"老板们跑了。" 近期，号称"场外期权通道业务规模最大"的深圳深商中汇控股有限公司（下称：深商中汇）突然暴雷，揭开了场外期权通道业务的冰山一角。 在深商中汇位于福田的办公室门口，一位刚入职该公司不久的员工向智通财经记者透露，"老板们不见踪影，我们很多人也下单买了期权，现在看来，不管 到期有没有机会行权，这笔钱算是打水漂了。"智通财经了解到，到期无法行权的资金规模或已达千万元级别。 一位物业人员向智通财经记者反馈，"员工8月6日就都撤了，大概有几百人。老板提前跑路了，员工都不知道，如果你也有投资损失，建议尽快前往福田派 出所报案。" 在现场，深商中汇的大门玻璃上被贴了三份物业通知，两份与公司欠费相关，一份为告知公司已失联的证明。 伴随着深商中汇事件的暴露，场外期权通道对外接单，以及代办场外期权通道公司的灰色产业链也随之浮出水面。 "在深圳，你只要花几万块，就有专门的团队帮你做一家具有'532'资质的公司，跟券商签好授权后，你就可以拥有一家属于自己的可以下单场外期权的通道 公司。"有业内人士透露，"深圳场外期权通道公司或已有一两千家，涉及资金上万亿元。" 场外期权——这种设有严格准入门槛的投资类型，正在被批量成立 ...

第一次接触"保险+期货"，是在2022年10月初山东省的一家生猪规模养殖场里。彼时生猪价格一路攀 升，当地出栏价已创下近一年来的新高。我正细致地向养殖场负责人阐释生猪套保方案，然而这位老板 兴致寥寥。起初我以为，因生猪期货上市时间尚短，养殖行业还需时日消化套保理念。可当我转头了解 到，这家企业在2021年1月7日——交易所对外公布生猪期货合约挂牌价格当日（生猪期货挂牌上市的前 一日），便与保险公司签订了生猪价格保险协议时，内心受到了不小的触动，真切感受到了"保险+期 货"模式的独特魅力。 生猪"保险+期货"是养殖场向保险公司购买政策性生猪目标价格保险，由保险公司对生猪价格进行保 障，"兜底"生猪养殖价格。同时，保险公司向期货公司买入场外期权进行再保险，最终形成风险分散、 各方受益的闭环。其核心在于充分发挥保险的"风险转移"功能与期货的"风险对冲"功能，为农户构建起 抵御农产品价格波动风险的屏障。 可以说，"保险+期货"极具亲和力，尤其在我所熟悉的生猪养殖领域。养殖行业的从业者务实且注重成 效。以往介绍套保业务时，涉及期货功能、交割制度、保证金制度及风控流程等内容，相对枯燥，无形 中拉大了期货与养殖场的距离。当 ...

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 ...

2014至2015年，A股市场曾因大量杠杆资金涌入，掀起一场"杠杆牛"。彼时场外配资杠杆比例飙升至1:11，场内外配资规模合计超7万 亿，占当时A股总流通市值近10%，上证指数更是攀上5178点高位。然而，杠杆退潮后股市迅速回调，那场剧烈波动成为市场深刻记忆。 如今，距离"杠杆牛"已过去十年之久，当前A股杠杆水平究竟如何？是否呈现出全新态势？是许多股民关心的问题。 财联社记者对场内外杠杆水平进行了多维度调研和数据梳理。从场内杠杆来看，尽管8月11日以来融资余额已连续9个交易日突破，显示杠 杆资金交易活跃，但三大核心指标均表明场内杠杆整体稳健、风险可控。 场外杠杆则呈现规模显著萎缩、监管趋严的整体态势，却也隐现结构性变化。纯粹场外配资因属违法已较为少见，但近期场外期权咨询量与 业务量有所上升，部分风险偏好高的投资者通过私募基金等机构通道咨询看涨结构产品，"香草"结构尤为热门。 同时，信贷资金入市违规苗头显现，超十家银行密集发文禁止信用卡资金炒股并升级风控，不过数据测算显示信贷资金入市实际规模有限； 从委托贷款、信托贷款数据及A股成交额与融资余额增长偏离度、配资关键词搜索指数等间接指标来看，当前场外杠杆活跃程度整 ...

图为全球场外衍生品存续名义本金规模变化 图为全球场外期权存续名义本金规模变化 BIS的统计数据显示，截至2024年年底，全球场外衍生品存续名义本金规模达699.48万亿美元，其中场外期权存续名义本金规模为 70.29万亿美元，占比约10.05%。 [市场规模] 作为场外衍生品市场的关键分支，场外期权的规模与结构变化直接反映了全球金融市场的风险管理需求。在全球金融市场不断发展的 过程中，各类机构和企业面临的风险日益复杂多样，场外期权凭借其独特的优势，成为应对这些风险的重要手段，其规模的消长也与 市场风险状况紧密相连。 图为不同标的类型场外期权占比情况 外汇类场外期权：占比27.28%，服务全球化经济 外汇类场外期权存续名义本金规模约19.17万亿美元，主要挂钩美元、欧元、日元等主要货币对，服务于跨国贸易、海外投资中的汇 率风险管理。在全球化经济浪潮下，跨国企业的贸易往来、海外投资活动日益频繁，汇率的波动会直接影响其营收和利润。外汇类场 外期权为这些企业提供了有效的风险管理工具，使其能够在一定程度上锁定汇率，降低汇率波动带来的不确定性。 权益类场外期权：占比6.01%，聚焦资本市场波动 从历史趋势来看，全球场外期 ...

Core Viewpoint - The Shanghai options market experienced significant trading activity in July, with a total trading volume of 115.51 million contracts, reflecting a month-on-month increase of 48.92% [1] Group 1: Market Performance - In July, the trading volume for the Shanghai options market reached 11550.66 million contracts, with notable increases in various ETFs: - SSE 50 ETF options: 29.40 million contracts, up 49.25% - CSI 300 ETF options: 29.43 million contracts, up 68.31% - CSI 500 ETF options: 32.35 million contracts, up 22.91% - Huaxia Sci-Tech 50 ETF options: 20.04 million contracts, up 81.23% - E Fund Sci-Tech 50 ETF options: 4.29 million contracts, up 42.75% [1] Group 2: Participant Data - As of July 2025, the total number of investor accounts in the Shanghai options market reached 705,868, with 4,323 new brokerage accounts added in July. A total of 91 securities firms and 34 futures companies have opened stock options brokerage business trading permissions [2] - The top three securities firms by trading volume in July were: - CITIC Securities: 5.08% market share - Guotai Junan Securities: 4.34% market share - Huabao Securities: 4.23% market share [2] Group 3: Wealth Management and Risk Management - The low interest rate environment has made standardized, high liquidity, and low-risk options increasingly popular among retail investors. The implementation of the Futures and Derivatives Law has provided a legal framework for the over-the-counter derivatives market, enhancing investor interest [2] - The main products in the over-the-counter derivatives business include OTC options and total return swaps, which serve both risk management and wealth management functions. OTC options can hedge market risks for various assets, while total return swaps help manage risks related to prices, interest rates, and exchange rates [3] Group 4: Market Opportunities - The over-the-counter derivatives market is poised for unprecedented growth opportunities due to the gradual improvement of regulatory frameworks and accelerated business innovations, highlighting its value in serving the risk management needs of the real economy and meeting diverse investment demands [4]

Core Insights - The future of enterprises is determined by the enhancement of comprehensive operational capabilities, innovative business models, and refined management levels in the context of a new industrial landscape [1] Group 1: Industry Trends - From 2010 to 2020, the industry faced challenges in futures hedging, with an increase in the proportion of futures hedging and a deterioration in the safety margin of the spot-futures basis, making hedging more difficult [1] - Post-2020, the development of risk management tools has become prominent, with a complex industrial cycle and external environment leading to a normalization of poor safety margins in the spot-futures basis [1] - The transition in bulk commodity trading from spot trading to basis trading and rights-inclusive trading has been observed, with a widespread promotion of spot-futures combination and an enhancement of risk management concepts [1] Group 2: Risk Management Tools - The profitability in the new era of industry no longer solely relies on processing and price differences but also includes profits from hedging/basis, optimizing business structures, risk management services, and premiums obtained through the combination of strategies and tools [1] - The recent acceleration in the listing process of domestic on-exchange options has led to a significant increase in the proportion of options trading [1] - Compared to on-exchange options, off-exchange options offer advantages such as a rich variety of products, diverse structures, and flexible elements, making them more aligned with the scenarios of spot trading [1][2]

多晶硅是硅产业链的中游核心产品，广泛应用于光伏产业和半导体产业，是光伏产业的核心原料，被誉为 绿色低碳的代表。随着全球对可再生能源需求的不断增加，我国多晶硅产业迎来快速发展机遇，目前产能 稳居全球首位。然而，近年来多晶硅价格波动幅度较大，产业链内存在产能投资建设较为集中、阶段性供 需错配等问题。价格的大幅波动给多晶硅生产、加工和销售企业带来了经营风险，如何有效管理价格风险 成为企业亟待解决的难题。 2024年12月26日，广期所挂牌上市多晶硅期货，这为多晶硅上下游企业提供了精准直接的风险管理工具。 期货市场的价格发现机制也为产业链利润合理分配提供了市场化手段，有助于促进我国新能源产业的蓬勃 发展。而场外期权作为衍生品市场的重要组成部分，具有灵活性高、定制化强等特点，能够为企业提供更 加多样化、精细化的风险管理方案。 新疆中硅科技有限公司（简称新疆中硅）位于多晶硅主要产地之一的新疆，主营业务为硅材料生产加工， 将工业硅进一步加工为多晶硅，再销往下游。在多晶硅期货上市初期，新疆中硅持有大量现货库存，而彼 时多晶硅现货价格持下跌，企业面临成品库存贬值风险。新疆中硅急需一种更加高效、灵活且成本可控的 风险管理工具来保 ...

Core Viewpoint - The increasing foreign exchange risk and the importance of effective risk management tools for companies engaged in cross-border transactions are highlighted, particularly in the context of rising global economic uncertainties and currency fluctuations [1][2][3]. Group 1: Foreign Exchange Risk Management - The number of domestic listed companies participating in foreign exchange hedging has surged from 143 in 2015 to 1,241 in 2024, representing an approximate eightfold increase [6]. - The participation rate in foreign exchange hedging has grown from around 5% to 23.6% over the same period, indicating a heightened awareness of risk management among companies [6]. - The demand for standardized and highly liquid domestic RMB foreign exchange futures is increasing, which is expected to enhance the efficiency of risk management for market participants [1][7]. Group 2: Impact on Companies - BYD has raised its foreign exchange derivatives trading quota from the equivalent of $5 billion to $12 billion due to expanding overseas operations and increasing foreign exchange risk exposure [2][3]. - The company's overseas vehicle sales target for 2024 is set at 417,200 units, with a long-term goal of selling over 800,000 units abroad by 2025 [2]. - The significant scale of China's foreign direct investment, amounting to $177.29 billion in 2023, underscores the critical need for effective foreign exchange risk management [3]. Group 3: Financial Institutions and Investment Strategies - QDII funds, which invest in overseas foreign currency assets, are directly affected by currency fluctuations, with some funds maintaining a 90% foreign exchange hedging ratio this year [3][4]. - The investment logic for QDII has shifted to emphasize the importance of currency hedging alongside interest rate differentials, as the risks associated with currency fluctuations have increased [4][7]. - The introduction of RMB foreign exchange futures is anticipated to provide significant advantages, including broader participation in hedging, reduced costs, and potential additional returns from market dynamics [8][9].

Core Viewpoint - The increasing foreign exchange risk and the importance of effective risk management tools for companies engaged in cross-border transactions are highlighted, particularly in the context of rising economic uncertainties and currency fluctuations [1][2][3]. Group 1: Foreign Exchange Risk Management - The number of domestic listed companies participating in foreign exchange hedging has surged from 143 in 2015 to 1,241 in 2024, representing an approximate eightfold increase [1][6]. - The participation rate in foreign exchange hedging has grown from around 5% to 23.6% over the same period, indicating a significant rise in risk management awareness among companies [6][9]. - The demand for standardized and highly liquid domestic RMB foreign exchange futures is increasing, which is expected to enhance the efficiency of risk management for market participants [1][8]. Group 2: Impact on Companies - BYD has increased its foreign exchange derivative trading quota from the equivalent of $5 billion to $12 billion in 2023, reflecting the growing need for hedging against foreign exchange risks as its overseas business expands [2][3]. - The 2023 flow of China's outward direct investment reached $177.29 billion, a year-on-year increase of 8.7%, underscoring the importance of foreign exchange risk management for companies with substantial overseas assets [3][6]. - Financial institutions, such as QDII funds, are also facing pressure to manage foreign exchange risks, with some maintaining a high hedging ratio of around 90% due to the sensitivity of their returns to currency fluctuations [3][4]. Group 3: Advantages of Foreign Exchange Futures - The introduction of RMB foreign exchange futures is expected to significantly expand the coverage of currency hedging participation among companies, which currently stands at only 23.6% compared to approximately 48% for U.S. listed companies [9][10]. - Foreign exchange futures can lower hedging costs for companies due to their centralized trading and smaller bid-ask spreads, making them more attractive for risk management [10]. - The participation of speculators in the futures market can create favorable conditions for hedging, potentially allowing companies to achieve additional returns while managing risks [10].