2025年8月9日，枧下窝锂矿停产消息落地。8月11日开盘，碳酸锂期货全合约全天封涨停板，并于8月12 日继续走高至8.8万元/吨附近。企业在生产过程中需要持续采购现货，其同步平仓对应的多头持仓，获 得低成本原料。 在全球能源加速向清洁能源转型以及产业深度升级的大背景下，碳酸锂作为新能源、高端制造等产业的 核心原料，在产业链中的地位愈发凸显。近年来，受新能源产业快速扩张驱动，碳酸锂需求呈现爆发式 增长。然而，短期内产能集中释放引发市场供需错配，叠加原料价格剧烈波动与市场竞争加剧，整个碳 酸锂行业步入深度调整期，企业普遍面临利润空间收窄的困境。 在行业转型升级的关键节点，金融衍生工具凭借其风险管理功能，为碳酸锂产业链企业突破经营困局、 实现可持续发展提供了创新解决方案。本文聚焦金融衍生工具在生产经营环节的具体应用场景，解析其 对冲价格风险、优化资源配置的实践逻辑，旨在为行业提高抗风险能力、提升经营效益提供参考路径。 经历了前期的持续下跌，2025年年中碳酸锂价格接近成本线。7月，江西宜春部分矿企接到编制储量核 实报告的通知，以科学合理确定开采主矿种，由此带来市场对矿山停产的担忧。同时，藏格锂业直接停 产，助推市 ...

Core Viewpoint - JEDI Group (08313) reported a decrease in revenue for the first half of 2025, with a total income of 139 million Singapore dollars, reflecting a year-on-year decline of 20.8% [1] Financial Performance - The company recorded a net loss of 726,000 Singapore dollars, which is an improvement of 48.84% compared to the previous period [1] - Earnings per share showed a loss of 0.04 Singapore cents [1] Contributing Factors - The improvement in net loss was primarily attributed to a fair value gain from financial derivatives amounting to approximately 670,000 Singapore dollars, a positive change of 960,000 Singapore dollars compared to a loss of 290,000 Singapore dollars in the prior period [1] - Additional contributing factors included a reduction in employee costs by approximately 230,000 Singapore dollars and a decrease in income tax expenses by about 150,000 Singapore dollars [1]

Core Viewpoint - The article emphasizes the need for the public fund industry in China to enhance investor experience and satisfaction through the development of low-volatility and asset allocation products, as highlighted in the recent regulatory action plan by the China Securities Regulatory Commission [1][4]. Group 1: Current Challenges in the Fund Industry - The public fund industry faces a contradiction between rapid growth and poor investor experience, with many funds focusing on high-volatility strategies that ultimately lead to significant losses for investors [2][3]. - Since 2021, the CSI Equity Fund Index has experienced a maximum drawdown exceeding 40%, indicating the risks associated with high-volatility equity products [2]. - Investors are increasingly seeking stable returns and manageable volatility, as traditional fixed-income products fail to meet their wealth growth needs [3]. Group 2: Regulatory Response and Strategic Direction - The regulatory action plan aims to address investor demands for stable returns and better holding experiences, positioning "enhancing investor satisfaction" as a core measure of high-quality development [4]. - The plan includes increasing the creation of low-volatility products and asset allocation products as key initiatives to optimize product supply [4][6]. Group 3: Product Types and Market Potential - Low-volatility products include fixed income plus funds, convertible bond funds, and absolute return strategy funds, while asset allocation products encompass fund of funds (FOF), manager of managers (MOM), and target date funds [5][6]. - The market for low-volatility and asset allocation products is expected to recover, with FOF total scale surpassing 150 billion yuan by the end of Q1 2025 [5]. Group 4: Innovation and Development Strategies - To meet market demands, the industry must innovate in product design, utilizing artificial intelligence, introducing derivatives, and expanding cross-border asset allocation [1][11]. - Proposed innovations include AI-driven dynamic asset allocation strategies, quantitative fixed income products, and ESG-focused stable return products [12][13][14]. Group 5: Challenges in Product Creation - The industry faces challenges such as mismatched product design with market needs, severe product homogeneity, and insufficient research capabilities among fund companies [8][9]. - Investor education is crucial, as many investors lack understanding of the characteristics and risk-return profiles of low-volatility and asset allocation products, leading to poor investment decisions [10].

Core Viewpoint - The article discusses the critical role of industrial silicon in key industries such as photovoltaics, new energy vehicles, and electronics, amidst a rapidly changing global energy structure and industrial upgrades. It highlights the challenges faced by industrial silicon producers due to oversupply and price volatility, and emphasizes the potential of financial derivatives for risk management and price discovery in this context [1]. Group 1: Industry Overview - Industrial silicon capacity has expanded rapidly, with supply growth outpacing demand, leading to periodic oversupply and significant price fluctuations [1]. - The production and sales models of industrial silicon companies exhibit notable regional characteristics, with different procurement strategies based on local resource availability [1]. Group 2: Financial Derivatives Application - The article focuses on the practical application of futures and options in optimizing sales prices and managing inventory in the context of industrial silicon supply-demand mismatches [2]. - Companies can utilize options markets to capture time value during the sales cycle, enhancing their competitive edge [2]. Group 3: Case Study - A case study illustrates a northern factory's strategy to manage inventory and sales pressure by locking in sales prices through futures and selling call options to reduce holding costs [2][3]. - On April 10, 2025, the factory locked in a sales price of 9600 yuan/ton for 1000 tons of industrial silicon, while also selling call options to mitigate inventory costs [4]. Group 4: Financial Outcomes - The factory achieved a profit of 1300 yuan/ton from futures trading and received an additional 166 yuan/ton from selling call options, effectively lowering its holding costs [3][4][5]. - The financial derivatives strategy not only provided a hedge but also generated extra income, demonstrating the effectiveness of such tools in the industrial silicon sector [3][5]. Group 5: Future Outlook - The application of financial derivatives in the industrial silicon industry is expected to expand, becoming a key driver for optimizing risk management and resource allocation efficiency [5]. - This strategic approach is anticipated to help the industry seize development opportunities in the context of global energy transition and achieve high-quality growth [5].