Group 1 - The event aimed to enhance university students' understanding of the futures market and promote financial education through a collaboration between Guofu Futures and Southern Medical University [1][2] - The first online promotional activity of the "Zhengshang Cup" National College Student Financial Simulation Trading Competition was successfully held, focusing on futures knowledge [1] - The event included detailed explanations of competition rules, registration processes, and practical trading system operations to prepare students for participation [1] Group 2 - The activity was part of a broader initiative to promote financial literacy and risk management concepts among students, significantly improving their awareness of futures and financial derivatives [2] - Guofu Futures plans to continue fostering cooperation between universities and enterprises, providing more opportunities for students to engage with the market and develop skills [2] - The event received positive feedback, with students expressing anticipation for future competitions and practical activities related to futures [2]

中国期货业协会发布的最新统计数据显示，7月全国期货市场成交量达到10.59亿手，成交额为71.31万亿元。这一数据较去年同期分别增长48.89%和 36.03%，创下历史新高。1-7月累计成交量为51.35亿手，累计成交额为411.04万亿元，同比分别增长23.11%和23.09%。期货市场活跃度的显著提升，为金融 市场稳定和实体经济发展提供了有力支撑。 各大交易所成交表现亮眼 多元化品种体系服务产业需求 按照成交额统计，各商品期货交易所的主要品种表现各具特色。上海期货交易所排名前三的品种分别为黄金期货、白银期货、原油期货，郑州商品交易所的 纯碱期货、玻璃期货、烧碱期货位列前茅。大连商品交易所的焦煤期货、棕榈油期货、豆粕期货成交活跃，广州期货交易所的多晶硅期货、碳酸锂期货、工 业硅期货表现突出。 从成交量角度观察，上海期货交易所的螺纹钢期货、白银期货、热轧卷板期货交易最为活跃。郑州商品交易所的玻璃期货、纯碱期货、PTA期货成交量居 前，大连商品交易所的焦煤期货、豆粕期货、聚氯乙烯期货备受关注。广州期货交易所的工业硅期货、多晶硅期货、碳酸锂期货成交量持续增长。 中国金融期货交易所成交金额排名前三的品种分别是中证 ...

Core Viewpoint - The current global economic landscape is characterized by significant uncertainty, particularly affecting small and medium-sized enterprises (SMEs), which are increasingly in need of risk management tools and strategies [1][2] Economic Environment - The external operating environment for enterprises has tightened, with multiple factors contributing to external pressures, including a slowdown in global economic growth, restructuring of global supply chains, ongoing geopolitical tensions, and accelerated industrial transformation [2][3] - The International Monetary Fund (IMF) predicts global economic growth will decline to 2.8% by 2025, with developed countries facing weak consumption and investment, while emerging markets like ASEAN and India are limited by insufficient global demand [2] - Geopolitical issues, such as the Russia-Ukraine conflict and tensions in the Middle East, have increased commodity price volatility, raising logistics and raw material costs for enterprises [2] Role of Futures Market - The futures market is becoming a crucial tool for enterprises to stabilize expectations and hedge risks, offering three core functions: price discovery, risk management, and resource allocation [3][4] - Price discovery helps enterprises anticipate future supply and demand, while risk management allows them to lock in costs and protect profits against price fluctuations [3][4] - Resource allocation through futures can guide enterprises in adjusting production and sales strategies, as seen in the urea sector where risk management projects have been implemented [3][4] Services for SMEs - The company has focused on enhancing services for SMEs, transitioning from a "financial high ground" to a "field-level" approach, with innovative financial tools and customized risk management solutions [4][5] - The "insurance + futures" model has been deepened, with over 300 projects initiated in 2024, covering various agricultural products and recovering over 150 million yuan in losses for farmers and enterprises [4][5] - The company has also utilized basis trading and embedded options to support over 200 enterprises, with more than 60% being SMEs [5] Challenges and Recommendations - Key challenges for the widespread application of futures tools include limited understanding among SMEs, high transaction costs, and institutional barriers [5][6] - Recommendations for the futures industry include lowering participation thresholds for SMEs, improving the variety of futures products, enhancing professional service capabilities, and fostering policy collaboration [6][7] Future Directions - The company envisions becoming an indispensable risk management hub for enterprises by deeply embedding itself in the industrial chain and transitioning from "channel services" to "hub services" [7][8] - There is a need to reshape the perception of futures tools, moving away from the stigma of "high leverage and high risk" through service and case studies [7][8] - Educational initiatives targeting investors and students are being promoted to enhance understanding and interest in the futures market [8][9]

Core Insights - The article discusses the challenges faced by real enterprises due to weakening global demand and increasing geopolitical disturbances, emphasizing the need for effective risk management tools like futures to stabilize expectations and boost confidence [1][2] - It highlights the significant role of the futures market in price discovery, risk management, and resource allocation, positioning it as a "watchtower" and "firewall" for enterprises [3] Group 1: Market Challenges - Global demand has structurally weakened, compounded by geopolitical tensions, leading to increased operational pressures on enterprises [2] - Traditional industries are experiencing intense price wars due to previous capacity expansions and product homogenization, resulting in compressed profit margins [2] - The volatility of commodity prices has surged, with the rebar futures contract's volatility reaching 35% in Q1 2025, while the average profit margin for downstream steel trading companies is only 2.1% [2] Group 2: Futures Market Functions - The futures market plays an irreplaceable role in stabilizing market expectations through price discovery, allowing enterprises to make informed decisions [3] - Risk management through hedging provides a protective barrier for enterprises against price fluctuations, ensuring stable operations [3] - Resource allocation is optimized as futures prices guide enterprises in adjusting production schedules and inventory levels, enhancing supply-demand matching across the industry chain [3] Group 3: Expectations from the Futures Industry - Enterprises, especially small and medium-sized ones, face challenges in understanding futures market functions and lack professional risk management teams [4][5] - There is a need for customized solutions that align with specific business models and risk profiles, rather than standardized templates [5] - The industry is expected to lower participation barriers and costs, provide comprehensive support throughout the hedging process, and enhance digital tools for better risk management [5] Group 4: Service Innovations - The "招商风险管家" and "招商大宗商品研究" brands are designed to address diverse risk management needs of enterprises by leveraging the group's comprehensive financial resources [6][7] - These services include deep, ongoing support from risk management training to accounting treatment, ensuring a holistic approach to risk management [7] Group 5: Educational Initiatives - There is a recognized gap in understanding and application of futures tools among enterprises, necessitating enhanced education and training programs [8][9] - Collaboration with educational institutions to develop relevant courses and training for professionals in the industry is essential for building a skilled workforce [10]

2023年7月21日碳酸锂期货上市至今，其价格发现、规避风险和资源配置功能得到充分发挥，特别是以盐湖股份为代 表的大型央企并购整合为代表的配置资源功能正在有效发挥。截至2024年底，已有66家锂电上市公司发布公告表示， 将积极使用碳酸锂期货工具开展套期保值，较2023年12月末的23家增长186%；碳酸锂期货一般法人客户日均持仓占 比43.86%，龙头企业的期货市场参与度超过50%，产业客户数量及市场参与水平仍在稳步提升；2024年碳酸锂交割量 为14.82万吨，占年消费量的24%，期货市场为产业企业拓宽经营渠道，助力锂电等新能源产业运行效率提升。 一、碳酸锂期现货市场运行格局 1.碳酸锂期货市场价格走势 由图1可见，碳酸锂期货价格已由上市首日的230000元/吨单边震荡下行至2023年12月5日的85400元/吨；经过一波反 弹，2024年3月4日期价达到125000元/吨，随后一路震荡下行至2025年5月12日的62560元/吨新低点，期现基差处于低 位震荡运行态势；碳酸锂行业在供过于求的市场背景下，呈现大面积亏损的市场格局。 数据来源：Wind，英大期货 2.碳酸锂生产成本与利润空间 数据来源：Wind ...