风险管理

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从稳健起步到活力可期:纯苯期货运行良好 企业期待深度参与
Xin Hua Cai Jing· 2025-08-20 07:17
Core Insights - The launch of pure benzene futures on July 8 has introduced new risk management dynamics to the aromatic industry chain, with strong participation from production and trading companies [1][2] Industry Overview - China is the largest producer and consumer of pure benzene, with a production capacity of 32.34 million tons and an output of 25.13 million tons in 2024, accounting for 39% of global production. The apparent consumption is 29.26 million tons, representing 43% of global consumption [2] - Despite rapid capacity expansion, profit margins in the industry have been squeezed, with average production profits dropping by 64% year-on-year to 787 yuan per ton [2] Market Participation - The introduction of pure benzene futures has led to increased interest from companies in risk management tools, with firms exploring various application models based on their specific needs [2][3] - Companies like 富海集团 and 江苏利士德化工有限公司 are actively participating in futures trading, utilizing strategies such as basis trading and arbitrage [3] Trading Activity - As of August 19, pure benzene futures have recorded a trading volume of 518,900 contracts and a total transaction value of 96.52 billion yuan, with an average daily trading volume of 16,700 contracts [4] - The liquidity of the futures market is expected to improve as more companies engage in hedging and trading activities [5][6] Risk Management Benefits - The availability of pure benzene futures allows companies to manage inventory and respond proactively to market changes, reducing reliance on indirect hedging through other products [4] - Companies are increasingly shifting from high-risk paper markets to standardized and regulated futures markets for better security and transparency [5][6]
将推液化天然气、葵花籽油等,期货新品提上日程
Di Yi Cai Jing· 2025-08-20 05:50
Group 1 - The China Securities Regulatory Commission (CSRC) aims to enrich product supply in the futures market, including the listing of liquefied natural gas and other important energy varieties [1] - The Zhengzhou Commodity Exchange (ZCE) plans to steadily advance the research and registration of sunflower seed oil futures and explore the development of other products such as steel billets, cement, and chicken [1] - As of now, there are 131 listed commodity futures and options in China, with a daily average trading volume of industrial clients increasing by 12.2% year-on-year in 2024 [1] Group 2 - Tariff policies have become a key factor affecting global trade order, leading to significant fluctuations in commodity prices [2] - The futures market's service capabilities are continuously enhancing, with various forms of hedging, arbitrage, and rights trading being widely adopted [2] - The number of qualified foreign institutional investors participating in domestic futures and options has expanded to 91, with ongoing efforts to increase the range of tradable products [2]
证监会期货监管司副司长王颖:期货市场发展质量再上新台阶,下一步重点做好丰富产品供给等五方面工作
Qi Huo Ri Bao· 2025-08-20 03:17
Core Viewpoint - The forum highlighted the increasing importance of the futures market as a risk management platform amid global economic uncertainties, emphasizing its role in supporting the real economy and addressing external challenges [1][4]. Group 1: Futures Market Development - The futures market's service capabilities have been enhanced, with a total of 131 listed commodity futures and options, expanding its reach across various sectors of the national economy [1][2]. - The participation of industrial clients has increased, with a 12.2% year-on-year growth in daily trading volume for industrial clients in 2024, and the total holding of major products by these clients exceeding 200 million tons [1][2]. Group 2: Price Influence and Application - The influence of futures prices has grown, with various hedging strategies being widely adopted in response to external market conditions, and some products becoming references for international trade pricing [2][3]. - The number of foreign investors participating in domestic futures and options has expanded to 91, reflecting the ongoing opening-up of the futures market [2][3]. Group 3: Integration with National Development - The futures market is increasingly integrated into national development strategies, supporting rural revitalization and food security through innovative models like "insurance + futures" [2][4]. - The market also plays a crucial role in the high-quality development of the manufacturing sector, with 84 listed industrial products, accounting for 64% of total products, providing stability and security for supply chains [2][4]. Group 4: Future Directions - The China Securities Regulatory Commission plans to enrich product offerings, including the listing of important energy products like liquefied natural gas, to better meet market risk management needs [3][4]. - There will be a focus on high-level opening-up of the futures market, increasing the range of products available for qualified foreign investors, and enhancing their participation [3][4]. - Continuous improvement of market services is planned, with an emphasis on helping enterprises utilize the futures market for risk management [3][4].
CWG外汇:全球布局助力投资机会拓展
Sou Hu Cai Jing· 2025-08-20 02:17
Core Insights - CWG Forex is enhancing its global strategy to capture diverse investment opportunities and improve wealth growth for investors [1][2] Group 1: Global Market Coverage and Strategic Expansion - The expansion of global market coverage is crucial for enhancing international competitiveness and brand influence [2] - CWG Forex strategically enters emerging markets to leverage local growth potential and expand business impact [2] - The company establishes offices in multiple regions to better serve a diverse customer base [2] Group 2: Diversified Investment Platform and Technological Innovation - A diversified investment platform is key to meeting the needs of different investors, offering various financial instruments and innovative technologies [4] - CWG Forex provides a wide range of trading products, including forex, CFDs, commodities, and indices, to enhance investor choice [4] - Continuous optimization of the trading platform ensures investors receive the best user experience and investment outcomes [4][6] Group 3: Localization and Compliance - The advantage of localized services lies in providing tailored financial solutions based on regional cultures and market demands [4] - CWG Forex collaborates closely with local regulatory bodies to ensure compliance and transparency, enhancing market credibility [4] Group 4: Risk Management Strategies - CWG Forex employs diversified risk management strategies to protect investor capital in volatile markets [10] - The company utilizes advanced technology platforms to monitor market dynamics and swiftly identify potential risks [10] - Regular stress testing is conducted to assess the robustness of investment portfolios under various economic scenarios [10] Group 5: International Partnerships and Technological Advancements - Strong relationships with international partners enable CWG Forex to effectively respond to global market changes and offer competitive trading conditions [5] - Collaborations with leading financial institutions and technology providers enhance the trading platform's technological advancements and market insights [5] Group 6: User Experience and Interface Innovation - Innovations in user interface play a crucial role in enhancing user trading experience, allowing investors to analyze markets more intuitively and efficiently [7] - Personalized dashboards and real-time market information simplify the decision-making process for investors [7] Group 7: Educational Resources for Investors - CWG Forex provides comprehensive educational resources for novice investors, including online courses and market analysis reports [14] - The company offers a professional customer support team to assist investors with inquiries and guidance [14]
在波动性加剧时期风险管理尤为重要
Qi Huo Ri Bao Wang· 2025-08-19 22:34
Group 1 - The 2025 China (Zhengzhou) International Futures Forum was held, emphasizing the importance of risk management in financial markets [1] - Tim Smith highlighted the role of exchanges in providing standardized, transparent, and liquid tools for risk hedging and price discovery [1] - The increasing market volatility tests the strength and resilience of the global financial system, with derivatives exchanges playing a crucial role in maintaining market stability [1] Group 2 - The Chinese futures market continues to develop and innovate to meet the evolving and complex risk management needs of various institutions [2] - The company is committed to enhancing transparency and developing products and tools necessary for risk management amid ongoing economic and geopolitical uncertainties [2] - The focus remains on providing efficient solutions and services to global and Chinese clients to address their risk management requirements [2]
嘉利高加雷斯·兰姆:积极推动郑商所期货产品跨境使用
Qi Huo Ri Bao Wang· 2025-08-19 22:32
Core Viewpoint - The 2025 China (Zhengzhou) International Futures Forum highlighted the increasing importance of PTA and bottle chip futures amid global uncertainties, emphasizing the need for risk management tools in the trading community [1] Group 1: Market Dynamics - Global market faces multiple uncertainties in 2025, yet trade growth is anticipated despite trade wars and geopolitical tensions [1] - The demand for bottle chips remains resilient, with China accounting for 29% of global bottle chip demand, serving as a key driver in the market [1] Group 2: Risk Management - Participants in bottle chip trade are increasingly seeking stable and transparent risk management tools due to heightened market volatility [1] - Gareth Lamb from Jabil has utilized bottle chip futures for hedging against cross-border price fluctuations over the past 12 months [1] Group 3: Future Engagement - Jabil is actively promoting the cross-border use of Zhengzhou Commodity Exchange futures products, encouraging PTA buyers to shift from fixed pricing to futures pricing [1] - Customized risk management solutions are being developed for international entities, particularly small and medium-sized traders and processors, to facilitate access to the Chinese futures market [1]
风险管理能力从企业“加分项”变为“生存项”
Qi Huo Ri Bao Wang· 2025-08-19 18:22
Core Viewpoint - The 2025 China (Zhengzhou) International Futures Forum emphasizes the importance of futures and derivatives in managing risks for industrial enterprises amid complex economic conditions and significant commodity price fluctuations [1][3]. Group 1: Market Function and Tools - Zhengzhou Commodity Exchange (ZCE) has listed 47 varieties, creating a comprehensive tool system for industries such as polyester, coal chemical, salt chemical, oil and fat, soft commodities, and fruits to hedge risks [1]. - A well-regulated, transparent, and resilient futures market is seen as a "stabilizing anchor" and "accelerator" for industrial enterprises to enhance competitiveness [1]. Group 2: Risk Management Strategies - The ability to manage risks has shifted from being a "bonus" to a "survival necessity" for enterprises in the face of complex market conditions [3]. - Multinational commodity trading companies are increasingly utilizing derivatives like futures and options to manage risk exposure, stabilize profits, and ensure operational control [3]. Group 3: Regulatory and Service Enhancements - ZCE is committed to a market-first service philosophy, addressing participation challenges for enterprises and enhancing service quality through a "point-chain-surface" service matrix [2]. - The exchange employs strict regulatory measures and big data platforms to monitor risks in key varieties, ensuring a stable market environment for enterprises [2].
浙商中拓雷衍升:开展套期保值必须坚守风险对冲初心
Qi Huo Ri Bao Wang· 2025-08-19 18:10
Core Viewpoint - The importance of establishing an internal control and risk management system for futures derivatives business in enterprises is emphasized, highlighting that internal control is essential for effective risk management [1][2]. Group 1: Internal Control and Risk Management - Internal control consists of policies, systems, and processes designed to ensure normal operations, reduce errors, and prevent asset loss [1]. - Risk management is a systematic approach to identify, assess, monitor, and control various risks faced by enterprises, aiming for sustainable development under different risk conditions [1]. - The risk management framework is built upon the internal control framework, making internal control a crucial part of risk management [1]. Group 2: Hedging and Operational Guidelines - The centralized operation and management of futures and derivatives trading should be conducted by the enterprise headquarters, ensuring separation of key roles such as decision-making, order placement, risk control, compliance supervision, and market research [1]. - The primary goal of engaging in futures market hedging is to mitigate market operational risks, necessitating the establishment of a supervision system and checks and balances for operational procedures [1]. - It is essential to standardize operations in decision-making, authorization, and trading processes to enhance the enterprise's risk resistance capabilities in the futures market [1]. Group 3: Trading Motivation and Behavior - The understanding of concepts influences trading motivations, which in turn determines trading behavior; poor trading motivations can amplify trading risks [2]. - Enterprises must adhere to the original intention of risk hedging, focusing on the physical market and avoiding speculation, while accepting imperfect hedging [2]. - Fine management of basis is necessary to optimize the hedging effect [2].
中国上市公司协会相关负责人:上市公司利用期货和衍生品管理风险的广度和深度不断增强
Zhong Zheng Wang· 2025-08-19 11:39
8月19日,中国上市公司协会相关负责人在2025中国(郑州)国际期货论坛上表示,随着我国期货和衍生 品市场的深入发展,风险管理工具的供给速度加快,产品和服务体系不断健全,在帮助企业规避风险、 促进产业保供稳价和转型升级方面发挥着重要作用。尤其在当前内外部经济形势日益严峻复杂、大宗商 品价格大幅波动的背景下,上市公司利用期货和衍生品管理风险的广度和深度不断增强。据统计,2025 年1月—7月,全市场公告开展期货和衍生品业务的实体上市公司已达1114家,其中超八成(902家)涉足 外汇套保,约三分之一(364家)开展商品期货套保业务,有15%(162家)同时开展商品期货和外汇衍生品 业务。 该负责人表示,上市公司利用衍生品管理风险逐渐呈现出一些新趋势新特征。从行业来看,制造业上市 公司是套保的主力军,行业主要覆盖化工、农产品加工等领域,为企业实现产业升级、加速海外布局提 供有利条件。从工具应用来看,以应对汇率、利率、大宗商品价格波动风险为主,逐渐延展到全面管理 金融资产价格波动带来的风险。从理念和效果来看,上市公司主动避险的意识越来越强,风险管理的系 统化、精细化、全球化趋势日益明显。 ...
香港保险密度亚洲居首 力拓专属自保谋多元增长
2 1 Shi Ji Jing Ji Bao Dao· 2025-08-19 08:29
Group 1 - Hong Kong's insurance density ranks first in Asia and second globally, with a penetration rate of 18.2% and total gross premiums reaching HKD 637.8 billion in 2024 [1][2] - The growth of long-term insurance business is strong, with new policy premiums increasing by 21.4% compared to 2023 [2] - The Hong Kong government is actively developing the captive insurance market to create diversified growth opportunities and enhance market structure [1][2][5] Group 2 - There are currently six authorized captive insurance companies operating in Hong Kong, with two established in 2023, indicating strong demand for such companies [3][4] - The Hong Kong Monetary Authority is promoting the use of captive insurance companies by overseas and mainland enterprises to improve risk management capabilities [5][6] - The government has introduced various incentives, including a 50% profits tax concession for captive insurance businesses, making Hong Kong more competitive in the region [6]