多家上市公司拟开展套期保值应对原材料价格波动

Core Viewpoint - The rising prices of various bulk raw materials are putting pressure on downstream companies, prompting them to announce plans for commodity futures hedging to mitigate the impact of price fluctuations and ensure product profitability [1][4]. Market Performance - Since 2025, the prices of bulk raw materials have shown a trend of oscillating upward, with significant increases in key manufacturing materials such as copper and aluminum. In 2025, the spot copper price increased by 34.34%, and as of January 14, 2026, the London Metal Exchange (LME) copper price reached a historical high of $13,407 per ton, while domestic copper futures also surpassed 100,000 yuan per ton. Aluminum prices have similarly surged, with the main contract on the Shanghai Futures Exchange breaking through 25,000 yuan per ton, setting a new record [5][6]. Causes of Price Increase - The recent rise in prices for non-ferrous metals and bulk raw materials is attributed to a combination of supply and demand factors, policy influences, and market expectations. Supply constraints are due to environmental regulations, capacity repairs, and green transitions, while demand is driven by the recovery of global manufacturing and rapid growth in emerging industries such as new energy vehicles and energy storage. Additionally, ongoing growth stabilization policies and a relatively loose international liquidity environment support price increases [5][6]. Corporate Hedging Activities - In response to the ongoing price volatility, there is a noticeable increase in the willingness of listed companies to engage in hedging to "lock in costs." Since 2026, nearly 20 manufacturing companies have announced plans to conduct commodity futures hedging, covering various materials including copper, aluminum, stainless steel, and lithium carbonate. For instance, Shuangliang Energy Systems Co., Ltd. announced plans to engage in futures investment to stabilize production costs affected by raw material price fluctuations [6][7]. Trend in Risk Management - The trend of engaging in hedging activities reflects an enhanced awareness of risk management among companies. By locking in future raw material procurement costs or product sales prices, companies can effectively hedge against market price fluctuations, helping them stabilize costs and profit expectations in uncertain markets. The core goal of hedging remains "stabilizing operations" rather than "seeking profits," with a focus on matching hedging ratios and durations [7][8]. Future Outlook - As raw material prices remain high, it is expected that companies will adopt more systematic and refined approaches to managing price fluctuations. This includes optimizing combinations of futures and options tools, enhancing supply chain collaboration, and upgrading technology to increase product added value, thereby strengthening operational resilience [7].