在生猪养殖行业从小农经济迈向高质量发展的过程中，"猪周期"始终绕不过去。在传统"猪周期"中，中 小养殖场追涨杀跌的羊群效应、规模企业随行就市的经营困境、全行业"赚半年亏三年"的畸形生态，本 质是缺乏有效的远期价格指引和风险对冲机制。 生猪期货的上市，为产业链植入市场化风险化解中枢。其价格发现功能逐步成为行业"晴雨表"，头部企 业通过期货走势预判供需变化，科学规划产能与出栏节奏，使"以销定产"从理念走向实践。更为深刻的 是，基差贸易、含权贸易等基于生猪期货衍生工具的出现，将复杂的套保操作转化为养殖端可理解 的"远期现货订单"，大幅降低风险管理门槛。 当中小养殖场能在生猪出栏前锁定销售价格，当大型养殖场依托期货衍生工具组合降低资金占用，农业 生产的计划性与确定性获得质的飞跃——这正是金融工具重构产业逻辑的核心价值。 可以说，金融衍生工具的创新应用，正悄然改变农业风险管理的传统范式。基差贸易重塑了定价逻辑， 含权贸易创造了风险收益的弹性空间，"期货+订单"模式则重构了产业链协作关系。这些金融工具的组 合运用，使价格波动从不可控的威胁转化为可管理的变量。市场主体不再被动承受市场冲击，而是通过 专业分工实现风险的有效转 ...

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 ...

Core Viewpoint - The futures market is taking on a new mission to serve the real economy under 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 and weak market demand, leading to increased operational risks and costs [1][2] - The fluctuation in commodity prices has become a norm, causing uncertainty in procurement costs and sales prices, which can squeeze profit margins and potentially lead to losses [1][2] - Demand is weakening, with reduced overseas orders and intensified domestic competition, making it difficult for enterprises to secure stable orders and affecting production planning and resource procurement [1][2] Group 2: Role of Futures Market - The futures market plays a crucial role in stabilizing expectations through its three core functions: price discovery, risk management, and resource allocation [2] - 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 [2] Group 3: Difficulties in Risk Hedging - The basis risk in futures contracts is a major difficulty for enterprises, as the price movements of their raw materials and finished products do not always align with futures prices, affecting the effectiveness of hedging [3] - Other challenges include funding pressures, a shortage of professional talent, and insufficient understanding of futures market rules and trading strategies [3] Group 4: Expectations from the Futures Industry - Enterprises expect more personalized and professional risk management solutions tailored to their specific industry characteristics and operational models [4] - There is a demand for enhanced training and guidance on futures knowledge to improve understanding and capabilities within enterprises [4] - Innovation in service models and products is sought, including risk management contracts linked directly to spot market needs [4][6] Group 5: Breakthrough Service Models - Innovative service models such as "contingent trade" and "warehouse receipt exchange" have been introduced to provide more flexible risk management solutions for enterprises [6] - The contingent trade model allows enterprises to have options based on market price fluctuations, while the warehouse receipt exchange service addresses mismatches in delivery requirements [6] Group 6: Addressing Service Blockages - Current blockages in the futures market's service to the real economy include non-standardized warehouses leading to credit risks and limited coverage of spot products by risk subsidiaries [7][8] - Recommendations include enhancing regulatory oversight of storage facilities, focusing on specific commodity chains, and increasing support for risk subsidiaries to improve service capabilities [8]

Core Viewpoint - The training program aims to enhance the quality of service provided by the futures market to private enterprises in Henan, promoting high-quality development of the private economy [1][5]. Group 1: Training Program and Objectives - The "First Training Class on Establishing a Modern Enterprise System for Private Enterprises (Futures Special)" was successfully held in Zhengzhou, targeting 60 executives from leading private enterprises in Henan [1]. - The training is part of a broader initiative to implement policies that support the development of the private economy, which contributes over 55% of Henan's GDP [1][5]. Group 2: Importance of Futures Market - The Zhengzhou Commodity Exchange (ZCE) plays a crucial role in providing a risk management framework for the industrial development of Henan and the nation [2]. - The futures market helps enterprises manage risks associated with price volatility, stabilize operating costs, and enhance competitiveness [2]. Group 3: Challenges Faced by Private Enterprises - There is a noticeable gap in the participation and utilization of the futures market among private enterprises in Henan compared to more developed regions [2]. - Many enterprises lack a deep understanding of the futures market and face issues such as non-standard operations and inadequate risk management [2]. Group 4: Insights from Participants - Participants like the chairman of a cooking oil company realized the importance of using futures for hedging rather than speculation, leading to plans for a new hedging system [3]. - Another participant from a metallurgy company identified the flexibility of options and new trading models as key tools for managing basis risk [4]. Group 5: Future Directions - The ZCE plans to strengthen collaboration with provincial government departments to support stable operations of enterprises and contribute to the high-quality development of the private economy in Henan [5]. - The Henan Federation of Industry and Commerce aims to continue facilitating communication and collaboration among various units to support healthy enterprise development [5].

Core Viewpoint - Guoyuan Futures Co., Ltd. emphasizes the integration of party leadership and corporate culture to drive innovation and high-quality development in the financial market, aligning with national strategies and serving the real economy [1][2][3]. Group 1: Party and Business Integration - The integration of party leadership into corporate governance is fundamental for the development of Guoyuan Futures, enhancing cultural construction and providing spiritual guidance for employees [2]. - Guoyuan Futures actively explores innovative risk management service models, incorporating new business types to meet the diverse needs of real enterprises [2][3]. - The company has established partnerships with local governments and agricultural sectors, exemplified by the "insurance + futures" project for apple farmers, showcasing the significance of party-business integration [3]. Group 2: Employee-Centric Culture - Guoyuan Futures prioritizes employee development and well-being, fostering a supportive work environment through training and performance evaluation mechanisms [4]. - The company organizes health check-ups, team-building activities, and community service events, enhancing employee morale and social responsibility [4]. - In 2024, Guoyuan Futures organized 26 volunteer and public welfare activities, with 112 participants, reinforcing its commitment to social contributions and employee cohesion [4]. Group 3: Diversified Development - Guoyuan Futures pursues a multi-faceted development strategy, focusing on serving the real economy and national strategies through various financial services [5]. - The company has pioneered "insurance + futures" projects across multiple provinces, helping agricultural enterprises recover over 150 million yuan in losses, demonstrating its commitment to rural revitalization [5]. Group 4: Risk Management Culture - Guoyuan Futures embeds risk management into its corporate culture, enhancing employee awareness and capabilities through training and responsibility systems [6]. - The company combines traditional risk control methods with financial technology, establishing an intelligent risk management platform for real-time monitoring and early warning [6]. - By leveraging big data and AI, Guoyuan Futures improves risk identification accuracy and efficiency, fostering a culture of comprehensive participation in risk management [6]. Group 5: Future Aspirations - Guoyuan Futures aims to continue promoting the spirit of Chinese financial culture, emphasizing integrity, responsibility, and innovation to contribute to the development of a modern financial system [7].

Core Viewpoint - The futures market has become a crucial support for real enterprises amid increasing global economic uncertainty and frequent fluctuations in commodity prices, with Galaxy Futures playing a significant role in helping industries establish comprehensive risk management systems [1][2]. Group 1: Industry Challenges - Real enterprises face challenges in utilizing derivative tools, including insufficient talent reserves, basis risk and product adaptability issues, and high thresholds for using over-the-counter tools [1][4]. - The lack of talent is particularly pronounced in small and medium-sized enterprises and traditional industries, leading to difficulties in effectively using derivative tools [4]. - There is a mismatch between standardized futures contracts and the specific needs of enterprises, which can hinder the effectiveness of hedging strategies [4]. Group 2: Galaxy Futures' Initiatives - Galaxy Futures is actively addressing these challenges by enhancing investor education, providing customized solutions, and optimizing the regulatory environment [1][5]. - The company emphasizes the importance of transforming from a mere channel provider to a risk management consultant, offering in-depth training, case sharing, risk assessment, and solution design [5][6]. - Galaxy Futures aims to expand its service offerings beyond traditional futures hedging to include a comprehensive suite of risk management solutions, integrating these into the entire procurement, production, and sales processes of enterprises [5][6]. Group 3: Market Development - The company advocates for the accelerated listing of strategic futures products and the optimization of existing contract rules to better align with market needs [6]. - There is a call for increased liquidity in non-mainstream contracts to enhance hedging efficiency and reduce transaction costs [6]. - Galaxy Futures is focused on developing a multi-tiered investor education system to improve the understanding and application of futures and derivatives among different levels of enterprise personnel [7][8]. Group 4: Risk Management Strategies - The use of options strategies is highlighted as a key differentiator for steel industry enterprises in risk management, allowing for customized solutions that address specific pain points [3]. - The introduction of "embedded options strategies" in trade contracts is proposed to shift the price risk from the parties involved to the market, fostering a win-win situation [3]. - The potential listing of scrap steel futures could lead to a comprehensive futures product system for the steel industry, enhancing risk management capabilities [2].

Core Viewpoint - Guangxi is the largest sugar production area in China, producing approximately 6 million tons annually, accounting for over 60% of the national output. The local government aims to enhance the integration of futures and spot markets to promote the sugar industry and regional economic development [1] Group 1: Market Background - In 2024, domestic sugar prices fluctuated, with the average sales price for sugar enterprises dropping from 6,561 yuan/ton to 6,075 yuan/ton. The total sugar production for the 2024/2025 season is expected to be 11.15 million tons, an increase of about 1.19 million tons from the previous season [2] - The sugar market is influenced by various factors, including low carryover stocks and tight processing sugar sources, leading to strong spot prices initially. However, international market changes have introduced uncertainties, with expectations of increased domestic sugar imports and production, posing risks to future sugar prices [2] Group 2: Implementation Process - In January 2025, a major sugar enterprise in Guangxi adopted a hybrid trading model to lock in production profits amid concerns of falling sugar prices. This model integrated off-market options into their spot trading [3] Group 3: Business Model - The enterprise signed a spot purchase contract with a trading company, embedding structured off-market options into the contract while monitoring futures contract closing prices to confirm transaction volumes [4] Group 4: Pricing Scheme - The contract activates when the Zhengzhou sugar 2505 contract exceeds 5,920 yuan/ton, with a validity of 70 days and a base transaction volume of 50 tons per day. The pricing mechanism allows for premium sales compared to market prices, providing a safety margin against price drops [5] Group 5: Effectiveness Evaluation - The enterprise successfully achieved premium sales, with the 2505 contract price ranging from 5,821 to 6,198 yuan/ton, and a final closing price of 6,170 yuan/ton. The average sales price was approximately 50 yuan/ton higher than the market price during the same period [6] Group 6: Risk Management and Training - The hybrid trading model simplifies the use of options for sugar enterprises, addressing challenges such as lack of expertise and management constraints. It enhances revenue while providing a safety margin against price risks [8] - Training sessions and workshops have been conducted to improve risk management awareness among enterprises, covering market trends, price volatility, and risk assessment methods [11] Group 7: Market Development - The introduction of short-term options in February 2023 is expected to significantly boost hybrid trading, allowing for better alignment with enterprises' short-term turnover needs and reducing costs associated with traditional options [12]

Group 1 - The event titled "Futures Serving High-Quality Development of the Real Economy and Training Activities for Bulk Commodity Industry in Zhejiang" was held in Hangzhou, focusing on risk management and trading strategies in the futures market [1] - Experts and representatives from over a hundred companies discussed topics such as hedging practices, options and rights trading, basis trading, and risk control in hedging [1] - The president of Beijing Heyirong Group shared that companies need strong risk management capabilities to navigate increasing market uncertainties due to changes in information flow, channel structures, and financial attributes [1] Group 2 - The general manager of Zhejiang Zheqi Industrial Co., Ltd. emphasized the importance of using derivatives for risk management to control uncertainties and achieve strategic goals [2] - The Chief Risk Officer of Aolan Agriculture highlighted the need for companies to establish a robust risk control framework to ensure compliance and operational stability during hedging activities [2] - The Dalian Commodity Exchange is enhancing its service mechanisms to help more companies strengthen their risk management capabilities through participation in the futures market, with plans to upgrade its "Enterprise Risk Management Plan" by 2025 [2]

Core Viewpoint - The article discusses the evolution and application of options as a risk management tool in industries, highlighting their advantages over traditional futures contracts in terms of flexibility and cost efficiency [1][10]. Group 1: Understanding Options - Options differ from futures as they provide a right rather than an obligation, allowing for more strategic risk management [2][3]. - Buying call options acts as a price insurance for raw materials, enabling businesses to lock in costs while retaining the ability to benefit from price drops [3][4]. - The flexibility of options allows companies to manage risks without the need for margin payments, thus improving capital efficiency [4][9]. Group 2: Strategies for Risk Management - Companies can adopt various strategies such as buying out-of-the-money call options to reduce costs while managing potential price increases [5][6]. - Selling options can generate income through premiums, especially in stable market conditions, but it does not provide full protection against price declines [7][8]. - The combination of buying and selling options can enhance returns while managing risks effectively, allowing for tailored strategies based on market conditions [9]. Group 3: Market Trends and Innovations - The rise of over-the-counter (OTC) options and rights-inclusive trading has made options more accessible to businesses, integrating them into existing trading practices [10][11]. - Customized options can be designed to meet specific business needs, enhancing flexibility in risk management [11]. - The development of rights-inclusive trading represents a new phase in risk management, allowing for more dynamic pricing and risk-sharing arrangements [10][11].