● 本报记者徐昭 在国际形势风云变幻、大宗商品价格剧烈波动的当下，实体企业正面临价格、汇率、外需、合规及利率 管理五大核心挑战，经营不确定性陡增。直面风浪，期货市场以其独特的价格发现与风险管理功能，成 为企业铸就"稳预期"盾牌、实现稳健经营的重要工具。然而，企业运用期货工具仍存在专业人才短缺、 风控体系薄弱及资金压力等现实困境，同时对定制化、全周期的专业服务充满期待。 东证期货董事长卢大印在接受中国证券报记者采访时表示，破局之道在于供需协同发力：期货公司正以 科技赋能，通过AI投研、数字化平台及"保险+期货"等创新模式精准回应需求；行业亦需从丰富品种、 优化交割机制、开展精准投教等多维度深化改革，共同疏通期货服务实体经济的"最后一公里"，助力企 业穿越周期，驭势而行。 卢大印告诉记者，当前实体企业在利用期货工具面临的挑战有：一是专业人才不足。实体企业尤其是中 小企业，出于成本考虑，很少设置专门的期货部门和岗位，多为其他岗位员工兼职，缺乏熟悉期货套保 策略、交易规则、实操经验的专业人才，这就造成企业在实际操作中常遇到套保时机难以精准把握、套 保比例设定缺乏科学依据、或由于部分细分品种(如锰矿、铬铁等)缺失导致无 ...

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 of the articles emphasizes the active response of Guoyuan Futures to the national rural revitalization strategy through party building and industry support initiatives [1][3] - Guoyuan Futures Third Party Branch signed a cooperation agreement with Wanglou Village Party Branch, outlining goals, content, and mechanisms for joint efforts in party building and rural revitalization [1][2] - The training conducted by Guoyuan Futures aimed to enhance local residents' understanding of the futures market and their ability to use futures tools for risk management in agricultural production [2] Group 2 - The visit to Wanglou Village included an in-depth investigation of the local white goose breeding base, which is a key industry project facing challenges in technology, market sales, and brand development [2] - Guoyuan Futures plans to leverage its professional advantages and resources to support the breeding base in areas such as futures hedging, market information services, and brand promotion, aiming to increase production efficiency and farmers' income [2] - The company will continue to strengthen communication and collaboration with Wanglou Village in party building, industry support, and knowledge training to contribute more to rural revitalization [3]