此外，山东省港口集团还联合新华社，构建起"新华·山东港口大宗商品指数体系"。目前，已发布涵盖 铁矿石、焦炭等7个代表性货种的14类大宗商品指数，累计阅读量突破12亿次。依托港口真实贸易数据 精准反映市场波动，为贸易活动提供权威价格基准，助力企业预判趋势、防范风险，提升大宗商品价格 监测预警能力，服务行业平稳运行。 全国统一大市场建设，离不开高效便捷的现代服务体系支撑。投控集团坚持以产品创新、技术赋能提效 降险。通过灵活、多元化的仓单一站式融资平台，盘活企业存量资产、缓解资金压力，并借助跨境人民 币结算，有效运用国内外两个市场的资源，推动国内市场与国际市场的互联互通，助力提升统一大市场 的资源配置效率。 投控集团在全国沿海港口率先推出"港云仓"电子仓单综合服务平台，以区块链、物联网、大数据等先进 技术为依托，联通港口生产作业系统，使得港口货物"在线、可视、可查"，实现仓单一站式注册、融资 便利化办理。目前，平台助力客户累计获得融资超210亿元，有效破解了中小企业融资难题，成为港航 金融赋能实体的典范。 山东省港口集团深度融入全国统一大市场建设，在全国率先实现期现货全牌照布局，形成"清算所+期 货公司+风险管理子 ...

回顾活动历程，2024年首次面向市场公开征集便收获热烈反响，参与单位涵盖国家部委下属事业单位、 期货公司、产业企业、媒体、高校、证券公司、保险公司等，形成浓厚的外部参与氛围，显著提升了活 动影响力。首届作品主题集中于产业企业运用棉花、白糖、PTA、苹果、花生、玻璃等品种对冲市场风 险，生动呈现了期货市场在服务中小企业、助农增收、推动产业转型升级、赋能区域经济发展等方面的 积极作用。 本届征稿同样获得市场主体广泛响应，投稿主体包括期货公司、产业企业、媒体等各类机构及个人，部 分优质主体凭借持续深耕产业服务的实践积累，实现连续两年入围。参赛作品均为原创且未在重点媒体 平台刊发，内容聚焦实际问题，详细阐述了运用期货工具解决市场痛点的具体路径，涵盖风险识别、方 案设计、实施成效等核心要素。 12月25日，郑州商品交易所（以下简称"郑商所"）正式发布公告，2025"高质量发展中的期货力量"征稿 活动圆满落幕。经专家评审严格筛选，25篇聚焦期货服务实体经济实践的优秀稿件成功入围，集中展现 了期现融合的丰硕成效。 据记者了解，郑商所"高质量发展中的期货力量"征稿活动已连续开展2年，累计征集原创作品165篇。稿 件内容覆盖面 ...

Group 1 - The establishment of Beijing Guanghe Qiancheng Technology Co., Ltd. marks the official launch of a long-awaited "polysilicon capacity integration acquisition platform" in the photovoltaic industry, indicating a significant turning point towards standardized development in the sector [1] - The photovoltaic industry is transitioning from a "price war" to a "value war," with innovation as the core driving force for transformation, as the industry seeks to stabilize and achieve high-quality development [2][3] - The current photovoltaic market is experiencing a recovery in confidence, with the average transaction price of N-type raw materials rising from 35,400 CNY/ton in early July to 53,600 CNY/ton by late November [2] Group 2 - The photovoltaic industry faces multiple challenges, including a lack of synergy between upstream and downstream sectors, with the overall revenue of manufacturers declining due to weak demand [2] - The integration of futures and spot markets has become essential for the photovoltaic industry to escape the oversupply dilemma, providing a mechanism for price discovery and risk hedging [4][6] - Futures tools have become a stabilizing force for enterprises, with a significant increase in hedging announcements among A-share listed companies, particularly in the renewable energy sector, indicating a growing reliance on these financial instruments [5] Group 3 - The "Chengdu Declaration" emphasizes the importance of focusing on technological innovation and building a collaborative development ecosystem to promote high-quality international expansion of the entire industry chain [3] - The integration of futures and spot markets is seen as a new approach to stabilize production and optimize resource allocation in the renewable energy sector, addressing challenges such as price volatility and global trade complexities [6] - Industry experts believe that the integration of futures and spot markets will provide robust support for the high-quality development of the photovoltaic industry, helping it to gradually move away from price wars and enter a new cycle of profitability and quality improvement [6]

期货日报网讯（记者 刘威魁）多晶硅行业"收储"平台落地。近日，由多家硅料龙头企业等相关方联合 投资的北京光和谦成科技有限责任公司（下称"光和谦成"）完成工商注册。随后，中国光伏行业协会 （下称"光伏协会"）也明确表态，光和谦成完成注册，标志着光伏行业酝酿已久的"多晶硅产能整合收 购平台"正式落地。 从光伏行业自发的"反内卷"探索，到国家层面的战略引导，光伏产业正迎来规范发展的关键转折。业内 人士认为，产业的高质量发展离不开金融"活水"的浇灌，期货市场已成为企业不可或缺的风险管理工 具，期现融合发展能够为新能源产业企业应对价格波动提供保障，助力行业在高质量发展道路上突破瓶 颈。 光伏行业发展面临挑战 长期向好趋势未改 从2024年中央政治局会议首次明确提出"防止'内卷式'恶性竞争"，到2025年《政府工作报告》要求"综合 整治'内卷式'竞争"，一场由政策引导、市场驱动的"反内卷"行动，已从行业自发诉求上升为国家经济转 型的重要命题。这场覆盖传统产业与新兴领域的治理行动，不仅关乎千万企业的生存发展，更关系到中 国经济从规模扩张向高质量发展转型的成色。 从"反内卷"的进展来看，据光伏协会介绍，当前，光伏市场信心有一 ...

深秋的塔里木河畔，绵延不绝的枣林挂满果实。近年来，作为区域优势农业产业的红枣，正与金融市场 展开前所未有的深度融合，边疆地区的红枣产业企业也积极拓展对外合作，一幅产业升级与开放发展的 新画卷正在徐徐展开。 新疆作为我国重要的红枣产区，近年来积极拓展与国内外的合作渠道。 新疆果业集团有限公司（下称新疆果业）与中国外运华中有限公司威海分公司签署战略合作框架协议、 与香港新疆总商会建立交流合作机制，中阿（阿联酋）农业合作开通"空中丝绸之路"新通道，阿拉尔市 红福天枣业有限公司（下称红福天）与物产中大集团股份有限公司（下称物产中大）合资成立物产中大 （新疆）资源有限公司，阿拉尔市红鑫源枣业技术开发有限责任公司（下称红鑫源枣业）持续加强技术 研发创新完成市场拓展……这一系列举措正是新疆红枣产业迈向高质量发展新阶段的系统性布局，它们 共同指向一个方向：红枣产业正在突破传统农业的边界，通过与金融的深度融合、对外的广泛合作以及 科技引领，开启产业发展的新篇章。 金融基因的深度植入 长期以来，农业产业面临着资金短缺、风险管理难度大的发展瓶颈。而今，随着产融结合的深入推进， 金融"活水"正源源不断地滋养着红枣产业链的各个环节。从 ...

来源：郑商所发布 期货日报 记者 韩乐 在国民经济的庞大版图中，PTA产业紧密连接着石油化工与化纤纺织两大关键领域。从身上所穿的衣 物，到手中使用的饮料瓶，都离不开PTA的身影。然而，长期以来价格波动一直是困扰PTA产业企业的 难题。2006年12月，我国期货市场首个化工品种——PTA期货在郑商所挂牌上市，开启了PTA产业发展 的新篇章。如今，逸盛石化有限公司（下称逸盛石化）的车船板出口保税交割顺畅落地、浙江恒逸国际 贸易有限公司（下称恒逸国贸）的基差贸易平稳运行、荣盛石化股份有限公司（下称荣盛石化）的套保 策略精准对冲风险，这都是PTA产业积极探索期现融合的生动缩影。 积极探索：套保打开企业生存窗口 "对产业来讲，从最初的不了解到后面的尝试、运用，再到现在与PTA期货深度结合，这是一个从无到 有的过程。"逸盛石化PTA销售副总经理徐际恩如是说。 徐际恩向期货日报记者表示，在2010年之前，国内PTA采购主要依赖进口，如今已转变为净出口，反映 出行业从紧缺到充沛的演变。在此过程中，逸盛石化作为行业最大的供应商，也在市场变化中不断寻找 出路。 记者了解到，国内PTA行业以民营企业为主，基本上是从下游纺织企业逐步 ...

厦门、杭州、上海，是国内大宗商品贸易龙头企业的三大集中地。 不同地区的贸易企业，特点不同。 厦门胜在拥有海港枢纽，海运大宗、跨境中转、离岸结算优势明显；杭州则汇集了大量的期货机构、期 现公司，风险管理和期现结合能力更为突出，并涌现出热联集团、物产中大等多家代表性企业。 而随着近些年实体经济对衍生品工具应用的不断娴熟，上述大宗商品贸易企业率先向产业综合服务商转 变。 "大宗商品市场具备交易对手多、规模大、价格波动剧烈等特点，上游想高价卖货、下游想低价买货， 上下游容易陷入价格零和博弈关系。"热联集团高级副总裁劳洪波表示。 期货、期权等工具的出现则打破这种困局。上下游企业从价格博弈的对手方，逐步变为服务赋能、合作 变现的产业链协作伙伴。 大宗商品贸易企业的经营逻辑和行业角色，也随之发生变化。从产业链的单纯交易对手方，逐步发展成 实体企业的"外部CFO"和"风险管理部"。以热联集团为例，该公司推出的"五维管家服务"体系，便涵盖 了对实体企业的库存、产能、订单风险管理，以及采购、销售两端的优化管理等多项服务。 也正是在这类综合服务商的带动下，以聚酯、玻璃产业为代表的行业期现融合水平不断提升，相关实体 企业的整体经营效 ...

Core Insights - The core viewpoint of the articles is that the photovoltaic (PV) industry in China is experiencing a recovery due to the "anti-involution" initiative, which has led to improved financial performance for many companies, although challenges remain for sustainable high-quality development [1][5][6]. Industry Performance - The PV industry has shown signs of recovery in Q3 2025, with a significant reduction in net losses, and some companies have turned profitable [1][2]. - In Q3 2025, the SW photovoltaic equipment sector generated revenue of 403.1 billion yuan, a year-on-year decrease of 11%, with a net profit of -11 billion yuan, indicating a notable recovery compared to previous quarters [1][2]. - Among 21 listed companies in the PV main industry chain, 14 reported positive growth in net profit quarter-on-quarter, with notable recovery in the silicon material segment [2]. Price Trends and Market Dynamics - The prices of key materials in the PV industry have stabilized after a period of decline, with monocrystalline silicon wafer prices rising approximately 40% from earlier in the quarter [3]. - The average price of polysilicon increased by 8.6% quarter-on-quarter, indicating a recovery in material costs [3]. Challenges and Risks - Despite improvements, the industry still faces challenges such as low demand, price increases not fully covering cost rises, and ongoing losses in the battery and module segments [6][7]. - The overall revenue of 21 manufacturers in the PV main industry chain decreased by 784.73 million yuan year-on-year, primarily due to a decline in installation demand following a "rush installation" period [6]. Strategic Initiatives - The "anti-involution" initiative is seen as a critical strategy for the industry, focusing on technological innovation and collaborative development to enhance quality and sustainability [7][8]. - Industry leaders emphasize the need for self-discipline in pricing and capacity management to avoid unsustainable practices that could harm the sector [4][7]. Future Outlook - The long-term growth logic of the PV industry remains intact, with expectations for gradual recovery driven by ongoing reforms, technological advancements, and market expansion [9][14]. - The integration of futures markets is viewed as essential for stabilizing the industry and supporting the "anti-involution" efforts, providing tools for risk management and price stabilization [10][12].

Core Insights - The glass industry in Shihezi, Hebei, has developed a complete industrial system and significant market influence, earning it the title of "China Glass City" [1] - The local economy's stability is closely tied to the glass industry's performance, which is characterized by high price volatility [1] - Since 2021, domestic glass prices have dropped significantly, with float glass prices falling from 3100 yuan/ton to around 1200 yuan/ton [1] Group 1: Industry Development - The "1+5" modern industrial system in Shihezi focuses on the glass industry as its core [1] - The introduction of glass futures and options has allowed local companies to manage market risks effectively [2][3] - Over 80% of Shihezi's glass production capacity is now involved in futures hedging, transitioning from a "capacity highland" to a pricing center [1][6] Group 2: Risk Management and Financial Tools - Companies like Zhengda Glass have successfully utilized futures to lock in sales prices and mitigate raw material cost risks [2][3] - In 2023, Zhengda Glass completed a total of 10,000 tons of soda ash buy hedging and 40,000 tons of glass sell hedging, effectively managing production risks [3] - The point pricing model allows downstream companies to choose pricing timing based on their order schedules, reducing the risk of cooperation breakdowns [4] Group 3: Market Transformation - The entry of specialized futures companies has transformed the Shihezi glass market, introducing new business models and risk management strategies [6] - The integration of futures and spot markets has improved inventory management and reduced costs for glass producers [6][7] - Shihezi has evolved from a "price lowland" to a pricing center for three major markets: spot, futures, and bulk commodities [7][8] Group 4: Future Outlook - The use of derivative tools is now seen as a key driver for local industry upgrades and economic stability [8] - The Zhengzhou Commodity Exchange plans to continue optimizing glass futures market services to support the industry's growth [8]

Core Insights - The first China Wood Industry High-Quality Development Conference was held in Dalian, focusing on the theme "Linking Futures to Connect the Future" and gathering over 600 representatives from various sectors [1] Industry Changes - The wood industry is a crucial raw material for national economic construction and green development, with its scale growing from hundreds of billions to over ten trillion yuan [2] - China has become the world's largest producer, consumer, and trader of wood and wood products, exporting to over 180 countries and regions [2] - The launch of log futures and options has shown initial success in enhancing the international influence of China's wood market, with a total trading volume exceeding 7.8 million contracts and a transaction value of 464 billion yuan in the past year [2][3] Standardization and Efficiency - Log futures have significantly contributed to the establishment of a unified national market by addressing long-standing issues with inconsistent measurement standards [3] - The introduction of national standards for log measurement has improved efficiency by over five times compared to traditional methods [3] - The promotion of standardized measurement practices has helped enhance the overall efficiency and standardization of the industry [4] Risk Management - Companies are increasingly focusing on the hedging functions of log futures to stabilize their revenues and manage risks effectively [5][6] - Different levels of risk management strategies are available for companies, ranging from basic hedging to advanced options strategies [6] Import Trade Dynamics - The attitude of foreign exporters towards log futures has shifted dramatically, leading to a more dynamic pricing model and improved negotiation power for domestic importers [8][9] - The introduction of log futures has allowed domestic importers to reference market prices in negotiations, enhancing their bargaining power [10] Future Outlook - There is a strong expectation for the future development of the wood industry and log futures, with plans to enhance the integration of the wood industry chain and supply chain [11] - The Dalian government aims to establish a Northeast Asia wood distribution and deep processing base, promoting the export of wood products [11] - The Dalian Commodity Exchange plans to optimize products and enhance the global influence of "Chinese prices" while promoting a modernized wood industry circulation system [12]