短期看，5月铝合金锭市场呈现典型的季节性疲软特征，行业整体面临需求收缩与库存高企的双重压 力。受终端消费持续走低影响，下游采购意愿明显下降，导致企业订单量环比下降15%~20%，成品库 存周转天数较4月增加3~5天。在市场竞争愈发激烈的背景下，为维持客户关系和加速资金周转，多数 企业采取降价促销策略，导致铝合金锭的价格走势与基本面出现背离——电解铝价格中枢上移200元/ 吨，但ADC12等主流牌号铝合金锭的价格反而下跌200~300元/吨，形成了"跟跌不跟涨"的现象。行业调 研情况显示，当前约30%的铸造铝合金企业已陷入亏损状态，特别是中小型厂商受制于原料采购困难及 订单不足等问题，浙江、广东等主要产区已陆续出现减产情况。 调研团队认为，即将上市的铸造铝合金期货，将为市场带来新的定价机制和风险管理工具，或许能改变 当前铝合金现货市场定价较为混乱的局面。业内人士普遍认为，铸造铝合金期货上市能够提升价格发现 效率，并为产业企业提供有效的套期保值工具。 样本企业运营情况 原料供应紧张。废铝供应呈现"结构性紧张"特征。调研结果显示，浙江、江西地区样本企业主要依赖国 内废铝资源（占比85%以上）进行生产，进口废铝仅作为 ...

光伏产业作为强周期产业，如今陷入了"内卷式"竞争引发的困境。2024年以来，面对全产业链亏损、供 需错配等状况，光伏产业率先开启"反内卷"行动。多晶硅期货和期权的上市，为企业提供了稳定生产经 营的新方案，产业企业纷纷积极投身其中，以期在艰难时局中实现突围与发展。 光伏产业吹响"反内卷"号角 2024年年底以来，破除"内卷式"竞争备受重视。从去年的中央经济工作会议到今年的《政府工作报 告》，都释放出规范过度竞争的明确信号。近日，国务院反垄断反不正当竞争委员会专家咨询组全体会 议提出，要紧扣加快构建全国统一大市场、综合整治"内卷式"竞争等重点任务，更好履行专家咨询组职 责。 所谓"内卷式"竞争，是指在某一领域或产业内，由于竞争过于激烈，参与者为争夺有限资源和机会，不 惜过度投入，最终导致资源浪费和效率下降的现象。这种竞争模式违背了经济运行基本规律，也是促进 市场公平竞争、激发创新活力、提高发展效率的大敌。 "产能出清"与"高质量发展"并举 作为一个强周期产业，光伏产业一直存在"短缺是暂时现象，过剩才是常态"的观点。回顾历史，光伏产 业经历过2008年全球金融风暴、2012年"双反"、2018年"5·31"政策调整 ...

期货日报讯（记者 刘威魁）在当下大宗商品贸易市场下，无论是传统贸易商，还是生产厂家都会存在 库存管理的问题。尤其是在常备库存和超期库存的成本方面，很多企业都会感觉这似乎是一个束手无策 的问题。 后，2024年11月，在中信建投期货的协助下，天美锂能向广期所提供了相关材料，顺利通过了产业立 项，进入了项目考核期。 "碳酸锂期货上市后，我们一直耐心对天美锂能进行系统性套期保值辅导。当前，该司运用套期保值在 库存保值管理等方面取得了良好的套期保值效果，规避了大部分价格风险。"中信建投期货上海分公司 产业总监谢江涛认为，碳酸锂期货为企业提供了风险管理工具，更强化了锂电行业上下游企业之间的合 作，提升了产业的整体竞争力。此次产业服务计划，将帮助新能源企业在实践中更加深刻地了解期货市 场的基本知识、操作规则以及风险管理的重要性，不仅能提高企业对期货市场的认知度，还能增强企业 参与期货市场的意愿和能力。 在此过程中，锂电产业企业，也对期货市场有了更多期待。刘洋表示，未来，期待广期所推出氢氧化锂 等更多与产业相匹配的期货品种，来帮助企业优化风险管理，降本增效。同时，也希望产业企业能够积 极参与广期所举办市场培育活动，帮助更多 ...

Group 1: Industry Overview - The lithium carbonate price has dropped from a historical high of 600,000 yuan per ton to below 65,000 yuan, posing challenges for the lithium battery industry, particularly for small and medium-sized enterprises [1][2] - The market has seen a significant restructuring due to increased supply and reduced prices, leading many companies to scale back operations to stabilize [2][3] - In 2024, the lithium carbonate market is expected to experience a phase of supply-demand imbalance, with prices projected to decline further [3] Group 2: Company Case Study - Z Company - Z Company, a small enterprise focused on lithium mining and trade, has successfully expanded during the downturn by effectively utilizing lithium carbonate futures for risk management [2][4] - The company has established multiple lithium mining projects in Africa and has shifted from solely trading raw ore to producing and selling lithium carbonate [2][3] - Z Company implemented a hedging strategy by establishing short positions in futures to protect against inventory devaluation, resulting in significant profits that offset losses in the spot market [3][4] Group 3: Risk Management Strategies - Z Company adopted a "dual insurance" strategy, combining futures trading with physical delivery to optimize inventory management and mitigate risks associated with price fluctuations [4][5] - The company achieved a net profit of 2.06 million yuan in July 2024, despite facing a loss of 720,000 yuan in the spot market, demonstrating the effectiveness of their risk management approach [4][5] - The introduction of lithium carbonate futures has allowed companies like Z Company to expand their sales channels and improve their operational efficiency [5] Group 4: Industry Impact of Futures Market - The futures market has provided essential tools for inventory management, allowing companies to hedge against price volatility and optimize procurement strategies [6][8] - Companies like Tianmei Lithium Energy have successfully utilized futures to manage inventory risks, achieving a 99% hedging efficiency in their transactions [8][9] - The listing of lithium carbonate futures has enhanced price discovery and provided a reliable reference for production and trading decisions within the industry [10][11]

Group 1 - The core viewpoint of the article emphasizes the relationship between carbon black prices and futures, highlighting the importance of carbon black as an industrial raw material widely used in various industries such as rubber, plastics, inks, and coatings [2] Group 2 - Background and influencing factors of carbon black prices include the supply-demand relationship of raw materials, production processes and technology, and the demand from the rubber industry [3][4] - The price of carbon black is significantly affected by fluctuations in coal prices, which is its primary raw material, as well as advancements in production technology and the overall economic conditions of the global rubber market [3][4][5] Group 3 - Carbon black futures are defined as futures contracts with carbon black as the underlying asset, providing a standardized trading platform for price discovery, risk management, and speculative trading [6] - The futures market allows participants to lock in future delivery prices, thereby mitigating the impact of price volatility, and also offers opportunities for speculative trading to gain investment returns [6][7] Group 4 - The interaction between carbon black prices and futures creates a dynamic market environment, influenced by various factors including environmental policies and regulations that affect production and usage [4][5]

3. 促进价格发现：炭黑期货交易平台通过交易活动，反映了市场参与者对炭黑期货价格的看法和预期，进而形成市场上的合理价格。炭黑期货交易平台的价 格发现功能，为相关行业企业提供了参考依据，帮助其制定采购和销售策略。 4. 促进行业发展：炭黑期货交易平台的健康发展，对于整个炭黑产业的发展具有重要意义。炭黑期货交易平台提高了炭黑产业的市场化水平，促进了行业的 专业化和规范化发展。炭黑期货交易平台为炭黑产业链上的企业提供了融资和套期保值的工具，降低了其经营风险。炭黑期货交易平台通过吸引更多投资者 参与市场交易，增强了市场活力和竞争力。 为了规范炭黑期货交易，提高炭黑期货交易的透明度和有效性，炭黑期货交易平台应运而生。通过建立统一的交易规则、完善的风控体系和公开透明的交易 机制，炭黑期货交易平台有效地推动了炭黑期货市场的发展。 二、炭黑期货交易平台的功能和特点 1. 提供交易和信息服务：炭黑期货交易平台为交易参与者提供了一个便捷的交易通道，促进了炭黑期货的买卖成交。同时，炭黑期货交易平台还发布炭黑期 货交易的相关信息，包括价格指数、交易数据、市场动态等，为参与者提供及时的市场信息。 2. 完善的风险管理：炭黑期货交易平台 ...