三是优化举报程序，提高处理效能。完善举报的形式要件，提高举报的真实性和有效性；新增规定重复 举报的不予处理和并案处理机制，优化举报告知程序，提高基层行政效率；删除广告领域的举报移送程 序，强化同案管辖；明确统一通过全国12315平台处理，加强大数据分析应用。 四是规制恶意索赔，防止制度滥用。新增规定不得滥用投诉举报权利，牟取不正当利益，侵害经营者的 合法权益；明确投诉人应当提供真实身份信息和相应的事实依据，对提供虚假材料、冒用他人名义、拒 不配合核验真实身份的不予受理；在立法层面列举判断生活消费需要的考虑因素；明确对敲诈勒索、骗 取赔偿等违法索赔的终止调解，并移送公安机关依法处理。 《办法》自2026年4月15日起施行，原《市场监督管理投诉举报处理暂行办法》同时废止。 期货日报网讯（记者肖佳煊）近日，市场监管总局修订发布规章第121号令《市场监督管理投诉举报处 理办法》（下称《办法》），以适应市场监管新形势新要求、提升投诉举报处理质效、更好保护消费者 和经营者合法权益。《办法》的修订实施将有力健全统一权威、科学高效、便民利企的市场监管投诉举 报处理体系，更好服务经济高质量发展、保障人民高品质生活。 《办法》主 ...

Core Viewpoint - The Zhengzhou Commodity Exchange has revised the rules for cotton futures to align with the latest national standards and inspection systems, enhancing the functionality of the cotton futures market [1][2]. Group 1: Rule Updates - The revision updates the national standard for the benchmark delivery quality of cotton from GB 1103.1-2012 to GB 1103.1-2023, ensuring consistency with the standards used in the spot market [1]. - The names of the relevant documents for cotton quality inspection have been updated to reflect current practices, linking the rules to the effective cotton inspection management system [1]. Group 2: Market Impact - The revision does not make substantial changes to the core trading and delivery systems of cotton futures, resulting in minimal impact on market operations [2]. - The timely update of rules is expected to make cotton futures contracts more aligned with the realities of the spot market, enhancing the precision of the futures market in serving the real economy [2]. - Market participants have responded positively, noting that the revisions will help industry players better utilize futures tools to stabilize operations [2].

Group 1 - The China Securities Regulatory Commission (CSRC) has released two recommended standards for the financial industry: "Guidelines for the Application of Cryptographic Technology in Securities and Futures Information Systems" and "Classification and Codes for Securities and Futures Information Systems," both effective immediately upon publication [1][2]. - The "Guidelines for the Application of Cryptographic Technology" provide guidance on the use of cryptographic technology, products, and services in the securities and futures industry, aiming to assist various institutions in implementing cryptographic applications and facilitating regulatory assessments [1]. Group 2 - The "Classification and Codes for Securities and Futures Information Systems" categorizes industry institutions into eight major types, creating a "8+1" classification system that includes a "general" category for common information systems, thus establishing a multi-dimensional classification framework [2]. - This classification system aims to provide a scientific and standardized approach to information system classification and coding in the securities and futures industry, enhancing regulatory efficiency and market risk monitoring capabilities, and supporting the digital transformation of the capital market [2].

Core Viewpoint - The China Securities Regulatory Commission (CSRC) emphasizes the importance of risk management tools for long-term investments and aims to enhance the quality and growth of the capital market through comprehensive reforms and improved regulatory frameworks [1][2]. Group 1: Capital Market Development - The CSRC is focused on "preventing risks, strengthening regulation, and promoting high-quality development" as a guiding principle for capital market reforms [1]. - As of the end of last year, various long-term funds held approximately 23 trillion yuan in A-share market value, representing a 36% increase from the beginning of the year [2]. - The technology sector has surpassed the banking sector, becoming the largest industry in A-shares, with the number of tech companies in the top 50 by market value increasing from 18 to 24 over five years [2]. Group 2: Support for Innovation and Corporate Value - The CSRC aims to enhance support for technology innovation enterprises by deepening reforms in the Sci-Tech Innovation Board and the Growth Enterprise Market [3]. - A-share companies achieved a record cash dividend of 2.55 trillion yuan last year, which is double the scale of IPOs and refinancing during the same period [2]. - The CSRC is committed to improving corporate governance and encouraging stable and predictable shareholder returns through stricter information disclosure and compliance [3]. Group 3: Regulatory Enhancements - The CSRC has investigated 159 cases of financial fraud since the beginning of 2024, with 43 cases involving major shareholders and actual controllers facing serious accountability [2]. - The commission plans to strengthen investor education and protection, emphasizing strict regulatory enforcement against severe violations [3]. - There is a focus on cultivating top-tier investment banks and institutions to enhance service quality for all parties involved in investment and financing [3].

Core Insights - The development of soybean oil futures over the past 20 years has transformed it into a cornerstone of China's oilseed market, providing essential risk management and price discovery functions [1][4][19] - The futures market has evolved alongside China's economic growth and structural adjustments, reflecting a shift from exploration to maturity in the domestic futures market [1][19] Market Capacity - Since its launch, the average daily trading volume of soybean oil futures has increased from 43,100 contracts in 2006 to 445,000 contracts in 2025, while the average open interest has risen from 24,200 contracts to 844,400 contracts [4] - By the end of 2025, there will be 33 delivery warehouses for soybean oil futures, ensuring broad coverage and sufficient delivery capacity across various regions [4] Industry Participation - Over 90% of large and medium-sized soybean crushing enterprises in China utilize soybean oil futures for hedging, with more than 90% of sales using a pricing model based on the futures price plus a premium or discount [4] - By the end of 2025, the proportion of industry clients holding positions in soybean oil futures is expected to reach 52% [4] Industry Transformation - The soybean crushing industry has seen rapid growth, with production capacity exceeding 180 million tons, making China the largest producer and consumer of soybean oil globally [7] - The market has shifted from reliance on foreign oil to a more balanced structure among state-owned, private, and foreign enterprises since 2018 [6][7] Risk Management - Soybean oil futures have become a critical tool for enterprises to manage price risks, with significant price fluctuations observed in recent years [8] - Companies like Jianghai Grain and Oil Group have successfully integrated futures into their operations, enhancing their risk management capabilities and overall business performance [9][10] Pricing Mechanism - The introduction of basis trading has redefined pricing and cooperation models in the industry, moving from fixed pricing to a more flexible model based on futures prices plus basis [11][12] - The maturity of the soybean oil futures market has provided a reliable price benchmark, enhancing the efficiency and risk management capabilities of the entire industry [12][19] Internationalization - The soybean oil futures market has opened up to foreign investors, enhancing its international pricing influence and allowing for better risk management across markets [14][15][16] - The integration of domestic prices with international markets has improved the responsiveness of Chinese prices to global supply and demand changes [15][16] Lessons Learned - The success of soybean oil futures illustrates the importance of being rooted in the underlying industry and addressing real risk management needs [17][18] - A collaborative approach among regulatory bodies, exchanges, and industry participants has been crucial for the development of a mature futures market [17][18]

Core Viewpoint - The Chinese capital market has undergone fundamental changes over the past year, particularly since September 24, 2024, with a gradual recovery in market confidence and stabilization of expectations. The next steps involve reforms in three areas: asset side, investment side, and institutional side [1]. Group 1: Asset Side Reform - The goal of asset side reform is to adjust the structure of listed companies, promoting a shift towards high-tech and innovative enterprises to enhance the risk-return capability of the market and optimize the asset structure [1]. Group 2: Investment Side Reform - Investment side reform aims to relax institutional constraints on long-term funds such as insurance, social security, and pension funds entering the market, thereby expanding market liquidity. The revision of rules is intended to guide more long-term institutional funds to enter the market in an orderly and large-scale manner, maintaining a healthy liquidity state [1]. Group 3: Institutional Side Reform - Institutional reform is highlighted as the most critical task, with the core objective being to ensure market transparency, which is deemed the lifeline of the capital market. Various measures will be taken to ensure that issuers disclose information truthfully. The fundamental goal of the reform is to eliminate risks associated with fraudulent listings, financial fraud, false disclosures, and insider trading. Severe penalties will be imposed on all "risk creators" and those who assist them, transitioning from administrative penalties to criminal and civil liabilities. Additionally, intermediary institutions will face equivalent severe penalties [1]. Group 4: Foundations of Capital Market Development - The development of the capital market is supported by three key foundations: a sound legal system, a high degree of contractual spirit, and market transparency. A sound legal system stabilizes market expectations and promotes capital flow, while the contractual spirit is essential for maintaining financial order. Transparency is considered the lifeline of the capital market, with regulatory functions focusing on transparency oversight to ensure all participants, especially listed companies and intermediary institutions, disclose information truthfully [2].

Group 1 - The core viewpoint indicates that the urea market is expected to experience a downward trend in 2025, with a price range between 1915 yuan/ton and 1585 yuan/ton, reflecting a volatility of 17.23% due to high supply and seasonal demand fluctuations [1] - In 2026, the urea industry will continue to expand capacity, but demand growth is limited, leading to a forecast of weak price fluctuations [1][2] Group 2 - The supply-demand imbalance is intensifying, with an additional 6.3 million tons of urea capacity expected in 2025 and a projected production capacity of 7.5 million tons in 2026, which is a 6.56% year-on-year increase [2] - Inventory levels are anticipated to remain above 1 million tons for most of 2025, with even greater pressure expected in 2026 [2] - Agricultural demand is stable but modest, estimated at around 24 million tons in 2025, while industrial demand is expected to decline in 2026 [2] Group 3 - Current profit levels in the industry are relatively good, with no losses reported for fixed-bed units in 2025, and newer coal chemical units showing higher profits compared to older ones [3] - However, profit compression is anticipated in 2026 due to sustained high supply and potential decreases in coal prices, which may weaken cost support for the urea industry [3] Group 4 - Export policies are identified as a significant variable affecting market trends in 2026, with China implementing a quota system in 2025 that allowed for approximately 5 million tons of exports [4][6] - The likelihood of continued domestic exports remains high under conditions of high supply, especially if prices remain low, which could lead to a shift from quota exports to unrestricted exports [6] - Overall, the supply growth is expected to significantly outpace demand growth in 2026, maintaining a surplus in the market and further lowering urea price levels, while export policy changes will be crucial to monitor [6]

14 Y 6,1956. vie -16 1:00 17 C P 1 e / apl E 7 7 Non 项目背景 宏观经济与政策环境 随着全球经济一体化进程的加速，农副产品市场与国际市场的联系愈发紧密，价格波动受国际供求关系、汇率变动、气候变化等多种因素影响。近年来，我 国积极推动农业供给侧结构性改革，鼓励金融机构加大对农业产业的支持力度，通过金融工具助力农产品生产、流通和销售环节的优化升级，稳定农产品价 格，保障农民收入，提升农业产业竞争力。这一良好的政策环境，为海证期货携手风险管理公司与联华超市开展苹果贸易合作项目奠定了坚实基础。 苹果产业面临的共性问题 价格波动风险：苹果生产受自然条件影响较大，如自然灾害、天气变化等因素会导致苹果产量和品质波动，进而引起价格波动。此外，市场供求关系、信息 不对称等问题加剧了价格的不稳定性。价格的频繁波动使得果农面临收入不确定性，同时也给贸易企业带来了较大的经营风险。 果农销售渠道单一：在传统苹果销售模式中，果农主要依赖批发商、经销商等中间环节进行销售，销售渠道较为狭窄，且信息在流通环节易出现滞后、失真 等问题。果农在产业链中处于弱势地位，缺乏直接对接终端市场的能力，无 ...

冯村耕地近3000亩，以小麦、玉米及"玉露香"梨果等特色产业为主，提升生产效率是其乡村振兴的关键 需求。针对该村需求，中信建投期货精准响应，捐赠农用三轮车、旋耕机等适配农机，破解耕作效率 低、成本高的难题，为冯村农业规模化生产、增收增效筑牢硬件基础。 活动当天，公司与冯村党支部开展党建共建，围绕党建与乡村振兴融合等主题进行交流，凝聚发展共 识。同时，专业人员以通俗易懂的方式，向村民普及期货相关知识，提升村民金融素养，助力其防范金 融风险、拓宽产业发展思路。 未来，中信建投期货将持续立足行业优势，深化乡村对接，以多元帮扶助力巩固脱贫成果、推进乡村振 兴。（鲍仁） 本报讯 2025年12月30日，在山西省期货业协会的积极协调下，中信建投期货太原营业部赴山西省汾西 县永安镇冯村开展乡村振兴专项帮扶活动，通过党建共建、捐赠农机、金融知识培训等一系列举措，为 冯村产业发展注入动能。 ...

Core Viewpoint - The article highlights how Guangdong enterprises, particularly in the steel and rubber industries, are leveraging futures tools to navigate market uncertainties and enhance operational stability, showcasing a shift from traditional business models to more innovative financial strategies [1][5]. Group 1: Application of Futures Tools - Guangdong enterprises, such as Kaifa Company and Guangken Rubber Group, have successfully adopted futures tools to mitigate risks associated with price volatility and inventory management, transforming their operational strategies [2][3][5]. - Kaifa Company, facing challenges like inventory devaluation and order shrinkage, began utilizing futures markets over a decade ago, allowing them to lock in raw material costs and manage stock effectively [2][3]. - Guangken Rubber Group has developed a differentiated futures strategy that combines production and trading, enabling them to hedge against price fluctuations and optimize their inventory management [4][5]. Group 2: Industry Trends and Data - Since 2025, futures companies in Guangdong have provided hedging services to 6,596 enterprises, with a total transaction volume of 36.635 million contracts and a transaction value of 1.9 trillion yuan, demonstrating the growing reliance on futures for risk management [5]. - The article notes a significant shift in Guangdong's industrial structure, moving from labor-intensive manufacturing to high-tech, high-value-added industries, which has increased the demand for sophisticated risk management tools [10][14]. Group 3: Regional Characteristics and Service Models - Guangdong's unique geographical and cultural characteristics, along with its strong industrial clusters, have fostered a differentiated service model among local futures companies, which tailor their offerings to meet the specific needs of various industries [6][7]. - Futures companies in Guangdong, such as Foshan Jin控 Futures and Hualian Futures, are focusing on customized services that address the distinct risk management requirements of local enterprises, enhancing their operational efficiency [7][9]. Group 4: Future Directions and Challenges - The article emphasizes the need for Guangdong's futures market to enhance its service ecosystem, particularly in areas like professional talent development and real-time market strategy delivery, to better support local enterprises [12][13]. - There is a growing expectation among enterprises for futures companies to expand their service offerings, particularly in the context of internationalization and digital transformation, to meet evolving market demands [14][16].