Core Insights - Shanghai Shance Information Technology Co., Ltd. (Shance Technology) and its General Manager Wu Xuehua received two awards: "Best Futures Digitalization Construction Technology Service Innovation Award" and "Best Financial Technology Innovation Elite Award" at the "2025 Futures Industry High-Quality Development Innovation Seminar" held in Changsha [1][3] Group 1: Industry Challenges - The evaluation focused on financial technology companies providing intelligent software, big data, and AI services for the futures industry, considering their technical support, service content, and practical effectiveness in promoting transformation [3] - The introduction of the "Futures Market Programmatic Trading Management Regulations (Trial)" has transformed futures companies from mere transaction providers to the first line of risk defense in programmatic trading supervision [3][4] - The industry faces challenges in implementing the new regulations, including the difficulty of traditional risk control methods in capturing abnormal trading behaviors due to the high speed and volume of programmatic trading [3][4] Group 2: Technological Solutions - The "Cakongjun" system developed by Shance Technology addresses these challenges with a non-intrusive bypass deployment model, ensuring low latency, high precision, and easy scalability [4] - The system includes real-time monitoring, preemptive blocking, and full-chain traceability features, aligning with regulatory requirements for real-time intervention and traceability [4] - Shance Technology is integrating AI into the risk control process to enhance analysis efficiency, allowing compliance personnel to focus on risk decision-making and management [4][6] Group 3: Strategic Vision - Wu Xuehua emphasized that the "Cakongjun" system provides solid technical support for compliance management and serves as a strategic pivot for futures companies to transition from "passive compliance" to "active service" [6] - The company aims to strengthen compliance as a "shield" for futures companies and develop quantitative tools for growth-oriented teams, with AI deeply integrated into these scenarios [6] - The award-winning case exemplifies the deep integration of financial technology with core business processes in the futures industry, enhancing operational efficiency and management precision [6]

我有一间十二平方米的办公室，朝北。里面有一把皮质稍有磨损的摇椅，扶手处磨出了金属底色。办公 桌上摆着一个会自动报时的电子钟，每到整点它就用冰冷的机械女声播报时间。这些物件已经跟随我十 五年，从郑州商品交易所旁的老楼，到陆家嘴的高层，再到这间家庭办公室。 每天上午八点半，我会完成一套固定程序：二十分钟的拉伸，一次不超过十分钟的温水淋浴，面向东方 静立片刻（这只是一种很好的静心方式）。然后，我会从书架上抽出一本边角已经卷起的《孙子兵 法》，读任意一页。九点整，电子钟报时，我坐进那把摇椅，面对六块亮起的屏幕。 这是我的"战斗"仪式。而教会我建立这种仪式的，是二十五年前一位从未露面的老师——《华尔街幽 灵》的作者。2023年春天，当伦镍以史诗级逼空行情撕裂市场时，我无数次翻开这本薄薄的册子。摇椅 吱呀作响，电子钟准点报时，但屏幕上的世界，早已不是"幽灵"所描述的模样。 规则一：当"立即正确"成为不可能的任务 "只持有正确的仓位。"我在交易日志的扉页用红笔抄写着"幽灵"的第一法则。2008年刚入行时，这句话 是我的"圣经"。那时的市场简单得多：早盘开市，午盘休息，下午收盘。一个基于日线突破的头寸，通 常会在两三天内给出 ...

2025年11月28日，由东证期货与东方证券财富管理委员会联合主办"千钧奋起，万树花开"年度策略会在 上海浦东顺利召开，本次会议设置1个主论坛与4个分论坛，议程覆盖宏观经济与政策、大宗商品、产业 动态及大类资产配置等多个领域，为500余名各界投资者搭建了专业高效的交流平台。 东证期货党委副书记、总经理唐雷出席本次策略会并发表致辞。他表示，2025年宏观图景的核心脉络聚 焦"破"与"立"，期货行业已正式从"量的扩张"阶段迈入"质的突围"的全新发展阶段。当前，期货行业既 迎来了新的发展高度，也处于转型关键节点。面对行业变局与多重挑战，东证期货明确两大核心发力方 向：一是坚持研究下沉，扎实推进产业链深度研究，这份源自一线实践的"泥土气息"，正是公司稳健发 展的最坚实底气；二是深化科技赋能，推动金融科技从辅助工具升级为核心竞争力，将大数据平台"繁 微"打造为连接研究、决策与风险管理的智慧中枢，凭借技术优势突破传统业务瓶颈，为客户创造独特 价值。 策略会主论坛特别邀请复旦大学经济学院副院长陈钊教授，带来"在变化中把握机遇：创新、市场与 AI"的主题分享。陈钊教授指出，坚持创新发展是中国崛起的重要道路。企业必须具备国际视 ...

当前，国内外形势正在发生深刻变化。李正强分析，全球衍生品市场呈现"亚太崛起、场外为主、金融 回升、数字转型"四大趋势：亚太地区已成为全球最大的场内衍生品交易市场，占比超过六成；全球期 货、期权交易日益向亚太地区集中，占全球比重约八成；全球场内衍生品市场中，金融衍生品成交量占 比近九成；数字货币、虚拟资产交易等加速发展。从国内看，中国式现代化与金融强国建设为期货市场 高质量发展提供了空前机遇。 面对新形势，李正强提出八大发展路径：一是加快多层次衍生品市场建设，支持场外市场、中小合约及 新型业态试点；二是完善产品体系，布局清洁能源、碳排放、外汇期货、商品指数等新品种；三是推动 高水平开放，吸引全球交易者参与，拓展交易所国际布局；四是持续优化市场环境，推动"保险+期 货"等模式做实做广；五是建立与市场发展相适应的保证金、限仓等动态管理机制；六是积极拥抱人工 智能，提升风险管理服务的标准化与可视化水平；七是壮大中介机构力量，打造"懂对冲、会对冲"的综 合服务商群体；八是完善法规体系，为市场创新发展提供制度保障。 "2025年期货业高质量发展创新研讨会"于11月26日在长沙举行。对外经济贸易大学国际经贸学院研究 员、博 ...

Core Insights - Liu Taibao achieved second place in the non-ferrous metals group of the 19th National Futures (Options) Real Trading Competition, leveraging his part-time trading of copper put options while working on short film scripts [1] Group 1: Trading Strategy - Liu's initial exposure to options trading began in 2019 when he helped a friend manage inventory in the non-ferrous trade, leading to an interest in using put options to hedge against falling copper prices [2] - A pivotal moment in Liu's trading career came in 2025 when he simplified his trading strategy by focusing solely on copper, which significantly improved his trading success rate [2] - Liu's winning trade in the competition was based on a supply-demand analysis, where he identified an oversupply situation in copper and combined it with technical signals to decide on buying put options [2][3] Group 2: Trading Philosophy - Liu emphasizes a trading philosophy of "not being greedy" and focusing on small, understandable profits, which he developed after experiencing significant losses [4] - His trading logic is grounded in two main principles: the importance of supply-demand dynamics in determining copper prices and the necessity of risk control before pursuing profits [4] - Liu has adapted his trading routine to fit his schedule, dedicating specific times for market analysis without interfering with his film production work [4] Group 3: Risk Management - Risk control is a fundamental rule in Liu's trading approach, employing a "logical stop-loss" strategy to exit positions when supply-demand logic changes, regardless of the financial loss incurred [5] - Liu follows strict money management rules, allocating 90% of trading profits to his film fund and limiting his trading capital to a small percentage of his total funds [5] - He adheres to a "10% principle" for position sizing, ensuring that no more than 10% of his spare cash is invested in options and that initial positions are kept small to manage risk effectively [5]

Core Insights - Dalian Commodity Exchange (DCE) has cultivated 12 bank-based industrial integration bases, enhancing the collaboration between finance and the real economy [1] - CITIC Bank, approved as a DCE industrial integration base in 2024, aims to leverage its decade-long experience in the futures market to empower the real economy [1][2] - The bank is transitioning from a single service model to a comprehensive financial service system that integrates exchanges, futures companies, and industrial enterprises [1][2] Group 1: Financial Services and Collaboration - CITIC Bank's competitive edge lies in its group synergy, allowing it to provide lifecycle services covering production, operation, and risk management [2] - The bank has established collaborative branches across various regions to enhance resource integration and has successfully matched financial services with industry needs [2] - The bank's approach aims to shift from "single-point support" to "ecological empowerment" in financial services [1][2] Group 2: Innovative Financial Products - CITIC Bank is implementing an "insurance + futures + banking" model, exemplified by its support for agricultural cooperatives, marking a significant case in rural revitalization [3] - The bank is also innovating products around futures in chemicals, energy, agricultural products, and non-ferrous metals, allowing for tailored large commodity forward swap transactions [4] - The introduction of these products aims to combine bank credit support with futures risk management, enhancing the financial landscape for various industries [4][5] Group 3: Future Directions and Market Impact - The bank's initiatives reflect a broader trend in deepening cooperation between banks and futures markets, evolving from basic margin deposit services to comprehensive financial solutions [5] - Future efforts will focus on further innovation and collaboration, aiming to create a recognized "professional brand" in the futures and industrial client sectors [5] - The ongoing development of innovative products and collaborative models is expected to significantly contribute to the high-quality development of the real economy [5]

Core Insights - The article discusses the challenges faced by a leading air pollution control company in China due to the global inflation wave from 2020 to 2021, which led to significant cost control issues and a loss of 40 million yuan in 2021 due to soaring steel prices [1] - The company, which has national-level environmental technology qualifications, relies heavily on competitive bidding for project orders, making it vulnerable to raw material price fluctuations [1] - In the second half of 2022, the company faced a decision-making dilemma regarding how to secure raw material costs amidst falling steel prices while holding a procurement order for 20,000 tons of steel [2] Group 1: Company Challenges - The company experienced a loss of 40 million yuan in 2021 due to a surge in steel prices, highlighting the impact of raw material price volatility on its operations [1] - The bidding process requires precise cost calculations based on fluctuating steel prices, creating a risk of losses if prices rise after winning a bid [1] - The company’s operational model is heavily reliant on market conditions, necessitating improved risk management strategies [1] Group 2: Strategic Response - The company partnered with Guojin Futures to develop a comprehensive risk management strategy, which included customized hedging solutions and training for staff [2][3] - A "staggered purchasing" strategy was implemented, allowing the company to buy 20,000 tons of futures contracts in batches, aligning with market trends while securing costs [3] - The successful execution of this strategy resulted in a reduction of procurement costs by 16 million yuan and an additional profit of 4 million yuan from futures trading [3][4] Group 3: Financial Outcomes - The company achieved a dual benefit by avoiding raw material price increases and gaining an additional 20 million yuan in comprehensive profits through effective market trend analysis [4] - The integrated service model provided by Guojin Futures demonstrated the potential for financial services to support real economy enterprises in navigating price volatility [4]

12月2日，创新新材料科技股份有限公司（下称创新新材）发布"关于2026年度开展期货和衍生品套期保 值业务的公告"，拟在2026年度开展期货和衍生品套期保值业务。作为国内大型现代化综合企业公司， 创新新材拟使用期货、期权、金融衍生品等方式进行套期保值的动作，引起产业和资本市场特别是期货 市场的广泛关注。 据期货日报记者了解，目前，全球产业链供应链加速重构，大宗商品价格波动频繁，产业企业面临的经 营环境愈发复杂，风险管理需求日益旺盛，套期保值也成为众多上市公司进行风险管理的标配。据相关 数据统计，截至2025年10月9日，期货市场资金总量突破2万亿元，达到2.02万亿元，较2024年年底增长 24%，增幅显著。截至2025年7月底，包括产业客户在内的一般法人客户权益较2024年年底增长18.5%。 从上市公司来看，2025年1月至10月，共有1737家上市公司发布公告拟参与期货市场，同比增长 10.8%。整体来看，产业企业等参与期货套期保值及灵活运用期货、期权工具，能提升经营稳定性，增 强产业链韧性。 创新新材发布的公告显示，其拟2026年度开展期货和衍生品套期保值业务，主要是为了防范铝、铜、铸 造铝合金等价格 ...

（文章来源：期货日报网） 据新华社电经济合作与发展组织（经合组织）2日发布最新经济展望报告，预计今明两年全球经济增速 分别为3.2%和2.9%，与今年9月预测一致。报告指出，今年全球经济韧性超出预期，但仍面临贸易壁 垒、人工智能泡沫和财政脆弱性等风险。 ...

Core Viewpoint - The 20th Central Committee's Fourth Plenary Session emphasizes the importance of strengthening the financial sector as part of China's modernization and national rejuvenation strategy, with a focus on the development of the futures market as a key component of the modern financial system [1][2]. Group 1: Strategic Planning and Development Goals - The "15th Five-Year Plan" outlines strategic goals for China's development, aiming to reach the level of a moderately developed country by 2035, with a focus on building a modern industrial system and promoting high-level technological self-reliance [3][4]. - The plan highlights the need for steady development of futures, derivatives, and asset securitization, positioning the futures market as integral to national strategy and future economic stability [3][7]. Group 2: Role of Futures Market in Economic Stability - The futures market is recognized for its role in price discovery, risk management, and resource allocation, which are essential for supporting the real economy amid complex external challenges [4][5]. - Macro-yuan Futures aims to enhance service quality in futures and derivatives, contributing to the stability of the real economy and the construction of a financial powerhouse [2][5]. Group 3: Innovation and Service Models - Macro-yuan Futures has developed a unique service model that integrates standardized systems, professional manuals, and scenario-based applications, enhancing client service and risk management capabilities [5][6]. - The company actively promotes the use of futures and options among small and medium-sized enterprises, providing risk management services and reducing transaction fees significantly [5][6]. Group 4: Compliance and Risk Management - The "15th Five-Year Plan" calls for comprehensive financial regulation and risk management, emphasizing the need for futures companies to strengthen compliance and risk management frameworks [9]. - Futures companies are encouraged to embed risk management tools into key operational processes of enterprises, enhancing their ability to manage market price fluctuations effectively [9].