齐鲁大地上，钢铁火红锻造工业筋骨，化工流光照亮转型之路，有色光泽焕发产业生机，田野青绿夯实 粮仓根基，共同凝聚起实体经济发展的强劲动能。 近年来，依托优势工业品与特色农产品资源，山东期货市场在提升产业链供应链韧性、助力乡村振兴等 方面的作用日益凸显。2025年，围绕更好地发挥期货市场功能、促进实体经济高质量发展，山东证监局 在严守风险底线、强化监管赋能的基础上，推动市场各方把期货衍生工具科学运用到产业一线，把价格 信号转化为经营决策，把风险管理嵌入生产流通全链条，逐步形成期货市场与实体经济同频共振的生动 实践，推动期货市场在稳链保供、稳产增收中发挥更大作用。 凝聚共识：锚定高质量发展方向 期货和衍生品法明确指出，"国家支持期货市场健康发展，发挥发现价格、管理风险、配置资源的功 能"。期货市场天然与现货产业相伴相生，越是产业链长、品类多、供需波动频繁的地方，越需要一套 更加精密的风险管理工具箱，用以对冲价格波动、稳定经营预期、提升资源配置效率，更好地护航产业 链供应链稳健运行。 提升服务：让工具看得懂、用得好 运用期货衍生工具管理风险，关键在于易懂和会用。围绕产业企业"想用不会用、想用不敢用"的痛点， 山东证监 ...

Core Viewpoint - The training session organized by the Guangxi Futures Exchange aims to enhance the utilization of futures derivatives in the renewable energy sector, addressing market risks faced by companies in Jiangsu Province [1][2] Group 1: Training Objectives and Content - The training session involved nearly 100 participants from renewable energy companies and futures firms, focusing on the role of the futures market in supporting green transformation and new productivity [1] - Experts from various organizations provided insights on market supply and demand, methods for utilizing futures derivatives, practical examples of futures trading, and risk management frameworks [1] - The Guangxi Futures Exchange presented information on its product operations and hedging services to the attending companies [1] Group 2: Market Risks and Needs - Jiangsu Province, a hub for renewable energy industries like photovoltaics and lithium batteries, faces multiple market risks, including supply-demand mismatches and price volatility of raw materials and finished products [1] - Companies expressed the need for futures risk management tools to ensure stable operations amid uncertainties in internal and external policies [1] Group 3: Future Initiatives - The Guangxi Futures Exchange plans to strengthen communication with local governments and enhance collaboration with regulatory bodies and other exchanges [2] - The exchange aims to promote risk management concepts and implement training and service measures to empower the green low-carbon transition in the renewable energy sector [2]

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]