Core Viewpoint - The domestic glass industry is undergoing a significant transformation in its fuel structure, shifting towards a diversified model dominated by natural gas, with petroleum coke and coal gasification as important supplements [1][2] Fuel Structure - As of mid-2025, 59.38% of the national float glass production capacity will utilize natural gas, particularly dominant in North and East China [1] - Petroleum coke accounts for 20.77% of the fuel mix, concentrated in Central and South China, while coal gasification holds an 18.00% share, mainly in North, Northwest, and Northeast China [1] Driving Forces - The primary driver of this fuel structure change is environmental policy, particularly the "Energy Conservation and Carbon Reduction Action Plan," which promotes the replacement of traditional fuels with cleaner energy sources [2] - Fuel costs, which constitute 30% to 40% of total production costs, significantly influence companies' fuel choices [2] - Despite natural gas being the mainstream choice, high gas prices have led to losses for companies using it, while those using coal gasification have seen better profits due to lower coal prices [2] Industry Dynamics - The competition between old and new production capacities is reshaping the industry landscape, with older natural gas-fired facilities being the most affected by recent shutdowns [2] - A structural contradiction exists where the push for natural gas due to environmental policies is challenged by the high costs that older facilities cannot sustain [2] Future Outlook - Regional policies are accelerating the transition, such as Hubei's timeline for converting petroleum coke to natural gas, which will significantly alter the fuel composition in Central and South China [3] - The industry is exploring advanced low-carbon technologies, including all-electric melting technology for daily glass and all-oxygen combustion technology for float glass, which has been adopted as industry standards [3] - Hydrogen technology is in the research and demonstration phase, representing a long-term direction towards zero-carbon manufacturing [3] Local Initiatives - In Hebei's Shahe glass industry, the energy transition is not a straightforward switch from coal to natural gas but involves a mixed replacement strategy centered on coal gasification, supplemented by pipeline natural gas [4] - The Zhengkang Clean Gas Project, funded by local enterprises, is a key player in this energy transition, having commenced operations in March 2025 [3][4] Economic Considerations - The choice of coal gasification as a core path is based on multiple factors, including cost advantages and resource endowments, making it more economically viable than relying solely on natural gas [4] - The transition to cleaner energy sources is expected to increase production costs, leading companies to face tough decisions on whether to invest in upgrades or temporarily shut down older lines [4] Industry Collaboration - Industry chain collaboration is becoming a core trend, with companies building upstream and downstream relationships to enhance operational efficiency [5] - Financial capital is increasingly integrated into the industry, with government initiatives supporting credit for industrial upgrades [5] - Collaborative efforts between government, universities, and enterprises are focused on overcoming technical challenges and nurturing talent for innovation [5] Competitive Landscape - The industry is shifting from homogeneous competition to product differentiation, with leading companies moving towards high-value specialty glass sectors [5] - Despite the focus on high-end products, price wars remain intense, with some manufacturers resorting to price cuts to recover cash flow, leading to market price distortions [5] - Operational efficiency is becoming crucial, with companies utilizing innovative inventory management strategies to enhance cost control [5] Overall Industry Direction - The future development path of the Shahe glass industry is clearly oriented towards high-end, intelligent, green, and financialized operations, with collaboration aimed at resource aggregation and competition driving firms towards high-value sectors [6]

Core Insights - The ferroalloy industry is facing significant challenges such as profit margin compression, traditional business models failing, and cyclical demand weakness, prompting companies to innovate with risk management tools like futures and options to achieve counter-cyclical growth [1][2][5] Industry Challenges - The silicon manganese sector has long been plagued by oversupply, making it a focal point for supply-side structural reforms [1] - Profit margins in the silicon iron and silicon manganese industries have been persistently low, except for 2021, with weak long-term demand growth [2] - The first quarter of 2024 saw a downward trend in spot market prices due to excess capacity and declining demand, leading to a downward spiral in silicon manganese prices [1][2] Risk Management Innovations - Companies are exploring new risk management models through the combination of futures and options, which allows for more robust business operations amid market fluctuations [2][3] - The use of options provides significant advantages, such as protecting futures positions and alleviating financial pressure while retaining the potential for profit from price increases [2][3] Operational Strategies - The integration of futures and options not only helps companies manage price risks but also fosters collaboration across the supply chain, enhancing overall industry resilience [3][4] - Companies have shifted their sales strategies from a reliance on long-term contracts with steel mills to a more balanced approach that includes a significant portion of spot trading [3][4] Performance Improvement - The application of a futures-based strategy has allowed companies to stabilize production and improve competitiveness, leading to better cost management [3][4] - The average profit margins of companies utilizing these risk management tools have shown significant improvement compared to previous periods [4] Future Outlook - The trend of adopting financial tools for proactive risk management is transforming ferroalloy companies from traditional manufacturers into risk management experts, enhancing the resilience and collaboration of the entire supply chain [5] - This shift is seen as a crucial pathway for the industry to break the downward spiral of cost and demand, moving towards a greener, more efficient, and sustainable future [5]

Core Insights - Futures tools have evolved from merely hedging price risks to reconstructing trade logic within the industry [1][2] - The application of derivative tools is transitioning from traditional hedging to more complex models such as basis trading and rights-inclusive trading [2][3] Group 1: Industry Trends - The oilseed, chemical, and textile industries are entering an era of rights-inclusive trading, enhancing risk management capabilities and overall competitiveness [2][3] - The introduction of futures contracts, such as caustic soda futures, provides companies like Dongbo Chemical with improved risk management tools and operational efficiency [2][3] Group 2: Company Innovations - Dongbo Chemical has adopted a basis pricing model for caustic soda, resulting in increased sales and export volumes [3] - Guangzhou Yelong has upgraded its trading models to include futures and options, enhancing its risk management and cost efficiency [3][4] Group 3: Market Dynamics - The correlation coefficients for futures and spot prices of rapeseed oil and meal reached 0.99 and 0.97 respectively in 2024, indicating the growing importance of futures prices as market indicators [5] - Companies like Dongguan Fuzhiyuan leverage futures tools to hedge against risks, achieving up to 80% risk mitigation in procurement [5][6] Group 4: Strategic Importance of Futures - The expansion of production capacity in the grain and oil industry has led to declining utilization rates, making futures tools essential for adjusting sales strategies [6] - Futures tools are seen as a "virtual warehouse" that helps companies lock in supplies and improve operational flexibility [6][7]

在风云变幻的浪潮中，不确定性已成为时代的新标签。市场如迷雾般难以捉摸，深度思考与精准连接， 无疑成为了企业破局前行的关键"罗盘"。现在，一场聚焦有色金属市场的思想盛宴——第八届有声·有 色产业链沙龙，正带着破局的智慧与力量，向您发出诚挚邀约！ 第八届 有声·有色 产业链沙龙 13:30-14:30 衍生品破局:重塑铜产业链风险管理新生态 张杰是你 14:30-15:30 期现结合的探索实践和当下市场的策略思考 会议主讲人介绍 张杰夫 正信期货有色首席分析师 会议时间 2025年11月22日 会议地点 江苏省宜兴市 开元精舍酒店 会议内容 为何要奔赴这场盛会？ 一、闭门论坛，精准对接——与行业精英"零距离" 泛泛之谈终难触及核心，回归价值本质才是王道。本届活动采用闭门论坛形式，定向邀请数十位产业链 核心企业与机构专家齐聚一堂。在这里，没有浮于表面的喧嚣，只有聚焦行业痛点的深度探讨；没有虚 与委蛇的客套，只有坦诚相见的智慧碰撞。我们将共同叩问有色金属市场的未来，在深度交流中探寻发 展的新路径。 DHE 15:30-17:00 新宏观背景下有色金属市场展望 原涛 她是交易的"实战家"，执掌实体贸易业务，对期现结合的 ...

风起陶都，潮涌阳羡 ( 第八届有声.有色产业链沙龙 ) 江苏.宜兴 在风云变幻的浪潮中，不确定性已成为时代的新标签。市场如迷雾般难以捉摸，深度思考与精准连接， 无疑成了企业破局前行的关键"罗盘"。现在，一场聚焦有色金属市场的思想盛宴——第八届有声.有色 产业链沙龙，正带着破局的智慧与力量，向您发出诚挚邀约！ 为何要奔赴这场盛会？ 闭门论坛，精准对接 与行业精英"零距离" 泛泛之谈终难触及核心，回归价值本质才是王道。本届活动采用闭门论坛形式，定向邀请数十位产业链 核心企业与机构专家齐聚一堂。在这里，没有浮于表面的喧嚣，只有聚焦行业痛点的深度探讨；没有虚 与委蛇的客套，只有坦诚相见的智慧碰撞。我们将共同叩问有色金属市场的未来，在深度交流中探寻发 展的新路径。 大师云集，智慧碰撞 为决策"添动力" 一场高质量的活动，离不开精彩的内容与卓越的讲者。本届沙龙精心打磨三大核心议题，力邀四位深谙 产业与资本逻辑的一线实战派专家，为您呈上一场思想的饕餮盛宴。 议题一：衍生品破局——重塑铜产业链风险管理新生态 碰撞亮点：他将深入剖析在当前复杂的市场结构下，企业运用期现模式的要点和技巧，为企业提供切实 可行的策略参考。 议题三： ...

"我们处于产业链的流通和服务环节，上游连接国内外生产商，下游服务广大中小型加工制造企业。我 们的角色不是简单的贸易商，而是通过期现结合的模式，为客户提供稳定的货源、有竞争力的价格和全 方位的风险管理解决方案。"叶辰表示。 1 让风险管理 成为产业的"基础设施" 回溯十多年前的"贸易1.0"时代，大宗商品贸易的主要功能是连接信息和物流。彼时，产业链企业面临 的痛点尤为突出：市场价格剧烈波动像一把利剑，企业经营犹如走钢丝，一次意外的原料涨价就可能吞 噬下游加工厂数月的辛苦所得；融资环节壁垒高企，中小企业常因缺乏足额抵押物而被拒之门外，正常 的采购节奏被打乱；市场信息割裂严重，上下游之间如同隔着毛玻璃，贸易环节层层加价，最终的成本 压力往往由最末端的制造企业默默承受。 那时的市场，企业盈利高度依赖对市场单边行情的预判和对现货渠道的控制能力，当2008年金融危机、 2015年大宗商品"寒冬"等系统性风险袭来时，缺乏有效缓冲工具的产业链企业成片陷入困境，留下的教 训深刻而惨痛。 痛定思痛，变革应运而生。近年来，以嘉悦物产集团有限公司（简称嘉悦物产）、浙江杭实善成实业有 限公司（简称杭实善成）等为代表的现代产业服务商创新 ...

Core Viewpoint - The article discusses the significant fluctuations in non-ferrous metal prices this year, particularly affecting the profitability of processing companies in the supply chain, highlighting the importance of financial tools for cost smoothing and profit locking [1]. Group 1: Market Dynamics - Non-ferrous metal prices, including copper and aluminum, have shown increased volatility, creating operational pressures for upstream and downstream companies [1]. - The processing companies, positioned in the middle of the supply chain, face further compression of profit margins due to these price fluctuations [1]. Group 2: Role of Futures Market - Futures companies play a crucial role in stabilizing the operations of real economy enterprises while enhancing their own professional capabilities and service boundaries [3]. - The average daily equity scale of industrial clients at Wukuang Futures Chengdu branch has increased over tenfold since 2021, with a compound annual growth rate of over 200% in client accounts [3]. - The client structure includes approximately 60% from the new energy industry, 30% from the metal industry, and 10% from agricultural products [3]. Group 3: Risk Management Strategies - Wukuang Futures Chengdu branch has developed tiered and differentiated risk management solutions based on the different risk characteristics of upstream and downstream enterprises [3]. - Upstream companies utilize futures to lock in sales prices while employing options for additional value, with some state-owned enterprises preferring controlled risk options for hedging [3]. - Midstream traders engage in full-process hedging by buying futures or call options to lock in raw material costs and selling futures or buying put options to secure sales prices [4]. Group 4: Case Study - Recycled Aluminum - Sichuan Shenglin New Materials Technology Co., Ltd. produces 100,000 tons of recycled aluminum alloy ingots annually and employs futures market operations to mitigate risks from price volatility [6]. - The company emphasizes a principle of hedging without speculation, ensuring that futures trading aligns with production operations [6]. - The introduction of casting aluminum alloy futures has enhanced the pricing power of recycled aluminum companies, providing valuable price signals [7]. Group 5: Futures Market Functionality - The Shanghai Futures Exchange has improved its delivery system, with its delivery volume and amount leading among domestic exchanges, accounting for approximately 60% of the market's delivery value and 30% of the delivery volume in 2024 [8]. - The core value of the futures market lies in risk management and price discovery, with ongoing training and innovation aimed at helping more enterprises effectively utilize futures tools [8].

Core Viewpoint - The article emphasizes the importance of the futures market in supporting the real economy and enhancing risk management for various industries, particularly in the context of increasing price volatility in global markets [1][2]. Group 1: Role of Futures Market - The Zhengzhou Commodity Exchange (ZCE) has listed 27 futures products and 20 options, covering key sectors such as agriculture, energy, and chemicals, forming a market-based risk management chain [1]. - The collaboration between Dahuacaifang and ZCE aims to explore the practical applications of the futures market in supporting the construction of a strong manufacturing and agricultural nation [1]. Group 2: Risk Management in Industries - In the context of rising commodity price fluctuations, futures tools are becoming essential for stabilizing operations across various industries, transitioning from single hedging to multi-dimensional tools [2]. - Companies like COFCO and Dongguan Fuzhiyuan are utilizing futures tools to effectively manage price volatility risks, shifting from traditional pricing to basis trading as a mainstream practice [3][5]. Group 3: Case Studies of Successful Implementation - Dongguan Fuzhiyuan has adopted a systematic hedging approach since 2004, forming a risk-sharing mechanism with upstream and downstream enterprises [5]. - Guangzhou Yelong International Trade Company has developed four trading models, including basis trading and futures-spot combinations, to enhance profitability and manage risks [7][8]. Group 4: Impact on Chemical Industry - The launch of futures for caustic soda at ZCE provides chemical enterprises with diverse risk management strategies, addressing the increasing price volatility in the sector [11][13]. - Companies like Dongbo Chemical have established a futures-spot risk management system, leading to over 20% growth in sales and 30% increase in exports in recent years [13]. Group 5: Future Directions - The chemical industry is shifting from scale competition to a comprehensive competition model that includes energy efficiency and carbon management, with futures tools playing a crucial role in this transition [13][14]. - Companies are encouraged to promote derivative business models and enhance risk management capabilities across the industry [14].

Group 1 - The 2025 "Shanghai Futures Industry Service to the Real Economy Special Achievement Competition" concluded successfully, with Haizheng Futures and its risk management subsidiary winning both collective and individual second prizes [1][2] - The competition aimed to select and promote outstanding cases in the futures industry that serve the real economy, contributing to the development of new productive forces and ensuring the safety of the commodity supply chain [2] - Haizheng Futures' case titled "Futures-Spot Linkage to Help Trade Enterprises Reduce Costs and Increase Efficiency" stood out among numerous entries, showcasing effective strategies to help real enterprises manage price volatility risks and improve operational efficiency [4] Group 2 - The recognition received by Haizheng Futures is seen as an affirmation of the company's commitment to serving the real economy, with plans to deepen the integration of futures and spot markets [4] - The company aims to transform competition results into precise applications for industry needs, enhancing risk management and price discovery functions in the futures market [4] - Haizheng Futures is dedicated to providing comprehensive risk management services for industrial clients, contributing to national strategies and the construction of a strong financial nation [4]

Core Insights - The introduction of sugar futures and options has strengthened the connection between sugarcane farmers, sugar factories, and food enterprises, helping to resolve many challenges in the industry chain [1] - The sugar futures market has evolved since its launch in 2006, playing a crucial role in risk management for the sugar industry [2] - Guangxi, as the largest sugarcane production area in China, has seen significant advancements in its sugar industry due to the application of futures and options tools [3] Group 1: Industry Developments - The Zhengzhou Commodity Exchange (ZCE) is implementing several innovative measures in 2024 to enhance services for the sugar industry, including optimizing delivery processes and introducing new trading models [2] - The "insurance + futures" projects have been successfully implemented in sugar-producing areas, stabilizing sugarcane planting areas and ensuring farmers' income [2] - The collaboration between ZCE and Guangxi Pan Sugar Technology Co., Ltd. has led to the establishment of a trading cluster for sugar futures and spot market integration, enhancing industry resilience [3] Group 2: Risk Management Innovations - The sugar market is experiencing increased price volatility and a more diverse range of industry participants, necessitating improved risk management capabilities [4] - Financial service institutions are focusing on market risk prevention and mitigation, utilizing tools like basis trading and over-the-counter derivatives to provide customized risk management services [4] - The evolution of sugar spot trading from fixed pricing to basis trading and the gradual adoption of rights-based trading models are enhancing price risk management and optimizing revenue for commodity enterprises [5] Group 3: Case Studies and Future Outlook - A case study highlighted the successful implementation of a structured cumulative sales option trading model for a large sugar production enterprise in Guangxi, allowing for profit locking and effective risk management [6] - Guangxi is developing a "two cores, one pole, two areas" growth framework for the sugar industry, indicating a promising future for the integration of futures elements in the region's sugar sector [6]