她认为，PPI分行业同比数据，从三个维度清晰展现了我国各项宏观政策持续发力显效，价格走势呈现 积极向好的变化态势。一是综合整治"内卷式"竞争成效显现，相关行业价格同比降幅收窄。具体来看， 煤炭开采和洗选业、光伏设备及元器件制造、锂离子电池制造价格同比降幅比上月分别收窄3.8个、2.0 个和0.7个百分点，均已连续多个月收窄；新能源车整车制造价格降幅比上月收窄0.6个百分点。二是新 兴产业快速发展，带动相关行业价格同比上涨。三是消费潜力有效释放，带动有关行业价格同比回升向 好。 东方金诚首席宏观分析师王青认为，当前，"以旧换新"政策发力，汽车、家电等商品价格同比数据上行 势头较为明显，这是近期核心CPI同比涨幅扩大的主要原因。 冠通期货研究咨询部经理王静告诉期货日报记者，11月数据显示，物价温和回升势头仍需加力巩 固，"反内卷"政策的力度有待进一步提升。创元期货研究员刘钇含也表示，11月物价水平基本已经筑 底，但工业品价格走势偏弱，需要继续出台提振需求的相关政策，促进物价水平进一步企稳回升。 王青表示，未来一段时间物价水平偏低格局将延续，这为年底前后稳增长政策发力特别是央行适度降息 提供了充分空间，当前无需担心 ...

Core Viewpoint - The establishment of the Shanghai headquarters and the global futures delivery business headquarters of China Storage Development Co., Ltd. marks a significant step in enhancing the company's operational efficiency and its ability to respond to market demands, integrating global resources for futures delivery services [1][2]. Group 1: Company Developments - The Shanghai headquarters is a crucial move for China Storage to transition from a functional to an operational headquarters, allowing for better market responsiveness and service quality [2]. - The global futures delivery business headquarters signifies the company's entry into a new phase of domestic and international collaborative operations [1]. - China Storage has built a comprehensive delivery warehouse network covering major commodity categories across China, supporting various futures exchanges [1]. Group 2: Strategic Goals - The company aims to leverage Shanghai's advantages in international economy, finance, trade, shipping, and technology to drive innovation in smart warehousing and digital warehouse receipts [2]. - The goal is to create a modern service system that efficiently integrates domestic warehousing, commodity futures, and international cross-border operations [2]. - Enhancing global service capabilities in the bulk commodity sector is a priority, contributing to China's pricing influence in important commodities [2]. Group 3: Industry Impact - The unveiling of the global futures delivery business headquarters is seen as a new chapter for market cooperation, emphasizing the importance of logistics in the smooth operation of industries [3]. - The collaboration between China Storage and various exchanges aims to improve the efficiency of delivery channels, thereby supporting the real economy [3].

从"不信"到"深信" 一份保单带来的心安 2017年，"保险+期货"还处于小规模试点阶段，但黑龙江省海伦市敏锐察觉到其蕴藏的巨大潜力。在大 商所的支持下，海伦市政府与南华期货决定合作推动"保险+期货"项目落地。 回忆起当年到海伦推广"保险+期货"项目的场景，南华期货董事总经理唐启军仍记忆犹新。"我们事先联 系的海伦市相关负责人家里突发变故，当时没办法到场。当地农户也没有理会我们，说这么陌生复杂的 玩意儿不用跟他们谈，他们不懂，带头人说行这事就行，会议直接散了场，我们只能铩羽而归。"唐启 军面对农民"你这玩意儿能行吗""推广这个对你有啥好处"的质疑，感到有些憋屈。 随后在与海伦市政府的共同走访中，贫困户的艰苦生活以及对稳收增收的渴望给唐启军留下了深刻的印 象，更坚定了他推广"保险+期货"的决心。 好在上述海伦市相关负责人十分有担当，不仅心里装着农户，还愿意接触新事物。唐启军拉着他了解村 里情况、参加期货培训，还请他到大连实地查看大商所。持续用心的交流使该负责人和村民逐渐理解了 唐启军的工作，并与他建立了信任。最终该村顺利参加了项目，海伦市首个"保险+期货"试点终于落 地。 编者按:从试点探索到多点开花，"保险+ ...

Core Insights - The electric wire and cable industry in Ningjin County, Hebei, is a significant contributor to the local economy, with an annual output value exceeding 20 billion yuan, accounting for over 50% of the county's GDP and providing direct employment for over 50,000 people [2][3] Industry Overview - Ningjin County is known as the "Hometown of Electric Wires and Cables," housing over a thousand related enterprises, including more than 100 large-scale companies, forming a complete industrial chain from raw material processing to finished product manufacturing, testing, and logistics [2] - The local electric wire and cable industry has a strong internal growth momentum, with GDP growth rates significantly higher than the provincial average [3] Challenges Faced - The industry is currently facing multiple challenges, including increased bidding thresholds from the State Grid, which excludes small and medium-sized enterprises, leading to a reduction in overall orders [2][4] - The order payment terms have extended from 3 months to 6-8 months, putting pressure on cash flow for enterprises [2][5] - Rising copper prices have increased raw material costs, with copper accounting for 60%-70% of total production costs [6] - Many private enterprises lack professional risk control teams, leading to severe talent loss and insufficient motivation for transformation and upgrading [2][6] Market Dynamics - The local electric wire and cable enterprises are heavily reliant on government procurement, particularly from the State Grid, which is expected to reduce overall orders from 20 billion yuan to 12 billion yuan, concentrating on a few leading companies [5][4] - The competitive landscape is intensifying, with companies trapped in a "low-price bidding" cycle, resulting in profit margins dropping to 8%-12% [5] Talent and Management Issues - Many enterprises are family-owned, with founders reaching retirement age and a lack of interest from their children in succession, leading to management gaps [6][7] - There is a significant outflow of talent, which hampers the ability of companies to advance digital transformation and engage in futures hedging [6][7] Recommendations for Improvement - The industry needs to shift from a "scale expansion" model to a "quality and efficiency" model, focusing on high-end, branded, and internationalized development [8] - Suggested actions include strengthening top-level design, leveraging industry associations for shared risk control services, promoting pilot projects for copper price insurance and futures, enhancing talent recruitment and training mechanisms, and encouraging digital transformation and smart manufacturing upgrades [8]

Group 1 - The Shanghai Futures Exchange announced adjustments to the margin ratios and price limits for silver futures contracts [1] - Starting from the settlement at the close on December 12, the price limit for silver futures contract 2602 will be adjusted to 15% [1] - The margin ratio for holding positions will be adjusted to 16%, while the margin ratio for general positions will be set at 17% [1]

在上海期货交易所的支持下，大地期货2018年在孟连启动天然橡胶"保险+期货"项目。八年的时间，项目从最初的试点乡镇逐步扩展至县内主要植胶区，覆 盖范围从最初的一万多亩扩展至十几万亩，参保胶农从数百户增至四千余户。据了解，大地期货孟连橡胶项目已累计覆盖橡胶现货规模约1.6万吨，保险保 障金额超3亿元，惠及胶农2.3万户次。项目的实施不仅稳定了胶农收入，也促进了当地橡胶产业的稳定发展。 一棵橡胶树，从种下到开割需要等待八年。2018年，在云南孟连的群山之间，大地期货播下的另一颗"种子"——天然橡胶"保险+期货"项目。八年耕耘，这 颗种子也已经长成了连接千万胶农的金融之树。正如橡胶乳胶的流淌滋养大地，金融活水也正润泽着孟连的每一个角落。 孟连县是我国重要的天然橡胶产区之一，橡胶收入是当地众多农户家庭的经济支柱。然而，天然橡胶价格受国际市场供需、宏观经济、汇率等多重因素影 响，波动频繁且剧烈，"价贱伤农"现象时有发生，严重影响着胶农的生产积极性和收入稳定性。 近日，大地期货有限公司在云南省普洱市孟连傣族拉祜族佤族自治县开展的2025年上海期货交易所天然橡胶支农专项"保险+期货"项目顺利结束。项目为当 地3300吨天然 ...

Core Insights - The article highlights a unique trader from Wenzhou, Zhejiang, who combines his experience in the restaurant industry with a long-term investment strategy in the futures market, particularly focusing on index futures starting from October 2024 [1][2]. Group 1: Trading Philosophy and Strategy - The trader emphasizes a long-term holding strategy, transitioning from commodity futures to index futures due to favorable national policy directions that create a bullish market opportunity [1]. - His core trading strategy is defined as "valuation anchoring + moving average following," primarily using a 60-day moving average as a directional indicator, supplemented by MACD for entry timing [1]. - The trader focuses on a dynamic adjustment mechanism, targeting the more elastic CSI 1000 during bullish phases and shifting to blue-chip stocks like CSI 300 or SSE 50 during defensive phases to balance risk and return [1]. Group 2: Risk Management and Performance - Compared to short-term traders, the trader adopts a more relaxed risk control approach, allowing for larger stop-loss spaces around the moving average system and adjusting positions based on market conditions [2]. - During a recent competition, the trader experienced significant drawdowns but managed to switch holdings effectively, maintaining a core position while adapting to market changes, which helped recover net value in subsequent uptrends [2]. - The trader's average annualized return over the past three years has been stable, reflecting a long-term investment characteristic, with a focus on capturing major trends and patiently waiting during volatile markets [2]. Group 3: Personal Approach and Future Plans - The trader prefers to operate independently, avoiding external influences that could disrupt his judgment, and has returned to a simple moving average system after experimenting with various technical strategies [2]. - Future plans include continuing to focus on proprietary capital management without considering external fund management [2].

Group 1 - The core strategy of the team is options trading, emphasizing a "technical focus with macro support" approach [2] - The team employs various strategies such as bull spreads, bear spreads, butterfly arbitrage, and iron condors, covering multiple options products with a focus on financial options [2] - The team has established a comprehensive risk management system, including diversified positions, pressure testing before orders, real-time position tracking, and regular reviews by risk management personnel [2] Group 2 - The team has a stable fund management scale of over 47 million yuan, with an expected annual return of 12% to 20% and a maximum drawdown controlled within 5% [1] - The team has learned to control net value fluctuations by locking in profits during rapid arbitrage gains and adjusting positions based on market reversals [3] - The team effectively managed risks during extreme market conditions, demonstrating strong trading and risk management capabilities [3]

Core Insights - The article discusses the transition of a trader from stock investment to the options market, highlighting the unique advantages of options for shorting and hedging during a bear market [1] - The trader emphasizes a seller-oriented strategy in options trading, focusing on volatility analysis and risk management to achieve stable returns [1] Trading Strategy Core Logic - **Main Strategy**: The primary strategy is to focus on selling options, supplemented by buying strategies. The preference for selling is due to a more stable mindset and reduced psychological pressure compared to buying strategies [1] - **Strategy Selection Criteria**: - Volatility: The trader uses indicators like the VIX index to determine when to sell options (high volatility) or buy options (low volatility) [1] - Market Judgment: In a volatile market, strategies like double selling (straddles or strangles) are employed, while single selling is used in clear directional markets [1] - **Product Selection Criteria**: - Preference for products from Zhengzhou Commodity Exchange, such as PTA and caustic soda, due to their relatively stable trends [1] - Selection dimensions include high volatility, good trends, and high safety margins, considering both technical and macroeconomic factors [1] - **Position and Risk Management**: - Daily position control is maintained around 50%, with adjustments made before market close to keep overall risk below 70% [1] - A maximum of 20% is allocated to any single product, with about 20% of the portfolio used for "last-minute" trades [1] - Laddered rolling techniques are used in trending markets to maintain capital efficiency and risk exposure [1] Risk Hedging and Response - **Hedging Tools**: Futures contracts are primarily used for hedging, as they are efficient and avoid additional losses from high volatility when using options [2] - **Decision Prioritization**: The trader first assesses market trends, prioritizing stop-loss actions in clearly unfavorable trends and using futures for hedging in expected volatile markets [2] - **Response to Extreme Markets**: For highly volatile products, timely hedging is crucial, and if caught in a downturn, the trader may switch to futures or roll over to longer-dated options [2] Trading Cycle and Review - **Holding Period**: The trader typically focuses on daily and weekly trends, holding positions until the cost-benefit ratio diminishes [2] - **Daily Routine**: The routine includes monitoring overnight markets, trading during the day, and reviewing performance and strategies post-market [2] - **Discipline and Mindset**: Emphasizes the importance of trading discipline, managing emotions, and maintaining a calm demeanor during trading [2] - **Future Planning**: Plans to enhance timing and macro analysis skills, focusing on the correlation between stock and commodity markets [2]

期货日报期权研究院特邀讲师刘阳在近期一场直播中，围绕"担心持仓被套？巧用期权控制风险敞口"主 题，结合自身实战经历与体系化策略，为投资者深入讲解了如何通过期权工具实现风险前置管理，尤其 针对"喜欢抄底摸顶""持仓易被套"等常见交易痛点，提供了清晰的对冲思路与落地方法。 从穿仓教训到期权风控：理念转变之路 刘阳坦言，自己曾是一名"纯期货盘手"，擅长基于基本面与技术面进行抄底摸顶交易，但2020年原油跌 至负值导致的穿仓事件，让他彻底意识到风控手段的单一与脆弱。尽管他至今仍认为当时在17美元附近 抄底原油的逻辑正确，但"黑天鹅"带来的极端波动足以摧毁账户。 "问题不在判断，而在风控。"刘阳强调。此后，他开始系统学习并运用期权工具，尤其从保护性策略 （Protective Put） 入手，构建起了"期货持仓+期权对冲"的复合策略体系，实现从"扛单"到"主动管理 风险"的转变。 什么是保护性策略？核心逻辑与适用场景 刘阳表示，保护性策略，即持有期货多单的同时，买入相应数量的平值或虚值看跌期权，以对冲价格下 行风险。其核心在于： 第一，风险转化：将"一次性大幅亏损"的可能性，转化为"每日小幅时间价值损耗"。代价是对冲成 ...