Group 1 - The forum focused on how the futures market can assist the oilseed and oil industry in responding to trade changes, highlighting the importance of oilseed safety as a critical component of food security in China [1][2] - The Zhengzhou Commodity Exchange (ZCE) emphasized its mission to support the real economy by providing a high-quality risk management system through product innovation and collaboration with the industry [1][2] - The global trade landscape is undergoing significant changes, which poses challenges to the stability and competitiveness of the oilseed and oil industry, necessitating enhanced market functions and service quality [2] Group 2 - COFCO Oils Holdings has effectively utilized futures and derivative tools to mitigate price volatility risks, ensuring stable operations within the oilseed and oil sector [3] - The oilseed and oil sector has developed a relatively complete derivative product system, which serves as a valuable risk management tool for the industry [3] - Industry representatives discussed the changing global oilseed trade landscape and the challenges and opportunities faced by import and processing enterprises during a roundtable discussion [3]

Report Summary 1. Industry Investment Rating No industry investment rating information is provided in the report. 2. Core Viewpoints - 8 - 9月受韩国纯苯装置检修影响，我国进口端纯苯供应预计下降，国内供需双增，8 - 9月纯苯供需格局有所好转，但隐性库存高企且终端需求不佳，短期基本面改善有限，需观察后续传统需求旺季是否带来需求增量 [3] - 苯乙烯近端价格低，下游工厂抄底意愿增强，原料补库基本结束，后续出口端有需求增量，8 - 9月苯乙烯供应过剩程度减轻 [3] - 当前苯乙烯绝对价格处于近几年历史低位且旺季预期无法证伪，短期单边谨慎做空，品种间可关注苯乙烯大装置落地时间，考虑逢高做缩纯苯苯乙烯价差 [3] - 今日受原料端供应缩量消息影响，午后化工板块整体偏强运行 [3] 3. Content Summaries by Directory 3.1 Price Forecast and Hedging Strategies - **Price Forecast**: The predicted monthly price range for pure benzene is 5800 - 6400 yuan/ton, and for styrene is 7000 - 7600 yuan/ton. The current 20 - day rolling volatility of styrene is 29.40%, and its historical percentile over 3 years is 85.8% [3] - **Hedging Strategies for Styrene** - **Inventory Management**: When finished - product inventory is high and worried about price decline, short 25% of styrene futures (EB2510) at 7350 - 7400 yuan/ton and sell 50% of call options (EB2510C7500) at 75 - 90 to lock in profits and reduce costs [3] - **Procurement Management**: When procurement inventory is low, buy 50% of styrene futures (EB2510) at 7150 - 7200 yuan/ton and sell 75% of put options (EB2510P7100) at 90 - 110 to lock in procurement costs [3] 3.2 Core Contradictions - For pure benzene, supply from imports is expected to decline due to South Korean plant maintenance, but high hidden inventory and poor terminal demand limit short - term improvement in fundamentals [3] - For styrene, downstream restocking is mostly completed, and there is expected demand growth in exports, reducing the supply surplus in August - September [3] 3.3利多解读 - Recent downstream projects of pure benzene have been put into production, improving the supply - demand pattern [6] - As of August 18, the port inventory of pure benzene in Jiangsu decreased by 1.37% compared to the previous period, with visible inventory gradually decreasing [6] - There are many rumors of styrene exports, with expected demand growth in the export market [6] - The return of multiple maintenance devices in the EPS and PS industries, especially EPS, has led to a significant increase in the operating rate and demand for styrene [6] - South Korean petrochemical companies will cut naphtha cracking capacity by up to 3.7 million tons annually [6] 3.4利空解读 - New styrene production capacity is starting to show, with two large - scale styrene plants in Jilin Petrochemical and Guangxi Petrochemical to be put into operation in September and October, ensuring sufficient supply [7] - As of August 18, 2025, the port inventory of styrene in Jiangsu increased by 1.27 million tons (8.53%) compared to the previous period [7] - The production schedule of three major white - goods in late July shows poor production plans, leading to a pessimistic outlook for styrene terminal consumption in the third quarter [7] 3.5 Basis and Spread Data - **Basis Changes**: The basis of pure benzene and styrene shows different degrees of daily changes, with styrene basis generally decreasing [8] - **Spread Changes**: The spreads within the pure benzene - styrene industrial chain, including spot - paper goods spreads and styrene - pure benzene spreads, also show certain daily changes [9] 3.6 Industrial Chain Price Data - The prices of various products in the pure benzene - styrene industrial chain, such as crude oil, naphtha, ethylene, pure benzene, and styrene, show different daily and weekly changes [9][10] - The profits of different products in the industrial chain, including pure benzene production profit, styrene integration profit, and downstream product profits, also vary [9][10]

Group 1 - The article highlights the vibrant agricultural landscape in Xinjiang, showcasing the importance of cotton and the role of futures markets in risk management within the cotton industry [1] - Xinjiang is focusing on building a complete cotton industry chain, enhancing competitiveness in planting and deep processing, supported by financial services to ensure high-quality development [1] - Zhejiang Futures Industry is leveraging its expertise to provide continuous support to the Xinjiang cotton industry through innovative financial services [1] Group 2 - Cotton prices are experiencing significant volatility due to multiple factors, increasing operational risks for market participants and posing new challenges to the stability of the cotton industry chain [2] - There is a growing demand for diversified and personalized risk management tools among cotton enterprises in Xinjiang, leading to an exploration of futures tools [2] - A specific cotton supply chain company in Xinjiang is actively integrating futures tools into its production processes to mitigate potential operational risks [2] Group 3 - Zhejiang Futures Industry has designed several hedging solutions tailored to the specific needs of a cotton enterprise, optimizing service models based on market conditions [3] - The cotton enterprise successfully executed three transactions involving over-the-counter options, utilizing a buy-in circuit breaker cumulative put option strategy to stabilize operations amid market fluctuations [3] - The advantages of over-the-counter options include lower capital requirements and greater flexibility compared to traditional futures hedging, enhancing the ability of enterprises to manage market risks [3]

Core Viewpoint - The safety of oilseeds and oils is a critical strategic issue related to China's economic development and social stability, emphasizing the importance of managing planting areas, ensuring planting income, and managing price risks in the oilseed industry [1] Group 1: Industry Insights - The oilseed and oil industry is integral to food security, and its challenges directly impact farmers and enterprises involved in trade and processing [1] - The futures market has been focused on serving industry development, providing financial solutions to address industry challenges, and has shown significant market functionality over the past decade [1] - The development of oilseed futures has led to deeper participation from industry enterprises, enhancing price influence and establishing these products as essential risk management tools for the industry [1] Group 2: Future Directions - Industry enterprises are encouraged to actively respond to national calls by utilizing futures tools to stabilize production and promote high-quality industry development [1] - There is an expectation for the Zhengzhou Commodity Exchange to continue innovating new service tools for the industry, including the "insurance + futures" model, to enhance agricultural efficiency, invigorate rural areas, and increase farmers' income [1]

Core Viewpoint - The robust development of the polyester industry chain relies on the support of futures tools, which have played a significant role in stabilizing operations and managing price volatility risks since the introduction of polyester futures options [1][2]. Group 1: Industry Overview - The chemical fiber industry is a core support for the stable development and continuous innovation of the textile industry chain, possessing international competitive advantages and being an important part of the new materials industry [1]. - China's chemical fiber industry demonstrates strong international competitiveness in market share, production cost control, and product quality management [1]. Group 2: Market Dynamics - The polyester industry is currently undergoing a critical transformation towards high-end, intelligent, and green development, facing increasing domestic competition and complex international conditions [1]. - The demand for risk management among industry chain enterprises is rising due to frequent price fluctuations [1]. Group 3: Futures Market Development - The first chemical futures, PTA futures, were launched in 2006, providing price discovery and risk management tools for polyester industry chain enterprises [2]. - The Zhengzhou Commodity Exchange has since introduced various futures and options products, achieving comprehensive coverage of major polyester industry chain varieties and significantly enhancing service capabilities [2]. - A considerable proportion of industry chain enterprises have established systematic futures research and application systems, aiming to strengthen risk control measures [2].

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]

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]

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].

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]

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]