然而，玻璃又是一个典型的强周期行业，市场价格波动幅度偏大。2021年以来，国内玻璃价格持续下 跌，浮法平板玻璃更是从高点3100元/吨跌至当前的1200元/吨左右。 压力之下，近几年沙河玻璃产业却通过期货、期权等衍生品工具，探索出了一条期现融合发展的"强筋 壮骨"之路。 "这些年来，我们通过期货工具管理市场风险，发现价格趋势，玻璃期货为我们集团的生产经营提供了 强大的支撑。"望美实业集团期货部负责人霍东凯介绍表示。 截至目前，沙河参与期货套期保值的玻璃产能已经超过80%，且普遍接受期货点价模式，有力保障当地 玻璃产业、区域经济平稳发展的同时，还帮助沙河完成了从"产能高地、价值洼地"，向玻璃定价中心的 蜕变。 1980年第一条玻璃生产线诞生，2024年玻璃产能达到全国五分之一，连续3年发布中国（沙河）玻璃价 格指数……完备玻璃产业体系、庞大的产业规模和显著的行业影响力，为河北沙河赢得了"中国玻璃 城"的称号。 据了解，当地着力打造的"1+5"现代产业体系，便是以玻璃产业作为绝对核心。可以说，玻璃行业景气 度的走势，关乎着沙河区域经济的稳定。 产业"强筋壮骨"，助力区域经济 2012年12月3日，全球首个玻璃期货 ...

Core Insights - The first China Wood Industry High-Quality Development Conference was held in Dalian, focusing on the theme "Linking Futures to Connect the Future" and gathering over 600 representatives from various sectors [1] Industry Changes - The wood industry is a crucial raw material for national economic construction and green development, with its scale growing from hundreds of billions to over ten trillion yuan [2] - China has become the world's largest producer, consumer, and trader of wood and wood products, exporting to over 180 countries and regions [2] - The launch of log futures and options has shown initial success in enhancing the international influence of China's wood market, with a total trading volume exceeding 7.8 million contracts and a transaction value of 464 billion yuan in the past year [2][3] Standardization and Efficiency - Log futures have significantly contributed to the establishment of a unified national market by addressing long-standing issues with inconsistent measurement standards [3] - The introduction of national standards for log measurement has improved efficiency by over five times compared to traditional methods [3] - The promotion of standardized measurement practices has helped enhance the overall efficiency and standardization of the industry [4] Risk Management - Companies are increasingly focusing on the hedging functions of log futures to stabilize their revenues and manage risks effectively [5][6] - Different levels of risk management strategies are available for companies, ranging from basic hedging to advanced options strategies [6] Import Trade Dynamics - The attitude of foreign exporters towards log futures has shifted dramatically, leading to a more dynamic pricing model and improved negotiation power for domestic importers [8][9] - The introduction of log futures has allowed domestic importers to reference market prices in negotiations, enhancing their bargaining power [10] Future Outlook - There is a strong expectation for the future development of the wood industry and log futures, with plans to enhance the integration of the wood industry chain and supply chain [11] - The Dalian government aims to establish a Northeast Asia wood distribution and deep processing base, promoting the export of wood products [11] - The Dalian Commodity Exchange plans to optimize products and enhance the global influence of "Chinese prices" while promoting a modernized wood industry circulation system [12]

Core Viewpoint - The announcement by the Guangxi Futures Exchange regarding the adjustment of trading fees for lithium carbonate futures is expected to impact market dynamics, particularly in terms of speculation and price volatility. Group 1: Trading Fee Adjustment - Starting from November 20, 2025, the trading fee for the lithium carbonate futures contract LC2601 will be adjusted to 0.12% of the transaction amount [1] - The adjustment aims to curb excessive speculation in the market, as evidenced by the recent surge in trading activity and speculative positions [3][7] Group 2: Market Performance - On November 19, the main LC2601 contract rose by 4.97% to 99,300 yuan per ton, with other contracts surpassing 100,000 yuan per ton, marking a new high for the year [2] - The lithium mining stocks saw significant gains, with companies like Jinyuan Co. experiencing consecutive trading limits, making the sector a major focus in the stock market [2][8] Group 3: Speculative Activity - The "transaction-to-open interest ratio," a measure of speculative activity, surged to 2.22 times, indicating a high level of speculation in the market [3][6] - The increase in trading volume and open interest has led to a rapid rise in this ratio, prompting the exchange to implement regulatory measures [6][7] Group 4: Capital Inflow - As of November 19, the overall open interest in lithium carbonate futures increased by 77,500 contracts, corresponding to an inflow of 2.894 billion yuan, making it the top traded futures product in China [4] - The trading volume also saw a significant rise, from 740,000 contracts at the beginning of the month to 1.85 million contracts by November 17 [5] Group 5: Spot Market Impact - The continuous rise in lithium carbonate futures has led to an increase in spot market prices, with the average price for battery-grade lithium carbonate reaching 88,900 yuan per ton on November 19 [10] - However, the spot market has experienced a slowdown in transactions, as downstream companies remain cautious about high prices, leading to limited purchasing activity [11] Group 6: Future Outlook - The upcoming adjustment of trading fees is expected to influence the trading activity and price dynamics of lithium carbonate futures, with potential implications for both the futures and spot markets [12] - The market may see increased volatility if speculative funds withdraw following the fee adjustment, which could lead to significant price fluctuations [3][9]

永安资本产业服务部经理刘逸斌在会上介绍，2024年有1503家A股上市公司发布套期保值公告，商品套 期保值额度同比增长约60%，反映出产业对期货工具的认可度显著提升。 琏升科技董事会秘书吴艳兰在会上表示，原材料价格的大幅波动影响了企业盈利与生产的稳定性，但期 现融合作为一种创新的金融工具和商业模式，为新能源产业的稳定发展提供了新的思路和解决方案。 弘则研究首席经济学家苏畅认为，当前宏观经济呈现K形分化特征，科技与能源转型领域形成增长支 撑，传统经济与传统能源则面临调整压力。"十五五"期间，科技是重点投资领域，收入分配优化是提振 消费的关键。 全国期货（期权）实盘交易大赛金牌导师谭伟鸿表示，新能源产业竞争已从"制造竞争"进入"金融竞 争"，未来胜出者需兼具产业洞察能力与金融工具应用能力。他建议企业尽快转变决策模式，从"赌方 向"转向"锁利润"，从管理实物库存升级为管理综合头寸，通过构建产业金融生态，以金融广度拓展产 业深度。 搭建产业与金融沟通桥梁 11月19日，由四川省证券期货业协会、四川省上市公司协会特别支持，期货日报、产业服务联盟、华西 期货联合主办，永安期货、弘则研究协办的"2025年期现融合助力新能源 ...

Core Insights - The integration of futures and spot markets is essential for the high-quality development of the new energy industry, transitioning from an optional strategy to a necessary one [3][12] - The futures market has become an indispensable risk management platform for new energy companies, helping them stabilize operations amid price volatility [2][8] Group 1: Industry Overview - Sichuan is a key clean energy base in China, with nearly 200 new energy companies and 11 local listed firms, generating approximately 207.9 billion yuan in revenue [2] - The province has established a strong industrial framework supported by solar, wind, and hydrogen energy, with significant contributions from leading companies like Tongwei Group and others [2] Group 2: Challenges and Solutions - The new energy sector faces challenges such as rapid technological changes, price fluctuations of raw materials, and complex global trade environments [3] - Futures integration provides innovative financial tools to stabilize production and optimize resource allocation, essential for the industry's healthy development [3][12] Group 3: Economic Insights - The macroeconomic landscape is characterized by K-shaped differentiation, with growth in technology and energy transition sectors, while traditional industries face adjustment pressures [4] - By 2026, the replacement of traditional fuels by new energy sources is expected to accelerate significantly, indicating a shift in market dynamics [4] Group 4: Financial Strategies - The practice of hedging through futures is increasingly recognized, with a 60% year-on-year increase in commodity hedging amounts among A-share listed companies [8] - Companies are encouraged to adopt comprehensive risk management strategies that align with their core business operations to effectively mitigate risks [8] Group 5: Future Directions - The integration of futures markets into the energy sector is seen as a critical opportunity for companies to enhance their competitive advantage [12] - There is a consensus among industry experts that deep integration and ecological co-construction will be the mainstream direction for future development [13]

借助铸造铝合金期货及期权工具 但同时，公司也面临原料价格波动频繁、成本控制难度较大等挑战，企业急需通过金融工具锁定成本、 稳定经营。在这个过程中，如何更好地实现期现融合发展，成为光华铝业高质量发展面临的重要课题。 此外，为充分发挥期货注册品牌的优势，华安期货积极推动光华铝业引入"期货价格+升贴水"的基差销 售模式，以期货价格为定价基准，提高产品周转率，实现销售渠道多元化布局，巩固企业在产业链中的 地位。 针对光华铝业的风险管理需求，华安期货在太湖县政府及上期所的大力支持下，启动了"华安期货服 务'专精特新'神州行——走进光华铝业"专项系列活动，开展了多场定制化培训、实地调研等工作。 一方面，围绕铸造铝合金期货基础知识、有色金属企业风险管理策略、交割品牌作用及申请流程等内 容，面向光华铝业开展专题培训交流，助力企业从理论层面构建起完善的风险管理框架，为后续参与期 货市场奠定坚实基础。 另一方面，投研团队实地考察光华铝业生产车间，深入了解再生铝合金制造工艺及生产流程。光华铝业 作为当地再生铝资源回收加工的龙头企业之一，随着国家对循环经济产业支持力度的加大，生产规模稳 步扩张，但在生产工艺上始终追求卓越，通过引入铝 ...

2025年11月12日，西南期货联合国家级生猪大数据中心在"中国畜牧科技城"——重庆荣昌成功举办"健 康发展期现联动"荣昌饲料产业交流会。荣昌区金融事务中心、荣昌区畜牧发展中心、荣昌区高新区管 委会等政府机构，及重庆铁骑力士牧业科技有限公司、重庆汇光饲料有限公司、重庆海大饲料有限公 司、正大康地(重庆)生物科技有限公司、重庆安佑饲料有限公司等饲料相关企业参会，共话饲料产业期 现融合发展新路径。 荣昌区人民政府副区长夏定文出席交流会并致辞。他表示，西南期货作为深耕金融衍生品服务领域的专 业机构，在风险对冲、产业赋能等方面积累了深厚经验与显著专业优势，为区域产业发展提供了重要金 融支撑。荣昌区作为全国生猪产业核心区域，始终高度重视生猪产业的高质量发展，未来将持续赋能国 家级生猪大数据中心与西南期货的深度协作，不断优化营商环境，为饲料企业、养殖主体对接期现市场 搭建便捷通道，全力打造"数据+金融+产业"深度融合、共生共荣的良性生态体系。 交流会以"实操赋能、精准对接"为核心，聚焦饲料(玉米、豆粕)期货及期权的核心功能与企业实操场 景，通过"理论讲解+案例分析+互动答疑"的形式，解析衍生品工具的核心功能与企业实操场景 ...

交流会以"实操赋能、精准对接"为核心，聚焦饲料（玉米、豆粕）期货及期权的核心功能与企业实操场 景，通过"理论讲解+案例分析+互动答疑"的形式，解析衍生品工具的核心功能与企业实操场景，助力 参会企业掌握利用期货期权对冲价格波动风险、稳定经营成本的实操逻辑。 以本次交流会为契机，西南期货与国家级生猪大数据中心将进一步深化战略合作，联合搭建专业化产融 合作平台，构建"数据赋能+金融护航+产业升级"三位一体的风险对冲服务体系，以数字化工具破解产 业痛点、以金融创新对冲市场风险，切实赋能生猪全链条转型升级，为区域畜牧产业高质量发展注入期 货动能。 2025年11月12日，西南期货联合国家级生猪大数据中心在"中国畜牧科技城"——重庆荣昌成功举办"健 康发展•期现联动"荣昌饲料产业交流会。荣昌区金融事务中心、荣昌区畜牧发展中心、荣昌区高新区管 委会等政府机构，及重庆铁骑力士牧业科技有限公司、重庆汇光饲料有限公司、重庆海大饲料有限公 司、正大康地（重庆）生物科技有限公司、重庆安佑饲料有限公司等饲料相关企业参会，共话饲料产业 期现融合发展新路径。 荣昌区人民政府副区长夏定文出席交流会并致辞。他表示，西南期货作为深耕金融衍生品服 ...

长安期货成立于1993年4月，多年来始终坚守服务实体经济的初心，全力支持产业企业参与期货、期权 市场。作为第十九届全国期货（期权）实盘交易大赛指定交易商，长安期货立足我国西北市场，持续为 陕西省及周边地区产业企业提供多元化、定制化期货与衍生品服务，既锚定产业龙头企业与产业链核心 环节深耕细作，同时还聚焦中小微企业精准发力，联动各级政府、商品期货交易所等搭建服务桥梁，为 区域经济与产业高质量发展源源不断注入金融动能。 [聚焦龙头企业： 在能源化工市场，长安期货积极联动陕煤集团成员企业，协助对接期货交易所资源，拓展服务维度。公 司针对部分期货参与度较低的企业，开展为期数月的系统性培训与实践分享，帮助企业建立风险管理机 制；协助下游相关企业申请废钢期货交割库，完成材料初审与期货交易所现场考察，同步协助参与大商 所废钢模拟交割，厘清操作流程与关键节点，为废钢期货上市后企业参与期货市场做好准备。此外，长 安期货还助力化工企业申请烧碱期货交割库，让企业在品牌曝光、销售渠道拓展与成本控制上显著受 益；协助农产品企业运营产融基地，助力其连续获得相关期货交易所表彰。 在期现融合创新服务中树典型] 近年来，全球特别是国内钢铁、能 ...

● 本报记者 马爽 期现融合：破局传统贸易的转型密码 近年来，在杭州这片创新的热土上，以热联集团、物产中大化工、嘉悦物产集团为代表的企业，正通过 将期现结合基因深度植入企业"血液"，完成从传统贸易商到现代产业服务商的蜕变。 作为浙江省属大型国有控股企业物产中大集团的核心成员，物产中大化工自2005年成立以来，始终深耕 化工、粮油、轮胎等领域的供应链与产业链服务。据公司交易管理部负责人高泉都介绍，作为国内期现 结合领域的创新实践者，物产中大化工自2007年涉足期货市场后，在集团及期货交易所的专业支持下， 走出了一条独具特色的发展道路。 "从最初单一期货套期保值的探索，到如今构建起涵盖基差贸易、场内外期权交易、虚拟工厂运营、产 业链加工费锁定等多元化业务模式，我们完成了从工具应用到体系构建的跨越。"高泉都如是说。 "没有风险管理的贸易是'裸露的冲锋'。"嘉悦物产集团有限公司总经理助理叶辰的这句话，道出了企业 将期现结合基因植入发展血脉的初心。作为专注能化、黑色、农产品等大宗商品领域的现代产业综合服 务商，嘉悦物产集团上游连接国内外生产商，下游服务中小型加工制造企业。 叶辰回忆，企业创立的契机源于对产业客户痛点的深 ...