"贵州鸡蛋作为粤港澳大湾区重要的'菜篮子'产品，深受市场青睐。但随着销售规模扩大和市场价格波 动加剧，当地养殖企业面临稳定产品品质和规避价格风险的双重挑战。与此同时，贵州蛋鸡产业规模化 率已达91.6%，具备对接全国期货市场的产业基础。"陈勇表示。 配对买方、现场质量检验、数字化交割流程……1月15日，凤和祥农业发展有限公司（简称凤和祥）顺 利完成贵州省首单鸡蛋期货交割。从过去因异地交割壁垒而无法有效利用期货工具，到如今在本土完成 从生产、标准化检测、仓单注册到交割的全流程闭环，这场交割不仅实现了贵州鸡蛋期货交割"零的突 破"，更标志着贵州鸡蛋产业与期货市场实现深度融合，为区域农业金融化探索踏出了关键一步。 从"用不上"到"用得好"的贵州实践 长期以来，贵州本土养殖企业参与鸡蛋期货套期保值面临着一道无形的"高墙"。"设立交割库前，我们 参与期货市场面临异地交割壁垒和区域适配缺失两大难题。"凤和祥董事长陈勇回忆。运输成本高昂、 鸡蛋损耗大、交割时效难控，使得套保工具虽在眼前，落地效果却受到一定制约。 改变，始于交割库的设立。作为贵州首家鸡蛋期货交割厂库，凤和祥承担起了"破冰"重任。为确保首单 交割成功，公司进行 ...

Group 1 - The Zhengzhou Commodity Exchange has announced revisions to the urea futures business rules, focusing on expanding the delivery product range and optimizing the warehouse receipt registration process to better align with the development of the spot market and enhance market efficiency [1][6] - One of the core changes is the formal inclusion of large granular urea into the alternative delivery product system, allowing it to be used alongside existing small granular urea products for delivery [1][2] - The adjustment is driven by industry changes, with large granular urea's application in modern agriculture and compound fertilizer production increasing, projected to account for 20% of domestic production in 2024 [2][3] Group 2 - The inclusion of large granular urea in the delivery system is expected to improve price coverage in major production and sales areas, promote price linkage among different urea specifications, and enhance the price discovery function of the futures market [2][6] - The Northeast region, a major grain production area, has a high demand for large granular urea, which will facilitate faster access to quality fertilizers for farmers, thereby stabilizing grain production [2][3] - The new delivery product classification is anticipated to provide more precise pricing references for the entire industry, enhancing the overall operational efficiency of the market [2][3] Group 3 - The revisions also include optimizing the warehouse receipt inspection process, changing from on-site sampling by quality inspection personnel to a method where the warehouse and receipt registrant jointly seal samples for mailing to designated inspection agencies [4][5] - This change aims to reduce sampling cycle times and costs, improving transparency and efficiency in the inspection process [4][5] - The new rules will be implemented in phases, with the inclusion of large granular urea expected to take effect after the completion of the rule revisions [5]

Core Viewpoint - The Shanghai Futures Exchange has announced adjustments to trading limits for certain futures contracts, effective from January 20, 2026, impacting non-futures company members and specific foreign participants [1] Group 1: Trading Limits Adjustments - The maximum number of contracts for intraday opening trades for silver futures (AG2602 to AG2612, AG2701) is set at 3,000 contracts [1] - The maximum number of contracts for intraday opening trades for nickel futures (NI2602 to NI2612, NI2701) is set at 2,500 contracts [1]

Core Viewpoint - The China Securities Regulatory Commission (CSRC) has drafted the "Supervision and Management Measures for Derivative Transactions (Trial)" to promote the healthy development of the derivatives market, aligning with national policies and legal frameworks [1][2]. Group 1: Regulatory Framework - The draft specifies the scope of application, stating that all derivative transactions and related activities under CSRC's jurisdiction are subject to these measures [2]. - It outlines the functions of the derivatives market, emphasizing risk management, resource allocation, and support for the real economy [2]. - The draft includes provisions for the development conditions and procedures for derivative contracts, basic trading rules, and performance guarantee systems [2]. Group 2: Market Management and Oversight - The draft enhances monitoring and cross-market regulation of derivatives, establishing prohibitive and restrictive requirements for trading activities [2][3]. - It emphasizes the need for comprehensive regulation, covering both on-exchange and over-the-counter derivatives markets to avoid regulatory overlaps [3]. - The draft sets stricter compliance and professional capability requirements for derivative operating institutions, which may increase compliance costs in the short term but is expected to lead to industry consolidation in the long run [4]. Group 3: Industry Impact - The measures are designed to guide the domestic derivatives market from a rough development phase to a high-quality development stage, promoting fairness and transparency [4]. - The focus on risk management and asset allocation is expected to shift the business priorities of institutions towards serving the real economy [4].

Group 1 - The core viewpoint of the article emphasizes the Chinese Securities Regulatory Commission's commitment to maintaining a high-pressure stance against various illegal activities in the capital market, highlighting the importance of law enforcement in protecting investor rights and promoting high-quality market development [1] - The meeting recognized and awarded 25 outstanding inspection teams and 20 individuals for their significant contributions in handling major cases over the past two years, reflecting the effectiveness of the enforcement work [1] - The Chairman of the China Securities Regulatory Commission, Wu Qing, called for strengthening political loyalty, improving investigation quality, deepening law enforcement reforms, enhancing technological empowerment, and advancing the rule of law to build a robust inspection team dedicated to safeguarding market fairness and justice [1]

会议强调，当前资本市场总体稳中向好，但仍然面临内外风险交织、新旧矛盾叠加的复杂严峻挑战。证 监会系统要深入贯彻党的二十大和二十届历次全会精神，认真落实中央经济工作会议部署，按照中央金 融委会议、全国金融系统工作会议要求，坚持稳中求进、提质增效，紧扣防风险、强监管、促高质量发 展的工作主线，持续深化资本市场投融资综合改革，提高制度包容性、适应性和竞争力、吸引力，努力 实现质的有效提升和量的合理增长，切实增强市场内在稳定性，更好助力稳就业、稳企业、稳市场、稳 预期，为"十五五"良好开局积极贡献力量。 据中国证监会消息，1月15日，中国证监会召开2026年系统工作会议，总结2025年工作，分析当前形 势，研究部署2026年工作。中国证监会党委书记、主席吴清出席会议并讲话。 一是坚持稳字当头，巩固市场稳中向好势头。全方位加强市场监测预警，及时做好逆周期调节，强化交 易监管和信息披露监管，进一步维护交易公平性，严肃查处过度炒作乃至操纵市场等违法违规行为，坚 决防止市场大起大落。继续深化公募基金改革，持续拓宽中长期资金来源渠道和方式，推出各类适配长 期投资的产品和风险管理工具，积极引导长期投资、理性投资、价值投资，全力营 ...

Core Viewpoint - The "Digital Wave New Spring Co-creation Digital Industry and Finance Cross-border Seminar" held in Hangzhou emphasizes the integration of digital technology with traditional industries, showcasing the potential for innovation and collaboration across various sectors [1][4][9]. Group 1: Event Overview - The seminar featured a diverse range of artistic performances, including a piano piece and a vocal duet, symbolizing the harmony and integration of different art forms, reflecting the theme of cultural coexistence and innovation in China [2][4]. - The event was co-hosted by the Zhejiang International Finance Society's Cultural Tourism Finance Committee and the Industry Alliance Research Institute, highlighting the collaborative effort in promoting digital economy discussions [1][4]. Group 2: Key Discussions - Experts discussed the empowerment of traditional industries through digital technology and innovative models of industry-finance integration, focusing on the development trends of the digital economy and its applications across various fields [4][9]. - Keynote speeches included insights from industry leaders, such as the importance of public policy in facilitating the digital economy and the role of data as a core resource for value creation [4][5]. Group 3: Industry Insights - Chen Dingkuai, Chairman of Letong Tianxia, shared successful digital operations in promoting Chinese music culture through online events and media integration, demonstrating a model for digital engagement [5]. - Lin Gang, Vice President of the China Sculpture Society, discussed the fusion of traditional art with modern technology, showcasing innovative approaches in sculpture that resonate with contemporary audiences [5]. - Dong Xiaohua, Chairman of Zhejiang Zhongtang Group, proposed a triadic model of culture, technology, and finance for the development of the cultural tourism industry, emphasizing strategic foresight and resource integration [5][6]. Group 4: Future Directions - The seminar concluded with a call for continued collaboration among experts and entrepreneurs to foster the deep integration of digital technology with the real economy, aiming for high-quality development through data-driven solutions [9][10]. - The discussions highlighted the necessity of policy guidance and innovative driving forces to break down barriers between data elements and traditional industries, paving the way for a new era of co-prosperity in the digital economy [9].

期货日报网讯（记者 姚宜兵）1月16日，随着上市锣声敲响，焦煤期权在大连商品交易所（以下简称大商所）正式挂牌。来自行业协会、产业企业及期货经 营机构等单位的代表参加了上市活动，共同见证了焦煤期权的启航。 焦煤作为钢铁工业的核心基础原料，其产业链的稳定运行对保障钢铁及相关产业的平稳发展具有重要作用。焦煤期权的推出，是期货市场服务煤焦钢产业 链、服务实体经济发展的又一重大举措。焦煤期货自2013年上市以来，交易规模和运行质量稳步提升。2025年，焦煤期货日均成交量106万手，日均持仓量 为68万手，同比均大幅增长，单位客户持仓占比达到40%。随着产业企业参与度不断加深，焦煤期货市场功能持续发挥，为实体企业提供了有效的价格发现 和风险管理平台。在此基础上，焦煤期权的上市，将与黑色系相关的期货、期权品种形成协同效应，构建覆盖钢铁原燃料的、更全面的风险管理工具箱，助 力企业提升风险管理的精细化水平与运作效率。 大商所相关负责人表示，焦煤期货自上市以来，始终坚持服务实体经济宗旨，紧贴产业实际持续优化合约规则制度。为顺应市场供给结构变化，大商所及时 将交割标准品调整为主流国产煤种，并同步优化交割区域布局、创新交割机制等，有 ...

海南自贸港封关运作不仅是我国构建高水平对外开放新格局的战略布局，更是应对全球贸易格局调整、 破解保护主义壁垒的主动作为。通过打造"境内关外"特殊监管区域，海南自贸港承担着探索国际贸易新 规则、构建与国际高标准经贸规则衔接制度体系的核心使命，其制度设计蕴含鲜明的战略导向与系统思 维。 从政策设计逻辑来看，封关运作是海南自贸港政策体系的核心支撑。不同于传统自贸试验区的局部试 点，海南自贸港以全岛封关为依托，构建了覆盖贸易、投资、税收、金融、监管等多领域的系统性开放 制度框架。其中，"零关税"对除2323个敏感商品外的绝大多数商品免征进口关税及相关附加税，从源头 降低贸易成本；"低税率"为符合条件的企业提供15%的企业所得税优惠，提升投资吸引力；"简税制"简 化税制结构、清理收费，降低制度性交易成本。这些政策通过"一线放开、二线管住"监管框架形成协 同，实现开放与安全的动态平衡。 从实践价值来看，海南自贸港是全球首个海岛型自贸港，封关探索无现成经验可循，具有鲜明的开创 性。封关以来的平稳运行，既验证了政策设计的科学性与可行性，也为全国其他地区开放实践提供了可 复制推广的制度经验，彰显了我国制度型开放的韧性与活力。 ...

为行业培育更多成熟参与者 随着中国资本市场深化改革与投资者结构变迁，投资者教育已成为金融机构履行社会责任、构建良性市 场生态的核心环节。自2024年年末正式入驻期货日报投资者教育基地（下称投教基地）以来，海通期货 将这一平台视为战略枢纽，系统性地推进投教工作战略升级。2025年，通过特色品牌活动打造、专业化 内容体系构建及行业深度协作，海通期货不仅显著提升了投资者服务的广度与深度，更在实践中勾勒出 一幅"赋能投资者理性参与，助力市场稳健运行"的清晰图景。 构建专业、趣味与实用的"平衡之桥" 以赛促学，形成从校园到实盘的成长闭环 据期货日报记者了解，海通期货2025年的投教实践，突出表现为通过系统性品牌项目，构建覆盖不同阶 段投资者的成长支持体系。除产业与模拟大赛外，海通期货在高校人才早期培育领域，将"郑商所杯"视 为重要抓手，形成了系统化的育人模式。 2025年，海通期货对接全国10余所高校，推动超过8000名学生报名，报名人数位居行业前列，并荣获优 秀组织奖一等奖。海通期货相关负责人介绍，这一成绩背后，是一套形成闭环的系统化育人模式：赛 前，组织金牌讲师与研究团队开展"期货知识进校园"系列活动，进行基础普及 ...