Group 1: Project Background and Importance - The stability and reliability of grain supply are crucial for reducing external uncertainties and ensuring national security and development interests [1] - China's agricultural production capacity has been continuously enhanced, but challenges remain in the grain supply chain due to issues like land non-agriculturalization and international market volatility [1] Group 2: Soybean Revitalization Plan - Soybeans are a significant crop in China, with a long-standing low self-sufficiency rate leading to heavy reliance on imports [2] - The Soybean Revitalization Plan aims to increase domestic production and self-sufficiency through policy support and technological innovation, with two rounds of implementation since 2002 [2] Group 3: Agricultural Cooperation and Financial Innovation - In Heilongjiang Province, the establishment of agricultural cooperatives and modern agricultural practices is encouraged to enhance soybean production [3] - COFCO Futures has developed an innovative financial service model to address risks faced by farmers, ensuring income stability and increasing planting enthusiasm [4] Group 4: Financial Solutions and Risk Management - The "order + insurance + futures + credit" model has been implemented to provide comprehensive risk management for agricultural producers, covering over 400,000 acres of soybeans with an insurance amount exceeding 200 million yuan [4] - The project has facilitated low-interest loans totaling over 63 million yuan for insured cooperative farmers, enhancing the financial support for soybean production [4][6] Group 5: Technological Integration and Data Utilization - The integration of satellite remote sensing technology has been utilized to collect data on crop growth and yield, aiding in the design of suitable insurance products for farmers [5] - The project employs an AI and satellite remote sensing platform to monitor crop conditions and assess risks, ensuring the project's stability [5] Group 6: Closing the Financial Loop - Collaboration between COFCO Futures, banks, and insurance companies has created a closed-loop financial system that addresses the timing discrepancies between loan disbursement and insurance issuance [7][8] - The project has established a unified collection and storage system for insured crops, ensuring timely payments to farmers based on verified yields [8] Group 7: Enhancing Market Access and Sales - COFCO's trading arm provides various purchasing options to solve the selling difficulties faced by farmers, ensuring stable income through guaranteed purchase contracts [9][12] - The introduction of an IP soybean certification system aims to improve the quality and yield of soybeans, promoting order-based agriculture [11] Group 8: Overall Impact and Future Prospects - The project has successfully addressed the needs of agricultural producers, reducing risks and burdens across various production stages, thereby increasing soybean planting enthusiasm [14] - The innovative model serves as a reference for national policy design and the long-term promotion of financial services in agriculture, contributing to rural revitalization [15][16]

（文章来源：期货日报网） 中期协网站公布的2025年10月21日期货公司高管人员专业能力水平评价测试合格人员名单显示，共有29 人通过本次测试，包括董事层20人、经营层8人、首席风险官1人。根据《期货公司高管人员专业能力水 平评价测试须知》有关规定，本次测试合格有效期为2025年10月21日—2027年10月20日。 ...

Core Viewpoint - The Zhengzhou Commodity Exchange (ZCE) has launched the "Commercial Storage Worry-Free" project for the 2025-2026 period to enhance fertilizer supply stability and support risk management for enterprises involved in national and provincial fertilizer reserves [1][2]. Group 1: Project Overview - The "Commercial Storage Worry-Free" project aims to assist enterprises in managing risks associated with fertilizer storage through market-based methods, specifically utilizing urea futures and options [1][2]. - The project has been operational for five years, providing risk management support for 495,000 tons of urea across 54 storage enterprises in 23 provinces and regions [1][3]. - The new project period is set from October 1, 2025, to June 30, 2026, with service fees for futures companies based on the costs incurred during risk management [2]. Group 2: Historical Context and Achievements - The previous "Commercial Storage Worry-Free" project for 2024-2025 concluded successfully, with 46 projects operating compliantly and 44 storage enterprises effectively mitigating market risks through hedging [2]. - The project has been recognized as a benchmark case for the futures market in supporting national commodity reserves, particularly in the context of urea, which is crucial for food security [3].

Core Viewpoint - The Futures Industry Association is seeking public feedback on the "Guidelines for Futures Companies to Publish Futures Research Reports (Draft for Comments)", which is expected to promote the development of futures trading consulting services centered on professional research [1][4]. Group 1: Current State of Futures Trading Consulting - Futures trading consulting has been a part of the industry since the early 1990s, initially providing basic market information and later becoming regulated in 1997 [2]. - Despite its long history, the revenue contribution from futures trading consulting remains low, fluctuating between 100 million to 180 million yuan annually from 2018 to 2022, totaling 717 million yuan over five years, which is only 0.065% of the total revenue of futures companies [3]. - The main challenges hindering the growth of futures trading consulting include significant service homogenization, a shortage of professional talent, and low client willingness to pay [3][6]. Group 2: Challenges and Pain Points - The industry faces three major pain points: the obvious homogenization of services, a lack of qualified professionals, and low client payment willingness [3][6]. - The mismatch between the services offered by futures companies and the diverse needs of clients, particularly in risk management, has led to a situation where consulting services are often seen as secondary to brokerage services [3][6]. - The high risk associated with futures and derivatives requires a high level of professionalism and compliance, which deters many companies from engaging in this business [3][6]. Group 3: Future Directions and Opportunities - The introduction of the guidelines is expected to clarify compliance boundaries and activate professional service capabilities, allowing futures companies to innovate within a regulated framework [5][6]. - The guidelines will help establish a clear distinction between public and private services, creating a conducive environment for charging for research services [5][6]. - Futures companies are encouraged to focus on professional capabilities and compliance systems, develop personalized services, and enhance the quality of consulting services to meet the evolving needs of the market [6][7]. Group 4: Talent Development and Integration - The cultivation of professionals who understand both futures and spot markets is crucial for the success of futures trading consulting [7]. - Companies are advised to adopt a model similar to foreign Commodity Trading Advisors (CTAs) to integrate consulting, asset management, and risk management services into a cohesive service loop [7]. - The future of futures trading consulting lies in closely aligning it with risk management and asset management to transform high-quality research into tangible products and profits [7].

Core Viewpoint - The Shanghai Futures Exchange has announced the recruitment of market makers for the futures variety of coated printing paper to enhance market operation quality and better serve the development of the real economy [1] Summary by Relevant Categories Market Maker Qualifications - Minimum net assets of RMB 50 million are required for applicants [1] - Applicants must have dedicated personnel and institutions responsible for market-making transactions, with staff familiar with relevant laws and exchange business rules [1] - A sound implementation plan for market-making transactions, internal control systems, and risk management systems must be in place [1] - No significant legal violations in the past three years are allowed [1] - A stable and reliable trading technology system is necessary [1] - Experience in trading, market-making, or simulated trading recognized by the exchange is required [1] - Other conditions as stipulated by the China Securities Regulatory Commission and the exchange must also be met [1]

Core Viewpoint - The Chinese government is committed to expanding foreign investment and enhancing cooperation with foreign enterprises, showcasing determination and practical measures to create a favorable environment for foreign businesses in China [1][2]. Group 1: Economic Performance - During the first four years of the 14th Five-Year Plan, China's GDP growth averaged 5.5%, demonstrating strong resilience and potential in a complex external environment [1]. - The Chinese economy is vibrant and offers broad opportunities and positive expectations for foreign enterprises [1]. Group 2: Policy Initiatives - The Chinese government has issued a notification regarding the implementation of domestic product standards in government procurement, ensuring equal access to support policies for all business entities, including foreign enterprises [1]. - The government emphasizes transparency and fairness in the formulation of specific product standards and welcomes feedback from all stakeholders, including foreign enterprises [1]. Group 3: Export Control - The Chinese government’s export control measures are framed as responsible actions to maintain world peace and regional stability, fulfilling international obligations related to non-proliferation [1]. - The government aims to ensure compliance in trade approvals while maintaining the stability of global industrial and supply chains [1]. Group 4: Foreign Enterprise Sentiment - Foreign enterprises express optimism regarding the Chinese government's ongoing commitment to opening up and stabilizing foreign investment, looking forward to the 15th Five-Year Plan providing greater development space [2]. - There is a willingness among foreign enterprises to increase investments in China and deepen cooperation to support high-quality development in the country [2].

会议提出，天然气是新型能源体系不可或缺的组成部分，要深化改革、规划引领，增供应、强设施、促 消费，推动"十五五"天然气行业发展行稳致远。 （文章来源：期货日报网） 国家能源局官网21日消息，国家能源局近日组织召开2025—2026年度采暖季天然气保暖保供工作会议。 会议指出，今年以来国际天然气市场基本面整体宽松，国内天然气市场稳定运行，资源供应充足，天然 气消费增速放缓，气价稳中有降，天然气保供稳价形势持续向好。 会议强调，各方要坚持底线思维、居安思危，充分考虑外部环境和国际市场不确定性以及近年来极端气 候频发形势，进一步做细做实各项工作和应急预案，切实保障群众温暖过冬。会议围绕加强北方地区采 暖和民生用气保障、加强气电协同联动服务能源电力保供、加强安全运营和保供风险点排查处置、回应 社会关切提升天然气市场竞争力、强化企业间互济互保等方面细化了采暖季工作安排和任务要求。 ...

Core Viewpoint - The establishment of Guizhou Fenghexiang Agricultural Development Co., Ltd. as a designated warehouse for egg futures marks a significant advancement for the egg production industry in Guizhou, facilitating direct access to the national futures market and enhancing the overall industry structure [1][2]. Group 1: Company Overview - Guizhou Fenghexiang is a comprehensive modern agricultural enterprise engaged in egg production, feed processing, and organic fertilizer production, with a scale of 1 million laying hens and an annual egg production of over 20,000 tons [2][4]. - The company has achieved a production value of 240 million yuan, benefiting from its advantageous geographical and natural resources since its establishment in 2019 [2][4]. Group 2: Industry Impact - Guizhou province leads the nation in the scale of egg production, with a 91.6% scale rate, which is 7 percentage points higher than the national average [2]. - The establishment of the delivery warehouse is expected to enhance the standardization and grading of eggs in Guizhou, promoting a shift from rough handling to refined grading [5][6]. Group 3: Risk Management and Futures Integration - The approval of the delivery warehouse allows Fenghexiang to integrate its standardized egg products into the futures delivery system, enabling better price risk management and operational stability [3][7]. - The company plans to implement a "price guarantee and delivery" model to assist small and medium-sized producers in stabilizing their income during price downturns [3][6]. Group 4: Future Strategies - Fenghexiang aims to deepen its "futures and spot combination" strategy, utilizing the delivery warehouse to capture regional basis patterns and lock in future sales profits [6][7]. - The company will also explore the use of futures and options to create price insurance, enhancing its competitive edge in a low-margin environment [6][7]. Group 5: Broader Market Implications - The integration of the futures market provides Guizhou's egg industry with a "price anchor, risk management, and resource integration," enhancing the brand value of local products [7][8]. - The establishment of a multi-layered risk management system will help the Guizhou egg market withstand market fluctuations and connect to larger national markets [8].

Core Insights - The integration of futures markets into the cotton industry is transforming traditional agriculture into a modern financial ecosystem, enhancing risk management and accelerating industrial upgrades [1][8]. Group 1: Company Overview - Xinjiang Guannong Co., Ltd. (Guannong) has established a robust production network with an annual processing capacity of 130,000 tons of cotton, supported by 13 ginning factories and 14 production lines [2]. - Guannong's logistics hub, Guannong Huijin, has become a "super warehouse" with a storage capacity of 1.1 million tons, ranking first in both cotton storage and futures delivery in China in 2023 [2][8]. Group 2: Risk Management Strategies - Guannong has developed a comprehensive hedging system across the entire supply chain, utilizing futures contracts to protect against price volatility and employing innovative tools like basis trading and options to manage risks effectively [4][6]. - The company successfully hedged 143,000 tons of cotton in 2024, demonstrating the effectiveness of its risk management strategies in maintaining profit margins despite market fluctuations [4]. Group 3: Industry Innovations - The introduction of basis trading has allowed for more flexible pricing mechanisms, enabling buyers to choose futures prices based on market conditions, thus enhancing trading activity [7]. - The collaboration between Guannong and Heze Hongyi Industrial Development Co., Ltd. (Hongyi) showcases the importance of standardized systems in managing risks and facilitating efficient futures transactions in the cotton market [6][8]. Group 4: Future Developments - Guannong plans to expand its service platform to integrate delivery, trading, and supply chain finance, aiming to enhance the scale of warehouse receipt pledges and explore new models for industry integration [7]. - The ongoing reforms in the futures market, including adjustments to delivery standards and the introduction of new hedging tools, are expected to strengthen the position of Xinjiang's cotton industry [8].

Group 1 - The U.S. EPA proposed reallocating 100%, 50%, 0%, 25%, and 75% of the small refinery exemption volumes for 2023-2025 to the 2026-2027 biofuel blending obligations, but the final announcement is likely delayed due to the U.S. government shutdown [1] - Malaysia's MPOB report released on October 10 indicated a slight decrease in palm oil production to 1.8412 million tons in September, while exports increased to 1.4276 million tons, leading to a significant rise in palm oil inventory to 2.3610 million tons [1] - The SPPOMA data shows a 6.86% month-on-month increase in Malaysian palm oil production for the first half of October, while the ITS data indicates a 3.4% increase in palm oil exports for the same period [1] Group 2 - Indonesia's palm oil exports increased by 3.02% in August, with expectations of rising inventories during the production cycle [2] - Indonesia plans to raise the crude palm oil export tax from 10% to 15% to support the transition to the B50 biodiesel program, which is expected to reduce palm oil export volumes [2] - China has implemented temporary anti-dumping measures on Canadian canola, but has resumed purchasing Australian canola, with 590,000 tons expected to arrive by December [2] Group 3 - The U.S. biodiesel policy announcement is expected to have a limited negative impact, while Indonesia's B50 progress is seen as a long-term positive for palm oil, leading to a bullish outlook for oils in the medium to long term [3] - There is an expectation of inventory accumulation for Malaysian palm oil in October, and the U.S. biodiesel policy has not yet been finalized, making significant short-term price increases unlikely [3] - It is recommended to wait for signs of inventory reduction in palm oil and the finalization of the U.S. biodiesel policy before taking long positions [3]