期货日报网讯（记者 乔林生）为贯彻落实《国务院办公厅转发中国证监会等部门〈关于加强监管防范 风险促进期货市场高质量发展的意见〉的通知》要求，发挥期货市场服务实体经济功能，服务厦门地区 上市公司及产业企业高质量发展，由厦门证监局、厦门市委金融办指导，郑州商品交易所（以下简称郑 商所）联合中国上市公司协会、厦门证券期货基金业协会、厦门市新三板企业协会，于9月25日在厦门 举办"厦门上市公司及产业企业风险管理培训班"。来自厦门上市公司、新三板挂牌企业、拟上市公司、 产业企业等约130名高管及相关负责人齐聚一堂，共同探讨期货衍生品在企业风险管理中的实践路径， 为厦门地区实体企业高质量发展注入金融动能。 培训期间，郑商所相关负责人表示，服务实体经济是期货市场的初心使命，郑商所始终以品种创新、服 务升级为抓手，为产业企业提供全方位风险管理支持。目前，郑商所已上市27个期货品种、20个期权品 种，形成覆盖聚酯、盐化工、油脂油料等领域的品种体系，棉花、尿素等品种期货价格成为宏观政策制 定参考，PTA、白糖、甲醇等行业重点企业广泛参与市场。 针对厦门地区产业特点，郑商所持续优化服务举措：在短纤、甲醇、烧碱、菜油、菜粕等品种设置 ...

中证报中证网讯（王珞）为充分发挥期货市场服务实体经济功能作用，增强企业风险管理意识，进一步 提升企业套期保值能力和风险管理水平，9月23日，由宁波市委金融办、宁波证监局指导，大连商品交 易所支持，中国期货市场监控中心、宁波市证券期货业协会、宁波上市公司协会和永安期货（600927） 联合举办的"第六期宁波地区大宗商品产业培训班"在宁波启幕。宁波地区上市公司、拟上市公司、大宗 贸易商、"专精特新"等中小企业的百余名学员代表参加培训。 热联集团产业咨询服务负责人王奇介绍了期权市场的概况和发展历史沿革，并就期权的十要素及影响期 权价格的因素进行了详细讲解。他表示，衍生品是实体产业扩大规模、穿越周期的重要工具。企业从现 货公司升级为现期公司，再到期现服务商，通过基差贸易、含权贸易等服务，整合资金、价格、货物和 信息流，为上下游提供个性化风险管理与采销优化方案。期权等工具应围绕库存、产能、订单三大风险 管理，及采购、销售两大优化场景专业运用，以服务实体稳经营需求。 永安国油能源公司董事长方正庭聚焦大宗商品贸易中的价格矛盾，引出基差贸易的概念、模式及应用场 景。基于基差的原理，他介绍了四大基差贸易模式，并通过详细案例讲解 ...

Group 1 - The training program aims to enhance risk management awareness and capabilities among enterprises in Ningbo, focusing on the importance of futures markets in supporting the real economy [1][4] - The Dalian Commodity Exchange (DCE) emphasizes the increasing demand for risk management due to heightened volatility in commodity prices, and aims to improve its product offerings and market services [1][2] - The training involved over a hundred participants from listed companies, prospective listed companies, and small to medium-sized enterprises in Ningbo, highlighting the region's strong connection to DCE's listed products [1][2] Group 2 - The China Futures Market Monitoring Center noted significant developments in the futures market, with a wide range of futures and options products now serving as pricing benchmarks and risk management tools for enterprises [2] - The training included insights on the evolution of the domestic futures market and the importance of risk management, with case studies on commodities like iron ore and coking coal [2][3] - Participants reported an enhanced understanding of futures and derivatives, which is expected to improve their risk management strategies and competitive edge in a volatile market [3][4] Group 3 - The training covered the concept and development of the options market, emphasizing derivatives as essential tools for enterprises to navigate economic cycles and optimize risk management [3] - The concept of basis trading was introduced, detailing its four models and their applications in addressing pricing discrepancies and supply-demand mismatches [3] - The Ningbo Securities and Futures Industry Association plans to continue enriching services for the real economy and fostering collaboration among various stakeholders to enhance the local futures market [4]

1. Report Industry Investment Rating No relevant content provided. 2. Core Views of the Report Industrial Silicon - Supply - The low - electricity - price environment in Southwest China's wet season is ending, and the growth rate of furnace - starting in Xinjiang is also slower than expected. The overall supply pressure is expected to gradually ease [4]. - Demand - The demand from the organic silicon industry has slowed, while the demand from the recycled aluminum alloy remains stable. The demand from the polysilicon sector is expected to increase steadily in the next two months [4]. - Market Outlook - If the supply - side production rate enters a downward channel and the downstream polysilicon demand improves, the oversupply situation may ease, and the industry may reach a price bottom - reversal point [4]. Polysilicon - Supply - The production plan in September is expected to increase month - on - month, exacerbating the supply - side surplus pressure. The increasing number of daily warehouse receipts also exerts pressure on the futures market [10]. - Demand - The production rhythm of silicon wafers and battery cells continues to slow, and the demand for polysilicon is restricted by factors such as lagging terminal installation demand and inventory digestion pressure [10]. - Market Outlook - If major enterprises in the industry reach effective integration agreements, it will fundamentally improve the supply - demand pattern and form long - term support for the market. Currently, investors are advised to be cautious [10]. 3. Summary by Relevant Catalogs Industrial Silicon Futures Data - The closing price of the industrial silicon main contract is 8740 yuan/ton, with a daily increase of 75 yuan (0.87%) and a weekly increase of 225 yuan (2.64%) [12]. - The trading volume of the main contract decreased by 275329 lots (44.20%) daily and 24186 lots (6.51%) weekly [12]. - The open interest of the main contract increased by 9706 lots (3.49%) daily and 10466 lots (3.77%) weekly [12]. Spot Data - The price of 99 industrial silicon in Xinjiang and Tianjin remained unchanged, while the price of 553 in Xinjiang increased by 100 yuan/ton (1.14%) [20][21]. - The price of 421 in Yunnan increased by 100 yuan/ton (1.14%), and the price of industrial silicon powder and some downstream products also had price changes [21]. Basis and Warehouse Receipts - The total number of industrial silicon warehouse receipts is 50093 lots, an increase of 48 lots (1.23%) from the previous period [34]. - The inventory in some delivery warehouses remained stable, while the inventory in Tianjin delivery warehouse increased by 198 tons (0.92%) [34]. Polysilicon Futures Data - The closing price of the polysilicon main contract is 53710 yuan/ton, with a daily increase of 825 yuan (1.56%) and a weekly increase of 1515 yuan (2.90%) [36]. - The trading volume of the main contract decreased by 133683 lots (32.45%) daily but increased by 10216 lots (3.81%) weekly [36]. - The open interest of the main contract decreased by 746 lots (0.54%) daily and 9624 lots (6.59%) weekly [36]. Spot Data - The prices of N - type polysilicon products such as N - type re - feeding materials and N - type dense materials had slight weekly increases [42]. - The prices of silicon wafers, battery cells, and components also had different degrees of changes [42]. Basis and Warehouse Receipts Data - The basis of the polysilicon main contract is - 2470 yuan/ton, with a daily decrease of 845 yuan (52.00%) and a weekly decrease of 1405 yuan (131.92%) [48]. - The total number of polysilicon warehouse receipts is 7690 lots, an increase of 320 lots (4.3%) [36].

Core Insights - The launch of propylene futures and options on July 22 aims to enhance the research capabilities of analysts and improve industry service levels [1] - The training held on September 5 focuses on addressing pain points in the propylene industry and enhancing the understanding of market dynamics and risk management [1][6] Industry Overview - China is the largest producer and consumer of propylene globally, with a projected share of nearly 40% of global propylene capacity by 2024 [2] - The country's propylene import dependency has decreased to below 5%, although it remains the largest importer in Asia [2] Training and Development - The training program included sessions on market conditions, futures and options rules, risk management practices, and market research systems [1] - Experts from the China Petroleum and Chemical Industry Federation and leading companies provided insights through policy interpretation, market dynamics, and case studies [1] Risk Management Strategies - Five key propylene options strategies were discussed to aid companies in risk management, including protective put options, covered call options, bear put spreads, collar strategies, and fixed payout options [3] - These strategies aim to provide practical pathways for managing price volatility and enhancing profitability [3] Industry Transformation - Futures are seen as a tool to transform traditional business models in the petrochemical industry, with propylene prices directly impacting the profitability of upstream and downstream enterprises [4] - The establishment of a comprehensive risk hedging system is crucial for the entire propylene supply chain [4] Analyst Feedback - Analysts expressed that the training broadened their perspectives and improved their ability to address client needs and provide better risk management strategies [5] - The training covered a wide range of topics, including macroeconomic conditions, industry status, and real case studies, which are beneficial for serving the industry [5] Call for Participation - The organizers of the training emphasized the need for more participation from propylene industry enterprises and analysts to contribute to research and address key issues in risk management and market functionality [6]

南华期货硅产业链企业风险管理日报 2025年09月04日 夏莹莹 投资咨询证书：Z0016569 余维函 期货从业证号：F03144703 联系邮箱：yuwh@nawaa.com 投资咨询业务资格：证监许可【2011】1290号 工业硅价格区间 | 品种 | 价格区间预测 | 当前波动率（20日滚动） | 当前波动率历史百分位（3年） | | --- | --- | --- | --- | | 工业硅主力合约 | 强支撑位：8200 | 27.6% | 77.6% | source： 南华研究,同花顺 硅产业企业风险管理策略 | 行为导向 | 情景分析 | 操作思路 | 套保工具 | 操作建议 | 套保比例 | 建议入场区间 | | --- | --- | --- | --- | --- | --- | --- | | 采购管理 | 产品价格无相关性：未来有生产多晶 硅/有机硅/铝合金的计划，担心未来 采购工业硅时价格上涨导致采购成本 | 为防止成本上涨，企业根据生产计划 | 期货 | 买入对应期货合约 | 60% | 7900-8400 | | | | 需买入对应生产计划的期货合约锁定 | | | | | ...

Core Viewpoint - In 2024, the pulp industry in China is undergoing a deep adjustment and transformation amid complex internal and external environments, with significant price fluctuations impacting companies' operations [1] Group 1: Market Trends - In the first half of 2024, pulp prices showed a clear upward trend, leading to optimistic market expectations [1] - However, after high-level purchases of pulp by Company X, prices fell, resulting in inventory losses and increased storage costs [2] Group 2: Company Strategy - Company X, established in early 2020, began forming a pulp trading team by the end of 2021, achieving an annual trading volume of 340,000 tons and a trading value of 1.7 billion yuan [1] - The company engaged with Huazhong Futures to develop risk management strategies, leading to the establishment of a professional futures team and a strict hedging system [1][2] Group 3: Risk Management - Company X's hedging volume increased from approximately 18,000 tons in 2021 to 36,000 tons in 2023, demonstrating effective risk management through futures and options [2] - In response to market downturns, the company sold its existing inventory at market price to recover funds and mitigate further losses [3] Group 4: Derivative Tools Utilization - The company utilized options to hedge risks, converting inventory into option positions to avoid storage costs while generating premium income to offset previous losses [3][4] - Company X adopted a dual strategy of selling both put and call options to manage its positions effectively, thereby reducing holding costs and protecting against price fluctuations [4] Group 5: Future Plans - Looking ahead, Company X plans to expand its risk management toolbox by integrating futures, options, and basis trading, aiming to build a hedging alliance within the pulp industry [5] - The company seeks to enhance its risk management capabilities, transforming them into competitive advantages in the industry, and contributing to high-quality development in the pulp sector [5]

Group 1 - The 2025 China (Zhengzhou) International Futures Forum commenced on August 19, focusing on "Innovation in Futures Markets and Risk Management for Industrial Enterprises" [1] - The China Listed Companies Association indicated that listed companies are increasingly utilizing futures and derivatives for risk management amid complex economic conditions and significant commodity price fluctuations [1] - Manufacturing companies are the primary users of hedging, particularly in the chemical and agricultural processing sectors, facilitating industrial upgrades and overseas expansion [1] Group 2 - Zhengzhou Commodity Exchange (ZCE) emphasizes the importance of a "safe, standardized, transparent, open, vibrant, and resilient" futures market as a stabilizing anchor and a driving force for industrial enterprises [2] - ZCE has listed 47 products, creating a comprehensive toolset for industries to hedge against risks, including polyester, coal chemicals, and agricultural products [2] - The exchange adopts a service-oriented approach to address the pain points of industrial enterprises in participating in the futures market, enhancing service quality and efficiency [2] Group 3 - Multinational commodity trading companies face various risks in their operations and increasingly rely on derivatives as effective risk management tools [3] - There is a growing trend among commodity trading firms to use futures and options to manage risk exposure, stabilize profits, and ensure operational control [3] - A roundtable discussion highlighted key points on risk prevention for industrial enterprises participating in the futures market [3]

Core Viewpoint - The restructuring of global supply chains and the volatility of commodity prices have made risk management crucial for the survival and development of enterprises, as well as for the stability of the national economy [1] Group 1: Risk Management Trends - There is an increasing awareness among Chinese listed companies regarding risk management, particularly in the context of complex economic conditions and significant commodity price fluctuations [2] - Manufacturing companies are the main participants in the futures market for hedging, particularly in sectors like chemicals and agricultural products [2] - The trend towards systematic, refined, and globalized risk management is becoming more pronounced among listed companies [2][4] Group 2: Tools and Strategies - Futures and derivatives are becoming indispensable tools for risk management, with both on-exchange and off-exchange markets complementing each other [5] - The total hedging amount announced by A-share listed companies in 2024 is approximately 34 trillion yuan, with commodity hedging amounting to about 289 billion yuan [3] - The use of options is increasing, with off-exchange options offering advantages in terms of variety and flexibility compared to on-exchange options [5] Group 3: Compliance and Internal Control - Compliance is essential for risk management, serving as a "safety barrier" for enterprises [6] - Effective internal control systems are necessary for managing futures and derivatives trading, ensuring that risk management aligns with the core business objectives [7] - Companies should establish a comprehensive internal control system to enhance their risk management capabilities and ensure the smooth execution of hedging transactions [6][7]

责编:史健 | 审校:陈筱娟 | 审核:李震 | 监审:古筝 【大河财立方 记者 陈玉静】8月19日，由郑州商品交易所（以下简称郑商所）、芝加哥商业交易所集团 主办的2025中国（郑州）国际期货论坛在郑州启幕。在当天下午举办的以"期货市场创新与产业企业风 险管理"为主题的产业企业风险管理论坛上，交易所、行业协会、国内外实体企业和金融机构等代表为 产业企业风险管理建言献策。 中国上市公司协会相关负责人表示，在当前内外部经济形势日益复杂、大宗商品价格大幅波动的背景 下，上市公司利用期货和衍生品管理风险的广度和深度不断拓展。 "今年以来，上市公司利用衍生品管理风险逐渐呈现出一些新趋势、新特征。"中国上市公司协会相关负 责人表示。从行业来看，制造业上市公司是套保的主力军，主要覆盖化工、农产品加工等领域，为企业 实现产业升级、加速海外布局提供有利条件。从工具应用来看，以应对汇率、利率、大宗商品价格波动 风险为主，逐渐延伸到全面管理金融资产价格波动带来的风险。从理念和效果来看，上市公司主动避险 的意识越来越强，风险管理的系统化、精细化、全球化趋势日益明显。 一个"安全、规范、透明、开放、有活力、有韧性"的期货市场，是产业 ...