近年来，全球政经格局深度调整，内外部环境复杂多变，国内经济正处于转型升级的关键阶段。在此背 景下，大宗商品价格受供需结构重构、地缘冲突扰动、政策调控导向等多重因素交织影响，波动频次与 幅度显著加剧，钢铁、有色、农业等实体产业普遍面临库存减值风险与原材料成本失控的双重压力，传 统经营模式下的风险管理体系亟待升级。作为期货行业服务实体经济的坚定践行者，瑞达期货 （002961）始终坚守初心，通过创新金融工具应用、定制化解决方案与深耕产业的实践，让期货衍生品 真正成为企业稳健经营的"压舱石"。从入选中期协优秀案例的天津冷轧企业服务，到江西分公司深耕区 域产业的标杆实践，瑞达期货正用一个个实打实的案例，诠释金融赋能实体的责任与担当。 一、中期协优秀案例："累购+累沽"模式破解冷轧加工企业双向管控风险 从风险控制来看，这一方案既通过买入看跌期权锁定下跌风险，最大损失仅为权利金，又通过卖出看涨 期权保留合理利润空间，同时避免了期货套保的保证金追缴压力。从资金成本来看，"低保费+高杠 杆"的方案权利金月度成本不足9元/吨，远低于期货保证金占用，完美契合民营企业现金流特点。最 终，M 公司通过基差含权套保，在2023年冬储期 ...

本次交易的合作方是一家专注于高端镀膜与功能材料研发生产的国内高新技术企业，其核心产品包括纯 金合金、陶瓷靶材及蒸发料等，广泛应用于集成电路、太阳能、军工科技等前沿领域。铂和钯作为该企 业生产的关键原材料，其价格波动显著影响企业成本。在国内铂、钯期货上市之前，该企业一直与南华 资本开展以NYMEX铂、钯期货为标的的跨境收益互换业务。如今，国内铂、钯期货的上市丰富了风险 管理工具，企业可同时使用场内及场外金融工具进行套保。经与南华资本多次深入沟通，企业最终采 用"卖出看跌期权"策略，通过获取权利金补贴采购成本，从而提升产品价格竞争力与生产经营效率。 11月27日，铂、钯期货在广州期货交易所正式挂牌上市交易。铂、钯是汽车、炼油及新能源产业的关键 原料，长期以来国内企业依赖海外期货工具进行风险对冲。广期所铂、钯期货的推出，是我国贵金属衍 生品体系的重要突破，既可为企业提供自主风险管理工具，降低对外依赖，又有助于构建更完善、权威 的国内定价体系。 作为国内衍生品服务领域的领军企业，南华期货（603093）（603093）以及风险管理子公司南华资本积 极快速响应客户需求，在铂期货上市首日达成首笔场外期权交易。此次交易的顺 ...

Core Insights - The collaboration between Xinhuh Futures and Guangdong Guangken Rubber Group has successfully provided price risk protection for the rubber industry in Guangdong through an innovative "order purchase + futures" model from 2022 to 2024 [1][2] - The "Stabilization Action" project in 2024 aims to provide price risk protection for 3,000 tons of natural rubber, covering over 690,000 acres and benefiting more than 2,000 rubber farmers, with a project amount of 52.65 million yuan [1] - The project has also been extended to 2025, with a cumulative insurance of 4,000 tons of natural rubber, contributing to the sustainable development of the local rubber industry [1] Business Model - The "order purchase + futures" model aims to provide sales channels for farmers while ensuring stable procurement channels for enterprises [2] - Guangken Rubber purchases natural rubber from farmers at market prices and buys out-of-the-market options from Xinhuh Ruifeng, allowing for potential profit distribution to farmers based on actual rubber output [2] - This model has resulted in a win-win situation, providing farmers with stable sales channels and additional income through secondary settlements, while ensuring stable raw material supply for enterprises [2] Economic Impact - From 2022 to 2024, Xinhuh Futures has hedged a total of 8,720 tons of natural rubber, providing 5.4889 million yuan in additional income to local rubber farmers through secondary settlements [2] - The successful collaboration serves as a replicable example for the futures industry to support the real economy, demonstrating the potential of financial tools to address industry pain points and offering risk management solutions for other agricultural products [2]

Core Insights - The article discusses the challenges faced by real enterprises due to changes in the international environment and domestic structural adjustments, highlighting the increasing importance of the futures market as a tool for risk management and stable operations [1][2][3] Group 1: Challenges in the Current Environment - Enterprises are facing new operational challenges due to changes in the global trade environment, which affects demand expectations and investment confidence [1][2] - Profit distribution across the industrial chain is uneven, with upstream raw materials showing stable prices while downstream demand for steel is slowing due to adjustments in the real estate market [2] - The adjustment of demand-side expectations is pushing enterprises to adapt their operating models, requiring more refined operations in response to complex market conditions [2][3] Group 2: Role of Futures Market - The futures market is becoming a crucial tool for enterprises to stabilize expectations and manage risks, providing price signals and diverse hedging methods [2][3] - Two case studies illustrate the effectiveness of futures tools: - The "insurance + futures" project for pig farmers in Hubei, which provided over 3 million yuan in compensation to mitigate price drops [2] - A paper pulp trading company in Shanghai that utilized customized options to hedge against price fluctuations, achieving a profit of 1.246 million yuan [3] Group 3: Need for Enhanced Risk Management - Many enterprises struggle with the concept of integrated risk management, often viewing futures positions separately from their physical operations, leading to potential losses [3][4] - There is a mismatch between the diverse needs of enterprises and the standardized tools available in the futures market, creating challenges in risk management [3][4] Group 4: Expectations for Futures Services - Enterprises are seeking more in-depth, customized risk management solutions rather than generic analyses or simple trading advice [4][5] - The futures industry is innovating service models to better address the risk management needs of small and medium-sized enterprises, including tools that convert absolute price risks into more manageable basis risks [5][6] Group 5: Addressing Service Gaps - The futures market faces two main challenges: the homogeneity of services offered by institutions and the lack of understanding among enterprises regarding the use of futures tools [6][7] - To overcome these challenges, the industry must transition from being mere transaction facilitators to becoming risk management partners, providing tailored solutions for the entire operational process [6][7]

Core Insights - The article discusses how the futures market is becoming an essential tool for enterprises to manage risks and stabilize operations amid evolving international environments and domestic structural adjustments [1][2][3] Group 1: Challenges Faced by Enterprises - Enterprises are facing new challenges due to changes in the global trade environment, which affects demand expectations and investment confidence [2][3] - Profit distribution across the industrial chain is uneven, with upstream raw materials showing stable prices while downstream demand for steel is slowing due to adjustments in the real estate market [2][3] - The adjustment in demand-side expectations is pushing enterprises to adapt their operating models, requiring more precise operations [2][3] Group 2: Role of Futures Market - The futures market provides forward-looking price signals and diverse hedging methods, becoming a crucial support for high-quality development of the real economy [2][3] - Through futures and derivative tools, enterprises can effectively hedge against price volatility, lock in profits, and optimize inventory [3][4] Group 3: Case Studies - A project in Hubei provided price insurance for over 20,000 pigs, compensating farmers over 3 million yuan as prices fell from 21.05 yuan/kg to 17.97 yuan/kg [3] - A Shanghai pulp trading company utilized customized OTC options to hedge against price fluctuations, achieving a hedging profit of 1.246 million yuan [3] Group 4: Need for Enhanced Risk Management - Many enterprises struggle with a fragmented understanding of risk management, often viewing futures positions separately from their spot operations [4][5] - There is a mismatch between the diverse needs of the real economy and standardized futures tools, leading to increased basis risk [5] Group 5: Service Model Innovations - The futures industry is innovating service models to address the risk management challenges faced by small and medium-sized enterprises [6] - New models like "option-embedded trade" allow enterprises to lock in costs while retaining profit opportunities without directly engaging in the futures market [6] Group 6: Upgrading Futures Services - The futures market faces two main bottlenecks: service homogenization and cognitive biases among enterprises regarding futures tools [7] - To overcome these challenges, futures companies need to transition from being mere transaction channels to becoming risk management partners, providing tailored solutions [7] - Investor education must also evolve to be more precise and diverse, utilizing innovative formats to make complex knowledge accessible [7][8]

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 article emphasizes the importance of risk management in the steel industry, showcasing innovative practices and typical experiences using futures tools to manage price volatility and optimize business decisions, ultimately supporting high-quality development of the real economy [1]. Group 1: Project Background and Company Overview - The case study involves upstream, midstream, and downstream companies in the steel industry, each with different needs such as high-price sales, inventory preservation, and low-price procurement [3]. - The upstream company is a steel production enterprise in Xinjiang with an annual capacity of approximately 3 million tons, focusing on high-strength rebar and other products [4]. - The midstream company is a digital service platform for the steel industry based in Henan, connecting over 100,000 steel producers and traders with an annual transaction scale exceeding 100 billion [4]. - The downstream company is a construction steel service provider in Jiangxi, specializing in efficient matching of steel demand and service innovation, with a processing and distribution capacity of over 800,000 tons annually [4]. Group 2: Industry Demand and Market Conditions - In 2024, the global steel demand is projected to grow by 1.7%, with China's infrastructure investment driving a 2.3% increase in demand for construction steel [6]. - Domestic consumption of rebar and hot-rolled coils showed a slight increase of 0.8% year-on-year in the first half of 2024, with prices fluctuating between 3,400 and 3,900 yuan/ton [6]. - By September 2024, with the approval of 1.2 trillion yuan in infrastructure projects and proactive production cuts by steel manufacturers, prices rebounded, with a notable 5.2% increase in rebar futures on September 19 [6]. Group 3: Risk Management Solutions - The "Strong Source to Assist Enterprises - Futures Price Stabilization Orders" project was implemented to secure sales profits for upstream steel producers, generating a profit of 37,000 yuan [7]. - The midstream trade company utilized a "synthetic long" strategy to stabilize operations, resulting in a profit of 769,215.88 yuan [11][15]. - Downstream processing companies employed European call options to reduce actual procurement costs, achieving a profit of 49,080 yuan [13][15]. Group 4: Advantages and Highlights - The project allows steel industry enterprises to lock in profits and establish stable sales/purchase channels, effectively managing price risks [16][17]. - The process is simplified, meeting the risk management needs of enterprises with a lower understanding barrier [18]. - Futures prices provide precise pricing, enhancing the accuracy of sales/purchase price positioning and mitigating risks from price fluctuations [19]. Group 5: Experience and Future Outlook - The use of options to lock in sales/purchase profits represents a new business model for steel industry enterprises, with increasing participation from small and medium-sized enterprises [20]. - Future development of the OTC derivatives market is expected to enhance the targeting and precision of risk management solutions for enterprises [20].

Core Insights - The article highlights the innovative application of derivative tools in the polypropylene industry chain in Shandong, showcasing how companies are utilizing customized over-the-counter options to manage risks in a complex market environment [1][2]. Industry Background - The polypropylene industry is facing challenges due to global economic uncertainties, including fluctuations in crude oil prices and supply-demand imbalances [2]. - In 2024, the price range for polypropylene in East China is projected to be between 7265 to 7795 yuan/ton, with significant price volatility observed throughout the year [2]. - The industry is characterized by high costs, high production rates, and high maintenance rates, coupled with weak orders and cash flow [2]. Case Studies - A plastic packaging company in Linyi utilized a strategy of selling out-of-the-money put options to hedge against inventory devaluation, achieving a net gain of 32,000 yuan [4][5]. - A medical products manufacturer employed a zero-cost cumulative purchase option to manage raw material costs, successfully locking in 900 tons of low-priced raw materials [6][8]. Implementation Process - The plastic packaging company sold a put option with a strike price of 7605 yuan/ton, receiving a premium of 102 yuan/ton for a contract of 500 tons [4][5]. - The medical products company bought a cumulative purchase option with a trigger mechanism to dynamically lock in procurement costs, ultimately securing a purchase price of 7500 yuan/ton for 900 tons of polypropylene [6][7]. Advantages and Highlights - Selling put options requires less capital compared to traditional futures trading, allowing companies to enhance inventory value while mitigating devaluation risks [10]. - The cumulative purchase option optimizes procurement processes, enabling companies to lock in low-cost raw materials without needing to predict market timing [11]. Summary and Outlook - The case studies demonstrate how structured derivative solutions can effectively address risk management challenges in the chemical industry, enhancing companies' ability to hedge against market risks [12]. - This practice not only supports the transformation and upgrading of the chemical industry but also illustrates the positive role of financial instruments in stabilizing commodity prices and ensuring the smooth operation of the industry chain [12].

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 article highlights the risks associated with currency exchange in cross-border investments, particularly focusing on a case where an investor lost over 1.47 million RMB due to fraudulent exchange practices in Hong Kong [1][3][4]. Group 1: Incident Overview - An investor named Jiang encountered a loss of approximately 1.47 million RMB while attempting to exchange currency through a financial institution in Hong Kong, believing it to be a secure process [1][3]. - The involved company’s employee, Zhu, facilitated the exchange by recommending a "reliable" currency exchange channel, which turned out to be fraudulent [3][4]. - After completing the exchange, Jiang discovered that the funds he received were not actual cash but rather a retracted check, leading to a total loss of his investment [3][7]. Group 2: Regulatory and Legal Implications - Zhu's actions are considered a violation of Hong Kong's Securities and Futures Ordinance, as licensed brokers are prohibited from engaging in clients' fund transfers and recommending unofficial exchange channels [6]. - The financial institution may bear responsibility for Zhu's actions, as they are required to manage employee conduct and ensure compliance with regulations [6]. - The case underscores the need for clearer delineation of responsibilities among the involved parties, including the financial institution, the employee, and the currency exchange party [6]. Group 3: Cross-Border Investment Risks - The incident reflects a growing trend of cross-border investment fraud, particularly involving the misuse of checks in currency exchanges, exploiting investors' lack of understanding of banking procedures [7]. - Investors face significant challenges in pursuing legal recourse in cross-border disputes, including difficulties in evidence collection and enforcement of judgments [9]. - The article identifies three major risks for investors: the use of unofficial currency exchange channels, misleading information from brokerage employees, and the inherent risks associated with complex financial products like total return swaps (TRS) and over-the-counter options [9]. Group 4: Regulatory Recommendations - There is a call for enhanced regulatory collaboration between mainland China and Hong Kong to address the increasing number of cross-border investment disputes [10][11]. - Recommendations include establishing a rapid response mechanism for cross-border investment disputes and stricter oversight of licensed brokers' employee conduct [11]. - Investors are advised to utilize formal channels for currency exchange and to be cautious of high-risk financial products, emphasizing the importance of due diligence [11].