期货日报网讯（记者 谭亚敏）8月19日，由郑州商品交易所、芝加哥商业交易所集团联合主办的2025中国（郑州）国际期货 论坛正式开启。在当天下午举办的产业企业风险管理论坛上，避险网创始人刘文财介绍，当前上市公司成本有效套期保值 理念已经形成。 实际交易中，该铜企2024年5月30日平仓期货买入套保的头寸，转而买入铜场内期权相关合约，开仓数量1000吨，执行价 84000元/吨，权利金均价1552元/吨。6月24日，铜场内期权到期，该铜企放弃行权，权利金损失1552元/吨，同时买回铜期货 8月合约，成交价78650元/吨。总体测算，该策略用权利金损失规避了期货高位下跌的风险，较期货套保实现增值收益约350 万元。 "对产业企业来说，期货是一个很好的工具，企业要善于利用期货工具，做套保、做基差可以使企业增厚利润。目前期货和 期权相结合，对企业来说，也是一个很好好的帮手。"刘文财说。 据统计，2024年实体行业A股上市公司公告中提及的套期保值额度总计约为3.4万亿元（外币计价的按2024年的日均汇率折 算为人民币），其中商品套保额度约为2890亿元，外汇套保额度约为3.0万亿元，利率套保额度约为50亿元，未分类的额度 ...

Core Viewpoint - The conference organized by Jinrui Futures in Foshan focused on the evolving global trade landscape, trends in the copper and aluminum markets, and the application of financial derivatives in the non-ferrous metal industry [1][2]. Group 1: Market Trends - The non-ferrous metal industry in South China is facing challenges such as supply-demand structural adjustments and increased price volatility due to the rise of the new energy industry [1]. - There has been a decline in non-ferrous metal inventories in Guangdong province, with spot and futures premiums reaching new highs, indicating tight supply expectations [2]. - The expected decline in imported copper will accelerate the decrease in domestic electrolytic copper inventories [2]. Group 2: Demand and Supply Dynamics - The growth in investment in the power sector is expected to support copper prices, although the construction industry is unlikely to provide positive feedback for copper consumption in the short term [2]. - The aluminum market is experiencing limited supply growth as electrolytic aluminum production capacity approaches its ceiling, while demand remains relatively weak [2]. Group 3: Risk Management and Derivatives - The development of the over-the-counter derivatives business in China is progressing well, with increasing participation and transaction volumes in copper options [2]. - The risk management subsidiary of Jinrui Capital plays a crucial role in enhancing the risk management capabilities of the non-ferrous metal industry and supporting its international development [2].