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 ...

企业运营中常面临原材料采购价格、产品销售价格、汇率等波动风险，而期权工具的运用在近几年得到加 速，在帮助企业应对不确定性风险、提升效率、降低成本方面发挥着明显且独特的作用。期权的本质是通 过"定制化的权利义务安排（企业支付少量成本，锁定未来关键权益）"服务经营目标。下面以某不锈钢企 业为例，分场景具体说明期权如何帮助企业对冲风险，减缓价格波动对利润的冲击。 某不锈钢企业在5月面临库存价值波动的风险，担心大量不锈钢库存贬值。在库存价值下跌时，企业要求通 过金融工具产生盈利对现货库存提供补偿，这一点利用卖出期货套期保值（下称套保）可以实现。但是该 企业要求库存价值上涨时，金融工具不能有明显的亏损，不能吞噬现货上涨的收益。此时，使用期货进行 卖出套保显然是不能满足企业要求的，只能使用期权工具进行配置。另外，目前不锈钢企业利润较低，使 用期权工具时花费的权利金也应尽量降低。 | 挂钩标的:SS2409 不锈钢期货合约 | | --- | | 生效日:2024年5月8日 | | 到期日:2024年6月19日 | | 观察日天数(交易日):30天 | | 标的人场价:14125元/吨 | | 执行价格:14050元/吨( ...

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].