"我们处于产业链的流通和服务环节，上游连接国内外生产商，下游服务广大中小型加工制造企业。我 们的角色不是简单的贸易商，而是通过期现结合的模式，为客户提供稳定的货源、有竞争力的价格和全 方位的风险管理解决方案。"叶辰表示。 1 让风险管理 成为产业的"基础设施" 回溯十多年前的"贸易1.0"时代，大宗商品贸易的主要功能是连接信息和物流。彼时，产业链企业面临 的痛点尤为突出：市场价格剧烈波动像一把利剑，企业经营犹如走钢丝，一次意外的原料涨价就可能吞 噬下游加工厂数月的辛苦所得；融资环节壁垒高企，中小企业常因缺乏足额抵押物而被拒之门外，正常 的采购节奏被打乱；市场信息割裂严重，上下游之间如同隔着毛玻璃，贸易环节层层加价，最终的成本 压力往往由最末端的制造企业默默承受。 那时的市场，企业盈利高度依赖对市场单边行情的预判和对现货渠道的控制能力，当2008年金融危机、 2015年大宗商品"寒冬"等系统性风险袭来时，缺乏有效缓冲工具的产业链企业成片陷入困境，留下的教 训深刻而惨痛。 痛定思痛，变革应运而生。近年来，以嘉悦物产集团有限公司（简称嘉悦物产）、浙江杭实善成实业有 限公司（简称杭实善成）等为代表的现代产业服务商创新 ...

Core Viewpoint - The futures market is taking on a new mission to serve the real economy under the policy backdrop of "stabilizing expectations, strengthening confidence, and expanding domestic demand" [1] Group 1: Challenges Faced by the Real Economy - The real economy is facing significant challenges due to the volatility of commodity prices and weak demand, leading to increased operational risks for enterprises [2][3] - Enterprises are experiencing greater uncertainty in orders and pricing, which affects their production planning, raw material procurement, and financial preparations [2][3] Group 2: Role of the Futures Market - The futures market plays a crucial role in stabilizing expectations through its three core functions: price discovery, risk management, and resource allocation [3] - 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 [3] Group 3: Difficulties in Utilizing Futures Tools - The basis risk is a major difficulty for enterprises when using futures tools for hedging, as the price movements of raw materials and finished products do not always align with futures prices [4] - Other challenges include funding pressures, a shortage of professional talent, and insufficient understanding of futures market rules and trading strategies [4] Group 4: Expectations from the Futures Industry - Enterprises expect more personalized and professional risk management solutions tailored to their specific industry characteristics and risk tolerance [5] - There is a demand for enhanced training and guidance on futures knowledge to improve understanding and capabilities within enterprises [5] - Innovation in service models and products is also sought, such as risk management contracts linked directly to spot market needs [5] Group 5: Innovations in Service Models - Hai Zheng Futures has introduced innovative service models like rights-linked trade and warehouse receipt swapping to better meet the needs of enterprises [6][7] - The rights-linked trade model allows enterprises to have options based on market price fluctuations, providing flexibility in risk management [6] - The warehouse receipt swapping service addresses mismatches between the required and actual warehouse receipt brands, enhancing the flexibility of enterprises in futures delivery [7] Group 6: Recommendations for Improving Futures Services - There are several identified bottlenecks in the futures market's service to the real economy, including unregulated warehouses leading to credit risks [8] - Recommendations include enhancing government oversight of social warehousing, focusing on specific commodity chains, and increasing support for risk subsidiaries within futures companies [8][9]

Core Viewpoint - The futures market is taking on a new mission to serve the real economy amid 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, which has become a norm, leading to increased procurement costs and reduced profit margins [2] - Demand weakness and order uncertainty are also major risks, as global market demand shrinks and domestic competition intensifies, complicating production planning and increasing operational costs [2] Group 2: Role of Futures Market - The futures market plays a crucial role in stabilizing expectations through three core functions: price discovery, risk management, and resource allocation [3] - 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 [3] Group 3: Difficulties in Utilizing Futures Tools - Basis risk is a primary difficulty for enterprises using futures tools for hedging, as the price movements of raw materials and finished products do not always align with futures prices [4] - Other challenges include funding pressures, a shortage of professional talent, and insufficient understanding of futures market rules and trading strategies [4] Group 4: Expectations from the Futures Industry - Enterprises expect more personalized and professional risk management solutions tailored to their specific industry characteristics and risk tolerance [5] - There is a demand for enhanced training and guidance on futures knowledge to improve understanding and capability within enterprises [5] - Innovation in service models and products is also anticipated, such as risk management contracts linked directly to spot market needs [6] Group 5: Innovations in Service Models - The introduction of innovative service models like rights-based trading and warehouse receipt swapping has been highlighted as a significant breakthrough to better meet the needs of real enterprises [7][8] - These models provide more flexible risk management solutions and enhance the collaboration between futures companies and enterprises [8] Group 6: Recommendations for Improving Futures Services - There are several identified bottlenecks in the futures market's service to the real economy, including credit risks from unregulated warehouses and limited coverage of spot products by risk subsidiaries [9] - Recommendations include increasing government oversight of social warehousing, focusing risk subsidiaries on specific commodity chains, and enhancing support for risk subsidiaries from industry associations [10][11]