中粮祈德丰（北京）商贸冯昊：产业风险管理方式趋于多样化

Core Insights - The future of enterprises is determined by the enhancement of comprehensive operational capabilities, innovative business models, and refined management levels in the context of a new industrial landscape [1] Group 1: Industry Trends - From 2010 to 2020, the industry faced challenges in futures hedging, with an increase in the proportion of futures hedging and a deterioration in the safety margin of the spot-futures basis, making hedging more difficult [1] - Post-2020, the development of risk management tools has become prominent, with a complex industrial cycle and external environment leading to a normalization of poor safety margins in the spot-futures basis [1] - The transition in bulk commodity trading from spot trading to basis trading and rights-inclusive trading has been observed, with a widespread promotion of spot-futures combination and an enhancement of risk management concepts [1] Group 2: Risk Management Tools - The profitability in the new era of industry no longer solely relies on processing and price differences but also includes profits from hedging/basis, optimizing business structures, risk management services, and premiums obtained through the combination of strategies and tools [1] - The recent acceleration in the listing process of domestic on-exchange options has led to a significant increase in the proportion of options trading [1] - Compared to on-exchange options, off-exchange options offer advantages such as a rich variety of products, diverse structures, and flexible elements, making them more aligned with the scenarios of spot trading [1][2]