笔者所在期货风险管理公司从A企业实际需求与市场走势出发，为其设计买入增强熔断累计看跌期权方 案。该方案以LH2509合约为标的，由敲入价和敲出价共同构成累计区间，并实行每日观察收盘价、每 日结算模式。2025年4月24日，A企业以买入LH2509合约增强熔断累计看跌期权，每日观察16吨。 执行过程 增强熔断累计看跌期权可以从两个方面实现套保点位增强：其一，当LH2509合约收盘价落在 14060~14300元/吨时，总能获得高于当前盘面价格的空单进行库存套保；其二，当盘面价格快速下跌， 并跌破敲出价格14060元/吨时，一次性获得成本为期权期初入场价14180元/吨的剩余未观察总量空单， 获得的空单点位一定高于熔断当日收盘价格，避免传统累计结构下因敲出而无法获得套保空单的弊端。 从市场行情看，2025年上半年，生猪价格持续震荡，且头均养殖利润收窄至100元/头以下。对生猪养殖 企业而言，使用场外期权进行套保，不仅能够实现风险管理，还能降低资金占用、提高资金使用效率。 项目流程 定制套保方案 2025年4月，我国对进口自美国的大豆、玉米及肉类产品加征关税，导致进口成本上升，生猪现货价格 随之上涨。此外，二次育肥 ...

鸡蛋、玉米淀粉、生猪期权上市一周年 2024年8月23日，鸡蛋、玉米淀粉、生猪期权（下称三个期权）在大商所挂牌上市。上市一年来，三个 期权运行平稳，产业参与有序，功能稳步发挥。 截至2025年8月22日收盘，三个期权共运行了242个交易日。其中，鸡蛋期权日均成交量、日均成交额和 日均持仓量分别为4.6万手、1321.0万元和7.9万手，成交量、持仓量分别占标的期货的18.8%和17.8%。 玉米淀粉期权日均成交量、日均成交额和日均持仓量分别为1.5万手、347.4万元和4.4万手，成交量、持 仓量分别占标的期货的10.5%和15.7%。生猪期权日均成交量、日均成交额和日均持仓量分别为0.8万 手、1601.9万元和2.9万手，成交量、持仓量分别占标的期货的13.7%和18.6%。 国泰君安期货研究所期权研究员张银告诉期货日报记者，鸡蛋期权自上市以来，市场活跃度快速上升， 近期成交规模突破17万手，主力期权成交量一度达到主力期货合约成交量的65%。生猪期权成交规模从 上市初期的2700手增加至约13000手，主力期权成交量与主力期货合约成交量的比值从7%上升至45%。 玉米淀粉期权成交规模从上市初期的5000手 ...

Group 1 - The core viewpoint of the articles highlights the significant decline in lithium carbonate prices, which have dropped nearly 90% from their peak in 2022, with current prices around 60,700 yuan/ton compared to 560,000 yuan/ton previously [1][4] - The lithium carbonate market has seen a downward trend, with prices for high-quality lithium carbonate ranging from 60,100 to 60,900 yuan/ton, and battery-grade and industrial-grade lithium carbonate also experiencing price reductions [1][4] - The recent MMLC lithium industry conference discussed the application of financial tools, such as options hedging, to help stabilize operations for companies in the lithium supply chain amid price volatility [2][3] Group 2 - The market sentiment remains pessimistic regarding lithium prices, with macroeconomic disturbances and strong supply pressures contributing to a spiral decline in prices [4] - The research indicates that the resource clearing progress and demand expectations will be critical factors in future market dynamics, with potential risks of further price declines due to limited production cuts and cost support failures [4] - The domestic terminal market shows strength driven by policies promoting trade-ins, but uncertainties remain regarding policy implementation, while the European market has higher expectations due to carbon emission standards [4]

Core Viewpoint - Company A, a typical third-level trader in the sugar industry, is successfully navigating challenges by utilizing innovative risk management strategies, particularly through the use of sugar series options, which address cash flow issues and operational complexities faced by small and medium-sized enterprises (SMEs) in the industry [3][4][11]. Group 1: Challenges Faced by SMEs - SMEs are deeply entrenched in cash flow difficulties, needing to prepay for sugar while extending credit terms to downstream clients, which ties up significant working capital [4]. - Limited human resources and organizational structures hinder effective risk management, leading to over-reliance on individual judgment rather than systematic processes [4]. - SMEs are reluctant to invest heavily in risk management, seeking to transfer large risks at minimal costs, which often results in a gamble on market conditions [4]. - The fragmented nature of SME operations creates mismatches in risk timelines, complicating effective risk management [5]. Group 2: Innovative Hedging Strategies - In March, Company A faced a procurement of 400 tons of sugar at a spot price of 6150 CNY/ton, with a sales contract locked at 6200 CNY/ton, leading to a breakeven point of 6180 CNY/ton [6]. - The company opted for a sugar series call option with a strike price of 6200 CNY/ton, paying a premium of 27.5 CNY/ton, totaling 11,000 CNY, significantly reducing capital requirements compared to traditional futures hedging [7][11]. - The series options strategy saved approximately 97% in capital compared to futures hedging, while also avoiding margin call risks [7][11]. Group 3: Successful Implementation and Results - On April 3, the sugar market saw a price increase to 6170 CNY/ton, allowing Company A to realize a profit of 8800 CNY from the options while incurring an 8000 CNY loss from the spot purchase, resulting in a net gain of 800 CNY [10][11]. - The use of sugar series options not only mitigated the risk of price increases but also alleviated cash flow pressures, allowing for better operational flexibility [11]. - The strategy employed by Company A redefined risk management paradigms for SMEs, demonstrating that effective hedging can be achieved with lower capital requirements and reduced operational complexity [11][12]. Group 4: Call for More Options Products - Following the success of the sugar series options, Company A advocates for the introduction of similar series options for other commodities, such as vegetable oil, to enhance risk management tools available to SMEs [14].

Core Viewpoint - The use of financial tools for price risk management in the steel trading industry is becoming increasingly sophisticated, with companies adopting strategies like the "fuse cumulative purchase option" to effectively manage risks associated with price fluctuations [1][4]. Group 1: Industry Background - The black products market has seen increased price volatility due to concentrated production locations and seasonal demand, complicating risk management for related enterprises [2]. - In April 2023, global crude steel production and sales both declined month-on-month, while domestic demand weakened due to the rainy season in southern China, leading to a downward trend in black product prices [2]. - A steel trading company (referred to as Company A) aimed to hedge against rising procurement costs for rebar, anticipating a price rebound in June after a low in May [2][3]. Group 2: Financial Strategy - Company A initially considered using futures for hedging but opted for a "fuse cumulative purchase option" due to concerns about potential losses in a declining market [3]. - The "fuse cumulative purchase option" was designed to provide a safety net during price fluctuations, allowing for procurement at lower prices during downturns and capturing gains during price surges [4][21]. Group 3: Implementation Process - Company A began trading the fuse cumulative purchase option on May 29, 2023, with a procurement plan of 2,200 tons of rebar at an entry price of 3,500 yuan per ton [5][10]. - The option structure included upper and lower price limits, with a compensation mechanism for price movements, allowing for flexible adjustments based on market conditions [6][10]. Group 4: Performance Analysis - The strategy yielded a total profit of 141,000 yuan over the trading period, with an average profit of 64.09 yuan per ton, demonstrating the effectiveness of the fuse cumulative purchase option compared to standard options [11][12]. - The performance of the fuse cumulative purchase option was superior to that of standard cumulative purchase options, particularly in volatile market conditions, allowing Company A to optimize procurement costs [12][21]. Group 5: Conclusion and Advantages - The fuse cumulative purchase option alleviates timing difficulties in hedging, providing a safety net and optimizing procurement costs [21][22]. - It addresses the limitations of standard cumulative purchase options by allowing for early profit realization during significant price increases, facilitating timely strategy adjustments [21][22]. - The design of the fuse cumulative purchase option can be customized to meet specific risk management needs, enhancing its applicability in various market scenarios [22].

Group 1 - The core viewpoint of the article emphasizes the importance of futures and derivatives in enhancing risk management for real enterprises, particularly in the context of the construction materials industry [1][4] - The training organized by Zhengzhou Commodity Exchange (ZCE) provided comprehensive learning opportunities for the business team of Kaisheng Resources, covering fundamental principles, hedging strategies, and practical applications of risk management [1][2] - Kaisheng Resources, a subsidiary of China National Building Material Group, has expanded its procurement categories from soda ash to include quartz sand, natural gas, tin ingots, and precious metals, indicating a strategic shift towards utilizing futures for risk management [1][3] Group 2 - The training session was well-received by participants, who found the content practical and beneficial for understanding futures and derivatives, thus enhancing their risk management capabilities [3][5] - Hebei Zhengda Glass Co., as a case study, demonstrated the effectiveness of futures in risk management, utilizing strategies such as spot-futures combinations and cross-period arbitrage to optimize profits and expand their customer base [2][3] - The ZCE aims to provide customized solutions for state-owned enterprises, focusing on improving service quality and addressing challenges in participating in the futures market [4][5]

Group A - The article discusses the flexibility of options trading and its widespread use in hedging, emphasizing the need for specific strategies based on individual circumstances [1] - Various options strategies are composed of four basic positions: buying calls, buying puts, selling calls, and selling puts, which can be combined according to actual needs [1][2] - The characteristics and functions of the buyer and seller positions are outlined, with buyers aiming for profit potential and sellers focusing on income from premiums [2][3] Group B - The article identifies key issues in hedging, including contract month selection, quantity and ratio selection, and strike price selection [5] - When selecting contract months, factors such as the timing of cash flow and the Delta value of options must be considered [6][8] - The article provides scenarios for choosing contract months based on the timing of cash flow relative to option expiration dates [9][10][11] Group C - The selection of hedging quantity is closely related to contract months, with a 1:1 ratio being appropriate when the option expiration aligns with cash flow [16] - The Delta value of options approaches ±1 as expiration nears, necessitating adjustments in hedging quantity based on the timing of cash flow [17] - Strike price selection is crucial, with buyers typically choosing at-the-money or slightly in-the-money options, while sellers opt for out-of-the-money options [18][20] Group D - Dynamic adjustment of positions is necessary after entering hedging strategies, particularly for seller positions, which may require adjustments based on market movements [21] - The article illustrates a case study of a manufacturer hedging against falling prices by selling call options and discusses various adjustment strategies based on market conditions [22][24][25][26][27] - Overall, the article aims to provide insights into the classification of primary and secondary hedging positions and the selection of contract months, quantities, and strike prices in options hedging [27]