Core Viewpoint - The futures market is taking on a new mission to serve the real economy under the policy backdrop of "stabilizing expectations, strengthening confidence, and expanding domestic demand" [1] Group 1: Challenges Faced by the Real Economy - The real economy is facing significant challenges due to the volatility of commodity prices and weak demand, leading to increased operational risks for enterprises [2][3] - Enterprises are experiencing greater uncertainty in orders and pricing, which affects their production planning, raw material procurement, and financial preparations [2][3] Group 2: Role of the Futures Market - The futures market plays a crucial role in stabilizing expectations through its three core functions: price discovery, risk management, and resource allocation [3] - An example is provided where a company used futures contracts to hedge against the price volatility of lithium carbonate, ensuring stable production and timely delivery despite market fluctuations [3] Group 3: Difficulties in Utilizing Futures Tools - The basis risk is a major difficulty for enterprises when using futures tools for hedging, as the price movements of raw materials and finished products do not always align with futures prices [4] - Other challenges include funding pressures, a shortage of professional talent, and insufficient understanding of futures market rules and trading strategies [4] Group 4: Expectations from the Futures Industry - Enterprises expect more personalized and professional risk management solutions tailored to their specific industry characteristics and risk tolerance [5] - There is a demand for enhanced training and guidance on futures knowledge to improve understanding and capabilities within enterprises [5] - Innovation in service models and products is also sought, such as risk management contracts linked directly to spot market needs [5] Group 5: Innovations in Service Models - Hai Zheng Futures has introduced innovative service models like rights-linked trade and warehouse receipt swapping to better meet the needs of enterprises [6][7] - The rights-linked trade model allows enterprises to have options based on market price fluctuations, providing flexibility in risk management [6] - The warehouse receipt swapping service addresses mismatches between the required and actual warehouse receipt brands, enhancing the flexibility of enterprises in futures delivery [7] Group 6: Recommendations for Improving Futures Services - There are several identified bottlenecks in the futures market's service to the real economy, including unregulated warehouses leading to credit risks [8] - Recommendations include enhancing government oversight of social warehousing, focusing on specific commodity chains, and increasing support for risk subsidiaries within futures companies [8][9]

Core Viewpoint - The futures market is taking on a new mission to serve the real economy amid the current policy backdrop of "stabilizing expectations, strengthening confidence, and expanding domestic demand" [1] Group 1: Challenges Faced by Real Enterprises - Real enterprises are facing significant challenges due to the volatility of commodity prices, which has become a norm, leading to increased procurement costs and reduced profit margins [2] - Demand weakness and order uncertainty are also major risks, as global market demand shrinks and domestic competition intensifies, complicating production planning and increasing operational costs [2] Group 2: Role of Futures Market - The futures market plays a crucial role in stabilizing expectations through three core functions: price discovery, risk management, and resource allocation [3] - An example is provided where a company used futures contracts to hedge against the price volatility of lithium carbonate, ensuring stable production and timely delivery despite market fluctuations [3] Group 3: Difficulties in Utilizing Futures Tools - Basis risk is a primary difficulty for enterprises using futures tools for hedging, as the price movements of raw materials and finished products do not always align with futures prices [4] - Other challenges include funding pressures, a shortage of professional talent, and insufficient understanding of futures market rules and trading strategies [4] Group 4: Expectations from the Futures Industry - Enterprises expect more personalized and professional risk management solutions tailored to their specific industry characteristics and risk tolerance [5] - There is a demand for enhanced training and guidance on futures knowledge to improve understanding and capability within enterprises [5] - Innovation in service models and products is also anticipated, such as risk management contracts linked directly to spot market needs [6] Group 5: Innovations in Service Models - The introduction of innovative service models like rights-based trading and warehouse receipt swapping has been highlighted as a significant breakthrough to better meet the needs of real enterprises [7][8] - These models provide more flexible risk management solutions and enhance the collaboration between futures companies and enterprises [8] Group 6: Recommendations for Improving Futures Services - There are several identified bottlenecks in the futures market's service to the real economy, including credit risks from unregulated warehouses and limited coverage of spot products by risk subsidiaries [9] - Recommendations include increasing government oversight of social warehousing, focusing risk subsidiaries on specific commodity chains, and enhancing support for risk subsidiaries from industry associations [10][11]

今年以来国际形势变幻莫测，实体企业受影响较大。刘飚认为，实体企业面临的严峻挑战突出表现在两 个方面：首先是大宗商品价格剧烈波动成为常态。这使得企业面临着原材料、产成品较大的价格波动风 险，采购成本和销售价格的不确定性大幅上升，利润空间被挤压，甚至可能因价格剧烈波动而陷入亏损 境地。 其次，实体企业面临着需求疲软且订单不确定性的风险加大。国际经济形势不稳定导致全球市场需求萎 缩，海外订单减少，国内市场竞争也愈发激烈。企业不仅难以获得稳定的订单，而且订单的规模和利润 水平也受到影响。同时，订单不确定还使得企业在生产计划安排、原材料采购、资金筹备等方面面临诸 多困难，增加了企业的运营成本和经营风险。 "期货市场在'稳预期'方面发挥着至关重要的作用，这主要体现在价格发现、风险管理和资源配置三大 核心功能上。"刘飚以近期某新能源正极材料厂为例介绍说，2025年二季度，该企业与新能源电池厂签 订了2025年下半年供应电池正极材料的订单。根据签单时市场原材料价格及订单价格，该单仅有微薄利 润。然而，碳酸锂作为生产电池正极材料的关键原材料，价格波动较大，一旦碳酸锂价格上涨，该订单 就会面临亏损风险。考虑到这一情况，该企业在签 ...