期货套期保值是期货市场的核心功能之一，其本质是通过期货与现货市场的反向交易，抵消现货价格波 动带来的风险，实现资产价值的稳定。根据2025年修订的《中华人民共和国期货和衍生品法》，套期保 值操作需遵循合法合规原则，且需与主体实际经营活动或风险敞口相匹配。 以上信息由金融界利用AI助手整理发布。金融界是专业的财经资讯平台，专注于为用户提供全面、及 时的金融市场信息服务，内容覆盖证券、期货、基金、银行等多个金融领域，致力于通过专业的信息整 合与解读，帮助用户理解金融市场运行逻辑及相关业务知识。 免责声明：本文内容根据公开信息整理生成，不代表发布者及其关联方的官方立场或观点，亦不构成任 何形式的投资建议。请您对文中关键信息进行独立核实，自主决策并承担相应风险。 声明：市场有风险，投资需谨慎。本文为AI基于第三方数据生成，仅供参考，不构成个人投资建议。 本文源自：市场资讯 作者：理财君 套期保值操作需遵循四大核心原则，以确保风险对冲效果。其一为方向相反原则：即在期货市场建立与 现货头寸方向相反的头寸，如持有现货多头则卖出期货，持有现货空头则买入期货，通过两者价格变动 的相反性抵消风险。其二为数量相当原则：期货合约数量 ...

资本市场的舞台上，故事永不落幕，而那些跨界玩金融"财技"却反被吞噬的剧情，总是惊心动魄、发人 深省。近日，一家在退市边缘苦苦挣扎的*ST公司，宣称要开展期货套期保值业务，试图给摇摇欲坠的 主业披上一层金融"铠甲"。这一决策，恰似一面多棱镜，清晰映照出当下众多上市公司面临的普遍困 惑：主业承压时，金融工具究竟是救急的"速效药"，还是需要敬畏的"手术刀"？ 一、金融非"后花园"，实为"高压线" 二、"财技"诱惑下，主业渐迷失 上市公司为何如此轻易被金融"财技"诱惑？ 表面上看，是短期业绩的巨大压力。特别是在"保壳""扭亏"的生死存亡之际，金融操作可能带来的快速 收益，就像一剂强效麻醉剂，能暂时掩盖主营业务的剧痛。然而，更深层次的原因，是公司战略定力的 丧失和企业家精神的异化。当管理层发现，研究产品、开拓市场、技术创新来获取利润，远不如研究K 线图、信托条款来得"高效"时，公司的资源、注意力和企业文化便会发生危险的偏移。主业，这一公司 的立身之本，反而在一次次"财技"带来的虚假繁荣中，被逐渐边缘化。 这类案例极具警示价值。从委托理财到尝试套保的发展轨迹，清晰勾勒出一条危险的路径依赖：主业遭 遇难以逾越的障碍时，便倾 ...

Core Viewpoint - The training event organized by Huishang Futures in Xiaoxian, Anhui Province, aims to enhance financial literacy and risk prevention among local villagers, contributing to rural revitalization efforts [2][4] Group 1: Training Activities - Huishang Futures' Ningbo and Changsha branches conducted a specialized training event titled "Futures Assist Rural Revitalization" in Huang'anzi Community, attended by 15 representatives from local government, village committees, and breeding companies [2][4] - The training focused on anti-money laundering, illegal fundraising prevention, telecom fraud identification, and financial consumer rights protection, aimed at improving villagers' financial literacy and risk management skills [2][4] Group 2: Financial Knowledge and Futures - The training included basic financial and futures knowledge, addressing community concerns about financial literacy and futures hedging needs, covering topics such as agricultural price insurance and futures hedging [2][4] - Huishang Futures emphasizes its social responsibility in supporting rural revitalization, strengthening relationships with farmers, and promoting healthy financial development in rural areas [2][4]

Core Viewpoint - The document outlines the importance of strengthening regulation and risk prevention in the futures market to promote high-quality development and enhance service efficiency for the real economy [1] Group 1: Regulatory and Risk Management - The company has internalized the key tasks of serving the real economy, preventing and resolving risks, and deepening reform and opening up, guided by the regulatory opinions [1] - A comprehensive and intelligent risk management system has been established, utilizing ISO 37301 compliance management certification to reshape the institutional framework [3] - The company has not experienced any major risk events in 2024, maintaining compliance with all risk control indicators and successfully passing the first supervision audit of ISO 37301 [3] Group 2: Innovation and Development - The company has implemented a market-oriented personnel system, allowing 100% of positions to be filled through competition, which has optimized the structure of the leadership team and ignited employee enthusiasm [4] - Continuous investment in information technology and the deployment of data centers in various locations have been prioritized to ensure a stable, efficient, and secure trading environment for investors [5] - The company actively engages in investor education and protection, collaborating with major exchanges to conduct educational activities across various financial products [5] Group 3: Future Outlook - The company aims to strictly implement the regulatory opinions, continuously optimize its business structure, enhance risk control levels, and strengthen service capabilities [6] - There is a commitment to contribute to the stable development of the Chinese futures market and the construction of a financial strong nation through innovative measures and deeper integration into the Guangdong-Hong Kong-Macao Greater Bay Area [6]

Group 1: Futures Hedging Business Status - In 2024, 1,503 non-financial A-share listed companies have announced futures hedging business, an increase of 192 companies compared to 2023, with an overall participation rate of 28.6% [3] - The participation in futures and derivatives markets shows stronger hedging orientation, increased demand for exchange rate risk hedging, and a rise in the use of swap and option tools [3] - 189 companies have newly entered or plan to enter the hedging business to mitigate risks such as raw material price risk, product sales price risk, inventory risk, and exchange rate risk [3] Group 2: Types of Futures Hedging Business - Companies engaged in hedging are primarily concentrated in the basic chemical, electronics, machinery, and new energy sectors, closely related to the diversification of chemical and new energy products in domestic futures exchanges [4] Group 3: Effectiveness of Futures Hedging Business - According to the "China Listed Companies Hedging Annual White Paper (2024)," 1,853 listed companies disclosed their hedging business and profitability in 2023, an increase of 241 companies from the previous year [5] - The top ten companies in terms of hedging profitability include Jinlongyu, Xin'ao Co., Wuchan Zhongda, Xiamen Guomao, Jianfa Co., Luxshare Precision, Daodaoquan, Jingliang Holdings, China Resources Materials, and Poly Development [5] Group 4: New Demands for Futures Hedging Business - Market participants believe that futures companies should enhance their professional capabilities and service levels to meet the diverse needs of listed companies, including customized risk management solutions and comprehensive financial services [6] Group 5: Progress in Value Management - The concept of value management has evolved over nearly 20 years since its introduction in 2005, with increasing regulation and standardization in practice [7] - Recent policies emphasize the integration of value management into the performance assessment of central enterprise leaders [7][8] Group 6: Value Management Goals and Tools - Central enterprises aim to enhance the quality of listed companies and improve core competitiveness through value management [9] - Tools for value management include mergers and acquisitions, market reforms, information disclosure, investor relations management, and stock buybacks [10] Group 7: Innovations in Value Management Practice - The release of the "Listed Company Supervision Guideline No. 10 - Value Management" has made value management a mandatory practice for listed companies [13] - By February 2025, over 180 listed companies had established institutional frameworks for value management [13] Group 8: Case Studies in Value Management - The merger of China Shipbuilding and China Shipbuilding Industry Corporation is a notable example of value management through mergers and acquisitions, resulting in significant increases in market capitalization [19][21] - Industrial and Commercial Bank of China has consistently increased its market value through share buybacks and dividends, reflecting strong investor confidence [22][23] Group 9: Future Challenges and Opportunities - There is a growing need for customized risk management solutions and comprehensive financial services in futures hedging, particularly for central enterprises [32] - The recognition of futures tools' functions is evolving, with an emphasis on resource allocation and risk management in value management practices [30][31]

Core Viewpoint - The article emphasizes the increasing importance of the futures market as a key tool for listed companies to manage risks, stabilize operations, and promote high-quality development amidst a rapidly changing market environment [1][4]. Group 1: Role of Futures Market - The futures market serves as a crucial "safeguard" and "catalyst" for listed companies, enabling them to navigate challenges such as price volatility and supply chain disruptions [1][4]. - Companies like Tianma Group have successfully implemented futures hedging strategies to transition from a reactive to a proactive business model, demonstrating the effectiveness of futures in risk management [1][2]. Group 2: Financial Stability and Performance - Utilizing futures tools can significantly enhance the financial stability of listed companies by smoothing out performance fluctuations and reducing the risk of "earnings shocks," thereby boosting investor confidence [2]. - The number of A-share listed companies announcing hedging strategies increased by approximately 11% in the first four months of this year, with over 60% being manufacturing firms, indicating a growing recognition of futures tools in the industry [2]. Group 3: Strategic Decision-Making - The price discovery function of the futures market provides valuable insights for companies to optimize their operational decisions, as seen with Tianma Group integrating futures price signals into their entire supply chain [2][3]. - Companies like Jinneng Technology have adopted basis trading models based on futures prices, significantly reducing friction costs in traditional pricing negotiations and enhancing transaction efficiency [2]. Group 4: Industry Collaboration and Talent Development - The futures market fosters collaboration across the supply chain, as exemplified by Huadong Group's establishment of price linkage mechanisms with partners, which mitigates price volatility impacts [3]. - Developing a skilled team that understands both the industry and financial markets is essential for companies to effectively leverage futures tools and enhance risk management capabilities [3][4]. Group 5: Systematic Approach to Futures Trading - Successful futures operations require a systematic approach, including well-defined hedging processes, strict internal controls, and clear strategic positioning to avoid speculative pitfalls [4]. - The futures market acts as a comprehensive financial infrastructure that empowers companies to navigate complex environments and achieve high-quality development [4].

Group 1: Core Insights - The futures industry is increasingly supporting the real economy through training, innovative service models, and deepening the integration of finance and industry [1][2][3] - Futures tools are being adopted by a wide range of enterprises, from large state-owned enterprises to small and micro businesses, becoming an important driver for economic development [1][2] Group 2: Industry Applications - Futures companies are providing customized solutions to different industries, such as assisting Guangxi Nongken Yongxin Livestock Group in building the first pig delivery warehouse in South China, which enhances sales channels and mitigates price fluctuation risks [2][3] - In the energy sector, Yong'an Futures has introduced a "Zhoushan characteristic direct supply" model, utilizing futures to stabilize prices and improve market efficiency [2][3] Group 3: Financial Knowledge Promotion - Futures companies are actively promoting financial literacy among various stakeholders, including farmers and students, through training programs and knowledge-sharing initiatives [5][6] - Collaborative efforts with educational institutions are being made to cultivate composite talents and enhance financial understanding among students [6][7] Group 4: Rural Revitalization Efforts - Futures companies are engaging in rural revitalization by providing financial knowledge and support to farmers, helping them manage risks associated with price volatility [4][5] - Initiatives like "insurance + futures" projects are being implemented to assist livestock farmers in mitigating risks [4]