广州期货交易所 “双硅”协同筑牢防线 期现融合赋能光伏产业高质量发展

Core Viewpoint - The rapid development of China's green energy industry, particularly in the photovoltaic sector, is being supported by the introduction of relevant futures products, which inject financial momentum into strategic emerging industries [1] Group 1: Price Risk Management - The launch of polysilicon futures marks a significant step in establishing a comprehensive price risk management system for the photovoltaic industry, enabling precise hedging against price fluctuations [1][2] - The introduction of industrial silicon futures in 2022 and polysilicon futures in 2024 has created a full-process price risk management framework, allowing companies across the supply chain to hedge against cost and price risks effectively [2] - By November 2025, 12 and 17 listed companies had issued hedging announcements for polysilicon and industrial silicon futures, respectively, indicating growing market participation [2] Group 2: Expanding Sales Channels - The physical delivery mechanism of polysilicon futures has transformed the sales model from a "point-to-point" direct sales approach to a standardized, cross-regional trading bridge, enhancing the purchasing channels for companies [3] - 67% of products in the industry meet the quality standards for benchmark delivery, and 89% meet the requirements for alternative delivery, indicating a strong alignment with industry needs [3] - By November 2025, the cumulative delivery volume of polysilicon futures reached 10,000 contracts, equivalent to 30,000 tons in the spot market, reflecting deep participation from real enterprises [3] Group 3: Trade Empowerment - Polysilicon futures have redefined the role of traders, allowing them to evolve from traditional intermediaries to risk management service providers within the supply chain [4] - Modern trading models such as price-based and basis trading have gained traction, enabling flexible pricing based on futures prices, thus converting absolute price risks into manageable basis risks [4] - The introduction of innovative products like rights-based trading and over-the-counter options offers customized price protection solutions for enterprises, fostering a collaborative environment within the industry [4] Group 4: Practical Case Studies - A polysilicon production company successfully mitigated inventory devaluation risks by collaborating with a risk management subsidiary to purchase bear market options, enhancing revenue and reducing financial pressure [5] Group 5: Market Development and Ecosystem Building - The "Green to New" industry service plan launched by the Guangzhou Futures Exchange includes five core measures aimed at building a comprehensive service system for industry participation in the futures market [6] - By April 2025, the first batch of 12 "Green to New" industry base enterprises was established, highlighting the critical role of the trading segment in the integration of futures and spot markets [6] - The exchange has conducted over 170 market cultivation activities since 2025, covering more than 20,000 participants, and has provided tailored training for over 100 industry leaders [7] Group 6: Overall Impact and Future Outlook - Since its listing in December 2024, polysilicon futures have become a vital price benchmark and risk management tool, significantly impacting the photovoltaic industry's trading landscape [8] - The synergistic development of polysilicon and industrial silicon futures is not just about the introduction of financial products but represents a crucial financial infrastructure for enhancing the competitiveness of China's photovoltaic industry [8] - As market participation deepens and the integration of futures and spot markets continues to innovate, the futures market is expected to play a more significant role in price discovery and risk management, supporting the high-quality realization of the "dual carbon" goals [8]