珠江潮涌，湾区扬帆。在粤港澳大湾区建设向纵深推进的关键阶段，广州期货依托区域产业基础和金融 生态，持续提升服务实体经济的能力，积极参与期货市场高质量发展进程。作为广州越秀资本集团旗下 核心成员，广州期货如今已成长为深耕湾区、覆盖全国的综合型期货服务商，用专业能力诠释金融担 当，用创新实践激活市场活力。 [聚焦产业需求 产融协同赋能发展] 金融的本质是服务实体经济。广州期货坚持将服务实体经济作为业务核心，明确"立足广州，服务湾 区，辐射全国"的发展定位，围绕湾区产业需求，深化产品与服务创新，不断增强服务实体经济的能 力。 夯实基础，创新求变。广州期货积极把握行业战略机遇期，紧跟实体需求，推进业务向产业化、机构化 转型，在投研咨询、数字化能力、交易风控体系完善及专业人才队伍建设等方面持续下功夫，做精做细 做专客户服务，全面提升服务质效。2025年，广州期货联合多方监管及行业机构，面向湾区大宗商品产 业链企业，成功协助组织多场大型期货专题培训，开展金融工具赋能、产业链对接等专项服务，助力湾 区企业在转型升级中抢占先机。在服务绿色转型发展方面，广州期货聚焦新能源相关品种，强化研究与 服务支持体系，积极开展各类市场培育 ...

2025年是中国期货市场践行金融强国战略、深化服务实体经济功能的关键之年，期货行业肩负着更为重 要的历史使命。作为植根长江经济带、辐射全国的综合性期货公司，长江期货始终坚持以习近平新时代 中国特色社会主义思想为指导，深刻把握金融工作的政治性和人民性，以党建引领发展全局，以专业锻 造服务优势，以创新驱动能级提升，在服务国家战略、赋能实体经济、助力乡村振兴等方面取得了显著 成效，走出了一条具有"长江特色"的高质量发展之路。 作为专业的资产管理人，长江期货致力于为投资者提供全面的理财产品和优质的投资服务，满足机构投 资者及高净值客户的个性化、定制化资产配置需求，通过设计投资策略、构建投资组合、跟踪市场动 态、严格风险管控，提供一站式资产管理服务，确保客户资产的安全与稳健回报。近年来，公司进一步 丰富拓展产品线，发挥期货资产管理特色，布局固收、权益、商品混合、FOF、CTA等，致力于形成覆 盖不同风险收益特征的全策略产品谱系。服务对象覆盖广泛，涉及公募、私募、券商、银行、保险公 司、公益机构等。资管团队投研力量不断加强，固收产品收益率继续保持高水准，衍生品类产品业绩表 现亮眼，进一步加强系统建设、运营管理及效能提升， ...

Core Viewpoint - Nanhua Futures has successfully listed on the Hong Kong Stock Exchange, achieving an "A+H" dual listing, marking a significant milestone in its capital market strategy [1] Group 1: Listing Details - Nanhua Futures raised a total of HKD 1.203 billion through this listing [1] - The listing follows the precedent set by Hongye Futures, making Nanhua Futures the second futures company to achieve an "A+H" dual capital platform [1] Group 2: Fund Utilization - The net proceeds from the global offering will be allocated entirely to Henghua International [1] - The company aims to use the funds to expand its overseas business, optimize its business structure, and enhance its competitiveness and risk management capabilities in the global market [1]

Core Insights - The article highlights the journey of Jin Yan, the Chief Investment Officer of YouShan Fund, emphasizing his unique blend of mathematical rigor and human insight in navigating the complexities of financial markets [1][2]. Group 1: Career Path and Investment Philosophy - Jin Yan transitioned from academia to investment banking, driven by the allure of quantitative finance and the opportunities it presented, ultimately choosing to pursue a career in the financial industry over a stable academic position [2]. - He acknowledges the importance of both a solid theoretical framework and psychological resilience in achieving investment success, while also recognizing the role of luck in the investment process [2]. Group 2: Daily Operations and Market Engagement - As a fund manager, Jin Yan begins his day by monitoring global market trends, a habit developed over decades, and maintains a focus on key information during trading hours [3]. - His work involves a continuous engagement with market dynamics, including meetings, roadshows, and risk management reviews, reflecting a commitment to staying informed and responsive [3]. Group 3: Investment Strategy and Market Dynamics - Jin Yan's experience in both investment banking and hedge funds has shaped his investment style, highlighting differences in execution and risk management based on the nature of capital sources [4]. - He notes that certain strategies, like Commodity Trading Advisor (CTA) strategies, perform better in the Chinese market due to the unique participant structure and local pricing mechanisms [5]. - The significant impact of policy variables in the Chinese market necessitates a deep understanding of national economic policies, which must align with investment strategies [6]. Group 4: Risk Management and AI Integration - Jin Yan emphasizes the critical nature of risk management in investment, viewing it as a dual challenge that involves both measurable risks and human behavioral biases [7][8]. - He shares key risk management principles, including decisive actions during significant drawdowns and the importance of institutional arrangements to mitigate emotional decision-making [8]. Group 5: Future Outlook and Investment Opportunities - Looking ahead, Jin Yan anticipates a resilient U.S. economy and a continued low-interest-rate environment, which he believes will positively influence global markets [9]. - He identifies potential investment opportunities in fixed income, equities, and commodities, particularly highlighting the ongoing relevance of quantitative strategies in a fluctuating market [9].

博易App支持多市场行情查询，内盘涵盖上期所、大商所、郑商所、中金所、广期所等国内主流交易所的期货、期权品种，外盘包含LME、 CME、ICE等国际交易所的延时行情，覆盖金属、能源、农产品、贵金属、股指期货等全品类标的，满足用户对不同市场的关注需求。 行情展示形式丰富，提供分时图、多周期K线图等可视化图表，搭配MACD、KDJ、RSI等经典技术指标，支持指标参数自定义调整与画线分析工 具，助力用户开展技术分析。行情数据实时刷新，内盘行情按交易所数据推送频率同步更新，外盘行情按延时规则更新（LME 延时15 分钟\CME 和ICE 延时10 分钟），确保用户获取的行情信息准确可用。此外，行情页面支持自定义抬头设置、字体大小调整，用户可根据阅读习惯优化展示 效果。 上海澎博财经资讯有限公司推出的博易App，是一款聚焦期货、期权等金融品种的移动交易工具，历经多年，博易App凭借卓越的稳定性稳居行业 榜首，成为市场占有率长期领先的期货交易工具标杆。整合行情查看、交易下单、风险管控、资讯获取等多元功能，适配不同层次投资者的交易 需求。版本迭代优化过程中，在保留核心功能稳定性的基础上，进一步完善云端服务、界面交互与专项交 ...

Core Viewpoint - Baocheng Futures, a financial strategic platform under China Huaneng Group, has been enhancing its functional capabilities in the futures industry for over 30 years, focusing on serving shareholder development, empowering the transformation of the real economy, and supporting rural revitalization strategies [3][4]. Group 1: Company Strategy and Operations - The company adheres to the strategic philosophy of "safety, leadership, and service," implementing the "three improvements and two controls" approach to enhance work quality, efficiency, and effectiveness while strictly controlling risks and costs [3][4]. - Baocheng Futures has established a service system that integrates capital, business, and strategic collaboration, achieving deep integration from resource sharing to value co-creation [4]. - The company focuses on risk management needs in core sectors such as coal, coke, electricity, and new energy, providing customized financial solutions to help enterprises manage risks and lock in costs and profits [4][6]. Group 2: Service to Shareholders and Clients - Baocheng Futures has built a collaborative development pattern with complementary advantages and resource sharing, leveraging nearly 100 business outlets of Changcheng Securities to provide seamless nationwide service [4][6]. - The company actively participates in financial innovation practices for shareholder units, exploring emerging fields such as green finance and wealth management, thus enriching the customer service system [5][6]. Group 3: Commitment to Real Economy - Since its establishment, the company has remained committed to serving the real economy, creating a differentiated and personalized risk management service system tailored to the needs of various industries and enterprises [6]. - Baocheng Futures has developed comprehensive risk management solutions for energy companies affected by international crude oil price fluctuations, including strategies for hedging and basis trading [6]. Group 4: Social Responsibility and Rural Revitalization - The company actively responds to the national rural revitalization strategy by innovating a "finance + industry + public welfare" assistance model, injecting financial resources into rural revitalization efforts [7]. - Baocheng Futures has engaged in infrastructure construction and public welfare support in rural areas, forming a virtuous cycle of "party building, financial empowerment, and industrial development" [7]. Group 5: Professional Recognition and Future Outlook - The company has received multiple industry awards for its outstanding performance in industrial services, risk management, and customer service, reflecting its commitment to serving the real economy [8]. - Looking ahead, Baocheng Futures aims to deepen its development strategy of "serving shareholders, empowering the real economy, and supporting rural revitalization," continuing to contribute significantly to the financial sector [8].

Core Viewpoint - The company, Yun Wealth Futures, emphasizes its commitment to serving the real economy and enhancing its service capabilities while fulfilling social responsibilities and promoting investor education [1][5]. Group 1: Commitment to the Real Economy - Serving the real economy is the core mission of the futures industry and a long-standing focus for Yun Wealth Futures, which provides risk management services in key sectors such as non-ferrous metals, agricultural products, and energy chemicals [2]. - The company collaborates with the Xinjiang Nonferrous Metals Association to support green transformation in industries, conducting research to understand development pain points and needs for green transition [2]. - In agriculture, the company assists regional agricultural upgrades, helping local businesses participate in hedging and mitigate market price volatility risks [2]. Group 2: Social Responsibility Initiatives - The company actively engages in rural revitalization and economic improvement through various support measures, including partnerships with local governments and businesses [3]. - Initiatives include ecological support, industrial assistance, consumer support, employment aid, and knowledge training, benefiting local economies and improving livelihoods [3]. - The company has successfully implemented projects that enhance local infrastructure, promote unique agricultural products, and provide employment opportunities, significantly impacting community development [3]. Group 3: Investor Education - Investor education is a crucial foundation for the high-quality development of the futures market, and the company focuses on building a comprehensive and multi-layered investor education system [4]. - The company participates in various educational activities organized by regulatory bodies and industry associations, promoting financial knowledge and rational investment concepts [4]. - It also conducts its own diverse educational activities, including annual investor education meetings and collaborations with universities to train future professionals in the futures industry [4]. Group 4: Future Directions - Looking ahead, the company plans to continue its commitment to serving the real economy, innovate in industry services, and enhance investor education [5]. - The company aims to maintain its active role in social responsibility, particularly in rural revitalization and green development, contributing to the sustainable growth of the futures industry [5].

Core Viewpoint - The article highlights significant inflows into commodity futures, particularly in the sectors of non-ferrous metals and chemicals, while the financial sector experienced outflows [1]. Group 1: Commodity Futures Inflows - Major inflows were observed in gold (2.21 billion), coke (0.674 billion), silver (0.572 billion), copper (0.515 billion), and zinc (0.402 billion [1]. - The overall commodity futures market showed a substantial inflow, with a focus on non-ferrous metals, chemicals, and specific commodities like lithium carbonate, PTA, and platinum [1]. Group 2: Commodity Futures Outflows - Significant outflows were noted in tin (0.145 billion), nickel (0.126 billion), polysilicon (0.099 billion), fuel oil (0.090 billion), and live pigs (0.075 billion) [1]. - The article emphasizes the need to monitor the outflows in tin, nickel, and fuel oil, which are contrary to the overall inflow trend [1]. Group 3: Agricultural Products - The agricultural sector experienced a slight inflow, with notable outflows in live pigs, rapeseed oil, soybean oil, and palm oil, while there were inflows in soybean and cotton [1]. Group 4: Financial Sector - The financial sector, particularly the CSI 300 index futures and 10-year treasury futures, is highlighted for its outflow status [1].

Group 1 - The introduction of series options addresses the limitation of conventional options, which do not cover all expiration months for futures contracts, thus allowing for options to be available for all 12 months [2] - Series options are particularly prevalent in the agricultural products options market due to the unique seasonal cycles and cost sensitivity of the industry [2] - The upcoming launch of corn and soybean meal series options on February 2, 2026, aims to fill the gap in options tools for enterprises with monthly purchasing needs [3] Group 2 - The series options for corn and soybean meal will supplement existing conventional options by adding options contracts that expire two months before the corresponding futures [3][4] - The white sugar series options, launched in March 2025, have shown a steady increase in average daily trading volume, indicating a real demand for diverse expiration dates [6] - The introduction of series options allows for more sophisticated trading strategies and better management of implied volatility, enhancing the overall efficiency of hedging for businesses [6][7] Group 3 - Series options provide a more precise matching of expiration months for hedging, improving the efficiency of risk management for traders [7][8] - The development of series options is a significant step towards a more refined and professional derivatives market in China, aligning financial instruments more closely with the real needs of the agricultural economy [8]

Core Viewpoint - Options strategies play a significant role in financial markets, providing investors with flexible investment methods for risk management, asset allocation optimization, and enhanced returns [1] Group 1: Four Dimensions of Options Strategies - The theoretical research on options can be categorized into pricing, trading strategies, and risk management, with pricing serving as the foundation for the other two [2] - The four key dimensions affecting options pricing are direction (delta), acceleration (gamma), volatility (vega), and time value (theta), which explain most price changes [2][3] - Various options strategies can be classified based on these dimensions, such as bull spreads and bear spreads under directional strategies, and calendar spreads and selling put options under time value strategies [3] Group 2: Relationship Among the Four Dimensions - Direction and volatility are often the primary focus for investors due to their significant impact on options pricing and potential returns [4] - The relationship between acceleration and time value is typically one of opposition, requiring a balance between the two [8] Group 3: Volatility Strategy Framework - Volatility is crucial in options research, with various strategies based on volatility, including timing strategies and the "volatility smile" arbitrage strategy [9] - Historical and implied volatility are interrelated, with market conditions affecting their dynamics [9] Group 4: Application Case Study - A case study involving a polypropylene production company illustrates the use of a collar strategy to hedge against price declines, where the company bought a put option and sold a call option [10][11] - The company calculated the necessary options to hedge 200 tons of polypropylene, resulting in the purchase of 40 put options and the sale of 40 call options [11][12] - The strategy was executed on June 18, with a closing price of 7214 yuan/ton, establishing a collar with strike prices of 7200 yuan/ton for the put and 7300 yuan/ton for the call [13] Group 5: Risk Management - The primary risks in the collar strategy include the underlying price rising significantly, which could lead to losses on the sold call option, and liquidity issues as the expiration date approaches [12][14] - The company can adjust its options positions based on market trends to mitigate potential losses [12]