Core Viewpoint - The establishment of the national commodity warehouse registration platform (全仓登) marks a significant advancement in the registration and financing services for bulk commodities in China, addressing long-standing industry pain points such as financing difficulties, credit risks, and lack of standardization [2][10]. Group 1: Financing and Registration Achievements - In February 2025, Guotai Junan Risk Management successfully obtained financing of 1.5 million yuan by pledging domestically produced natural latex that meets the Shanghai Futures Exchange standards [1]. - On June 30, 2025, Guotai Junan Risk Management assisted in the registration of 200 tons of electrolytic copper on the 全仓登 platform, marking a new phase in commodity warehouse registration and financing services [1][8]. Group 2: Industry Pain Points - The industry faces three core pain points: 1. Financing difficulties due to low priority, lack of effective guarantees, and cumbersome processes, particularly affecting small and micro enterprises [1]. 2. Credit risks stemming from the ease of forgery and unclear ownership of paper warehouse receipts, exemplified by the 2022 aluminum ingot double pledge incident [1]. 3. Insufficient standardization in warehouse receipt formats and operational details, leading to significant barriers in business interactions among warehouses, traders, and banks [1]. Group 3: 全仓登 Platform Objectives - The 全仓登 platform aims to eliminate information barriers between futures, spot, warehousing, banking, logistics, trade, and production enterprises, ensuring safe circulation and efficient operation of bulk commodities [2]. - Guotai Junan Risk Management actively participated in the platform's pilot projects, leveraging its industry experience to contribute to the platform's optimization and upgrade [2][3]. Group 4: Pilot Projects and Their Significance - The two pilot projects involving natural latex and electrolytic copper serve as practical examples that validate the platform's core functionalities and operational stability, paving the way for broader implementation [9][10]. - The projects demonstrate the platform's ability to provide efficient financing channels while mitigating risks associated with paper warehouse receipts, thus addressing the identified industry pain points [10]. Group 5: Future Directions - The successful execution of these pilot projects lays the groundwork for a complete business ecosystem and a replicable model for digital transformation in the bulk commodity sector [10]. - Continuous collaboration with the platform will further enhance the integration of warehouse inventory and real-time data retrieval for risk control, establishing a foundation for the digital registration and circulation of all commodity categories [8][10].