Core Viewpoint - The company, Xiamen Xiangyu Co., Ltd., is leveraging futures and derivative tools to enhance risk management and drive high-quality development in the supply chain amidst volatile commodity prices [1][2]. Group 1: Risk Management and Futures Integration - The ability to control risks has become a core value and competitive advantage for listed companies, necessitating a shift from passive to active risk management through the use of derivatives [2]. - Xiamen Xiangyu's futures business is integrated into its extensive supply chain management platform, allowing for flexible operations across various commodity categories [2][4]. - The company has established a comprehensive management system to mitigate risks associated with derivative trading, including strict adherence to internal controls and regulatory compliance [8][9]. Group 2: Practical Applications of Futures - In February 2025, Xiamen Xiangyu engaged in basis procurement contracts to manage price risks effectively, resulting in a net profit of 170 yuan per ton through strategic trading [3]. - The company has developed a grain supply chain that includes a pricing model that helps farmers hedge against price fluctuations, thereby supporting rural revitalization [5][7]. - The "放心送" service allows farmers to manage price risks effectively, demonstrating the company's commitment to providing tailored risk management solutions [6][7]. Group 3: Business Expansion and Global Reach - Xiamen Xiangyu's business network spans over 110 countries, showcasing its capability in risk management and its role in empowering the supply chain [10]. - The company aims to become a world-class supply chain service provider, with risk management being a critical component of its strategic objectives [10].

Core Viewpoint - The rubber industry in Hainan Baisha Li Autonomous County is crucial for local livelihoods, but it faces challenges due to international price fluctuations. The "insurance + futures" project initiated by Hongye Futures aims to stabilize farmers' income and support rural revitalization [1][2]. Group 1: Project Implementation - Hongye Futures has been implementing the "insurance + futures" project in Hainan Baisha for three years, covering a rubber scale of 3,000 tons and benefiting nearly 27,000 farmers this year [1]. - The project is supported by the Shanghai Futures Exchange and aims to mitigate price volatility risks for rubber farmers, injecting financial momentum into the industry [1]. Group 2: Collaboration and Community Engagement - A recent event saw Hongye Futures collaborate with local village party branches to promote the integration of party organization building and financial services [1]. - An agreement was signed to leverage the strengths of both the futures company in risk management and local organizations in community engagement to promote financial tools like "insurance + futures" [1]. Group 3: Educational Initiatives - Following the signing ceremony, Hongye Futures conducted a specialized party class and policy briefing for village leaders, party representatives, and key rubber farmers, emphasizing the role of the futures market in supporting the real economy [2]. - The company encourages grassroots party members to learn financial knowledge and promote agricultural benefit policies, aiming to translate organizational strength into tangible results for industry revitalization [2].

对此，多家期货公司认为，作为"十五五"开局之年的关键部署，会议为新形势下经济工作绘就了蓝图， 为金融市场服务实体经济高质量发展指明了方向。作为资本市场的重要组成部分，期货行业应深刻领悟 会议精神，自觉将行业发展融入国家大局，立足风险管理本源，在服务高质量发展、统筹发展和安全中 主动担当、主动作为，为"十五五"实现良好开局注入期货动能。 坚守行业本源 提升服务实体经济质效 12月10日至11日，中央经济工作会议在北京举行。会议强调，做好明年经济工作，要实施更加积极有为 的宏观政策，增强政策前瞻性针对性协同性，持续扩大内需、优化供给，做优增量、盘活存量，因地制 宜发展新质生产力，纵深推进全国统一大市场建设，持续防范化解重点领域风险，着力稳就业、稳企 业、稳市场、稳预期，推动经济实现质的有效提升和量的合理增长，保持社会和谐稳定，实现"十五 五"良好开局。 会议提出，"引导金融机构加力支持扩大内需、科技创新、中小微企业等重点领域""促进粮食等重要农 产品价格保持在合理水平""持续巩固拓展脱贫攻坚成果，把常态化帮扶纳入乡村振兴战略统筹实施"。 行业人士认为，这些部署要求国内期货公司深耕主业，筑牢实体经济风险管理的"安全 ...

在广东，以甘蔗、橡胶、生猪、鸡蛋、水产等为代表的特色农业产业，积极尝试并受益于"保险+期 货"。例如，在湛江等糖业主产区，针对糖料蔗开展的"保险+期货"项目，有效对冲了糖价波动给蔗农带 来的收入风险。"保险+期货"不仅切实保护了广大农户和新型农业经营主体的利益，也为金融机构深入 田间地头，创新服务模式积累了宝贵经验。 据了解，会议将系统梳理和展示"保险+期货"在广东及全国的实践成效，深入剖析其运行机制、开展难 点及未来优化方向。其中，会议特别关注"保险+期货+N"的拓展与创新，将探讨如何整合信贷、订单农 业、基差贸易等更多元素，形成更全面、更立体的综合金融服务方案，破解农业融资难、销售难等更深 层次的问题，实现"保险+期货"从"保价格""保收入"到"促产业""促振兴"的升级。 会议组委会相关负责人介绍，会议是期货日报全国首推"保险+期货"大会IP的延续——首届落地河南宁 陵，第二届落地新疆麦盖提，获得监管机构和行业广泛好评。本届会议紧扣粤港澳大湾区战略定位，呈 现出规模更大、规格更高、辐射更广的特点。 在新的历史起点上，金融行业正以创新的姿态，将专业的风险管理工具引入广袤乡村。"我们希望通过 此次会议进一步凝 ...

Core Viewpoint - The Bank of Japan is expected to raise interest rates in its upcoming meeting, which contrasts with the easing policies of other major economies, raising concerns about macro liquidity tightening. However, the short-term impact of this meeting is anticipated to be limited [1]. Group 1: Interest Rate Policy and Inflation - Japan's monetary policy has been misaligned with other major economies, leading to a significant interest rate differential, which peaked at nearly 560 basis points in 2023, contributing to the depreciation of the yen [2]. - The depreciation of the yen has increased inflationary pressures in Japan, necessitating a response from the Bank of Japan. The core CPI has remained above 2% since 2022, indicating the end of the deflationary era [3]. - The current fiscal reality, with Japan's debt-to-GDP ratio exceeding 200%, limits the space for interest rate increases. The average interest payment ratio is beginning to rise, indicating a reduced tolerance for higher rates [3]. Group 2: Future Rate Hikes and Economic Outlook - The expected path for interest rate increases in Japan is gradual, with projections suggesting a rise from 0.5% to around 1% over the next 1-2 years. A more significant increase would require stronger economic growth and nominal income [4]. - The anticipated interest rate environment is characterized by a "misalignment" where the U.S. is expected to lower rates while Japan raises them, leading to a compression of the interest rate differential [5]. Group 3: Yen Carry Trade Dynamics - The yen carry trade is structured in layers, with the top layer consisting of short-term speculative positions, the middle layer involving significant leveraged positions in high-yield assets, and the bottom layer comprising long-term Japanese overseas asset holdings [7]. - The middle layer of high-leverage positions is most susceptible to market shocks, while the bottom layer is more stable and less likely to trigger immediate sell-offs [8]. Group 4: Market Reactions and Long-term Implications - The potential for a liquidity shock exists if the Bank of Japan's rate hikes are more aggressive than expected, particularly if accompanied by a weakening U.S. economy leading to rapid Fed rate cuts [9]. - Current macro conditions do not fully support a liquidity crisis, as the market has already adjusted to the anticipated rate hikes, and the concentration of high-leverage positions has decreased significantly [10]. - In the long term, the global capital flow direction may change, impacting the carry trade logic and leading to a potential revaluation of global duration assets [11].

据新华社电 记者11日从国家发展改革委获悉，国家发展改革委、国家能源局近日发布《关于优化集中 式新能源发电企业市场报价的通知（试行）》，旨在推动构建符合新能源发电特性、分布格局、经营现 状的市场报价方式，规范电力市场运行秩序，提升电力资源优化配置效率，助力新型电力系统建设 和"双碳"目标实现。 ...

本报讯 12月11日，来自中国期货市场监控中心的信息显示，截至目前，已有超过30家国内保险机构进 入期货市场，积极运用国债期货、股指期货等工具开展套期保值。2025年前11个月，保险资金在期货市 场新开账户数量同比增长166%，行业头部期货公司成为核心服务力量。（齐宣） ...

Core Insights - The article highlights significant inflows into commodity futures, particularly in palm oil, polysilicon, aluminum, lithium carbonate, and white sugar, with inflows of 1.324 billion, 0.948 billion, 0.885 billion, 0.497 billion, and 0.456 billion respectively [1] - Conversely, there were notable outflows in silver, copper, soda ash, PTA, and tin, with outflows of 0.622 billion, 0.381 billion, 0.216 billion, 0.153 billion, and 0.145 billion respectively [1] - Overall, the commodity futures market experienced a substantial inflow, particularly in agricultural products, black metals, and non-ferrous metals, while the chemical and financial sectors saw outflows [1] Inflow Summary - Major inflows were observed in palm oil, polysilicon, aluminum, lithium carbonate, white sugar, and rebar, indicating strong investor interest in these commodities [1] - Agricultural products, black metals, and non-ferrous metals were the primary sectors benefiting from the inflow [1] Outflow Summary - Significant outflows were noted in silver, copper, cotton, and coking coal, suggesting a shift in investor sentiment away from these commodities [1] - The chemical sector experienced outflows, particularly in soda ash, PTA, and cotton, while caustic soda and pulp showed contrary inflows [1] Financial Sector Insights - The financial sector's focus was on the CSI 1000 index futures and 10-year treasury futures, indicating a strategic interest in these financial instruments amidst the broader market movements [1]

笔者认为，会议充分肯定了2025年经济社会发展取得的显著成绩，指出我国经济运行"总体平稳、稳中有进"，新质生产 力稳步发展，改革开放、风险化解、民生保障等均迈出坚实步伐。更为重要的是，会议从时间维度上高度评价了"十四 五"时期的历史性成就：有效应对各种冲击挑战，经济、科技、国防等硬实力和文化、制度、外交等软实力得到明显提 升，为实现第二个百年奋斗目标奠定了更为坚实的基础。 这份来之不易的成绩单，根本在于以习近平同志为核心的党中央的坚强领导，源于在实践中不断深化对经济工作的规律 性认识。从"七个坚持"到"五个必须"，再到"六个坚持"和"五个必须统筹"，我们党领导经济工作的思想认识和工作方法持 续完善，为驾驭复杂经济局面提供了科学方法论。此次会议前夕，多家国际组织和国际商业机构相继上调中国经济增长 预期，普遍看好中国经济发展前景，认为中国将继续为全球市场注入增长动力。这从外部印证了中国经济强大的韧性与 活力。 立足新起点 把握"十五五"开局新方位 承续"十四五"辉煌，开启"十五五"征程。2026年作为新一个五年规划的开局之年，其经济工作成效直接关系到我国中长 期发展目标的顺利实现。会议明确提出要实现"十五五"良好 ...

在量化投资领域，凭借出色的技术实力与清晰的策略逻辑立足的机构不在少数，"凡德投资"便是其中的佼佼者。这 家2012年成立、2014年完成中国证券投资基金业协会备案的全量化私募基金公司，如今已构建起完善的投研、风控 与运营体系，管理资产规模约4亿元。从自主研发三大核心系统，到深耕股指期货跨期套利策略，"凡德投资"始终 以"科技驱动、风险可控"为核心，在复杂的市场环境中为投资者创造稳定收益。今年3月，"凡德投资"参加了第三 届"期货寻星"赛，经过8个月的比拼，最终在量化组排名居前。"凡德投资"相关负责人接受期货日报记者采访时表 示，优异的比赛成绩充分验证了其核心交易理念。 十年积淀筑根基 "凡德投资"的稳健发展离不开经验丰富、分工明确的核心团队（4人负责策略研究、2人负责风控、2人负责市场分 析、1人负责交易、1人负责运营）。其中，多位核心成员为业内资深专家，为"凡德投资"的发展提供了坚实支撑。 "凡德投资"创始人兼总经理陈尊德是团队的"领航者"。他本科毕业于上海交通大学,后在清华大学与香港中文大学深 造，不仅有注册国际投资分析师（CIIA）、国际金融理财师（CFP）等权威资质，还担任多所高校的金融硕士导 师，兼 ...