风险管理

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中波平衡策略突破:中欧基金多资产的新答卷
Sou Hu Cai Jing· 2025-07-29 09:32
1870年,以迈克尔•法拉第发明的发电机为基础,第二次工业革命生机勃勃地在欧美日等国家兴起,此次工业革命以电力的发现和广泛引用为标志,史称 电气化革命。 作为中欧基金多资产革新的"首倡者"之一,中欧基金多资产投决会主席、多资产及解决方案投资部投资总监黄华是一个低调的人,但他其实是一个大资管 经验丰富的投资将才。 在黄华眼中,中欧多资产革新就是被市场和行业一步步"倒逼"出来的: 如果说第一次工业革命前所未有地解放了人类生产力的话,那么第二次工业革命就是迄今为止对大众生活影响最大的革命。如今我们熟悉的电灯、电影、 电报、电话、汽车、轮船、飞机、内燃机等工具均是那个时代所创造出来的。 某种程度上,这也是任何一轮"革新"的宿命特征:打破瓶颈固然艰难无比,但如果不能驰而不息地求变求新,将已经开拓出来的变革之路拓宽拓深,就不 会有机会真正取得突破性的成果,并把这个成果播散到大众手里。 2023年,中欧基金的多资产及解决方案投资部(后简称"中欧多资产团队")在业内率先打破内部团队藩篱和策略屏障,通过主动权益、量化、资产配置、 风控等人才的跨界融合,以及底层策略精细拆解和工业化投资流程的重构,重新定义了多资产、多策略的资管生 ...
基于功能发挥与服务优化的实践与探索:商品期货赋能实体经济的多维协同机制研究
Bao Cheng Qi Huo· 2025-07-29 02:23
Report Industry Investment Rating - Not provided in the given content Core Viewpoints of the Report - The commodity futures market is an important part of the financial market, providing functions such as price discovery, risk management, and resource allocation to help real - enterprises operate stably, optimize resource allocation, and enhance competitiveness. Studying how to improve the service quality of the commodity futures market to the real economy is of great significance for promoting high - quality development of the real economy [2] - Although the commodity futures market has achieved remarkable results in serving the real economy, there are still short - boards. To improve its service quality, a systematic plan should be constructed from aspects such as function improvement, mechanism innovation, and ecological optimization [4][6] Summary by Relevant Catalogs Value of the Commodity Futures Market to the Real Economy - Provide risk management tools to ensure stable production and operation of enterprises. Through hedging, it helps enterprises lock in costs and prices and hedge price risks [2] - Form public and transparent price signals to optimize resource allocation. Futures prices can guide enterprises in production planning and inventory adjustment [2] - Promote industrial chain collaboration and upgrading. Standardized contracts and delivery rules can unify quality standards and promote industrial integration [3] - Serve national macro - regulation and help the economy operate smoothly. Transaction data in the futures market can provide references for government policy - making [3] Current Situation of the Commodity Futures Market Serving the Real Economy - The market has developed rapidly, with an expanding scale, rich varieties, and improved mechanisms, providing diverse risk management tools for enterprises. More enterprises are participating in the market [3] - However, there are still problems, including an incomplete variety system, low enterprise participation ability and willingness, blockages in the linkage between futures and spot markets, and high market risk - prevention pressure [4][5] Paths to Improve the Service Quality of the Commodity Futures Market to the Real Economy Optimize the Variety and Tool System - Accelerate the R & D and listing of new varieties, such as platinum, palladium, lithium hydroxide, photovoltaic component, and power futures, to meet the diversified risk management needs of the real economy [6] - Enrich trading tools, promote the R & D of derivatives like options and swaps, and optimize futures - spot combined trading tools [7] Strengthen Subject Cultivation - For institutional investors, increase cultivation efforts to optimize the investor structure, encourage the establishment of commodity futures theme investment funds, and guide them to adopt scientific investment strategies [7] - For industrial enterprises, strengthen the service system, conduct training to improve their understanding and application ability of futures tools, and optimize trading rules to reduce the participation cost of small and medium - sized enterprises [8] - For futures companies, strengthen professional capacity building, encourage R & D investment, and establish an evaluation system to improve service levels [8] Deepen Futures - Spot Linkage - Promote futures companies' risk management subsidiaries to carry out relevant businesses, develop intelligent research platforms, and strengthen the connection with the spot logistics system [9] Improve the Regulatory System - Use advanced technologies to monitor trading data, strengthen compliance supervision of relevant institutions, educate investors, and establish a complaint - handling mechanism [9] Promote Opening - up - Support qualified futures companies to set up overseas branches, strengthen cooperation with overseas exchanges, and promote the international recognition of RMB - denominated futures varieties [10] Strengthen Promotion and Talent Cultivation - Promote the functions and operation practices of the futures market to enterprises through various activities, and build a multi - level talent system [10]
尊重市场规律 投资者当防过度炒作
Zheng Quan Shi Bao· 2025-07-28 17:53
Group 1 - The commodity futures market experienced a sudden downturn, with popular varieties like coking coal and lithium carbonate hitting their daily limit down [1] - The market cooling has prompted investors to return to a more rational mindset after a period of excessive enthusiasm [1] - The series of risk control measures implemented by futures exchanges is the primary reason for the recent price corrections, effectively curbing overheated market trading [1] Group 2 - The "anti-involution" policy expectations have led to high market anticipation for the rise in industrial products, but simplistic comparisons to past reforms may be misleading [1][2] - The "anti-involution" focus is primarily on mid- and downstream industries, addressing disordered price wars that have resulted in profit and quality declines [2] - While the "anti-involution" initiative may benefit certain futures varieties in the medium to long term, short-term price increases have already exceeded fundamental influences [2]
内蒙古百企聚首探讨风险管理能力提升
Qi Huo Ri Bao· 2025-07-28 16:49
Core Insights - The training program aims to enhance risk management capabilities of enterprises in Inner Mongolia, particularly in coal chemical and soft commodity industries, by utilizing the futures market [1] - The participation rate of listed companies in hedging activities has steadily increased, with 1,503 companies announcing hedging plans in 2024, representing a participation rate of 28.6% [1][2] - The volatility in commodity prices and intense industry competition are driving companies to improve their risk management strategies [2] Group 1: Training and Participation - The training session was attended by nearly a hundred representatives from state-owned enterprises and listed companies in Inner Mongolia, focusing on practical paths for utilizing the futures market for risk management [1] - Companies like Huayou Cobalt, Yuntianhua, and COFCO have integrated futures tools into their overall development strategies, establishing mature risk management models [1][2] - The number of industry clients participating in trading specific commodities, such as soybean meal and glass, has increased by over 20% in 2024 [1] Group 2: Industry Challenges and Solutions - Companies in sectors like chemicals, grain and oil, and livestock often operate near breakeven points, making raw material cost management critical for survival [2] - Sichuan Agricultural Fertilizer Co. has successfully implemented hedging strategies, achieving a profit of 50 yuan per ton through futures contracts [2] - The "five-in-one" methodology for integrating business and finance in hedging practices was proposed to address challenges in applying hedge accounting [3] Group 3: Market and Regulatory Environment - The futures market is recognized as a professional platform for risk management, with a comprehensive system of commodity futures and options covering key sectors of the economy [4] - Inner Mongolia has 29 listed companies with a total market capitalization of 786.88 billion yuan, but only 6 companies, or 20.69%, are engaged in hedging activities, which is below the national average [4] - Local regulatory bodies are working with exchanges to enhance the utilization of futures tools among enterprises to promote high-quality development of the capital market [4] Group 4: Feedback and Future Directions - Attendees expressed that the training deepened their understanding of the futures market's functions and they plan to explore hedging models tailored to their business needs [5]
辰奕智能: 内部审计制度
Zheng Quan Zhi Xing· 2025-07-28 16:39
Core Viewpoint - The internal audit system of Guangdong Chenyi Intelligent Technology Co., Ltd. aims to enhance internal management and control, standardize internal audit work, improve audit quality, and protect investors' rights [1]. Group 1: General Principles - The internal audit is defined as a systematic and standardized method to supervise and evaluate the effectiveness of internal controls, risk management, and the authenticity and completeness of financial information [1][2]. - The board of directors is responsible for establishing and implementing internal control systems, which must be approved by the board [1][2]. Group 2: Internal Audit Organization and Personnel - The board of directors establishes an audit committee composed of non-executive directors, with independent directors forming a majority [2][3]. - The internal audit department operates independently and is not under the financial department's leadership [2][3]. - Internal audit personnel must possess relevant professional knowledge and adhere to ethical standards [3][4]. Group 3: Responsibilities and Requirements of Internal Audit - The audit committee guides and supervises the internal audit department, reviews annual audit plans, and reports on audit progress and quality to the board [4][5]. - The internal audit department is responsible for evaluating the integrity and effectiveness of internal controls and auditing financial data for legality and compliance [4][5]. - Internal audit reports must be submitted at least quarterly to the board or audit committee, detailing audit findings and issues [5][6]. Group 4: Specific Implementation of Internal Audit - The internal audit process includes planning, notification, execution, reporting, and follow-up on audit findings [28][29]. - The internal audit department must conduct audits on significant transactions, including fundraising, asset purchases, and related party transactions, ensuring compliance with regulations [21][22][24][25]. Group 5: Supervision and Management - The company must establish an incentive and restraint mechanism for the internal audit department, evaluating performance and addressing non-compliance [36][37]. - Internal audit personnel are subject to disciplinary actions for obstructing audits or engaging in misconduct [37][38].
合成橡胶期货及期权上市两周年回顾与观察
Sou Hu Cai Jing· 2025-07-28 10:22
证监许可【2011】1292号 张晓珍 Z0003135 2025年7月28日 星期一 摘要: 合成橡胶期货及期权自2023年7月28日在上海期货交易所上市,至今已走过两周年。借此机会,本文梳理合成橡胶期货(期权)上市两周年的交易情况与 行情走势,并分析合成橡胶期货月间结构与期权持仓分布特点。 回顾这两年,从上市意义来看,合成橡胶期货及期权功能发挥良好,并与期货市场已有的能源化工品种形成联动,更好地服务产业链上下游企业,以及为 广大投资者提供更多元化的投资选择。从市场运行情况来看,不难发现合成橡胶期货是一个极具"爆发力"的期货品种——短短两年时间里,合成橡胶期货 主力合约就有两次涨停和一次跌停行情,且单日成交量一度超越活跃品种天然橡胶。这表明上下游企业和投资者对其的参与和认可程度在不断提高。另 外,我们还观察到:从月间结构来看,合成橡胶期货以正基差与近月升水结构为主,这与生产企业的套保行为相关;从期权持仓分布来看,基于虚值期 权"买方成本低、卖方胜率高"的特点,虚值期权持仓量远高于实值期权。 一、上市意义 合成橡胶作为三大合成材料之一,用途极为广泛,在国民经济中起到重要作用,同时合成橡胶行业也是一个风险度较高 ...
怕回调,也怕踏空,华尔街开始用这种“高级玩法”对冲风险了
Hua Er Jie Jian Wen· 2025-07-28 09:32
在美股屡创新高的背景下,华尔街投资者正转向更复杂的场外期权工具来管理风险。 面对市场自满情绪蔓延以及迷因股(meme stocks)狂热再现,华尔街策略师们开始讨论从高点回调的 保护性交易。分析师推荐回顾型看跌期权(Lookback Put Options)和可重设看跌期权(Re-settable Put Options)等奇异期权产品,以应对传统期权在上涨市场中快速失效的问题。 传统对冲策略在牛市中面临挑战 在持续上涨的市场中,传统期权对冲策略面临挑战。 普通的看跌期权会随着指数上涨而迅速变为价外期权,迫使投资者不断调整仓位以维持所需的下行保护 水平。 瑞银策略师Kieran Diamond表示,从历史数据看,处于高位的市场更有可能继续上涨而非逆转,这增加 了传统看跌期权变得更深度价外的可能性(保护失效)。 UBS全球波动率策略主管Pete Clarke表示: 今年早些时候现货价格接近高点、波动率跌向低点时,市场对回顾型期权对冲回报出现了一 波兴趣。 随着最新一轮上涨和波动率重置,我们再次看到它们被积极报价。 回顾型看跌期权(Lookback Put Options)等OTC期权产品则不存在类似问题。 根据 ...
上海地区丙烯期货和期权分析师培训成功举办
Qi Huo Ri Bao Wang· 2025-07-28 01:08
Core Viewpoint - The launch of propylene futures and options on July 22 at Zhengzhou Commodity Exchange aims to enhance the service capabilities of futures companies in the propylene industry, addressing the growing need for risk management in a complex market environment [1][2]. Group 1: Industry Context - Propylene is a fundamental and crucial raw material in the petrochemical sector, with China being the largest producer and consumer globally [1]. - The propylene industry is undergoing a transformation towards high-end and green development, increasing the demand for stable operations and risk management among upstream and downstream enterprises [1]. Group 2: Training and Development - A training session was held in Shanghai, organized by Zhengzhou Commodity Exchange, Shanghai Futures Industry Association, and Everbright Futures, focusing on enhancing the knowledge of propylene futures and options among industry professionals [1]. - The training covered topics such as macroeconomic trends, current propylene spot market conditions, futures and options regulations, and the development prospects of MTO technology and its derivative tools [1]. Group 3: Market Implications - The introduction of propylene futures and options fills a critical gap in the risk management chain from energy to basic chemical raw materials and synthetic materials, enriching the toolbox for futures companies serving the industry [2]. - The Zhengzhou Commodity Exchange plans to deepen market cultivation, promote service models, and expand tool applications to empower the propylene industry in managing price risks and securing operating profits [2].
广期所铂、钯及氢氧化锂期货有望年内上市
Zheng Quan Shi Bao· 2025-07-27 17:01
Group 1 - The Guangxi Futures Exchange is actively promoting the development and listing of new futures products, including platinum, palladium, and lithium hydroxide, with expectations for them to be launched this year [1][2] - Platinum and palladium are crucial materials in the new energy and high-tech manufacturing sectors, with their demand increasing significantly due to the rapid advancement of the global new energy vehicle and clean energy industries [1][2] - Platinum prices have surged over 50% this year, reaching over $1400 per ounce, while palladium prices have also increased by 41%, indicating a growing need for financial tools for risk management in these markets [1][2] Group 2 - Lithium hydroxide is a key raw material for new energy battery manufacturing, and its market is experiencing supply-demand imbalances, leading to increased price volatility and a pressing need for risk management tools [2] - The introduction of futures products for platinum, palladium, and lithium hydroxide is expected to fill market gaps, providing risk management tools for upstream and downstream enterprises, thereby enhancing their risk resilience and supporting stable industry development [2] - The development and listing of electricity futures are also under focus, with the Guangxi Futures Exchange emphasizing its commitment to serving green and low-carbon development [2][3]
向顶级对冲基金取经!比肩桥水的AQR,如何在不确定的市场里赚到确定性的钱?
雪球· 2025-07-27 13:33
Group 1 - The article discusses the investment strategies of hedge funds, particularly AQR, which has successfully navigated various market crises and currently manages over $200 billion in assets [2][4][5] - AQR's investment philosophy emphasizes risk management and the use of scientific methods to create verifiable and back-testable strategies [5][6] - The article highlights the importance of understanding the underlying logic of investments, including the potential pitfalls of relying on past performance [8][10] Group 2 - AQR's approach includes diversifying across asset classes, strategies, and geographies to mitigate risks [14][15][17] - The article suggests that a balanced asset allocation, such as the classic "60-40" stock-bond mix, can be optimized based on economic conditions [19][20][22] - Practical investment advice is provided, emphasizing the importance of patience and long-term holding of quality assets rather than attempting to time the market [26][28]