2025年期货市场行政执法概况 2025年，涉非法期货业务案件共1件。在该案中，行为人王某于2020年10月至2022年12月，未经国务院 期货监督管理机构核准，向他人提供开设期货子账户等服务，使他人无需在期货公司开立期货账户即可 开展期货交易，向他人收取"保证金"，按照"保证金"一至十倍的比例分配子账户交易额度，通过收取高 于正常期货交易的手续费等方式盈利。厦门证监局认定，王某的行为违反《期货交易管理条例》第十五 条第二款规定和期货和衍生品法第六十三条第三款规定，对其作出罚款25万元的行政处罚。 市场扰乱行为 2025年，期货市场行政执法案件共计194件。其中，行政处罚案件6件，行政监管措施案件188件。 在行政处罚案件中，2件由证监会管辖，4件由证监会派出机构管辖；188件行政监管措施案件均由证监 会派出机构管辖。 根据所采取的不同监管措施，行政监管措施案件可分为：监管谈话案件18件，出具警示函案件117件， 责令改正案件52件，暂停期货经纪业务新开户和新增资产管理业务案件6件，认定为不适当人选案件3 件，责令负有责任的股东转让股权且相关股权转让完成前限制行使股东权利案件1件，责令处分有关人 员案件1件， ...

Core Insights - The "15th Five-Year Plan" for Shanghai emphasizes the significant role of futures and derivatives in economic and social development, aiming to enhance the city's international financial competitiveness and influence [1] Group 1: Financial Market Development - The proposal includes measures to accelerate the establishment of a global RMB asset allocation center and risk management center, such as enriching currency hedging tools and exploring RMB foreign exchange futures trading [1] - A robust financial market system is to be established, with a focus on the steady development of futures and derivatives markets [1] Group 2: International Trade Enhancement - The plan aims to strengthen the resource allocation function of bulk commodities and innovate in the linkage between spot and futures markets, enhancing the international pricing influence of key bulk commodities [1] - Support for the establishment of a national bulk commodity warehouse registration center is also highlighted [1] Group 3: Shipping and Financial Services - The proposal advocates for the development of shipping finance, supporting shipbuilding and RMB settlement for shipping costs, while enhancing the influence of shipping index derivatives [1] - The futures market is expected to provide essential tools for enterprises to hedge against exchange rate and commodity price fluctuations, thereby supporting the development of Shanghai's shipping finance [2] Group 4: Industry Opportunities - The plan is anticipated to accelerate futures product innovation, expanding derivatives in foreign exchange and shipping, and improving the product system [3] - The establishment of an international financial asset trading platform is expected to deepen the interconnection between domestic and foreign markets, attracting foreign financial institutions and promoting futures companies to transition into comprehensive risk management service providers [3]

2026年，全国期货（期权）实盘交易大赛迎来具有里程碑意义的二十周年。历经二十载积淀与成长，这 项赛事已从最初的交易技能比拼升级为连接市场需求、培育专业人才、促进行业各方协同发展的核心平 台。期货日报记者从大赛组委会了解到，第二十届全国期货（期权）实盘交易大赛各项筹备工作已全面 就绪，招商活动今日正式启动。大赛组委会诚挚邀请市场机构合作，共襄行业盛举，携手推动期货市场 高质量发展。 引入AI分析模型，推动交易评估科学化 记者从大赛组委会获悉，在金融科技深刻改变行业生态的背景下，本届大赛将加大技术投入，引入大数 据与人工智能分析模型，对参赛账户进行智能化评估。大赛期间，将为每一位参赛者随时生成"AI账户 评估报告"。该报告通过数据驱动方式，对交易绩效进行多维度、可量化、可解释的深度分析，涵盖收 益稳定性、风险暴露、策略有效性、行为偏好等关键维度。 大赛组委会负责人介绍，此举旨在帮助参赛者实现从"知其然"到"知其所以然"的跨越，为其提供专业、 客观的交易行为诊断与优化建议。同时，AI报告的引入也为行业提供了更科学、更透明的交易能力评 估标准，有助于推动整个市场向更理性、更专业的方向发展。这一创新不仅提升了赛事的科 ...

2024年，瓶片行业面临产能快速扩张导致的结构性过剩压力。数据显示，国内瓶片产能基数已跃升至 1661万吨/年，同比激增35%；全球范围内，2024年新增产能超过600万吨，主要集中在包括中国在内的 亚洲国家和地区。然而，下游需求增长相对平缓（2023年我国瓶片消费量为779.12万吨，年均复合增长 率为8.96%），市场供过于求态势显现。 浙江一家瓶片贸易公司，核心业务是为下游大型饮料厂等客户提供瓶片预售服务。在该模式下，该瓶片 贸易企业需提前与下游客户签订远期供货合同，锁定未来的销售价格。但从签订预售合同到实际采购瓶 片进行交付存在时间差，企业面临的风险是：若瓶片采购价格上涨，将对经营造成一定影响。传统的单 一风险管理工具（如期货）难以完全匹配预售合同的执行节奏及成本控制、利润要求。 具体而言，企业痛点在于：一是预售合同执行周期相对固定，需要风险管理工具在特定期限内精准覆 盖；二是担心未来瓶片采购价格上升，导致现货端产生亏损；三是贸易利润微薄，对衍生品交易的成本 承受能力有限。 服务方案与开展过程 需求发现与方案设计 中信中证资本在深入调研瓶片产业链客户需求时，了解到上述瓶片贸易企业的风险管理困境。经与企 ...

1月19日，沪深300、中证1000和上证50指数涨跌不一，股指期权成交量、成交额明显回落，持仓量增 加。 昨日股指期权隐波大幅走低，股指结构恢复至正常状态。其中，IO平值期权隐波收于16.24%，MO平值 期权隐波收于23.05%，HO平值期权隐波收于15.28%，较历史波动率分别溢价5.36、6.83和3.03个百分 点。目前期权隐波溢价处于历史较高水平，后期有一定回落空间。 市场避险情绪有所回升，其中，IO持仓量PCR稳定在0.67，成交量PCR回落至0.55，成交额PCR拉升至 0.48；MO持仓量PCR为0.94，成交量PCR拉升至0.74，成交额PCR上涨至0.51；HO持仓量PCR为0.62， 成交量PCR回落至0.51，成交额PCR上涨至0.52。股指期权成交量和持仓量的比值（投机度）大幅回 落，其中IO投机度回落至0.55，MO的投机度为0.84，HO的投机度为0.54。 从持仓分布上看，跟上一交易日相比，中证1000股指期权和上证50股指期权持仓密集区未发生变化。中 证1000股指期权持仓集中在行权价为8600点的认购期权和行权价为8400点的认沽期权上；上证50股指期 权持仓集中在行权价 ...

Core Viewpoint - The meeting highlighted the importance of implementing high-quality development strategies in response to the complex external environment and the need for proactive macroeconomic policies to ensure economic stability and growth [2][3]. Group 1: Economic Performance and Challenges - The past year was marked by significant challenges, but the country managed to implement effective counter-cyclical measures, leading to improved market confidence and economic resilience [1][2]. - Despite ongoing uncertainties and challenges, the long-term positive trends and support conditions for the economy remain unchanged, indicating a broad prospect for high-quality development [2]. Group 2: Policy Recommendations - Emphasis was placed on the need for a more proactive fiscal policy and moderately loose monetary policy, along with a combination of various policy measures to achieve substantial improvements in quality [3]. - The focus should be on expanding domestic demand as a strategic basis for development, enhancing internal driving forces, and ensuring that improvements in people's livelihoods are closely linked to consumption and investment [3]. Group 3: Contributions and Collaboration - Participants were encouraged to leverage their strengths and actively reflect on the actual economic and social development situations, providing suggestions to contribute to high-quality development [3].

Group 1 - The main inflows in commodity futures (main contracts) yesterday were in lithium carbonate, rapeseed meal, methanol, glass, and PTA, with inflows of 1.471 billion, 117 million, 45 million, 39 million, and 36 million respectively [1] - The main outflows were in copper, gold, iron ore, tin, and silver, with outflows of 509 million, 463 million, 410 million, 358 million, and 262 million respectively [1] - Overall, commodity futures experienced a moderate outflow, particularly in non-ferrous metals and black metals, with significant attention on the outflows of copper, gold, iron ore, tin, silver, and nickel, while lithium carbonate and coking coal saw inflows [1] Group 2 - The chemical and agricultural products sectors experienced slight outflows, with notable inflows in rapeseed meal, methanol, glass, and PTA, while cotton, live pigs, apples, and rubber saw larger outflows [1] - In the financial sector, key focus is on the CSI 500 index futures and 10-year government bond futures [1]

（文章来源：期货日报网） 本报讯广期所19日发布通知，自1月21日结算时起，碳酸锂期货合约涨跌停板幅度调整为11%，投机交 易保证金标准调整为13%，套期保值交易保证金标准调整为12%。（鲍仁） ...

Core Viewpoint - The Zhengzhou Commodity Exchange (ZCE) has optimized the delivery system for soda ash futures through two major initiatives: expanding the delivery area and standardizing the delivery model, which enhances the precision of futures services for the soda ash industry and injects financial momentum for high-quality development [1][5]. Group 1: Delivery System Optimization - The optimization of the delivery system is a practical measure that aligns the futures market with industry realities, improving service quality [1]. - By 2025, Shandong, Tianjin, and Jiangsu will account for 27% of the national soda ash production capacity and 15% of consumption, with Shandong being the second-largest consumer in the country [1]. - The expansion of the delivery area to include Shandong, Tianjin, and Jiangsu will effectively increase the supply of delivery sources and enhance liquidity in the futures market [1][2]. Group 2: Support for Green Industry Development - Soda ash is a key raw material for photovoltaic glass production, with Jiangsu, Anhui, and Zhejiang regions housing about 60% of the national photovoltaic glass capacity [2]. - The optimized delivery system will allow futures services to cover 74% of the photovoltaic glass production capacity, facilitating procurement for regional photovoltaic glass companies [2]. Group 3: Efficiency Improvements - The standardization of the delivery model enhances efficiency by unifying the delivery points for production-type warehouses to fixed locations, similar to trade warehouses [3]. - This change simplifies the delivery process, reduces overall delivery costs, and aligns with market trends of "inventory front-loading" [3][4]. - The expansion of the delivery area and the optimization of the delivery model are expected to significantly lower transportation costs for companies involved in soda ash futures [4]. Group 4: Industry Impact and Future Outlook - Industry experts recognize that the optimization of the delivery system addresses practical pain points for industry participants and enhances the market influence of soda ash futures prices [5]. - The ZCE plans to continuously monitor industry developments and further optimize the delivery system to promote the integration of the soda ash spot and futures markets [5].

（文章来源：期货日报网） 据新华社电国际货币基金组织（IMF）19日在比利时首都布鲁塞尔发布《世界经济展望报告》更新内 容，小幅上调2026年世界经济增长预期。IMF指出，贸易紧张局势、地缘政治冲突加剧等不确定性因素 仍可能对全球经济活动造成更大压力。 报告预计，2026年世界经济将增长3.3%，较去年10月预测值上调0.2个百分点；2027年将增长3.2%，与 去年10月预测值持平。 ...