Sou Hu Cai Jing·2025-12-15 02:53Group 1 - Several leading listed companies have announced substantial hedging plans for the 2026 fiscal year, with notable commitments from 佛燃能源, 新奥股份, 隆基股份, and 三一重工 [1] - 佛燃能源 has set a maximum contract value limit of 12 billion RMB for its commodity and foreign exchange hedging business for 2026, with a margin cap of 4.17 billion RMB [1] - 新奥股份 plans to utilize a maximum margin and premium of 4.7 billion USD for its 2026 commodity hedging plan [1] - 隆基股份 has a maximum margin limit of 1.5 billion RMB for its hedging business in 2026 [1] - 三一重工's subsidiary plans to have a maximum trading margin and premium of 800 million RMB, with a maximum contract value of 2 billion RMB on any trading day [1] Group 2 - A total of 1,782 A-share listed companies in the real economy issued hedging-related announcements from January to November 2025, an increase of 279 companies or 18.6% compared to the entire year of 2024 [3] - Currency risk remains the primary hedging demand, with 1,311 companies issuing related announcements, followed by interest rate risk (517 companies) and commodity price risk (481 companies) [3] - The electronics, basic chemicals, power equipment, machinery, and pharmaceutical industries have the highest number of companies engaging in hedging [3] - Copper is identified as the most actively hedged commodity [3] - Over 30 domestic insurance institutions have entered the futures market, primarily using government bond futures and stock index futures to manage interest rate risk and equity market volatility [3] - The number of new accounts opened by insurance funds in the futures market increased by 166% year-on-year in the first 11 months of 2025, reaching a historical high [3] - Recent regulatory documents have supported the participation of insurance funds in financial derivatives trading, providing a framework for managing asset-liability risks [3]