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Zhengzhou Commodity Exchange (hereinafter referred to as "Zheng Commercial Exchange") recently held the 2021 "Industrial Base" review meeting in Zhengzhou. Representatives of 38 "industrial bases" from PTA and other industries participated in the conference. They introduced their companies' participation in the futures market, the experience and effects of market cultivation activities, and this year's work plan. They also gave an introduction to the "industrial base". The construction put forward relevant suggestions.
The construction of the "Industrial Base" of the Zhengzhou Commercial Firm was launched in 2019, and it is one of the important starting points for the Zhengzhou Commercial Firm to serve the real economy. The 38 companies participating in this evaluation are all industry leaders, and they play an active role in driving upstream and downstream companies to correctly understand, participate in the futures market to manage business risks, and maintain the stability of the supply chain.
Hengyi Petrochemical is one of the leading large-scale chemical fiber enterprises. Zhejiang Hengyi International Trade Co., Ltd. (hereinafter referred to as "Hengyi International Trade") is the main platform for Hengyi Petrochemical to participate in futures hedging.
A representative from Hengyi International Trade introduced that as the "industrial base" of PTA and staple fiber futures, Hengyi International Trade actively held the "Stabilize Enterprises, Secure Agriculture, and Escort Entities" this year, and "Maintain Supply and Stable Prices to Serve SMEs in Futures". Participate in various themed events such as round table forums, participate in industrial forums and market research such as chemical fiber, polyester, and actively popularize futures market knowledge among upstream and downstream enterprises in the industrial chain, promote futures tools, and help industrial enterprises use market-based methods to manage production and operation risks.
Hengyi International Trade also continues to explore the combination of futures and current business models, reduces raw material procurement costs through hedging, uses futures to build virtual factories to lock in production profits, and comprehensively uses PTA options and futures portfolio strategies to increase revenue, while enriching its own production and business strategies. , It also expands the application scenarios of futures prices and enhances the influence of futures prices.
In the textile industry chain, in addition to PTA futures and options, the listed futures also include staple fiber futures, cotton futures, and cotton yarn futures.
Xinjiang Yintong Cotton Industry Co., Ltd. and Xinjiang Guannong Tianfeng Products Co., Ltd. belong to Xinjiang Guannong Fruit and Mushroom Co., Ltd. In recent years, the two companies have actively participated in cotton futures, using a combined futures and cash business model to carry out basis trading, financing, point price trading, hedging, and delivery.
"In the past 17 years since cotton futures went public, its price discovery and hedging functions have been steadily exerted, providing an effective reference basis for relevant government departments to formulate cotton industrial policies and business operations, and have played a positive role in deepening the reform of the cotton circulation system." Guannong The relevant person in charge of the company stated that the company attaches great importance to the construction of cotton "industrial base", and actively conducts market cultivation activities in a continuous and systematic manner through the organization of futures business training, roundtable forums, and industrial research.
It is understood that "industrial base" companies such as PTA and cotton are more mature in the use of options, and models such as rights-containing trading are increasingly used in business operations; "industrial base" companies are promoting the basis linkage of ZCE's integrated business platform Good results have also been achieved in the process of point-of-price functions.
The relevant person in charge of the ZCE said that at present, industrial companies are actively using futures and derivatives to manage production and operation risks and achieve stable operations. Many companies also use the "dual chain" approach of combining futures and cash and combining industry and finance as a normalized business model. , This is inseparable from the demonstration effect of the "industrial base" and the role of "passing and connecting".
According to the person in charge, ZCE will waive all futures types hedging opening, delivery, warehouse receipt transfer (including EFP warehouse receipt transfer) and standard warehouse receipts as margin handling fees throughout 2022. .
Since 2020, ZCE has continued to implement hedging opening, delivery and warehouse receipt transfer fee exemption measures in order to support entity companies to fight the epidemic and resume production. In 2021, the volatility of commodity prices will intensify, and the risk management needs of entity companies will increase significantly. ZCE has adopted the exemption of standard warehouse receipts as margin handling fees in a timely manner to effectively reduce the financial pressure on entity companies to participate in the futures market and help stabilize the supply chain of the industrial chain.
"This fee reduction is a specific measure taken by ZCE to effectively implement the spirit of the Central Economic Work Conference. After the implementation of relevant measures, it can continue to accurately and effectively reduce the cost of entity companies participating in all aspects of the futures market, ease the pressure of rising costs for SMEs, and help companies Continue to operate stably and provide better services to ensure the supply of bulk commodities and stabilize prices.” said the relevant person in charge of the Zhengzhou Commercial Exchange.
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