Yes, but the traditional hedging theory has developed into a trinity operation theory combining spot operation, futures operation and cash operation through continuous practice and innovation.

1. The core of hedging is the risk of spot operation, and the risk is hedged through the operation of futures market. Traditional hedging emphasizes the transfer of risk, and whether it can achieve the effect of risk transfer remains to be studied.

2. Modern hedging theory emphasizes risk management, and realizes comprehensive risk management by establishing warehouse receipts and combining spot management.

3. As a financial tool for domestic risk management, the futures market has innovatively explored new tools of "futures+insurance", "futures+options" and "futures+options+insurance".