Hedging, the futures market to serve the development of the real economy an important way and means, through the application of real enterprises to achieve its value.Such as Miss Dong's Gree and even Ma's new love - Dakang Agriculture, have their own futures hedging Preservation system and implementation process.
Miss Dong's Secret Weapon
Recently, the industry analysts published a "Miss Dong's home copper: Gree futures hedging" article aroused concern in the circle of friends.
According to the specific operational procedures disclosed in the report, Gree Electric Materials Co., Ltd. proposed to carry out the hedging of bulk materials in 2017 including copper, steel, etc. , Involving the major settlement currencies of RMB and USD; and the business liquidity arrangement of RMB 1.2 billion.
As we all know, a large number of household appliances containing copper, mainly in all kinds of wires, condensers, strips, motors, circuit boards and electronic components.This is mainly due to the copper with high thermal conductivity, energy efficiency, corrosion resistance and antibacterial And other characteristics and performance, is the core components of home appliances choice of materials, can effectively reduce the energy consumption of home appliances, to extend life expectancy and reduce maintenance costs.
For large appliance manufacturers, this means raw material inventory risk and cost levels, which in turn are linked to the benefits of high copper consumption companies.
Cao Youming believes that if enterprises engage in hedging operations when prices of raw materials rise and the cost of locking raw materials in advance through the futures market can significantly improve their business performance and enhance the competitiveness of their enterprises, A large number of copper manufacturing enterprises, hedging in the current round of copper rose sharply, can effectively reduce the cost of copper procurement, thereby enhancing the competitive advantage of products and business performance, but also can enhance the fight against downstream enterprises Risk of product price fluctuations.
Ma Yun 's "New Huan" futures fate
December 22, 2017, A-share listed company Dakang Agriculture announced that the subsidiary New Zealand Lan New Cloud was Alibaba capital increase, after the completion of the capital Ali holds a 40% stake in the subsidiary.In the main concern of investors In the Far EasTook futures hedging business surfaced.
According to the company's public disclosure, the company's main business is the production, processing, import, sale and trading of livestock products breeding and sales, feed production and sales, slaughtering, dairy products (including infant milk powder) .According to the mid- The trade volume of goods was 7.698 billion yuan, accounting for 95.17% of the total income. The fluctuations in the prices of agricultural products affected their performance.
On December 22, 2017, Dokang Agriculture announced that the Commodity Futures Hedging Business Management System (December 2017) shows that the Company has formed a total of 10 of the 35 detailed futures hedging related rules.
For example, 'the company futures commodity futures hedging business should be limited to the production and operation of the company's products and raw materials',' the company futures commodity hedging business, the number of positions in the futures market to establish the number of positions can not exceed the actual spot transactions The number of futures positions should match the time frame of the spot market to bear the risk, when the spot transaction ends, the corresponding futures positions should be closed at the same time ',' the company carries out the commodity futures hedging business only allows the field Intra-market transactions, may not conduct OTC market transactions' and so on.
Insiders said that substantive enterprises, especially large-scale enterprises, hedging this is an important means of controlling the company's operating risk, but if not properly applied, the system is not reasonable or too much omissions, but it will become a risk investors to the Cautious business is not without reason.
For enterprises how to avoid the misunderstanding of the application of futures tools, Soochow Futures Institute Jiangxing Chun on the China Securities Journal (ID: xhszzb) told reporters that large enterprises hedging are the main four points:
one
The purpose of hedging is to transfer risks. It is necessary to strictly correspond with the spot and avoid blind speculation.
two
Hedging is a long-term selective hedging strategy, we must objectively assess the market;
three
Hedge should have strict risk control and internal control processes, coupled with professional hedging team;
four
Hedge to do a reasonable funding arrangements, the corresponding performance evaluation, futures, spot consolidation calculation.