Core Insights - The Dalian Commodity Exchange (DCE) hosted a training program aimed at enhancing the service capabilities of futures practitioners, focusing on the growing demand for refined and professional derivative tools in the real economy [1][2] - The training emphasized the integration of futures and spot markets, with the launch of the "Futures to Spot" platform being a key highlight, facilitating personalized delivery needs for enterprises [2][3] - The introduction of monthly average price futures for chemical products is expected to provide pricing references and risk management tools for the plastics industry, addressing challenges such as supply-demand imbalances and export risks [3] Group 1: Training Program Overview - The training combined online and offline participation, attracting representatives from 72 futures institutions and over 2,300 practitioners nationwide [1] - DCE's initiative is part of a broader strategy to transition the futures industry from a "channel service" model to a "comprehensive risk management solution provider" [1][2] Group 2: Policy and Market Environment - The regulatory environment for derivatives has improved, with 1,503 listed companies expected to issue hedging announcements in 2024, reflecting a 15.7% year-on-year increase in the first seven months of the year [2] - Futures companies play a crucial role in connecting futures and spot markets, directly influencing the effectiveness of risk management tools [2] Group 3: Risk Management Tools - Options are becoming essential for enterprises to manage risks dynamically, with strategies like buying put options and selling call options being highlighted [5] - DCE plans to launch a series of options contracts in February 2026, providing more precise short-term risk management tools for industries [5] Group 4: Delivery System Enhancements - The training covered differentiated delivery systems, including a digitalized process for live pig delivery and a network for grain and oil products that lowers participation barriers for enterprises [6] - Adjustments to delivery units for certain futures contracts aim to enhance accessibility for small and medium-sized enterprises [6] Group 5: Compliance and Risk Control - Risk control and compliance management were emphasized throughout the training, with a focus on preventing market manipulation and ensuring transparent operations [7] - Companies are encouraged to establish independent risk control departments and implement integrated management systems to track overall risk exposure [7] Group 6: Service Model Evolution - Futures companies are shifting from merely being transaction channels to becoming solution providers, offering tailored services like "insurance + futures" and basis pricing [9] - The training received positive feedback for its blend of policy insights and practical applications, indicating a successful initiative in enhancing industry capabilities [9]

Core Viewpoint - The "Huo Lifang" platform developed by Zhejiang Merchants Futures has achieved full online integration of spot and futures business processes, addressing key industry pain points and marking a significant breakthrough in the management of the commodity supply chain [1][2]. Group 1: Platform Features - "Huo Lifang" is the first self-developed integrated management system for spot and futures business in the futures industry, featuring three main functional modules: lifecycle management for the spot side, an intelligent settlement center for the futures side, and a multi-template risk control system [2]. - The platform enhances operational efficiency, reduces costs, and optimizes customer experience by creating a closed-loop operation covering the entire supply chain of commodities [2]. - It utilizes a new generation of streaming processing system that integrates AI, allowing for real-time settlement and multi-dimensional risk control capabilities [1][2]. Group 2: Market Impact - Currently, "Huo Lifang" manages approximately 22 billion yuan in risk business and is expected to serve thousands of commodity-related enterprises, with a market scale exceeding one trillion yuan [3]. - The platform aims to provide a one-stop digital management solution covering the entire lifecycle of goods, helping enterprises tackle challenges and unlock management value from the integration of spot and futures [3]. - Future plans include deepening collaboration with futures risk subsidiaries, commodity trading companies, and supply chain service providers, leveraging the advantages of Zhejiang's commodity industry cluster to build a transparent and efficient market ecosystem [3].