11月21日，由大商所、徽商期货联合主办，安徽证券期货业协会支持的"DCE·产业行"——商品期权赋 能安徽实体经济高质量发展活动在安徽合肥成功举行。本次活动聚焦商品期权服务实体经济的实践与创 新，吸引了50余名产业企业代表和期货从业人员参与。 据期货日报记者了解，大商所自2017年3月31日推出国内首个商品期权——豆粕期权以来，持续丰富品 种体系、优化合约规则。 期权策略实现精准风险管理 活动中，厦门建发股份农产品集团期货部总经理刘涛进行了题为"商品期权在农产品风险管理中的运 用"的经验分享，详细阐述了企业在期权策略应用方面的具体案例。 刘涛介绍，贸易商可以通过单腿买入看跌期权保护库存。2020年6月1日，某玉米贸易商持有库存且已有 150元/吨浮盈，担心未来价格回调，但又不愿错过上涨机会。企业以30元/吨的权利金买入执行价为 2050元/吨、期限为2个月的看跌期权。到期时，若玉米期货价格跌至1800元/吨，期权端盈利220元/吨， 有效对冲现货损失；若价格上涨，仅损失权利金，仍可享受现货价格上涨收益。 "含权贸易是期权利用方面的一个创新。"上海徽丰实业衍生品部负责人卢仕峰介绍，在塑化产业链中， 上游企业可以 ...

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 company emphasizes its role in supporting the real economy through financial services, focusing on compliance, integrity, professionalism, and stability while enhancing risk management for agricultural and small enterprises [1][2]. Group 1: Promoting Inclusive Finance - The company has effectively implemented inclusive finance initiatives, particularly in supporting agriculture and small enterprises, aligning with national financial strategies [2]. - Since 2021, the company has launched "insurance + futures" projects for various agricultural products, providing risk protection for thousands of farmers and acres of farmland, with a total risk guarantee of approximately 930 million yuan for 728,000 pigs [2]. - The company's projects have received recognition, including being selected as an excellent case by the China Futures Association and winning awards for risk management excellence [2]. Group 2: Deepening Industry Chain Services - The company actively contributes to major strategic initiatives such as the Chengdu-Chongqing economic circle and the construction of modern manufacturing clusters in Chongqing [3]. - It customizes risk management solutions for state-owned logistics, warehousing, and bulk commodity trading enterprises, helping them hedge against price fluctuations in commodities [3]. - The company also focuses on emerging industries, particularly the new energy vehicle supply chain, providing specialized risk management services for key raw materials like lithium, nickel, and silicon [3]. - Future plans include leveraging political guidance to enhance business development while maintaining compliance and integrity in operations [3].

Core Insights - The issuance of the document "Opinions on Strengthening Regulation to Prevent Risks and Promote High-Quality Development of the Futures Market" establishes a new mission for the futures market to serve the real economy, emphasizing the importance of risk management and financial empowerment [1][2][11] Group 1: Policy and Strategic Direction - The document highlights the three main functions of the futures market: price discovery, risk management, and resource allocation, which should closely support the construction of a modern industrial system and the goal of a financial strong nation [2][3] - Five Minerals Futures has recognized the need to transition from a brokerage-focused service model to a more diversified and refined risk management approach to meet the evolving needs of real enterprises [2][3] Group 2: Identifying Challenges - Five Minerals Futures conducted a comprehensive assessment to identify two core pain points: the need to enhance service effectiveness for real enterprises and the necessity to strengthen the support of professional risk management talent [3][4] - The existing product offerings and service models are insufficient to meet the diverse risk management needs of enterprises at different scales and development stages [3] Group 3: Key Initiatives - Five Minerals Futures has launched three key initiatives to address the identified pain points and enhance service quality for the real economy [4][5] - The "drip irrigation" service model has been implemented to provide tailored risk management solutions, such as a combination strategy of futures and out-of-the-money put options for a steel enterprise, resulting in a net profit of 5.186 million yuan [5] - The "right to trade" service model has been introduced to help enterprises reduce procurement costs, exemplified by a silver cumulative option trade for a photovoltaic silver paste company [5][6] Group 4: Comprehensive Service Enhancement - Five Minerals Futures is building an "ecological" platform to improve comprehensive service capabilities and strengthen collaboration across the entire supply chain [6][7] - The company is actively recruiting and training talent with both industry and investment backgrounds to enhance its risk management service capabilities [6][7] - The upgraded "five-in-one" research and investment service system provides real-time market analysis and risk management strategies, successfully helping enterprises mitigate risks associated with price fluctuations [7][8] Group 5: Technological Innovation - Five Minerals Futures is advancing digital transformation by developing a derivative business monitoring system that integrates core data and provides real-time risk analysis [8][9] - The "Winkang Wencai" platform, powered by AI and industry big data, aims to address common pain points faced by industry clients, enhancing service efficiency and responsiveness [9][10] Group 6: Future Outlook - The company is committed to aligning its operations with national strategies and the high-quality development needs of the real economy, aiming to provide higher quality and more efficient futures services [11]

Core Viewpoint - The demand for using the futures market to hedge risks and stabilize operations among real enterprises in China is rapidly increasing due to complex international situations and transformation challenges [1][2]. Group 1: Market Demand and Trends - The total amount of funds in China's futures market has exceeded 1.9 trillion yuan, with stable growth in trading volume and open interest [1]. - Enterprises are facing challenges such as insufficient demand, severe industry competition, longer payment cycles, and increased credit risks, leading them to utilize the futures market to mitigate market volatility [2]. Group 2: Challenges Faced by Enterprises - Many enterprises, especially small and medium-sized ones, struggle to effectively participate in the futures market due to limitations in professional personnel, risk management systems, and funding [2][3]. - A lack of independent and effective risk control systems in many enterprises leads to potential failures in hedging strategies, as key parameters may be determined by business departments without proper oversight [3]. Group 3: Industry Initiatives and Innovations - The futures industry is transitioning from traditional channel providers to strategic partners in risk management for enterprises, offering innovative models like "insurance + futures" to lower participation barriers [1][5]. - South China Futures has launched 45 "insurance + futures" projects in rural revitalization, providing 746 million yuan in risk protection across 11 provinces [3]. Group 4: Global Expansion and Services - South China Futures has established a significant international presence, with its subsidiary, Honghua International, holding memberships in 16 major exchanges and providing comprehensive overseas financial services [4]. - The company has enhanced its overseas financial service capabilities by obtaining clearing seats at CBOE and ICEU, facilitating delivery services for enterprises [4]. Group 5: Education and Awareness - The industry is actively working to improve investor education and awareness regarding the futures market, aiming to shift perceptions from "high risk" to familiarity and effective application [6][7]. - South China Futures has established an investor education base and conducted 143 promotional activities in 2024, reaching over 5,000 enterprises and institutions [6].

Core Insights - The article emphasizes the critical role of the real economy in China's economic development, highlighting the importance of focusing on the real economy for long-term growth [1] - The recent data shows that the proportion of industrial clients in the OTC derivatives trading business of futures companies has surpassed 50% for the first time during the "14th Five-Year Plan" period, indicating a significant increase in risk management awareness and capabilities among enterprises [1][2] Group 1: Market Function and Client Engagement - The understanding of the functions of the futures market has deepened among industrial clients, leading to an increased willingness to participate in futures and derivatives trading as effective tools for managing price risks and stabilizing profits [2] - The rise in the proportion of industrial clients' positions reflects a growing trend of utilizing OTC derivatives to address market risks [2] Group 2: Service Upgrades and Product Innovation - Futures companies' risk management subsidiaries have enhanced their services by investing in professional team building, service model innovation, and product development, providing high-quality, efficient, and personalized services to industrial clients [3] - Innovative OTC derivative tools and tailored options structures have been developed to meet the diverse risk management needs of industrial clients, attracting more participation in OTC derivatives trading [3] Group 3: Policy Support and Market Environment - A series of policies have created a favorable environment for the futures market to serve the real economy, including the implementation of the Futures and Derivatives Law and the core requirement of "financial services for the real economy" from the Central Financial Work Conference [4] - Regulatory bodies are encouraging futures companies to innovate business models and deepen cooperation with the real economy, thereby lowering the barriers and costs for industrial clients to participate in the futures market [4] Group 4: Integration and Collaboration - The integration of futures and spot markets is identified as a key direction for futures companies and their risk management subsidiaries to support the development of the real economy [6] - Strengthening collaboration with industrial clients in the spot market through basis trading and warehouse receipt services can provide accurate price signals and risk management support [6] Group 5: Education and Capacity Building - Despite the increasing participation of industrial clients in the futures market, there remains a need for enhanced market cultivation and investor education to address gaps in understanding market mechanisms and risk management tools [7] Group 6: Innovation and Internationalization - The innovation and internationalization of the futures market are crucial for enhancing the international competitiveness and development space of China's real economy [8] - Futures companies should promote market innovation and explore new business models to expand international market opportunities for industrial clients [8]

Core Viewpoint - The futures market is increasingly recognized as a vital tool for risk management and resource optimization across various entities, including state-owned enterprises, which are leveraging these tools to enhance the resilience of the industrial chain and support high-quality economic development [2][3][15]. Group A: Role of Futures in Risk Management - Futures tools are not merely financial instruments but essential risk management tools rooted in the industry, with state-owned enterprises playing a significant role in optimizing the industrial ecosystem [3][4]. - The application of futures tools by companies like Wuchan Zhongda Chemical has demonstrated their effectiveness in stabilizing operations amidst significant commodity price fluctuations [4][5]. - Wuchan Zhongda Chemical has established a comprehensive risk control system that includes variety access, risk warning, and position monitoring to ensure all transactions align with physical operations, thereby preventing speculative behavior [4][5]. Group B: Innovations in Futures Application - Wuchan Zhongda Chemical has evolved from single hedging to a diversified futures ecosystem, creating a research institute that integrates research, trading, and operations to enhance its competitive edge [7][8]. - The company employs various models, including basis trading and option trading, to manage price risks effectively, with 95% of its liquefied gas transactions in 2024 utilizing basis trading [7][8]. - The innovative approach of combining futures pricing with basis trading has allowed Wuchan Zhongda Chemical to optimize costs and support traditional distributors in transitioning from losses to profits [9][10]. Group C: Challenges and Opportunities in Futures Participation - State-owned enterprises face challenges in participating in the futures market, including a lack of understanding among external auditors and regulatory bodies regarding derivative products, which increases communication costs [11][12]. - The balance between market responsiveness and compliance management is a significant challenge for state-owned enterprises, necessitating a careful approach to risk control while adapting to market changes [11][12]. - Companies like Fuhai Chuang have developed risk assessment mechanisms to evaluate futures products, ensuring that participation in hedging activities remains within manageable risk limits [12][13]. Group D: Future Directions for State-Owned Enterprises - The participation of state-owned enterprises in the futures market is expected to expand, with a growing recognition of the market's functions in risk management and resource allocation [15][16]. - To enhance the integration of state-owned enterprises with the futures market, it is recommended to build collaborative ecosystems, reform regulatory frameworks, and cultivate talent that understands both futures and physical markets [16][17]. - The ongoing efforts of state-owned enterprises in utilizing futures tools are anticipated to significantly improve the resilience of the entire industrial chain, contributing to the high-quality development of the real economy [17].

Group 1 - The core viewpoint is that the introduction of pig futures has transformed the pig farming industry by providing a market-based risk management mechanism, allowing producers to better plan production and sales [1][2] - The traditional "pig cycle" has been characterized by small farms' herd behavior and large enterprises' operational difficulties, leading to a distorted ecosystem where the industry often "earns for half a year and loses for three years" [1] - The emergence of derivative tools such as basis trading and rights trading has simplified complex hedging operations into understandable "forward contracts" for farmers, significantly lowering the barriers to risk management [1][2] Group 2 - The innovative application of financial derivatives is reshaping traditional agricultural risk management paradigms, with basis trading redefining pricing logic and the "futures + orders" model reconstructing supply chain collaboration [2] - The transformation of risk management roles within the industry has led to a more efficient allocation of resources, allowing producers to focus on core competencies while transferring price risk to specialized institutions [2][3] - The deep integration of financial tools with traditional agriculture indicates a clear development path for China's agricultural modernization, aiming to build a multi-layered risk diversification system through the derivatives market [3]

Core Viewpoint - The current "anti-involution" policy in China is guiding industries from a focus on scale expansion and price competition to a model emphasizing quality and value, which is also reflected in the futures market's shift towards deeper functional development [1] Group 1: Industry Development - The futures market in China has seen positive outcomes in terms of the speed and quantity of new product launches, trading volume growth, and improved market regulation [1] - The "anti-involution" policy is creating broader opportunities for the futures industry to support high-quality development of the real economy [1] - However, industry institutions still face challenges in utilizing futures tools for risk management, including insufficient professional capabilities, data barriers, and funding constraints [2] Group 2: Challenges for Industry Clients - Many enterprises, especially small and medium-sized ones, lack the professional capacity to effectively use hedging tools, including a misunderstanding of risk hedging tools and weak design capabilities for hedging plans [2] - Industry clients need to enhance their ability to gather and process information related to spot supply and demand, futures prices, macro policies, and international markets [2] - Financial pressures and costs are creating a "financial burden" for enterprises in hedging, necessitating higher funding management capabilities due to the margin system and leverage characteristics of futures trading [2] Group 3: Market Management Perspectives - To enhance the effectiveness of futures tools, the market must prevent irrational price fluctuations and establish a proactive, transparent expectation management mechanism [3] - Recommendations include improving the delivery system and establishing a layered warning and response mechanism for significant price discrepancies between futures and spot markets [3] - A collaborative model involving exchanges, futures companies, and leading industry enterprises for building delivery warehouses is suggested to address high storage costs and transportation issues [3] Group 4: Evolving Industry Needs - The demand from the real industry for the futures market is evolving, requiring a shift from traditional management to a composite model that includes exposure management and basis management [4] - The futures industry is experiencing a favorable policy environment, which supports the functionality and role of futures in the market [4] - Futures companies should focus on investor education to bridge the gap between the desire to use futures and the ability to do so effectively [4] Group 5: Service Innovation and Collaboration - Futures companies should continuously innovate service tools and business models to enhance their effectiveness in serving the real economy [6] - Suggestions for service tool innovation include the comprehensive application of OTC options, rights-inclusive trading, and cross-border risk management tools [6] - Collaboration among futures companies to share best practices and leverage comparative advantages is encouraged to improve industry service [7] Group 6: Talent Development - The cultivation of a professional talent pool is essential for the sustainable innovation and development of the industry [7] - A recommendation is made to build a composite team of industry researchers and futures analysts to better understand and address the real pain points of enterprises [7]

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]