套期保值助力上市公司平稳发展

Core Viewpoint - The development quality of listed companies is crucial for the stability of the capital market, and effective risk management is a key dimension of this quality [1][2]. Group 1: Risk Management Trends - In 2025, from January to July, 1,114 listed companies engaged in futures and derivatives business, with approximately 80% (902 companies) involved in foreign exchange hedging, 33% (364 companies) in commodity futures hedging, and 15% (162 companies) in both [1]. - Manufacturing companies are the main participants in the futures market for hedging, particularly in the chemical and agricultural processing sectors, facilitating industry upgrades and overseas expansion [2]. - There is a growing trend towards systematic, refined, and global risk management among listed companies, with an increasing awareness of proactive hedging [2]. Group 2: Role of Associations and Guidelines - The China Listed Companies Association plays a pivotal role in guiding companies in rational participation in hedging, enhancing their quality of development [3]. - The Shanghai and Shenzhen Stock Exchanges have issued guidelines for the disclosure of hedging business information, leading to improved transparency and understanding of hedging effectiveness among investors [2][3]. Group 3: Recommendations for Companies - Companies are encouraged to establish a strong risk management awareness, avoid both conservative and speculative behaviors, and engage in regulated operations [4]. - It is essential for companies to develop a rigorous and efficient risk control system, including scientific decision-making and risk warning mechanisms [4]. - The cultivation of professional talent in derivatives risk management is critical, requiring a blend of knowledge in spot operations, financial theory, and risk control experience [4].