华西期货总经理魏哲平认为，目前期货行业面临非常好的政策环境，行业逐渐规范，各项政策逐步落 地，为期货功能和作用的发挥提供了支撑，市场秩序也将进一步好转。期货公司应发挥专业优势，做好 投资者教育，填平产业用户从"想用"到"会用"之间的鸿沟。此外，应利用产业链"大手拉小手"，将服务 连成线、扩成面。各家期货公司可以立足本地，将本地的企业服务好，也可以借助大企业的优势，将期 货服务拓展到产业链上下游的中小企业。 近年来，我国期货市场在新品种推出的速度与数量、交易规模增长以及市场规范程度提升等方面，都取 得了积极成效。随着"反内卷"政策的深入推进，期货行业在助力实体经济高质量发展的进程中，正迎来 更广阔的施展空间。但现阶段，产业机构运用期货工具管理风险仍面临诸多挑战。 从产业的角度来看，天能控股集团套期保值负责人余雪峰表示，当前企业在使用期货工具的过程中，存 在专业能力不足、数据壁垒和资金约束三重困境。 首先，产业客户参与期货市场的核心目标是对冲现货价格波动风险，但不少企业尤其是中小企业，在套 保实践中存在专业能力不足，包括对风险对冲工具存在认知偏差、套保方案设计能力薄弱、团队与技术 支撑不足等。其次，产业客户需结合 ...

人民财讯8月22日电，2025年8月22日，中国物流与采购联合会党委副书记刘能文在京与大连商品交易所 副总经理王玉飞一行进行座谈交流。刘能文对王玉飞一行的到访表示欢迎，充分肯定了大商所原木期货 上市以来所取得的成绩，并表示愿与大商所进一步深化合作，在新品种上市、市场培育、课题研究等领 域协同发力，共同推动行业高质量发展。王玉飞介绍了大商所的发展情况，以及原木期货交易交割情 况，希望与中物联在期现结合、市场培育等方面进一步深化合作，进一步发挥期货市场服务实体经济功 能作用。 ...

Group 1 - The forum focused on how the futures market can assist the oilseed and oil industry in responding to trade changes [2][3] - The oilseed and oil industry is crucial for food security and economic stability in China, with challenges in stabilizing planting areas and managing price risks [3][4] - The Zhengzhou Commodity Exchange (ZCE) has developed oilseed futures over the past decade, becoming an essential risk management tool for industry players [3][4] Group 2 - The global economic landscape is undergoing significant changes, leading to increased trade uncertainties and price volatility in the oilseed and oil market [3][4] - The domestic supply of edible vegetable oil remains robust despite a reduction in imports, with global supply continuing to increase [5] - The development of the biodiesel industry is significantly impacting global oilseed supply and demand, with nearly 20% of vegetable oil used for biodiesel [5][6] Group 3 - The ZCE is committed to enhancing market functions and service quality to help the oilseed industry navigate global trade challenges [4] - The domestic market for rapeseed and peanut oil is expected to face risks due to fluctuations in supply and demand, influenced by weather conditions and import levels [6][7] - The peanut industry in China is transitioning from a net exporter to a net importer, indicating a shift in trade dynamics [7][8] Group 4 - The future of the peanut market is projected to grow, driven by consumption, industry upgrades, and technological innovation [8] - The oilseed market is experiencing a divergence in oil and meal prices, with strong oil prices supported by biodiesel demand while meal prices remain under pressure [8]

随着期货市场服务能力的不断增强，期货价格影响力也在持续提升。王颖表示，国内应用场景不断拓 展。在复杂多变的外部环境下，套期保值、期现套利、含权贸易等多种形式被广泛采用，期货价格深度 嵌入现货企业经营管理各环节中；同时，我国期货价格逐步成为国际贸易定价参考。期货市场对外开放 路径不断丰富，豆油、橡胶等品种期货结算价授权业务接续"走出去"，合格境外投资者参与境内期货期 权品种数量扩容至91个。 王颖还表示，期货市场日益融入国家发展大局。一是持续助力乡村振兴。"商储无忧"助力保障粮食安 全，"保险+期货"助力农户稳收增收，创新探索了多种"保险+期货"与其他业态协同融合的助农新模式。 二是深入服务制造业高质量发展。已上市的商品期货和期权中有84个工业品，占比64%，在当前不确定 因素显著增多的市场环境下，为制造业相关经营主体稳定经营、提升产业链供应链安全性提供了坚实保 障。 厚植根基 力促郑商所迈向一流期货交易所 河南作为新中国期货市场的发源地，在期货市场发展进程中占据着举足轻重的地位。多年来，当地政府 部门高度重视期货市场建设工作，出台一系列政策措施，持续推动期货市场实现高质量发展。 8月19日至20日，"2025 ...

企业实践：期现联动破解"储备亏损"难题 座谈会上，参与企业代表结合实战经验，深入分享了运用期货工具破解储备经营难题的实践成果。 8月1日，郑商所在京组织召开2025年度"商储无忧"工作座谈会。作为郑商所服务国家化肥保供稳价政策 的专项创新，五年来，"商储无忧"项目已累计为99家企业的495万吨尿素提供风险管理服务支持，覆盖 全国23个省（自治区），其中包括13个粮食主产省份，成为期货市场服务实体经济的实践标杆。 五年深耕："商储无忧"项目结出累累硕果 据期货日报记者了解，五年来，"商储无忧"项目持续优化升级：费用支持结构优化，仓储费支持比例和 范围不断调整和扩大，交易手续费及单个项目支持上限提高，形成了"仓库+厂库""期货+期权"的完整支 持结构；项目管理制度进一步完善，项目管理制度化、规范化、精细化水平不断提高，各部门分工明 确、联合监管，确保项目合规高效运行；服务储备层次不断扩展，实现"国储+省储"全覆盖。 上述机制创新为"商储无忧"项目成效的全面达成和显现奠定了坚实基础。五年来，"商储无忧"项目取得 了诸多积极成效，主要体现在四个方面： 一是期货工具已成为承储企业规避风险的主要抓手。五年来，企业参与期货 ...

■"稳预期 强信心 扩内需——期货行业在行动"（十三） 在当前"稳预期、强信心、扩内需"的政策背景下，期货市场正肩负起服务实体经济的新使命。近日，海 证期货董事长刘飚在接受中国证券报记者专访时表示，面对国际大宗商品价格剧烈波动和市场需求疲软 的双重挑战，期货市场通过价格发现、风险管理和资源配置三大功能，正成为实体企业经营的"稳定 器"。 价格波动订单不稳 期货市场"稳预期"正当时 今年以来国际形势变幻莫测，实体企业受影响较大。刘飚认为，实体企业面临的严峻挑战突出表现在两 个方面：首先是大宗商品价格剧烈波动成为常态。这使得企业面临着原材料、产成品较大的价格波动风 险，采购成本和销售价格的不确定性大幅上升，利润空间被挤压，甚至可能因价格剧烈波动而陷入亏损 境地。 其次，实体企业面临着需求疲软且订单不确定性的风险加大。国际经济形势不稳定导致全球市场需求萎 缩，海外订单减少，国内市场竞争也愈发激烈。企业不仅难以获得稳定的订单，而且订单的规模和利润 水平也受到影响。同时，订单不确定还使得企业在生产计划安排、原材料采购、资金筹备等方面面临诸 多困难，增加了企业的运营成本和经营风险。 "期货市场在'稳预期'方面发挥着至关重 ...

Core Viewpoint - The futures market is taking on a new mission to serve the real economy amid the current policy backdrop of "stabilizing expectations, strengthening confidence, and expanding domestic demand" [1] Group 1: Challenges Faced by Real Enterprises - Real enterprises are facing significant challenges due to the volatility of commodity prices, which has become a norm, leading to increased procurement costs and reduced profit margins [2] - Demand weakness and order uncertainty are also major risks, as global market demand shrinks and domestic competition intensifies, complicating production planning and increasing operational costs [2] Group 2: Role of Futures Market - The futures market plays a crucial role in stabilizing expectations through three core functions: price discovery, risk management, and resource allocation [3] - An example is provided where a company used futures contracts to hedge against the price volatility of lithium carbonate, ensuring stable production and timely delivery despite market fluctuations [3] Group 3: Difficulties in Utilizing Futures Tools - Basis risk is a primary difficulty for enterprises using futures tools for hedging, as the price movements of raw materials and finished products do not always align with futures prices [4] - Other challenges include funding pressures, a shortage of professional talent, and insufficient understanding of futures market rules and trading strategies [4] Group 4: Expectations from the Futures Industry - Enterprises expect more personalized and professional risk management solutions tailored to their specific industry characteristics and risk tolerance [5] - There is a demand for enhanced training and guidance on futures knowledge to improve understanding and capability within enterprises [5] - Innovation in service models and products is also anticipated, such as risk management contracts linked directly to spot market needs [6] Group 5: Innovations in Service Models - The introduction of innovative service models like rights-based trading and warehouse receipt swapping has been highlighted as a significant breakthrough to better meet the needs of real enterprises [7][8] - These models provide more flexible risk management solutions and enhance the collaboration between futures companies and enterprises [8] Group 6: Recommendations for Improving Futures Services - There are several identified bottlenecks in the futures market's service to the real economy, including credit risks from unregulated warehouses and limited coverage of spot products by risk subsidiaries [9] - Recommendations include increasing government oversight of social warehousing, focusing risk subsidiaries on specific commodity chains, and enhancing support for risk subsidiaries from industry associations [10][11]

今年以来国际形势变幻莫测，实体企业受影响较大。刘飚认为，实体企业面临的严峻挑战突出表现在两 个方面：首先是大宗商品价格剧烈波动成为常态。这使得企业面临着原材料、产成品较大的价格波动风 险，采购成本和销售价格的不确定性大幅上升，利润空间被挤压，甚至可能因价格剧烈波动而陷入亏损 境地。 其次，实体企业面临着需求疲软且订单不确定性的风险加大。国际经济形势不稳定导致全球市场需求萎 缩，海外订单减少，国内市场竞争也愈发激烈。企业不仅难以获得稳定的订单，而且订单的规模和利润 水平也受到影响。同时，订单不确定还使得企业在生产计划安排、原材料采购、资金筹备等方面面临诸 多困难，增加了企业的运营成本和经营风险。 "期货市场在'稳预期'方面发挥着至关重要的作用，这主要体现在价格发现、风险管理和资源配置三大 核心功能上。"刘飚以近期某新能源正极材料厂为例介绍说，2025年二季度，该企业与新能源电池厂签 订了2025年下半年供应电池正极材料的订单。根据签单时市场原材料价格及订单价格，该单仅有微薄利 润。然而，碳酸锂作为生产电池正极材料的关键原材料，价格波动较大，一旦碳酸锂价格上涨，该订单 就会面临亏损风险。考虑到这一情况，该企业在签 ...

Group 1 - The article discusses the unprecedented price volatility challenges faced by enterprises in the context of global economic restructuring and macro policy adjustments, emphasizing the importance of using futures tools as a "buffer" for survival [1] - Despite an increasing number of enterprises utilizing futures tools for risk management, issues such as a shortage of professional talent, cash flow pressure, and mismatches with non-standard products hinder effective hedging [1][2] - The general manager of Jinrui Futures, Hou Xinqiang, highlights the company's comprehensive service system aimed at helping enterprises navigate through cycles, including institutional development, talent training, and innovation in over-the-counter derivatives [1][4] Group 2 - The article outlines the macroeconomic factors impacting the commodity market, including U.S. tariff dynamics, global interest rate cuts, and liquidity changes, which create both opportunities and challenges for enterprises [2] - Enterprises, particularly in the non-ferrous metal processing sector, are facing declining processing fees and must optimize processes and explore new markets to cope with these challenges [2][3] - Hou Xinqiang identifies four main difficulties enterprises face when using futures tools for hedging: lack of specialized personnel, cash flow constraints during price fluctuations, negative processing profits in a competitive environment, and mismatches between hedging targets and futures products [3] Group 3 - Jinrui Futures has implemented several practices to meet the needs of enterprises, especially small and medium-sized enterprises, including providing hedging system construction and talent training [4] - The company offers tailored hedging advice based on the specific operational circumstances of enterprises and provides services such as over-the-counter hedging and flexible pricing [4] - Jinrui Futures organizes industry salons to facilitate communication between upstream and downstream enterprises and institutional investors, aiding in the formulation of hedging and operational strategies [4] Group 4 - The article notes that the futures market still faces challenges in serving the real economy, including significant industry head effects and insufficient international service capabilities [5] - There is a need for futures companies to innovate and respond to the demands of emerging industries, as well as to address the contradiction between product homogeneity and personalized demand when serving small and medium-sized enterprises [5] - Recommendations for futures companies include focusing on niche markets to create differentiated services, enhancing talent development, and improving international service capabilities [5] Group 5 - Many enterprises still perceive the futures market as high-risk, which leads to missed opportunities for utilizing risk management tools [6] - Jinrui Futures aims to shift the perception of futures knowledge from a one-way warning to a value discovery approach through layered education and integration of industry and finance [6][7] - The company collaborates with various enterprises to establish production and finance bases and conducts training sessions to enhance understanding of futures tools and their application in risk management [7]

● 本报记者 徐昭 在全球经贸格局重塑与宏观政策调整的背景下，实体企业正面临着前所未有的价格波动挑战。如何利用 期货工具构建"防波堤"，成为关乎企业生存的重要命题。 中国证券报记者调研发现，尽管越来越多的企业开始运用期货工具管理风险，但专业人才短缺、现金流 承压、非标品种匹配难等问题仍制约着避险效果。对此，金瑞期货总经理侯心强向记者介绍，公司通过 构建全链条服务体系，从制度建设、人才培养到场外衍生品创新，助力企业穿越周期。更值得关注的 是，针对中小微企业普遍存在的"期货恐惧症"，公司独创的分层教育体系与产融生态共建模式，正推动 行业认知从"高风险"向"价值发现"跃迁。在服务资源分配失衡与国际化短板的行业现状下，这场关于期 货市场如何精准滴灌实体经济的探索，或许能为行业转型提供新范式。 从保值赋能到行业生态共建 精准服务中小微企业 多重宏观因素冲击 企业套保机遇与难题并存 今年宏观事件对商品市场的冲击较为明显，包括美国关税动态、全球降息周期以及流动性变化等。从实 体企业角度看，在美国宣布加征关税的扰动下，全球贸易局势进一步紧张，市场维持动荡，对于产业利 润微薄的有色金属加工企业而言，其加工费不断下降，企业需要通 ...