Futures Firms Serve Smaller Enterprises as Basis-Trade Volume Nears RMB 180 Billion

On 11 September 2026, a live-streamed event themed on futures institutions serving small and medium-sized enterprises was held, with executives from several futures companies discussing the pain points of SME participation in risk management, service-model innovation and directions for transformation. The 15th Five-Year Plan for Promoting the Development of Small and Medium-sized Enterprises has been released, and the provision of risk-management services by futures companies to SMEs has become a topic of industry discussion. After years of exploration, China's futures market has improved in product layout, price influence and corporate participation. In non-ferrous metals and agricultural products, especially feed, where widely accepted pricing benchmarks took shape early in international trade, enterprises have a relatively deep understanding and use of futures; trading links are highly sensitive to prices and spreads and use the tools more, while production and manufacturing enterprises are less familiar with futures instruments, particularly some newly listed futures products.

Data from the China Futures Association show that in the first seven months of 2026, industry-wide basis-trade volume serving SMEs reached nearly RMB 180 billion, up nearly 18% year on year; newly added over-the-counter derivative notional principal was RMB 794.152 billion, up about 32% year on year; and option-embedded trade value was RMB 3.974 billion, up 16% year on year. These figures do not include hedging conducted directly by enterprises using on-exchange futures. In terms of participation paths, qualified medium-sized enterprises can conduct on-exchange hedging, while a large number of small enterprises give priority to indirect hedging through basis trade, option-embedded trade, insurance plus futures and collective hedging led by leading enterprises, embedding price-locking and pricing mechanisms into spot purchase and sale contracts without having to open futures accounts directly.

China has about 60 million SMEs. In the past, talent-order classes run by futures companies with universities mainly trained reserve talent for futures companies. In 2026, Xinhu Futures invested in the design of investment consulting products and screened clients before providing services; its service categories include basic cultivation, fundamental analysis services, and coordinated services such as over-the-counter business, basis pricing and cooperative hedging. In recent years, as the global geopolitical environment has become more volatile and event-driven shocks to commodities have increased, enterprises have become more willing to learn about futures on their own initiative.