避险网刘文财：上市公司已形成成本有效套期保值理念

Core Viewpoint - The concept of effective hedging has been established among listed companies, with a total hedging amount of approximately 3.4 trillion yuan announced by A-share listed companies in 2024 [1] Group 1: Hedging Strategies - Liu Wencai, founder of the Hedging Network, highlighted the initial doubts companies have regarding the effectiveness of futures hedging during normal price fluctuations and the increased capital pressure during extreme price movements [1] - In May 2024, influenced by market sentiment, international copper futures prices reached historical highs, prompting a copper company to use call options instead of futures for hedging [1] Group 2: Practical Application - The copper company closed its futures buy hedge position on May 30, 2024, and opened a position in copper options with a quantity of 1,000 tons at an exercise price of 84,000 yuan/ton, with an average premium of 1,552 yuan/ton [2] - On June 24, 2024, the copper options expired without being exercised, resulting in a premium loss of 1,552 yuan/ton, while the company bought back copper futures at a transaction price of 78,650 yuan/ton, achieving an estimated profit of approximately 3.5 million yuan through this strategy [2] - Liu Wencai emphasized that futures are excellent tools for industrial companies, and the combination of futures and options can significantly enhance profits [2]