截至2024年12月底，延长果业完成期货交割400吨，其中92.5%获得1000元/吨升水，套期保值总量达 5600吨，既有效规避了价格波动风险，也保障了果农收益，破解了传统模式下的"卖果难"与企业亏损困 局。 在2024年苹果市场价格剧烈波动的背景下，融达期货（郑州）股份有限公司（下称融达期货）携手中国 供销集团延长果业有限责任公司（下称延长果业），通过"动态基差计算模型+梯度套保"组合策略，成 功助力解决陕北苹果产业存在的"期货标准化与现货分级矛盾"难题，助力企业实现风险管理升级与产业 链稳定。去年，延长果业共套保5600吨，通过期货市场交割400吨，构建了产融深度融合的新生态，为 农业产业链现代化提供了可复制、可推广的"延长样本"。 期货日报记者了解到，2024年6月，融达期货联合延长果业，深入黄土高原开展为期半个月的苹果套袋 实地调研，覆盖陕西延安、咸阳、渭南等主产区。随后，融达期货又于2024年10月起派专人入驻延长果 业近两个月，完整参与苹果的采收、分级、基差计算、期货套保和交割等环节。 融达期货洛阳营业部总经理李永超介绍，融达期货为延长果业设计了"分级建仓+敞口调整"的梯度套保 策略。具体来看， ...

Core Viewpoint - The industrial silicon market experienced a slight price increase due to the linkage between futures and spot markets, with a notable rise in prices despite weak demand from downstream sectors [1][3]. Price Trends - From November 6 to November 12, the main contract price rose from 9065 CNY/ton to 9195 CNY/ton, an increase of 130 CNY/ton [1]. - The national comprehensive price for industrial silicon on November 12 was 9207 CNY/ton, up by 33 CNY/ton [1]. - Prices for different grades of industrial silicon were as follows: 553 at 8757 CNY/ton (up 49 CNY/ton), 441 at 9092 CNY/ton (up 37 CNY/ton), and 421 at 9672 CNY/ton (up 14 CNY/ton) [1]. Supply Dynamics - The supply side showed reduced production in the southwestern region, tightening the market and supporting prices [2]. - In Inner Mongolia, stable production was noted, but there was an inclination to raise prices due to tight raw material supplies [2]. - Gansu's industrial silicon producers slightly reduced output due to minor cost increases, which also supported prices [2]. - In Xinjiang, rising costs from electricity, silicon coal, and electrodes, along with increased transportation costs due to weather, contributed to price increases [2]. Downstream Demand - The three core consumption sectors exhibited mixed performance, impacting the demand for industrial silicon [3]. - The organic silicon sector saw prices rise from 11000 CNY/ton to 11200 CNY/ton, but overall production cuts reduced actual procurement needs [3]. - The polysilicon sector maintained a weak and stable price environment, with production cut expectations limiting demand for industrial silicon [3]. - The aluminum alloy sector benefited from a positive trend in the automotive manufacturing market, leading to steady growth in industrial silicon procurement [3]. Overall Market Outlook - The industrial silicon market saw a slight increase in prices due to supply constraints and cost support, but weak downstream demand remains a concern [3]. - Short-term price support is expected from production cuts in the southwest and rising costs in Xinjiang, while the pace of downstream demand recovery will be a key variable for future price movements [3].

Core Insights - The collaboration between Haizheng Futures and Zhejiang Lianhua Huashang Group aims to directly supply high-quality apples from Shaanxi to retail terminals during promotional events [1] Group 1: Collaboration and Strategy - Haizheng Futures and Zhejiang Lianhua leverage internal synergies to explore new financial services for the real economy, expanding their cooperation from Shanghai to the Zhejiang market based on the successful pilot in 2024 [1] - The project exemplifies resource integration and business collaboration under the guidance of state-owned enterprise party building [1] Group 2: Operational Model - The core of the project utilizes a mature "spot-futures linkage" model, allowing Haizheng Futures to lock in high-quality apple sources while ensuring stable supply and helping farmers mitigate price volatility risks [1] - Apples are inspected and packaged at the production site, then efficiently transported to Zhejiang Lianhua's warehouses, enabling quick availability to consumers during promotional periods [1]

Core Viewpoint - The collaboration between Haizheng Futures and Hangzhou Lianhua aims to enhance the supply chain of high-quality apples from Shaanxi to retail terminals, leveraging the successful pilot project from 2024 [1][3]. Group 1: Collaboration and Strategy - Haizheng Futures and Hangzhou Lianhua are utilizing internal synergies to explore new financial services for the real economy, expanding their cooperation to the Zhejiang market based on the 2024 Shanghai pilot experience [3][4]. - The project employs a "futures-spot linkage" model to ensure stable supply and price risk management for Shaanxi apples, benefiting both farmers and retailers [4][6]. Group 2: Benefits and Outcomes - The collaboration results in a win-win situation for farmers, retailers, consumers, and financial enterprises, enhancing sales channels for farmers and providing stable, quality products for retailers during promotional events [6][4]. - Consumers in Hangzhou benefit from access to fresh, reliable, and affordable apples through the promotional activities at Lianhua supermarkets [6][4]. - Haizheng Futures successfully replicates and upgrades the "futures-spot linkage" model, contributing to the modernization of agriculture and the service of the real economy [6][4]. Group 3: Future Plans - Haizheng Futures plans to deepen collaboration with other subsidiaries of Bailian Group and expand the "futures-spot linkage" model to other agricultural products such as eggs, pork, and red dates [6].

Core Viewpoint - The integration of futures and spot markets in the glass industry, particularly in Shihezi, Hebei, is transforming traditional manufacturing into a more competitive and resilient sector through financial tools and services [1][2][8]. Group 1: Industry Challenges and Solutions - The glass production industry faces significant financial pressures due to high capital requirements and price volatility of raw materials like soda ash and quartz sand, leading to frequent issues such as order losses and inventory accumulation [2][3]. - The entry of futures traders and the implementation of a futures-spot linkage model provide potential solutions to these challenges, offering customized financial services that help companies manage price risks and stabilize operations [2][3]. Group 2: Financial Tools and Services - Futures traders offer tailored services to glass manufacturers, including price hedging strategies that allow companies to lock in sales prices and hedge against rising raw material costs, thereby mitigating risks associated with price fluctuations [3][4]. - The introduction of a "virtual inventory" concept allows companies to reduce physical stock during periods of oversupply, thus lowering storage costs and improving cash flow [4][6]. Group 3: Market Dynamics and Collaboration - The collaboration between upstream raw material suppliers, midstream manufacturers, and downstream processors has improved with the introduction of flexible pricing mechanisms, such as "futures point pricing," which alleviates pricing conflicts and enhances stability across the supply chain [5][6]. - The integration of financial institutions with futures traders enables small and medium enterprises to access financing through warehouse receipt pledges, addressing cash flow challenges within the industry [6]. Group 4: Future Outlook and Transformation - The shift towards futures-spot integration is recognized as essential for enhancing the core competitiveness of glass enterprises, pushing them to evolve from traditional manufacturers to comprehensive service providers [8]. - The ongoing digital transformation and green initiatives in the glass industry are expected to further refine financial services, aligning them with specific industry needs and improving overall resource allocation [8].

Core Insights - The event "DCE·Industry Action - Corn Industry Training Activity 2025" emphasized the importance of financial tools in empowering the agricultural sector, particularly in managing risks and stabilizing operations amid market fluctuations [1][3]. Group 1: Industry Context - The current global grain price volatility necessitates enterprises to implement risk management through futures and spot market linkage [3]. - The corn industry is facing a complex international supply-demand landscape, highlighting the need for enhanced data analysis capabilities among companies [5]. Group 2: Company Strategies - Jilin Provincial Agricultural Development Grain Group leverages its operational scale of 2 million tons to design personalized hedging solutions, successfully locking in corn procurement costs and sales profits [3]. - The company has integrated high-standard farmland construction, digital trading platforms, and financial tools into a unified ecosystem, achieving an asset scale of 20 billion [3]. Group 3: Financial Tools and Innovations - Guotai Junan Futures provides customized hedging services using derivatives like futures and options to effectively manage risk exposure [3][5]. - The Dalian Commodity Exchange promotes new negotiation mechanisms for futures to enhance delivery convenience, reduce costs, and improve market efficiency [5]. Group 4: Future Outlook - The collaboration through the production-finance base aims to expand participation in the futures market, contributing to national food security and rural revitalization [5].

Core Viewpoint - The article highlights the strategic growth and operational resilience of Rui Mei Tong Group in the iron ore supply chain, emphasizing its role in stabilizing supply and optimizing logistics in the context of global commodity price fluctuations and supply chain restructuring [2][3][8]. Group 1: Business Operations and Logistics - Rui Mei Tong Group's iron ore business achieved a total shipment volume of over 14.85 million tons in the first half of 2025, with imported iron ore accounting for approximately 50% [2]. - The company has established an efficient logistics network through multiple ports, including Rizhao Port, Caofeidian Port, and Ningbo-Zhoushan Port, facilitating stable transportation to inland steel manufacturers [2][3]. - The group has developed a "sea port direct access + inland radiation" model, enhancing the raw material supply capacity for China's steel industry [2]. Group 2: Market Position and Strategic Initiatives - Rui Mei Tong Group has diversified its operations across six major sectors, including iron ore, oil products, agricultural products, non-ferrous metals, and renewable resources, establishing a global procurement and sales network [3]. - The company has been recognized as one of the "2024 Long-term Integrity Service Providers" for iron ore by Shanghai Steel Union, reflecting its strong market reputation and service capabilities [3]. - The group has engaged in mixed-ownership reforms, partnering with state-owned enterprises to leverage resource advantages and enhance operational efficiency [4]. Group 3: Risk Management and Supply Chain Resilience - The company has maintained stable iron ore supply during periods of global market instability, utilizing a robust supply chain management system to mitigate risks [4]. - Rui Mei Tong Group has implemented a "big risk control system" to accurately predict and manage credit risks across the supply chain, ensuring no defaults occurred during high-risk periods [4]. - The group is actively working to strengthen upstream resource channel construction to reduce international procurement costs and diversify supply sources [3][4]. Group 4: Pricing and Market Influence - Rui Mei Tong Group's iron ore transaction prices have become a key reference for spot market benchmark prices [6]. - The company has innovatively adopted a "basis + deferred pricing" model, allowing clients to optimize procurement costs by timing their pricing decisions based on market conditions [6]. - The group has developed various price indices for coal and other commodities, contributing to authoritative pricing references in the industry [7]. Group 5: Technological and Ecological Innovations - The company is accelerating the construction of a smart supply chain service system through technological innovation and ecological collaboration, enhancing resource security [8]. - Rui Mei Tong Group's efforts in diversifying and globalizing its operations are aimed at reinforcing the dual strategic value of supply assurance and price stability in the commodity market [8].

Core Viewpoint - The article highlights the operational efficiency and strategic positioning of Rui Mei Tong Group in the iron ore supply chain, emphasizing its role in stabilizing supply and enhancing resource security in China's steel industry [3][4][9]. Group 1: Business Operations - Rui Mei Tong Group's iron ore business shipped over 14.85 million tons in the first half of 2025, with imported iron ore accounting for approximately 50% [3]. - The company has established a highly efficient logistics network, utilizing multiple ports and transportation methods to ensure stable supply to steel manufacturers [3][4]. - The group has diversified its operations across six major sectors, including iron ore, oil products, agricultural products, non-ferrous metals, and renewable resources, creating a global procurement and sales network [4]. Group 2: Strategic Initiatives - The company has engaged in mixed-ownership reforms, partnering with state-owned enterprises to leverage their resource advantages while maintaining market-driven operations [5]. - Rui Mei Tong Group is focusing on strengthening upstream resource channels to reduce international procurement costs and enhance its bargaining power in the supply chain [4][5]. Group 3: Market Positioning - The company has become a key player in the iron ore market, recognized as one of the "2024 Long-term Integrity Service Providers" by Shanghai Steel Union due to its significant trade volume and service capabilities [4]. - Rui Mei Tong Group's iron ore transaction prices have become important benchmarks in the spot market, utilizing innovative pricing models to help clients reduce costs [7]. Group 4: Risk Management and Innovation - The group has developed a robust supply chain management system that ensures stable iron ore supply even during global disruptions, effectively managing credit risks across the supply chain [5][9]. - Rui Mei Tong Group has established an industrial internet service platform, Yi Mei Wang, to support its trading operations and manage price volatility risks through systematic hedging strategies [8].

Group 1 - The conference organized by Ruida Futures focused on the integration of futures markets with the real economy, emphasizing the importance of risk management and financial tools in the iron alloy sector [1] - The meeting gathered representatives from nearly 60 industry institutions and investment sectors to discuss macroeconomic policies, supply-demand dynamics in the iron alloy market, and risk management strategies [1] - The current supply-demand situation in the iron alloy market shows a significant tightening in supply, with manganese ore supply and operating rates at near five-year lows, while demand for pig iron production has been expanding [2] Group 2 - The use of silicon-manganese futures and options is highlighted as an effective means for companies to manage risks and optimize resource allocation in response to policy directives [2][3] - Silicon-manganese futures serve as a risk pricing tool, allowing companies to manage exposure effectively and stabilize operations amid market volatility [2] - The futures and options also act as policy transmission mechanisms, helping to lower comprehensive costs for enterprises and enhance resource allocation efficiency [3] Group 3 - Ruida Futures has established a diversified business model centered on futures asset management and risk management, actively supporting the real economy since its inception in 1993 [4] - The company has developed a strong reputation in risk management, providing comprehensive solutions from policy interpretation to hedging strategies for enterprises [4] - Ruida Futures' subsidiary, Ruida Xinkong, has demonstrated exceptional capabilities in risk management, exemplified by a zero-cost hedging solution for a cold-rolled enterprise [4] Group 4 - Beyond risk management, Ruida Futures has a robust asset management business, expanding its product line to include fixed income, equity, and mixed funds [5][6] - The asset management services have gained recognition from over 100 institutions, facilitating optimal allocation and value preservation of idle funds for enterprises [6] - The company aims to deepen the integration of futures and spot markets while enhancing asset management services to meet the diverse needs of the real economy [6]

Report Industry Investment Rating - Not provided in the given content Core Viewpoints of the Report - The commodity futures market is an important part of the financial market, providing functions such as price discovery, risk management, and resource allocation to help real - enterprises operate stably, optimize resource allocation, and enhance competitiveness. Studying how to improve the service quality of the commodity futures market to the real economy is of great significance for promoting high - quality development of the real economy [2] - Although the commodity futures market has achieved remarkable results in serving the real economy, there are still short - boards. To improve its service quality, a systematic plan should be constructed from aspects such as function improvement, mechanism innovation, and ecological optimization [4][6] Summary by Relevant Catalogs Value of the Commodity Futures Market to the Real Economy - Provide risk management tools to ensure stable production and operation of enterprises. Through hedging, it helps enterprises lock in costs and prices and hedge price risks [2] - Form public and transparent price signals to optimize resource allocation. Futures prices can guide enterprises in production planning and inventory adjustment [2] - Promote industrial chain collaboration and upgrading. Standardized contracts and delivery rules can unify quality standards and promote industrial integration [3] - Serve national macro - regulation and help the economy operate smoothly. Transaction data in the futures market can provide references for government policy - making [3] Current Situation of the Commodity Futures Market Serving the Real Economy - The market has developed rapidly, with an expanding scale, rich varieties, and improved mechanisms, providing diverse risk management tools for enterprises. More enterprises are participating in the market [3] - However, there are still problems, including an incomplete variety system, low enterprise participation ability and willingness, blockages in the linkage between futures and spot markets, and high market risk - prevention pressure [4][5] Paths to Improve the Service Quality of the Commodity Futures Market to the Real Economy Optimize the Variety and Tool System - Accelerate the R & D and listing of new varieties, such as platinum, palladium, lithium hydroxide, photovoltaic component, and power futures, to meet the diversified risk management needs of the real economy [6] - Enrich trading tools, promote the R & D of derivatives like options and swaps, and optimize futures - spot combined trading tools [7] Strengthen Subject Cultivation - For institutional investors, increase cultivation efforts to optimize the investor structure, encourage the establishment of commodity futures theme investment funds, and guide them to adopt scientific investment strategies [7] - For industrial enterprises, strengthen the service system, conduct training to improve their understanding and application ability of futures tools, and optimize trading rules to reduce the participation cost of small and medium - sized enterprises [8] - For futures companies, strengthen professional capacity building, encourage R & D investment, and establish an evaluation system to improve service levels [8] Deepen Futures - Spot Linkage - Promote futures companies' risk management subsidiaries to carry out relevant businesses, develop intelligent research platforms, and strengthen the connection with the spot logistics system [9] Improve the Regulatory System - Use advanced technologies to monitor trading data, strengthen compliance supervision of relevant institutions, educate investors, and establish a complaint - handling mechanism [9] Promote Opening - up - Support qualified futures companies to set up overseas branches, strengthen cooperation with overseas exchanges, and promote the international recognition of RMB - denominated futures varieties [10] Strengthen Promotion and Talent Cultivation - Promote the functions and operation practices of the futures market to enterprises through various activities, and build a multi - level talent system [10]