会议强调，中央经济工作会议系统部署2026年经济工作。各级财政部门要坚持稳中求进工作总基调，以 推动高质量发展为主题，更好统筹国内经济工作和国际经贸斗争，更好统筹发展和安全，继续实施更加 积极的财政政策并提高精准度和有效性，做优增量、盘活存量，着力扩内需、优结构、增动能、惠民 生，着力稳就业、稳企业、稳市场、稳预期，着力推改革、强管理、防风险、增效益，推动经济实现质 的有效提升和量的合理增长，保持社会和谐稳定，为实现"十五五"良好开局提供有力保障。 会议指出，2026年继续实施更加积极的财政政策。一是扩大财政支出盘子，确保必要支出力度。二是优 化政府债券工具组合，更好发挥债券效益。三是提高转移支付资金效能，增强地方自主可用财力。四是 持续优化支出结构，强化重点领域保障。五是加强财政金融协同，放大政策效能。 会议要求，2026年财政工作抓好以下重点任务。一是坚持内需主导，支持建设强大国内市场。大力提振 消费，深入实施提振消费专项行动。积极扩大有效投资，加大对新质生产力、人的全面发展等重点领域 投入。加快推进全国统一大市场建设，规范税收优惠、财政补贴政策。二是支持科技创新和产业创新深 度融合，加快培育壮大新动能。 ...

Core Insights - The Zhengzhou Commodity Exchange (ZCE) successfully concluded its 2025 "Futures Power in High-Quality Development" call for papers, showcasing 25 outstanding submissions focused on the role of futures in supporting the real economy [1][2] - The call for papers has been held for two consecutive years, collecting a total of 165 original works, emphasizing the integration of futures and spot markets to address challenges in procurement and sales [1][2] Group 1: Event Overview - The 2025 call for papers received a wide range of submissions from various sectors, including futures companies, industry enterprises, media, and academic institutions, enhancing the event's influence [2] - The submissions focused on practical issues, detailing the use of futures tools to solve market pain points, including risk identification and implementation effectiveness [2][3] Group 2: Key Themes and Contributions - The selected works cover multiple key industrial chains, including innovative practices like "insurance + futures" for agricultural products and "basis + point pricing" tools for small and micro enterprises [3][4] - Notable examples include case studies that illustrate the significant role of the futures market in empowering rural revitalization and ensuring supply security, highlighting the core value of futures in supporting high-quality economic development [3][5] Group 3: Industry Impact - The successful hosting of the call for papers reflects a growing recognition of the importance of futures tools in risk management and industry transformation, serving as a platform for sharing best practices among industry participants [4][5] - The ZCE plans to incorporate the outstanding works into its promotional materials, aiming to enhance awareness and utilization of futures tools among real enterprises, thereby furthering the market's contribution to high-quality economic development [5]

Core Viewpoint - The 20th Central Committee's Fourth Plenary Session emphasizes the importance of accelerating the construction of a financial power and outlines the strategic blueprint for the 14th Five-Year Plan, guiding the futures industry to align with national economic and social development goals [1][2]. Group 1: Party Leadership - The principle of "upholding the Party's overall leadership" is identified as the foremost guideline for economic and social development during the 14th Five-Year Plan, highlighting the political advantages of China's financial development [2]. - The Futures Industry Association (FIA) is committed to integrating Party leadership with business development, implementing various measures to strengthen Party building within the industry [2][3]. Group 2: People-Centric Approach - The session stresses "putting people first," with a focus on improving the quality of life for the populace as a primary goal for the 14th Five-Year Plan [4]. - The futures industry is encouraged to incorporate social responsibility into its development strategy, particularly through the "insurance + futures" model to support rural revitalization [4][5]. Group 3: Economic Development Focus - The session emphasizes the need to focus on the real economy, advocating for intelligent, green, and integrated development [6]. - The FIA is guiding futures firms to innovate in service tools and models to better support the real economy, with significant financial services provided to small and medium-sized enterprises [6]. Group 4: Financial Innovation - The 14th Five-Year Plan calls for the development of various financial sectors, including technology finance, green finance, and inclusive finance [7]. - The FIA aims to deepen the understanding of the futures industry's role in supporting national strategies and enhancing financial services for the real economy [7]. Group 5: Cultural Development - The session highlights the importance of cultivating a distinctive financial culture, with the FIA promoting principles of compliance, integrity, professionalism, and responsibility within the industry [8][9]. - The FIA is implementing measures to integrate cultural development into business strategies and governance, ensuring alignment with the core values of the financial sector [9].

Core Viewpoint - Anhui Huishang Group Material Co., Ltd. is facing significant challenges in its traditional trading model due to severe fluctuations in commodity prices, necessitating the use of financial tools to mitigate market risks [1] Group 1: Challenges and Solutions - State-owned enterprises like Anhui Huishang face obstacles in futures trading due to a lack of institutional frameworks and talent [2] - The Huishang Futures collaborative service team has been established to assist Anhui Huishang in building a risk management system from scratch, optimizing resource allocation, and promoting regional economic development [1][2] Group 2: Risk Management Framework - A comprehensive risk management system has been designed, ensuring clear responsibilities among decision-making, execution, and supervision [3] - The collaborative service team has developed a detailed set of management regulations and operational guidelines for hedging, covering aspects such as organizational structure, business processes, and internal controls [3][4] Group 3: Professional Training - Targeted training programs have been implemented to enhance the professional capabilities of Anhui Huishang's personnel in derivatives operations, significantly reducing potential risks during business execution [4][5] Group 4: Implementation and Results - The initial hedging operations have been successfully executed, with the first five sell hedging transactions in the ethylene glycol project yielding slight profits and receiving project subsidies from the exchange [5] - The company has effectively utilized the futures market to reduce operational risks and enhance pricing competitiveness, achieving a floating profit exceeding 3 million yuan from hedging operations in rebar and hot-rolled products [6] Group 5: Future Prospects - The collaborative service team's experience with Anhui Huishang has laid a solid foundation for serving other state-owned enterprises in Anhui, validating the sustainability and replicability of this service model [7]

为落实《关于加强监管防范风险促进期货市场高质量发展的意见》《期货公司监督管理办法》要求，规 范期货公司外部信息系统（下称外部系统）接入管理，保护交易者合法权益，日前，中国期货业协会 （下称协会）起草了《期货公司接入外部信息系统管理规则（征求意见稿）》（下称《管理规则》）， 面向社会公开征求意见，意见反馈截止时间为2026年1月12日。 《管理规则》共24条，主要包括三方面内容： 第三，自律管理。明确协会可以组织实施自律检查，并对违反《管理规则》的期货公司及从业人员实施 自律措施，督促期货公司全面落实外部系统接入管理要求。此外，《管理规则》还以附件形式提供了客 户接入承诺书必备条款和风险提示书必备内容。 此前，监管部门在日常监管中发现，有外接客户利用具备分账户、子账户功能的外部系统，开展期货配 资等违法违规活动。为进一步加强外部系统分账户、子账户功能管理，防范相关功能滥用风险，协会在 《管理规则》中就分账户、子账户功能的使用管理作出针对性安排。一是把好入口关。二是强化持续管 理。 为确保《管理规则》平稳落地，协会拟设置3个月过渡期。过渡期内，期货公司应当完成外部系统接入 管理制度建设，完善监测监控机制，以及存量 ...

目前沥青主力合约已经切换至2602合约，配合前期主力01合约综合来看，近期两周的沥青盘面表现为跌 后弱势震荡格局，震荡区间在2900-3000元/吨之间。现货端来看，同样是跌后弱势震荡，只是震荡区间 更窄，运行在2620-2650之间。可见这段胶着等待冬储的时间内现货市场心态明显企稳。 截至目前冬储的重头戏已经拉开帷幕，现实上周鑫海试探性放价3000元/吨，竟然也有少量接货，再者 就是12月15日山东地方炼厂京博释放的2900-2920元/吨，据反馈市场接货贸易商报盘意愿非常积极。该 冬储的释放成为今年正式冬储的风向标，将可预见的冬储成本框定在了2850-2920元/吨，后续要关注全 部炼厂冬储释放完成后看看总的冬储存量多少，也就能大概率锚定一季度的现货供需环境。 从基差结构上来看，2900元/吨的冬储现货成本对标12月15日BU2604合约的收盘价2995元/吨，最大基差 也就只有-95元/吨。分析后面的基差走势就尤为重要，而基差走势的波动主要看期货端，一般而言冬储 释放后现货价格会呈现阶段支撑，一直到冬储合同提货阶段（1-3月底），这段时间内是缺少现货环境 的，市场交易主要是围绕价格预期展开合同交易，而价 ...

Core Viewpoint - The establishment of a unified national market is a significant initiative for constructing a new development pattern and promoting high-quality development, with Zhengzhou playing a crucial role as a key hub in this process [1]. Group 1: Hard and Soft Connectivity - Zhengzhou Airport has become the first comprehensive cargo distribution center in China, achieving seamless connections between air, rail, subway, and road transport, with a cargo volume exceeding 820,000 tons in 2025, a 24% increase from the previous year [2]. - The logistics efficiency revolution includes the completion of new highways, increasing Zhengzhou's total highway mileage to 660 kilometers by the end of 2025, and the successful launch of four "iron-sea direct transport" routes, achieving a 20% increase in containerized rail-water transport [2]. - The integration of transportation and postal services has reduced logistics costs from 18% to below 12% of the total value of goods shipped from Zhengzhou to the Yangtze River Delta [3]. Group 2: Digital Empowerment - Zhengzhou has implemented a digital reform plan in the bidding and tendering sector to enhance market environment quality, aiming for a fair, efficient, and transparent process [7]. - The city has streamlined the enterprise migration process, reducing the time required from 21 days to under 6 days, resulting in an 80% efficiency improvement [8]. - The "Zhenghao Rong" platform has provided financial support to over 1.1 million enterprises, with a total credit scale of 99.47 billion yuan, and an average credit approval time of 2.17 days, which is 56.6% faster than traditional channels [9]. Group 3: Market-Oriented Reforms - Zhengzhou has been designated as one of the national pilot cities for comprehensive market-oriented resource allocation reforms, with a focus on breaking down barriers to free flow and efficient allocation of resources [11]. - The city has implemented a "standard land" transfer policy for industrial land, resulting in the supply of over 34,000 acres of land [12]. - Zhengzhou's data resource transaction volume reached 4.877 billion yuan in 2025, positioning it among the top cities in the country for data marketization [12]. Group 4: Open Economy and Trade - Zhengzhou has established a cross-border e-commerce base, facilitating rapid delivery of goods, such as salmon, to consumers within 24 hours [13]. - The city has achieved a foreign trade import and export volume of 508.58 billion yuan in the first ten months of 2025, an 18% increase year-on-year [14]. - The cultural and tourism sectors have seen significant growth, with over 820 micro-short film production companies established, employing more than 30,000 people [14]. Group 5: Strategic Positioning - Zhengzhou's strategic location and infrastructure, including a comprehensive high-speed rail network, position it as a key node in the domestic circulation of goods and services [15]. - The city aims to enhance its urban capabilities and drive quality, efficiency, and dynamic changes through its integration into the national unified market [15].

记者了解到，此次处罚是广期所近期首次针对实控账户合并违反交易限额相关规定而采取的监管措施。 期货日报网讯（记者 刘威魁）12月26日，广州期货交易所（以下简称广期所）发布公告，针对1组5名 在碳酸锂期货相关合约开仓数量超过交易所规定交易限额的客户，采取限制开仓3个月的监管措施。 业内人士认为，交易所此次监管措施是严格落实市场监管职责、严厉打击违规交易行为、维护市场公平 秩序的具体体现，彰显了监管机构持续强化一线监管、保障市场平稳规范运行的决心。广期所相关负责 人指出，下一步，广期所将持续加强市场监测监控，以"零容忍"态势打击违法违规，切实保障市场安全 稳健运行。 ...

展望未来，"十五五"时期我国发展环境面临深刻复杂变化，我国发展处于战略机遇和风险挑战并存、不 确定难预料因素增多的时期。我国经济基础稳、优势多、韧性强、潜能大，长期向好的支撑条件和基本 趋势没有变，中国特色社会主义制度优势、超大规模市场优势、完整产业体系优势、丰富人力资源优势 更加彰显。 报告提出，下一步，金融系统将坚持稳中求进工作总基调，实施更加积极有为的宏观政策，加大逆周期 和跨周期调节力度，持续防范化解重点领域风险，实现"十五五"良好开局。 报告提到，把促进经济稳定增长、物价合理回升作为货币政策的重要考量，保持流动性充裕，促进社会 综合融资成本低位运行。坚持市场在汇率形成中的决定性作用，保持汇率弹性，强化预期引导，防范汇 率超调风险，保持人民币汇率在合理均衡水平上的基本稳定。扎实做好金融"五篇大文章"，大力发展科 技金融、绿色金融、普惠金融、养老金融、数字金融，加力支持国家重大战略、经济社会发展的重点领 域和薄弱环节。 期货日报网讯（记者 杨美）据央行12月26日晚间消息，近日，中国人民银行发布了《中国金融稳定报 告（2025）》。报告提到，当前，我国金融业运行总体稳健，金融风险整体收敛、总体可控，金融 ...

期货日报网讯（记者 杨美）据中期协12月26日消息，为落实《关于加强监管防范风险促进期货市场高 质量发展的意见》《期货公司监督管理办法》要求，规范期货公司外部信息系统接入管理，保护交易者 合法权益，在中国证监会指导下，中国期货业协会立足行业自律管理职责，制定了《期货公司接入外部 信息系统管理规则（征求意见稿）》（以下简称《管理规则》），现面向社会公开征求意见。 三是自律管理。明确协会可以组织实施自律检查，并对违反《管理规则》的期货公司及从业人员实施自 律措施，督促期货公司全面落实外部系统接入管理要求。此外，《管理规则》还以附件形式提供了客户 接入承诺书必备条款和风险提示书必备内容。 据了解，去年以来，中期协多次调研期货公司外部系统现状，本次制定的《管理规则》，旨在压实期货 公司管理责任，指导期货公司建立健全外部系统接入管理制度机制，规范外部系统接入全过程管理，在 保障合理的交易管理需求的同时，防范业务合规问题和技术安全风险，促进期货行业高质量发展。 《管理规则》共24条，主要包括三方面内容： 一是管理范围及原则。具体包括：明确期货公司接入外部系统适用本规则，同时明确外部系统与外接客 户定义。明确期货公司接入外 ...