近日，保山汉营润泽学校的校园里暖意融融，一场满载关怀的爱心捐赠仪式在此温馨举行。中信期货有限公司怀揣对乡村教育事业的深厚情谊，向该校捐赠 23台全新电脑设备，为这所留守困境儿童关爱学校的信息化教学升级注入强劲动力，用实际行动为孩子们的成长之路点亮希望之光。 保山汉营润泽学校作为一所专注留守困境儿童关爱保护的特殊学校，承载着全市孤儿、事实无人抚养儿童及留守特困儿童的教育重任。学校坐落于保山市隆 阳区——这片曾是国家扶贫开发工作重点县、集中连片特殊困难地区的土地上，受地方财政对教育信息化专项投入的局限，信息化教学设备长期存在缺口， 难以满足孩子们对数字化学习的迫切需求，也制约了学校信息技术课程的高质量开展。 得知学校的实际困境后，中信期货有限公司迅速响应，将助力乡村教育落到实处，高效推进电脑设备筹备工作。值得一提的是，此次捐赠的23台电脑中，有 6台由上海分公司郑雨琳、翁妗璟、李佳卉自发捐赠，企业爱心与员工善意汇聚成助力乡村教育的暖流。捐赠仪式现场，校方代表郑重接过捐赠物资，向中 信期货及爱心员工致以最诚挚的感谢，并为企业颁发荣誉证书，这份荣誉不仅见证着爱心善举，更凝聚着校企携手育人的共识。 未来，中信期货将继续 ...

Core Insights - The "Songyuan Agricultural Risk Management Project" by CITIC Futures and the UN World Food Programme won the "Best Poverty Reduction Case" at the 2025 Global Poverty Reduction Partners Seminar, highlighting its innovative approach to rural revitalization and food security [1][2][8] Group 1: International Recognition - The project was recognized in a global solicitation for effective poverty reduction practices, affirming its innovative model and significant impact [2] - The award signifies the transition of the "Songyuan Model" from a local initiative in Jilin Province to a globally recognized poverty reduction example [2] Group 2: Project Innovation - The project employs a dual protection network combining "insurance + futures" and integrated water and fertilizer technology to address agricultural risks [3][4] - Financial contributions included $1 million from Cargill, 600,000 RMB from CITIC Futures, and 246,000 RMB from farmers, establishing a multi-stakeholder collaboration [3] Group 3: Policy Impact - The project has influenced domestic policy, being incorporated into Jilin Province's 2025 Agricultural Insurance Implementation Plan, allowing futures prices to be integrated into income insurance for risk hedging [5] - It has been recognized in various authoritative publications, enhancing its status as a model for agricultural risk management [5] Group 4: Future Outlook - CITIC Futures aims to further promote the "Songyuan Model" and deepen the application of inclusive finance in agriculture to support national food security and sustainable development [6]

Core Insights - The company has developed a global intelligent risk control platform based on big data technology, which has been recognized as an excellent case in financial innovation during the "14th Five-Year Plan" period, highlighting its comprehensive service capabilities and the industry's acknowledgment of its "technology-driven finance" practice [2] Group 1: Technological Advancements - The company focuses on enhancing terminal experience, smart investment advisory, and AI transformation, aiming to create a new ecosystem of technology-driven finance that is professional, inclusive, and forward-looking [3] - The integration of AI and digital transformation is central to the company's strategy, utilizing GPU clusters and edge computing to support real-time data processing and efficient model training [6] Group 2: Smart Investment Advisory - The company has established a "full lifecycle" investment advisory system that integrates macroeconomic, industry data, and market transactions, bridging the gap between professional research and retail investors [4] - The platform employs a dual mechanism of "AI empowerment + human research" to facilitate rapid strategy output and iteration, shifting investment decision-making from experience-driven to data-driven [4] Group 3: Customer Experience and Service Efficiency - The company has launched a 24/7 "one-stop, fully online, scenario-based" platform that simplifies core business processes, enhancing customer satisfaction and operational efficiency [4] - The smart operation platform enables proactive service throughout the customer lifecycle, utilizing big data to create a comprehensive customer view and improve service delivery [5] Group 4: International Business Expansion - In response to the growing demand for overseas asset allocation, the company has developed an international trading and settlement platform that offers a seamless global service experience [8] - This platform features a unified backend architecture that ensures standardized processes while allowing flexibility to meet diverse market needs, significantly reducing deployment costs for overseas subsidiaries [8] Group 5: Future Outlook - The company aims to continue investing in technology research and development, enhancing the integration of technology and finance, and maintaining compliance while creating value for customers in the evolving financial landscape [9]

Core Viewpoint - The Chinese futures industry is undergoing a strategic transformation from traditional trading channels to comprehensive financial service platforms, with Yong'an Futures leading this change through a customer-centric reform initiative [1][2]. Group 1: Customer-Centric Reform - Yong'an Futures has initiated a significant reform defined as "comprehensive restructuring of the operational system," focusing on three dimensions: value concept, strategic system, and service capability [2]. - The company aims to shift from a "sales mentality" to "value co-creation," aligning customer needs with corporate development to achieve quality, efficiency, and dynamic transformations [2][3]. - The strategic goal is to become a "first-class derivatives investment bank," establishing various service centers to provide high-quality products, strategies, and services [2]. Group 2: Global Service Network - Yong'an Futures has made strides in internationalization, becoming a member of the Singapore Exchange for derivatives trading and clearing, marking a milestone in its global financial service capabilities [4]. - The company has established a dual-core structure in Hong Kong and Singapore, enhancing its international market presence and competitive advantage [4]. - The business model has evolved from a single futures brokerage to a full-license operation encompassing futures, securities, asset management, and clearing services, expanding into complex cross-border asset allocation [4][5]. Group 3: Service to the Real Economy - Yong'an Futures has assisted over 16,000 real enterprises in managing risks, emphasizing its commitment to serving the real economy [7]. - The company provides tailored comprehensive services throughout the lifecycle of enterprises, adapting its offerings based on the development stage of clients [7]. - Recent global commodity price fluctuations have highlighted the importance of futures and derivatives as risk management tools, with Yong'an Futures offering customized solutions for various types of enterprises [7][8]. Group 4: Innovative Risk Management - The "YunSui" platform has been developed as an intelligent risk control center, integrating various risk management capabilities to safeguard enterprise value [9][10]. - This platform is part of Yong'an Futures' broader customer-centric reform, enhancing compliance and risk management across all business operations [10]. - The company promotes a culture where every employee is a risk officer, ensuring comprehensive risk management throughout the organization [10].

Core Viewpoint - The central financial work conference during the "14th Five-Year Plan" period emphasizes the goal of accelerating the construction of a financial power, aiming to create a capital market that is "safe, standardized, transparent, open, vibrant, and resilient" to promote high-quality financial development in the new era [1] Group 1: Company Development and Strategy - The company is committed to implementing the spirit of the 20th National Congress of the Communist Party and the series of important instructions from General Secretary Xi Jinping regarding financial work, focusing on a path of financial development with Chinese characteristics [1][2] - The number of party branches within the company increased from 4 to 21 during the "14th Five-Year Plan," with the proportion of party members rising from 12% to 20%, enhancing the grassroots party organization's role [2] - The company has been recognized for its strong leadership and core competitiveness, with continuous improvement in various operational indicators [2] Group 2: Focus on Core Business - The company focuses on its main responsibilities, utilizing the futures market for price discovery, risk management, and resource allocation to support the stable development of real enterprises [3] - In serving technology finance, the company has expanded its services to national-level specialized and innovative enterprises, providing comprehensive solutions such as hedging and consulting [3] - The company has established a significant advantage in green finance, contributing to the industrial chains of industrial silicon, lithium carbonate, and polysilicon, while also participating in the preparation for the listing of electricity and carbon emission rights [3] Group 3: Social Responsibility and Financial Inclusion - The company has successfully conducted 445 "insurance + futures" projects, benefiting nearly 250,000 farmers with compensation exceeding 200 million yuan [4] - It has established a public welfare futures trader education base in Chongqing, producing over 4,000 original educational materials and reaching more than 750,000 people since its operation began in October 2021 [4] - The company is enhancing its professional service capabilities in pension finance and has introduced age-friendly services to protect investor rights [4] Group 4: Regional Development - The company has been deeply involved in the "智融惠畅" project in Chongqing, assisting in the establishment of the first log futures delivery warehouse and enhancing regional resource allocation capabilities [5][6] - It provides risk management services to traditional and emerging industries in Chongqing, contributing to the growth of the "33618" modern manufacturing cluster [6] Group 5: Collaborative Development - The company is strengthening internal and external collaboration to enhance customer service quality, building a comprehensive business advantage through a nationwide collaborative network [7] - It integrates services with various stakeholders, including government, exchanges, and educational institutions, to expand its service ecosystem and enhance brand image [7] Group 6: Risk Management - The implementation of the futures and derivatives law during the "14th Five-Year Plan" is crucial for the industry to serve the real economy and mitigate financial risks [8] - The company is enhancing its risk prevention and compliance management systems, focusing on early detection and resolution of risks [8] Group 7: Future Outlook - As the "15th Five-Year Plan" begins, the company aims to continue its commitment to serving the real economy, focusing on financial innovation and risk management to support national strategic goals [9]

"优质产品货架"] [专业为本，资产管理业务构建多元化 资产管理业务是银河期货的核心优势领域之一。银河期货有关负责人介绍，截至2025年10月末，公司资 产管理规模在中国基金业协会期货公司资产管理业务规模排名中位居前列，行业地位稳固。 "在具体业务布局上，公司已构建起覆盖固收、期权及多资产配置的'优质产品货架'。"上述负责人表 示，截至10月末，公司固收产品线规模可观，为投资者提供了稳健的收益选择。在期权策略领域，"权 银河"系列产品曾连续9年稳健收益，量化期权策略"星耀"产品同样表现优异，其突出的稳健性特征赢得 了市场的广泛认可，该业务已连续多年荣获行业权威奖项，专业能力备受肯定。 [协同发展 风险管理子公司打造一站式服务体系] 2014年，银河期货出资成立银河德睿资本管理有限公司（下称银河德睿）作为风险管理子公司，为企业 客户提供全方位的风险管理解决方案。银河期货有关负责人介绍，银河德睿依托集团资源与专业优势， 深耕场内外衍生品和大宗贸易市场，形成了场外衍生品、期现业务与做市业务三大板块协同发展的业务 格局。 在场外衍生品业务方面，银河德睿拥有商品和个股场外衍生品业务双牌照，实现了对境内外主流交易所 品种 ...

中央经济工作会议是在全国上下深入学习贯彻党的二十届四中全会精神、即将完成全年经济社会发展目 标任务、持续推动经济平稳健康高质量发展的关键时期召开的一次重要会议。会议提出的宏观政策举措 目标清晰、稳健务实，将为2026年及以后的经济发展提供强大助力。 习近平总书记提出"必须充分挖掘经济潜能，必须坚持政策支持和改革创新并举，必须做到既'放得 活'又'管得好'，必须坚持投资于物和投资于人紧密结合，必须以苦练内功来应对外部挑战"等"五个必 须"，是应对当前困难挑战、巩固经济回升向好态势的重要着力点，也是促进经济结构转型升级、推动 高质量发展的科学方法论。 国泰君安期货围绕科技金融、绿色金融、普惠金融、养老金融、数字金融"五篇大文章"，加强对重大战 略、重点领域、薄弱环节的优质金融服务，从实体经济的急难愁盼入手，持续创新服务品种、提高综合 服务能力，在服务地方经济发展、帮助实体企业纾困解难等方面发挥了积极作用。一方面，公司坚持稳 中求进的工作总基调，持续深耕实体经济，将期货及其衍生品系列工具融入实体企业融资、生产、经营 等各个环节，打通期货服务实体经济的"最后一公里"，近三年来服务中小微企业超过1000家（次），商 品 ...

Core Viewpoint - Dongwu Futures has experienced rapid development over the past year, achieving impressive operational performance while adhering to high-quality development and serving the real economy [1] Group 1: Focus on Core Business - In a complex market environment, Dongwu Futures achieved steady growth in key business indicators, with annual brokerage revenue reaching 22.831 million yuan, a year-on-year increase of 20.51% [2] - The client margin scale exceeded 13.5 billion yuan, reflecting a year-on-year growth of 12.59%, indicating strong market and client confidence [2] - The company implemented team-based management and differentiated assessment policies to enhance business vitality and expand business volume, resulting in a more than 20% increase in client equity compared to the previous year [2] Group 2: Asset Management and Risk Management - Dongwu Futures focused on wealth management, optimizing its product line around derivatives-based FOF products and CTA products, with total asset management products exceeding 1 billion yuan by the end of 2024 [2] - The risk management subsidiary maintained steady development across three business segments while controlling risks, with market-making and OTC derivatives businesses achieving profitability [3] Group 3: Industry Engagement - Dongwu Futures established a dedicated industry service department to enhance client development and service efficiency, providing professional services to over 100 industrial enterprises [4] - The company reported a significant 40% increase in industry client equity compared to the previous year [4] Group 4: Financial Futures and Client Services - The company focused on serving private equity funds and financial institutions, optimizing client scale and structure through customized research and strategy services [5] - A futures private equity investment competition attracted over 50 institutions, promoting healthy development in the derivatives market [5] Group 5: Technology Empowerment - Dongwu Futures invested approximately 30 million yuan annually in IT over the past three years to drive digital transformation [6] - The company upgraded its app, enhancing user experience and integrating features like simulated trading and account diagnostics, which received industry recognition for security and stability [7][8] Group 6: Social Responsibility and Rural Revitalization - Dongwu Futures actively engaged in rural revitalization efforts, investing over 6 million yuan in professional assistance projects and signing 20 pairing assistance agreements with various regions [9] - The company conducted 28 financial knowledge training sessions, reaching over 1,000 participants, to enhance financial literacy in assisted areas [10] - Dongwu Futures promoted its rural revitalization efforts through media, publishing over 80 articles and receiving awards for its initiatives [11]

Core Insights - The article emphasizes the importance of risk management in the real economy, highlighting the need for financial services to engage deeply with businesses rather than merely providing tools [2][3][4]. Group 1: Risk Management in Real Economy - The volatility of rebar steel prices at an annual rate of 35% poses significant survival challenges for downstream processing companies, which have an average profit margin of only 2% [2]. - A leading electric vehicle wiring harness manufacturer, heavily reliant on copper, faces challenges in hedging due to a lack of expertise, prompting intervention from Ping An Futures [2][3]. - Ping An Futures provides a tailored copper futures hedging solution, addressing the company's core pain point of inventory accumulation during traditional off-peak seasons [3]. Group 2: Comprehensive Service Approach - The company offers a full-service model that includes trade execution, dynamic risk monitoring, and regular performance evaluations, aligning with the client's desire for minimal resource investment [3]. - Ping An Futures recognizes the layered needs of industrial clients, particularly those struggling with performance evaluation in hedging operations, showcasing its industry-leading insights and innovative solutions [3]. Group 3: Innovative Evaluation Systems - The research team proposes that the ultimate goal of using financial derivatives for manufacturing companies is to stabilize gross profit margins rather than to profit from futures trading [4]. - A comprehensive evaluation system is designed, focusing on stabilizing gross margin volatility and reducing the marginal impact of commodity price changes on profit margins [4]. Group 4: Agricultural Risk Management - Ping An Futures actively responds to national calls by integrating derivatives with insurance mechanisms, launching "insurance + futures" projects to provide price risk protection for farmers [4][5]. - The company has initiated 12 projects by November 2025, covering various commodities and providing significant nominal principal scale of nearly 350 million yuan [4]. Group 5: Technological Empowerment - The company aims to build a technology-driven organization, integrating AI and big data with financial expertise to enhance service capabilities [6]. - The "Huiyan+" AI research platform evolves into a powerful knowledge creation engine, enabling complex queries and generating structured analysis reports [6][7]. Group 6: Wealth Management Ecosystem - With China's total household wealth exceeding 170 trillion yuan, the wealth management market is shifting towards long-term stable returns, positioning futures and derivatives as key tools [10]. - Ping An Futures focuses on connecting quality assets with long-term capital, providing comprehensive services to over 1,000 financial institutions [11]. Group 7: Compliance and Risk Control - The company prioritizes compliance and risk control as foundational elements of its business culture, establishing a governance structure that ensures collaboration among various departments [14]. - Advanced risk monitoring systems are implemented to dynamically assess market transactions and identify suspicious activities, enhancing the company's ability to manage risks proactively [8][9]. Group 8: Commitment to Professionalism - Ping An Futures is committed to creating value through professional services, aligning its efforts with the needs of the real economy and national strategies [15]. - The company aims to be a trusted partner in risk management for the real economy and a guardian of long-term wealth growth for residents [15].

Core Viewpoint - The exchanges have announced fee reductions for futures trading and related transactions in 2026, aiming to enhance market liquidity and attract more participants [1] Group 1: Fee Reductions - The Shanghai Futures Exchange, along with other exchanges, will waive fees for futures delivery, standard warehouse receipt transfer payments, and related transactions in 2026 [1] - The Shanghai Futures Exchange, Shanghai International Energy Exchange, Dalian Commodity Exchange, and Guangxi Futures Exchange will reduce the fees for hedging transactions by half, while Zhengzhou Commodity Exchange will waive the opening fees for hedging in futures varieties [1] - The China Financial Futures Exchange will also halve the fees for stock index futures and government bond futures delivery, as well as for stock index options exercise fees in 2026 [1]