八月中州，高朋满座。2025中国（郑州）国际期货论坛在各方的期待中启幕，并在热烈掌声中落下帷 幕。本届论坛以"开放"与"风险管理"为关键词，来自监管机构、境内外交易所以及产业界的众多代表集 聚一堂，围绕中国期货市场高水平对外开放、创新赋能实体经济发展等热点话题深入交流，共同描绘期 货市场国际化发展与期现深度融合的新蓝图。 凝聚共识，开放迈入新阶段 论坛上，各方嘉宾一致认为，持续扩大开放是中国期货市场行稳致远的重要路径。中国期货业协会党委 书记、会长杨光表示，期货市场高水平对外开放不仅是构建新发展格局、增强国内国际两个市场联动效 应的关键环节，更是落实党中央决策部署的具体实践。 郑商所相关负责人也表示，推进期货市场对外开放能够为国际市场提供更多的期货和期权产品供给，吸 引更多境外客户参与，提升大宗商品价格的影响力。 期货日报记者从论坛上了解到，中国期货市场在对外开放领域取得了一系列重要成果。一是"引进来"。 自2018年首个对外开放期货品种原油期货上市以来，截至2025年7月底，境内已有24个特定品种，覆盖 能源、金属、农产品、航运等领域。摩根大通期货、瑞银期货、摩根士丹利期货等期货公司已实现 100%外资持股 ...

Core Viewpoint - The Guangxi Futures Exchange aims to accelerate the research and listing of electricity futures to better serve the real economy and industry enterprises, creating an efficient bridge between the electricity industry and the futures market [1] Group 1 - The Guangxi Futures Exchange will continue to listen to market demands and improve services [1] - The goal is to utilize futures to support the real economy and industry enterprises [1] - The exchange plans to collaborate with various parties to expedite the development and listing of electricity futures [1]

Core Viewpoint - The launch of lithium carbonate futures has significantly impacted the lithium battery industry, providing a crucial pricing benchmark and enhancing risk management capabilities for enterprises in the sector [1][6]. Industry Impact - Since its launch on July 21, 2023, lithium carbonate futures have become a widely recognized pricing benchmark in the domestic lithium battery industry and gained international recognition as a key reference for global lithium carbonate trade [1][6]. - The futures market has enabled companies to effectively hedge against price volatility, thus injecting confidence into the lithium battery supply chain and supporting high-quality development [1][4]. Market Participation - The participation of general corporate clients in the futures market has increased significantly, with average daily positions rising from 18.50% in 2023 to 49.63% in 2025, reflecting a growing awareness of risk management tools among lithium industry enterprises [3][4]. - As of now, 71 listed lithium companies have announced plans to engage in lithium carbonate futures hedging, marking a 208% increase from 23 companies at the end of 2023 [4]. Pricing Mechanism - The pricing mechanism based on lithium carbonate futures has evolved into a mainstream trading model across the entire industry chain, demonstrating the industry's proactive embrace of innovative models [9]. - The futures price has become a "rigid anchor" in international trade, influencing pricing strategies in markets such as Africa and Australia, where companies now base their pricing on futures prices [6][7]. Support and Training Initiatives - The exchange has initiated various support measures, including the "Green to New" industry service plan, which aims to enhance the understanding and participation of key lithium battery enterprises in the futures market [9][10]. - Training programs have been conducted to improve the knowledge of local state-owned enterprises and listed companies regarding the futures market, with over 1,100 participants involved in specialized training sessions [10]. Future Outlook - The exchange plans to continue optimizing its services and enhancing the market's ability to support lithium battery enterprises in managing market risks and achieving high-quality development [11].

Core Viewpoint - The domestic futures market has established a multi-layered futures variety system covering key areas such as finance, energy, metals, and agricultural products, serving as an important tool for enterprises to hedge against price volatility risks and optimize resource allocation [1] Group 1: Futures Market Functions - The implementation of the Futures and Derivatives Law has clarified the core goal of the futures market to serve the real economy and ensure the safety of industrial chains, providing a solid policy foundation and legal guarantee for deeper integration into the real economy and supply chain management [1] - Through the hedging function of the futures market, enterprises can effectively hedge against price volatility risks, lock in costs, and optimize profits [1] - The price discovery mechanism of the futures market allows enterprises to obtain more accurate market information, aiding in procurement and sales decisions [1] - The standardized contracts and delivery systems of the futures market enable efficient inventory management for enterprises [1] Group 2: Case Study of Iron Ore Industry - In the early stages of China's steel industry, steel mills primarily relied on fixed prices or long-term contracts for iron ore procurement, often depending on the overseas Platts price index, which faced criticism for its narrow sample collection and lack of transparency [2] - The introduction of a pricing model based on "futures price + basis" using Dalian Commodity Exchange iron ore futures prices has provided a new, more liquid pricing reference for trade parties, enhancing flexibility and pricing power for steel mills [2] - Steel mills can now avoid the risks associated with one-time buyouts by locking in sources and managing production and inventory more effectively through staggered pricing and payment [2] Group 3: Trade and Risk Management Innovations - The basis trading model has expanded business channels for traders, allowing them to provide more flexible services to upstream and downstream enterprises, enhancing market competitiveness and facilitating their transformation into "comprehensive service providers" [3] - In the lithium industry, companies have actively participated in lithium carbonate futures, employing a combination strategy of "futures hedging + options insurance" to create a comprehensive price risk management system [4] - This strategy allows companies to limit losses during price declines while retaining some profit potential during price increases, fundamentally changing their perception of the value of derivative tools [4] Group 4: Agricultural Sector Innovations - The "insurance + futures" model has been recognized as an innovative financial business model in China, evolving from price insurance and agricultural product futures to include diverse products like income insurance and weather index insurance [5] - A pilot project in Shandong Province covering nearly 100,000 acres of peanuts has provided significant income protection for farmers, with a compensation amount of 19.57 million yuan and a compensation rate of 176.15% [5] - This project serves as an important innovative demonstration in the development of modern urban agriculture in China, promoting high-quality development in the local peanut industry [5][6] Group 5: Industry Chain Integration - Futures institutions are deepening their penetration into the industry chain by innovating service models, tracking the entire process from raw material procurement to product sales [7] - New tools such as basis trading and rights trading have been introduced to help enterprises manage risks and improve efficiency during downturns in the steel industry [7] - The futures market is evolving from a "marginal market" to a "core infrastructure," significantly enhancing the ability of the real economy to withstand external shocks and becoming a crucial force in promoting high-quality economic development [7]

Core Insights - The "2024 Annual Collection of Excellent Cases of Futures Institutions Serving the Real Economy" organized by the China Futures Association concluded successfully, with 39 cases from 28 futures companies entering the "Excellent Case Database" [1][2] - The selected cases cover nearly 40 futures and options varieties, showcasing diverse business models such as OTC options, basis trading, warehouse receipt services, delivery services, consulting services, swaps, and comprehensive service models [1] - The cases demonstrate the active role of futures institutions in helping various enterprises, including state-owned enterprises, listed companies, SMEs, and cooperatives, manage market risks and achieve stable development [1] Summary by Category Case Selection and Variety - This year's selected cases include significant breakthroughs, such as the first inclusion of government bond futures, filling a gap in financial futures cases and providing new ideas for financial futures serving the real economy [1] - The cases also feature new energy futures varieties like industrial silicon and lithium carbonate, as well as newly listed timber futures, reflecting new trends in futures services for the real economy [1] Impact on Industries - The selected cases span the entire industrial chain, highlighting the contribution of futures institutions in supporting enterprises across different scales and sectors [1] - The cases provide guidance for related industries participating in the futures market and offer practical references for futures markets to support national strategies and emerging industry development [1][2] Future Directions - The China Futures Association has been conducting this collection activity for eight consecutive years, with a total of 216 cases now in the "Excellent Case Database," enriching the experience and references for the futures industry serving the real economy [2] - The association aims to continue guiding and promoting futures institutions to enhance their service capabilities for the real economy, contributing to high-quality economic development in China [2]

Core Viewpoint - The article discusses the significant impact of geopolitical conflicts on commodity prices since 2025, emphasizing the role of the futures market in stabilizing market expectations and addressing the challenges faced by enterprises in hedging against risks [1][6]. Group 1: Futures Market Functions - The futures market is becoming a key tool for stabilizing market expectations through price discovery, risk management, and resource allocation [1]. - New Lake Futures' risk management subsidiary, Xinhu Ruifeng, has served over 600 small and medium-sized enterprises (SMEs) in the first half of 2025, with a spot trading volume exceeding 4 billion yuan and an increase in nominal principal of nearly 6 billion yuan [1][2]. Group 2: Innovative Service Models - Xinhu Ruifeng has implemented a pricing model based on "futures price + negotiated basis" to provide basis trading services to hundreds of small paper manufacturers in Baoding, Hebei [2]. - The integration of upstream and downstream supply chains through innovative models has reduced operational costs and risks, allowing for efficient resource allocation [2][3]. Group 3: Challenges in Hedging - Enterprises face multiple challenges in utilizing futures for hedging, including a lack of professional teams and understanding of derivative products, leading to improper hedging strategies [3][4]. - The limited availability of futures products for certain key metals and niche agricultural products restricts comprehensive hedging capabilities across entire supply chains [4][5]. Group 4: Recommendations for Improvement - The article suggests enhancing trader education and talent development, accelerating product innovation, and optimizing regulatory policies to address the identified bottlenecks in the futures market [5][7]. - Specific recommendations include lowering margin requirements, expanding the range of tradable products, and improving the flexibility of hedging strategies for state-owned enterprises [8].

Core Viewpoint - The event organized by the Shandong Futures Association aims to enhance communication and cooperation among futures companies, focusing on high-quality development and service to the real economy, in line with national policies [1][3]. Group 1: Event Overview - The Shandong Futures Association organized a learning exchange activity involving over 20 representatives from local futures companies, visiting Zhejiang-based firms to share experiences and strategies [1]. - The event was guided by the Shandong Securities Regulatory Bureau and aimed to build a communication bridge for mutual learning and development among futures institutions [1]. Group 2: Company Strategies and Insights - Hu Jun, Chairman of Zhejiang Merchants Futures, emphasized compliance as a cornerstone for sustainable development, focusing on research and innovation to simplify futures trading through technology integration [3]. - Jia Xiaolong, General Manager of Nanhua Futures, highlighted the company's commitment to serving national strategies and local economies, developing overseas business and wealth management as dual engines for growth [3]. - Ma Zhiwei, General Manager of Yong'an Futures, stated the company's mission of "finance for good, futures for reality," outlining three strategic focuses: commodity investment banking, asset allocation expertise, and leadership in international business [3]. Group 3: Outcomes and Future Directions - The Shandong delegation engaged in discussions on key topics such as serving the real economy, empowering rural revitalization, and fostering industry culture, gaining insights from Zhejiang's advanced practices in strategic determination and social responsibility [4]. - Participants expressed that the event broadened their perspectives and inspired innovative service models, reinforcing the importance of collaboration in contributing to national strategies and economic development [4]. - The Shandong Futures Association plans to continue enhancing work efficiency and service levels under the guidance of the Shandong Securities Regulatory Bureau, aiming to support member development and contribute to China's modernization journey [4].

Core Insights - The Shanghai Futures Exchange has developed a prominent futures and options system for non-ferrous metals over the past 30 years, contributing to the rapid growth of China's non-ferrous metal industry and its integration with global markets [1][2]. Industry Development - The futures industry in China has evolved significantly from its inception in the early 1990s, transitioning from a nascent stage to a well-regulated and innovative market [3][4]. - The establishment of a market system tailored to China's unique characteristics has been crucial, incorporating features such as penetrating supervision and big data monitoring [4][6]. Market Evolution - The launch of the first standardized copper futures contract in 1993 marked a new pricing model and credit system for the industry, paving the way for corporate transformation [5][9]. - The introduction of various new products and platforms, such as the copper options and the standard warehouse receipt trading platform, has attracted more participants from the real economy [6][10]. Risk Management - The 2008 financial crisis highlighted the importance of risk management tools in the futures market, with the non-ferrous metal sector demonstrating relative stability compared to other industries [7][8]. - The regulatory framework and trading systems in place have proven effective in managing risks, as evidenced by the resilience of the domestic nickel futures market during the 2022 LME nickel incident [8][10]. Internationalization - The internationalization of the futures market has been a key focus, with the introduction of international copper futures and the participation of qualified foreign institutional investors (QFII) enhancing market depth and pricing influence [9][10]. - China's position as the largest producer and consumer of non-ferrous metals underpins the confidence in developing the futures market, with increasing participation from industry clients [11][12]. Strategic Integration - Companies are increasingly integrating futures into their strategic operations, utilizing them for comprehensive risk management and operational planning [12][13]. - The evolving service model of futures companies, including a diverse range of offerings, enhances their ability to support the real economy [13][14].

Core Viewpoint - The futures industry plays a crucial role as a "stabilizer" in the face of complex international environments and commodity market fluctuations, aiming to support the real economy by providing effective risk management solutions through innovative service models [1][2]. Group 1: Current Challenges in Futures Market - Despite significant growth in China's futures market, there remains a mismatch between the supply quality of futures services and the diverse needs of the real economy, indicating substantial potential for improvement [3]. - The participation of small and medium-sized enterprises (SMEs) in the futures market is notably low, with only about 40,000 SMEs served by risk management companies out of over 50 million SMEs in China, highlighting a significant gap [2][3]. - Key barriers to participation include unclear tax policies, limited state-owned enterprise involvement, and challenges such as insufficient professional teams, high capital costs, and complex accounting processes [2][3]. Group 2: Strategic Initiatives for Improvement - The company aims to enhance specialized service capabilities across various industries, providing tailored risk management solutions and improving customer engagement through digital tools [4][5]. - There is a focus on diversifying business structures by integrating on-exchange and off-exchange services, enhancing product design, and better meeting the customized risk management needs of industrial clients [4][5]. - The company plans to offer competitive international market risk management services to support domestic enterprises in their global expansion efforts, ensuring effective risk mitigation [5][6]. Group 3: Innovative Solutions for SMEs - The company has introduced innovative options tools to address challenges faced by oilseed enterprises, resulting in significant cost savings and improved operational efficiency [6]. - A rights-based trading model has been implemented to assist alloy enterprises in managing inventory pressures, leading to increased revenue per ton and improved cash flow [6]. - The company emphasizes the importance of deepening the integration of finance and industry, focusing on the specific needs of enterprises to contribute to high-quality economic development [6]. Group 4: Investor Education Initiatives - The company has developed a three-dimensional investor education system to help enterprises better understand and utilize risk management tools, combining online resources, brand activities, and targeted services [7][8]. - Innovative educational methods, such as interactive online platforms and practical training sessions, have been employed to lower the barriers to learning about futures trading [7]. - A professional service team has been established to provide customized training and ongoing support to over 500 enterprises, enhancing their risk management capabilities [7][8].

Group 1 - The steel industry in China has experienced significant growth since the new century, leading to the emergence of steel futures, with nine related futures products currently available, including four listed on the Shanghai Futures Exchange [1] - Rebar is the largest metal futures product globally in terms of trading volume, reflecting the increasing financial attributes and pricing trends of steel futures [1] - Steel companies have transitioned from merely observing the futures market to actively utilizing it to mitigate operational risks, indicating a deepening integration between steel and finance [1] Group 2 - The Shanghai Futures Exchange has engaged with steel companies to enhance contract continuity and delivery convenience, resulting in an overall increase in delivery volumes for rebar and hot-rolled coils [2] - The steel industry is currently facing challenges due to a complex international environment, leading to increased pressure on production and operations, prompting the China Iron and Steel Association to focus on enhancing industrial capabilities and modernizing supply chains [2] - The association emphasizes three key priorities: controlling capacity expansion, promoting industry concentration, and ensuring resource security, while also advancing internationalization efforts in the steel industry [2] Group 3 - The steel industry is recognized as a vital foundation for the national economy, with calls for the Shanghai Futures Exchange to become a world-class trading platform to better serve the real economy [3] - The China Iron and Steel Association aims to collaborate with the Shanghai Futures Exchange and industry stakeholders to improve futures regulations and promote the integration of finance and industry, supporting high-quality development in the steel sector [3]