Core Viewpoint - The "Xingnong·Tongqisheng" public welfare project by CITIC Futures aims to enhance rural education by supporting chess clubs in schools, thereby improving students' comprehensive qualities and promoting educational equity [1][8]. Group 1: Project Overview - CITIC Futures implements a multi-faceted empowerment approach through the "Xingnong·Tongqisheng" public welfare project, focusing on rural education [1]. - The project involves donations of chess equipment and teaching materials to the Malianzhuang Central School in Laixi City, aiming to create a unique campus culture centered around chess [1][3]. Group 2: Impact on Students - The donation includes chess tables, chairs, and teaching aids, which will enrich students' extracurricular activities and enhance their logical thinking and overall quality [3][6]. - The school has established a dedicated activity room for chess, providing a fixed space for students to learn and practice chess [3]. Group 3: Educational Philosophy - The principal of Malianzhuang Central School emphasizes that education is crucial for breaking the cycle of poverty, and quality education is essential for achieving educational equity [6]. - Chess activities are seen as a means to improve students' focus, logical thinking, and overall capabilities, which will positively impact their learning and future lives [6]. Group 4: Community Engagement - The project not only provides material support but also reflects society's deep concern for rural education and the growth of young people [8]. - The initiative is viewed as a practical action to fulfill social responsibility, contributing quality resources to rural education and promoting the concept of educational equity [8].

Group 1 - The core idea of the news is the collaboration between CITIC Futures and the rural community of Jiangjun Mountain Village, focusing on the integration of party building and financial support to promote rural revitalization through the "Xinxing Agriculture" project [1][3] - During the recent visit, CITIC Futures donated 30,000 yuan to support local industry development and improve living conditions in Jiangjun Mountain Village [1] - The partnership aims to create a replicable service path for rural revitalization by exploring areas such as industry cultivation and risk prevention over the past year [3] Group 2 - The "Xinxing Agriculture" project serves as a link for CITIC Futures to provide comprehensive services including industry planning, risk management, and resource matching to support the agricultural sector [3] - A discussion was held regarding the cultivation of corn and the use of financial tools like "insurance + futures" to help farmers manage price volatility and stabilize their income [3]

期货日报网讯（记者 王宁）2025年12月23日至25日，云财富期货有限公司（以下简称"云财富期货"）赴湖北省麻城市乘马岗镇开 展系列结对帮扶活动。通过签约帮扶、物资捐赠、产业调研、走访慰问及红色教育等多元帮扶举措，为这片承载红色记忆的土地 注入发展动能与温暖关怀。 12月24日，乡村振兴结对帮扶签约暨物资捐赠仪式在乘马岗镇顺利举行。活动现场，云财富期货与乘马岗镇人民政府正式签署帮 扶协议，确立长期合作帮扶关系。针对当地特色花生产业发展需求，云财富期货定向捐赠15吨优质化肥，为上马石村花生种植提 质增效提供直接支持，以务实物资帮扶破解农业生产关键痛点。乘马岗镇镇长盛建波代表镇党委、政府接受捐赠，并对云财富期 货的精准帮扶与责任担当表示感谢。 签约仪式后，云财富期货首席风险官张敏、总经理助理李红信等一行在麻城市商务局及乘马岗镇相关负责同志的陪同下，深入镇 内乡村振兴重点企业开展实地调研。帮扶团队走进生产一线，详细了解企业经营现状、产业链布局、发展规划及当前面临的市场 风险等核心诉求，围绕特色产业升级路径、金融工具创新应用、风险防控体系搭建等关键议题，与企业负责人展开深度交流，积 极探索"金融服务+产业发展"的定 ...

此外，铂、钯期货为品牌交割，注册仓单前不需要进行质检，预留时间充足，同时还可为仓单持有人节 省仓储费用。 期货日报网讯（记者 刘威魁）近日，期货日报记者留意到，在铂、钯市场关注度提升的同时，有部分 投资者对铂、钯期货交割业务相关安排产生疑问，比如"交割系统未与期货品种同步上线""无法及时开 展套保""担心进口产品无法参与交割"等困惑。 对此，广期所相关负责人回复期货日报记者称，铂、钯品种规定，注册仓库标准仓单的货物应为国产铂 锭、钯锭，注册厂库标准仓单的货物应为国产或进口的铂锭、海绵铂及铂粉，国产或进口的钯锭、海绵 钯及钯粉。在铂、钯期货挂牌上市之前，广期所已公布首批14个铂、13个钯境内注册品牌，以及26个 铂、24个钯境外注册品牌，基本覆盖了国内外常见的铂、钯品牌。后续，广期所将持续推进铂、钯期货 指定交割库、注册品牌等的审批工作，根据市场情况调整注册品牌及相关信息并及时公布。 记者了解到，在铂、钯期货上市之前，广期所在《关于铂期货交割业务有关事项的通知》《关于钯期货 交割业务有关事项的通知》中就已明确"2026年5月1日起，交易所开始办理期货交割业务"。 业内人士认为，相关安排既符合期货市场惯例，也考虑 ...

期货日报网讯（记者 王宁）近日，新疆改革委等部门关于印发《加快推进新疆煤炭交易市场建设的实 施意见》的通知。 全文如下： 为深化能源体制机制改革，充分发挥市场在资源配置中的决定性作用，更好发挥政府引导作用，推动新 疆煤炭交易市场建设，积极融入全国统一大市场，现提出以下意见。 一、总体要求 坚持深化改革。统筹政府与市场的关系，充分运用市场化法治化手段，持续深化煤炭行业供给侧结构性 改革，创新体制机制，实现煤炭供给平稳有序，煤炭价格保持在合理区间。 坚持互利合作。统筹区域和全局，建立健全跨省区交易合作协调长效机制，深化新疆煤炭交易中心与全 国煤炭交易中心、煤炭主产区交易中心的交易标准和信息互联互通、共建共享，积极对接西北、西南 等"疆煤外运"市场，更好融入全国统一大市场。 统筹协调、稳步推进，到2027年，新疆煤炭市场数据中心初步建成，基本实现交易市场各主体数据联 网，煤炭交易平台更加规范高效，形成公平公开、功能多样、要素完善、反应及时、调控有力的新疆煤 炭交易市场机制，煤炭在线交易量明显提升。到2030年，新疆煤炭市场数据中心功能更加完善，数据联 网主体全面覆盖，新疆煤炭交易中心作用有效发挥，市场体制机制更加健 ...

Core Viewpoint - The article highlights the critical role of financial service providers in ensuring stable supply chains for production enterprises, especially during crises, as demonstrated by the response of Yingda Risk Management (Shenzhen) Co., Ltd. during a supply chain disruption in July 2025 [1]. Group 1: Crisis Overview - In late July 2025, heavy rainfall caused road collapses on National Highway 338 in Shanxi Province, severely disrupting coal transportation, which is vital for energy supply [2]. - The road closure forced transport vehicles to detour over 70 kilometers, leading to a significant reduction in transport capacity and increased costs, nearly halting operations for local traders [2]. Group 2: Financial and Logistical Response - The crisis not only affected logistics but also severely impacted the cash flow of upstream traders due to rising transport costs and extended payment cycles, leading to a decline in coal procurement willingness [3]. - Yingda Risk Management quickly activated an emergency response, sending a professional team to assess the situation and address the core issues, injecting funds to alleviate the financial pressure on traders and restoring their confidence in coal sourcing [3]. Group 3: Successful Supply Assurance - Through financial empowerment and trade collaboration, Yingda Risk Management successfully resolved funding bottlenecks and ensured the stable supply of over 30,000 tons of coal to a central enterprise power plant, effectively mitigating the risk of supply shortages [4]. - The company plans to continue its commitment to supply stability in 2026, supporting the long-term operational stability of enterprises [4]. Group 4: Commitment to Financial Services - The supply assurance practice exemplifies Yingda Risk Management's business model of empowering the real economy through financial services and stabilizing supply [5]. - In a context of tightening financial regulations, the company remains focused on enhancing service quality in financial operations while fulfilling its responsibilities as a central enterprise [5].

Core Insights - The construction of China's electricity spot market has achieved significant milestones, with the National Development and Reform Commission and the National Energy Administration issuing a notice to accelerate the market's development in 2025 [2] - The electricity market has seen a diversification of participants, with a notable increase in the number of market entities and the inclusion of new types of participants such as renewable energy and virtual power plants [3] - The foundational rule system for the national unified electricity market has been established, covering various aspects of market operations [4] Group 1: Progress in Electricity Spot Market Construction - The electricity spot market in China reached a milestone in 2025, with several provinces transitioning to formal operations, achieving near-complete provincial coverage [2] - The number of market participants reached 973,000 in the first half of 2025, a year-on-year increase of 23.8%, with significant contributions from power generation companies and electricity users [3] - The trading volume in the electricity market reached 2.95 trillion kilowatt-hours, accounting for 60.9% of total electricity consumption, with cross-provincial trading volume increasing by 18.2% [3] Group 2: Challenges in Electricity Spot Market Construction - The scale of the electricity spot market needs to be expanded, as long-term trading still dominates the market, with 95.9% of market transactions being long-term contracts in 2024 [5] - The effectiveness of price signals in the electricity spot market requires improvement, as current mechanisms limit the sensitivity of supply and demand reflections [5] - The calculation of node prices in provincial electricity spot markets needs optimization to ensure accurate resource allocation and prevent erroneous price signals [6][7] Group 3: Outlook for Electricity Futures Market Construction - The electricity futures market is seen as a crucial component of the electricity market system, providing liquidity and addressing price risks in spot and long-term markets [8] - The futures market may feature diverse contract types based on regional electricity market characteristics, allowing for a wide range of futures products [8] - Cash settlement is deemed more suitable for electricity futures due to the inability to store electricity economically, necessitating reliance on spot market prices for settlement [9] - A conversion mechanism between long and short-term contracts can enhance market flexibility and activity, allowing for tailored trading options [10]

Group 1 - The core viewpoint emphasizes that expanding domestic demand is a strategic move rather than a temporary measure, crucial for China's long-term development and stability [2] - Domestic demand has become the main driving force for China's economic growth, contributing over 90% to economic growth during the 13th and 14th Five-Year Plans, with final consumption and capital formation contributing 55% and 38% respectively [2] - The projected scale of final consumption and capital formation for 2024 is 76.3 trillion yuan and 54.8 trillion yuan, which are 2.7 times and 2.2 times that of 2012 [2] Group 2 - The futures market can support the strategy of expanding domestic demand by promoting effective investment and consumption [3] - The futures market helps enterprises conduct effective investments and improve supply quality by providing forward-looking price signals and diverse hedging methods [3] - Price volatility in commodities, such as new energy materials, has made it difficult for companies to lock in raw material costs, impacting capacity planning [3] Group 3 - The futures market enhances the stability of residents' wealth, contributing to the realization of the wealth effect by serving as an effective tool for diversified investment [4] - The financial futures market in China has been expanding, providing effective tools for various financial institutions to manage market risks [4] - The "insurance + futures" model has been successfully implemented for 10 years, helping to stabilize and increase farmers' income, thus releasing rural consumption potential [4] Group 4 - The futures market needs to enrich the supply of futures varieties and improve the market system to connect enterprises and end consumers effectively [5] - There is a lack of corresponding futures varieties for emerging industries and regional specialty agricultural products, which hinders hedging needs [5] - Innovative service models are required to address the challenges faced by small and micro enterprises in participating in the futures market [5] Group 5 - The design and promotion of wealth management products that focus on diversified investment and risk hedging should be innovated by futures operating institutions [6] - Investor education should be advanced to cultivate a risk management culture, as many market participants have a limited understanding of futures tools [6] - The futures market's development history is relatively short, and there is a need for more effective and diverse investor education methods [6]

隐含波动率全天震荡下行，最终较前一交易日走低。截至12月23日，上证50ETF当月合约平值期权隐含 波动率为10.45%。历史波动率低位运行，上证50ETF的30日历史波动率为10.59%，沪深300指数的30日 历史波动率为13.48%。隐含波动率与历史波动率差值有所收缩。 各大指数认购、认沽期权多在虚值和浅虚值部位增仓，且增持力度相当，市场交易者对标的资产价格在 短期内出现显著波动的预期增强。因此，做空波动率的组合建议逢低减持。 沪深300期权整体成交量回落，而持仓量回升。深交所沪深300ETF期权持仓量增加20.93%，上交所沪深 300ETF期权持仓量增加12.35%，中金所沪深300股指期权持仓量增加4.42%。与此同时，深交所沪深 300ETF期权成交量减少21.67%，上交所沪深300ETF期权成交量减少0.28%，中金所沪深300股指期权成 交量则增加3.19%。从交投较为活跃的上交所沪深300ETF期权持仓变动情况来看，1月合约总计增持 12.27万张。其中，认购增持6.17万张，认沽增持6.10万张。认购、认沽在浅虚值部位均大幅增持，力度 相当，且价位宽泛，预计沪深300指数短期宽幅波动。 ...

具体来看，在上期所，双方立足青岛港口物流优势与能源、有色、黑色金属产业基础，重点就增设期货 交割库、拓展场外衍生品应用场景、共建产业服务基地等事宜深入磋商。在大商所，双方围绕农产品、 能源化工等青岛优势产业，围绕精准对接期货定价应用、全产业链风险管理等实务内容进行深入探讨。 在中金所，代表团聚焦企业资产配置与融资成本管控需求，深度对接股指期货、国债期货等金融衍生品 服务，探讨依托金融期货工具优化国企资产组合、稳定中小企业融资环境的实施路径等问题。 近日，青岛证监局带队，统筹青岛市国资委、青岛市财政局、青岛市发展改革委、青岛市农业农村局、 青岛市民营经济局、青岛市工信局、青岛市委金融办、青岛市外汇局、青岛海关、青岛市金融监管局、 青岛上市公司协会、青岛证券期货业协会等多部门，组织辖区重点龙头企业及金融机构组团赴上期所、 大商所、中金所深度沟通协作。 作为北方重要的大宗商品集散中心、先进制造业基地和现代农业示范区，青岛依托得天独厚的港口枢纽 优势、完备的产业体系布局，形成了能源化工、有色金属、农牧产品、航运物流等特色优势产业集群， 与期货品种覆盖领域高度契合，期货市场服务青岛实体经济的空间广阔、潜力深厚。 据了解 ...