【大宗周刊】热联集团劳洪波：大宗商品风险管理已从“可选项”变为“必选项”

Core Insights - Zhejiang is accelerating the development of its futures market and high-quality development of the spot market, aiming to create an integrated off-market for bulk commodities as a key task in its 14th Five-Year Plan [1] - Hangzhou's strong industrial foundation and financial ecosystem provide fertile ground for exploring the coupling of futures and spot markets [1] - Hangzhou Relian Group, a leading player in the bulk commodity industry, has developed a unique path for integrated development through its core business of spot trading and supply chain services [1] Futures and Spot Market Coupling - The coupling point between futures and spot markets lies in price and risk management, where futures serve as a "price insurance market" for enterprises [3] - Companies can lock in future procurement costs or sales prices through futures, transforming price volatility into manageable basis risk [3] - The relationship is symbiotic, with futures providing risk management tools and spot markets offering physical delivery and price anchoring [3] Development Stage of Derivatives Market - The derivatives market in China is transitioning from a "tool popularization phase" to a "service deepening phase" [4] - The current 2.0 stage sees more companies using derivatives for systematic hedging and risk management, moving towards a more integrated risk control approach [4] - Future developments will focus on creating an ecosystem that supports stable operations and value growth for enterprises [4] Importance of Risk Management - Risk management is now viewed as a competitive necessity for bulk commodity enterprises, especially in volatile market conditions [5] - Effective risk management ensures survival, stability in operations, and the establishment of competitive advantages [6] Relian Group's Experience in Risk Management - Relian Group's approach includes a core philosophy of serving the real economy, a practical model of "derivatives empowering the real economy," and a service logic focused on long-term partnerships [7][8] - The company emphasizes solving real problems and creating genuine value for clients, moving beyond one-time transactions [8] Zhejiang's Bulk Commodity Resource Hub - The Zhejiang International Bulk Commodity Trading Center has evolved from a single oil and gas trading platform to a multi-commodity trading platform [10] - The hub aims to integrate the entire supply chain of bulk commodities, enhancing global resource allocation efficiency [11] - As of December 9, the trading volume exceeded 1 billion tons, with a trading value surpassing 420 billion yuan [12] "Zhoushan Price" and International Pricing Power - The hub aims to establish pricing influence by developing domestic pricing benchmarks for various commodities, moving from passive to active pricing strategies [13] - New products have been launched to support enterprises in navigating international trade barriers [13] Alliance for National Unified Market - The establishment of the Zhejiang Free Trade Zone's bulk commodity resource allocation alliance aims to enhance cooperation among industry players and improve resource allocation efficiency [14] - The alliance focuses on breaking down barriers between enterprises and facilitating information sharing and business connections [14] Future Outlook - The Zhejiang bulk commodity hub will continue to expand its trading categories and index systems while exploring intelligent supervision and risk prevention systems [16] - The focus will remain on supporting national strategies and enhancing China's global resource allocation capabilities [16]