Core Viewpoint - Guangxi Fantang Technology Co., Ltd. is setting an industry benchmark for the digital transformation of China's traditional sugar industry through innovative practices and a strong focus on technology and market integration [1][2]. Industry and Company Research - The role of industrial internet platforms is crucial in driving the transformation and upgrading of traditional industries, with Fantang's sugar industry internet platform serving as a prime example [2]. - The platform enhances the efficiency of sugar spot circulation through a B2B e-commerce model, integrates supply chain services to break down information barriers, and extends from sugar circulation to agricultural planting [2][3]. - The Guangxi government has recognized the importance of developing public service platforms like Fantang's sugar trading platform, which will further innovate service models and improve efficiency [3]. - Guangxi is a major sugar production area, accounting for approximately 60% of China's total output, with over 20 million people involved in the sugar industry [3][4]. - Challenges in sugarcane planting include aging population, low profitability, and insufficient economies of scale, prompting Fantang to adopt a "one body, two wings" development strategy focusing on digital transformation [4]. - Fantang has developed a digital infrastructure for sugarcane production, covering the entire process from planting to settlement, with 99% of the planting area under contract as of June 2025 [5]. - The company operates a large-scale digital farm that integrates advanced agricultural technologies, achieving a 30% increase in sugarcane yield compared to the regional average [5]. - The platform aims to balance the interests of government, large sugar groups, and sugar factories, enhancing collaboration and efficiency across the supply chain [6][7]. - The upgraded Fantang e-commerce platform 2.0 offers a richer user experience and more flexible trading models, covering various sugar products and facilitating efficient supply-demand matching [9][10]. - The platform's features include electronic order signing, real-time monitoring of planting progress, and a standardized warehouse management system, reducing risks associated with traditional trade [10][11]. - Fantang has successfully integrated structured options into its trading contracts, allowing for premium sales for upstream enterprises and cost reductions for downstream clients [13][14].

近年来，在全球经济波动与产业结构调整的双重影响下，聚酯产业正经历着一场前所未有的利润重塑， 而期现结合这一"利器"，正成为企业稳住利润、保障经营的关键所在。 国贸化工总经理陈韬对当前行业形势有着深刻感受。他走访下游织造企业时发现，不少中小企业因利润 微薄而被迫缩减产能。 "目前，聚酯行业产业链集中度提高，聚酯成品出口快速增长，国际影响力进一步提升，但产业链利润 出现了明显下滑和转移的趋势。"陈韬坦言，在利润重塑期，原料价格大幅波动，上下游议价权转移。 此时，企业对原料与成品库存的精细化管控，以及通过期货工具稳定生产、降低亏损的操作能力，正面 临前所未有的挑战，产业企业正在想办法积极应对。 产业链利润上下游分化的现象，在数据上体现得更为明显。恒逸国贸研究总监王广前介绍，今年4月 初，聚酯产业整体利润压缩至历史低位。4月底至5月，上游环节利润出现短暂修复，但下游聚酯产品利 润仍未摆脱整体承压状态。当"产一吨亏一吨"的压力持续传导至产业链各环节，部分企业开始跳出传统 经营模式，以期现结合为核心寻找破局路径。 构建多元化套保体系 期现结合打开新空间 全产业链利润处于低位 企业压力倍增 走进福建地区的聚酯产业集聚区，无 ...

华安期货2025年金融宣传周活动圆满收官 9月20日，金融宣传周活动火热开展之际，恰逢铸造铝合金期货上市满100天。当天，华安期货同步推进两大重点行动：一方面携手安徽省铝业协会、安徽 雄创铝合金新型材料有限责任公司，在合肥联合举办"期遇再生，铝创价值"双碳战略下铸造铝合金企业期现培训会；另一方面深入社区开展金融知识宣传 活动，以"企业+居民"双覆盖模式，将金融宣传周"保障金融权益 助力美好生活" 的主题落到实处。 在企业服务端，期现培训会紧扣金融宣传周"普及金融知识、提升金融素养"核心目标，结合铸造铝合金期货上市百天特殊节点，为铝行业企业定制专业内 容。培训会上，华安期货讲师从实操层面出发，深入剖析铝合金企业如何系统性开展风险管理；并提出企业应建立"期现结合"的思维模式，灵活运用金融 工具对冲市场不确定性，提升抗风险能力和综合竞争力。 在民生服务端，华安期货积极联合分支机构发挥地域优势，组织员工走进阜阳、马鞍山、安庆、长春、广州等地的社区街道，开展"金融知识进万家"宣传 活动。现场通过设置咨询台、发放宣传手册、趣味问答等形式，针对不同群体精准科普：向老年人重点讲解养老诈骗防范技巧，提醒警惕"虚假投资""以 房 ...

Core Viewpoint - Guangxi Fantang Technology Co., Ltd. is setting an industry benchmark for the digital transformation of China's traditional sugar industry through innovative practices and a strong focus on technology and market integration [1][2]. Industry and Company Summary - The company views the industrial internet platform as a core engine for driving the transformation and upgrading of traditional industries, exemplified by its sugar industry internet platform that enhances supply chain efficiency and resource allocation [2][3]. - The Guangxi government has recognized the importance of developing public service platforms like the Fantang product trading platform, which motivates the company to innovate and improve its service models [3]. - Guangxi is a major sugar production area, accounting for approximately 60% of China's total output, with over 20 million people involved in the sugar industry [3][4]. - The sugarcane planting sector faces challenges such as aging population, low profitability, and insufficient economies of scale, prompting the company to adopt a "one body, two wings" strategy focusing on digital transformation [4][5]. - The company has developed a comprehensive digital infrastructure for sugarcane production, including an order agriculture platform that covers the entire process from planting to settlement, achieving a 99% coverage of the total planting area by June 2025 [5][6]. - The company operates a self-managed digital farm that integrates advanced agricultural technologies, resulting in a 30% increase in sugarcane yield compared to the regional average [5][6]. - The order agriculture platform aims to balance the interests of the government, large sugar groups, and sugar factories, enhancing collaboration and efficiency across the industry [6][7]. - The upgraded Fantang e-commerce platform 2.0 offers a richer user experience and more flexible trading models, facilitating efficient matching of supply and demand across different sugar sources [9][10]. - The platform's features include electronic order signing, real-time monitoring of planting progress, and a standardized warehouse management system, which reduces risks associated with traditional trade practices [10][11]. - The company has successfully integrated structured options into its trading contracts, allowing for better risk management and pricing strategies in the sugar industry [13][14].

参加培训活动的几位糖业企业代表表示，在白糖系列期权推出后的市场培育关键期，郑商所聚焦白糖主 产区集中开展"期权+"培训，有助于提升产业企业和会员单位对期权功能作用的认识。此外，配套举 办"共话期现"等座谈会，重点拓展期现结合业务案例模式，可以有效地促进产投对接。 云南省糖业协会理事长邓毅认为，用好期货、期权工具，可以有力地促进糖业发展。培训活动针对性 强、内容丰富，集中解答了大家关心的问题。与此同时，开展信息交流，加强期权交易的技能培训，可 以为实体经济发展提供精准支持。 "多年来，云南糖业发展得到了郑商所的持续大力支持，期货交割库点增至1个厂仓、3个交割库，1个制 糖厂的产品被划定为免检产品。同时，郑商所还根据云南省食糖物流情况变化，调整了库点的布 局。"邓毅表示，今年云南省白糖期货交割仓单规模创造了新的纪录，5月份白糖期货仓单数量一度达到 11033张。目前，期货市场功能发挥进入新阶段，期权工具是期货市场支持实体经济发展的新抓手。做 好期货及衍生工具培训，是助力实体企业风险管理的重要举措。实体企业应提升对期货和期权工具认 识、理解、运用的程度。 为探索拓展白糖"期权+"模式，强化白糖产业利用系列期权管理风 ...

据期货日报记者了解，上线首日，国际铜保税标准仓单及氧化铝标准仓单交易业务运行平稳，泺亨中 国、上海智维、山东黄金贸易集团、中信寰球和上海靖升等企业参与了国际铜品种保税标准仓单的交 易；兰州新区东方凯尼、浙油供应链、永富物产、杭实化工、浦发银行、杭实国贸、物产永利等企业参 与了氧化铝品种标准仓单的交易。 当日，首单国际铜保税标准仓单线上质押顺利落地，上海靖升以国际铜保税标准仓单为质押物，从江苏 银行上海分行获得了139万元的质押融资。此次线上质押业务得到了洋山海关的支持，在去年20号胶保 税标准仓单质押落地的基础上新增了备案资料上传、海关质押备案线上审批等功能，提高了保税标准仓 单线上质押的办理效率。 国际铜保税标准仓单质押的落地，进一步拓宽了国内有色贸易企业的融资渠道，为产业客户提供了更加 高效、安全、透明的融资工具，同时有助于促进国内有色贸易企业的期现结合，为有色贸易企业进一步 打通国内国际双循环提供助力。 从标准仓单起步，平台通过整合交易商准入、产品购销、资金清算、实物交收和线上质押等功能，搭建 起全流程线上业务闭环，交易商覆盖有色金属、黑色金属、能源化工等产业链企业和贸易商。截至目 前，平台已上线铜、铝 ...

Core Insights - The article emphasizes the critical role of the real economy in China's economic development, highlighting the importance of focusing on the real economy for long-term growth [1] - The recent data shows that the proportion of industrial clients in the OTC derivatives trading business of futures companies has surpassed 50% for the first time during the "14th Five-Year Plan" period, indicating a significant increase in risk management awareness and capabilities among enterprises [1][2] Group 1: Market Function and Client Engagement - The understanding of the functions of the futures market has deepened among industrial clients, leading to an increased willingness to participate in futures and derivatives trading as effective tools for managing price risks and stabilizing profits [2] - The rise in the proportion of industrial clients' positions reflects a growing trend of utilizing OTC derivatives to address market risks [2] Group 2: Service Upgrades and Product Innovation - Futures companies' risk management subsidiaries have enhanced their services by investing in professional team building, service model innovation, and product development, providing high-quality, efficient, and personalized services to industrial clients [3] - Innovative OTC derivative tools and tailored options structures have been developed to meet the diverse risk management needs of industrial clients, attracting more participation in OTC derivatives trading [3] Group 3: Policy Support and Market Environment - A series of policies have created a favorable environment for the futures market to serve the real economy, including the implementation of the Futures and Derivatives Law and the core requirement of "financial services for the real economy" from the Central Financial Work Conference [4] - Regulatory bodies are encouraging futures companies to innovate business models and deepen cooperation with the real economy, thereby lowering the barriers and costs for industrial clients to participate in the futures market [4] Group 4: Integration and Collaboration - The integration of futures and spot markets is identified as a key direction for futures companies and their risk management subsidiaries to support the development of the real economy [6] - Strengthening collaboration with industrial clients in the spot market through basis trading and warehouse receipt services can provide accurate price signals and risk management support [6] Group 5: Education and Capacity Building - Despite the increasing participation of industrial clients in the futures market, there remains a need for enhanced market cultivation and investor education to address gaps in understanding market mechanisms and risk management tools [7] Group 6: Innovation and Internationalization - The innovation and internationalization of the futures market are crucial for enhancing the international competitiveness and development space of China's real economy [8] - Futures companies should promote market innovation and explore new business models to expand international market opportunities for industrial clients [8]

Core Insights - The article discusses how Shanghai Lishimo New Materials Co., Ltd. has adapted to market volatility in the lithium salt industry by leveraging financial tools and partnerships to manage risks effectively [1][2][3] Group 1: Market Dynamics - The price of lithium carbonate has experienced significant fluctuations, dropping from 90,000 yuan/ton at the beginning of the year to below 60,000 yuan/ton in mid-June, before rebounding to over 75,000 yuan/ton [1] - The volatility of over 50% in lithium prices has created challenges for the entire lithium salt industry, leading to the exit of smaller traders due to financial constraints [1] Group 2: Strategic Adaptation - Shanghai Lishimo has shifted its trading model from a traditional "buy cost + profit" approach to a more market-oriented "spot-futures combination" model following the launch of lithium carbonate futures in 2023 [2] - The company has engaged Citic Futures to explore a futures asset management model, allowing for lower-cost risk hedging and compliance with new asset management regulations [2] Group 3: Future Outlook - The integration of spot and futures markets is expected to enhance risk management capabilities, with the company aiming to expand its services to more upstream and downstream clients in the lithium carbonate supply chain [2][3] - The focus on risk control rather than immediate profit is emphasized, suggesting that companies should engage in limited speculative activities while adhering to established operational rules for sustainable growth [3]

Core Viewpoint - The training session aimed to enhance the understanding and capability of state-owned enterprises in Daqing to utilize futures tools for risk management, supporting the region's economic high-quality development [1][2]. Group 1: Importance of Futures Market - The futures market plays an irreplaceable role in serving the real economy, stabilizing business operations, and optimizing resource allocation [2]. - Enhancing risk management capabilities and the use of modern financial tools in state-owned enterprises is crucial for China's economic high-quality development [2]. - Daqing, as a significant grain production and equipment manufacturing base, has made notable progress in industrial structure transformation and state-owned enterprise reform [2]. Group 2: Training and Expert Insights - The training featured industry experts discussing the foundational knowledge and practical applications of the futures market [3]. - Various futures tools are increasingly integrated into the corn and soybean supply chains, providing robust mechanisms for price risk management and enhancing agricultural production [3]. - The importance of risk prevention in futures operations was emphasized, with a focus on locking in profits and effectively transferring potential risks [3][4]. Group 3: Regulatory and Compliance Aspects - The training included discussions on the regulatory framework surrounding hedging practices, emphasizing the need for state-owned enterprises to adhere to compliance and risk management principles [4]. - Establishing effective risk management systems and ensuring compliance in hedging operations are critical for the success of state-owned enterprises [4]. Group 4: Future Collaboration and Development - Participants expressed that the training deepened their understanding of the futures market and provided practical risk management techniques, which are vital for sustainable business operations [5]. - The Dalian Commodity Exchange aims to stimulate the participation of Daqing's state-owned enterprises in the futures market, enhancing their risk management capabilities and market competitiveness [5]. - The training is seen as a stepping stone for further collaboration between the Dalian Commodity Exchange, Daqing government, state-owned enterprises, and financial institutions to explore new paths for integrated risk management and economic development [5].

Core Insights - The article discusses the transformation of companies in the agricultural sector, particularly in the pig and egg industries, through the use of futures tools to manage price risks effectively [1][5]. Group 1: Shanxi Jinrun Food - Shanxi Jinrun Food processes one million pigs annually and has established a complete industrial chain from breeding to sales, but has faced challenges due to the volatility of pig prices [2][3]. - The company experienced significant price fluctuations, with pig prices dropping below 10 yuan/kg in 2021, rising above 20 yuan/kg in 2022, and then falling again in 2023, leading to unstable profits [2][3]. - In 2023, the company joined the "Qifeng Plan," which provided professional guidance, helping them improve their risk management mechanisms and experience in hedging [3][4]. - By participating in the "Qifeng Plan," Shanxi Jinrun Food learned to use futures contracts to hedge against price risks, successfully implementing a strategy to lock in profits and manage inventory risks [4][3]. - The company has established a cross-departmental futures decision-making group, enhancing communication and making futures hedging a regular operational tool [4]. Group 2: Wuhan Huludang - Wuhan Huludang, a chicken egg trading company, faced price volatility risks and sought new risk management strategies as the egg industry modernized [5][6]. - The company initially relied on spot trading but found it ineffective against price fluctuations, prompting them to explore futures tools after learning about the "Qifeng Plan" [5][6]. - In 2023, Wuhan Huludang participated in the "Qifeng Plan," completing six hedging operations that generated approximately 150,000 yuan in profits, partially offsetting losses from the spot market [6][7]. - The experience gained from these operations has significantly increased the company's confidence in using futures tools, leading to a gradual increase in their hedging ratio [6][7]. - The company plans to deepen its understanding of the futures market and promote risk management awareness among industry partners [7].