1月5日，中国证监会召开资本市场财务造假综合惩防体系跨部门工作推进座谈会。证监会党委书记、主 席吴清主持会议并讲话，最高人民法院、最高人民检察院、国家发展改革委、公安部、司法部、财政 部、中国人民银行、国务院国资委、税务总局、市场监管总局、金融监管总局等部门负责同志出席会议 并发言，共同研究推进进一步加强财务造假综合惩防重点工作。证监会党委委员、副主席李超出席会 议，证监会相关司局负责同志列席会议。 会议认为，资本市场财务造假综合惩防体系建设已进入深化落实的关键阶段，必须坚持问题导向和系统 思维打好综合惩防"组合拳"。继续完善制度保障，推动相关法律、法规出台。进一步增强行政、刑事、 民事协同，深化重大案件行刑衔接，完善民事追责支持机制，对财务造假和第三方配合造假一体打击。 强化公司治理内生约束，组织开展新一轮公司治理专项行动，加强综合防范常态化长效化机制建设。 会议指出，党中央国务院高度重视资本市场稳定健康发展，要充分认识财务造假背后的利益驱动和长期 性复杂性，进一步坚定信心，强化监管合力，继续共同扛起打击和防范资本市场财务造假的政治责任。 证监会将继续主动积极会同各部门以更实的举措持续增强综合惩防效率效果， ...

Group 1 - The core viewpoint of the news is the implementation of a green consumption promotion action plan by the Ministry of Commerce and other departments, which includes 20 specific measures across seven areas [1][2] Group 2 - In terms of enriching the supply of green products, the plan encourages the expansion of green food, organic agricultural products, and high-quality goods, as well as the establishment of dedicated sales areas for green agricultural products [1] - The plan promotes green consumption in the automotive sector by supporting the purchase of new energy vehicles and exploring the potential of the used car market and new consumption models such as RV camping and self-driving tours [1] Group 3 - The plan emphasizes the innovation of green consumption models by promoting green supply chains and encouraging the use of environmentally friendly products and packaging [2] - It also calls for increased policy support, including enhanced credit support for green consumption loans and collaboration between financial institutions and trade enterprises [2] - The plan encourages the development of innovative financial products to support green consumption, including insurance and the establishment of a project library for green infrastructure [2]

Core Insights - The number of A-share listed companies using derivatives continues to grow, with 1,782 companies publishing hedging-related announcements in the first 11 months of 2025, an increase of 279 companies or 18.6% year-on-year, reflecting the survival wisdom of Chinese enterprises in a complex international environment [1] Group 1: Hedging Trends - Since 2020, factors such as the pandemic, geopolitical conflicts, and supply chain restructuring have driven an increase in the hedging participation rate among listed companies in China, which stands at 35%, compared to the 70%-80% maturity level in Europe and the U.S. [2] - The demand for hedging in emerging sectors has surged, with industries such as electronics, basic chemicals, power equipment, machinery, and pharmaceuticals becoming the main players in hedging activities, aligning with the direction of China's manufacturing transformation [2] Group 2: Risk Management Strategies - Exchange rate risk is the primary concern for companies, with 1,311 companies publishing currency hedging announcements in the first 11 months of 2025, a 13% increase year-on-year, significantly outpacing other risk types [4] - Approximately 78% of companies use foreign exchange forward contracts for hedging, while 22% opt for foreign exchange options for dual protection [4] - The reform of the RMB exchange rate formation mechanism is reshaping market expectations, prompting companies to establish dynamic adjustment mechanisms for hedging strategies [4] Group 3: Commodity-Specific Hedging - Copper is the most popular commodity for hedging, with 80% of listed companies mentioning copper futures hedging in the first 11 months of 2025, due to its extensive application in various industries [6] - Different segments of the copper industry employ distinct hedging strategies, with upstream mining companies typically using sell hedges to lock in sales prices, while downstream processing companies adjust positions based on order conditions [7] Group 4: Evolving Hedging Practices - Companies are increasingly adopting refined risk management models, such as converting fixed price negotiations into basis trading to mitigate default risks and attract foreign partners [5] - The use of hedging tools is evolving from a simplistic approach to a more sophisticated operation, enhancing the resilience of the real economy against risks [7]

Core Insights - The year 2025 was marked by significant market fluctuations driven by various uncertainties, including trade wars, geopolitical shifts, and monetary policy divergences, leading to both challenges and opportunities for market participants [1][5] - The total capital in the market exceeded 2 trillion yuan, with over 2.7 million effective clients and more than 65% of positions held by institutional clients, indicating a growing participation from various sectors [4] - The number of futures and options increased to 164, with a complete coverage of mature futures by options, reflecting a deepening of market structure and product offerings [4] Market Dynamics - Traders have become more sophisticated, implementing disciplined strategies such as stop-loss orders and using options to mitigate risks, which enhances decision-making through technology [1] - Entities in the real economy are actively transforming uncertainties into controllable factors by integrating futures with spot markets and options [2] - Futures practitioners are dedicated to understanding industry conditions and providing risk management strategies to support enterprises [3] Institutional Developments - Market organizers are pragmatically optimizing institutional rules and monitoring anomalies to create a high-quality operational system [4] - The media outlet "Futures Daily" has maintained its commitment to professional journalism, focusing on trader and industry needs while enhancing digital transformation and providing specialized data support [4] Future Outlook - The industry aims to deepen reforms and innovations, focusing on key areas such as green development and specialized agriculture, while introducing new futures products to meet evolving risk management needs [5] - There is a commitment to developing a comprehensive risk management service that integrates futures with banking and insurance sectors, ensuring robust support for the real economy [5] - The industry emphasizes the importance of talent development, aiming to cultivate a skilled workforce to enhance the depth of talent reserves [5]

Group 1 - Guangzhou Futures Exchange's international influence is increasing, with a complete factor aggregation system. The exchange will list platinum and palladium futures and options on November 27, 2025, filling a gap in domestic risk management tools. By the end of 2025, the cumulative trading volume of futures and options reached 796 million contracts, with a total transaction value of 48.6 trillion yuan. The "Guangzhou price" for lithium carbonate and industrial silicon has become an important pricing reference for major resource countries like Brazil and Zimbabwe, further enhancing the exchange's international influence [3][4][6] - The number of futures companies and branches in Guangzhou reached 96 by the end of 2025, with a gradually improving futures ecosystem that integrates spot and futures trading [3][4] Group 2 - The "Nansha Financial 30 Measures" were launched, accelerating the construction of an international financial hub in the Guangdong-Hong Kong-Macao Greater Bay Area. This initiative includes the establishment of various financial innovation institutions and the expansion of pilot banks for FT accounts [2][4] - The establishment of the CITIC AIC headquarters marks a strategic breakthrough in Guangzhou's financial precision招商, with several licensed financial institutions approved to operate [4] Group 3 - Guangzhou is solidifying its position as the "National Investment Advisor First City" by developing the investment advisory industry, supported by national policy documents. The city has introduced the first policy measures to support AI investment advisory [5] - The Guangzhou Investment Advisor Conference attracted over 300 institutions and more than 1,000 industry representatives, showcasing the city's growing influence [5] Group 4 - The "Win-Win Plan" was launched to promote a virtuous cycle of "technology-industry-finance," with over 1,050 enterprises signing agreements worth over 40 billion yuan to support strategic industries [6][7] - In 2025, Guangzhou added 12 new domestic and foreign listed companies, raising nearly 20 billion yuan, and actively pursued merger and acquisition opportunities [7] Group 5 - Guangzhou's financial resources are deeply integrated with the "12218" modern industrial system, with a total loan balance of 8.67 trillion yuan by the end of 2025, a nearly 60% increase from the end of the 13th Five-Year Plan [8] - The city has established a capital market financing service platform, gathering over 1,000 key industry enterprises [8] Group 6 - Financial elements are accelerating their penetration into rural areas, with agricultural loans exceeding 420 billion yuan, ranking first in the province [9] - The "Guangxin Pre" consumption prepayment fund supervision platform was launched to address livelihood issues, covering seven major livelihood areas and significantly reducing consumer complaints [10] Group 7 - The introduction of a real estate trust property registration pilot program aims to provide institutional support for revitalizing existing assets, with the issuance of the first real estate trust pre-registration certificate in the country [11][12]

Core Insights - The year 2025 was marked by significant market fluctuations driven by various uncertainties, including trade wars, geopolitical shifts, and monetary policy divergences, leading to both challenges and opportunities for market participants [1][5] - The total capital in the market exceeded 2 trillion yuan, with the number of effective clients surpassing 2.7 million, and institutional clients holding over 65% of positions, indicating a growing participation from various sectors [4] Market Dynamics - The market experienced notable price movements, with gold reaching new highs, silver gaining momentum, and copper and tin markets rebounding, reflecting the interplay of supply, demand, expectations, and sentiment [1] - Traders have become more sophisticated, implementing disciplined strategies such as stop-loss orders and options to mitigate risks, while also leveraging technology for decision-making [1] Industry Developments - The number of futures and options increased to 164, achieving full options coverage for mature futures products, and enhancing market depth through the introduction of series options and average price futures [4] - The industry is undergoing a digital transformation, with advancements in research, risk management, and the implementation of smart technologies to improve service efficiency and strategy precision [4] Future Outlook - The industry aims to deepen reforms and innovations, focusing on key areas such as green development and specialized agriculture, while introducing new futures products to meet evolving risk management needs [5] - There is a commitment to enhancing talent development within the industry, emphasizing the importance of cultivating professionals who can navigate the complexities of the market [5] - A robust risk monitoring and control system will be established to ensure market risks are measurable, controllable, and manageable, reinforcing the industry's commitment to risk prevention [5]

Group 1 - The China Securities Regulatory Commission (CSRC) has commented on the first-instance judgment in the Jin Tong Ling Securities false statement representative litigation case, marking it as another significant case following Kangmei Pharmaceutical and Zeda Yisheng, which utilizes the special representative litigation procedure for securities false statement liability disputes [1] - The CSRC emphasized that the Jin Tong Ling case effectively demonstrates the function of the special representative litigation system in protecting investors' rights and resolving disputes through a collective and low-cost approach, thereby serving as a strong deterrent against potential violations in the securities market [1] Group 2 - The CSRC also addressed the announcement by the Shenyang Intermediate People's Court regarding the Jinzhou Port securities false statement liability dispute, highlighting the severe disruption to market order and harm to investors' rights caused by the false statements [2] - The CSRC confirmed that over 50 investors authorized the China Securities Investor Service Center to apply for the conversion of the case to a special representative litigation, effectively implementing the new "National Nine Articles" directive to enhance the application of the special representative litigation system [2] - The CSRC will continue to support the China Securities Investor Service Center in fulfilling its legal public service role in representing investors in civil litigation, promoting judicial cooperation to better protect the rights of investors, especially small and medium-sized investors [2] Group 3 - On December 30, Wenkang Securities announced the establishment of a special fund for advance compensation related to Guangdao Digital's false statements, with the China Securities Investor Protection Fund acting as the fund manager [3] - The advance compensation mechanism is recognized under the Securities Law as a means to diversify the resolution of securities disputes, where the controlling shareholders and relevant securities companies voluntarily commit to advance compensation for investors [3] - The CSRC supports market institutions in proactively engaging in advance compensation efforts to effectively resolve market disputes and maintain investors' rights [3]

近期，在大连商品交易所及地方政府支持下，由银河期货牵头，携手交子期货共同承做、人保财险承保 开展的"保险+期货"项目顺利结束，取得了较好的赔付，整体赔付率为100.92%，为种殖农户带去了更 多经济收益。 2025年12月16日，交子期货风险管理子公司茂川资本赶赴内蒙古扎赉特旗，参与了大商所生物育种大 豆"保险+期货"项目赔付会，并在巴彦高勒镇巴彦高勒村开展了党建共建结对帮扶活动、"保险+期货"项 目培训、签署了《基层党建工作结对共建合作备忘录》。 生物育种示范项目采取"保险+期货"收入保险模式，项目涉及的作物和地块必须属于当年"农业农村部生 物育种产业化推广工作"。2023年和2025年大连商品交易所发布了"农民收入保障计划"生物育种专项项 目的通知。交子期货有幸两次都参与其中，累计承做生物育种项目金额336.56万元，投保大豆741.632 吨，惠及1家合作社、1家农牧场和2户种植农户，最终项目运行效果较好，为地方种植主体提供了有效 的经济保障。 未来，交子期货将携手风险管理子公司继续以"保险+期货"为抓手，增加综合险或收入险项目开展数 量，积极探索金融创新模式，为农户提供更加稳定和可预期的收入保障。 ...

Core Viewpoint - The "Insurance + Futures" project for natural rubber in Yunnan's Lincang County has successfully concluded, providing significant support to local rubber farmers and enhancing their economic stability [1] Group 1: Project Overview - The project, supported by the Shanghai Futures Exchange and conducted by Jiazi Futures, covered 1,000 tons of rubber and spanned an area of 11,064 acres [1] - A total of 6,070 rubber farming households benefited from the project, including 3,171 registered impoverished households [1] - The project resulted in approximately 623,800 yuan in compensation, with Jiazi Futures promptly settling the claims with the insurance company [1] Group 2: Future Initiatives - Before the project's expiration this year, Jiazi Futures and the insurance company conducted a pairing assistance and party-building activity in the Honghe Hani and Yi Autonomous Prefecture [1] - A memorandum for grassroots party-building cooperation was signed between Jiazi Futures and the local agricultural and rural affairs bureau [1] - Jiazi Futures aims to continue supporting the stable development of China's natural rubber industry and explore innovative financial models to provide better risk management services for rubber farmers [1]

Core Insights - The "insurance + futures" project for live pig price risk management in Guangxi has successfully completed compensation, amounting to approximately 156,200 yuan [1] - The project, which is part of a broader initiative by the company in Guangxi, aims to support the local pig farming industry, a key pillar for rural revitalization [1][2] Group 1 - The compensation amount for the recent project was approximately 156,200 yuan, exceeding the farmers' self-contribution ratio by 195.20% [1] - The project duration was one month, with a total investment of approximately 7.84 million yuan, covering 670.32 tons of live pigs (about 5,586 heads) [1] - The "insurance + futures" model has been widely adopted across the country since the launch of live pig futures, effectively helping farmers hedge against price volatility and boosting their confidence [1] Group 2 - This year marks the third consecutive year that the company has implemented the "insurance + futures" project in Guangxi, with a cumulative project amount of 45.83 million yuan and a total insured pig scale of 3,116.32 tons [2] - Cumulative compensation has reached 3.23 million yuan, with an average compensation rate of approximately 114.28% [2] - The initiative has injected financial support into the local pig farming industry, demonstrating the company's commitment to deepening its engagement with the real economy and contributing to rural revitalization in Guangxi [2]