海证期货刘飚：构建期货市场服务实体经济新生态

Core Viewpoint - The futures market is taking on a new mission to serve the real economy under the policy backdrop of "stabilizing expectations, strengthening confidence, and expanding domestic demand" [1] Group 1: Challenges Faced by the Real Economy - The real economy is facing significant challenges due to the volatility of commodity prices and weak demand, leading to increased operational risks for enterprises [2][3] - Enterprises are experiencing greater uncertainty in orders and pricing, which affects their production planning, raw material procurement, and financial preparations [2][3] Group 2: Role of the Futures Market - The futures market plays a crucial role in stabilizing expectations through its three core functions: price discovery, risk management, and resource allocation [3] - An example is provided where a company used futures contracts to hedge against the price volatility of lithium carbonate, ensuring stable production and timely delivery despite market fluctuations [3] Group 3: Difficulties in Utilizing Futures Tools - The basis risk is a major difficulty for enterprises when using futures tools for hedging, as the price movements of raw materials and finished products do not always align with futures prices [4] - Other challenges include funding pressures, a shortage of professional talent, and insufficient understanding of futures market rules and trading strategies [4] Group 4: Expectations from the Futures Industry - Enterprises expect more personalized and professional risk management solutions tailored to their specific industry characteristics and risk tolerance [5] - There is a demand for enhanced training and guidance on futures knowledge to improve understanding and capabilities within enterprises [5] - Innovation in service models and products is also sought, such as risk management contracts linked directly to spot market needs [5] Group 5: Innovations in Service Models - Hai Zheng Futures has introduced innovative service models like rights-linked trade and warehouse receipt swapping to better meet the needs of enterprises [6][7] - The rights-linked trade model allows enterprises to have options based on market price fluctuations, providing flexibility in risk management [6] - The warehouse receipt swapping service addresses mismatches between the required and actual warehouse receipt brands, enhancing the flexibility of enterprises in futures delivery [7] Group 6: Recommendations for Improving Futures Services - There are several identified bottlenecks in the futures market's service to the real economy, including unregulated warehouses leading to credit risks [8] - Recommendations include enhancing government oversight of social warehousing, focusing on specific commodity chains, and increasing support for risk subsidiaries within futures companies [8][9]