在钢材贸易领域，冬储是延续多年的行业惯例。每到年末，钢材贸易商都会提前储备库存，静待次年开春工地复工后需求回升、价格上 涨，从而赚取价差收益。这不仅是贸易商的盈利途径，还是钢厂平衡产销、稳定现金流的重要支撑。但2024年年初，钢材价格意外大幅跳 水，参与冬储的贸易商损失惨重，使得市场对冬储的恐惧情绪开始蔓延。 2025年年初，冬储窗口期再次来临，但市场信心已严重受挫。当时，绝大多数下游钢材贸易商受2024年亏损的影响，对冬储采购望而却 步，即便部分贸易商有采购需求，也因担忧价格再次下跌而选择观望。这直接导致各大钢厂的销售压力陡增，库存积压问题日益严峻，生 产线运转的连续性面临挑战。 其实钢厂本可凭借行业地位强制贸易商采购，但2024年贸易商亏损的情景让钢厂也陷入两难境地：一方面，库存高企占用大量资金，影响 钢厂的正常运营；另一方面，若钢厂强行施压，一旦2025年钢材价格再次下跌，贸易商可能面临生存危机，进而导致钢厂下游渠道断裂， 最终将损害行业生态。一时间，"贸易商不敢储、钢厂不敢销"的僵局持续发酵，成为制约钢材行业年初平稳开局的核心矛盾。 扎根金融衍生品领域 随着期货市场的快速发展，金融衍生工具成了实体企业 ...

Core Viewpoint - The collaboration between CITIC Futures and Guangdong Guangken Rubber Group aims to support the stability of the natural rubber supply chain and enhance the income of rubber farmers, contributing to the rural revitalization strategy in China [1][2] Group 1: Project Overview - CITIC Futures has been selected for the "Stabilization Action" project for the fourth consecutive year, with a current project scale of 2,000 tons of natural rubber and a support amount exceeding 1.9 million yuan [1] - The project focuses on stabilizing the raw material supply for leading rubber enterprises in Guangdong, ensuring the income of rubber workers, and encouraging rubber farmers to maintain production [1] Group 2: Strategic Goals - The project reflects the recognition of CITIC Futures' risk management capabilities and its effectiveness in serving the rubber industry by the Shanghai Futures Exchange [1] - CITIC Futures is committed to deepening the "Xinxing Agriculture" brand, focusing on the "three rural issues" and leveraging its expertise in futures and derivatives to support the high-quality development of the natural rubber industry in Guangdong [2]