Core Viewpoint - The futures market plays a crucial role in stabilizing the economy and managing risks amid increasing external uncertainties and commodity price volatility [1][2]. Group 1: Futures Market Development - The domestic futures market has established a multi-layered futures product system covering key sectors such as energy, metals, agricultural products, and finance, becoming an essential tool for enterprises to mitigate price volatility risks and optimize resource allocation [2]. - As of now, there are 131 listed commodity futures and options in China, reflecting a broad service capability across various sectors of the national economy [2]. - The participation of industrial clients in the futures market has been increasing, with a 12.2% year-on-year growth in daily trading volume for industrial clients in 2024, and the number of listed companies engaging in hedging has grown for 11 consecutive years [2]. Group 2: Risk Management Trends - Manufacturing companies are the main players in hedging activities, particularly in sectors like chemicals and agricultural processing, facilitating industrial upgrades and overseas expansion [3]. - There is a growing trend towards systematic, refined, and globalized risk management among listed companies, with an increasing awareness of the need for proactive risk avoidance [3]. Group 3: Importance of Risk Management - Risk management capabilities have shifted from being a supplementary aspect to a survival necessity for enterprises, as highlighted by industry representatives at the forum [4]. - Derivatives are increasingly utilized by commodity trading companies to manage various risks, including price fluctuations, thereby ensuring operational controllability [4]. Group 4: Future Directions for the Futures Market - The China Securities Regulatory Commission (CSRC) plans to enhance product offerings by promoting the listing of important energy products like liquefied natural gas and expanding the coverage of futures and derivative tools [7]. - The CSRC aims to facilitate high-level market openness by increasing the range of futures and options available for qualified foreign investors, enhancing their participation in the Chinese futures market [7]. - There will be a focus on improving the service environment for enterprises engaging in hedging, with an emphasis on personalized and refined services tailored to different types of enterprises [7]. Group 5: Zhengzhou Commodity Exchange Initiatives - The Zhengzhou Commodity Exchange (ZCE) is committed to enriching the variety of tools available in the market and enhancing service quality, particularly in sectors like energy and salt chemicals [8]. - ZCE plans to deepen research on reserve products and continue developing derivatives that meet the needs of the real economy [8].

Core Viewpoint - The 2025 China (Zhengzhou) International Futures Forum emphasizes the importance of establishing a robust internal control and risk management system for enterprises engaging in futures and derivatives trading [2] Group 1: Risk Management Framework - Enterprises should centralize the operation and management of futures and derivatives trading at the headquarters level, ensuring separation of key roles such as trading decision-making, order placement, risk control, compliance supervision, and market research [2] - A supervisory system for operational risks and a power balance mechanism should be established specifically for hedging activities, ensuring standardized operations in decision-making, authorization, and trading processes [2] - Enhancing the subjective initiative of operators at all levels is crucial for improving the enterprise's risk resistance in the futures market [2] Group 2: Trading Motivation and Behavior - The understanding of risk management influences trading motivation, which in turn determines trading behavior; poor trading motivation can amplify trading risks [2] - Enterprises must adhere to the original intention of risk hedging, focusing on the physical commodity market and avoiding speculative practices [2] - Accepting imperfect hedging and optimizing the hedging effect through refined management of basis is essential for effective risk management [2]

Group 1 - The event titled "Futures Serving High-Quality Development of the Real Economy and Training Activities for Bulk Commodity Industry in Zhejiang" was held in Hangzhou, focusing on risk management and trading strategies in the futures market [1] - Experts and representatives from over a hundred companies discussed topics such as hedging practices, options and rights trading, basis trading, and risk control in hedging [1] - The president of Beijing Heyirong Group shared that companies need strong risk management capabilities to navigate increasing market uncertainties due to changes in information flow, channel structures, and financial attributes [1] Group 2 - The general manager of Zhejiang Zheqi Industrial Co., Ltd. emphasized the importance of using derivatives for risk management to control uncertainties and achieve strategic goals [2] - The Chief Risk Officer of Aolan Agriculture highlighted the need for companies to establish a robust risk control framework to ensure compliance and operational stability during hedging activities [2] - The Dalian Commodity Exchange is enhancing its service mechanisms to help more companies strengthen their risk management capabilities through participation in the futures market, with plans to upgrade its "Enterprise Risk Management Plan" by 2025 [2]