本报讯 为深入贯彻落实习近平总书记对做好"三农"工作的重要指示精神，积极践行服务实体经济的使 命，东证期货2025年持续扎实开展乡村振兴工作，将行业发展融入服务国家战略，多措并举推进一系列 帮扶项目，有效深化产业融合，全面壮大村集体经济，进一步推动乡村发展从"夯实基础"向"全面振 兴"跃升。 汇聚东证能量，深化公益帮扶 在过去一年里，东证期货从党建共建、产业振兴、消费帮扶及文化赋能等多方面开展公益帮扶项目。 强化党建引领，提升帮扶质效。公司始终坚持党的领导，以党建共建为纽带，与乡村振兴地区党组织深 化合作，"用心、用情、用力"实现资源共享、力量融合，深度凝聚发展共识。聚焦当地党员群众的急难 愁盼问题，通过"同上一堂党课"、慰问困难党员群众、支持党建活动室设备更新和搭建爱心图书吧等多 种形式，把一件件"关键小事"办成"暖心实事"。 发挥期货优势，深化专业帮扶 为进一步巩固拓展脱贫攻坚成果，东证期货携风险管理子公司东证润和，运用期货专业优势，深入了解 农户真实风险管理需求，积极参与交易所"保险+期货"项目，覆盖生猪、花生、苹果和天然橡胶等多品 种,切实发挥了农业收入"稳定器"的作用；在乡村振兴地区开展多次"保险+ ...

Core Viewpoint - The State Council's "Implementation Opinions on Improving the National Unified Electricity Market System" aims to establish a comprehensive national electricity market by 2030, with market transactions accounting for approximately 70% of total electricity consumption, and to fully complete the system by 2035 [1] Group 1: Market Structure and Functionality - By 2030, all types of power sources and electricity users, except for guaranteed users, will directly participate in the electricity market, with a focus on market-based trading [1] - The implementation of a unified market regulatory system and a market pricing mechanism will be established to ensure fair competition [1] - The transition to a formal operation of the spot market is targeted for completion by 2027, enhancing real-time price discovery and supply-demand adjustment [2] Group 2: Long-term Market Stability - The long-term market will be improved to ensure stable electricity supply and enhance risk response capabilities through effective contract signing and performance measures [3] - The long-term market will be refined to allow continuous trading across various time frames, including annual and monthly contracts [3] - Effective integration between long-term and spot markets will be emphasized to meet national energy security requirements [3] Group 3: Green Electricity Market - A unified green certificate market will be established to recognize renewable energy production and consumption, promoting the expansion of green electricity consumption [4] - The introduction of a consumption certification mechanism for green electricity will be accelerated, incorporating technologies like blockchain for full-chain certification [4] - The development of various trading models for green electricity, including long-term purchase agreements, will be encouraged [4] Group 4: Participation of Generation Entities - The participation of generation entities in the electricity market will be further promoted, particularly for renewable energy sources [5] - A sustainable pricing settlement mechanism for renewable energy will be established to encourage long-term trading [5] - The optimization of coal-fired power generation operations will be pursued to ensure all generated electricity participates in the market [5]

"工具箱"里藏"玄机"：精准对接产业需求 "34亩地赔了7295元，每亩地自缴保费42.91元。"立春时节的新疆阿拉尔市第一师十三团仍寒风凛冽， 但边疆红合作社的屋内却暖意融融，枣农张艳秋摩挲着手中的理赔确认单，脸上笑开了花："不知道郑 商所是个什么样子，但是心里有底——数千里外的郑商所，连着我们沙漠里的枣园子！" 这份带给农户的安心，正是郑商所贯彻落实中央一号文件精神的生动注脚。2026年2月3日，《中共中央 国务院关于锚定农业农村现代化、扎实推进乡村全面振兴的意见》正式发布。这是党的十八大以来连续 第14个聚焦"三农"工作的中央一号文件，为"十五五"开局之年的"三农"事业发展擘画了清晰蓝图。作为 国家重要金融基础设施，郑商所坚守服务实体经济的初心使命，以学习运用"千万工程"经验为引领，通 过21个覆盖粮、棉、油、糖、果的农产品期货及期权工具，在优化产品供给、强化支农惠农、推动产业 融合的道路上稳步前行，让期货市场的金融"活水"精准滴灌乡村振兴的沃土。 "加强农产品期货市场建设"，2026年中央一号文件的明确部署，为期货市场服务"三农"指明了工作方 向。回望2025年，郑商所一方面加快新产品研发，一方面优化 ...

Core Viewpoint - The integration of futures trading into the operations of a copper processing company has significantly improved its ability to manage raw material price volatility, leading to increased confidence and production capacity expansion [1][7]. Group 1: Company Operations and Futures Integration - The copper processing company recycles scrap copper to produce copper plates and rods, which are used in various industries such as cables and home appliances [2]. - The company initially faced significant price volatility in copper, leading to anxiety over potential losses, prompting them to seek risk management tools [2][3]. - After implementing a futures hedging strategy, the company reported a 30% year-on-year increase in refined copper production in 2025, with monthly production exceeding 10,000 tons [3]. Group 2: Risk Management and Strategy Development - The company developed a tailored hedging plan with the assistance of a futures company, which included dynamic inventory management and accounting integration [4]. - The company learned that different industries require different hedging strategies, emphasizing the importance of practical experience in refining these strategies [4][5]. - The use of options, such as selling call options, has been introduced to enhance revenue while managing risk [5]. Group 3: Communication and Support - Continuous communication between the futures company and the copper processing company has been crucial for refining hedging strategies and addressing potential risks [6]. - The futures company has provided not only trading support but also facilitated connections with potential customers, broadening the company's sales channels [6]. Group 4: Industry Trends and Future Outlook - The copper processing company plans to expand its production capacity further in 2026, reflecting increased confidence from effective risk management through futures [7]. - The broader trend shows that more companies across various sectors are recognizing the value of futures markets for risk management and operational stability [8][9].

Group 1 - The Shanghai Futures Exchange announced on February 11 that silver contracts will have their hedging position limits adjusted to zero for non-futures company members and certain foreign participants who do not meet the requirements for the upcoming delivery month [1] - This adjustment will take effect starting from the last trading day of February 2026, specifically for those who have not obtained the hedging position limits for the delivery month [1] - The change applies to both buying and selling hedging positions in the delivery month and the month prior to it, impacting market participants significantly [1]

聚焦终端环节，促进"价格稳"。启动蔬菜等政府储备投放，加大消费需求旺盛品种投放力度，满足群众 节前采购需要。发挥平价销售机制作用，依托连锁商超、社区菜店等渠道开展平价惠民销售。强化市场 监督检查，引导商户守法合规经营，严厉打击价格欺诈、哄抬价格等违法违规行为。 国家发展改革委有关负责人表示，总的看，各地重要民生商品生产向好、货源充足，保障春节期间市场 量足价稳具备坚实基础。"米袋子"沉甸甸，去年粮食生产再获丰收，连续两年稳定在1.4万亿斤以上， 全国36个大中城市成品粮油储备可满足15天以上消费。"菜篮子"满当当，去年猪牛羊禽肉产量首次超过 1亿吨，当前肉类、鸡蛋产能充足；蔬菜在田面积同比稳中有增，随着"南菜北运"规模和北方设施蔬菜 上市量增加，市场供应将进一步丰富。 （文章来源：期货日报网） 据新华社电记者11日从国家发展改革委获悉，近日，国家发展改革委深入分析"菜篮子""米袋子"市场供 需和价格形势，加强跨部门协作联动，会同民政部、交通运输部、农业农村部、商务部、市场监管总局 印发通知，部署做好重要民生商品保供稳价和困难群众兜底保障工作。 根据部署，抓好生产流通，保障"供应足"。加强冬季农业生产防灾减灾， ...

Group 1 - The core viewpoint of the articles indicates a recovery in consumer demand in January, with the Consumer Price Index (CPI) rising by 0.2% month-on-month and the Producer Price Index (PPI) increasing by 0.4% month-on-month, while the PPI decreased by 1.4% year-on-year [1] - The core CPI, which excludes food and energy prices, rose by 0.3% month-on-month, marking the highest increase in six months, driven by significant price increases in airline tickets (5.7%) and travel agency fees (2.0%) [1] - The year-on-year increase in industrial consumer goods prices, excluding energy, expanded to 2.6%, with a notable rise in gold jewelry prices by 77.4% year-on-year [1] Group 2 - Factors influencing the CPI slowdown include the timing of the Spring Festival, which affects the base for year-on-year comparisons, and the impact of declining international oil prices from late last year to early this year [2] - The PPI is expected to continue narrowing its decline, supported by the rebound in global commodity prices and policies aimed at reducing competition, with a significant possibility of positive year-on-year growth in PPI by the second quarter [2] - The upcoming base year rotation for CPI and PPI, starting in 2026, is projected to have a minimal impact on the monthly year-on-year indices, averaging around 0.06 and 0.08 percentage points respectively [2]

Core Insights - The global photovoltaic (PV) installation capacity has grown at an average annual rate of over 24% in the past five years, while the prices of PV products have continued to decline, leading to intensified price competition and volatility in raw material prices [1] - A leading photovoltaic welding strip company in Jiangsu has managed to maintain stable operations despite significant increases in copper and tin prices in 2024, thanks to a risk management strategy involving financial derivatives [1] - The collaboration between the company and Nanhua Futures has sparked a trend in risk management within the Suzhou industrial cluster, highlighting the importance of financial tools in mitigating raw material price risks [2][3] Company Overview - The photovoltaic welding strip company, recognized as a high-tech enterprise in Jiangsu, has established itself as an industry benchmark due to its high market share [1] - The company faced challenges related to raw material price fluctuations, particularly for copper and tin, which could lead to increased costs and inventory management difficulties [1] - Following a year of risk management service from Nanhua Futures, the company signed a contract for investment consulting, indicating a deepening partnership [1] Risk Management Strategy - Nanhua Futures provided a tailored hedging solution focusing on futures and options to address the company's concerns about rising raw material prices and inventory management [1] - The company successfully locked in sufficient quantities of copper and tin ahead of price surges in 2024, demonstrating effective risk mitigation [2] - The introduction of new risk hedging tools, such as options, has further strengthened the company's risk management capabilities [2] Industry Impact - The successful collaboration between the company and Nanhua Futures has influenced other enterprises in the Suzhou industrial cluster, leading to increased interest in financial derivatives for risk management [2][3] - Local banks and securities firms have facilitated the connection between industries and futures institutions, accelerating the adoption of risk management practices [2] - The ongoing "dual carbon" policy and the transition in the photovoltaic sector underscore the necessity for robust risk management as a core competency for companies in the renewable energy industry [3]

2月11日，国务院办公厅《关于完善全国统一电力市场体系的实施意见》（下称《意见》）对外发布。 《意见》要求，到2030年，基本建成全国统一电力市场体系，各类型电源和除保障性用户外的电力用户 全部直接参与电力市场，市场化交易电量占全社会用电量的70%左右。跨省跨区和省内实现联合交易， 现货市场全面转入正式运行，市场基础规则和技术标准全面统一，市场化电价机制基本健全，公平统一 的市场监管体系基本形成。到2035年，全面建成全国统一电力市场体系，市场功能进一步成熟完善，市 场化交易电量占比稳中有升。跨省跨区和省内交易有机融合，电力资源的电能量、调节、环境、容量等 多维价值全面由市场反映，电力资源全面实现全国范围内的优化配置和高效利用，以电力为主体、多种 能源协同互济的全国统一能源市场体系初步形成。 《意见》要求，持续完善保障电力安全稳定供应的中长期市场。更好发挥中长期市场稳定电力生产供应 秩序、保障市场平稳运行的基础性作用，夯实电力保供基本盘。落实中长期合同签约履约激励约束措 施，实现电力资源长期稳定配置，提升风险应对能力。推动中长期市场精细化、标准化，实现连续开 市、不间断交易，提高交易频次和灵活性，覆盖年度（多 ...

近期，全球商品市场经历了剧烈波动，贵金属、有色金属及能源化工板块均出现大幅调整。在这一市场 背景下，期货日报记者采访了前海开源基金首席经济学家杨德龙和格林大华期货首席专家王骏，从产业 与宏观视角解读当前市场的结构性变化与投资逻辑。 "新旧资源的历史性背离已成定局。"格林大华期货首席专家王骏开门见山地说。在他看来，当前商品市 场最根本的变化在于"绿色金属"（铜、锂、镍等）与传统能源（原油、煤炭）的供需关系出现了方向性 背离。前者呈现"供给刚性+需求爆发"的紧平衡格局，后者则面临"供给宽松+需求放缓"的局面。 这一背离直接导致了板块轮动逻辑的根本转变。"商品牛市往往呈现板块普涨、周期共振的特征，而当 前市场更多表现为结构性分化。"王骏分析道，这种分化背后是全球碳中和目标倒逼的能源结构调整， 直接拉动了铜、锂、镍、稀土等"绿色金属"的需求，而这些资源的勘探开发严重不足，产能释放周期长 达5~10年。 前海开源基金首席经济学家杨德龙则从宏观视角补充了这一判断，当前全球宏观经济更类似于复苏阶 段，而非过热阶段。商品表现较好，主要受AI科技革命带来的需求增长驱动，而非传统经济过热。这 一轮商品行情的特殊性在于"去美元化" ...