本报讯商务部新闻发言人12日就近期中方相关经贸政策措施情况答记者问。有记者问：美东时间10月10 日，美方宣布，针对中方采取的稀土等相关物项出口管制，将对中方加征100%关税，并对所有关键软 件实施出口管制，请问商务部对此有何评论？ 对此，商务部发言人表示，10月9日，中方发布了关于稀土等相关物项的出口管制措施，这是中国政府 依据法律法规，完善自身出口管制体系的正常行为。中国作为负责任大国，始终坚定维护自身国家安全 和国际共同安全，始终秉持公正、合理、非歧视的原则立场，审慎适度实施出口管制措施。美方有关表 态是典型的"双重标准"。长期以来，美方泛化国家安全，滥用出口管制，对华采取歧视性做法，对半导 体设备、芯片等众多产品实施单边长臂管辖措施。美方管制清单物项超过3000项，而中方出口管制清单 物项仅900余项。美方使用出口管制最低含量规则由来已久，低至0%。美方相关举措严重损害企业正当 合法权益，严重冲击国际经贸秩序，严重破坏全球产供链安全稳定。 商务部发言人称，特别是9月中美马德里经贸会谈以来，短短20多天时间，美方持续新增出台一系列对 华限制措施，将多家中国实体列入出口管制实体清单和特别指定国民清单；通过 ...

Core Insights - The forum titled "2025 Futures and Spot Integration to Promote High-Quality Development of the Aluminum Industry" will be held on October 16 in Zhengzhou, focusing on the future development paths of the aluminum industry [1] - The event aims to create a complete ecological loop covering research, production, trade, and finance by gathering industry leaders, experts, and traders [1] - The forum addresses the challenges and opportunities in the aluminum industry amid global economic adjustments and domestic industrial upgrades, emphasizing the importance of high-quality development and risk management through futures and derivatives [1] Group 1 - The forum will feature keynote speeches from industry experts, including Dr. Wei Hongjie from China Aluminum International Trade Group, who will analyze the development trends of China's aluminum industry under complex international and domestic conditions [2] - Analyst Jiang Xinbin from Zheshang Futures will focus on market dynamics, identifying core factors influencing aluminum price fluctuations and potential trading opportunities for risk management and investment decisions [2] - Chen Penghui, Chairman of Gongyi City Kangyi Material Trade Co., will share insights on how companies can enhance resilience and innovate business models through futures-spot integration strategies [2] Group 2 - A roundtable discussion will involve representatives from leading aluminum processing companies, exploring the current state of the aluminum industry and the practical applications of futures tools in stabilizing raw material supply, optimizing inventory management, and mitigating price risks [2] - The forum will also present the "Golden Great Wall" awards for outstanding risk management cases and service providers, recognizing exemplary applications of futures-spot integration in supporting the real economy and promoting innovative models [3] - The awards aim to set industry benchmarks and encourage more companies to adopt risk management tools for high-quality development [3]

Core Viewpoint - The international crude oil prices have been on a downward trend, leading to a significant reduction in domestic refined oil retail prices, with an expected decrease of 80 yuan/ton by October 13, 2025 [1] Group 1: Price Trends - The reference crude oil price change rate briefly rose before entering a downward channel, with a calculated adjustment of -80 yuan/ton after the ninth working day [1] - As of October 10, the reference crude oil change rate was -1.87%, indicating a strong likelihood of a price reduction in domestic refined oil [1] Group 2: Market Influences - The pricing period has been extended due to the overlap of the National Day and Mid-Autumn Festival holidays, affecting market dynamics [1] - Geopolitical tensions and underwhelming OPEC+ production increases initially caused oil prices to rise, but subsequent geopolitical de-escalation and trade tensions led to price declines [1] Group 3: Consumer Impact - If the price reduction is implemented, it will mark the eighth decrease in domestic refined oil retail prices this year, potentially lowering consumer fuel costs further [1]

Core Viewpoint - The "Insurance + Futures" project for natural rubber in Gengma County, Yunnan Province, has been successfully completed with the support of the Shanghai Futures Exchange and Guolian Futures, enhancing financial services and contributing to rural revitalization [1] Group 1: Project Overview - The project is in its second year in Gengma County, which is located in the southwestern part of Yunnan Province [1] - Natural rubber planting and harvesting is a primary method for local residents to increase their income, making the introduction of the "Insurance + Futures" model beneficial for farmers to mitigate price volatility risks [1] Group 2: Company Initiatives - Guolian Futures aims to deepen and innovate the "Insurance + Futures" business model through this project, improving the effectiveness and coverage of financial services [1] - The company has participated in the Shanghai Futures Exchange's natural rubber project for seven consecutive years and will continue to support rural revitalization efforts in the future [1]

Core Viewpoint - The revised "Classification Evaluation Regulations for Futures Companies" aims to guide the futures industry towards high-quality development by shifting from rigid external constraints to a scientific and comprehensive evaluation system [1][4][12] Group 1: Regulatory Changes - The regulations emphasize a shift from rigid constraints to scientific guidance, promoting a proactive approach to compliance and excellence among futures companies [4][12] - The evaluation mechanism has been optimized to enhance precision, predictability, and fairness, with clearer and more objective scoring criteria [6][12] - The new framework encourages innovation in business models, moving the industry from "scale competition" to "quality competition" and "characteristic competition" [2][12] Group 2: Evaluation System Enhancements - The evaluation system has been restructured into three categories with nine indicators, reflecting a broader range of business types and encouraging the development of innovative services [7][12] - The removal of certain outdated indicators aims to reduce the burden on the industry and promote long-term strategic investments [8][9][12] - Special evaluations have been integrated to focus on key areas such as serving national strategies and enhancing information technology capabilities [10][12] Group 3: Incentive Mechanisms - New special incentive clauses have been introduced to encourage compliance and innovation, including rewards for companies that cooperate with regulatory bodies [11][12] - The regulations aim to foster a culture of sustainable compliance and risk management within futures companies [12] Group 4: Importance of the Regulations - The classification evaluation directly influences the business scope and regulatory intensity for futures companies, with higher-rated firms enjoying greater operational flexibility [14][15] - The evaluation results serve as a key indicator of a company's market reputation and client trust, impacting its ability to attract institutional clients [15][16] - Internally, the evaluation guides the strategic direction and operational efficiency of futures companies, making it a critical component of their management framework [17][18] Group 5: Balancing Compliance and Innovation - Futures companies are encouraged to adopt a philosophy of "compliance as the foundation, innovation as the wings," balancing regulatory adherence with innovative growth [19][21] - A comprehensive risk management system is essential for maintaining compliance while exploring innovative business opportunities [20][21] - The integration of technology and the cultivation of a skilled workforce are vital for achieving a harmonious balance between compliance and innovation [22][23][24]

Core Viewpoint - The development of foreign wholly-owned futures companies in China's futures market is progressing positively, with the recent approval of Goldman Sachs as the actual controller of QianKun Futures, indicating a significant step in the internationalization of the market [1][2]. Industry Development - The approval of Goldman Sachs as the actual controller of QianKun Futures marks the establishment of four foreign wholly-owned futures companies in China, including JPMorgan Futures, Morgan Stanley Futures, and UBS Futures [1]. - The removal of foreign ownership restrictions for futures companies in China began on January 1, 2020, ahead of similar changes in the securities and fund industries [1]. - Morgan Stanley Futures became the second foreign wholly-owned futures company in 2023, with its subsidiary officially starting operations in January 2025 [1]. Business Expansion - The recent approval of Morgan Stanley Futures' financial futures brokerage qualification expands its business scope to include both commodity and financial futures brokerage [2]. - The entry and development of foreign wholly-owned futures companies are expected to enhance the internationalization, innovation, liquidity, and regulatory framework of China's futures market [2]. Market Impact - The presence of foreign wholly-owned futures companies is anticipated to diversify trading participants and investment strategies, thereby increasing trading activity and liquidity in China's futures market [3]. - These companies are expected to help establish more representative price benchmarks for futures products in the international market and enhance the acceptance of RMB-denominated futures [3]. Regulatory Considerations - The increasing participation of international clients necessitates stronger compliance and regulatory measures, particularly in cross-border supervision, to prevent systemic risks [3][4]. - The entry of foreign wholly-owned futures companies is seen as a key driver for optimizing market structure, improving regulations, and enhancing international influence [4].

Core Insights - The domestic futures industry demonstrated strong resilience in August, with an expansion of the customer base, optimization of business structure, and accelerated green transformation [1] - The industry is building a more resilient and competitive ecosystem through diversified layouts, driven by the release of risk management needs from the real economy and deep empowerment from financial technology [1] Group 1: Industry Performance - As of the end of August 2025, the total trading volume of 150 futures companies reached 65.23 trillion yuan, with a trading volume of 895 million contracts, showing significant year-on-year growth despite a slight month-on-month decline [1] - In August, the operating income and net profit of these companies were 3.861 billion yuan and 1.234 billion yuan, respectively, both showing year-on-year growth despite a slight month-on-month decrease [1] - The decline in revenue in August was attributed to reduced market trading volume, influenced by a high market activity level in July, with certain futures experiencing unilateral trends [1] Group 2: Business Model and Client Structure - The optimization of client structure and diversification of business models are key factors driving the year-on-year improvement in industry profitability [2] - As of June 2025, the number of effective clients in the market reached 2.61 million, a year-on-year increase of 12%, with the number of corporate clients growing by 55% over five years [2] - Futures companies are moving away from reliance on brokerage services, forming a development structure characterized by "coordinated growth of multiple businesses" [2] Group 3: Future Trends and Innovations - The futures market is expected to continue its long-term positive trend, supported by a solid foundation of funds and clients [4] - The expansion of green products in the domestic market is anticipated to release dividends, with active futures in polysilicon and industrial silicon, and ongoing development of liquefied natural gas futures [4] - Futures companies are increasingly embedding themselves in the industrial chain through risk management subsidiaries, providing personalized hedging solutions and supply chain financial services [4] - The international influence of China's futures market is expected to gradually increase with the introduction of more international products and exploration of cross-border trading models [4]

（文章来源：期货日报网） 10月9日，中期协发布的2025年三季度末居间人登记情况显示，截至2025年9月末，12952名居间人在协 会完成系统登记，其中2038名居间人处于合同存续期，较2025年6月末减少1605名，减幅44.06%。 ...

据国家发展改革委官网9日消息，近日，国家发展改革委、市场监管总局联合发布《关于治理价格无序 竞争维护良好市场价格秩序的公告》（下称《公告》）。 《公告》提出，价格竞争是市场竞争的重要方式之一，但无序竞争会对行业发展、产品创新、质量安全 等造成负面影响，不利于国民经济健康发展。国家支持公平、公开、合法的市场竞争，维护正常的价格 秩序。实行市场调节价的商品和服务，经营者应当按照价格法规定，遵循公平、合法和诚实信用的原 则，以生产经营成本和市场供求状况为基本依据，依法行使自主定价权，自觉维护市场价格秩序，共同 营造公平竞争、有序竞争的市场环境。 国家发展改革委有关负责同志就《公告》答记者问时表示，国家发展改革委、市场监管总局将指导各地 按照《公告》提出的基本思路和重点举措，依法依规治理企业无序竞争。一是开展政策宣贯。二是推动 行业自律。三是强化市场监测。密切监测市场价格运行情况和行业竞争状况，及时发现价格无序竞争问 题线索。四是加强监管执法。 （文章来源：期货日报网） 《公告》根据现行法律法规，按照事前引导和事中事后监管相结合的思路，提出多项治理举措。调研评 估行业平均成本。对价格无序竞争问题突出的重点行业，指导行 ...

Core Viewpoint - The article discusses the positive changes in China's futures market following the release of the regulatory guidelines aimed at promoting high-quality development, highlighting the growth in market scale, business transformation of futures companies, and improvements in regulatory frameworks [1][4]. Group 1: Market Development - The futures market in China has seen continuous growth in scale and an improved variety system since the release of the guidelines [1]. - The total funds in China's futures market are expected to exceed 20 trillion yuan by the end of this year, indicating a new record high [4]. - The number of futures varieties has increased, with 157 types of futures options now available, contributing to a healthier and more regulated market environment [4]. Group 2: Business Transformation - Futures companies are focusing on transforming their business models, with asset management and international business becoming significant profit growth points [1][3]. - The company has provided risk management services to over 1,000 industrial clients and has supported more than 150 small and micro enterprises with financial assistance totaling nearly 5 million yuan [2]. - The company aims to enhance its core competitiveness by offering diversified and customized service solutions to meet the risk management needs of clients [3]. Group 3: Regulatory Improvements - The regulatory framework has been strengthened, with new systems for classification evaluation, internet marketing management, and investor suitability management being introduced [1]. - The company is actively improving its internal control and compliance management mechanisms in response to the evolving regulatory environment [3]. Group 4: Competitive Landscape - The competition in the futures industry is expected to intensify, with market concentration increasing as top firms leverage capital advantages to expand their market share [5]. - Differentiated competition is becoming more pronounced, as the brokerage business remains the primary revenue source for futures companies, necessitating the exploration of unique development models [6]. - The internationalization of futures companies is accelerating, with overseas business expected to become a significant growth area driven by policy support and external demand [6].