FTT = 3000 * (1+3%)1-3000 *1%* (1+3%)1= 2978.91min; So we should be bearish.

Hedging profit = (FTT-FTT)-(ST-ST) = (3200-2978.91)-(3200-3000) = 21.09 points (assuming that the futures price on the delivery date is completely equal to the spot price).

The profit is: 2 1.09×300=6327 yuan;