“期实结合 润泽实体”系列｜期现深度融合，大宗商品波动下的实体企业“稳定器”

Core Viewpoint - The article emphasizes the importance of the futures market in supporting the real economy and enhancing risk management for various industries, particularly in the context of increasing price volatility in global markets [1][2]. Group 1: Role of Futures Market - The Zhengzhou Commodity Exchange (ZCE) has listed 27 futures products and 20 options, covering key sectors such as agriculture, energy, and chemicals, forming a market-based risk management chain [1]. - The collaboration between Dahuacaifang and ZCE aims to explore the practical applications of the futures market in supporting the construction of a strong manufacturing and agricultural nation [1]. Group 2: Risk Management in Industries - In the context of rising commodity price fluctuations, futures tools are becoming essential for stabilizing operations across various industries, transitioning from single hedging to multi-dimensional tools [2]. - Companies like COFCO and Dongguan Fuzhiyuan are utilizing futures tools to effectively manage price volatility risks, shifting from traditional pricing to basis trading as a mainstream practice [3][5]. Group 3: Case Studies of Successful Implementation - Dongguan Fuzhiyuan has adopted a systematic hedging approach since 2004, forming a risk-sharing mechanism with upstream and downstream enterprises [5]. - Guangzhou Yelong International Trade Company has developed four trading models, including basis trading and futures-spot combinations, to enhance profitability and manage risks [7][8]. Group 4: Impact on Chemical Industry - The launch of futures for caustic soda at ZCE provides chemical enterprises with diverse risk management strategies, addressing the increasing price volatility in the sector [11][13]. - Companies like Dongbo Chemical have established a futures-spot risk management system, leading to over 20% growth in sales and 30% increase in exports in recent years [13]. Group 5: Future Directions - The chemical industry is shifting from scale competition to a comprehensive competition model that includes energy efficiency and carbon management, with futures tools playing a crucial role in this transition [13][14]. - Companies are encouraged to promote derivative business models and enhance risk management capabilities across the industry [14].