益互换基础知识丨收益互换的作用（1）：风险管理

Core Viewpoint - The article emphasizes the importance of yield swaps as a flexible and customizable financial tool for risk management and asset allocation in capital markets, aiming to enhance understanding among investors [1][2]. Group 1: Risk Management - Yield swaps serve as a sophisticated financial derivative that provides qualified institutional investors with risk management and asset allocation services [2]. - They help manage market risks associated with underlying asset prices, such as controlling entry costs and reducing price volatility risks [2]. - For entities with hedging needs, yield swaps can create positions that counterbalance the spot market, allowing for effective risk hedging across different markets and timeframes [2][3]. Group 2: Customization and Flexibility - Yield swaps are characterized by high customization, allowing investors to tailor contract terms such as duration, scale, asset class, and transaction direction to meet specific risk management needs [3]. - This customization enables precise risk management, balancing risk and return in complex environments, unlike standardized futures contracts which may not meet diverse investor requirements [3]. Group 3: Comprehensive Risk Management Solutions - Securities firms can leverage yield swap services to address domestic and international risk management needs, offering integrated services from trading to risk control and settlement [4]. - Companies facing various risks, such as raw material price fluctuations and interest rate changes, can utilize yield swaps to lock in costs and profits, mitigating adverse impacts on operational performance [4]. Group 4: Diversification and Stability - Yield swaps facilitate cross-market and cross-product asset allocation, promoting risk diversification and enhancing portfolio stability [5]. - By linking to diverse global assets, including stocks, bonds, and commodities, yield swaps help reduce concentration risk associated with single market investments [5]. - The unique risk-return characteristics of different linked assets can provide a buffering effect during market volatility, thereby improving overall portfolio resilience [5].