为扎实推进廉洁文化建设与公司治理深度融合，三立期货党支部以"党建红"引领"廉洁绿"，精心策划主办"学思践 廉、筑牢心防"廉洁从业知识竞答活动。活动以晋商文化为精神根基，以期货行业合规要求为实践导向，搭建起"知识 竞赛+文化传承+风险防控"三位一体的廉洁教育平台，推动新时代金融企业党风廉政建设走深走实。 值得关注的是，赛事创新融入"红色廉洁"情景题，如"结合晋商票号'以信立本'传统，谈谈期货从业人员如何筑牢廉洁 防线"，将历史智慧与现代金融实践深度结合。经过三轮较量，办公室、财务部组合代表队摘得桂冠。 合规部负责人公示竞赛结果时指出："此次活动不仅是知识比拼，更是对'红色引领、清风护航'三立特色廉洁路径的 实践探索。"赛后，公司党支部将竞赛题库转化为线上学习资源，打造"廉洁微课堂"长效机制，推动廉洁教育从"集中 式"向"常态化"转变。 竞赛环节设置必答题、抢答题、风险题三大模块，涵盖《反不正当竞争法》《期货行业廉洁从业指引》等政策法规， 融入中央八项规定精神、晋商廉洁品质等多元内容。8支参赛队伍以"理论功底+反应速度+战略决策"展开激烈角逐： 必答题环节考验基础素养，各队在30秒内精准作答；抢答题环节通过电子抢 ...

Core Viewpoint - The article highlights China's resilience in export trade despite the pressure from the U.S. tariffs, showcasing a diversified export structure and strong adaptability in various markets [1][7]. Export Market Structure - China's export market has become increasingly diversified, reducing reliance on the U.S. market, which previously accounted for over 20% of total exports [1]. - In the first seven months of 2025, China's total exports reached $2.13 trillion, with imports totaling $1.45 trillion, resulting in a trade surplus [1]. - The top ten export destinations for China in 2025 included ASEAN, EU, U.S., Hong Kong, Latin America, Africa, Japan, South Korea, India, and Russia, collectively accounting for over 80% of total exports [2]. Changes in Export Destination - Compared to 2000, Asia's share of China's exports increased by approximately 3 percentage points, while North America's share decreased by about 9 percentage points [2]. - In the first seven months of 2025, exports to the U.S. decreased by $35.5 billion, but exports to ASEAN surged by $45.2 billion, indicating a shift in trade dynamics [2][3]. Export Growth Rates - Africa led the growth in export amounts with a 24.5% increase, followed by ASEAN at 13.5% and India at 13.4% [3]. - The U.S. experienced a decline in exports of -12.6%, highlighting the contrasting performance of different regions [3]. Product Structure of Exports - The export product structure is characterized by a balance between traditional manufacturing and high-tech products, with mechanical and electrical products making up 60% of total exports [4]. - Traditional manufacturing goods, including clothing and household items, still hold significant export value, contributing to 9% and 8% of total exports, respectively [6]. Supply Chain Advantages - China's manufacturing sector benefits from a robust supply chain, characterized by extensive raw material supply, efficient logistics, and a stable social environment, making it a dominant player in global manufacturing [5]. - The transition towards "smart manufacturing" is expected to enhance the competitiveness of traditional manufacturing sectors, keeping a significant portion of production within China [6]. Conclusion - Despite the challenges posed by U.S. tariffs, China's well-established manufacturing infrastructure and diversified export strategies position it to maintain strong export performance, which remains a crucial driver of economic growth [7].

Core Insights - The demand for efficient and convenient foreign exchange risk management tools among domestic enterprises is unprecedented due to the increasingly complex global economic environment and growing cross-border trade and investment activities [1][2]. Group 1: Market Trends - As of January to July 2025, 1,114 listed companies in China have engaged in futures and derivatives business, with over 80% (902 companies) involved in foreign exchange hedging, indicating a rapid increase in demand for foreign exchange risk management as China's economy becomes more globalized [1][2]. - Approximately 33% (364 companies) of companies have engaged in commodity futures hedging, and about 15% (162 companies) are involved in both commodity futures and foreign exchange derivatives, with manufacturing companies being the main force in hedging activities [2]. Group 2: Risk Management Evolution - Risk management capabilities have shifted from being a "bonus" to a "survival" necessity for enterprises, highlighting the importance of managing various risks during development [3]. - The use of futures and derivatives has become essential for modern enterprises to manage risks and achieve stable operations, reflecting a qualitative leap in risk management awareness among Chinese companies [3]. Group 3: Need for Comprehensive Risk Management - Companies are encouraged to integrate foreign exchange risk management into a comprehensive risk management system, moving away from conservative attitudes and avoiding reckless speculation [5]. - The cultivation of specialized talent in derivative risk management is crucial, as it requires a combination of knowledge in spot trading, financial theory, and risk control experience [5]. Group 4: Product Development and Market Growth - The introduction of foreign exchange futures products is expected to provide more options, improve the efficiency and transparency of foreign exchange risk management, and reduce hedging costs for enterprises [4]. - As of July 2025, the total capital in the futures market is approximately 1.82 trillion yuan, reflecting an 11.6% increase from the end of 2024, indicating a growing market and increasing demand from enterprises [6].

八方来客汇聚中原。2025中国（郑州）国际期货论坛8月19日—20日在郑州举行。作为中国期货市场最 具国际影响力的年度盛会之一，论坛吸引了来自境内外的交易者、金融机构和产业企业代表。 厦门国贸石化总经理刘德伟已连续多届参加该论坛。在他看来，在全球不确定因素较多的当下，了解中 国期货市场的国际化进程，拓展国际视野，能为企业带来更多的发展机遇。 近年来，随着期货市场的高质量发展，产业企业参与度越来越高。避险网创始人刘文财连续参加了两届 论坛，对期货市场和产业企业的变化，有着深刻的感受：一是产业企业更加关注利用期货衍生品参与套 期保值，无论是避险网的统计数据，还是企业参会的积极性，都反映了这一点。二是论坛议题设置密切 结合产业企业套保实际情况，回答真问题，提供好方案。三是与会嘉宾的演讲内容干货多多，都是实践 操作中容易遇到的问题，这些经验对参会者来说弥足珍贵。 实际上，每届论坛都汇聚了来自政府部门、交易所、期货公司、产业及学术界的权威人士，论坛内容具 有极高的专业性和很强的前瞻性。论坛现场，不同语言、不同肤色的参会者在一个个展台前驻足交流， 开放与合作成为这场盛会最鲜明的注脚。 业内人士直言，近几年论坛的议题更加多 ...

8月20日，由郑州商品交易所、芝加哥商业交易所集团联合主办的2025中国（郑州）国际期货论坛正式 召开。在当天下午举行的农产品（油脂油料）论坛上，益海嘉里粮食业务部花生业务总监郭立君表示， 我国花生市场存在产业链短、竞争力弱的问题，面临转型升级挑战。 "从2015年到2024年的近10年时间看，全球花生产量整体增长，年均增长率为2.3%。我国是世界上最大 的花生生产国，也是全球最大的花生消费国，2024年产量占全球的37.7%。此外，我国花生油的产量和 消费量，均占据全球市场的半壁江山。"郭立君说。 郭立君介绍，当前我国花生产业呈现五个特点。一是种植面积稳定。补贴政策有助于维持农户种植花生 的积极性。二是产业结构优化。产业链延伸政策促进花生加工业的升级。三是市场供给多元化。进口政 策的调整拓宽了国内市场的供给渠道。四是质量安全水平提升。标准的完善推动了行业整体质量的提 高。五是国际竞争力增强。综合政策支持有助于提升我国花生产业的国际竞争力。 展望全球市场发展趋势，郭立君认为，市场规模在扩大、消费结构在变化、新兴市场在崛起、创新技术 逐渐用于种植和加工环节，花生产业将向高质量、高附加值、可持续发展方向转型，产业 ...

Core Viewpoint - The current economic foundation of China is stable, with multiple advantages, strong resilience, and significant potential, supporting a long-term positive trend in the economy [1][2] Group 1: Domestic Demand and Consumption - Emphasis on boosting consumption to expand domestic demand, focusing on income, wealth, and expectations to steadily improve the income levels of citizens and enhance consumption capacity [1] - Service consumption has become a major driver of resident consumption growth, with an annual growth rate of 8.7% from 2013 to 2023, surpassing the 2.4% growth rate of goods consumption [2] - The proportion of service consumption in per capita consumption increased from 39.7% to 45.2% from 2013 to 2023, with a further increase to 46.1% expected in 2024 [2] Group 2: Economic Policy Focus - Economic policies should shift more towards benefiting people's livelihoods and promoting consumption, creating new economic growth points through the improvement of living standards [1] - Continuous optimization of expenditure structure is necessary, with a focus on benefiting people's livelihoods and promoting consumption while ensuring the government operates within tighter budgets [1] Group 3: Competitive Advantages - China's economic advantages include institutional benefits, a super-large market, a complete industrial system, and abundant talent resources, which should be leveraged to gain strategic advantages in international competition [2] - The goal is to achieve qualitative improvements and reasonable quantitative growth in the economy, promoting comprehensive development and common prosperity for all citizens [2]

Group 1 - The forum focused on how the futures market can assist the oilseed and oil industry in responding to trade changes, emphasizing the importance of oilseed safety as a critical component of food security in China [1][2] - The China Zhengzhou Commodity Exchange (CZCE) aims to provide a high-quality risk management system for the industry, adapting to the current global economic adjustments and increasing trade uncertainties [1][2] - The oilseed and oil market in China plays a significant role globally, being the second-largest importer and the largest consumer of rapeseed oil and meal, as well as the largest importer and consumer of peanuts [2] Group 2 - COFCO Oils has been actively using futures and derivative tools to mitigate price volatility risks, ensuring stable operations within the industry [3] - The oilseed and oil sector has developed a relatively complete derivative system, which serves as a valuable risk management tool for the industry [3] - Discussions at the forum included topics such as changes in global oilseed trade patterns, challenges and opportunities for import and processing enterprises, and the use of futures derivatives to support stable operations and national oil supply security [3]

Group 1 - The current risks faced by the domestic oilseed industry are primarily due to changes in international trade policies, leading to adjustments in the global supply chain [1] - China’s Ministry of Commerce has initiated an anti-dumping investigation against imported canola seeds from Canada, with a preliminary determination of dumping and a temporary anti-dumping measure involving a 75.8% deposit [1] - The resilience of China's oilseed supply chain is improving, with Australian canola seeds potentially filling the import gap left by Canada, as Australia produces between 6 million to 8 million tons, half of which are non-GMO varieties [1] Group 2 - Oilseed processing companies need to actively respond to policy changes to mitigate risks, with flexible production capabilities in southern and southwestern regions allowing for diversified operations [2] - The import of soybean meal from Argentina has significantly increased, although the absolute quantity remains low, indicating a need for further observation [2] - The import landscape for peanuts is changing, with zero tariffs and low shipping costs enhancing the competitiveness of African peanuts in the Chinese market [2] Group 3 - The shift in the import structure is prompting a three-dimensional restructuring of the domestic peanut industry, with a 63% reduction in production capacity from Africa due to the Sudan conflict, leading to a 77.7% decrease in exports to China [2] - Domestic planting area for peanuts has increased by 5%, with oilseed processing companies now sourcing 80% of their peanuts from domestic production [2] - The current market dynamics are seen as a starting point for the revaluation of the peanut industry, with short-term strategies focusing on domestic supply and risk management through futures [3]

Core Viewpoint - The 2025 China (Zhengzhou) International Futures Forum highlighted the latest developments in the biofuel market, focusing on policy trends, production patterns, and innovations in trading tools, as well as key advancements in shipping decarbonization [1] Group 1: Market Developments - The Chicago Mercantile Exchange Group has established a comprehensive derivatives system covering the entire biofuel industry chain to meet the rapidly growing market demand [1] - The derivatives system includes futures and options products for raw materials such as corn, soybean oil, and European rapeseed oil, as well as fuel products like RBOB gasoline, ultra-low sulfur diesel, ethanol, and biodiesel [1] Group 2: Strategic Goals - The development of the biofuel market requires a balance among policy compliance, raw material sustainability, and cost control [1] - The Chicago Mercantile Exchange Group aims to continuously improve its toolbox of derivatives and provide risk management solutions to support global energy transition and low-carbon goals [1] Group 3: Industry Impact - The innovation and development of the biofuel industry chain are providing strong momentum for green shipping and transportation decarbonization in the context of accelerating global climate action [1]

Core Viewpoint - The 2025 China (Zhengzhou) International Futures Forum highlighted the role of the futures market in supporting the internationalization of the polyester industry, emphasizing the positive impact of government policies on market openness and participation from global clients [1][2]. Group 1: Policy and Market Development - The Central Committee of the Communist Party and the State Council issued a policy in April 2025 to enhance the strategic implementation of free trade zones, focusing on the opening of specific futures varieties and exploring diversified pathways for internationalization [1]. - As of July 2025, over 760 overseas clients from more than 30 countries and regions have opened accounts in the Chinese futures market, indicating strong trust from global industry players [1]. Group 2: Industry Impact and Future Outlook - The use of Chinese polyester futures and options tools has effectively optimized storage and logistics costs for exports, enhancing the global market share and international pricing power of Chinese polyester products [1]. - Looking ahead, the integration of China's petrochemical industry is expected to further enhance the pricing capabilities of bulk commodities, supporting the global development of Chinese enterprises [2].