Group 1 - The 2025 China (Zhengzhou) International Futures Forum commenced on August 19, focusing on "Innovation in Futures Markets and Risk Management for Industrial Enterprises" [1] - The China Listed Companies Association indicated that listed companies are increasingly utilizing futures and derivatives for risk management amid complex economic conditions and significant commodity price fluctuations [1] - Manufacturing companies are the primary users of hedging, particularly in the chemical and agricultural processing sectors, facilitating industrial upgrades and overseas expansion [1] Group 2 - Zhengzhou Commodity Exchange (ZCE) emphasizes the importance of a "safe, standardized, transparent, open, vibrant, and resilient" futures market as a stabilizing anchor and a driving force for industrial enterprises [2] - ZCE has listed 47 products, creating a comprehensive toolset for industries to hedge against risks, including polyester, coal chemicals, and agricultural products [2] - The exchange adopts a service-oriented approach to address the pain points of industrial enterprises in participating in the futures market, enhancing service quality and efficiency [2] Group 3 - Multinational commodity trading companies face various risks in their operations and increasingly rely on derivatives as effective risk management tools [3] - There is a growing trend among commodity trading firms to use futures and options to manage risk exposure, stabilize profits, and ensure operational control [3] - A roundtable discussion highlighted key points on risk prevention for industrial enterprises participating in the futures market [3]

Core Viewpoint - The restructuring of global supply chains and the volatility of commodity prices have made risk management crucial for the survival and development of enterprises, as well as for the stability of the national economy [1] Group 1: Risk Management Trends - There is an increasing awareness among Chinese listed companies regarding risk management, particularly in the context of complex economic conditions and significant commodity price fluctuations [2] - Manufacturing companies are the main participants in the futures market for hedging, particularly in sectors like chemicals and agricultural products [2] - The trend towards systematic, refined, and globalized risk management is becoming more pronounced among listed companies [2][4] Group 2: Tools and Strategies - Futures and derivatives are becoming indispensable tools for risk management, with both on-exchange and off-exchange markets complementing each other [5] - The total hedging amount announced by A-share listed companies in 2024 is approximately 34 trillion yuan, with commodity hedging amounting to about 289 billion yuan [3] - The use of options is increasing, with off-exchange options offering advantages in terms of variety and flexibility compared to on-exchange options [5] Group 3: Compliance and Internal Control - Compliance is essential for risk management, serving as a "safety barrier" for enterprises [6] - Effective internal control systems are necessary for managing futures and derivatives trading, ensuring that risk management aligns with the core business objectives [7] - Companies should establish a comprehensive internal control system to enhance their risk management capabilities and ensure the smooth execution of hedging transactions [6][7]

责编:史健 | 审校:陈筱娟 | 审核:李震 | 监审:古筝 【大河财立方 记者 陈玉静】8月19日，由郑州商品交易所（以下简称郑商所）、芝加哥商业交易所集团 主办的2025中国（郑州）国际期货论坛在郑州启幕。在当天下午举办的以"期货市场创新与产业企业风 险管理"为主题的产业企业风险管理论坛上，交易所、行业协会、国内外实体企业和金融机构等代表为 产业企业风险管理建言献策。 中国上市公司协会相关负责人表示，在当前内外部经济形势日益复杂、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拓展。 "今年以来，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。"中国上市公司协会相关负 责人表示。从行业来看，制造业上市公司是套保的主力军，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，逐渐延伸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。 一个"安全、规范、透明、开放、有活力、有韧性"的期货市场，是产业 ...

Group 1 - The core viewpoint of the article highlights the role of commercial banks in assisting commodity enterprises with risk management through various service models [1] - Banks can participate in commodity trading via exchange warehouse receipt trading platforms, helping enterprises reduce capital costs and operate with lighter assets [1] - In the entrusted sales model, banks address supply-demand mismatches in the industry chain, supporting liquidity at minimal costs while converting inventory into cash assets [1] Group 2 - In the entrusted supply model, banks can help enterprises lock in raw material procurement costs with minimal capital outlay [1] - Banks can integrate into the production and operation chain of clients, providing transitional liquidity support for large-scale procurement [1]

Core Viewpoint - The use of derivatives is essential for multinational commodity trading companies to manage various risks effectively, including market, exchange rate, credit, and logistics risks [2][3] Group 1: Risk Management in Multinational Companies - Multinational commodity trading companies face multiple risks that can directly impact profits and long-term operations [3] - There is an increasing need for companies to utilize tools to manage and mitigate these risks [3] Group 2: Role of Derivatives - Derivatives, such as futures and options, are becoming indispensable tools for risk management in enterprises [3] - The complementary development of on-exchange and off-exchange markets meets the standardized and customized risk management needs of companies [3] - Innovations in structured derivatives are driving the development of rights-based trade, enabling precise risk management and cost optimization [3] - The use of derivatives enhances companies' adaptability and competitiveness in complex market environments [3]

Core Viewpoint - The Shanghai Futures Exchange announced the launch of futures and options for coated printing paper, fuel oil, asphalt, and pulp on September 10, 2025, aiming to provide risk management tools for the cultural paper market and enhance China's position in the global cultural paper industry [1][2]. Group 1: Market Development - The introduction of coated printing paper futures and options will fill a gap in domestic cultural paper derivatives and provide precise tools for managing price volatility for industry chain enterprises [1][2]. - The futures and options will help establish a fair and objective pricing system, leveraging China's status as the largest producer and consumer of cultural paper [2][3]. Group 2: Risk Management - The current lack of a unified pricing benchmark in the spot market creates challenges for enterprises facing price volatility; the new futures and options are expected to improve risk management systems [2][3]. - The "warehouse + factory" physical delivery model will effectively reduce delivery costs and meet the customized needs of enterprises, ensuring smooth delivery and market stability [3][4]. Group 3: Contract Specifications - The trading unit for coated printing paper futures is set at 40 tons per contract, aligning with current purchasing habits and transportation methods in the industry [4]. - The minimum price fluctuation for coated printing paper options is established at 1 yuan per ton, reflecting the typical trading behavior of option traders [5]. Group 4: Regulatory Measures - The Shanghai Futures Exchange emphasizes strong regulation and risk prevention measures to ensure the smooth operation of the new products, including early identification and monitoring of potential risks [5]. - The exchange plans to conduct market promotion, discussions, training, and investor education to enhance the functionality of futures and options and support high-quality development of the real economy [5].

Core Viewpoint - The company will closely monitor and actively respond to changes in national policies, enhancing its analysis of significant and sensitive industry information to adapt to trends in industry development [1] Group 1: Company Strategy - The company emphasizes the importance of risk management and will strengthen its internal management practices, including production, quality, and safety [1] - The company plans to adjust its product structure and marketing strategies in response to policy impacts [1] - The company aims to improve its overall competitiveness by establishing comprehensive regulations and enhancing internal management systems [1]

Core Viewpoint - The upcoming 2025 China (Zhengzhou) International Futures Forum will focus on "Innovation in Futures Market and Risk Management for Industrial Enterprises," highlighting the increasing importance of risk management in the context of volatile commodity markets [1] Group 1: Market Trends and Challenges - The volatility of commodity prices has increased due to multiple uncontrollable factors, leading to a significant rise in risk management awareness among enterprises [1] - The average hedging ratio for enterprises has increased from 35% to 62%, with the usage of dynamic hedging strategies growing by 200% in 2024 [1][2] - Small and medium-sized enterprises (SMEs) are shifting their focus from "whether to engage" in risk management to "how to do it" and "how much to do" [2] Group 2: Drivers of Change - Two main factors driving SMEs' shift in risk management approach are: 1. Geopolitical conflicts and supply chain restructuring causing significant raw material price fluctuations, creating urgent hedging needs [2] 2. Ongoing market activities by exchanges and local financial departments aimed at stabilizing enterprises and supporting agriculture [2] Group 3: Risk Management Practices - The forum will address key issues in risk management, including sharing risk management models and case studies, the current status and outlook of listed companies, and the construction of internal control systems [3] - There are two notable trends in risk management practices: 1. Transition from fragmented to standardized and compliant risk management systems [2] 2. Upgrading from basic hedging to refined strategies, with a focus on the widespread adoption of rights-based trading [2] Group 4: Future Directions - The future of risk management in industrial enterprises is expected to be characterized by three core trends: intelligence, ecology, and globalization [3] - Companies need to engage deeply in upstream and downstream risk management across the entire supply chain, from raw material design to cost hedging [3] - Developing non-standard hedging tools and mechanisms will be a key focus, along with the cultivation of professionals who understand both industry and financial derivatives [3][4]

Core Viewpoint - The upcoming 2025 China (Zhengzhou) International Futures Forum will focus on risk management in industrial enterprises, highlighting the increasing importance of risk management due to volatile commodity markets [1][2]. Group 1: Market Trends - The volatility of commodity prices has increased, with the average hedging ratio for enterprises rising from 35% to 62% in 2024, and the usage of dynamic hedging strategies growing by 200% [1]. - Factors driving this change include geopolitical conflicts and supply chain restructuring, which have heightened the urgency for enterprises to manage price risks [2]. Group 2: Risk Management Practices - Risk management is evolving from a fragmented approach to a standardized and compliant system, with enterprises moving from passive responses to proactive risk management strategies [2]. - The application of financial tools is shifting from basic hedging to more sophisticated strategies, with a focus on large-scale rights-based trading [2]. Group 3: Future Trends - The future of risk management in industrial enterprises is expected to be characterized by three core trends: intelligent, ecological, and globalized approaches [3]. - Companies are encouraged to develop a resilient system that integrates risk management across the entire supply chain, emphasizing the need for specialized talent who understand both industry and financial derivatives [3].

Core Insights - The upcoming 2025 China (Zhengzhou) International Futures Forum will focus on "Futures Market Innovation and Risk Management for Industrial Enterprises" [1] - The volatility of commodity markets has increased due to multiple factors, leading to a heightened awareness of risk management among industrial enterprises [1][2] - The proportion of enterprises participating in hedging has risen from 35% to 62%, with the usage of dynamic hedging strategies increasing by 200% [1] Group 1 - The main drivers for the increased focus on risk management are geopolitical conflicts and the restructuring of supply chains, which have intensified price volatility and operational pressures on companies [2] - The "Industry Enterprise Risk Management Forum" will address current market concerns, exploring risk management practices, the application of futures derivatives, and compliance management [2] - There is a notable shift in risk management practices from fragmented approaches to standardized and compliant systems, with companies increasingly building risk management frameworks based on a deeper understanding of risks [2][3] Group 2 - Future trends in risk management for industrial enterprises are expected to be characterized by intelligence, ecological approaches, and globalization [3] - Companies are encouraged to engage in comprehensive risk management across the entire supply chain, from raw material design to cost hedging and personalized demand matching [3] - The development of non-standard hedging tools and mechanisms, as well as the cultivation of professionals who understand both industry and finance, will be crucial for effective risk management [3]