平台整合：从"物理叠加"到"化学反应" 大宗商品资源配置枢纽旨在集成大宗商品"采、运、储、贸、融、服"等全链条功能，提升资源全球配置 效率。一年来，该枢纽在项目推进、开放升级、产业链生态构建及创新能力提升等方面取得阶段性成 效。 全国首个大宗商品资源配置枢纽在浙江落地已满一周年。作为枢纽的核心运营平台，今年完成更名的浙 江国际大宗商品交易中心（简称浙江大宗），实现了从单一油气交易平台向更多品类大宗商品交易平台 的跨越。新平台也是新挑战。面对缺乏可借鉴经验、制度尚待完善、多方协调难度大等现实问题，浙江 大宗在推进业务创新的同时，也着力构建覆盖全流程的监督机制，护航大宗商品资源配置枢纽建设。 目前，"舟山价格"已通过路孚特等全球知名平台向国际发布，获新加坡普氏等权威机构引用，实现了 从"被动跟随"到"主动发声"的转变。 创新不仅是产品，也体现在监管和科研层面。平台构建"国企协同+科技赋能"的智能化监管模式，实现 货物全流程可视化监管。同时，其博士后科研工作站已升格为国家级，重点围绕场外衍生品清算、天然 气定价等关键领域开展研究。在面对多方企业数据共享等难题时，平台纪委充分利用"公权力大数据监 督应用系统"，开发9 ...

Group 1 - The global sugar market is entering a period of supply expansion and price decline, necessitating the use of financial tools and innovative strategies to build resilience in the industry [2] - There is a significant oversupply crisis in the international sugar market due to unexpected expansion in sugarcane planting areas in major producing countries, which may lead to further declines in raw sugar prices [2] - The domestic sugar market is experiencing a "three delays" phenomenon in the 2025/2026 crushing season, characterized by delayed start times, a year-on-year decrease in sugar production, and slowed sales progress [3] Group 2 - A new pricing mechanism is emerging in the market, with the "point pricing" model based on Zhengzhou Commodity Exchange sugar futures becoming mainstream, allowing sugar companies to pre-sell through basis pricing [3] - The focus of the market's long and short positions is on multiple levels, with bulls relying on low valuations and bears citing the absence of production cuts and limited weather-related speculation [3] - Short-term sugar prices may have the potential for a rebound, but the core variables affecting prices include the impact of increased production on average prices and policy movements at key price levels [3] Group 3 - The "insurance + futures" model has effectively connected finance with agriculture, providing price guarantees for sugarcane farmers and addressing the issue of "high yield but low income" [4] - The pricing logic in the sugar industry is evolving, with three new characteristics: enhanced energy attributes, increased policy dependence, and significant disturbances from quantitative capital flows [4] - Strategic adjustments across the industry chain are necessary to respond to deepening energy linkages, strengthened policy dependencies, and intensified capital disturbances [4] Group 4 - Strengthening risk management is crucial in the planting and production sectors, with recommendations to utilize the "insurance + futures" model and explore high-value by-product development [5] - Processing companies should optimize raw material procurement strategies by flexibly seizing opportunities from domestic and international price differences [5] - Downstream consumer enterprises are encouraged to respond to health trends by accelerating the development of zero-sugar products and functional sugar substitutes [5]

针对当前的发展状况，王凯表示，应深化与财政、农业、银行等部门的协作，推动"保险+期货"纳入政策性农业保险的中 央财政支持体系，建立长效的财政补贴机制。同时，期货公司与保险公司要从简单的"业务合作"升级为"战略联盟"，共同 研发产品，共同培育市场。对于期货公司来说，"保险+期货"进入规范化、专业化发展新阶段，应苦练内功，加强交易对 冲能力建设，提升精细化管理水平。 "'保险+期货'承载着特殊的为农服务的国家使命和责任。我们应牢记金融服务实体经济的初心，依托县域富民产业， 将'保险+期货'与地方产业发展规划紧密结合。通过开展'期货知识下乡'等活动，培养一批懂金融、懂市场的'新农人'， 让 金融创新的成果真正惠及亿万农户。"王凯说。 F 20, 13 TAL I -1 . 在2025期货服务乡村振兴暨"保险+期货"会议上，广发商贸有限公司综合事业拓展部总监王凯表示，"保险+期货"模式已从 初期的理念探索与实践破局，稳步迈入以高质量服务为核心的纵深发展阶段。 据王凯介绍，经过10年发展，"保险+期货"的保障品种已从最初的玉米、大豆，逐步拓展至生猪、鸡蛋、苹果、白糖、花 生、天然橡胶等10余种重要农产品，基本覆盖了关系 ...

Group 1 - The establishment of the investor education base in Hangzhou marks a significant step for the company in enhancing its educational services and deepening its market presence since its inception in 2013 [1] - The company emphasizes the importance of investor education as a foundational aspect of the futures industry, with previous successful initiatives such as the public investor education base in Chongqing [1] - Hangzhou, as a core city in the Yangtze River Delta, has a strong industrial foundation and active trade, leading to a pressing demand for professional futures knowledge and risk management services [1] Group 2 - Following the awarding ceremony, the Hangzhou branch's lecturer team provided insights into the commodity market outlook for 2026, discussing supply and demand dynamics influenced by growth stabilization and "anti-involution" policies [2] - The company aims to continue serving the Yangtze River Delta region with a commitment to its "finance for the people" mission, enhancing its professional capabilities and innovative service models [2] - The focus will be on providing continuous financial support for the high-quality development of the regional economy [2]

活动中，与会专家还就"十五五"时期研究工作服务期货市场高质量发展进行深入交流。大家一致认为， 期货行业作为服务实体经济、支撑国家战略的关键领域，在支持产业企业管理大宗商品价格波动风险和 优化资源配置中发挥了不可或缺的作用。与会专家提出，行业需强化研究产品和服务模式创新，从提供 单一的研究产品向提供综合化定制解决方案转型；通过科技赋能构建智能投研体系，破解人才流失、业 务模式单一等问题，更好推动行业研究工作高质量发展。 本报讯（记者 姚宜兵）12月18日，大商所在京沪两地举办2025年"京沪专线"会员研究沙龙活动，银河 期货等27家会员单位研究部门负责人和相关研究人员参加了此次交流活动。本次活动旨在增进重点区域 会员之间的交流互动，加强辖区间研究团队经验、智慧与成果的共享互鉴。活动聚焦行业关注方向，围 绕2026年全球宏观经济形势展望、大商所重点品种板块市场现状和趋势、研究赋能期货公司业务发展等 议题展开了充分的交流讨论。 ...

一棵橡胶树从种植到开割，需要九年时间。这九年，也是上海期货交易所天然橡胶"保险+期货"项目扎 根、成长、开花结果的九年。建信期货与中国太平洋财产保险云南省分公司一同在勐海县开展以"八载 织密保障网，深耕云南'保险+期货'助橡胶稳健前行"为主题的宣传赔付会议，项目自2025年9月2日启 动，至2025年12月2日结束，持续92个自然日，投保2000吨天然橡胶，保险费总金额143万元, 最终赔付 金额总计118.6万元，总体赔付率82.94%。 项目参与各方在会上进行交流，向胶农介绍"保险+期货"项目成果，让胶农从"望天收"到"安心割"，深 刻感受到金融企业服务实体经济的决心。建信期货朱鸣元说，金融服务的本质是"风险共担、利益共 享"，只有让农户真正从市场中获益，"保险+期货"模式才能实现可持续发展。未来，建信期货将持续 以"为农坚守"为初心，通过专业化、定制化的金融服务，助力云南乡村振兴。 本报讯 "农为邦本，本固邦宁"，党的二十届三中全会为强化"三农"支持、发展农业保险指明了方向。 今年下半年，建信期货受邀参加由中国太平洋财产保险云南省分公司主办的"金融赋能云南乡村振兴暨 农业高质量发展研讨会"。建信期货以" ...

12月19日，由广东证券期货业协会指导，期货日报、"保险+期货+N"创新联盟、产业服务联盟主办，广 发期货、中国太保产险广东分公司、广东金岭糖业集团协办的2025期货服务乡村振兴暨"保险+期货"会 议（更多报道见3版）在广东湛江举行。本次会议以"创新引领 服务'三农'谱华章"为主题，汇聚了来自 地方政府、期货公司、保险公司和实体产业的代表，共同探讨期货市场及"保险+期货"模式在服务农业 强国建设、促进区域经济高质量发展中的关键作用；通过深入交流与智慧碰撞，进一步厘清"保险+期 货"发展脉络，推动该模式在市场化、可持续方向上走得更稳、更远。 本次会议采用"主题演讲+圆桌讨论"相结合的形式，全方位探讨"保险+期货"的创新实践与优化路径。在 主题演讲环节，中国农业大学经济管理学院金融系教授安毅、中国太保产险广东分公司三农中心综合市 场部林湧、广发商贸有限公司综合事业拓展部总监王凯分别以"'保险+期货'十年服务农业强国成果及下 一个十年'保险+期货'业务的探索""携手十年，共探保险与期货融合之路""期货力量赋能保险新生态： 共筑'保险+期货'黄金十年"为题作了分享，系统梳理了"保险+期货"模式十年来的发展路径，同时也 ...

Core Insights - The "Insurance + Futures" model has achieved significant milestones over the past decade, with increased farmer engagement, enhanced government support, and innovative collaborations between insurance and futures industries [2][3] Group 1: Achievements of the "Insurance + Futures" Model - Farmers have transitioned from a lack of understanding of futures to actively using futures for price risk management [2] - Local government support has increased, with eight provincial governments directly endorsing project applications, and external funding (mainly from fiscal sources) now exceeding 70% [2] - The collaboration between insurance and futures sectors has led to innovative models such as "Insurance + Futures + Orders + Leading Enterprises," connecting small farmers to larger markets [2] Group 2: Current Challenges - Cost and sustainability challenges persist, as the self-paid insurance premium for farmers (5%-6% of income) can still be a burden, affecting their willingness to participate [3] - The fiscal subsidy mechanism needs improvement, as there is a mismatch between limited fiscal resources and the growing insurance demand from farmers [3] - Market price volatility poses operational difficulties, exemplified by the significant fluctuations in natural rubber prices due to external factors, which challenge the effectiveness of options strategies [3] Group 3: Recommendations for Improvement - Futures and insurance companies should engage deeply in the formulation of local subsidy policies to enhance the efficiency of fund utilization [4] - Continuous optimization of internal hedging strategies and product structures is necessary to reduce operational costs and alleviate the premium burden on farmers [4] - The promotion of the "Insurance + Futures" model requires professional financial service teams to provide ongoing education and support for farmers [5] - Development of diversified derivative tools and strategy combinations is essential to enhance the robustness of project operations in a complex market environment [5] - The future scalability and sustainability of the "Insurance + Futures" model depend on cross-departmental collaboration, precise policy design, and solid financial service capabilities [5]

Core Insights - Zhejiang province is accelerating the optimization of futures market functions and the high-quality development of the spot market, with a focus on creating an integrated off-market for bulk commodities as a key task for the 14th Five-Year Plan [1] - Hangzhou's strong industrial foundation and financial ecosystem provide fertile ground for exploring the coupling of futures and spot markets [1] - Hangzhou Relian Group, a state-owned enterprise, ranks among the top three steel trading companies in China and has been recognized as a leader in the bulk commodity industry [1] Industry Development - The futures market serves as a "price insurance market" for bulk commodity-related enterprises, allowing them to lock in future procurement costs or sales prices, thus transforming price volatility into manageable basis risk [2] - The derivatives market in China is transitioning from a "tool popularization phase" to a "service deepening phase," with an increasing number of companies using derivatives for systematic hedging and risk management [3] - The future of the derivatives market is expected to evolve into an ecosystem service model, where derivatives will be deeply integrated into the industrial chain, focusing on stabilizing operations and optimizing efficiency [3] Risk Management Significance - Risk management is now viewed as a competitive and survival necessity for bulk commodity enterprises, especially in a volatile market environment [4][5] - Effective risk management can help companies maintain operational continuity and build competitive advantages through better cost-locking mechanisms and stable profit margins [5] Relian Group's Experience - Relian Group's approach to risk management is based on a core philosophy of "returning to the essence of trade and serving the real economy," emphasizing the use of derivatives as tools for optimizing industrial efficiency [6] - The company employs a "derivatives empowerment pyramid" model, focusing on risk management at the base, followed by sales optimization, industry services, and ecosystem co-construction at the top [6] - Relian Group aims to be a long-term risk management partner for clients, providing tailored solutions to address real issues and create genuine value [7]

Group 1: China Economic Indicators - The People's Bank of China announced the Loan Prime Rate (LPR) for December, with the 1-year LPR remaining at 3.00% and the 5-year LPR at 3.50%, both unchanged from previous values [1] - On December 24, the National Bureau of Statistics will release important production material market prices, covering 50 products across nine categories, including metals and agricultural products [6] - The Central Bank is expected to roll over 300 billion yuan in Medium-term Lending Facility (MLF) on December 25, continuing a trend of increasing MLF for nine consecutive months [8] - The National Bureau of Statistics will publish industrial enterprise profit data for January to November, with profits for the first ten months down by 5.5% year-on-year, but showing a 1.9% increase in October [9] Group 2: US Economic Indicators - The US Commerce Department will release the final GDP value for Q3 2025, with an expected annualized growth rate of 3.2% and a price index increase of 2.7% [2] - The initial value of US durable goods orders for November is expected to show a decline of 1.4%, down from a previous increase of 0.5% [3] - The Federal Reserve will announce the industrial production figures for November, with expectations of a 0.1% month-on-month change, consistent with the previous month [4] - The Conference Board's consumer confidence index for December is anticipated to rise to 91.7 from 88.7, which could positively impact industrial commodity prices [5] - The US Labor Department will report initial jobless claims for the week ending December 20, with expectations of a decrease to 215,000 from 224,000 [7]