近年来，动力电池生产厂商、车企、第三方回收公司等主体纷纷布局废旧动力电池综合利用业务。有预测显示， 2023年，我国废旧电池退役量超过58万吨；2025年，我国动力电池退役量将达82万吨；2028年开始，动力电池退役 量将超过260万吨。废旧电池中富含有价值的金属元素，如镍、钴、锰和锂等。面对价格波动明显加剧的原材料市 场，新能源企业如何对回收的元素进行套保变得愈发重要。 东证期货风险管理公司——东证润和资本管理有限公司（简称东证润和）基于行情研判，在满足新能源企业风险管 理需求的情况下，为其定制了个性化的期权方案。 新能源企业回收动力电池后进行拆解，并提取碳酸锂，企业碳酸锂销售收入占比超过60%。2024年9月，企业回收 了400吨废旧电池，预计能提取60吨碳酸锂（电池回收比为15%）。彼时，提取碳酸锂价格与现货价格相比存在倒 挂现象，且碳酸锂价格下跌导致企业利润缩水。企业希望对未来产出的碳酸锂进行套保，既能提高利润又能降低价 格下跌风险。 东证润和针对企业的敞口风险，设计衍生品风险管理创新方案，将企业需求与期权产品融合，在管理风险的同时增 厚收益。 海南一家涉及动力电池回收的新能源企业（简称新能源企业）在 ...

在与区域企业接触后，创元期货有色产业服务人员李玉芬发现，随着加工行业竞争逐渐白热化，再加上 近年来铝价波动加剧，下游企业的经营压力不断增加。"签单时算着盈利，交付时却因铝价上涨亏了 本。"这是一些铝加工企业经营状况的真实写照。在了解到上述情况后，她与团队决定深入产业链"对症 下药"。 作为国内三大铝加工产业集聚区之一，华东地区的铝加工产能规模在国内位居前列，其中，在江苏无 锡、浙江湖州等地已形成从铝锭贸易、熔铸挤压到终端制造的完整产业链集群。依托长三角地区发达的 水陆联运体系，以及周边新能源汽车、光伏装备等高端制造业需求的驱动，区域内铝加工产业规模持续 增长。 "对症下药"直击产业保值痛点 "我们需要的不是复杂的理论，而是能直接解决问题的办法。"这是企业最真实的诉求，也成为创元期货 服务的出发点。"尤其是下游的铝加工企业，多是中小民营企业，对金融工具往往感到陌生和担忧。"李 玉芬表示，如何将复杂的金融衍生品转化为企业能理解、易操作的风险管理工具，是服务落地的首要难 题。 针对上述痛点，公司团队为企业量身打造了服务方案。首先是开展专项培训，为企业讲解期货、期权工 具用法；其次是研究团队分享基本面分析报告，帮助企 ...

Core Insights - The price fluctuations of polysilicon and silicon wafers directly impact the operational efficiency of downstream processing companies in the photovoltaic industry [1] - The market price mechanism for polysilicon has become increasingly complex due to the evolution of the industry and policy environment, transitioning from policy-driven to market-driven development [1] - The integration of financial derivatives, such as options and futures, into procurement strategies can help downstream companies manage risks and optimize costs [2][4] Industry Development - The photovoltaic industry has undergone a significant transformation from a policy-driven phase to a market-driven phase, leading to accelerated capacity expansion and a multi-layered supply structure [1] - The interplay of global trade dynamics, raw material supply chain stability, and financial market sentiment contributes to the non-linear characteristics of polysilicon price fluctuations [1] Risk Management Strategies - Traditional procurement models for polysilicon are vulnerable to price volatility, which can compress production profits; thus, companies are encouraged to utilize financial derivatives for better risk management [2] - Options trading allows companies to manage risks while potentially generating additional income, particularly through selling put options to lower procurement costs [2] Financial Derivatives Application - The use of options can effectively reduce procurement costs for polysilicon, as demonstrated by a case where a company sold PS2511-P-48000 options, resulting in a cost reduction of 1200 yuan per ton [3][4] - As the financialization of the photovoltaic industry deepens, the application of financial derivatives is expected to become more widespread, enhancing resource allocation efficiency and supporting sustainable development [4]

Core Viewpoint - The company, Xiamen Xiangyu Co., Ltd., is leveraging futures and derivative tools to enhance risk management and drive high-quality development in the supply chain amidst volatile commodity prices [1][2]. Group 1: Risk Management and Futures Integration - The ability to control risks has become a core value and competitive advantage for listed companies, necessitating a shift from passive to active risk management through the use of derivatives [2]. - Xiamen Xiangyu's futures business is integrated into its extensive supply chain management platform, allowing for flexible operations across various commodity categories [2][4]. - The company has established a comprehensive management system to mitigate risks associated with derivative trading, including strict adherence to internal controls and regulatory compliance [8][9]. Group 2: Practical Applications of Futures - In February 2025, Xiamen Xiangyu engaged in basis procurement contracts to manage price risks effectively, resulting in a net profit of 170 yuan per ton through strategic trading [3]. - The company has developed a grain supply chain that includes a pricing model that helps farmers hedge against price fluctuations, thereby supporting rural revitalization [5][7]. - The "放心送" service allows farmers to manage price risks effectively, demonstrating the company's commitment to providing tailored risk management solutions [6][7]. Group 3: Business Expansion and Global Reach - Xiamen Xiangyu's business network spans over 110 countries, showcasing its capability in risk management and its role in empowering the supply chain [10]. - The company aims to become a world-class supply chain service provider, with risk management being a critical component of its strategic objectives [10].

Core Insights - The volatility in the prices of upstream raw materials for new energy, such as polysilicon, has intensified, prompting listed companies to increase their participation in the futures market [1] - A significant rise in the number of companies engaging in hedging activities has been observed, with 458 companies announcing hedging-related activities in October, marking a 2.3 times year-on-year increase compared to the same period in 2024 [1] - Current trends suggest that the number of companies participating in hedging activities will exceed 2000 by the end of the year [1] Industry Summary - The new energy sector is experiencing heightened price fluctuations in key raw materials, leading to a strategic shift among companies towards risk management through futures and derivatives trading [1] - The increase in participation in the futures market reflects a growing awareness among companies regarding the importance of price risk management [1] - The substantial growth in the number of companies engaging in hedging indicates a proactive approach to mitigating financial risks associated with raw material price volatility [1]

Report Industry Investment Rating - Not provided Core Viewpoints of the Report - The listing of platinum and palladium futures and options is expected to be imminent, which will bring positive impacts such as strengthening China's commodity pricing power, promoting the healthy development of the industry, helping enterprises manage price risks, and enhancing market transparency [3][4] - In the short - term, the global supply of platinum and palladium is tight. In the long - term, platinum's supply - demand fundamentals will gradually improve, while palladium will gradually become looser [5] - In the future, platinum is expected to fluctuate upward in the medium - to - long term, and for palladium, attention should be paid to the price decline risk caused by the relaxation of supply - demand. Suggested price ranges are 1500 - 1800 dollars per ounce for platinum and 1300 - 1600 dollars per ounce for palladium. Strategies include long platinum and long - platinum short - palladium cross - variety opportunities [6] Summary by Related Catalogs Latest Dynamics and Reasons - On November 7, 2025, the CSRC approved the registration of platinum and palladium futures and options at the Guangzhou Futures Exchange, and the listing time is expected to be approaching [3] - Positive impacts of the listing: strengthening China's commodity pricing power as China is a major consumer but lacks pricing influence; promoting industrial development and supply - chain stability by providing standardized contracts and price - discovery functions; helping enterprises manage price risks in the context of large price fluctuations; enhancing market transparency as derivatives are information - aggregation platforms [3][4] Fundamental Situation - Short - term: Supply is tight due to tariffs and sanctions on Russia. As of November 5, the 1 - month lease rate of platinum is around 2.7%, and that of palladium is around 1.0% [5] - Long - term: Supply from South Africa is restricted by power shortages, labor issues, etc. In Q2 2025, global platinum mine and refined production decreased by 7.8% and 4.1% year - on - year respectively; in the first half of 2025, global palladium mine and refined production decreased by 10.1% and 6.6% year - on - year respectively. Platinum demand is growing steadily, while palladium supply - demand is becoming looser [5] Summary and Strategy - Recently, precious metal prices have adjusted. Platinum remains firm due to trade restrictions, and palladium prices are supported by supply tightness in other regions. In the future, platinum is expected to fluctuate upward, and for palladium, attention should be paid to price decline risks [6] - Suggested price ranges: 1500 - 1800 dollars per ounce for platinum and 1300 - 1600 dollars per ounce for palladium. Strategies include long platinum and long - platinum short - palladium cross - variety opportunities [6]

Core Insights - The article discusses the evolution of the black industry chain, highlighting the rigid pricing mechanisms between the upstream steel industry and downstream manufacturing sectors, which transfer price volatility risks to downstream players [1][2] - It emphasizes the introduction of futures derivatives as a solution to restructure risk-sharing mechanisms within the industry chain, allowing for a more flexible pricing buffer [1][4] Industry Overview - The steel industry operates under a long-process smelting model, focusing on maintaining reasonable profits and stable production while controlling costs [2] - Steel trading companies serve as supply chain service providers, addressing the pricing risks that arise from asymmetric purchasing and sales between upstream and downstream entities [2] Market Dynamics - In Q2 2023, steel prices fell due to supply-demand imbalances and seasonal factors, prompting downstream shipbuilding companies to seek current market prices for their annual production needs [2] - Existing pricing models from steel companies did not meet the actual needs of shipbuilding firms, leading to a mismatch in pricing expectations [2] Risk Management Solutions - The collaboration between futures companies and steel trading firms facilitated a pricing conversion that addressed the needs of both shipbuilding and steel companies [3] - A closed-loop system was established where steel companies sold at floating prices, while trading firms provided price management services to shipbuilders, allowing for fixed-price procurement [3] Financial Impact - From May to September 2023, trading firms locked in steel resources for shipbuilders, reducing procurement costs from approximately 5780 CNY/ton to 4980 CNY/ton, resulting in an additional revenue of about 800 CNY/ton for shipbuilders [3] - Steel companies benefited from a stable profit of around 200 CNY/ton without bearing the exposure risk [3] Strategic Importance - The "guaranteed supply and locked price" model meets the needs of both upstream production and downstream risk control, ensuring stable prices and supply [4] - This project supports the stable operation and development of the manufacturing sector, which is crucial for maintaining economic growth and enhancing competitiveness in the industrial landscape [4]

Group 1 - The 2025 Asia-Pacific Iron Ore Supply and Demand and Investment Development Conference was held in Perth, Australia, gathering over 200 industry experts and representatives from various countries to discuss key topics related to global mining resources and supply prospects, opportunities in the Asian steel industry, and innovations in iron ore supply chain models [1] - The conference featured high-level leaders from the Western Australia government, the Australia China Business Council Perth Chapter, and renowned international companies such as Rio Tinto and Hancock, emphasizing the importance of collaboration in the iron ore sector [1] Group 2 - Dr. Gui Chenxi from CITIC Futures highlighted the impact of global economic conditions, geopolitical factors, supply-demand relationships, and financial market fluctuations on commodity price volatility, noting the increasing maturity of China's futures market [3] - CITIC Futures aims to provide international investors with comprehensive services, including education on the Chinese futures market, policy interpretation, global commodity market research, and customized settlement services, positioning itself as a key player in risk management and global asset allocation [3] Group 3 - The conference showcased the "Chinese market" and "Chinese solutions" to global iron ore industry participants, reinforcing CITIC Futures' professional brand image within the Australian iron ore supply chain and strengthening strategic partnerships with Australian mines, traders, and financial institutions [5] - Looking ahead, CITIC Futures plans to enhance its international business capabilities and serve as a bridge connecting overseas enterprises with the Chinese futures market, contributing to the global investment community's access to China's high-quality economic development [5]

Core Viewpoint - The launch of pure benzene futures and options on July 8 at the Dalian Commodity Exchange is expected to provide essential risk management tools for companies in the industry, enhancing price stability and transparency in the market [1][2][3]. Industry Overview - China is the world's largest producer, consumer, and importer of pure benzene, with a production capacity of 32.34 million tons and a consumption volume of 29.26 million tons in 2024, accounting for 39% and 43% of global totals, respectively [2]. - The industry has faced challenges with profit transmission and price volatility, leading to a pressing need for effective risk management tools [2]. Market Dynamics - The introduction of futures and options is anticipated to help companies lock in prices and manage risks associated with price fluctuations, thereby improving their risk management capabilities [3][4]. - The futures market is expected to enhance China's pricing influence in the international market, contributing to a more transparent pricing mechanism for pure benzene [3][4]. Initial Market Response - The first day of trading for pure benzene futures was stable, with significant participation from major industry players, indicating strong market interest and confidence [4][5]. - A total of 26,900 contracts were traded on the first day, with a transaction value of 4.788 billion yuan, reflecting active engagement from 230 institutional clients [7]. Price Movement - The initial contracts showed a slight increase from the base price of 5,900 yuan per ton, with the main contract closing at 5,931 yuan, up 0.53% [7]. - Analysts noted that the futures prices were primarily anchored to spot market fluctuations, indicating a cautious market outlook amid current supply-demand conditions [7]. Future Outlook - Industry experts believe that the futures market will continue to evolve, with increased participation from related enterprises, leading to improved liquidity and market functionality [8].

Core Insights - The global energy landscape is undergoing significant transformation, with the importance of new and clean energy becoming more prominent in the context of "carbon peak" and "carbon neutrality" initiatives [2] - The "silicon energy" sector, which includes the polysilicon and organic silicon supply chains, plays a crucial role in China's dual carbon strategy, with industrial silicon being an essential raw material [2] - China is the largest producer, consumer, and exporter of industrial silicon globally, and the introduction of industrial silicon futures provides effective tools for managing price volatility [2] Industry Dynamics - Industrial silicon prices have experienced significant fluctuations due to various factors, directly impacting the pricing trends across the entire photovoltaic industry chain [2][3] - Seasonal price volatility is notable, with companies like X Trading typically purchasing large quantities during the peak season in August, which often leads to increased procurement costs [3] - The challenges faced by X Trading include tight cash flow and a lack of expertise in hedging strategies, which have resulted in financial losses [3] Risk Management Strategies - To address these challenges, a risk management subsidiary has provided tailored futures education and various hedging strategies, including "forward + cumulative short" models, to help companies reduce procurement costs and increase sales profits [4] - In August 2023, X Trading adopted an off-market forward strategy to mitigate rising procurement costs due to production limitations, successfully saving approximately 100,000 yuan [5] - The cumulative short option strategy allows X Trading to hedge against price declines while controlling costs, proving beneficial in a fluctuating market [6] Practical Applications - X Trading executed multiple cumulative short option transactions, resulting in a total profit increase of over 160,000 yuan from 800 tons of industrial silicon traded [11] - The fixed payout cumulative short option strategy, which does not have a knock-out feature, has been particularly effective in providing a broader compensation range for price declines [9][10] Educational Initiatives - Investor education is crucial for enabling companies to effectively utilize futures and options, as demonstrated by X Trading's transition from losses to proactive risk management [12] - The industrial silicon sector's characteristics necessitate flexible and personalized risk management tools, which can be achieved through tailored forward contracts and options [12] Broader Implications - The strategies developed for the industrial silicon sector can be replicated across other new energy metal industries, such as lithium, nickel, and cobalt, which also face significant price volatility [14] - Promoting futures tools to support the green industry chain can enhance China's influence in the global renewable energy pricing system, contributing to the achievement of global carbon neutrality goals [15] - The successful integration of futures derivatives with the real economy demonstrates the potential for market-driven solutions to address challenges in the green industry, encouraging further innovation in green futures products [16]