Core Viewpoint - The development of the over-the-counter (OTC) derivatives market in China is accelerating, with the Hainan International Clearing House emerging as a key player in providing clearing services for the OTC market, thereby supporting the healthy development of the commodity derivatives ecosystem [1][2]. Group 1: Market Development - The OTC derivatives market in China has significant growth potential, with the current scale still lagging behind that of the futures market, despite the latter being among the largest globally [2]. - The Hainan International Clearing House has launched OTC swap clearing services, filling the gap between the futures and spot markets, and enhancing the multi-tiered commodity market system [2][4]. Group 2: Achievements and Growth - Since its establishment in October 2022, the Hainan International Clearing House has made substantial progress, with 45 OTC swap clearing products now available, covering various commodities such as steel, iron ore, and methanol [4]. - The number of participating institutions has exceeded 250, including major producers and traders, indicating a robust engagement in the clearing business [4]. - The cumulative clearing volume has surpassed 200 million tons, with the contract value exceeding 4 billion yuan, and customer margin balances reaching over 140 million yuan, reflecting a strong growth of 3-4 times compared to the same period in 2024 [4]. Group 3: Risk Management - The Hainan International Clearing House has established a comprehensive risk management system to address the complexities and uncertainties of the OTC market, including preemptive measures and communication mechanisms to prevent large-scale risk events [5][6]. - The institution has successfully navigated significant market fluctuations without any risk incidents, demonstrating the effectiveness of its risk management framework [6]. Group 4: Future Plans - The Hainan International Clearing House aims to expand its clearing product offerings based on the needs of the real economy, particularly in sectors where China leads in commodity imports [7][8]. - Plans include enhancing innovative business models, exploring cross-border clearing services, and optimizing its equity structure to foster international collaboration [8][9]. - The upcoming closure of the Hainan Free Trade Port is expected to provide historical opportunities for international development, necessitating alignment with high international standards [9].

Core Insights - The forum on commodity risk management and market innovation highlighted the need for refined cost control and precise risk hedging for commodity enterprises amid global economic adjustments and market volatility [1][3] - The development of the over-the-counter (OTC) market has gained recognition for its value in serving the real economy, providing tailored risk management solutions for enterprises [2][3] - The rapid expansion of the Hainan International Clearing House's OTC swap clearing business demonstrates significant growth in the number of products and clearing scale, indicating a robust market response [3][4] Group 1: Market Dynamics - The global commodity market is facing pressures from geopolitical conflicts, energy transitions, and supply chain resilience, necessitating innovative risk management strategies [1][3] - The Hainan International Clearing House has established a comprehensive risk control system and developed proprietary clearing and information management systems to support the OTC market [2][3] - The forum addressed the integration of risk management, market innovation, and compliance technology as key themes for industry advancement [3][4] Group 2: Practical Applications - The forum provided insights into macroeconomic challenges, such as changes in interest rates and cross-border capital flows, affecting domestic monetary policy [4] - The discussion included the importance of asset management for enterprises, showcasing product design strategies that enhance returns through derivatives [4][5] - The transition towards a dual-carbon target is reshaping commodity allocation logic, emphasizing the need for practical guidelines in energy structure transformation [5][6] Group 3: Future Directions - The Hainan International Clearing House aims to deepen its swap clearing business and expand its clearing product offerings to meet diverse market needs [7] - The establishment of cross-border settlement services is planned in conjunction with the upcoming closure of the Hainan Free Trade Port, facilitating international trade [7] - Ongoing research into the clearing needs of the spot market will lead to new models that enhance transaction security and market efficiency [7]

Group 1: Forum Overview - The forum on "Risk Management and Market Innovation in the Context of Commodities" was held in Beijing, focusing on the integration of risk management and market innovation [1] - The event was organized by Hainan International Clearing House and attracted representatives from commodity producers, trading companies, and futures firms [1][2] Group 2: Market Dynamics - Since 2025, the global economy has entered a deep adjustment period, with the commodity market facing pressures from geopolitical conflicts, energy transitions, and supply chain resilience [1] - Companies in the commodity sector are focusing on refined cost control and precise risk hedging as essential survival strategies [1] Group 3: Hainan International Clearing House Developments - Hainan International Clearing House has rapidly developed a comprehensive risk management system and has launched an independent clearing system for over-the-counter derivatives [2][3] - Since the launch of its swap clearing business in October 2023, the clearing house has expanded its product offerings to 45 types, covering various commodities [3] - The clearing scale has surpassed 200,000 tons, with a contract value exceeding 4 billion yuan, and a peak customer margin balance of 140 million yuan [3] Group 4: Key Insights from the Forum - The forum provided insights into macroeconomic challenges, including changes in domestic and international interest rates and their impact on monetary policy [4] - It emphasized the importance of understanding the differences between over-the-counter derivatives and other financial instruments for businesses [4] - The forum discussed asset management strategies, highlighting the potential for fixed income products combined with options to enhance returns [4] Group 5: Energy Transition and Supply Chain Efficiency - The transition towards dual carbon goals is reshaping the energy structure and commodity allocation logic [5] - The forum highlighted the importance of integrating futures and spot markets to reduce costs and enhance efficiency for manufacturing enterprises [6] Group 6: Logistics and Supply Chain Innovations - The opening of the Li Jiazai No. 6 coal distribution station marks a significant step in optimizing coal logistics in Henan province [8][9] - The station aims to enhance the efficiency of coal supply chains by integrating production, transportation, and storage [9][10] - The facility is designed to handle over 500,000 tons of coal annually and features advanced coal blending technology for customized supply solutions [10][11] Group 7: Future Directions - The collaboration between Zhongping Supply Chain and Zheng Coal Group aims to create a new brand for coal blending in Henan, focusing on quality control and stable supply [12] - The initiative seeks to establish a green logistics model, promoting sustainable practices in coal transportation and storage [12]