This article**: People's Daily Online.
Reporter Zhao Zhanhui.
Data**: China Securities Regulatory Commission, etc. Drawing: Zhang Danfeng.
At the beginning of August this year, the total capital of China's ** market exceeded 18 trillion yuan, a record high;In the first 11 months, the cumulative trading volume and turnover of the **market increased year-on-year, respectively. 9%；A total of 21 new varieties of ** options have been listed, and the total number of varieties has reached 131 ......Since the beginning of this year, China's largest market has steadily expanded, the variety system has been continuously enriched, and it is accelerating the pace to match the risk management needs of China's super-large market and as a major country, and continue to improve the ability and level of serving the real economy.
Continue to innovate the "insurance + ** service model" to promote the high-quality development of rural industries.
As the harvester beats the leaves, sharpens the top, and pulls the beet, the chubby beets are harvested into the warehouse, and then sent to the factory to make sugar ......In Shangdu County, Ulanqab City, Inner Mongolia, sugar beet harvested abundantly. This year, grower Bian Guang's heart is sweeter than the sugar beet he grows: "I just participated in the kick-off meeting of the beet 'insurance +** project, but I didn't expect that there would be such a product that could bring us better benefits." ”
Shangdu County has long sunshine hours, high soil organic matter content, high yield and excellent quality of sugar beet, but the fluctuation of white sugar ** has troubled growers. This year, with the support of the Zhengzhou Commodity Exchange, Shanghai Orient Securities **, Dadi** and PICC Property Insurance jointly launched the sugar beet "insurance +** project for the first time in Shangdu County.
Xu Jinghua, the person in charge of the "insurance + ** business of Zhengzhou Commodity Exchange, said that sugar beet sales are relatively special, and local sugar companies usually sign purchase agreements with sugar beet growers at the beginning of the year and agree to purchase **. For growers, although the fixed-price purchase model guarantees a minimum purchase**, in the case of sugar beet***, it does not allow farmers to make more profits. After the growers participate in the "insurance +** project, if the beet corresponding to the beet exceeds the agreed *** insurance company will make a claim to the grower, and the insurance company will bear the ** risk by purchasing option products from the ** company and transferring it to the ** market for dispersion, avoiding the situation that the farmer sells in advance and the ** is lower.
In Zhaosu County, Xinjiang, about 3,000 kilometers away from Shangdu County, the "sugar beet" insurance + ** project has been carried out for 3 years, which has effectively protected the income and planting enthusiasm of growers during the period of large fluctuations in white sugar.
At the meeting, we all did training, and we also saw the results in other places, this product is very good, and the bottom is guaranteed and the income is increased. Bian Guang said that everyone participated very enthusiastically.
This year is the ninth year of the "Insurance + ** model pilot", and this innovative model has achieved more and more results. As of the first half of this year, a total of 73 ** companies have provided risk management services for 18 agriculture-related varieties such as pigs, corn, apples, and natural rubber through the "insurance +** model, with a cumulative insured value of 1,346 goods0.4 billion yuan, to achieve compensation of 449.3 billion yuan;The project covers 1,224 counties in 31 provinces (autonomous regions and municipalities directly under the central government), covering 5.39 million rural households.
With the in-depth implementation of the project, "insurance + **n" innovation has emerged in an endless stream. In March this year, the Dalian Commodity Exchange launched the special project of "Bank Futures" soybean planting and harvesting, exploring more financial synergies through "insurance + ** bank + leading enterprises" to provide farmers with comprehensive financial services.
The planting cost of one acre of land is almost 1,000 yuan, and the planting is 750,000 acres of soybeans will cost about 75 million yuan, and it is difficult to get so many loans in the short term. Li Fuqiang, chairman of an agricultural machinery professional cooperative in Bei'an City, Heilongjiang Province, said that a few years ago, the cooperative reduced production, soybean sales were not ideal, and the bank that has been cooperating did not issue loans.
Centralized large-scale planting has a large demand for funds, how to make banks "rest assured" of loans?Bank-futures protection provides a solution. According to the relevant person in charge of the Dalian Commodity Exchange, the "bank futures insurance" introduces the participation of leading enterprises and banks that purchase soybeans on the basis of "insurance +**", and relies on the forward purchase orders and income insurance of leading enterprises to help cooperatives determine the expected income in advance during the soybean preparation period and provide a basis for bank loans. After the soybeans are mature, the leading enterprises will purchase and put them into the warehouse, and the actual grain payment will be put into the special account of the cooperative in the loan bank, and the cooperative can withdraw the remaining grain after the repayment is completed, so as to realize "there are funds for planting grain, there are people to collect the grain, and there are people to compensate for the reduction of income".
With Bank-Term Insurance, we can not only lock in the minimum yield in advance during the preparation period, but also obtain credit support to provide financial security for soybean planting. Li Fuqiang said.
Since the beginning of this year, the consensus and norms of "insurance + ** service rural revitalization have been continuously strengthened:" the first business guidelines in the field of insurance + ** have been formulated, and the insurance + ** business evaluation program has been further optimized and improved;As the initiator and promoter, the exchange has increased project capital investment and accelerated model innovationThe leading role of local ** projects has been continuously enhanced, and the proportion of financial support for many projects has increased, and some even exceed 60% ......
Years of practice have shown that the innovation of the financial model of 'insurance +** to support agriculture and benefit farmers has not only achieved positive results in ensuring farmers' income, helping the high-quality development of rural industries, and enabling inclusive finance, but also promoted the transformation of China's traditional agricultural risk management concept to the direction of marketization, and played a positive role in promoting agricultural modernization. The relevant person in charge of the Dalian Commodity Exchange said.
Better serve the supply and price stability of bulk commodities, and help improve the resilience and safety of the industrial chain.
Winter is the off-season for fertilizer, at this time of the year, about 4 million tons of urea in the country have been stored in storage, waiting for the next spring to be out of the warehouse, in order to ensure the preparation of spring ploughing.
According to the requirements of China's fertilizer commercial reserve system, storage enterprises need to ensure more than 6 months in the storage period, even during the storage period of fertilizer storage enterprises to maintain the corresponding scale of storage. In recent years, when the storage period expires, the delivery of fertilizer is sometimes lower than that of storage, superimposed storage fees, capital costs, etc., storage enterprises lose more, financial subsidies are difficult to cover, and enterprises are not motivated to participate.
Worried about the depreciation of goods, 'dare not store', to a certain extent, it will affect the national fertilizer supply and spring fertilizer safety. Wang Cong, the person in charge of the "commercial storage worry-free" business of Zhengzhou Commodity Exchange, introduced that grasping the pain point of this storage enterprise, Zhengzhou Commodity Exchange listed urea ** in 2019 to provide hedging tools for storage enterprises, and in 2021, it will innovate and carry out the "commercial storage worry-free" project, by subsidizing the trading, delivery and warehouse receipt costs incurred by storage enterprises in the hedging process, encouraging enterprises to use hedging to hedge the risk and help enterprises stabilize their operations.
The 'Commercial Savings Worry-free' project has helped the group effectively alleviate the contradiction between 'goods cannot be moved' and 'goods can be moved at any time' during the reserve period, giving us more confidence and motivation to make greater contributions to fertilizer reserves and national food security." Li Yinglong, director of the procurement department of Stanley Agricultural Group Co., Ltd., said.
In the first quarter of this year, Stanley Group had about 100,000 tons of commercial reserves of urea in storage, during which the spot price of urea was at a high level, but it is expected that there will be a risk of falling back soon. At that time, spring ploughing was imminent, and the inventory could not be reduced, so how to avoid the risk of impairment of goodsStanley Group has carried out hedging operations, that is, buying and selling activities in opposite directions in the spot market and ** market at the same time, and can always make a profit in one market, so as to offset or make up for the deficit caused by the other market.
The spot market cannot be sold, but can be sold in the ** market to hedge the potential loss risk in the spot market. Li Yinglong introduced, with the support of the "commercial storage worry-free" project, the group sold hedging through the first market to part of the urea in the warehouse at the right time, and then according to the actual spot delivery situation, the first position was closed in batches, "Thanks to the hedging operation, the group effectively coped with the risk of depreciation of goods brought by spot goods, which not only guaranteed fertilizer, but also reduced the cost of fertilizer for farmers." ”
Stability is stability, and the stability of a certain link is stabilized, and the stability of the interlocking industrial chain is also enhanced. For the best tools to help improve the resilience of the overall industrial chain, the person in charge of Xi'an Zhongli Asphalt is very touched.
In the second half of last year, global energy weakened, and the cost of asphalt continued to decline. Xi'an Zhongli as an asphalt processing enterprise, there is a certain time lag between the purchase of asphalt raw materials and the sale of asphalt processing products, if the asphalt raw materials continue, enterprises can only choose to reduce prices when selling downstream, which greatly affects the income.
At the end of last year, Xi'an Zhongli participated in the "** price stabilization order" project launched by the Shanghai ** Stock Exchange, and transferred the fluctuation risk through the ** risk management subsidiary in the ** market operation, and finally obtained the ** compensation of 55 yuan per ton of asphalt. "After receiving the first compensation, we can maintain stable production while also having the confidence to reduce the price of products, maintain good cooperative relations with downstream customers, and do not have to worry about the risk of breaking the contract and abandoning the order. The head of the company said.
The relevant person in charge of the Shanghai ** Exchange believes that from the micro level, the ** market helps enterprises avoid the risk of fluctuations, ensure stable operation, and achieve continuous commodity developmentFrom a mesoscopic point of view, the best tool can enhance the stickiness of the upstream and downstream, promote the reasonable distribution of profits in each link, smooth the operation of the industrial chain, and improve its resilience and stabilityFrom a macro perspective, by using the international attributes of the market, related industries can improve the efficiency of resource allocation in the international and domestic markets, and at the same time, the country can also improve the ability to control key strategic resources by enhancing the influence of pricing.
Nowadays, China's leading market has a higher and higher position in the global market, and plays an important role in serving the real economy and national strategy, and maintaining national economic and financial security. The relevant person in charge of the Shanghai ** Exchange said that at present, there are 32 options on the Shanghai ** Exchange, and the international influence of "Shanghai**", including "Shanghai Oil", "Shanghai Copper" and "Shanghai Gold", has been continuously improved.
Optimize the layout and delivery mechanism of commodities and promote the construction of a unified national market.
The red dates in Xinjiang are ripe!In November, in Aksu, Kashgar, Hotan and other places, the heavy new jujube is like a string of small red lanterns hanging on the branches.
From Xinjiang all the way to the east, you can see a complete jujube industry chain: upstream, Xinjiang jujube, which accounts for about half of the country's jujube production capacity, is mainly planted in the Tarim Basin area of southern Xinjiang;In the midstream, Cangzhou, Hebei Province has the country's largest jujube wholesale market, with an annual turnover of tens of billions of yuanDownstream, processing enterprises are mainly concentrated in Hebei, Henan and other places. Along this route, the physical delivery warehouse of jujube ** is dotted in the meantime, better connecting the production, processing, circulation and consumption of jujube.
Physical delivery is a key node connecting spot and **. When the contract expires, the buyer and seller of the commodity ** transaction will perform the contract through physical delivery of the expired open position held by each other, the seller submits the warehouse receipt, the buyer submits the full payment, and the buyer picks up the goods at the delivery warehouse designated by the exchange after obtaining the warehouse receipt. Song Lei, a researcher at the Zhengzhou Commodity Exchange Research Institute, introduced: "* Exchanges usually set up delivery warehouses and provide delivery services close to the distribution of spot production and sales, such as jujube** A total of 13 delivery warehouses have been set up across the country, including 10 in Xinjiang, 2 in Hebei and 1 in Henan. ”
The market is a national market, and the exchange not only improves the efficiency of delivery settlement and risk management by reasonably setting up and increasing the delivery library, but also breaks the market segmentation of related commodities and promotes the flow of regional factors, thereby promoting the smooth circulation of the domestic commodity market. Song Lei introduced that at present, the first exchange has set up nearly 1,000 delivery warehouses, which are distributed in the main production and marketing of varieties and distribution centers, which greatly promotes the cross-regional distribution and circulation of commodity factor resources.
In recent years, the first exchange has contributed to the construction of a unified national market by optimizing the delivery layout and innovating the delivery rules. In April this year, the Exchange shortened the circulation time of money and goods of 15 key varieties from 3 consecutive working days to 2 working days, shortening the capital and inventory circulation cycle of industrial customersDalian Commodity Exchange has set up corn delivery warehouses in Northeast China and other production and marketing areas to guide the agglomeration of industrial resources and better adapt to market-oriented reformsThe Zhengzhou Commodity Exchange has launched the first general warehouse receipt that can be used in multiple delivery warehouses to achieve "less errands for goods" and reduce the time and capital cost ...... of cross-regional transportation of commodities such as purified terephthalic acid (PTA).
The relevant person in charge of Zhengzhou Commodity Exchange believes that in the next step, the industry will accelerate the improvement of the quality and efficiency of serving the real economy, and accelerate the exploration of the first regulatory system and business model with Chinese characteristics, so as to continue to ensure the smooth operation of the market to promote the first market functions such as discovery, risk management and resource allocation, and further enrich the product system and optimize product rules to attract more business entities to participate and improve the quality of market operation.
The relevant person in charge of the Shanghai ** Exchange said that the Shanghai ** Exchange should speed up the construction of a world-class exchange, and make greater contributions to exploring the first regulatory system and business model with Chinese characteristics and building an international financial center.
People** December 27, 2023 17th edition).