A: A.

The buyer's hedging operation analysis is mainly applicable to the following situations:? It is expected that a commodity or asset will be purchased in the future, and when the purchase price has not been determined, it is worried that the market price will rise and increase the purchase cost; ? At present, you don't hold a commodity or asset, but you sell it at a fixed price (at this time, you are in a short spot position), and you are worried that the market price will rise, which will affect its sales revenue or procurement cost; ? Selling a finished product and its by-products of a commodity at a fixed price, but not purchasing the commodity for production (at this time in a short spot position), fearing that the market price will rise and the procurement cost will increase.