在第十九届全国期货（期权）实盘交易大赛中，一德期货第九次作为指定交易商参与此项行业盛会。 一德期货宏观战略部总经理寇宁在接受期货日报专访时表示，公司将持续通过科技赋能和专业服务，助 力交易者提升认知效率与决策质量，推动期货市场健康发展。 一德期货有限公司成立于1995年7月，秉承"与客户资产共成长"的理念，以专业化升级、深耕产业和技 术创新为突破口，致力于构建以期货经纪业务为龙头的多层次、立体化、专业化期货业务体系。 提及连续九年参与大赛的初衷，寇宁表示，实盘大赛是拓展经纪业务、深化客户联结的重要平台。通过 赛事，一德期货得以对接全国优秀交易者，提升品牌影响力，精准把握客户需求，并延伸服务价值链。 更重要的是，大赛为发掘与培育交易人才提供了宝贵契机，体现了公司"与客户共成长"的一贯宗旨。 寇宁表示，在这一市场演变中，能够敏锐把握宏观节奏、及时跟踪品种供需变化，并聚焦于贵金属、煤 炭及工业金属等主线品种的选手，在本届大赛中取得了突出成绩。 对期货市场未来发展，寇宁表示，近年来，国内期货品种创新步伐显著加快，预计半导体、电力、碳排 放权等与经济转型相关的新品种仍有较大发展空间，指数类、服务类期货品种体系将持续完善 ...

Core Insights - Chang'an Futures has been committed to serving the real economy since its establishment in April 1993, focusing on providing diversified and customized futures and derivatives services to industrial enterprises in Shaanxi Province and surrounding areas [1] Group 1: Focus on Leading Enterprises - Chang'an Futures has developed a collaborative service model centered on the needs of leading enterprises to help them manage operational risks, particularly in the steel market, where it has established a comprehensive service system for Shaanxi Coal Group's subsidiary, Shaanxi Steel Group [2] - The company has implemented a daily communication mechanism to share macroeconomic dynamics, supply-demand data, and market analysis, enabling Shaanxi Steel Group to effectively hedge price risks and reduce losses by millions of yuan annually [2] Group 2: Support for Small and Micro Enterprises - Chang'an Futures extends its services to small and micro enterprises by simplifying business processes and providing tailored solutions, thereby lowering the barriers to participation in the futures market [5] - The company collaborates with industry associations and local governments to conduct training sessions that enhance risk awareness and operational knowledge among small and micro enterprises [5] Group 3: Agricultural Sector Support - In the agricultural sector, Chang'an Futures actively participates in "insurance + futures" projects to help farmers and agricultural enterprises manage risks, particularly in the apple market, where it has assisted in certifying five out of seven apple delivery warehouses in Shaanxi Province [4] - The "insurance + futures" model allows enterprises and farmers to lock in profits and stabilize production, contributing to the goal of ensuring stable operations and agricultural security [4] Group 4: Government and Exchange Collaboration - Chang'an Futures acts as a bridge between local governments and industry associations, providing professional support and enhancing the market environment for enterprises [7] - The company has successfully assisted over 60 local enterprises in applying for 21 futures delivery warehouses, covering various commodities, and is currently working on new applications for sugar, polyethylene, and apples [7]

Core Insights - The 19th National Futures (Options) Live Trading Competition has concluded, with Maike Futures serving as the designated trading firm for the third consecutive year, enhancing its brand influence and customer interaction [1][4] - The competition saw a significant increase in customer participation, with 875 participants, a 33% year-on-year growth, attributed to internal promotions and incentives [1] - The company emphasizes the importance of risk management and education in futures trading, aiming to prevent clients from overtrading and to promote disciplined trading practices [3][4] Company Strategy - Maike Futures aims to respond to the complex market environment and industry changes by adhering to compliance and driving innovation, focusing on providing safe, convenient, and high-quality services [2] - The company plans to enhance its wealth management capabilities and improve its research and service levels through continuous interaction with traders [1][5] - Future strategies include personalized services and customized products based on client needs, as well as embracing AI advancements to improve trading technology and service convenience [5] Industry Trends - The competition highlighted a shift in options trading from a niche activity to a mainstream risk management and strategy expression tool, indicating a growing maturity in the market [4] - The company recognizes the need for deeper understanding of macroeconomic factors and policies, as well as the proficient use of various trading tools in a competitive environment [2][4] - The ongoing transformation in China's futures market is expected to enhance participant maturity and stability, with the competition serving as a catalyst for industry development [4]

重量组第四名：姜烈 参赛昵称：姜先生 市场永远是对的，坦然接受亏损，不断完善自己的交易系统。 黑色组第三名：李振 参赛昵称：度 期货交易提高了我的认知，让我对人生与生活有了更多感悟。 交易风格：趋势交易，技术止损或情绪止损。 对冲套利组第二名：洪流 参赛昵称：阿yi爸爸 十二年工作经历，其中三年在做现货交易，四年期现结合，目前重心逐渐转向期货交易。今年的市场环 境不适合靠近现货端的选手。熟悉的品种交易机会越来越少，未来我会在巩固现有品种的基础上研究新 品种，希望明年有更好的机会和成绩。未来将继续以现货市场为基础进行期货交易。 交易风格：除了关注品种的常规数据，更重视现货市场成交情况。交易时大多利用产业链品种进行对 冲，少量保留风险敞口。 郑商所期权选手奖三等奖：陈林 参赛昵称：Charlie 2014年进入期货市场，曾经想凭借一股冲劲证明自己，迷茫地度过了近九年时光。2023年开始有了较为 清晰的方向和目标。目前以超短线交易为主，通过降低持仓时间控制风险，不追求高利润，但求积少成 多、稳定获利。 不会刻意追求名次，获奖是交易旅程中的记录和见证，是对我们团队策略稳定性的客观肯定。未来，我 将继续坚守纪律，追求长 ...

Core Viewpoint - Guojin Futures has participated in the national futures (options) trading competition for six consecutive years, emphasizing its commitment to serving the real economy and providing investor education [1] Group 1: Company Mission and Strategy - Guojin Futures aims to make financial services more efficient and reliable, focusing on futures trading, industry institutions, and comprehensive financial services [1] - The company operates under the service philosophy of "integrity, efficiency, and value," positioning itself as a specialized trading firm, a professional service provider for industry institutions, and a comprehensive financial connection platform [1] Group 2: Value-Added Services - During the competition, Guojin Futures introduced the "Three Good" service products, focusing on "good trading, good investment, and good service" to provide differentiated experiences and professional value-added services [2] - The company has established two professional service platforms: "Winning at the Starting Line," an educational platform for investors, and "Master Training Win," a customized achievement platform for clients [2] Group 3: Research and Industry Services - Guojin Futures has set up the "Daily Research Institute" to provide specialized services to the real economy, forming differentiated service circles in various industries [3] - The company helps enterprises adopt "counter-cyclical" thinking and utilize risk management tools like futures to shift from traditional pricing to basis point pricing and hedging pricing [3] Group 4: Retail Client Services - Guojin Futures has created the "Good Trading Conference," offering a comprehensive service system that combines training and practice for retail clients [4] - The company provides targeted training courses to enhance investors' trading knowledge and strategies, focusing on macroeconomic policies and market trends [4] Group 5: Technology and Innovation - Guojin Futures views financial technology as a core engine for service advancement and ecosystem development, responding to regulatory calls for digital and intelligent industry construction [5] - The company promotes a balanced investment philosophy of "rationality and technology," encouraging investors to build risk awareness and management capabilities alongside technological advancements [5] Group 6: Industry Trends and Future Directions - The Chinese futures market is transitioning from scale expansion to high-quality development, focusing on product innovation, high-level openness, and technological empowerment [6] - Guojin Futures plans to deepen its engagement in the industrial sector while actively exploring opportunities in green low-carbon and high-end manufacturing fields [6]

Group 1 - The visit of German Vice Chancellor and Finance Minister Lars Klingbeil to China is significant, focusing on financial dialogue and broader economic cooperation [1][2] - The fourth Sino-German high-level financial dialogue will take place on the 17th in Beijing, co-hosted by Klingbeil and Chinese Vice Premier He Lifeng, marking a decade of this dialogue mechanism [1][2] - Key topics for discussion include rule-based trade, commodities, the Ukraine issue, and China's rare earth export policies, reflecting Germany's interests [2][3] Group 2 - The dialogue will also address market access for German banks and insurance companies in China, regulatory cooperation, and international financial risks, which are closely monitored by the German financial sector [2] - Klingbeil's itinerary in Shanghai includes visiting Siemens Healthineers' production and R&D facilities, highlighting the importance of the Chinese market for Siemens [3] - The German government is reviewing its trade relationship with China due to concerns over "over-dependence," with discussions on how to manage risks without isolating from the Chinese market [3]

Core Insights - The article discusses the transformation of commodity trading companies into modern industrial service providers through the integration of futures and spot markets, emphasizing risk management and value co-creation [1][2][4] Group 1: Industry Transformation - Companies like Hangzhou Relian Group, Wuchan Zhongda Chemical Group, and Jiayue Commodity Group are leading the way in integrating futures and spot trading to enhance their service offerings [1][2] - The shift from traditional trading to modern industrial services involves embedding futures and spot trading into the core operations of these companies [2][3] - The integration of risk management tools has become essential for companies to navigate price volatility and enhance operational stability [3][8] Group 2: Risk Management and Value Creation - Effective risk management is now viewed as a core competitive advantage, with companies transitioning from profit maximization to operational stability [8][9] - The use of derivative tools allows companies to transform adversarial price negotiations into collaborative partnerships within the supply chain [5][6] - Companies are developing comprehensive risk management services that not only stabilize their operations but also provide value to their clients [7][9] Group 3: Innovative Practices - The article highlights specific case studies, such as the intervention by Relian Group to stabilize a polyester plant's operations through futures tools, demonstrating the practical application of these strategies [6][7] - Wuchan Zhongda Chemical's innovative approach to hedging and risk management showcases the potential for tailored solutions in response to market challenges [6][9] - Jiayue Commodity Group's focus on providing comprehensive risk management and supply chain solutions illustrates the evolving role of commodity service providers [8][10] Group 4: Ecosystem Development - The integration of futures and spot trading is fostering a new ecosystem where companies collaborate to share risks and benefits, moving away from zero-sum competition [11] - The concept of "value co-existence" emphasizes mutual growth and partnership between service providers and their clients [9][11] - Companies are increasingly adopting personalized and comprehensive service models to better support their clients' operational needs [10][11]

Core Insights - The article discusses how the futures market is becoming an essential tool for enterprises to manage risks and stabilize operations amid evolving international environments and domestic structural adjustments [1][2][3] Group 1: Challenges Faced by Enterprises - Enterprises are facing new challenges due to changes in the global trade environment, which affects demand expectations and investment confidence [2][3] - Profit distribution across the industrial chain is uneven, with upstream raw materials showing stable prices while downstream demand for steel is slowing due to adjustments in the real estate market [2][3] - The adjustment in demand-side expectations is pushing enterprises to adapt their operating models, requiring more precise operations [2][3] Group 2: Role of Futures Market - The futures market provides forward-looking price signals and diverse hedging methods, becoming a crucial support for high-quality development of the real economy [2][3] - Through futures and derivative tools, enterprises can effectively hedge against price volatility, lock in profits, and optimize inventory [3][4] Group 3: Case Studies - A project in Hubei provided price insurance for over 20,000 pigs, compensating farmers over 3 million yuan as prices fell from 21.05 yuan/kg to 17.97 yuan/kg [3] - A Shanghai pulp trading company utilized customized OTC options to hedge against price fluctuations, achieving a hedging profit of 1.246 million yuan [3] Group 4: Need for Enhanced Risk Management - Many enterprises struggle with a fragmented understanding of risk management, often viewing futures positions separately from their spot operations [4][5] - There is a mismatch between the diverse needs of the real economy and standardized futures tools, leading to increased basis risk [5] Group 5: Service Model Innovations - The futures industry is innovating service models to address the risk management challenges faced by small and medium-sized enterprises [6] - New models like "option-embedded trade" allow enterprises to lock in costs while retaining profit opportunities without directly engaging in the futures market [6] Group 6: Upgrading Futures Services - The futures market faces two main bottlenecks: service homogenization and cognitive biases among enterprises regarding futures tools [7] - To overcome these challenges, futures companies need to transition from being mere transaction channels to becoming risk management partners, providing tailored solutions [7] - Investor education must also evolve to be more precise and diverse, utilizing innovative formats to make complex knowledge accessible [7][8]

编者按：为了展示机构在服务实体经济、促进产创融合方面的成果，推动形成"金融赋能创新、创新驱 动产业"的良性循环，期货日报推出"期货赋能产业创新"优秀投教案例系列报道，助力期货行业在深化 工具应用、支持产业升级中实现高质量发展。 华东一家碳酸锂湿法回收企业的负责人去年没睡过几个安稳觉。2024年，新能源汽车产业狂飙突进，但 作为关键原料的碳酸锂的价格却大幅波动，让这位在行业耕耘多年的"老将"感到心力交瘁。"原料采购 和成品销售两端受压，价格波动直接吞噬我们本就微薄的利润。"他坦言，在接触期货工具之前，企业 面对市场风险几乎是在"裸奔"。 数百公里之外，一家刚刚中标国家电网项目的电缆企业同样面临抉择。2024年年初，铝价处于高位，若 按传统模式在现货市场采购，高达70%的原材料成本占比将把项目利润侵蚀殆尽。如何保证供货并控制 成本，成为横亘在企业面前的一道难题。 这些看似孤立的困境，实则折射出制造业面临的共同挑战。而在不确定性成为新常态的今天，期货公司 正通过创新金融工具，为实体企业装上应对市场波动的"稳压器"。 精准套保：为新能源产业链系上"安全带" 该方案通过累购期权结构，巧妙地在锁定采购成本上限的同时，保留 ...

Core Viewpoint - The article discusses the challenges faced by the steel industry in China, particularly in managing risks and stabilizing operations amid fluctuating demand and prices. It highlights a successful collaboration between Yong'an Futures and Liugang Steel to enhance risk management capabilities through a comprehensive service model [1][4]. Industry Challenges - The steel industry is experiencing three main pain points: 1. Increased price volatility risk, with the average annual price of rebar expected to drop by 18% in 2024, leading to some steel mills' profit margins falling below 1% [2]. 2. Rising cost control pressures, with raw material procurement costs fluctuating significantly and supply chain costs increasing by 8% to 12% [2]. 3. Insufficient hedging capabilities, as over 60% of small and medium-sized steel enterprises have a hedging ratio of less than 20% and lack professional futures teams [2]. Yong'an Futures' Service Model - Yong'an Futures implemented a "six-step" service model in collaboration with Liugang Steel, which includes: 1. **Futures Thinking Incubation**: Initial visits to Liugang to explain futures market functions and develop a risk assessment model [2]. 2. **Delivery Qualification Cultivation**: Assisting Liugang in quality testing and registration of delivery brands for futures contracts [3]. 3. **Talent Team Development**: Conducting training courses to address blind spots and pain points in futures market participation [3]. 4. **First Warehouse Receipt Generation**: Helping Liugang register its first warehouse receipt, avoiding potential losses of 1.2456 million yuan due to price declines [3]. 5. **Research and Hedging Implementation**: Establishing a dedicated research team and designing hedging strategies to mitigate risks [3]. 6. **Industry Chain Ecosystem Construction**: Collaborating with upstream and downstream enterprises to optimize supply chain efficiency and stability [4]. Strategic Significance - The collaboration between Yong'an Futures and Liugang Steel has multiple strategic implications: 1. Development of a replicable service model covering training, delivery, research, and risk control [4]. 2. Promotion of deep integration between industry and finance, enhancing the steel industry's risk management capabilities [4]. 3. Establishment of a benchmark for the industry, providing a practical example for leading steel enterprises to utilize futures tools [4].