The entire market is gradually becoming professional
Posted: Thu Jul 10, 2025 8:39 am
Sina Finance NewsOn August 27, the "2019 Institutional Commodity Derivatives Forum" hosted by Dalian Commodity Exchange was held at Dalian Shangri-La Hotel. The theme of the conference was: Empowering the New Era, Industry and Finance Create the Future. Sina Finance broadcast the entire event live. Xi Qing, general manager of Zhejiang Shanyuan Investment Management Co., Ltd., attended the conference and delivered a keynote speech: The symbiotic development of institutions and real industries in the new era.
In fact, this question is not very rigorous. When asking whether a price rises or falls, is it asking about one day, three days, hours or three years? If we ask about one day, from our understanding, the absolute price rise or fall may be like flipping a coin, and if we ask about the price rise or fall in three years, it is slowly flipping a coin. So when asking many questions, we may need to be very clear about the content of the statement. Our understanding of the commodity industry is divided into four phone number library quadrants. The first is called the over-competition stage, the second is relative competition, the third is oligopoly, and the fourth is absolute monopoly. The four quadrants will be accompanied by many different manifestations of the level of industrial efficiency. Director Lu just talked very well, such as the issue of transaction risk.
Most of China's commodities appear in non-credit markets, while Western commodities must have been credit markets. Therefore, different market structures will bring different states and forms. For example, in the non-credit market, it is very difficult to sign a contract. In the credit market, for example, Cargill may issue bonds in the UK at a lower interest rate than government bonds. For example, China's Fuyao Glass issued a bond with an annualized yield of only 0.000% of the US dollar and euro bonds. From this perspective, different quadrants bring different forms because they exist objectively. The main difference between these four quadrants is that the number of participants is different. From top to bottom, for example, there may be hundreds of thousands of companies in an industry with excessive competition, and there may be only one, two or three companies in an absolute monopoly. The profitability and anti-cyclical ability are different.
In fact, this question is not very rigorous. When asking whether a price rises or falls, is it asking about one day, three days, hours or three years? If we ask about one day, from our understanding, the absolute price rise or fall may be like flipping a coin, and if we ask about the price rise or fall in three years, it is slowly flipping a coin. So when asking many questions, we may need to be very clear about the content of the statement. Our understanding of the commodity industry is divided into four phone number library quadrants. The first is called the over-competition stage, the second is relative competition, the third is oligopoly, and the fourth is absolute monopoly. The four quadrants will be accompanied by many different manifestations of the level of industrial efficiency. Director Lu just talked very well, such as the issue of transaction risk.
Most of China's commodities appear in non-credit markets, while Western commodities must have been credit markets. Therefore, different market structures will bring different states and forms. For example, in the non-credit market, it is very difficult to sign a contract. In the credit market, for example, Cargill may issue bonds in the UK at a lower interest rate than government bonds. For example, China's Fuyao Glass issued a bond with an annualized yield of only 0.000% of the US dollar and euro bonds. From this perspective, different quadrants bring different forms because they exist objectively. The main difference between these four quadrants is that the number of participants is different. From top to bottom, for example, there may be hundreds of thousands of companies in an industry with excessive competition, and there may be only one, two or three companies in an absolute monopoly. The profitability and anti-cyclical ability are different.