企业运用：化解经营风险 护航高质量发展 近年来，随着我国期货市场主动适应经济社会发展和产业结构变迁，不断丰富品种体系，有效平抑了企业的经营风险，期货工具成为有色金属企业破解生 产经营桎梏的重要手段。期货和衍生品作为有效应对原材料和产品价格波动的重要风险管理工具，帮助相关大宗商品生产企业有效规避了市场价格波动风 险，推动产业链供应链整体抗风险能力的提升，成为企业应对市场波动的最优解。 云南拥有丰富的矿产资源和优势的产业发展基础，素有"有色金属王国"的美誉，在中国有色金属版图中占据重要位置。在云南铜业股份有限公司（以下简 称"云南铜业"）、云南省贵金属新材料控股集团股份有限公司（以下简称"贵金属集团"）等头部企业的引领下，云南有色金属产业正全力加快转型升级， 为我国建设有色金属强国作出了积极贡献。 伴随着外部环境的不确定性增加，对中国有色金属产业平稳运行形成一定压力，铜、黄金等大宗商品价格出现了剧烈波动，对企业经营造成了影响。对于 高度依赖原材料的企业而言，价格剧烈波动不仅挤压利润，更威胁生产供应的稳定性。面对行业发展新形势、新挑战、新格局，云南铜业、贵金属集团等 行业企业如何实现有效的价格风险管理和库存管理，规 ...

Core Viewpoint - Robinhood is expanding its offerings by launching a futures and derivatives exchange and clearinghouse, enhancing its investment in predictive markets [1] Group 1: Company Developments - Robinhood's stock price increased by over 6.5%, reaching $123.17 [1] - The company is forming a new joint venture with Susquehanna, where Robinhood will act as the controlling partner and provide retail demand and distribution channels [1] - The joint venture will accelerate service delivery by acquiring MIAXdx, a designated contract market and derivatives clearing organization [1] Group 2: Strategic Partnerships - Susquehanna International Group will serve as a key partner and initial liquidity provider for the new venture, with plans to introduce additional liquidity providers in the future [1] - MIAX, a wholly-owned subsidiary of Miami International Holdings, will retain a 10% strategic equity stake in the new exchange [1] Group 3: Future Operations - The independent joint venture is expected to provide futures and derivatives for futures commission merchants (FCM) platforms, including Robinhood's predictive markets, with operations anticipated to begin in 2026 [1]

Group 1 - Robinhood's stock price increased by over 6.5%, reaching $123.17 [1] - The company is launching a futures and derivatives exchange and clearinghouse to deepen its investment in prediction markets [1] - Robinhood is partnering with Susquehanna to establish a new, independently operated joint venture, where it will act as the controlling partner [1] Group 2 - Susquehanna International Group will serve as a key partner and initial liquidity provider for the joint venture, with plans to introduce additional liquidity providers in the future [1] - The joint venture aims to accelerate service delivery by acquiring MIAXdx, a designated contract market and derivatives clearing organization licensed by the CFTC [1] - MIAX will retain a 10% strategic equity stake in the exchange, which is expected to provide futures and derivatives products, including Robinhood's prediction markets, starting in 2026 [1]

Core Viewpoint - The People's Bank of China emphasizes the need for financial reform to adapt to new tasks and challenges during the 14th Five-Year Plan period, focusing on enhancing the central bank system, improving financial services, and promoting a sustainable financial ecosystem [1][2]. Group 1: Central Bank System - The central bank's role is crucial in maintaining currency stability while enhancing macro-prudential management to ensure overall financial stability [1]. - A scientific and robust monetary policy system is to be constructed, balancing short-term tasks with long-term goals, and coordinating policies to improve macroeconomic governance [1]. Group 2: Financial Institutions - Financial institutions are encouraged to enhance the adaptability of their products and services, focusing on effectively serving the real economy and addressing major strategic areas and weak links [1][2]. - There is a need to balance profitability with functionality, expand inclusive finance, and improve support for economic structural adjustments and high-quality development [1]. Group 3: Financial Markets - Development of a comprehensive financial market is essential, focusing on direct financing through equity and bonds, improving market infrastructure, and enhancing investor protection [2]. - The aim is to promote orderly development of various markets, including currency, foreign exchange, gold, and derivatives, to facilitate effective resource allocation and risk management [2]. Group 4: Open Financial System - A higher level of open financial system is to be established, promoting trade and investment facilitation while expanding access to China's financial markets [2]. - The internationalization of the Renminbi and the enhancement of capital account openness are key objectives, alongside strengthening financial support for the Belt and Road Initiative [2]. Group 5: Sustainable Financial Ecosystem - The importance of a sustainable financial ecosystem is highlighted, focusing on clear property rights, fair competition rules, effective contract enforcement, and reasonable financing costs [2]. - Measures are to be taken to curb excessive competition within the financial industry and maintain a reasonable profit margin [2].

Core Insights - The event "DCE Industry Tour - Production and Finance Base Training Activity" hosted by Aolan Agriculture successfully gathered over a hundred representatives from various sectors of the oilseed and oil market, highlighting the industry's strong interest in futures and derivatives knowledge exchange and risk management practices [1][16] - Aolan Agriculture's President for China and ASEAN, He Manxiu, emphasized the company's role in managing market risks through participation in futures trading, enhancing market liquidity and price transparency [1][3] - The rapid development of China's futures and derivatives market has significantly improved its ability to serve the real economy, with more enterprises utilizing futures tools to hedge against price volatility, particularly in the foreign exchange and commodity sectors [3][4] Industry Developments - The establishment of production and finance bases by futures exchanges is crucial for connecting financial tools with industry needs, helping enterprises, especially small and medium-sized ones, to effectively utilize futures and derivatives for risk management [4][5] - The global economic order is undergoing profound restructuring, with market participants needing to be cautious of the divergence between "emotional recovery" and "actual tariff increases" [7] - The soybean market is showing signs of bottoming out despite being in a bear market, with key factors such as La Niña's impact on South American production and China's purchasing decisions influencing market direction [9] Market Trends and Risk Management - The interlinkage between futures and options markets plays a vital role in responding to policy shocks, as demonstrated by the impact of tariff changes on market prices [11][16] - The roundtable discussions focused on trends in the oilseed market, with insights on U.S. soybean exports, domestic demand for soybean meal, and the implications of South American production on imports [13][14] - The outlook for domestic soybean oil consumption remains stable, with key factors including the recovery of the catering industry and export conditions being closely monitored [14][16]

Group 1: Market Overview - In 2023, global uncertainties have led to increased volatility in major commodities such as gold, silver, and copper, reaching historical highs [1] - At least 1,583 A-share listed companies in the real economy have issued hedging announcements this year, surpassing the total of 1,503 for the entire year of 2024, marking a historical peak [1] - The participation rate of A-share listed companies in hedging activities reached 29.9% by the end of August, an increase of 1.3 percentage points compared to the end of 2024 [1] Group 2: Company Responses - Guoyan Platinum Industry, a leading player in the precious metals new materials sector, has seen steady performance growth over the past decade, achieving a record net profit of 579 million yuan in 2024 [2] - The company began participating in the futures market in 2009 to mitigate price risks following the 2008 financial crisis, and has since used futures tools to stabilize profitability despite market fluctuations [2][3] - Yunnan Copper Industry has maintained a robust performance, with a net profit of 1.317 billion yuan in the first half of the year, a year-on-year increase of 24.32% [4] Group 3: Market Challenges - Guoyan Platinum Industry faces challenges in hedging due to increased basis risk and market liquidity risks, leading to higher and less controllable hedging costs [2][3] - Yunnan Copper Industry has experienced significant price discrepancies in copper, impacting order stability and production plans due to global trade uncertainties [5] Group 4: Industry Trends - The importance of hedging as a long-term strategy for market value management has been increasingly recognized by listed companies, especially in light of commodity price volatility [7] - Companies are advocating for improvements in domestic futures markets and related regulations to enhance risk management capabilities [7][8] - There is a call for differentiated margin systems and financing tools to alleviate the financial pressure on companies engaged in hedging activities [8]

Group 1 - The "Hundred Schools and Ten Thousand Talents" project is an important platform for teaching innovation, with the course on "Futures and Derivatives" aimed at finance master's students, integrating theory, strategy, and risk control with practical case studies [2][3] - The collaboration between Yunnan University and Zhongtian Futures aims to cultivate professionals with both theoretical knowledge and practical skills, responding to the growing demand for talent in the futures and derivatives market [5][7] - The course is part of a broader initiative to enhance the integration of industry and education, providing a platform for school-enterprise cooperation that benefits the industry by supplying a large number of skilled professionals [6][7] Group 2 - The futures and derivatives market plays a crucial role in serving the real economy and enterprise risk management, leading to an increasing demand for specialized talent in the industry [7] - Zhongtian Futures has committed to continuing its collaboration with universities to foster talent that possesses both theoretical and practical capabilities, contributing to the healthy development of the industry [5][7]

辽宁成大股份有限公司 期货和衍生品交易管理制度 第一章 总则 第一条 为规范辽宁成大股份有限公司（以下简称"公司"或"本公司"）及 控股子公司期货和衍生品交易行为，防范投资风险，强化风险控制，保证公司资 金、财产的安全，维护公司及股东利益，根据《中华人民共和国公司法》《中华 人民共和国证券法》和《上市公司信息披露管理办法》等法律法规、部门规章、 规范性文件，以及《上海证券交易所股票上市规则》《上海证券交易所上市公司 自律监管指引第5号--交易与关联交易》等业务规则和《辽宁成大股份有限公司章 程》（以下简称"《公司章程》"）的规定，结合公司实际情况，特制定本制度。 第二条 本制度所称期货交易是指在境内外合规的商品期货交易场所以期货 合约或者标准化期权合约为交易标的的交易活动。 本制度所称衍生品交易是指期货交易以外的，以互换合约、远期合约和非标 准化期权合约及其组合为交易标的的交易活动。 期货和衍生品的基础资产既可以是证券、指数、利率、汇率、货币、商品等 标的，也可以是上述标的的组合。 第三条 套期保值业务，是指为管理汇率风险、价格风险、利率风险、信用风 险等特定风险而达成与上述风险基本吻合的期货和衍生品交易的活 ...

Core Points - The article outlines the futures and derivatives trading management system of Falan Tech Heavy Industry Co., Ltd, emphasizing the need for risk management and compliance with relevant laws and regulations [1][2][3] Group 1: General Principles - The company must adhere to principles of legality, prudence, safety, and effectiveness in futures and derivatives trading [2] - The company is prohibited from using raised funds for futures and derivatives trading [2] Group 2: Trading Types and Risk Management - The company can only engage in hedging activities related to its production and operations, ensuring that the types, scale, and duration of futures and derivatives align with the risks being managed [2][5] - Hedging activities include selling existing inventory, hedging fixed-price contracts, hedging floating-price contracts, and managing expected procurement and production volumes [5][6] Group 3: Management Structure and Responsibilities - The Board of Directors' Audit Committee is responsible for reviewing the necessity and feasibility of futures and derivatives trading [4] - The finance department manages the operational aspects of trading, including feasibility analysis, planning, and risk assessment [4][6] Group 4: Decision-Making and Operational Management - All futures and derivatives trading must be approved by the Board of Directors, with certain transactions requiring shareholder approval if they exceed specified thresholds [5][6] - The company can authorize the chairman or designated personnel to implement and manage trading activities after board approval [6] Group 5: Information Management and Disclosure - All personnel involved in trading must comply with confidentiality protocols, and the company must ensure that all trading activities are disclosed in accordance with regulatory requirements [6][7] - The finance department is responsible for tracking market prices and assessing risks associated with trading activities [8] Group 6: Risk Handling - In the event of significant anomalies in trading activities, the finance center must submit an analysis report and proposed solutions to the Board of Directors for immediate discussion [9]

Group 1 - The 2025 China (Zhengzhou) International Futures Forum focused on risk management for industrial enterprises and the high-quality development of China's futures and derivatives market [1] - As of July 2025, 1,114 listed companies in the market have engaged in futures and derivatives business, with over 80% (902 companies) involved in foreign exchange hedging and about one-third (364 companies) in commodity futures hedging [1] - The manufacturing sector is the main force in hedging activities, covering industries such as chemicals and agricultural products, facilitating industrial upgrades and overseas expansion [1] Group 2 - Derivatives have become an essential tool in enterprise risk management, and companies are encouraged to establish professional risk management teams to enhance their application capabilities [2] - As of July 2025, the total capital in the futures market reached approximately 1.82 trillion yuan, an increase of 11.6% from the end of 2024 [2] - The number of listed companies announcing hedging activities increased significantly, with 1,383 companies reporting hedging announcements in the first seven months of 2025, a year-on-year growth of 15.7% [2]