Group 1 - The 2025 China (Zhengzhou) International Futures Forum was held in Zhengzhou, organized by Zhengzhou Commodity Exchange (ZCE) and Chicago Mercantile Exchange Group [1] - ZCE Chairman Xiong Jun emphasized the continuous enrichment of product tools and the solidification of service foundations, focusing on national strategies and real economic development needs [1] - ZCE plans to steadily advance the research and registration of sunflower seed oil futures, orderly promote the development of steel billets, cement, and chicken futures, and explore more short-term options [1] Group 2 - ZCE aims to enhance market operation and service quality, implementing tailored strategies for listed products and individual enterprises to support risk management companies and commodity traders [1] - The exchange is promoting projects like "Insurance + Futures" and "Sugar Industry Worry-Free," optimizing the "Commercial Storage Worry-Free" business model to create more influential brand offerings [1] - ZCE is steadily expanding high-level openness and accelerating the construction of a world-class exchange, aligning with high-quality development goals and implementing the "14th Five-Year" strategic plan [2]

Core Viewpoint - The 2024 Central Document emphasizes "ensuring national food security" as a priority, highlighting the importance of urea supply for the food safety of 1.4 billion people [1] Group 1: Fertilizer Supply and Price Stability - Urea, accounting for over 60% of nitrogen fertilizer usage in China, significantly contributes to food production, with its price stability directly affecting farmers' costs and national food security [2] - The traditional storage system faces challenges such as "off-season price increases and peak-season price drops," leading to financial pressure on storage enterprises and limited market regulation capabilities [2] - The introduction of urea futures and the "Worry-Free Storage" pilot project aims to enhance risk management and support the supply and price stability strategy [2][6] Group 2: Collaboration and Risk Management - The collaboration between the futures company and Yitong Data demonstrates a commitment to enhancing risk management capabilities and facilitating the transition from "participants" to "communicators" in the futures market [3][7] - The "Worry-Free Storage" project encourages storage enterprises to use urea futures to hedge against price fluctuations, providing essential support for the national supply and price stability strategy [6][8] - The futures company actively engages with enterprises to improve their understanding of futures tools, thereby enhancing their risk management capabilities and encouraging proactive participation in the futures market [7][8] Group 3: Supporting Spring Farming - The establishment of pre-storage centers in major agricultural production areas aims to ensure timely supply of fertilizers during the spring farming peak, addressing logistical challenges and reducing distribution costs [5] - The "Guarantee Supply and Price Stability" initiative includes activities such as efficient delivery of agricultural inputs and financial services to support farmers' needs during the spring farming season [4][5]

Core Viewpoint - The "Shangchu Wuyou" project initiated by Zhengzhou Commodity Exchange has successfully stabilized urea prices and mitigated risks for storage enterprises, thereby enhancing food security and supporting farmers in their operations [1][6]. Group 1: Project Overview - The "Shangchu Wuyou" project is the first national futures service project for state reserves, aimed at helping enterprises manage the risk of urea price depreciation through market-based solutions [1][3]. - Since its launch, the project has expanded from 3 provinces to 23 provinces, increasing the number of participating enterprises from 5 to 46 [6]. - The project has provided risk management support for 495 million tons of urea across 99 storage enterprises, significantly contributing to the national commercial fertilizer reserve plan [5][6]. Group 2: Impact on the Industry - The introduction of urea futures in 2019 has allowed storage enterprises to stabilize prices and manage risks effectively, likened to providing a "safety cushion" for their operations [3][5]. - Nearly 90% of leading urea trading enterprises, including state-owned, provincial, and private companies, have participated in the "Shangchu Wuyou" project [5]. - The project has been recognized in national policy documents, indicating its integration into the national strategy for agricultural supply and price stability [6]. Group 3: Benefits to Farmers - The stabilization of urea prices has led to a reduction in fertilization costs for farmers, with one farmer estimating a savings of 5 yuan per mu, translating to an additional income of 30,000 yuan for 2,000 mu of land [6]. - The project has increased farmers' enthusiasm for grain production by providing tangible financial benefits [7].