Qi Huo Ri Bao·2025-12-15 22:09Core Viewpoint - The chemical industry is increasingly adopting hedging strategies as a standard practice, with companies actively engaging in risk management through futures and derivatives to navigate a complex market environment [1][4]. Group 1: Hedging Plans and Announcements - Companies like 佛燃能源 and 华润材料 have announced significant hedging plans, with 佛燃能源 planning to invest up to 4.17 billion yuan for commodity hedging and natural gas price locking [1]. - 中国海油 has also disclosed a hedging plan involving a guarantee of 350 million USD, indicating a trend of proactive risk management among chemical enterprises [1][2]. Group 2: Characteristics of Hedging Activities - Recent hedging announcements from chemical companies show a strong alignment with industry needs, with hedging amounts closely tied to actual business operations, reflecting a deep understanding of the essence of hedging [2]. - There is a notable diversification in the types of hedging instruments used, with companies focusing on core product categories and employing various derivatives such as futures, forwards, swaps, and options [2][3]. Group 3: Risk Management Framework - Companies are establishing comprehensive risk management systems that cover all stages of the hedging process, including position limits, trading authorization mechanisms, and credit evaluations of trading partners [3]. - This full-chain risk prevention mechanism aims to mitigate potential risks from extreme market conditions, defaults, and operational errors, thereby ensuring the stable execution of hedging activities [3]. Group 4: Market Dynamics and Demand for Hedging - The surge in hedging enthusiasm among chemical companies is driven by changes in the operating environment and improvements in market tools, with increased uncertainty due to fluctuating raw material prices and competitive pressures [4][5]. - The geopolitical situation, particularly the Russia-Ukraine conflict, has intensified these pressures, leading to a decline in profit margins for companies as costs rise and selling prices fall [4]. Group 5: Evolution of Hedging Practices - The domestic futures market's development has provided a solid foundation for chemical companies' hedging activities, with a growing array of futures and options available for risk management [5]. - Data indicates a clear trend in the hedging wave, with a significant increase in the number of companies announcing hedging activities, reflecting a year-on-year growth of approximately 153% [5]. Group 6: Strategic Shift in Business Models - Chemical companies are evolving their use of futures from mere risk hedging to innovative business models and gaining pricing power within the industry [6][7]. - Leading companies are transitioning from "using futures for hedging" to "using futures for business operations," with the ability to manage risks across the entire supply chain becoming a distinguishing factor between industry leaders and average participants [7].