Core Viewpoint - The increasing geopolitical conflicts, differentiated economic recovery, and rising protectionism have led to significant volatility in commodity prices, creating unprecedented uncertainty for businesses. In this context, the futures market is becoming a crucial anchor for companies to stabilize costs and manage operational expectations [1][2]. Group 1: Futures Market Functions - The futures market provides three core functions: price discovery, risk management, and resource allocation, which help businesses cope with uncertainty by transforming unpredictable absolute price risks into relatively controllable basis risks or cost-defined business models [2][3]. - A case study involving a large state-owned cable company illustrates how customized solutions, such as a "floating quantity, fixed price" copper trading scheme, can stabilize production costs and enhance operational predictability amid market fluctuations [2][4]. Group 2: Challenges in Risk Management - Companies face significant challenges in utilizing futures tools for risk hedging, including mismatched price structures where some agricultural products exhibit a "spot premium, futures discount" scenario, leading to potential losses for producers [3][5]. - The lack of professional teams and the inability to grasp hedging opportunities further complicate the situation, as standardized futures contracts often do not meet the specific needs of businesses regarding quality, delivery location, and procurement timing [3][5]. Group 3: Service Model and Solutions - Hongyuan Futures has developed a service model centered on "standardized systems + professional manuals + scenario-based implementation," facilitating the transition from risk avoidance to risk management for enterprises [4][6]. - The company has successfully implemented full-process services, such as "options + delivery" for ethylene glycol and "circuit breaker cumulative put options" for cotton, demonstrating effective risk mitigation strategies [4][6]. Group 4: Market Adaptation and Recommendations - There are three main areas where the futures market needs to improve its adaptability to better serve the real economy: 1. Addressing the gap between available futures products and actual business needs, particularly in emerging sectors like renewable energy [5][6]. 2. Enhancing the market ecosystem to increase participation from industrial clients and improve the integration of futures and spot markets [5][6]. 3. Transitioning futures companies to become "risk management intermediaries" by investing in research and talent to better meet the diverse needs of businesses [6][7]. Group 5: Education and Perception - Many companies still perceive the futures market as high-risk due to misunderstandings about trading mechanisms, the amplification of negative speculative cases, and insufficient investor education [6][7]. - Hongyuan Futures is addressing these issues by enhancing educational initiatives, focusing on positive case studies, and improving the understanding of risk management value in futures trading [7].