罗文指出，经过五年来的不懈努力，在畅通和做强国内大循环方面形成了一系列有效的保障机制，消除 了一系列制约要素资源流动的堵点卡点。主要体现在以下几个方面：一是破除地方保护、维护统一大市 场的制度更加健全。二是规制市场垄断的执法更加有力。三是反不正当竞争的政策措施更加刚性。四是 发挥区域市场一体化的引领作用更加有效。 关于下阶段构建全国统一大市场，罗文表示，"十五五"时期，将继续聚焦纵深推进全国统一大市场建设 这一重要改革任务，以更大力度破除地方保护和市场分割，以更实举措维护公平竞争市场秩序，全力推 动全国统一大市场成为各类经营主体公平竞争的大舞台。 期货日报网讯（记者 曲德辉 见习记者 肖佳煊）8月22日，国务院新闻办公室举行"高质量完成'十四 五'规划"系列主题新闻发布会，介绍"十四五"时期市场监管高质量发展成就。建设全国统一大市场是畅 通国内大循环的重要任务，谈及近年来市场监管总局在构建全国统一大市场方面做的举措，国家市场监 督管理总局局长罗文做出回应。 罗文表示，我国市场规模庞大、发展空间广阔，这是我国经济发展的一个突出优势。发挥好这个优势， 需要大力破除地方保护、及时防止和制止市场垄断，维护好、建设好全 ...

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Core Insights - The Chinese futures market is experiencing simultaneous "scale expansion and quality improvement" driven by the implementation of the Futures and Derivatives Law and accelerated internationalization, with a total trading volume increasing by 17.82% year-on-year to 339.73 trillion yuan, and a trading value growth of 20.68% [1] - Ruida Futures reported a total revenue of 1.047 billion yuan, a year-on-year increase of 4.49%, and a net profit attributable to shareholders of 228 million yuan, surging 66.49%, significantly outperforming the industry average growth rate of 32% [1] Business Structure and Performance - Ruida Futures operates a three-dimensional business system, with futures brokerage as the foundation and risk management and asset management as dual wings, creating a balanced growth model [2] - The risk management segment is a strategic core, with its subsidiary Ruida Xinkong serving 173 enterprises and facilitating a nominal principal of 22.299 billion yuan in derivative transactions, earning multiple industry awards [2] - The asset management segment, focusing on CTA strategies, saw revenue soar by 223.83% to 121 million yuan, with assets under management growing by 36.5% [3] - The brokerage business achieved revenue of 24.4 million yuan, with a 11.22% increase in commission income, supported by a strategy of deepening institutional client relationships [3] Competitive Advantages - Ruida Futures has established a competitive edge through four core advantages: brand, technology, network, and risk control, positioning itself as a leader in the industry [4] - The company is recognized as the first futures listed company on the Shenzhen Stock Exchange and one of only two futures institutions with public fund management subsidiaries [4] - The company has invested in a data center meeting domestic and international standards, enhancing its digital transformation and information security capabilities [4] Regional Strategy and Client Engagement - The company has a strategic focus on "rooted in Fujian, radiating nationwide," with 43 branches forming a three-tier service system to cater to regional market needs [5] - Ruida Futures conducted over 30 investor education activities, reaching 13,000 participants, which has improved client engagement [5] Risk Management - The company has established a comprehensive risk control system, with a net capital to risk capital ratio of 205.97%, significantly exceeding regulatory standards [6] - A self-developed risk control system enables dynamic monitoring and stress testing, ensuring no major risk events occurred in the first half of the year [6] Globalization and Social Responsibility - Ruida International (Hong Kong) reported revenue of 17.348 million yuan, a 62.90% increase, and is expanding its global footprint with multiple licenses and QFII products [7] - The company is actively participating in social responsibility initiatives, including "insurance + futures" projects in rural areas, benefiting local farmers and contributing to rural revitalization [7] - Future plans include leveraging AI in trading and risk management, exploring risk management solutions in the green economy, and transitioning to a comprehensive financial service provider [7]

随着新能源、高端装备等战略性新兴产业崛起，锂、镍等关键矿产的价格风险管理需求将显著提升，急需期货市场提供更多避险工具。同时，新 型工业化要求产业链向高附加值环节延伸，而标准化合约能有效推动产业规范发展。 新品种或聚焦三大主线 结合《关于金融支持新型工业化的指导意见》提出的"服务制造强国建设"目标，未来期货市场产品创新可围绕三大主线展开： 当前，我国正处于推进制造强国建设和新型工业化的关键阶段。日前，中国人民银行等七部门联合印发《关于金融支持新型工业化的指导意 见》，明确提出"以产业需求为导向，完善期货产品体系"。期货市场是现代金融体系的重要组成部分，如何通过产品创新更好地服务国家战略， 成为当前急需深入研究的课题。 传统工业企业的"风险管家" 经过多年发展，我国期货市场已形成涵盖农产品、金属、能源、化工、金融等领域的多元化产品体系。目前，国内商品期货和期权上市品种达131 个，服务和辐射国民经济领域更加广泛。其中，工业品期货和期权共计84个，占比64%，PTA、铁矿石等品种已成为全球重要的定价基准。 从功能发挥来看，期货市场在传统工业品领域已取得显著成效。以上海期货交易所的铜、铝期货为例，其与现货价格的相关性 ...

2023年6月12日，商务部发布《成品油流通管理办法（征求意见稿）》。2025年8月1日，商务部发布 《成品油流通管理办法》（下称《办法》），自2025年9月1日起施行，意味着成品油流通管理迎来全新 监管框架，成品油市场将更加规范化、市场化，将加快成品油价格市场化步伐。这既符合市场经济改革 的逻辑，同时也与构建全国统一大市场的内在逻辑一致。 市场更加规范化 过去，我国成品油市场存在"九龙治水"局面，成品油流通管理存在区域政策差异，甚至存在壁垒。《办 法》规定，由商务部负责制定并公布全国统一的成品油批发、仓储经营企业备案操作指南；成品油批 发、仓储环节需要营业执照、危险化学品经营许可证等资质，可以通过"全国石油市场管理应用"向省级 商务管理部门备案。这有助于破除区域政策壁垒，为建设全国统一大市场扫除障碍，有利于规范市场竞 争秩序。 《办法》整体上是"宽准入、严监管"。《办法》明确批发和仓储经营线上备案、零售经营许可"一站一 证"等，大大提升了便利性。同时，监管重心从事前审批转向了事中和事后，通过每月数据报送、建立 企业名录、信用分级分类等手段，构建了严密高效的监管体系。 《办法》在促进成品油市场更加规范化、透明 ...

8月18日，国务院第九次全体会议再次为房地产市场定调，提出"采取有力措施巩固房地产市场止跌回稳态势"。这一表述既体现了决策层对当 前楼市形势的清醒判断，也预示着新一轮政策"组合拳"蓄势待发。 梳理今年以来的政策脉络，"止跌回稳"始终是房地产工作的核心目标。6月13日，国务院常务会议提出"更大力度推动房地产市场止跌回稳"， 彼时政策重心在于"托底"，即通过优化限购、降低利率、加大信贷支持等手段，遏制市场快速下滑。7月30日，中共中央政治局会议提出"高质 量开展城市更新"。在前两次会议基础上，此次国务院全体会议首次提出"采取有力措施巩固房地产市场止跌回稳态势"。从"推动"到"巩固"，政 策表述的细微变化，折射出决策层对市场形势的精准把握。当前楼市已初步呈现止跌迹象，但基础尚不牢固，急需通过更具针对性的措施，推 动市场从"止跌"走向"回稳"。这一表述升级，既是对前期政策效果的肯定，也为下一阶段政策制定指明了方向：从"大水漫灌"转向"精准滴 灌"，从"短期刺激"转向"长效机制"。 房地产市场的稳定，从来不是孤立的，而是关乎宏观经济、地方财政、居民财富的综合命题。此次国务院全体会议将房地产置于"做强国内大 循环"的宏观 ...

图为商品期货资金流出前十名（亿元） 单品种看，昨日资金主要流入的商品期货（主连合约）品种有碳酸锂、镍、PTA、铁矿石和棕榈油，分别流入9.13 亿元、7.44 亿元、2.51 亿元、1.46 亿元和 1.37 亿元；主要流出的品种有黄金、铜、白银、热轧卷板和螺纹钢，分别流出8.07 亿元、3.06 亿元、1.87 亿元、1.81 亿元和1.34 亿元。从主力合约看，化 工、有色金属和农产品板块呈流入状态，黑色和金融期货板块呈流出状态。 整体看，昨日商品期货（主连合约）资金呈中幅流入状态。化工、有色金属和农产品板块呈流入状态，重点关注流入较多的碳酸锂、镍、PTA和棕榈油，同 时关注逆势流出的黄金、铜、白银、豆粕和原油。黑色板块呈流出状态，重点关注流出较多的热轧卷板和螺纹钢，同时关注逆势流入的铁矿石。金融板块重 点关注中证1000股指期货和30年期国债期货。（徽商期货 方正） 图为商品期货资金流入前十名（亿元） 图为商品期货主连合约资金流向（亿元） 图为金融期货主连合约资金流向（亿元） 图为板块资金流入额（亿元） ...

Core Insights - The training program aims to enhance the understanding of futures markets among government officials to better serve the real economy [1][2] - The futures market plays a crucial role in risk management for enterprises, especially in stabilizing production expectations amid commodity price fluctuations [1][2] - Shandong province, being a significant industrial and agricultural hub, has a solid foundation for futures market development, supported by various government departments [1][2] Group 1: Futures Market Functionality - The futures market has become an important reference for spot trade prices, improving market price fairness and transparency [1] - It effectively safeguards the stability of supply chains and industrial operations, acting as a "shock absorber" for enterprises [1][2] - The complexity of futures market mechanisms, such as margin requirements and settlement processes, raises regulatory challenges for government departments [2] Group 2: Regulatory and Compliance Aspects - The training highlighted the need for accurate recognition of the futures market's functions and the regulation of corporate trading behaviors [2][4] - Government departments are encouraged to enhance their understanding of futures tools to better support enterprises in risk management [2][5] - The training provided a platform for various government sectors to deepen their knowledge of the futures market and align regulatory practices [4][5] Group 3: Practical Applications and Innovations - Enterprises are encouraged to understand accounting standards related to futures trading, particularly the requirements for hedge accounting [3] - The integration of futures and derivatives into business models is seen as a preferred option for managing risks in large commodity companies [3] - The training addressed practical audit compliance issues faced by enterprises using futures tools, providing valuable insights for regulatory adherence [4]

Core Viewpoint - The article discusses the challenges faced by companies in the steel and coal industries due to price volatility of raw materials and highlights the shift towards using futures and derivatives for risk management [2][4][9]. Group 1: Industry Challenges - Companies in the steel production sector, such as He Fang Industrial and Shandong Hui Lian Group, are struggling with significant price fluctuations in key raw materials like iron ore and coking coal, which directly impact production costs and profits [1][2]. - The volatility in prices has been exacerbated by changes in international trade environments, supply-demand adjustments, and the COVID-19 pandemic, leading to increased operational risks for trading companies [2][8]. Group 2: Adoption of Futures Trading - Shandong Hui Lian Group and Shandong Tai Feng Commercial Group have begun to explore futures trading as a means to manage risks associated with price fluctuations, transitioning from a passive to an active risk management approach [3][4][7]. - The companies initially faced challenges due to a lack of understanding and experience with futures trading, but training and support from futures exchanges have helped them recognize the benefits of hedging [3][4][8]. Group 3: Successful Implementation of Risk Management Strategies - In 2022, Shandong Tai Feng successfully implemented a hedging strategy using futures contracts, which resulted in a partial offset of losses from declining prices, demonstrating the effectiveness of risk management tools [4][6]. - Shandong Hui Lian Group also engaged in futures trading to lock in procurement prices and manage inventory value, achieving a risk management gain of approximately 150,000 yuan [5][6]. Group 4: Future Outlook - The "Enterprise Wind Plan" has facilitated the entry of over 700 companies into the futures market, enhancing their risk management capabilities and promoting the use of futures as a stabilizing tool in business operations [9][10]. - Companies are expected to continue deepening their participation in the futures market, exploring more complex hedging strategies and expanding their risk management frameworks to adapt to market changes [9][10].

Core Viewpoint - Huatai Futures emphasizes the need for a collaborative approach in the industry to build a national-level commodity risk database, breaking down data silos and enhancing risk management capabilities for enterprises [1][8]. Industry Context - The global economic environment is increasingly uncertain, leading to downward pressure on domestic economic growth, prompting a shift from "anti-involution" to "stabilizing growth" in China [2]. - This transition is reflected in significant changes in macroeconomic policies and the demand for risk management and hedging services in the commodity market [2]. Challenges in Risk Management - Traditional risk management heavily relies on experiential judgment, lacking data support and professional perspectives, which can lead to misconceptions about hedging [2]. - Many futures company personnel struggle with understanding industry pain points, resulting in low customer interaction efficiency and difficulties in business conversion [2][3]. Technological Innovations - Huatai Futures has launched the Huatai Tianji Industry Risk Management Platform, which integrates qualitative and quantitative risk identification, aiming to better understand user needs [3]. - The platform has achieved significant milestones since its non-public launch in March of the previous year, with over 45,000 registered users and more than 11,000 certified enterprises [3]. Platform Features - The platform includes various modules such as a visual dashboard, customized report generator, trend analysis tools, and AI-driven functionalities, enhancing decision-making efficiency for clients [4][5][6][7]. - The "CFTI" index provides insights into market behavior, helping investors understand price fluctuations more effectively [7]. Collaborative Initiatives - Huatai Futures advocates for breaking down industry data barriers and establishing a collaborative risk management network among different institutions [8]. - The company plans to develop an educational platform to enhance industry knowledge and skills, addressing the complete risk management capability cycle [8].