累购期权：棉花企业的“成本减负”神器

Core Insights - The article highlights the innovative risk management approach adopted by downstream enterprises in the Xinjiang cotton industry through structured OTC options, specifically the cumulative purchase options used by processing company X to manage procurement costs effectively in a volatile market [1][15]. Industry Overview - The cotton industry faces structural challenges, with cotton being a core raw material for the textile industry. Price fluctuations significantly impact garment manufacturing, foreign trade exports, and agricultural planting. Recent geopolitical conflicts, extreme weather, and competition from alternative fibers have exacerbated market volatility, putting pressure on the stability of enterprises, particularly those in Xinjiang, which accounts for over 90% of China's cotton production [2][3]. - In 2024, domestic cotton prices exhibited notable "double high and double low" fluctuations, with prices for Xinjiang 3128B cotton ranging from 15,200 to 16,800 yuan/ton, reflecting a year-on-year increase in price volatility of 1,600 yuan/ton [2]. - The industry is constrained by three major pressures: high costs, high inventory, and high import dependence, alongside two weaknesses: weak demand and weak profits. The cost of planting has risen due to a 12% increase in fertilizer and pesticide prices, with average costs exceeding 2,500 yuan per mu. Processing costs have also increased by 8% to 10% due to high energy prices [2][3][4][5]. Company Case Study - Company X, a processing enterprise in Xinjiang, relies on high-quality long-staple cotton for its core products. The company faces significant profit pressure due to rigid sales prices and elastic raw material costs, leading to gross margin fluctuations of 25% to 40% [6]. - To address procurement risks during price surges, X implemented a cumulative call option strategy, allowing for flexible and low-capital risk management. The option was designed to lock in procurement costs effectively [8][11]. - The cumulative call option was executed with an entry price of 13,490 yuan/ton and a daily contract volume of 30 tons over a 19-day observation period. The mechanism allowed for double contract volume if the settlement price fell below the trigger price [8][10]. Implementation and Results - Throughout the observation period, X closely monitored daily futures prices and flexibly triggered contract executions, ultimately securing procurement rights at a cost of 13,340 yuan/ton for 270 tons of CF505 futures contracts [11][12]. - The company successfully rolled over and adjusted its cumulative call option strategy, achieving an average procurement cost of 13,340 yuan/ton for a total of 2,520 tons, effectively smoothing the procurement cost curve [12][13]. - This case illustrates the effectiveness of customized OTC options in addressing the risk management challenges faced by the Xinjiang cotton industry, enhancing the ability of enterprises to hedge against market risks and stabilize operational profits [15].