Group 1 - The Shanghai International Energy Exchange announced the trading schedule for the National Day and Mid-Autumn Festival in 2025, indicating no night trading on September 30, 2025, and a market closure from October 1 to October 8, 2025, with trading resuming on October 9, 2025 [1] Group 2 - Starting from the settlement on September 29, 2025, the margin ratios and price fluctuation limits for various futures contracts will be adjusted, including a 9% fluctuation limit for international copper futures and a 12% limit for crude oil and low-sulfur fuel oil futures [2] - The margin ratio for international copper futures will be set at 10% for hedging positions and 11% for general positions, while crude oil futures will have a 13% margin for hedging and 14% for general positions [2] Group 3 - On October 9, 2025, after the first trading day without a one-sided market, the price fluctuation limits and margin ratios for all futures contracts will revert to their original levels [2][3]

Core Insights - The demand for hedging tools among enterprises has significantly increased in the first five months of 2025 due to rising geopolitical tensions and shrinking export orders, leading to a greater awareness of risk management among companies [1][2] Group 1: Hedging Demand and Trends - From January to May 2025, the demand for hedging solutions from clients of Guangfa Futures has notably risen, reflecting a shift in risk management strategies among enterprises [1] - Three new trends in hedging demand have emerged: transitioning from single commodity hedging to industry chain hedging, upgrading from passive risk management to proactive pricing, and a rapid penetration of hedging tools among small and medium-sized enterprises [1][2] Group 2: Innovative Hedging Models - Guangfa Futures has successfully assisted a rubber import-export company in adopting a pricing model based on the futures price of No. 20 rubber, resulting in a total trade volume exceeding 8,000 tons [2] - The "insurance + futures" model has been implemented in the peanut farming sector in Henan, providing price protection for over 6,000 farmers and covering nearly 20,000 tons of peanuts [2] Group 3: Challenges in Utilizing Futures - Enterprises face five main challenges in utilizing futures tools: insufficient professional capacity, funding constraints, limited market coverage of futures products, inadequate understanding of basis risk, and uneven distribution of delivery warehouses [3][4] - Many enterprises still have misconceptions about the futures market, leading to low participation rates in risk management through futures and derivatives [4] Group 4: Expectations from the Futures Industry - Enterprises expect the industry to enhance specialized service offerings, reduce market participation costs, accelerate product and tool innovation, and assist in optimizing delivery warehouse layouts [3][4] - Guangfa Futures aims to provide customized risk management services to small and medium-sized enterprises, covering various commodities and offering comprehensive support in supply chain finance [4][5] Group 5: Educational Initiatives - To improve understanding and utilization of futures tools, Guangfa Futures is focusing on creating a layered educational content system, innovative educational formats, and a collaborative educational ecosystem [5]