Core Viewpoint - The event organized by Zhongtai Futures aims to enhance the role of party building in supporting rural revitalization strategies through various activities, including party exchanges, rural assistance, and educational support [1] Group 1: Party Building and Rural Revitalization - Zhongtai Futures' second party branch held a thematic party day activity titled "Party Building Leads to Collective Strength, Rural Revitalization Together" in Hanmiao Town, Shandong Province [1] - A discussion meeting was conducted between Zhongtai Futures and the local party committee to exchange experiences on grassroots party organization construction, member education management, and the integration of party building with business [1] - Both parties agreed to establish a regular communication mechanism to explore new paths for "Party Building + Finance" to support rural revitalization [1] Group 2: Community Support and Educational Initiatives - Following the meeting, Zhongtai Futures signed assistance agreements with four villages in Hanmiao Town and conducted a donation ceremony for rural revitalization materials [1] - The afternoon session included an exchange of party building experiences with Mingde Primary School, focusing on how to leverage party organizations to support youth development and innovate moral education models [1] - Zhongtai Futures donated sports equipment and educational materials to the school, along with a ceremony for distributing scholarships and care packages [1] Group 3: Corporate Social Responsibility - The event exemplifies Zhongtai Futures' commitment to social responsibility, demonstrating the company's dedication to contributing to the in-depth promotion of rural revitalization strategies through practical actions [1]

Core Viewpoint - The recent forced control of Venezuelan President Maduro by the U.S. has significant implications for the global oil market, given Venezuela's status as the country with the largest oil reserves in the world [1]. Group 1: Historical Context of Venezuela's Oil Industry - Venezuela implemented one of the most liberal oil policies in Latin America under Gomez in the early 20th century, welcoming foreign oil companies [1]. - The establishment of OPEC in 1960 by Venezuela, Iran, Iraq, Kuwait, and Saudi Arabia aimed to counter Western oil companies and protect national oil revenues [1]. - The oil nationalization process began in 1975, leading to substantial government revenue and economic growth rates of 10% to 20% [1][2]. - From 1976 to 1993, 66% of oil export revenues belonged to the government, but this dropped to 33% from 1993 to 2002 due to privatization efforts [2]. Group 2: Recent Developments and Economic Impact - Since 1998, under Chavez, the Venezuelan government regained control over the oil industry, but production has declined from approximately 3 million barrels per day to less than 1 million barrels per day by 2025 [2][3]. - Venezuela faces high inflation and low growth, with the oil industry shrinking due to lack of capital, technology, and U.S. sanctions [3]. - As of 2025, Venezuelan oil production is expected to be around 930,000 barrels per day, primarily heavy sour crude, with exports between 600,000 to 800,000 barrels per day [3]. Group 3: U.S. Involvement and Future Projections - The U.S. has shown interest in intervening in Venezuela's oil industry, especially after the forced control of Maduro, with Trump announcing strong intervention plans [4][5]. - Venezuela has proven oil reserves of approximately 300 billion barrels, accounting for about 17% of global reserves, making it a significant player for U.S. refineries [4]. - The potential for U.S. companies to enter Venezuela's oil production could lead to a recovery in production levels, but this is expected to take time, with significant progress not anticipated until 2028 [6]. Group 4: Economic Strategies and Implications - The U.S. government is facing a debt of approximately $38 trillion, with interest payments around $1 trillion, leading to a budget deficit of about 6% [6][7]. - The "333" plan proposed by the U.S. Treasury aims to reduce the budget deficit to 3% of GDP by 2028, which includes increasing oil production as a strategy to combat inflation [7].

单品种看，昨日资金主要流入的商品期货（主连合约）品种有铜、白银、碳酸锂、20号胶和铝，分别流入16.12 亿元、8.16 亿元、7.29 亿元、4.77 亿元和 4.53 亿元；主要流出的品种有黄金、铂、PTA、钯和苯乙烯，分别流出3.79 亿元、3.15 亿元、1.14 亿元、1.05 亿元和0.27 亿元。从主力合约看，黑色、农产 品、化工、有色金属和金融板块均呈流入状态。 整体看，昨日商品期货（主连合约）资金呈大幅流入状态。有色金属和化工板块流入较多，重点关注流入较多的铜、白银、碳酸锂、20号胶、铝和原油，同 时关注逆势流出的黄金、铂、PTA、钯和苯乙烯。农产品和黑色板块呈小幅流入状态，重点关注流入较多的铁矿石、棉花和鸡蛋，同时关注逆势流出的玉 米、生猪和红枣。金融板块重点关注中证500股指期货和10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） 图为板块资金流入额（亿元） 图为金融期货主连合约资金流向（亿元） 图为商品期货资金流出前十名（亿元） ...

项目背景 行业现状与挑战 2025年年中，锌价延续震荡格局。2025年5月，国内锌价虽呈小幅上涨态势，但低于4月的水平，月均价为22766元/吨，环比微跌0.21%，整体在22500~23000 元/吨之间波动。进入2025年6月，宏观政策走向有待进一步明朗，加之下游需求复苏节奏偏慢，锌价波动幅度进一步扩大。 策略设计与创新 面对企业"稳成本、低占用"的核心诉求，新湖瑞丰团队在深入了解企业业务模式与风险偏好后，量身定制了"熔断累购零敲出赔付"场外期权方案。该方案的 最大亮点在于引入"零敲出赔付"机制，即企业自愿放弃敲出后的赔付收益，以此换取更宽的价格累购区间，在震荡行情中锁定更大的采购补贴空间。 与此同时，该方案保留了熔断机制的优势，当价格触及设定价格点位触发敲出时，交易自动终止，帮助企业有效止盈。熔断累计期权敲出后，占用的保证金 可立即释放，显著缓解企业的资金压力，释放出的流动性还能用于后续策略的滚动配置，实现风险管理与资金效率的双重优化。相较传统敲出不终止累计结 构，该方案在增强对冲弹性的同时，更贴近小微企业"控成本、保流动"的现实需求。 项目实施详情 交易入场：2025年5月29日，企业正式启动首笔交易 ...

本报讯 1月5日，中国期货业协会公布2026年度期货从业人员资格考试计划。根据安排，统一考试拟于5 月举办1次，面向社会报考，在全国44个城市举办。专场考试拟于9月、11月举办2次，面向期货经营机 构报考，在全国44个城市举办。预约考试拟于7月举办1次，面向期货经营机构报考，在全国部分城市举 办。（鲍仁） ...

Group 1: Internationalization Pathway - Guangdong's futures market is rooted in the synergy between the real economy and financial innovation, leveraging unique institutional advantages to connect global capital and technology [1][4] - The establishment of subsidiaries in Hong Kong, the UK, and plans for Singapore by Guangfa Futures exemplifies the proactive approach to internationalization, with record performance reported in 2025 [2][10] - The Guangzhou Futures Exchange aims to support green development and the Belt and Road Initiative, with its listed futures products becoming important pricing references in international trade [3][12] Group 2: Attracting Global Resources - Guangdong is positioning itself as a hub for international investors, with the London Metal Exchange hosting events in Hong Kong to connect with local enterprises [4][5] - The significant increase in foreign client accounts and equity at Huatai Futures Hong Kong indicates the growing international appeal of Guangdong's futures market [5][11] - The introduction of carbon lithium futures by the Guangzhou Futures Exchange, which utilizes a physical delivery model, enhances the linkage between futures and spot markets [6][9] Group 3: Supporting Real Economy - The internationalization of Guangdong's futures market is driven by the need to support the global expansion of local industries, providing customized services to manage risks associated with cross-border operations [7][10] - Local enterprises are increasingly engaging in international futures trading to hedge against market fluctuations, demonstrating a mature operational process [8][11] - Huatai Futures has developed a comprehensive service system to help enterprises navigate the complexities of international markets, including training and risk management support [9][10] Group 4: Future Development and Policy Support - The Guangdong futures market is aligned with national strategies for financial openness, with local policies enhancing its internationalization efforts [12][13] - The establishment of the Nansha Futures Industrial Park is a significant step in providing infrastructure to support the futures market's growth and integration with the real economy [13][14] - Guangdong's futures institutions are focused on enhancing their service capabilities and attracting international participants, aiming to become a leading player in the global commodity pricing system [14][15]

时代浪潮奔涌向前，现代产业体系逐渐成为全球竞争的核心战场。站在高质量发展的关键节点上，素 有"世界制造工厂"之称的广东要跳出低端、内卷的困局，从全球产业链的"参与者"跃升为"主导者"，关 键就是抓住现代化产业这把"金钥匙"。 "建设更具国际竞争力的现代化产业体系"，这不仅是习近平总书记对广东的殷切嘱托，更是广东必须扛 起的"走在前列"的使命担当。 广州期货交易所成立、南沙期货产业崛起，为粤港澳大湾区打造完整期货产业链和风险管理中心提供了 重要平台；工业硅、碳酸锂期货价格逐渐成为国际贸易基准，"南沙金融30条"提出构建便利内外联动的 期现货交易规则，为期货市场国际化保驾护航；面对制造业的多样化需求，广东期货机构创新服务方 式，针对不同企业提供特色化、差异化服务，形成了广发期货服务广东农垦集团等一系列典型案例。同 时，期货机构积极推进数字化转型，华泰期货"天玑智能套保系统"打造风险管理"智慧大脑"，中州期 货"龙泉系统"重塑展业模式。一系列创新实践不仅提升了期货服务的精准度与效率，而且引领了行业数 字化转型的潮流。 可以说，期货市场正全方位、深层次地融入广东发展的肌理之中，为这片充满活力的土地不断注入新的 生机与 ...

本报讯（记者姚宜兵）2025年12月31日，中国证监会发布通知，同意大商所焦煤期权注册。同日，大商 所发布焦煤期权合约和焦煤期权上市交易有关事项的通知，对焦煤期权的上市交易时间、交易合约、挂 牌基准价等事项进行了明确。 据了解，焦煤是钢铁行业、煤化工产业的核心基础原料。我国是全球最大的焦煤生产国和消费国，2024 年，我国主焦煤生产量1.65亿吨，占全球产量的53%；消费量2.06亿吨，占全球消费量的63%。 为服务产业有效管理价格波动风险，2013年，大商所上市了焦煤期货。上市以来，焦煤期货市场运行平 稳，规模不断扩大，功能有效发挥，价格影响力稳步提升，越来越多的产业企业利用焦煤期货进行套期 保值。2025年前11个月，焦煤期货日均成交量104万手，日均持仓量67万手，期现价格相关性为97%， 服务实体经济能力显著增强，为焦煤期权的推出奠定了坚实基础。 近年来，焦煤受供需、政策等多重因素影响，价格波动较为剧烈，产业企业对运用衍生工具开展精细化 风险管理的需求日益强烈。焦煤期权上市后，将与焦煤期货、焦炭期货以及铁矿石期货、期权一起，为 相关产业提供覆盖钢铁原燃料的更全面的风险管理工具体系，更好满足产业链企业精 ...

此次在白水县开展的生猪价格"保险+期货"项目，整体运行期限约1个月，项目金额约3900万元，为当地 生猪养殖户的约2.7万余头生猪提供风险管理服务。此次项目的开展，是金融机构运用金融工具服务"三 农"、助力乡村振兴的有效探索，将生猪价格下跌风险转移到期货市场，保障了养殖户收益。 未来，海证期货将携手风险管理子公司继续发挥金融专业优势，扩大项目实施范围，因地制宜了解养殖 企业及农户的真实风险管理需求，不断创新"保险+期货"的业务模式，拓展保障品种，提升金融服务实 体经济的能力，持续为巩固脱贫攻坚成果、全面推进乡村振兴贡献海证力量。 （文章来源：期货日报网） 为助力陕西省白水县生猪产业发展，持续推进金融服务实体经济和助力乡村振兴，2025年11月，在陕西 省、市等各级财政和大商所的支持下，海证期货及其子公司上海海证风险管理有限公司联合太平洋财产 保险渭南中心支公司在陕西省白水县开展生猪价格"保险+期货"项目。 白水县位于陕西省中部，2020年2月经陕西省人民政府公告正式退出贫困县序列，标志着该县脱贫摘 帽。白水县是典型的半山半平原地区，耕地面积较少，但是适宜发展养猪业。近年来，白水县养猪业迅 速发展，已成为该县的 ...

党的二十届四中全会审议通过的"十五五"规划建议提出，"稳步发展期货、衍生品和资产证券化"，将期 货行业发展置于建设金融强国的新高度。银河期货深刻把握期货市场服务中国式现代化的新定位，将学 习宣传贯彻全会精神作为首要政治任务，引导全员以"知"促"行"，将贯彻落实国家战略部署转化为推动 公司高质量发展的生动实践，探索形成特色鲜明的发展路径。 强化政治领航 把准期货行业定位的"方向舵" 完善防控体系 筑牢合规稳健发展的"防火墙" 坚持党委统筹，构建责任落实协同机制。积极落实银河证券党委《公司系统认真学习宣传党的二十届四 中全会精神的工作安排》，细化任务分解，压实工作责任。党委班子率先垂范组织理论中心组学习，领 导班子深入基层开展专题调研并就全会精神作重点宣贯。 深化支部联动，形成学用转化实践机制。一方面，基层党支部依托主题党日、"三会一课"等载体，组织 全覆盖专题学习研讨，结合《建议》学习辅导百问内容和自身岗位职责交流体会，促进理论转化。另一 方面，基层党支部与外部单位党支部开展全会精神共学，以党建共学促进业务联动，凝聚合力推动金融 高质量发展。 强化行业发声，构建战略共识传导机制。公司党委书记出席证券时报社主办的 ...