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提升企业期货运用能力和风险管理水平
Qi Huo Ri Bao Wang· 2025-11-24 08:28
近日,广期所联合江苏证监局、江苏省委金融办和江苏省工信厅在江苏南京开展"助绿向新"期货服务产 业培训。近100名新能源企业以及期货公司相关负责人参加培训。 下一步,广期所将加强与地方政府的交流,强化与地方证监局和其他交易所合作,持续宣传风险管理理 念,推进"助绿向新"产业培训及各项服务措施落地见效,以期货赋能绿色低碳转型,助力新能源行业健 康稳定发展。 据期货日报记者了解,本次培训旨在充分发挥期货市场服务绿色转型与新质生产力的功能,帮助新能源 产业企业更好利用期货衍生工具管理生产经营风险,邀请中国有色金属工业协会、上海证券交易所和期 现贸易公司等的专家,就新能源行业市场供需现状及展望、企业利用期货衍生工具的基本方法与典型案 例、期现贸易与产业合作模式实操分享、实体企业衍生品业务内控及风险体系搭建、期货与衍生品交易 信息披露监管规则等议题进行了深入讲授。此外,广期所讲师为参会企业介绍了广期所品种运行情况及 套期保值业务相关情况。 作为新能源产业集聚的经济大省,江苏省内光伏、锂电等企业面临阶段性供需错配、原材料和产成品价 格波动、内外部政策存在不确定性等多重市场风险,亟须期货风险管理工具为企业平稳经营保驾护航。 ...
衍生品破局:提升钢铁产业链韧性 助力现代化产业体系建设
Qi Huo Ri Bao Wang· 2025-11-04 01:29
Core Insights - The article discusses the evolution of the black industry chain, highlighting the rigid pricing mechanisms between the upstream steel industry and downstream manufacturing sectors, which transfer price volatility risks to downstream players [1][2] - It emphasizes the introduction of futures derivatives as a solution to restructure risk-sharing mechanisms within the industry chain, allowing for a more flexible pricing buffer [1][4] Industry Overview - The steel industry operates under a long-process smelting model, focusing on maintaining reasonable profits and stable production while controlling costs [2] - Steel trading companies serve as supply chain service providers, addressing the pricing risks that arise from asymmetric purchasing and sales between upstream and downstream entities [2] Market Dynamics - In Q2 2023, steel prices fell due to supply-demand imbalances and seasonal factors, prompting downstream shipbuilding companies to seek current market prices for their annual production needs [2] - Existing pricing models from steel companies did not meet the actual needs of shipbuilding firms, leading to a mismatch in pricing expectations [2] Risk Management Solutions - The collaboration between futures companies and steel trading firms facilitated a pricing conversion that addressed the needs of both shipbuilding and steel companies [3] - A closed-loop system was established where steel companies sold at floating prices, while trading firms provided price management services to shipbuilders, allowing for fixed-price procurement [3] Financial Impact - From May to September 2023, trading firms locked in steel resources for shipbuilders, reducing procurement costs from approximately 5780 CNY/ton to 4980 CNY/ton, resulting in an additional revenue of about 800 CNY/ton for shipbuilders [3] - Steel companies benefited from a stable profit of around 200 CNY/ton without bearing the exposure risk [3] Strategic Importance - The "guaranteed supply and locked price" model meets the needs of both upstream production and downstream risk control, ensuring stable prices and supply [4] - This project supports the stable operation and development of the manufacturing sector, which is crucial for maintaining economic growth and enhancing competitiveness in the industrial landscape [4]