东证期货卢大印：疏通“最后一公里”——期货市场与实体经济的双向奔赴

Core Insights - The article highlights the five major challenges faced by enterprises in the current international landscape, including price volatility, exchange rate fluctuations, external demand uncertainty, compliance risks, and interest rate management [1][2][3] - The futures market is positioned as a crucial tool for enterprises to stabilize expectations and manage risks, emphasizing its role in price discovery and risk management [2][3] - There is a pressing need for customized, full-cycle professional services in the futures market to address the challenges faced by enterprises, particularly small and medium-sized enterprises (SMEs) [3][4] Group 1: Challenges Faced by Enterprises - Enterprises are experiencing increased pressure due to heightened volatility in commodity prices, leading to fluctuations in inventory value [2] - External demand uncertainty is causing enterprises to adopt more conservative investment behaviors [2] - Exchange rate fluctuations are increasing the pressure of foreign exchange losses during cross-border settlements [2] - Enterprises are required to allocate more resources to manage legal risks [2] - The difficulty in managing interest rate risks has escalated for financial enterprises [2] Group 2: Role of the Futures Market - The futures market serves as a "shield" for enterprises, providing practical solutions for risk management through hedging tools [2][3] - The maturity of the futures market has led to a diverse participant structure, allowing for better capture of supply-demand changes and macroeconomic sentiments [2][3] - The futures market aids enterprises in adjusting production capacity, optimizing inventory, and enhancing overall resource allocation [2][3] Group 3: Expectations from Futures Companies - Enterprises expect customized services that consider their specific circumstances, such as spot scale and supply chain dynamics, to design manageable hedging strategies [4] - There is a demand for full-cycle support, including assistance in building risk management systems and optimizing processes [4] - Enterprises seek comprehensive support from futures companies, including policy interpretation and professional training, to lower the barriers to using futures tools [4][5] Group 4: Innovations and Solutions - Futures companies are leveraging financial technology and innovative models, such as AI-driven research and the "insurance + futures" model, to address the risk management and digitalization challenges faced by SMEs [3][5] - The article emphasizes the importance of enhancing investor education to change the perception of futures as high-risk instruments [6][7] - There is a call for the introduction of more futures products that align with industry needs and for the refinement of existing contracts to improve hedging effectiveness [5][7]