Core Insights - The article discusses the five major challenges faced by enterprises in the current international landscape, including price volatility, exchange rate fluctuations, external demand uncertainty, compliance risks, and interest rate management [1][2] - The futures market is highlighted as a crucial tool for enterprises to stabilize expectations and manage risks effectively [2][3] - The need for customized, full-cycle professional services in the futures market is emphasized, as many enterprises face difficulties due to a lack of professional talent, weak risk control systems, and financial pressures [3][4] Group 1: Challenges Faced by Enterprises - Enterprises are experiencing increased pressure from commodity price fluctuations, leading to inventory value volatility [2] - External demand uncertainty is causing enterprises to adopt conservative investment behaviors [2] - Exchange rate volatility is increasing the pressure on enterprises regarding cross-border settlement and foreign exchange losses [2] - Enterprises are required to allocate more resources to manage legal risks [2] - The difficulty in managing interest rate risks is rising for financial enterprises [2] Group 2: Role of the Futures Market - The futures market serves as a "shield" for enterprises, providing price discovery and risk management solutions [2][3] - The maturity of the futures market and the diversification of its participants enhance its ability to capture supply-demand changes and macroeconomic sentiments [2][3] - Futures tools like hedging are essential for enterprises to manage risks and optimize resource allocation [2][3] Group 3: Expectations from Futures Companies - Enterprises expect customized services that consider their specific circumstances, such as their scale and supply chain dynamics [4][5] - There is a demand for full-cycle support in building risk management systems, including institutional development and process optimization [4][5] - Enterprises seek comprehensive support from futures companies, including policy interpretation and professional training to lower the barriers to using futures tools [5][6] Group 4: Innovations and Solutions - Futures companies are leveraging financial technology and innovative models, such as AI-driven research and "insurance + futures" to address the challenges faced by small and medium-sized enterprises [3][5] - The need for more tailored futures products that align with the realities of various industries is highlighted, along with the importance of refining contract designs [5][6] - The article suggests enhancing investor education to change the perception of futures as high-risk instruments and to improve market participation [6][7]

Core Insights - The 2024 China Paper Association Annual Conference emphasized the importance of supply and demand analysis for stable industry growth and high-quality development [1][2] - The Shanghai Futures Exchange (SHFE) has played a significant role in the paper industry since the launch of pulp futures in 2018, contributing to price discovery, risk management, and resource allocation [1] Market Performance - In 2023, pulp futures trading volume reached 130 million contracts, a year-on-year increase of 55.0%, with a total transaction value of 7.2 trillion yuan, up 29.8% [1] - Daily average open interest for pulp futures was 441,000 contracts, reflecting a 32.6% year-on-year increase [1] - The total delivery volume for pulp futures in 2023 was 1.075 million tons, marking a 73.2% increase and the highest since the launch of the futures [1] Delivery Services - The SHFE expanded its delivery resources by adding two new deliverable brands in 2023, increasing the total to 14 brands across 7 countries on 4 continents [1] - The total delivery capacity reached 870,000 tons, more than quadrupling since the initial launch, facilitating greater participation from industry enterprises in risk management [1] Industry Perspectives - Experts acknowledged the stable operation and functionality of pulp futures, noting that China now accounts for over half of global pulp trade, with pricing gradually shifting from Western markets to domestic [2] - The pulp futures market is seen as maturing, providing new development opportunities and business models for the entire pulp and paper industry chain [2] Future Developments - The SHFE plans to expand the range of quality deliverable resources and optimize delivery warehouse layouts while monitoring market trends to stabilize expectations [2] - Future initiatives include the launch of futures and options for printing paper and corrugated paper, as well as advancing the internationalization of pulp futures to provide more precise risk management tools for the industry [2]

Core Insights - The company is actively transforming and enhancing its services to the real economy during the 14th Five-Year Plan period, focusing on innovative risk management models and expanding its customer acquisition through the internet [1][2] Group 1: Business Development and Strategy - The company has successfully launched the first "insurance + futures" project for beef cattle price index, providing a new paradigm for risk management for industry participants [1] - Future plans include focusing on core business areas, improving quality and efficiency, and enhancing competitive advantages by deepening resource exploration and strengthening sustainable development capabilities [1][3] - The company aims to transform its asset management business to enhance both efficiency and scale, integrating it closely with brokerage services to improve trading consultation capabilities [1] Group 2: Service to the Real Economy - The company is targeting upstream and downstream entities in the industrial chain, agricultural cooperatives, and family farms, offering on-site, one-stop risk management services tailored to their operational needs [2] - Plans to establish an industry development alliance to provide professional training and financial services to meet the operational needs of real enterprises and agricultural production [2] Group 3: Research and Risk Management - The company is enhancing its research and investment system, aligning with national industrial policies and industry trends to produce research outcomes that address the needs of real enterprises [2] - A focus on strengthening risk control measures, implementing regulatory requirements, and utilizing risk measurement models for real-time monitoring and dynamic analysis of risk situations [2] Group 4: Organizational Improvement - The company is committed to improving operational quality and efficiency by enhancing departmental service capabilities and fostering cross-departmental collaboration [3] - Plans to establish talent development pathways in various fields, including comprehensive management and market marketing, to enhance overall organizational capabilities [3] - The company aims to significantly increase its market and customer scale, driving a spiral increase in operational profit indicators during the 15th Five-Year Plan period [3]

Core Viewpoint - The 2025 China (Zhengzhou) International Futures Forum emphasized "openness" and "risk management," highlighting the importance of high-level opening of China's futures market and its integration with the real economy [1][2]. Group 1: Achievements in Opening Up - Since the launch of the first foreign-opened futures product, crude oil futures, in 2018, there are now 24 specific futures products available, covering energy, metals, agricultural products, and shipping as of July 2025 [3]. - Domestic futures companies have established 22 first-level subsidiaries, 39 second-level subsidiaries, and 6 third-level subsidiaries overseas, with locations including Hong Kong, Singapore, the UK, and the US [3]. - The Zhengzhou Commodity Exchange (ZCE) aims to enhance cross-border cooperation and optimize the regulatory environment to better serve domestic and foreign enterprises in risk management and pricing services [3]. Group 2: International Participation and Product Innovation - The ZCE has introduced specific products for international trade, such as rapeseed meal, rapeseed oil, and peanut futures, which have shifted pricing models from traditional methods to ZCE-based pricing [4]. - Companies like Jia Li Gao have utilized futures for hedging against price fluctuations, indicating a growing trend of international entities engaging with the ZCE for risk management solutions [4]. - The forum showcased the increasing recognition of "Chinese prices" in global commodity markets, with more enterprises using ZCE prices for international trade [7][11]. Group 3: Regulatory Support and Future Directions - Regulatory bodies signaled intentions to expand the range of futures and options products available to qualified foreign investors, enhancing their participation in China's futures market [6]. - The ZCE plans to steadily expand its offerings and improve its global pricing influence, including the introduction of bonded delivery for PTA futures [7]. - The forum highlighted the importance of collaboration between government and enterprises, establishing a complete cycle of policy guidance, forum facilitation, and practical implementation [12][14]. Group 4: Forum Impact and Industry Recognition - The forum has become a significant platform for industry exchange, with increasing participation from international suppliers and clients, reflecting its growing influence [8][10]. - Participants noted the practical value of the forum in providing actionable insights and solutions for enterprises, indicating a shift towards more hands-on approaches in futures services [9][10]. - The event has been recognized for its role in enhancing the international competitiveness of Chinese industries and improving the global discourse on commodity pricing [11].

Core Viewpoint - The Dalian Commodity Exchange (DCE) emphasizes its role in supporting the real economy and national strategies, particularly in the oilseed sector, which is crucial for food security in China [1]. Group 1: Market Performance - In the first seven months of this year, the average daily trading volume of oilseed futures and options reached 4.69 million contracts, a year-on-year increase of 21% [2]. - The average daily open interest was 8.09 million contracts, reflecting a year-on-year growth of 33%, with institutional clients accounting for nearly 70% of the positions, aligning with global mature market levels [2]. Group 2: Internationalization Efforts - The DCE has made significant strides in internationalization, with Malaysian derivatives exchange listing contracts based on DCE's soybean oil futures prices, maintaining a top-five position among global agricultural contracts [2]. Group 3: Service to the Real Economy - The hedging efficiency of DCE's oilseed futures and the correlation with spot prices exceed 90%, indicating strong service capabilities to the real economy [2]. - Over 90% of the soybean crushing volume in China is represented by enterprises participating in DCE's soybean meal and soybean oil futures, with major crushing companies using DCE prices for over 80% of their soybean oil and 90% of their soybean meal trades [2]. Group 4: Future Strategies - The DCE aims to enhance its pricing influence by advocating for policy breakthroughs in physical delivery of imported soybeans and optimizing contract rules to better represent global supply and demand [3]. - The exchange plans to deepen customized services for leading enterprises and expand the investor ecosystem to improve the usability of futures tools across the industry [3]. - The DCE is focused on promoting the integration of futures and spot markets, supporting basis trading and pricing models, and developing soybean crushing arbitrage instructions to facilitate industry participation [3].

Group 1 - The "2024 Annual Excellent Case Collection Activity for Futures Operating Institutions Serving the Real Economy" organized by the China Futures Association has concluded successfully, with 39 cases from 28 futures companies entering the "Excellent Case Database" [1] - The selected cases cover nearly 40 futures and options varieties, showcasing various business models such as over-the-counter options, basis trading, warehouse receipt services, delivery services, consulting services, swaps, and comprehensive service models, reflecting the refined and customized services provided by futures operating institutions [1] - The cases involve a wide range of service targets, including state-owned enterprises, listed companies, small and medium-sized enterprises, and cooperatives, demonstrating the positive role of futures operating institutions in helping different scales and sectors of enterprises manage market risks and achieve stable development [1] Group 2 - Notably, this year marks a significant breakthrough with the inclusion of government bond futures cases serving the real economy, filling a gap in financial futures cases and providing new ideas for financial futures to serve the real economy [1] - The selected cases also include futures varieties related to new energy, such as industrial silicon and lithium carbonate, as well as newly listed timber futures, showcasing new trends in futures services for the real economy and providing guidance for related industries to participate in the futures market [1] - The China Futures Association has conducted the case collection activity for eight consecutive years, with a total of 216 cases now in the "Excellent Case Database," providing rich experiences and references for the futures industry to serve the real economy [2]

Core Insights - The article discusses a research activity organized by Futures Daily in collaboration with Zhengzhou Commodity Exchange to enhance understanding of the futures market among university students and related personnel, focusing on its application in the real economy [1] Group 1: Research Activity Overview - The research activity took place from July 28 to 31, involving experts and scholars from various universities including Dalian University of Technology and South China Agricultural University [1] - The activity included visits to multiple enterprises in Hubei province to discuss the current status of spot markets and industry development for products like soda ash, cotton, and rapeseed oil [1] Group 2: Insights from Enterprises - At the National Grain and Material Reserve Bureau Hubei, it was emphasized that futures professionals need solid knowledge of trading rules and risk management capabilities [2] - Chengdu Yuntu Holdings, a leader in compound fertilizer and soda ash production, highlighted the importance of futures tools in managing operational risks related to inventory and sales [3] - Hubei Yinfeng Cotton Co., Ltd. described futures as a "stabilizer" and "accelerator" for their operations, with over 80% of their business relying on basis trade [4] - Wuhan Yudahua Textile Group discussed the necessity for futures professionals to possess risk identification and market analysis skills [5] - Hubei Grain and Oil Group focused on the need for futures knowledge across various roles within the company, emphasizing the importance of a robust trading and risk control system [6] Group 3: Educational Implications - The Vice Dean of the Futures College at Beijing Wuzi University praised the value of practical exposure for students, which helps them understand the real economy and enhances their employability [7] - The MBA program leader at China Agricultural University noted that practical experiences help correct cognitive biases and clarify career paths for students interested in agricultural futures [7]

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]