编者按：为了展示机构在服务实体经济、促进产创融合方面的成果，推动形成"金融赋能创新、创新驱 动产业"的良性循环，期货日报推出"期货赋能产业创新"优秀投教案例系列报道，助力期货行业在深化 工具应用、支持产业升级中实现高质量发展。 华东一家碳酸锂湿法回收企业的负责人去年没睡过几个安稳觉。2024年，新能源汽车产业狂飙突进，但 作为关键原料的碳酸锂的价格却大幅波动，让这位在行业耕耘多年的"老将"感到心力交瘁。"原料采购 和成品销售两端受压，价格波动直接吞噬我们本就微薄的利润。"他坦言，在接触期货工具之前，企业 面对市场风险几乎是在"裸奔"。 数百公里之外，一家刚刚中标国家电网项目的电缆企业同样面临抉择。2024年年初，铝价处于高位，若 按传统模式在现货市场采购，高达70%的原材料成本占比将把项目利润侵蚀殆尽。如何保证供货并控制 成本，成为横亘在企业面前的一道难题。 这些看似孤立的困境，实则折射出制造业面临的共同挑战。而在不确定性成为新常态的今天，期货公司 正通过创新金融工具，为实体企业装上应对市场波动的"稳压器"。 精准套保：为新能源产业链系上"安全带" 该方案通过累购期权结构，巧妙地在锁定采购成本上限的同时，保留 ...

Core Viewpoint - The use of options tools has accelerated in recent years, helping companies manage risks related to raw material procurement prices, product sales prices, and exchange rates, thereby enhancing efficiency and reducing costs [1] Group 1: Risk Management with Options - A stainless steel company faces inventory value fluctuation risks and seeks to hedge against potential depreciation using financial instruments [1] - The company requires a solution that allows for profit generation when inventory values rise, which traditional futures contracts cannot provide, leading to the use of options [1][2] - A specific options strategy, known as the "seagull option," is proposed to mitigate risks while keeping costs low [4] Group 2: Seagull Option Strategy - The seagull option involves buying a put option with a strike price of 12,500 yuan/ton, selling a call option with a strike price of 14,000 yuan/ton, and selling another put option with a strike price of 11,000 yuan/ton [4] - This strategy allows the company to protect against inventory value declines while not incurring additional losses during slight price increases [4][5] - However, the strategy has limitations, including exposure to significant price drops below 11,000 yuan/ton and price increases above 14,000 yuan/ton [5] Group 3: Cost Reduction through Accumulated Purchase Options - A large stainless steel processing company plans to use accumulated purchase options to lock in lower procurement prices while managing the risk of rising costs [6] - The accumulated purchase option has specific terms, including an execution price of 14,050 yuan/ton and a knock-out price of 14,480 yuan/ton, allowing for flexible purchasing based on market conditions [6] - The company successfully saved 9,550 yuan in procurement costs by utilizing this strategy over a 30-day observation period [7] Group 4: Advantages and Risks of Accumulated Purchase Options - Accumulated purchase options are suitable for investors who are optimistic about the long-term outlook but uncertain about short-term price movements [8] - The mechanism of "periodic mandatory purchases" helps investors avoid emotional trading behaviors, promoting disciplined investment habits [8] - However, the primary risk lies in continuous price declines, which can lead to increasing losses for investors [8] Group 5: Importance of Tailored Options Strategies - Companies must accurately assess risk types and select appropriate options products and terms to design personalized hedging solutions in collaboration with professional financial institutions [9]

Core Viewpoint - Accumulated options play a significant role in helping production and trading companies reduce costs and improve efficiency, particularly in volatile markets where locking in higher selling prices or lower purchasing prices is essential [1][19]. Summary by Sections Accumulated Options - Accumulated options, also known as cumulative options, allow investors to buy or sell a specified quantity of an underlying asset at predetermined price conditions over a future period [2]. - Common elements of accumulated options include the underlying asset, contract duration, initial price (S0), knock-out price (H), exercise price (K), and leverage factor (N) [2]. Example of Accumulated Options - An example of a sugar cumulative put option specifies that if the closing price (St) is equal to or exceeds 6000 CNY/ton, the investor receives 2 times the SR501 short position at that price [3]. - The structure also includes fixed payout cumulative options, which provide fixed compensation within a specified range, potentially leading to excessive hedging risks for some companies [3]. Risk and Return Characteristics - Accumulated options can be viewed as a series of options that expire on each observation day, allowing for a structured approach to risk management [4]. - The advantages of using exchange-traded options to replicate accumulated options include transparency in pricing and the ability to adjust positions dynamically [5]. Application Scenarios - Accumulated options are suitable for scenarios with low tail risk, where the probability of significant price movements is minimal, thus enhancing returns or reducing costs [7]. - For instance, a sugar trader may use a cumulative put option to manage inventory while waiting for favorable price movements [7]. Considerations for Using Accumulated Options - Volatility is a critical factor when considering the use of accumulated options, as higher volatility can lead to increased payouts [8]. - The choice of exercise price and knock-out price significantly impacts the risk and return profile of the options [9][10]. Risk Control Measures - Companies must be cautious of insufficient hedging when the underlying price drops significantly below the knock-out price, which can lead to unprotected positions [11]. - Effective risk management strategies include accurately assessing hedging needs and selecting appropriate option structures to avoid excessive hedging [12][13]. Conclusion - Accumulated options are beneficial for locking in favorable prices in a fluctuating market, but caution is advised in trending markets to avoid potential losses [18].