Report Industry Investment Rating - No information provided in the report. Core Viewpoints of the Report - The aluminum market is expected to experience large - range oscillations. In the short term, the aluminum price is under pressure due to factors such as inventory accumulation and the consumption off - season, but it may turn stronger after a weak start in August. There is a possibility of the price breaking through the 21,000 mark with the support of potential positive factors in late August [5][12]. - For the medium - term, one can consider mid - line long - position layout below 20,000 yuan [5]. - In the coming week, the Shanghai Aluminum 2509 contract is expected to trade in the range of 20,500 - 21,000 yuan. Although the price is expected to be relatively strong, a large unilateral market is difficult to sustain due to the weak cost side and continuous accumulation of social inventory [8][12]. Summary by Relevant Catalogs Mid - line Market Analysis - **Trend Judgment**: The short - term lack of new stimulus policies, a decline in investors' risk appetite, and the withdrawal of funds from the industrial products sector have narrowed the volatility of the aluminum price. With inventory accumulation and the consumption off - season, the price is under pressure in the short term. However, as August is the transition period between the off - season and peak season, combined with the decline of the US manufacturing index and the expectation of interest rate cuts, as well as domestic support policies, the price may turn stronger after a weak start in August [5]. - **Strategy Suggestion**: Consider mid - line long - position layout below 20,000 yuan [5]. Variety Trading Strategy - **Last Week's Strategy Review**: The price in August may be weak first and then strong. In the coming week, the Shanghai Aluminum 2509 contract was expected to trade in the range of 20,300 - 20,900 yuan, and short - term trading was recommended [7]. - **This Week's Strategy Suggestion**: The price in late August is still expected to be strong, but a large unilateral market is difficult to sustain due to the weak cost side and continuous accumulation of social inventory. In the coming week, the Shanghai Aluminum 2509 contract is expected to trade in the range of 20,500 - 21,000 yuan [8]. - **Hedging Suggestion for Spot Enterprises**: Consider moderately allocating virtual inventory in futures at low prices [9]. Overall View - **Bauxite Market**: The domestic bauxite market is not in surplus. The bauxite price in the northern region is expected to remain stable, while that in the south - western region may rise. Affected by the rainy season in Guinea, the bauxite supply in August may tighten, but due to the significant increase in previous imports and high port inventories, as well as the resumption of production of some suspended mines in Guinea, the shortage of bauxite may be limited, and the price will mainly operate at the bottom [10]. - **Alumina Market**: As of August 8, the domestic alumina production capacity was about 112.55 million tons, the operating capacity was about 95.8 million tons, and the capacity utilization rate was about 85.73% (85.58% last week), reaching the highest level since 2022 [10]. - **Electrolytic Aluminum Production**: The domestic electrolytic aluminum production capacity is about 45.45 million tons, the operating capacity is about 44.2 million tons, and the capacity utilization rate is about 97%. In August, the electrolytic aluminum supply shows a dual - track pattern of "stable domestic growth + overseas supplement". Domestically, the replacement project in Yunnan will be gradually put into production in late August, and the third - phase project of Inner Mongolia Huayun has reached full production, with the monthly output expected to increase year - on - year. Overseas, the electrolytic aluminum output in countries such as Brazil and South Africa is expected to increase by more than 30% year - on - year [10]. - **Import and Export**: The theoretical loss of electrolytic aluminum imports is about 1,400 yuan/ton. Since June, the export volume of aluminum products has declined but remains at a relatively high level in recent years. Considering the suspension of Sino - US tariff confrontation, the export resilience will remain in the second half of the year, but the growth rate is expected to slow down compared with the first half [10]. - **Demand**: - **Aluminum Profiles**: The domestic aluminum profile industry's operating rate decreased by 0.5 percentage points to 49.5% this week. The operating rate and order volume of construction profiles are low, the off - season atmosphere in the automotive profile industry remains, the new orders for photovoltaic profiles are insufficient, and the processing fees are too low, resulting in low order - taking willingness of enterprises. The orders of photovoltaic frame enterprises are relatively saturated. In the short term, it is expected to operate stably [11]. - **Aluminum Sheets, Strips, and Foils**: The operating rate of leading aluminum sheet and strip enterprises increased by 0.8 percentage points to 64.0% this week. The industry generally has low expectations for the consumption boost from terminal peak - season stocking in August, and the inertia of enterprise production cuts is difficult to change. The operating rate of aluminum foil leading enterprises decreased by 0.5 percentage points to 68.4%. The orders for air - conditioning foils have decreased by 5 - 10% year - on - year due to the large - scale summer equipment maintenance plan of air - conditioning terminals. With the mixed news of the cancellation of purchase tax incentives for new energy vehicles in 2026, the aluminum foil industry is expected to further shrink, and the operating rate will continue the downward trend [11]. - **Aluminum Cables**: The operating rate of leading aluminum cable enterprises remained stable at 61.8%. Although the industry is showing signs of emerging from the off - season, the characteristics of the traditional peak season have not fully emerged. The operating rate of aluminum cables is expected to rise slightly in mid - August [11]. - **Alloys**: The operating rate of primary aluminum alloy increased by 1.0 percentage point to 55.6%, continuing the recovery trend since July. However, under the triple pressures of the unresolved Sino - US tariff issue, high aluminum prices, and negative feedback, the weak and stable pattern of the industry is difficult to break. The operating rate of leading recycled aluminum enterprises remained stable at 53.1%. The terminal consumption has not improved significantly, and the off - season atmosphere dominates the market. In the short term, the operating rate of sample enterprises is expected to remain stable, but the industry as a whole will continue to decline [11]. - **Inventory**: - **Electrolytic Aluminum Ingot**: The social inventory of electrolytic aluminum ingots is 566,000 tons, an increase of about 4% from last week and a decrease of about 32% from the same period last year. Since June, the outbound volume of aluminum ingots has continued to decline and is at a low level in the past two years, but it has stabilized since August. The inventory may decrease in late August due to the potential early arrival of the traditional peak season. The inventory of aluminum rods is 138,200 tons, a decrease of about 1% from last week and an increase of about 17% from the same period last year. In the short term, the off - season theme of downstream industries remains unchanged. The LME electrolytic aluminum inventory has been increasing slightly since July after a continuous slight decline since May 2024. Considering the overseas resumption of production and the decline of manufacturing data in Europe and the United States, the subsequent inventory pressure may continue to increase [11]. - **Profit**: - **Alumina**: The average full - cost of the domestic alumina industry is about 2,850 yuan/ton, and the profit is about 400 yuan/ton, the same as last week [12]. - **Electrolytic Aluminum**: The average production cost of domestic electrolytic aluminum is about 17,600 yuan/ton, and the theoretical profit is about 3,000 yuan/ton (2,800 yuan/ton last week), at a relatively high level [12]. - **Market Expectation**: Before entering the consumption peak season, downstream enterprises mainly make rigid purchases. Without significant positive news, the spot is expected to trade at a discount, and the futures price will fluctuate at a high level. In late August, attention should be paid to potential positive factors such as policies (steady - growth plans), the peak season ("Golden September and Silver October"), and the Fed's interest rate cuts, with the possibility of breaking through the 21,000 mark [12]. - **Personal View**: The price is still expected to be strong, but a large unilateral market is difficult to sustain due to the weak cost side and continuous accumulation of social inventory. In the coming week, the Shanghai Aluminum 2509 contract is expected to trade in the range of 20,500 - 21,000 yuan [12]. - **Key Concerns**: The progress of domestic steady - growth policies and whether the "Golden September and Silver October" peak season arrives early [12]. - **Direction**: Large - range oscillations [12]. Important Industry Link Price Changes - The bauxite price is rising slightly and is expected to oscillate in the range of 70 - 75 US dollars/ton in the short term. The coal price continued to rise steadily this week, and the domestic supply is expected to tighten marginally before September, but there may be fluctuations in the short term. The alumina price rose and then fell again this week. With the increase in operating capacity, the alumina market is in surplus, and the previous speculation based on anti - involution has subsided [13]. - The electrolytic aluminum price rose slightly after reaching a high point. The holders of goods are trying to support the price, but the supply is loosening. Downstream enterprises mainly make rigid purchases, and the market is mainly focused on selling rather than replenishing at high prices. The recycled aluminum market still faces the problem of tight scrap aluminum supply, with obvious cost support, but the weak consumption and high social inventory restrict the price increase space. Attention should be paid to whether the demand expectation for the "Golden September and Silver October" is fulfilled in mid - to late August [14]. Important Industry Link Inventory Changes - The domestic port bauxite inventory continued to accumulate slightly. The downstream purchasing enthusiasm is average, but the impact of the rainy season in Guinea is gradually emerging. In the second half of the year, the domestic alumina market is in overall surplus, but there are regional structural shortages, and the inventory accumulation pressure is greater than the reduction pressure [17]. - The inventory of electrolytic aluminum ingots in the domestic mainstream consumption areas is 566,000 tons, an increase of about 4% from last week and a decrease of about 32% from the same period last year, mainly due to the off - season demand and high prices, which have slowed down the outbound rhythm. However, the inventory is still at a relatively low level compared with the historical average and is difficult to change in the short term. The inventory of aluminum rods is 138,200 tons, a decrease of about 1% from last week and an increase of about 17% from the same period last year. In the short term, the off - season theme of downstream industries remains unchanged [17]. - Overseas, the LME aluminum inventory continued to accumulate, mainly due to weak overseas demand. In addition, since June 20, the LME has implemented a new position limit rule for near - month contracts, which may have forced some hidden inventories to become visible [17]. Supply and Demand Situation - The operating rate of domestic aluminum downstream processing leading enterprises increased by 0.1 percentage points to 58.7% this week. The production arrangement of primary aluminum alloy enterprises is still cautious under the weak and stable pattern. The operating rate of leading aluminum sheet and strip enterprises increased slightly, but the operating rate in August may remain at a low level. The operating rate of aluminum cables remained stable and is expected to rise slightly in mid - August. The operating rate of the aluminum profile industry decreased slightly, with obvious off - season characteristics. The operating rate of aluminum foil decreased slightly, and that of leading recycled aluminum enterprises remained stable [22]. - The operating rate of aluminum processing is expected to continue to increase slightly next week [23]. Futures - Spot Structure - The current futures price structure of Shanghai Aluminum is relatively neutral but weaker than last month. The market has low expectations for the price increase in the second half of the year but is more optimistic about the first half of 2026 [27]. Spread Structure - The spread between aluminum ingots and ADC12 this week is about - 1,560 yuan/ton, compared with - 1,480 yuan/ton last week [34]. - The current spread between primary aluminum and alloy is at a relatively high level in recent years, which may drag down the electrolytic aluminum price [35]. Market Capital Situation - **LME Aluminum**: The net long position of overseas funds decreased slightly. After 11 consecutive weeks of net long - position increase, both the long and short sides increased their positions slightly, indicating increasing market divergence. The market is expected to be mainly oscillating strongly in the near future [37]. - **SHFE Electrolytic Aluminum**: The net long position of the main force increased slightly and steadily this week, with both the long and short sides increasing their positions slightly. The net long position of funds mainly from financial speculation has been decreasing since August, while the funds mainly from mid - and downstream enterprises have been continuously reducing their net short positions since mid - July and are now in a balanced state. Based on the performance of the main funds, the market is expected to oscillate at a high level next week [40].

Core Insights - The bond market is experiencing high volatility, with interest rate derivatives becoming essential tools for risk management [1] - Among various interest rate derivatives, interest rate swaps are favored for their ability to directly hedge interest rate risks and their broad applicability [1] Market Growth - The RMB interest rate swap market has shown significant activity in the first half of the year, with a total of 201,000 transactions, reflecting a 22.7% increase in daily average transactions [3] - The nominal principal amount reached 20.9 trillion yuan, with a daily average transaction of 174.51 billion yuan, marking a 28.9% increase [3] - The number of institutions registered for RMB interest rate swap business has exceeded 800, indicating a growing participation in the market [3] Risk Management Functionality - The tightening liquidity in the first quarter has led market participants to prioritize hedging strategies, especially as the bond market transitions from a bull market to increased volatility [4] - Financial institutions are increasingly utilizing interest rate swaps to mitigate investment volatility in a turbulent market environment [4] - The introduction of the "Northbound Swap Connect" 30-year contract provides overseas investors with long-term interest rate risk hedging tools, addressing the needs of pension funds, life insurance companies, and sovereign funds [4]

Core Viewpoint - The successful completion of the LG2507 futures contract delivery marks a significant milestone for the wood futures market, validating the contract rules and regulatory framework, and laying a solid foundation for future market functionality and industry development [1][7]. Delivery Performance - The LG2507 contract operated for 169 trading days, with a total trading volume of 4.3411 million contracts and a transaction value of 321.328 billion yuan, averaging 25,700 contracts traded daily [1]. - In July, 1,281 contracts were delivered, equivalent to 115,290 cubic meters of wood, with total delivery value around 95.33 million yuan [2]. Industry Response - Companies like Shandong Tengnuo Wood Industry Co., Ltd. have utilized the futures market to hedge against rising raw material prices, achieving cost and profit margin stabilization through early delivery [3]. - Jiangsu Huihong International Group implemented a sell hedge strategy on the LG2507 contract, successfully completing 85 contracts, which helped smooth their revenue curve [4]. Quality and Efficiency Improvements - The introduction of standardized measurement and inspection processes has enhanced the quality assurance of delivered wood, reducing subjective quality assessments and improving delivery efficiency [4][5]. - Taicang Xinhai Port Development Co., Ltd. achieved a delivery efficiency of 20 minutes per contract, with a daily average of 30 contracts delivered during peak periods [5]. Market Development Initiatives - The Dalian Commodity Exchange has taken proactive measures to ensure smooth delivery operations, including organizing mock deliveries and enhancing training for market participants [6]. - Future plans include strengthening market regulation, expanding delivery resources, and promoting best practices to enhance industry participation in hedging and trading activities [7].

Core Viewpoint - Jiangsu Highhope International Group Corporation is convening its first extraordinary general meeting of shareholders in 2025 to discuss a proposal regarding its subsidiaries engaging in hedging activities and related transactions [1][2]. Group 1: Meeting Details - The meeting is scheduled for August 18, 2025, at 14:00 in Nanjing [2]. - The agenda includes voting on the proposal for subsidiaries to conduct hedging activities [2][3]. - Voting will be conducted through both on-site and online methods, with each share carrying one vote [2]. Group 2: Proposal Overview - The proposal involves subsidiaries Jiangsu Suhao Zhongjin Development Co., Ltd. and Jiangsu Suhao Zhongtian Holdings Co., Ltd. engaging in hedging through Hongye Futures Co., Ltd. [3][4]. - The hedging activities aim to mitigate risks associated with price fluctuations of raw materials and metals relevant to their operations [3][4]. - The maximum margin required for these hedging activities will not exceed 4% of the company's latest audited net assets [3]. Group 3: Transaction Details - The hedging will be conducted on domestic exchanges and will not involve overseas futures or derivatives [4]. - The authorization for these activities will be valid for 12 months from the date of approval by the shareholders [4][5]. - The funding for these transactions will come from the subsidiaries' own funds, avoiding the use of raised capital or bank loans [3]. Group 4: Approval Process - The proposal has been reviewed and approved by the Audit, Compliance, and Risk Control Committee, as well as the Independent Directors and the Supervisory Board [5][6]. - The committee believes that the hedging activities will enhance the company's risk management capabilities and are in the best interest of all shareholders [5][6]. Group 5: Related Party Transactions - Hongye Futures is a subsidiary of the controlling shareholder Suhao Holdings Group, establishing a related party relationship [6][7]. - The transaction is deemed to follow fair market principles and will not harm the interests of minority shareholders [6][10]. Group 6: Financial Impact and Accounting Treatment - The hedging activities are expected to support the company's operational stability without affecting its main business development [13]. - The company will adhere to relevant accounting standards for financial reporting related to these hedging activities [13].

Core Viewpoint - The futures market is taking on a new mission to serve the real economy under the policy backdrop of "stabilizing expectations, strengthening confidence, and expanding domestic demand" [1] Group 1: Challenges Faced by the Real Economy - The real economy is facing significant challenges due to the volatility of commodity prices and weak demand, leading to increased operational risks for enterprises [2][3] - Enterprises are experiencing greater uncertainty in orders and pricing, which affects their production planning, raw material procurement, and financial preparations [2][3] Group 2: Role of the Futures Market - The futures market plays a crucial role in stabilizing expectations through its three core functions: price discovery, risk management, and resource allocation [3] - An example is provided where a company used futures contracts to hedge against the price volatility of lithium carbonate, ensuring stable production and timely delivery despite market fluctuations [3] Group 3: Difficulties in Utilizing Futures Tools - The basis risk is a major difficulty for enterprises when using futures tools for hedging, as the price movements of raw materials and finished products do not always align with futures prices [4] - Other challenges include funding pressures, a shortage of professional talent, and insufficient understanding of futures market rules and trading strategies [4] Group 4: Expectations from the Futures Industry - Enterprises expect more personalized and professional risk management solutions tailored to their specific industry characteristics and risk tolerance [5] - There is a demand for enhanced training and guidance on futures knowledge to improve understanding and capabilities within enterprises [5] - Innovation in service models and products is also sought, such as risk management contracts linked directly to spot market needs [5] Group 5: Innovations in Service Models - Hai Zheng Futures has introduced innovative service models like rights-linked trade and warehouse receipt swapping to better meet the needs of enterprises [6][7] - The rights-linked trade model allows enterprises to have options based on market price fluctuations, providing flexibility in risk management [6] - The warehouse receipt swapping service addresses mismatches between the required and actual warehouse receipt brands, enhancing the flexibility of enterprises in futures delivery [7] Group 6: Recommendations for Improving Futures Services - There are several identified bottlenecks in the futures market's service to the real economy, including unregulated warehouses leading to credit risks [8] - Recommendations include enhancing government oversight of social warehousing, focusing on specific commodity chains, and increasing support for risk subsidiaries within futures companies [8][9]

Core Viewpoint - The futures market is taking on a new mission to serve the real economy amid the current policy backdrop of "stabilizing expectations, strengthening confidence, and expanding domestic demand" [1] Group 1: Challenges Faced by Real Enterprises - Real enterprises are facing significant challenges due to the volatility of commodity prices, which has become a norm, leading to increased procurement costs and reduced profit margins [2] - Demand weakness and order uncertainty are also major risks, as global market demand shrinks and domestic competition intensifies, complicating production planning and increasing operational costs [2] Group 2: Role of Futures Market - The futures market plays a crucial role in stabilizing expectations through three core functions: price discovery, risk management, and resource allocation [3] - An example is provided where a company used futures contracts to hedge against the price volatility of lithium carbonate, ensuring stable production and timely delivery despite market fluctuations [3] Group 3: Difficulties in Utilizing Futures Tools - Basis risk is a primary difficulty for enterprises using futures tools for hedging, as the price movements of raw materials and finished products do not always align with futures prices [4] - Other challenges include funding pressures, a shortage of professional talent, and insufficient understanding of futures market rules and trading strategies [4] Group 4: Expectations from the Futures Industry - Enterprises expect more personalized and professional risk management solutions tailored to their specific industry characteristics and risk tolerance [5] - There is a demand for enhanced training and guidance on futures knowledge to improve understanding and capability within enterprises [5] - Innovation in service models and products is also anticipated, such as risk management contracts linked directly to spot market needs [6] Group 5: Innovations in Service Models - The introduction of innovative service models like rights-based trading and warehouse receipt swapping has been highlighted as a significant breakthrough to better meet the needs of real enterprises [7][8] - These models provide more flexible risk management solutions and enhance the collaboration between futures companies and enterprises [8] Group 6: Recommendations for Improving Futures Services - There are several identified bottlenecks in the futures market's service to the real economy, including credit risks from unregulated warehouses and limited coverage of spot products by risk subsidiaries [9] - Recommendations include increasing government oversight of social warehousing, focusing risk subsidiaries on specific commodity chains, and enhancing support for risk subsidiaries from industry associations [10][11]

Core Viewpoint - The futures market is taking on a new mission to serve the real economy under the current policy backdrop of "stabilizing expectations, strengthening confidence, and expanding domestic demand" [1] Group 1: Challenges Faced by Real Enterprises - Real enterprises are facing significant challenges due to the volatility of commodity prices and weak market demand, leading to increased operational risks and costs [1][2] - The fluctuation in commodity prices has become a norm, causing uncertainty in procurement costs and sales prices, which can squeeze profit margins and potentially lead to losses [1][2] - Demand is weakening, with reduced overseas orders and intensified domestic competition, making it difficult for enterprises to secure stable orders and affecting production planning and resource procurement [1][2] Group 2: Role of Futures Market - The futures market plays a crucial role in stabilizing expectations through its three core functions: price discovery, risk management, and resource allocation [2] - An example is provided where a company used futures contracts to hedge against the price volatility of lithium carbonate, ensuring stable production and timely delivery despite market fluctuations [2] Group 3: Difficulties in Risk Hedging - The basis risk in futures contracts is a major difficulty for enterprises, as the price movements of their raw materials and finished products do not always align with futures prices, affecting the effectiveness of hedging [3] - Other challenges include funding pressures, a shortage of professional talent, and insufficient understanding of futures market rules and trading strategies [3] Group 4: Expectations from the Futures Industry - Enterprises expect more personalized and professional risk management solutions tailored to their specific industry characteristics and operational models [4] - There is a demand for enhanced training and guidance on futures knowledge to improve understanding and capabilities within enterprises [4] - Innovation in service models and products is sought, including risk management contracts linked directly to spot market needs [4][6] Group 5: Breakthrough Service Models - Innovative service models such as "contingent trade" and "warehouse receipt exchange" have been introduced to provide more flexible risk management solutions for enterprises [6] - The contingent trade model allows enterprises to have options based on market price fluctuations, while the warehouse receipt exchange service addresses mismatches in delivery requirements [6] Group 6: Addressing Service Blockages - Current blockages in the futures market's service to the real economy include non-standardized warehouses leading to credit risks and limited coverage of spot products by risk subsidiaries [7][8] - Recommendations include enhancing regulatory oversight of storage facilities, focusing on specific commodity chains, and increasing support for risk subsidiaries to improve service capabilities [8]

Group 1: Market Overview - The lithium carbonate futures market has experienced significant volatility, with the main contract fluctuating from over 80,000 yuan/ton to a drop of 67,840 yuan/ton within a month [1] - The average price of battery-grade lithium carbonate has decreased from 72,833 yuan/ton to 70,833 yuan/ton, while industrial-grade products saw a decline of 3.06% [1] - The lithium hydroxide futures market has also reacted to these fluctuations, indicating market concerns over future supply and demand balance [1][4] Group 2: Supply Dynamics - Major lithium supply sources globally include Australia, South American salt lakes, and emerging regions in Africa, with Australian production showing a 13% quarter-on-quarter decrease but a 22% year-on-year increase [5] - Domestic lithium resources are concentrated in Jiangxi and Qinghai, with recent regulatory actions leading to expectations of supply contraction [5] - The production status of enterprises has been affected, with a notable decline in purchasing willingness from downstream cathode material manufacturers due to high prices [5] Group 3: Demand Trends - Despite strong performance in the energy storage market, the growth rate of electric vehicles is slowing, with global lithium demand expected to grow by 18% to 1.5 million tons LCE by 2025, significantly lower than previous years [6] - Current lithium prices are approaching cost levels, with an estimated supply of 1.34 million tons LCE at 80,000 yuan/ton, while projected demand for 2025 is 1.43 million tons LCE [6] - The influx of speculative funds into the futures market has significantly influenced price movements, with a notable increase in trading volumes [6] Group 4: Risk Management Tools - The Chicago Mercantile Exchange's lithium hydroxide futures (LTH) have become a key tool for hedging price risks in the industry, particularly for high-end material companies [8] - LTH contracts directly connect with the procurement pricing systems of high-end supply chain companies, mitigating cross-hedging discrepancies [9] - Companies can effectively lock in future sales prices or procurement costs through hedging operations in the LTH market, thus protecting profit margins [12] Group 5: Market Strategies - Market participants can engage in cross-market arbitrage between lithium carbonate and lithium hydroxide futures, with recent price spreads indicating potential trading opportunities [14] - Seasonal expectations suggest a potential downturn in the fourth quarter, with strategies like long positions in near-term contracts yielding returns [15] - The lithium market is closely tied to macroeconomic conditions, with global economic growth impacting demand for electric vehicles and energy storage [16]

Core Viewpoint - The launch of pure benzene futures and options on July 8 by Dalian Commodity Exchange is expected to provide effective risk management tools for the pure benzene industry, with companies eager to participate in initial trading [1][4]. Industry Overview - Pure benzene is a key organic chemical raw material with downstream applications in various sectors including electrical appliances, construction materials, packaging, and fiber materials. China is the largest producer and consumer of pure benzene globally [2][3]. - The rapid changes in the supply-demand structure of the spot market have increased uncertainties for companies in the pure benzene industry, highlighting the urgent need for suitable risk management tools [2]. Challenges Faced by Companies - Companies face several operational challenges, including a lack of pricing power in the domestic pure benzene market, increased credit risk due to price volatility, and mismatched product liquidity between pure benzene and its derivatives [3]. - The reliance on traditional methods such as long-term contracts and inventory adjustments for risk management is insufficient, especially during extreme market fluctuations [2][3]. Futures and Options Details - The first batch of pure benzene futures will consist of four contracts, with a trading unit of 30 tons per contract and physical delivery [4]. - Initial trading limits are set at 7% of the previous day's settlement price, with a 14% limit on the first trading day. The margin requirement is 8% of the contract value [4]. Participation and Expectations - Companies have expressed strong interest in participating in the futures and options market to enhance their risk management capabilities and improve price discovery [5]. - The expectation is that the futures market will enhance liquidity, optimize the structure of market participants, and attract more industry clients and financial institutions [5].

本报记者 邢 萌 王 宁 今年以来，在复杂多变的国际形势下，市场避险情绪高涨，黄金价格居高不下。伦敦金长期处于 3300美元/盎司以上，国内金饰价格一度突破1000元/克。受高金价影响，金饰销售低迷，终端消费动力 不足，产业发展面临挑战。 在此背景下，黄金衍生品有望成为支撑产业稳健运行的安全阀。近日，记者深入调查北京、深圳、 山东等地黄金加工销售市场，通过采访线下金店、产业公司、期货公司、业内专家等多方人士了解到， 高金价下，黄金期货、黄金期权在助力金企应对价格波动风险、推进稳健经营方面发挥了重要作用，推 动中国黄金市场从传统现货交易市场迈向更加成熟的现代金融衍生品市场。 新形势下，中国期货市场对外开放力度持续加大，业界期待黄金期货能加快国际化步伐，不断优化 跨境交易机制，吸引国际机构广泛参与，从而提高我国黄金市场的国际影响力，增强话语权。 产业链企业避险需求上升 尽管黄金价格持续走高，但并未带来想象中的产业"盛宴"。事实上，由于高金价抑制了消费需求， 近期产业链企业库存资产避险需求上升。 记者调查发现，黄金销售疲态渐显正在中国最大的黄金珠宝交易市场深圳水贝、矿脉资源极为丰富 的"中国金都"山东招远、北京规模 ...