1 破局经营困境 巧用期货工具稳健前行 在南粤大地，产业脉动强劲澎湃，企业活力奔涌不息。作为改革开放的前沿阵地，广东深度嵌入全球产 业链与国际大市场，外贸依存度高的特质，也使其容易受国际市场波动的传导冲击。同时，其制造业占 GDP比重超30%，钢铁、家电、汽车、电子信息、农产品等重点产业集群对原材料价格波动高度敏感， 产业发展面临的市场不确定性显著。 面对复杂的市场环境，众多广东企业勇立潮头，率先探索期货工具的应用之道，积累了丰富且成熟的经 验，展现出对金融赋能产业的高度认可与卓越运用能力，为行业树立了标杆。 随着经济高质量发展与城市群建设提速，以珠三角为代表的华南地区钢材需求旺盛，催生了活跃的钢材 贸易生态。自1998年成立以来，凯发公司便扎根佛山市顺德区乐从镇，凭借敏锐的市场洞察力和稳健的 经营策略，在钢材市场的风云变幻中站稳了脚跟。 作为常年存货数万吨，销售钢材数十万吨的产业企业，凯发公司曾因经营模式单一，时常面临库存减 值、订单萎缩、资金回流承压等多重市场挑战。"那时候，一旦遇到钢材价格回落，我们只能看着堆积 的库存急得团团转，不知道怎么才能守住成本、减少亏损。"凯发公司相关负责人坦言，早期，对于期 ...

作为全国首个大宗商品资源配置枢纽建设省份，浙江正加快推进期货市场功能优化与现货市场高质量发 展，并将"打造大宗商品期现一体化场外市场"列为"十五五"规划开局之年的重点任务。而杭州凭借雄厚 的产业基础和完善的金融生态，为探索期现耦合联动培育了一片沃土。 杭州市属国有控股企业——杭州热联集团（简称热联集团），连续多年在中国百强钢贸企业中位列前 三，并入选国务院国资委"双百行动"名单，成为大宗商品行业的"领跑者"。热联集团以现货贸易为基 础，延展出供应链服务与产业链投资，在期现结合领域探索出了一条独具特色的融合发展路径。日前， 期货日报特邀热联集团高级副总裁劳洪波做客大宗周刊。劳洪波就期现结合模式的深度实践与前瞻思考 分享了相关看法。 记者：您曾在期货公司任职，目前深耕现货行业。以您多年的从业经验来看，期货市场与现货市场联动 发展的耦合点在哪里？ 劳洪波：我认为，期货和现货市场联动的耦合点在价格与风险。期货市场提供的是"未来价格的标准化 合约"，而现货市场交易的是"当下实际的货物"。两者通过基差连接起来。 对于大宗商品相关企业而言，期货市场就像一个"价格保险市场"。企业可以通过期货提前锁定未来的采 购成本或销售价格 ...

杭州市属国有控股企业——杭州热联集团（简称热联集团），连续多年在中国百强钢贸企业中位列前 三，并入选国务院国资委"双百行动"名单，成为大宗商品行业的"领跑者"。热联集团以现货贸易为基 础，延展出供应链服务与产业链投资，在期现结合领域探索出了一条独具特色的融合发展路径。日前， 期货日报特邀热联集团高级副总裁劳洪波做客大宗周刊。劳洪波就期现结合模式的深度实践与前瞻思考 分享了相关看法。 采访实录 记者：您曾在期货公司任职，目前深耕现货行业。以您多年的从业经验来看，期货市场与现货市场联动 发展的耦合点在哪里？ 劳洪波：我认为，期货和现货市场联动的耦合点在价格与风险。期货市场提供的是"未来价格的标准化 合约"，而现货市场交易的是"当下实际的货物"。两者通过基差连接起来。 对于大宗商品相关企业而言，期货市场就像一个"价格保险市场"。企业可以通过期货提前锁定未来的采 购成本或销售价格，从而把经营中最大的不确定性——价格波动，转化为相对可控的"基差风险"。 例如，一家聚酯企业担心未来精对苯二甲酸（PTA）涨价，可以在期货市场提前买入PTA期货，锁定成 本。这样，无论未来市场价格如何波动，它都能以确定的价格组织生产，这是期货 ...

Core Insights - The article discusses the evolution and current strategies of Zhaogang Group, a pioneer in the industrial internet sector, emphasizing its focus on efficiency in the steel trading industry and its recent public listing on the Hong Kong Stock Exchange [2][3]. Group 1: Business Model and Operations - Zhaogang Group started as a platform to help businesses find steel products, addressing the pain points in procurement processes for enterprises [3]. - The company has developed a unique business model that enhances efficiency at various stages of the steel trading process, leading to an average procurement frequency of 26 times per year for clients [4]. - The sales radius for steel has significantly expanded, with instances of steel being sourced from as far as Guizhou to Hebei, demonstrating the platform's capability to connect buyers with optimal products [4]. Group 2: AI Integration - AI is a critical component of Zhaogang Group's operations, with applications such as AI procurement and trading assistants significantly improving efficiency [6][7]. - The company has seen its annual steel trading volume increase from under 10 million tons a few years ago to 50 million tons currently, attributed to AI's role in data management and transaction facilitation [6]. - Zhaogang Group has invested over 1 billion yuan in R&D, accumulating nearly 400 software patents, positioning itself as a leader in the industry [7]. Group 3: International Expansion - Zhaogang Group's international business is rapidly growing, with a reported revenue of 339 million yuan in the first half of 2025, marking a year-on-year increase of 38.9% [8]. - The company is expanding its services in regions like the Middle East and Southeast Asia, leveraging existing relationships with Chinese enterprises operating abroad [8][9]. - Plans are underway to establish processing facilities overseas, with the first factory set to open in Dubai by the end of the year [8].

Core Viewpoint - The use of financial tools for price risk management in the steel trading industry is becoming increasingly sophisticated, with companies adopting strategies like the "fuse cumulative purchase option" to effectively manage risks associated with price fluctuations [1][4]. Group 1: Industry Background - The black products market has seen increased price volatility due to concentrated production locations and seasonal demand, complicating risk management for related enterprises [2]. - In April 2023, global crude steel production and sales both declined month-on-month, while domestic demand weakened due to the rainy season in southern China, leading to a downward trend in black product prices [2]. - A steel trading company (referred to as Company A) aimed to hedge against rising procurement costs for rebar, anticipating a price rebound in June after a low in May [2][3]. Group 2: Financial Strategy - Company A initially considered using futures for hedging but opted for a "fuse cumulative purchase option" due to concerns about potential losses in a declining market [3]. - The "fuse cumulative purchase option" was designed to provide a safety net during price fluctuations, allowing for procurement at lower prices during downturns and capturing gains during price surges [4][21]. Group 3: Implementation Process - Company A began trading the fuse cumulative purchase option on May 29, 2023, with a procurement plan of 2,200 tons of rebar at an entry price of 3,500 yuan per ton [5][10]. - The option structure included upper and lower price limits, with a compensation mechanism for price movements, allowing for flexible adjustments based on market conditions [6][10]. Group 4: Performance Analysis - The strategy yielded a total profit of 141,000 yuan over the trading period, with an average profit of 64.09 yuan per ton, demonstrating the effectiveness of the fuse cumulative purchase option compared to standard options [11][12]. - The performance of the fuse cumulative purchase option was superior to that of standard cumulative purchase options, particularly in volatile market conditions, allowing Company A to optimize procurement costs [12][21]. Group 5: Conclusion and Advantages - The fuse cumulative purchase option alleviates timing difficulties in hedging, providing a safety net and optimizing procurement costs [21][22]. - It addresses the limitations of standard cumulative purchase options by allowing for early profit realization during significant price increases, facilitating timely strategy adjustments [21][22]. - The design of the fuse cumulative purchase option can be customized to meet specific risk management needs, enhancing its applicability in various market scenarios [22].