实探｜多层次风险管理护航实体企业！五矿期货与再生铝企业样本

Core Viewpoint - The article discusses the significant fluctuations in non-ferrous metal prices this year, particularly affecting the profitability of processing companies in the supply chain, highlighting the importance of financial tools for cost smoothing and profit locking [1]. Group 1: Market Dynamics - Non-ferrous metal prices, including copper and aluminum, have shown increased volatility, creating operational pressures for upstream and downstream companies [1]. - The processing companies, positioned in the middle of the supply chain, face further compression of profit margins due to these price fluctuations [1]. Group 2: Role of Futures Market - Futures companies play a crucial role in stabilizing the operations of real economy enterprises while enhancing their own professional capabilities and service boundaries [3]. - The average daily equity scale of industrial clients at Wukuang Futures Chengdu branch has increased over tenfold since 2021, with a compound annual growth rate of over 200% in client accounts [3]. - The client structure includes approximately 60% from the new energy industry, 30% from the metal industry, and 10% from agricultural products [3]. Group 3: Risk Management Strategies - Wukuang Futures Chengdu branch has developed tiered and differentiated risk management solutions based on the different risk characteristics of upstream and downstream enterprises [3]. - Upstream companies utilize futures to lock in sales prices while employing options for additional value, with some state-owned enterprises preferring controlled risk options for hedging [3]. - Midstream traders engage in full-process hedging by buying futures or call options to lock in raw material costs and selling futures or buying put options to secure sales prices [4]. Group 4: Case Study - Recycled Aluminum - Sichuan Shenglin New Materials Technology Co., Ltd. produces 100,000 tons of recycled aluminum alloy ingots annually and employs futures market operations to mitigate risks from price volatility [6]. - The company emphasizes a principle of hedging without speculation, ensuring that futures trading aligns with production operations [6]. - The introduction of casting aluminum alloy futures has enhanced the pricing power of recycled aluminum companies, providing valuable price signals [7]. Group 5: Futures Market Functionality - The Shanghai Futures Exchange has improved its delivery system, with its delivery volume and amount leading among domestic exchanges, accounting for approximately 60% of the market's delivery value and 30% of the delivery volume in 2024 [8]. - The core value of the futures market lies in risk management and price discovery, with ongoing training and innovation aimed at helping more enterprises effectively utilize futures tools [8].