Group 1 - The Zhengzhou Commodity Exchange (ZCE) held a high-level training program for government officials from eight provinces, focusing on futures and derivatives business [1] - The training included ten core modules covering political theory, international macroeconomic analysis, futures market development, and risk management practices [1][2] - The program aimed to enhance the capabilities of officials in supporting enterprises to utilize futures tools effectively, aligning with the Party's theoretical education [1][3] Group 2 - China's futures market has developed a strong foundation to serve the real economy, with significant trading volumes in various commodities ranking among the top globally [2] - In the first ten months of this year, 1,737 listed companies announced plans to participate in the futures market, marking a 10.8% increase year-on-year [2] - Risk management has become essential for enterprises, with many companies establishing comprehensive systems and teams to utilize futures markets as part of their strategic planning [2][3] Group 3 - Hedging practices have evolved from simple risk management to comprehensive tools for integrating business operations, allowing companies to proactively manage risks [3] - The futures market provides a fair pricing mechanism that enhances risk management flexibility for enterprises [3] - Participants in the training expressed that the program deepened their understanding of the futures market's functions and practical applications, laying a foundation for better policy formulation and industry regulation [3][4] Group 4 - The ZCE has conducted multiple training sessions across various provinces this year, marking its first high-level, cross-regional training for government officials [4] - The ZCE plans to continue innovating its initiatives to support the construction of a modern industrial system and strengthen the real economy [4]

郑商所联合中国浦东干部学院（下称中浦院）近日在上海举办"八省（自治区）政府部门干部期货及衍 生品业务专题培训班"。来自河北、江苏、山东、河南、湖南、广西、贵州、新疆（含兵团）等八省 （自治区）的国资、工信、财政、税务等多系统条线干部代表，参加了此次高规格专题培训。 此次培训紧扣时代需求与政策导向，设置了10个核心课程模块，涵盖政治理论学习、国际宏观形势分 析、期货市场发展与监管体系解读、企业期现结合实践案例、套保业务内控机制及合规审计等多方面内 容，通过专题讲座与现场教学相结合的形式，实现理论与实践的深度融合。 中浦院副院长张生新在开班仪式上表示，在学习贯彻党的二十届四中全会精神的关键时期，此次培训既 是对党的创新理论的跟进学习，也是理论联系实际的具体实践。中浦院作为党校体系的重要组成部分， 以严格的政治、学术、教学和管理标准保障办学质量。此次培训聚焦履职能力提升，将党的理论教育与 业务培训有机融合，旨在为学员搭建交流分享平台，助力构建学习共同体，实现知识共享与共同成长。 参与培训的学员普遍表示，为期5天的封闭学习收获颇丰，不仅深化了对党的理论的理解，而且系统学 习了期货市场的功能作用与实践路径，为今后在政策 ...

11月15日，备受市场关注的实盘大赛颁奖大会在西安举行。 在全球经济格局深刻演变、金融市场波动加剧的当下，西安这座承载着千年商贸基因、兼具厚重历史与 蓬勃朝气的城市，一时间汇聚了众多期货、期权投资机构与交易者。此次大会以"海纳百川"为主题，为 全球期货、期权交易者搭建了展示智慧、交流互鉴的舞台，更为业界共同探讨难点、凝聚共识提供了宝 贵契机。 王锐认为，面对复杂多变的市场环境，"敬畏风险、持续进化"应成为每一位期货从业者的核心信念，这 也与此次颁奖大会鼓励交易者探索适合自身交易策略的初衷不谋而合。广大交易者可以以此次大会为纽 带，深入交流，借助专业平台与工具，有效优化交易行为，共同探索期货市场服务实体经济的新路径， 在波动中识别机遇、在变化中把握确定。 西安作为古丝绸之路的起点，也是新时代内陆金融开放的重要枢纽。实盘大赛颁奖大会在这里顺利举 办，既体现了期货市场向中西部纵深发展的战略导向，也必将凭借这里深厚的资源禀赋与区位优势，为 期货行业注入新的活力与机遇。 长安期货董事长王锐告诉期货日报记者，本届实盘大赛规模再创新高，充分展现了期货市场的蓬勃活 力。越来越多的交易者和实体企业正积极运用期货、期权工具管理风 ...

Core Viewpoint - The article discusses the challenges faced by the steel industry in China, particularly in managing risks and stabilizing operations amid fluctuating demand and prices. It highlights a successful collaboration between Yong'an Futures and Liugang Steel to enhance risk management capabilities through a comprehensive service model [1][4]. Industry Challenges - The steel industry is experiencing three main pain points: 1. Increased price volatility risk, with the average annual price of rebar expected to drop by 18% in 2024, leading to some steel mills' profit margins falling below 1% [2]. 2. Rising cost control pressures, with raw material procurement costs fluctuating significantly and supply chain costs increasing by 8% to 12% [2]. 3. Insufficient hedging capabilities, as over 60% of small and medium-sized steel enterprises have a hedging ratio of less than 20% and lack professional futures teams [2]. Yong'an Futures' Service Model - Yong'an Futures implemented a "six-step" service model in collaboration with Liugang Steel, which includes: 1. **Futures Thinking Incubation**: Initial visits to Liugang to explain futures market functions and develop a risk assessment model [2]. 2. **Delivery Qualification Cultivation**: Assisting Liugang in quality testing and registration of delivery brands for futures contracts [3]. 3. **Talent Team Development**: Conducting training courses to address blind spots and pain points in futures market participation [3]. 4. **First Warehouse Receipt Generation**: Helping Liugang register its first warehouse receipt, avoiding potential losses of 1.2456 million yuan due to price declines [3]. 5. **Research and Hedging Implementation**: Establishing a dedicated research team and designing hedging strategies to mitigate risks [3]. 6. **Industry Chain Ecosystem Construction**: Collaborating with upstream and downstream enterprises to optimize supply chain efficiency and stability [4]. Strategic Significance - The collaboration between Yong'an Futures and Liugang Steel has multiple strategic implications: 1. Development of a replicable service model covering training, delivery, research, and risk control [4]. 2. Promotion of deep integration between industry and finance, enhancing the steel industry's risk management capabilities [4]. 3. Establishment of a benchmark for the industry, providing a practical example for leading steel enterprises to utilize futures tools [4].

Core Viewpoint - The chemical industry chain in China is increasingly relying on futures markets for risk management, with the Zhengzhou Commodity Exchange (ZCE) playing a crucial role in providing various futures products to help companies navigate price volatility and enhance operational stability [1][2][3]. Group 1: Development of Futures Products - The annual production capacity of PTA in China has increased from approximately 49 million tons in 2020 to over 86 million tons in 2024, with net exports rising from 230,000 tons to 440,000 tons during the same period [2]. - ZCE has launched multiple futures products, including PTA, short fibers, PX, and propylene, creating a comprehensive futures product system that covers the polyester industry chain [2][3]. - The introduction of propylene futures and options has further enriched the futures product offerings, enhancing the risk management tools available to industry players [3]. Group 2: Internationalization and Pricing Influence - ZCE has deepened its international engagement by allowing qualified foreign institutional investors to participate in eight polyester-related futures products, making PTA futures a significant pricing reference in international trade [4][5]. - As of the end of 2024, over 700 foreign traders from more than 30 countries and regions have opened accounts on ZCE, indicating a growing international interest in Chinese futures markets [4][6]. - The establishment of an export-oriented delivery system has reduced participation costs for foreign enterprises, facilitating smoother international trade and enhancing the global influence of Chinese pricing [5][6]. Group 3: Support for the Real Economy - ZCE continues to optimize market services by enhancing the variety of derivative tools available, allowing companies to better manage risks and meet diverse needs [8]. - The introduction of standardized futures contracts provides continuous and authoritative price signals, reducing information gaps in traditional pricing models [9]. - Companies like WanKai New Materials have successfully utilized futures tools to lock in processing profits and manage costs, demonstrating the effectiveness of these instruments in stabilizing operations and expanding market reach [9][10].

Group 1 - The Shanghai Futures Exchange (SHFE) plays a crucial role in serving the real economy, with its delivery amount accounting for approximately 60% of the total market and delivery volume around 30% in 2024 [2] - SHFE has established a strong connection between the derivatives market and production, trade, and downstream consumption enterprises through its network of 135 storage companies and 277 storage points nationwide [2] - The event held in Chengdu aimed to enhance the service capabilities of futures companies to better support the real economy, featuring insights from various departments of SHFE and experts from futures institutions [1][2] Group 2 - Companies in the bulk commodity sector face significant profit volatility due to high raw material costs and price fluctuations, making effective use of futures and options essential for stable operations [4] - For instance, Sichuan Shenglin New Materials Technology Co., Ltd., a recycled aluminum alloy producer, has seen its profit margins drop to only 2% to 3% due to market pressures [5] - The company has utilized hedging strategies with the assistance of local futures companies to mitigate operational risks and stabilize profits [6] Group 3 - The growth of industrial clients at Wukuang Futures Chengdu Branch has been attributed to improved service capabilities, with the average daily equity scale increasing over tenfold since 2021 and a compound annual growth rate of over 200% in new accounts [8][9] - The existing industrial clients are primarily in the new energy and metals sectors, participating in trading of lithium carbonate, copper, and aluminum, which complements the company's national layout [10] - With the support of the futures market, Shenglin New Materials is seeking to expand its production capacity and enhance its sales channels through the application for SHFE delivery brands [10]

Core Viewpoint - The Shanghai Futures Industry Association has initiated a competition to enhance the futures market's service to the real economy, aligning with Shanghai's goal of becoming an international trade center [1][3]. Group 1: Market Performance and Characteristics - The overall performance of the futures market has improved this year, with total funds exceeding 2 trillion yuan, and active participation from institutions and hedging enterprises [2]. - The futures market covers a wide range of real industries, involving an annual output value of 30 trillion yuan, with over 1,600 listed companies utilizing futures for hedging, representing 28.6% of A-share listed companies [2]. - The diversification of derivative tools has enhanced risk management efficiency, allowing enterprises to upgrade hedging into a comprehensive risk management system [2]. - The market's efficiency has improved due to the variety of tools and good liquidity, effectively fulfilling its roles in risk management, price discovery, and resource allocation [2]. Group 2: Competition and Case Studies - The competition received submissions from 9 member units with 13 individual cases and 37 team cases, showcasing a wide range of content and participation [3]. - The cases included topics such as rights trading, over-the-counter options, and "insurance + futures," serving various entities like real enterprises, trading companies, and agricultural subjects [3]. - The competition aims to enhance service levels among member companies and promote the capabilities of futures companies [3]. Group 3: Future Directions and Goals - The Shanghai Futures Industry Association aims to unite all member units to implement the spirit of the 20th National Congress, focusing on building a high-level socialist market economy [4]. - The association will play a bridging role, enhancing the futures market's core functions in serving the real economy, preventing financial risks, and deepening financial reforms [4]. - The initiative is seen as essential for improving Shanghai's international financial center status and contributing to high-quality economic development [4].

Core Viewpoint - The futures market is increasingly recognized as a vital force in ensuring the safety of industrial and supply chains, promoting high-quality development in various industries, particularly in non-ferrous metals, steel, and petrochemicals [1][2][5]. Non-Ferrous Metals Industry - The non-ferrous metals industry has shown stable performance in 2023, with an industrial added value growth of 7.8% year-on-year and a production of 61.25 million tons, reflecting a 3.0% increase [2]. - The futures market has become an essential part of the financial system, aiding in price discovery, risk management, and resource allocation, which stabilizes production and enhances supply chain efficiency [2]. - There are currently 13 types of non-ferrous metal futures listed in China, with a robust risk management framework and increasing participation from industries in hedging practices [2][3]. Steel Industry - The steel industry has seen a significant increase in futures market participation, with nine steel-related futures and four options currently available [4]. - The participation of large steel enterprises in the futures market has grown, indicating a shift from previous trends where such companies were reluctant to engage [4]. - The steel sector faces challenges from low demand and a complex external environment, necessitating measures to reduce participation costs and enhance market regulations [4]. Petrochemical Industry - The petrochemical sector has transitioned to a phase of deep collaboration between production and finance, with significant advancements in risk management and financing innovation since the 14th Five-Year Plan [5]. - In 2024, the petrochemical industry is projected to achieve revenues of 16.28 trillion yuan and profits of 789.71 billion yuan, marking increases of 46.9% and 53.2% respectively since 2020 [5]. - Despite progress, the petrochemical industry faces challenges such as uneven participation in the futures market and the need for a more comprehensive risk management toolset [6]. - Recommendations for the petrochemical sector include enhancing market supply, deepening production-finance integration, and improving international pricing influence [6].

Core Insights - The forum discussed the role of the futures market in supporting the real economy of the non-ferrous metals industry, emphasizing its importance in ensuring supply chain security and promoting high-quality industry development [1] Non-Ferrous Metals Industry - The non-ferrous metals industry has shown stable performance in 2023, with an industrial added value growth of 7.8% year-on-year and a production of 61.25 million tons, reflecting a 3.0% increase [2] - The futures market has become a crucial part of the financial system, aiding in price discovery, risk management, and resource allocation, which stabilizes production and enhances the industry's resilience [2] - The futures product system is continuously improving, with 13 non-ferrous metal futures and corresponding options available, leading to deeper integration into business operations [2] - The industry faces new challenges such as resource security and green transformation, necessitating further development of the futures market [3] Steel Industry - The steel industry has seen a significant increase in futures market participation, with nine steel-related futures and four options currently available, maintaining the largest trading scale globally [4] - There has been a notable shift in participation, with large steel enterprises that previously avoided the futures market now engaging more deeply [4] - The steel sector is currently under pressure from weak demand and a complex external environment, prompting calls for measures to reduce participation costs and enhance market regulation [4] Petrochemical Industry - The petrochemical sector has advanced from initial exploration to deep collaboration in integrating production and finance, with significant progress in risk management and financing innovation [5] - In 2024, the petrochemical industry's revenue is projected to reach 16.28 trillion yuan, with a profit of 789.71 billion yuan, marking increases of 46.9% and 53.2% respectively since 2020 [5] - Despite progress, challenges remain in the petrochemical industry regarding balanced participation, risk management tools, and the need for further development of futures market functionalities [6] - Recommendations for the petrochemical industry include enhancing market supply, deepening integration, and improving risk management capabilities [6]

Core Viewpoint - The increasing geopolitical conflicts, differentiated economic recovery, and rising protectionism have led to significant volatility in commodity prices, creating unprecedented uncertainty for businesses. In this context, the futures market is becoming a crucial anchor for companies to stabilize costs and manage operational expectations [1][2]. Group 1: Futures Market Functions - The futures market provides three core functions: price discovery, risk management, and resource allocation, which help businesses cope with uncertainty by transforming unpredictable absolute price risks into relatively controllable basis risks or cost-defined business models [2][3]. - A case study involving a large state-owned cable company illustrates how customized solutions, such as a "floating quantity, fixed price" copper trading scheme, can stabilize production costs and enhance operational predictability amid market fluctuations [2][4]. Group 2: Challenges in Risk Management - Companies face significant challenges in utilizing futures tools for risk hedging, including mismatched price structures where some agricultural products exhibit a "spot premium, futures discount" scenario, leading to potential losses for producers [3][5]. - The lack of professional teams and the inability to grasp hedging opportunities further complicate the situation, as standardized futures contracts often do not meet the specific needs of businesses regarding quality, delivery location, and procurement timing [3][5]. Group 3: Service Model and Solutions - Hongyuan Futures has developed a service model centered on "standardized systems + professional manuals + scenario-based implementation," facilitating the transition from risk avoidance to risk management for enterprises [4][6]. - The company has successfully implemented full-process services, such as "options + delivery" for ethylene glycol and "circuit breaker cumulative put options" for cotton, demonstrating effective risk mitigation strategies [4][6]. Group 4: Market Adaptation and Recommendations - There are three main areas where the futures market needs to improve its adaptability to better serve the real economy: 1. Addressing the gap between available futures products and actual business needs, particularly in emerging sectors like renewable energy [5][6]. 2. Enhancing the market ecosystem to increase participation from industrial clients and improve the integration of futures and spot markets [5][6]. 3. Transitioning futures companies to become "risk management intermediaries" by investing in research and talent to better meet the diverse needs of businesses [6][7]. Group 5: Education and Perception - Many companies still perceive the futures market as high-risk due to misunderstandings about trading mechanisms, the amplification of negative speculative cases, and insufficient investor education [6][7]. - Hongyuan Futures is addressing these issues by enhancing educational initiatives, focusing on positive case studies, and improving the understanding of risk management value in futures trading [7].