近年来，伴随做好金融"五篇大文章"工作的深入推进，各地涌现出一批金融助力经济高质量发展的示范 案例。 舟山市，地处杭州湾外缘，东临太平洋，北与上海、宁波隔海相望，是我国唯一以群岛设市的地级行政 区，素有"东海门户、海天佛国"之称。这里拥有众多深水良港，是我国沿海重要的航运枢纽和对外贸易 窗口，还是全国第一大船加油港，年加注量破700万吨。 2021年6月21日，基于上期所低硫燃料油期货价格，上期所和浙江大宗共同发布了"中国舟山低硫燃料油 保税船供卖方报价"。这是首个以国内期货价格为定价基础的人民币现货报价机制，"舟山价格"由此而 来。 证券时报记者从业内获悉，由上海期货交易所（下称"上期所"）和浙江国际大宗商品交易中心（下 称"浙江大宗"）联合打造的"舟山价格"，借助期现一体化模式，打破了对海外定价的依赖，对当地船燃 市场和航运业发展形成强有力支撑，广受各方好评。为了一探究竟，记者日前赴舟山实地调研，深入走 访浙江大宗及相关实体企业。 日益响亮的"舟山价格" "'舟山价格'打破了船燃市场严重依赖国际定价的局面，在卖方报价的基础上，我们和上期所合作，又 陆续推出了买方报价、仓储价格、可用库容、气象指数等，借鉴新 ...

近年来，伴随做好金融"五篇大文章"工作的深入推进，各地涌现出一批金融助力经济高质量发展的示范案 例。 证券时报记者从业内获悉，由上海期货交易所（下称"上期所"）和浙江国际大宗商品交易中心（下称"浙江大 宗"）联合打造的"舟山价格"，借助期现一体化模式，打破了对海外定价的依赖，对当地船燃市场和航运业发 展形成强有力支撑，广受各方好评。为了一探究竟，记者日前赴舟山实地调研，深入走访浙江大宗及相关实体 企业。 日益响亮的"舟山价格" 舟山市，地处杭州湾外缘，东临太平洋，北与上海、宁波隔海相望，是我国唯一以群岛设市的地级行政区，素 有"东海门户、海天佛国"之称。这里拥有众多深水良港，是我国沿海重要的航运枢纽和对外贸易窗口，还是全 国第一大船加油港，年加注量破700万吨。 2021年6月21日，基于上期所低硫燃料油期货价格，上期所和浙江大宗共同发布了"中国舟山低硫燃料油保税船 供卖方报价"。这是首个以国内期货价格为定价基础的人民币现货报价机制，"舟山价格"由此而来。 "'舟山价格'打破了船燃市场严重依赖国际定价的局面，在卖方报价的基础上，我们和上期所合作，又陆续推 出了买方报价、仓储价格、可用库容、气象指数等，借鉴新加 ...

A 目标、激励与流程的制度性错配 当前全球处于宏观经济波动加剧、地缘政治冲突频发、供应链体系深度重构的格局，大宗商品价格的不确定性已成为实体企业经营的核心变量， 越来越多的产业主体引入期货工具以管理价格风险。然而，在企业实际经营中经常会出现套保失效、对冲失败导致风险放大的现象，揭示出一个 被长期忽视却根深蒂固的问题：企业内部现货业务部门与期货部门缺乏协作，甚至"各自为政"，从而导致套保效率低下甚至异化成为投机行为。 这种期现部门之间的脱节多数情况下并不是源于企业自身的技术能力不足或对市场的判断失误，而是在企业内部组织架构、目标设定、流程设计 与激励机制等深层次制度安排上有一定的欠缺。如果仅仅将风险管理侧重于操作层面的流程优化或工具升级，却忽视了更为重要的组织范式变 革，那么无论引入多么先进的交易系统或风控模型，都难以解决这个困境。因此，想要真正实现现货与衍生品操作的有机协同，必须着眼于整个 企业战略角度，将其定位为一场以"利润可预测性"为核心导向的系统性管理升维。 多数情况下，在传统的企业治理逻辑中，现货业务部门的核心任务是保障供应链稳定、控制成本或提升销售毛利，这就注定了现货部门的绩效评 价标准倾向于规避不 ...

Core Insights - The Shanghai Futures Exchange (SHFE) has launched a pricing section for aluminum products on its comprehensive business platform, specifically for the Guangxi Aluminum Trading Center [1][2] - Guangxi is a significant production base for aluminum in China, with a complete industrial chain from bauxite to recycled aluminum [1] - The Guangxi Aluminum Trading Center aims to enhance trading channels and risk management for local aluminum enterprises [2] Group 1 - The initial quoted products include alumina, aluminum ingots, aluminum rods, and casting aluminum alloys, with designated delivery warehouses across Guangxi and Guangdong [1] - As of October 31, 2025, the Guangxi Aluminum Trading Center has achieved a total transaction volume of 7.51 million tons and has 857 registered users [1] - The trading center facilitates the connection between the regional spot market and SHFE's aluminum futures market, allowing enterprises to reference futures prices for better pricing strategies [2] Group 2 - The SHFE has already launched 20 types of standard warehouse receipt trading and is focused on integrating futures and spot markets to support high-quality economic development [2] - The collaboration between SHFE and the Guangxi Aluminum Trading Center is expected to enhance the financial services available to the aluminum industry [2]

秉持原则底线，确保市场平稳有序运行。华源期货将合规风控视为立足发展的根基，通过开展金融知识 下乡、反诈宣传等活动，筑牢投资者保护屏障。严格遵循监管要求，完善全流程风险管理制度，以科技 赋能与制度建设为双轮驱动，切实防范系统性风险的发生。 在新的发展征程中，华源期货将持续深入推进党建与业务的融合，凭借数字化转型推动服务升级，在服 务实体经济、助力乡村振兴的道路上坚定前行，为期货行业的高质量发展注入源源不断的动力。 深耕实体经济，践行金融使命。华源期货紧密贴合国家战略需求，在绿色金融领域积极进行布局，对接 再生金属期货等创新品类，助力产业链企业实现"双碳"目标。在乡村振兴工作方面，其一，通过消费帮 扶举措，采购沙县黄溪坑村椴木香菇等农产品，推动农户增收；其二，在汾西、隰县等地实施庭院经济 培育、灌溉设施修缮等产业帮扶项目，以"期货 + 产业"模式激发乡村发展的活力。 依托科技赋能，升级服务生态。华源期货与专业技术团队开展合作，搭建微信生态协同服务体系，整合 十六项智能业务通知功能，经由公众号、小程序矩阵达成交易、资讯、投资者教育全场景覆盖。与此同 时，探索人工智能大模型在投研分析与风险预警领域的应用，推动"期现一 ...

Core Insights - The development of fuel oil futures and low-sulfur fuel oil futures markets has been steady, with effective risk management and price reference tools provided for the shipping fuel industry [1][3] - The launch of the high-sulfur 380CST fuel oil "China Zhoushan Fuel Oil Bonded Ship Supply Buyer Quotation" enhances the integrated pricing system based on futures [1][3] Market Developments - Since 2021, the Shanghai Futures Exchange and Shanghai International Energy Exchange have introduced various quotations based on high and low sulfur fuel oil futures settlement prices, providing significant reference prices for domestic and international shipping fuel markets [2][3] - The introduction of the "Price Of Zhejiang ZME" system allows enterprises to sign spot transaction intentions based on futures-based low-sulfur fuel oil quotations [2] Pricing Mechanism - The newly released high-sulfur buyer quotation is based on the Shanghai Futures Exchange fuel oil futures prices, processed daily by Zhejiang Dazhong, providing a unified premium/discount price [3] - The launch of the high-sulfur buyer quotation and the POZZ system will enhance the efficiency of using RMB premium/discount quotations in the shipping fuel industry [3] Future Outlook - The Shanghai Futures Exchange and Zhejiang Dazhong will continue to collaborate to support the construction of the Zhejiang Free Trade Pilot Zone and the Yangtze River Delta integrated oil and gas trading market [3] - The focus will be on promoting high-quality and sustainable development of the shipping fuel industry, contributing to the high-quality development of the Yangtze River Delta integration [3]

Core Viewpoint - Zhoushan is emerging as a significant hub for the commodity trading industry, leveraging national strategies to enhance its oil and gas industry and expand into various commodities, marking a historic opportunity for open development [1][2]. Group 1: Development of Commodity Trading Center - The establishment of the "Zhejiang International Commodity Trading Center" aims to expand the oil and gas industry experience into other commodities such as iron ore, non-ferrous metals, and agricultural products [1]. - The Zhoushan government has outlined a clear action plan to support the construction of the commodity trading center, focusing on enhancing trading platform capabilities and price influence [1][4]. - The integration of various trading platforms under the Zhejiang International Commodity Trading Center is a crucial step towards building a modern commodity circulation system in Zhejiang Province [2]. Group 2: Price Index and Market Influence - "Zhoushan Price" has become a significant price index for low-sulfur fuel oil, breaking the monopoly of overseas markets and enhancing its global market presence [3]. - The Zhejiang International Oil and Gas Trading Center has launched several price guidance products and indices to improve the influence of the Zhoushan Price, including the "Zhoushan Biodiesel Storage Comprehensive Price" [3]. - The trading center has facilitated transactions worth approximately 88.3 million yuan through its price window system, indicating a growing market activity [3]. Group 3: Policy Support and Future Plans - The Zhoushan government has been actively developing policies to support the integration of commodity trading and has proposed various measures to enhance the trading center's capabilities [4]. - Future plans include further integration of trading platforms, enhancing trading varieties, and optimizing trading models to increase transaction scale and price influence [4]. - The government aims to create a better business environment to attract various market participants and promote trade aggregation [4].

Core Viewpoint - The "Nansha Financial 30 Measures" aims to enhance financial support for the Nansha area, positioning it as a key node in the Guangdong-Hong Kong-Macao Greater Bay Area's high-quality development and international financial hub [1][2]. Group 1: Financial Support Measures - The measures are structured around seven dimensions, including improving financial services for innovation and entrepreneurship, enhancing financial services in social welfare, developing specialized financial services, promoting cross-border financial cooperation, and ensuring supportive measures [2][3]. - The initiative is a strategic deployment to accelerate the construction of major cooperation platforms in the Greater Bay Area, aligning with the "Greater Bay Area Development Plan Outline" [2]. Group 2: Innovation and Entrepreneurship - A primary focus is on enhancing financial services for innovation and entrepreneurship, supporting the construction of technology innovation industrial cooperation bases [3]. - Specific measures include supporting financial institutions in innovating bill discount products and increasing financing support for eligible enterprises [3]. Group 3: Cross-Border Financial Services - The plan emphasizes the development of cross-border asset management centers and encourages the use of RMB for international shipping fees [4][5]. - It aims to facilitate cross-border payment services and credit financing, including expanding the range of banks for Hong Kong and Macao residents to open accounts [7]. Group 4: Commodity Futures and Insurance - The establishment of a commodity futures delivery center is proposed to enhance the integration of spot and futures markets, contributing to the pricing power of commodities [6]. - The measures also include the development of cross-border insurance products tailored for residents in the Nansha area [6].

Core Viewpoint - The article emphasizes the importance of the real economy as a foundation for national economic stability, highlighting the challenges and opportunities it faces due to fluctuating raw material prices and market imbalances. It presents Ruida Futures as a leading financial service institution that supports various industries through a comprehensive service model focused on "industry research + risk management + futures-spot coordination" [1]. Group 1: Industry Research and Risk Management - Ruida Futures adheres to a service philosophy rooted in industry needs, actively providing strategies to mitigate risks associated with commodity price volatility. For instance, it helped a cold-rolled processing company manage its 20,000 tons of steel inventory by identifying price exposure based on historical data [2]. - The company has established a "data + research + service" think tank system to enhance its service to the real economy, offering standardized services like market analysis and tailored consulting to help clients manage risks and optimize inventory [2][3]. - Ruida Futures has developed an intelligent research platform that integrates extensive historical data, providing clients with multi-dimensional market forecasts and decision-making support [3]. Group 2: Innovative Risk Management Solutions - The company recognizes the challenges faced by small and medium-sized enterprises in risk management, offering innovative derivative tools to address these issues. For example, it implemented a "strangle option" strategy for a cold-rolled processing client, which not only hedged against price declines but also created additional profit opportunities [4]. - Ruida Futures designed a "futures inventory replacement" plan for a lead mine in Southwest China, allowing the client to convert physical inventory into futures contracts, thus reducing costs and managing price risks effectively [4][5]. Group 3: Integrated Futures and Spot Market Solutions - In the context of building a unified national market, Ruida Futures promotes efficiency in the industrial chain through a service model that combines inventory management, basis pricing, and cross-market collaboration [7]. - The company assists clients in optimizing inventory levels by leveraging futures market price signals, helping them avoid excess inventory or shortages that could lead to increased costs [7]. - Ruida Futures collaborates closely with its subsidiary, Ruida New Control, to provide customized basis pricing solutions, enabling clients to manage price risks effectively and enhance their operational efficiency [8]. Group 4: Future Outlook - Looking ahead, Ruida Futures aims to continue innovating its service models and deepening its service offerings, particularly by leveraging big data and artificial intelligence to improve price discovery and hedging accuracy [9]. - The company plans to increase its service investments in emerging industries such as new energy and new materials, contributing to the transformation and upgrading of the real economy [9].