12月10日至11日，中央经济工作会议在北京举行。习近平总书记出席会议并发表重要讲话，总结2025年 经济工作，分析当前经济形势，部署2026年经济工作；李强总理作总结讲话，对贯彻落实习近平总书记 重要讲话精神、做好明年经济工作提出要求。本次会议同时也为期货行业高质量谋划明年工作，实 现"十五五"开好局、起好步指明方向，明确目标，部署任务。 三是坚持守牢底线，夯实发展根基。会议强调，"坚持守牢底线，积极稳妥化解重点领域风险"。期货市 场是管理风险的重要场所，更须牢牢把握守牢底线、化解风险这条生命线。广发期货将持续树牢"合规 创造价值"理念，把合规文化融入日常经营和决策之中，持续提高全员合规意识，履行好适当性管理义 务，加强投资者权益保护。同时，广发期货将加强全面风险管理体系建设，完善常态化压力测试机制， 紧扣"四早"要求持续加强风险识别和监测能力，不断提高公司风险应对和处置的能力，护航公司长期稳 健发展。 新征程承载新梦想，新使命呼唤新作为。广发期货将始终坚持以高质量发展为主线，乘势而上，提质增 效，为实现"十五五"良好开局提供高质量期货服务！ 一是提高政治站位，强化战略引领。会议强调，"要按照党的二十届四中 ...

面对"提高金融服务实体经济质效"的时代课题，五矿期货将锚定中央金融工作会议部署，坚守"专注风 险管理，助力产业发展"核心使命，与行业一道共同强化服务国家战略核心职能，立足自身矿业基因优 势，深耕金属矿业，对接战新产业、绿色低碳等国家重点领域，构建兼具矿业特色与综合优势、贯通期 现联动、场内外协同、境内外联通的一体化服务体系，筑牢公司高质量发展根基；聚力锻造"特色综合 服务链、投研交易转化链、数智价值赋能链"三链融合发展路径，以AI驱动与科技赋能精准破解行业服 务同质化痛点，深化产融协同与融融联动，把深度产业研究成果转化为可落地、可检验的定制化企业风 险管理与交易执行方案，加速向"专业风险解决方案提供商"转型；始终严守合规经营底线，践行"合规 创造价值"理念，共同营造良好的行业生态，让期货行业的价值得到更广泛认可。 2026年是"十五五"规划的开局之年，五矿期货将始终坚持以习近平新时代中国特色社会主义思想为指 导，深入贯彻中央经济工作会议各项部署，坚定不移走好产业金融转型发展之路，与行业携手为推动期 货市场高质量发展、助力金融强国建设、更好服务经济社会高质量发展作出新的更大贡献。 中央经济工作会议12月10日至 ...

2025年中央经济工作会议作为"十五五"开局之年的关键部署，会议明确了2026年"稳中求进、提质增 效"的工作总基调，围绕坚持内需主导、创新驱动、改革攻坚、筑牢底线等八大重点任务作出全面部 署。作为资本市场服务实体经济的重要力量，期货行业应紧扣会议精神，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"良好开局注入期货动能。 对内推进市场化改革，优化投资者适当性管理，平衡市场活力与风险防控；完善期货行业基础设施建 设，推进交易、清算、托管等环节标准化、规范化，助力全国统一大市场建设。对外稳步推进制度型开 放，有序扩大服务领域自主开放，扎实推进海南自由贸易港建设，优化自由贸易试验区期货服务布局， 吸引境外优质主体参与国内市场，提升中国价格国际影响力。 站在"十四五"规划收官、"十五五"开局的关键节点，期货行业落实中央经济工作会议精神，核心是坚守 服务实体经济初心，关键在深化改革创新。未来，期货行业要持续提升专业服务能力，让风险管理工具 更精准、市场生态更完善、服务范围更广泛，在稳定宏观经济大盘、推动高质量发展中贡献更大力量， 书写资本市场服务实体经济的新篇章。 聚焦创新驱动， ...

Core Viewpoint - The important speech by General Secretary Xi Jinping at the Central Economic Work Conference provides guidance for high-quality economic development in China, serving as a fundamental directive for the futures industry to align its direction, plan development, and promote practice [1] Group 1: Economic Strategy and Risk Management - The company will focus on strengthening risk management support for the real economy, aligning with the central strategy of building a strong domestic market, which emphasizes the importance of domestic demand [1] - The company aims to enhance its role in resource allocation and risk management, providing comprehensive hedging solutions that cover the entire supply chain from procurement to production and inventory [1] Group 2: Digital Transformation and Innovation - The company identifies digital transformation as a core path for innovation, leveraging its self-developed intelligent hedging system "Tianji" to integrate AI and big data technologies into risk identification, strategy generation, and decision support [2] - The goal is to create an open, collaborative, and intelligent derivatives service ecosystem that enhances risk management efficiency and translates technological innovation into practical capabilities for supporting the real economy [2] Group 3: Rural Revitalization and Coordinated Development - The company is committed to extending financial services to rural areas, optimizing the "insurance + futures" model, and integrating it with credit financing and order agriculture to build a multi-level agricultural risk protection system [2] - The company aims to contribute to stabilizing the supply and prices of important agricultural products while promoting common prosperity through futures solutions [2] Group 4: Green Finance and Sustainable Development - The company aligns its business layout with the green development strategy, providing customized risk management services for green industries in response to the "dual carbon" initiative [3] - The company is exploring service models for carbon emission rights and green electricity derivatives, assisting traditional industries in managing market risks during their green transformation [3]

中央经济工作会议确立了2026年"稳中求进、提质增效"的经济工作总基调，为宏观经济稳增长、优结 构、防风险提供了根本遵循，也赋予期货及衍生品市场更为深远的时代使命。作为行业的参与者，我们 深知期货市场必须成为服务国家战略、稳定实体经济的重要金融力量，在推动高质量发展中展现专业担 当。 会议明确，明年经济工作要抓好"促进城乡融合和区域联动"等重点任务。我们积极探索"一地一策"的特 色服务模式。在铜仁，聚焦当地鸡蛋产业，打造"期货认知-工具应用-实战赋能"全周期服务体系，推动 企业建立现代风险管理思维，助力特色产业协同发展，精准服务乡村振兴。在常州，围绕新能源等重点 产业链，以本地交割库为支点，与核心企业协同打造"期货+物流+供应链金融"综合服务方案，通过覆 盖采购、生产、库存的全周期风险管理，切实赋能地方新质生产力培育。东海期货始终致力于成为区域 产业发展的"共建者"与"赋能者"。 三、强化风控，筑牢行业安全底线 会议明确，明年经济工作要"坚持守牢底线，积极稳妥化解重点领域风险"。东海期货始终将风险防控作 为生命线，秉承"合规先行、风控前置"原则，构建了以合规风控为基石、数据智能为引擎的一体化风控 体系。通过智 ...

活动始终以党建为引领，深刻彰显了党建共建的强大凝聚力与战斗力。中共中信期货有限公司海南分公司党支部与博厚 镇党委通过签署《党建共建协议》，明确了共建目标与合作内容，搭建起坚实的政企党建共建桥梁。这一举措既是基层 党组织践行社会责任的生动实践，也是创新党建工作形式、推动党建与公益事业深度融合的有益探索。通过党建引领， 将党组织的政治优势、组织优势转化为服务乡村教育、助力乡村发展的实际成效，进一步强化了基层党组织的使命担 当，凝聚起政企携手为民办实事的强大合力。 监管引方向 创新助振兴 2025年12月5日，中共中信期货有限公司海南分公司党支部联合海南省临高县博厚镇党委在临高县博北小学隆重举行"信 兴农·童期声"项目党建共建协议签署暨梦想图书角捐赠活动。海南证券期货业协会相关代表、博厚镇党委相关领导及党 员代表、中信期货海南分公司党支部党员代表、博北小学师生代表共同见证了这一温暖时刻。 书香润乡校 公益暖童心 此次捐赠活动以"梦想图书角"为载体，为博北小学的孩子们送去了丰富的阅读资源。乡村教育是乡村振兴的重要基石， 而阅读是点亮孩子梦想、拓宽视野的关键途径。梦想图书角的落成，不仅填补了乡村学校阅读资源的缺口，满足 ...

Group 1 - The training on futures services for high-quality economic development was held in Huanggang, organized by Huanggang Municipal Government, Dalian Commodity Exchange, and Hubei Securities Regulatory Bureau, with over 80 participants from agriculture, industry, insurance, and securities sectors [1] - The event included discussions on the development of the futures market, the application of futures tools, and the innovative practice of the "insurance + futures" model in supporting agricultural development [1] - Participants received practical guidance on risk management and improving operational efficiency through derivative products, tailored to the characteristics of Huanggang's industries [1] Group 2 - Under the leadership of the China Securities Regulatory Commission, Hubei Securities Regulatory Bureau has been actively promoting the futures market to support the high-quality development of the local economy [2] - Hubei has established a solid foundation for futures services, with two futures companies, 76 branches, and 43 delivery warehouses, significantly contributing to industrial development and rural revitalization [2] - In 2024, over 376 enterprises were served by the risk management subsidiaries of futures companies in Hubei, with a service scale exceeding 26.3 billion yuan; since 2023, 208 "insurance + futures" projects have been implemented, covering nine products with a total premium of 344 million yuan and total coverage amounting to 7.091 billion yuan [2]

Core Viewpoint - The natural rubber industry in Hainan faces structural challenges in 2025 due to aging trees, the lingering effects of Typhoon "Mojiah," and continuous rainfall impacting production and tapping progress [1] Group 1: Production and Supply - Hainan is a crucial natural rubber production base in China, being the largest concentrated latex area and the second-largest all-latex area [1] - Typhoon "Mojiah" caused damage to rubber plantations in Hainan, leading to a tight supply of raw materials and rising rubber prices in 2025 [1] - Despite a seasonal recovery in raw material production during the traditional peak season, overall output remains below market expectations [1] - The import volume of natural rubber is expected to remain high in 2025, with a phase of "capacity cycle reversal" being temporarily disproven [1] Group 2: Market Dynamics - The registered warehouse inventory of natural rubber has reached a new low since November 2012, but the market's response to low inventory levels is muted due to high overall inventory of all-latex rubber [1][8] - The price of raw rubber in Hainan is reported at 13.1 yuan/kg, but the price has remained high at 16 yuan/kg since August, leading to processing losses for some latex products [5][6] - The demand for all-steel tires is expected to remain strong in 2025, while the semi-steel tire market is relatively weak [6] Group 3: Price and Profitability - The futures price of natural rubber (RU) has increased due to a reduction in warehouse inventory and recent flooding in Southeast Asia, while the price of 20 rubber (NR) is considered undervalued [8] - The price difference between synthetic rubber and natural rubber has widened to historical extremes due to significant domestic capacity increases in butadiene [8] - The profitability of processing lines for concentrated and all-latex rubber continues to decline, with some private processing plants struggling to survive [9]

同时，帮扶产业发展壮大，832个脱贫县均培育形成了2至3个优势特色突出、带动力强的主导产业，近 四分之三的脱贫人口与新型农业经营主体建立了利益联结机制；就业规模稳中有增，持续实施防止返贫 就业攻坚行动，脱贫人口务工就业规模持续稳定在3000万人以上，稳住了脱贫家庭三分之二以上的收 入，高质量完成了脱贫人口稳岗就业目标任务；收入水平持续提升，2025年前三季度脱贫县农村居民人 均可支配收入13158元，实际增长6.5%，增速比全国农村快0.5个百分点，过渡期以来年均实际增长 7.8%，比全国农村年均增速高0.9个百分点。 下一步，各级农业农村部门将坚持"大稳定、小调整"，坚持精准施策，把常态化帮扶纳入乡村振兴战略 统筹实施，牢牢守住不发生规模性返贫致贫的底线。 据新华社电 2025年是巩固拓展脱贫攻坚成果同乡村振兴有效衔接过渡期的最后一年。记者10日从农业 农村部获悉，2025年各级农业农村部门保持帮扶政策落实总体稳定，对脱贫地区和脱贫人口扶上马、送 一程，牢牢守住了不发生规模性返贫致贫底线。 农业农村部有关负责人表示，我国监测帮扶机制有效运行，累计识别帮扶超过700万监测对象稳定消除 返贫致贫风险，脱贫人口教 ...

Core Insights - The article highlights the strategic partnership between Xuyang Group and a well-known foreign company, focusing on a long-term coke sales agreement for 2025-2026, marking a decade of collaboration and a total trade volume of 3 million tons [1][4] - Xuyang Group has evolved from a single company to a global leader in energy and chemical sectors, integrating various business segments including coke, chemicals, and new materials, and has been consistently listed among China's top 500 enterprises [1] - The company has successfully utilized futures hedging tools to navigate market volatility, demonstrating operational wisdom and risk management capabilities [1][2] Company Development - Established in 1995 and listed in Hong Kong in 1999, Xuyang Group has transformed into a comprehensive energy and chemical company over 30 years, expanding its operations nationwide [1] - The company began its foray into futures trading in 2013, aiming to mitigate risks associated with price volatility in the coal and coke industry [2][5] Risk Management and Futures Strategy - Xuyang Group's commitment to futures trading was validated during a 2016 international contract where the company faced potential losses due to soaring market prices but successfully hedged its risks through prior futures positions [3][4] - The company has developed a dynamic hedging model that integrates both buying and selling strategies to manage risks across different market cycles [6][8] Operational Innovations - Xuyang Group has established a unique management mechanism for its futures operations, ensuring flexibility and effective risk control through a structured approval process and unified reporting [9][10] - The company has adopted a profit-sharing mechanism that aligns the interests of different operational units, enhancing accountability and awareness of futures trading [9][10] Industry Leadership and Collaboration - As a leading enterprise, Xuyang Group actively supports smaller companies in the industry by sharing knowledge on hedging and risk management, fostering a collaborative environment for mutual growth [10][11] - The company emphasizes the importance of utilizing financial tools to navigate industry challenges and advocates for policy improvements in the futures market to better serve the real economy [11]