（文章来源：期货日报网） 本报讯中国期货业协会12月5日发布的数据显示，以单边计算，11月全国期货市场成交量为7.7亿手，成 交额为66.61万亿元，同比分别增长13.54%和7.11%。1—11月全国期货市场累计成交量为81.17亿手，累 计成交额为675.45万亿元，同比分别增长14.74%和20.19%。（齐宣） ...

Core Viewpoint - The number of futures and options products in China's market has reached 164, with a steady increase in product supply during the "14th Five-Year Plan" period, aiming to better serve the real economy and fill gaps in risk management tools across various industrial chains [1][2]. Group 1: Product Expansion and Coverage - During the "14th Five-Year Plan," China's futures market has accelerated the establishment of a comprehensive product system, covering major sectors such as agriculture, metals, energy, chemicals, construction materials, shipping, and finance [2][3]. - The Shanghai Futures Exchange has launched 18 futures and options products, while the Zhengzhou Commodity Exchange has introduced 19 products, and the Dalian Commodity Exchange has added 14 products, including the first monthly average price futures in China [2][3]. Group 2: Innovation and Systematic Development - The innovation of products and tools has shifted from "single-point breakthroughs" to a systematic and sectoral approach, with the Shanghai Futures Exchange forming a product matrix covering metals, energy, chemicals, and shipping services [3]. - The Zhengzhou Commodity Exchange has made significant strides in product innovation, transitioning from "catching up" to "leading" in the polyester industry [3]. Group 3: Focus on Green Development - The futures market is aligning with national strategies and industrial development, with a strong emphasis on green development. The launch of the first recycled commodity futures, such as casting aluminum alloy futures, supports the green transformation of the aluminum industry [4]. - A diversified green futures product system has been established, focusing on new energy metals and clean energy futures, which are crucial for industries like photovoltaics and lithium batteries [4]. Group 4: Risk Management Tools - Futures products like live pig futures provide effective tools for industries to manage cyclical risks, with a significant number of major pig farming enterprises participating in hedging [5]. - The introduction of the first shipping service futures, the collection index (European line) futures, offers effective risk management tools for the shipping industry, allowing companies to expand hedging strategies to other routes [5]. Group 5: Development of Options Market - The options market has seen significant growth, with 51 new options products launched during the "14th Five-Year Plan," achieving full coverage of major futures products in various sectors [6][7]. - The increasing variety of options tools meets the more refined and diverse risk management needs of the real economy, with companies adopting flexible strategies to mitigate risks [7]. Group 6: Future Directions - Moving forward, the focus of the futures market will shift from expansion to quality improvement, addressing gaps in the derivatives system to better serve national strategies and industrial pain points [8]. - Future innovations may include carbon emission rights futures, electricity futures, foreign exchange futures, commodity index futures, and weather derivatives, which are essential for enhancing the market's functionality [8].

（文章来源：期货日报网） 中国人民银行党委委员、副行长陆磊在年会上表示，强大的货币以币值稳定为计量标准，以全球金融市 场共识公认为客观标志，以面向智能化数字化为时代要求。人民币已体现上述特征，并具备持续提升优 势地位的潜质。期待各方利用好中国金融学会的平台，在全球金融治理改革、经济发展潜力因素、人工 智能发展影响等领域形成更多有影响力的新成果。（鲍仁） 本报讯据中国人民银行消息，12月6日上午，2025中国金融学会学术年会暨中国金融论坛年会在北京开 幕。本次年会主题为"走中国特色金融发展之路，助力中国式现代化"。 中国金融学会理事会会长易纲作题为《锚定高质量发展构建中国特色现代金融体系》的主旨演讲。他指 出，在党中央的坚强领导下，中国金融业始终坚持以人民为中心，服务经济建设和社会发展大局，实现 了历史性跨越，取得卓越成就。在全面建设社会主义现代化国家新征程中，普惠金融发展要继续体现包 容性，充分做到"以人民为中心"，坚持商业可持续的原则，以金融"活水"惠及普通百姓。绿色金融发展 要逐步减少碳排放的负外部性并不断收窄绿色溢价，以市场化方式动员社会资本积极参与，共同推动全 经济领域绿色低碳转型。 ...

Core Viewpoint - The speech by Wu Qing emphasizes the mission and responsibilities of the securities industry during the "14th Five-Year Plan" period, focusing on high-quality development and the need for the industry to adapt to the evolving economic landscape [1][2][3]. Group 1: Mission and Responsibilities - The securities industry must strengthen its mission in serving the real economy and the development of new productive forces [1]. - There is a need to enhance services for investors and assist in optimizing the allocation of residents' assets [1]. - The industry should accelerate the construction of a strong financial nation and promote high-level institutional openness [1]. Group 2: Business Structure and Innovation - The industry is urged to optimize its business structure and innovate financial products based on the needs of real enterprises and industrial development [2]. - There is a focus on enhancing the precision and adaptability of product services in response to changes in financial service demands from enterprises [2]. - The importance of protecting investors' rights and maintaining market order is highlighted, with a call for value investment practices [2]. Group 3: Technological Innovation and Market Adaptation - The securities industry is at the forefront of the market economy and must innovate financial products and services while managing risks [3]. - Financial technology innovations, such as AI, big data, and blockchain, are transforming the financial market ecosystem, and the industry should actively explore these technologies [3]. - There is an emphasis on resource integration and the use of mergers and acquisitions to create influential leading institutions in the industry [3].

Core Viewpoint - The China Internet Finance Association and six other associations issued a risk warning regarding illegal activities related to virtual currencies, emphasizing the illegality of certain financial activities involving virtual currencies and token issuance within the country [1] Summary by Relevant Categories Regulatory Actions - Domestic institutions and individuals engaging in the exchange of legal currency for virtual currencies, issuance of tokens, and financing activities are suspected of illegal financial activities such as illegal token sales, illegal fundraising, unauthorized public securities issuance, and illegal futures operations [1] International Implications - Foreign virtual currency service providers conducting business activities in China, either directly or indirectly, are also considered to be engaging in illegal financial activities [1] Accountability Measures - Domestic staff of foreign virtual currency service providers, as well as domestic institutions and individuals who knowingly provide services related to virtual currencies, will be held legally accountable [1] Public Awareness - The public is urged to enhance their risk awareness and ability to identify potential risks, and to avoid participating in activities related to virtual currencies and token issuance, as well as illegal fundraising and securities issuance disguised as virtual currency mining [1]

Core Viewpoint - The expansion of registered brands for polysilicon futures by the Guangzhou Futures Exchange is a strategic response to market demands, enhancing the delivery system and supporting the real economy [1][2]. Group 1: Registered Brand Expansion - The Guangzhou Futures Exchange has added two new registered brands, "Jin Nuo" and "Dong Fang Xi Wang," to the polysilicon futures market, effective immediately [1]. - This expansion is expected to improve market liquidity and price representation, allowing futures prices to better reflect the actual supply and demand dynamics in the industry [2]. Group 2: Market Impact and Industry Response - The addition of new registered brands is seen as a critical step for companies to manage price risks and enhance their competitiveness in the polysilicon market [3]. - Companies like Xinjiang Jin Nuo New Energy and Xinjiang Dong Fang Xi Wang are preparing for warehouse registration and view participation in the futures market as essential for their development [3]. Group 3: Warehouse and Delivery System - As of December 5, the number of polysilicon futures warehouse receipts has increased to 2,320, a 75% rise from 1,330 receipts at the end of November [4]. - The futures market employs a centralized cancellation system for warehouse receipts, ensuring that only products with production dates within 90 days are registered, which aligns with downstream demand for quality [4][5]. Group 4: Future Prospects - The enthusiasm for registering warehouse receipts has increased since late November, indicating a potential for further growth in the number of receipts in the polysilicon futures market [6]. - The Guangzhou Futures Exchange plans to continue monitoring industry changes and enhance regulatory measures to maintain market stability and improve service levels [6].

Core Insights - The account "Cai Shen Jia Dao" achieved first place in the precious metals group and sixth in the lightweight group during the trading competition, reflecting a strong performance by the trader Cai Junyang [1] Group 1: Trading Philosophy - Cai Junyang believes that offense is the best defense, emphasizing that long-term holding is fundamental to profitability, and success lies in trading familiar commodities [3] - He advocates for a comprehensive analysis framework rather than relying on a single indicator, asserting that traders should recognize market dynamics and adjust their strategies accordingly [3] - The core of trading, according to Cai, is to identify trends and position oneself accordingly, while maintaining the ability to hold onto positions for long-term gains [3] Group 2: Experience and Resilience - Cai Junyang's trading career has been marked by significant ups and downs, including a major loss in 2016 where his account dropped from 400,000 to 50,000 yuan, but he managed to rebound and grow his account back to 600,000 yuan by early 2018 [2] - In 2024, he faced a substantial loss of 50 million yuan in glass futures, which led him to chase short-term volatility, resulting in further losses until he refocused on precious metals [2] - By August 2025, he achieved a significant profit of nearly 30 million yuan in silver trading, marking a breakthrough in both mindset and strategy [2] Group 3: Risk Management and Strategy - Cai Junyang's approach to trading silver is characterized by aggressive tactics, including holding bullish options and dynamically adjusting positions based on market movements [4] - He emphasizes the importance of maintaining one's judgment and not being swayed by short-term market fluctuations, which he views as a normal part of trading [4] - The trader is focused on balancing offense and defense to further reduce risks, highlighting the necessity of independent thinking in trading to avoid falling into traps created by market sentiment [4]

Group 1: Industry Overview - The glass industry is currently in a phase of capacity clearance and supply-demand mismatch, with a focus on understanding the capacity structure, product iteration trends, and market competition logic in the South China region [1] - The photovoltaic glass market is experiencing downward pressure on prices, with the core growth logic shifting from "anti-involution" to capacity clearance, leading to a generally weak market outlook [2] - The industry has completed the elimination of backward capacity, with existing capacity primarily consisting of emerging production lines, and future competition will focus on eliminating poorly performing companies [2] Group 2: Product Characteristics and Supply Chain - Photovoltaic glass products are primarily 2.0mm thick, with a high processing conversion rate of 90% for raw sheets and over 99% for processing qualification [3] - The supply chain is stable, with raw materials sourced from self-owned quartz sand mines and long-term contracts for soda ash, while transportation costs are significantly reduced through coastal shipping [4] - Inventory management is efficient, with a normal inventory cycle of 30-40 days, aligning with the fast turnover of photovoltaic glass products [5] Group 3: Market Dynamics and Competition - The core consumption market for daily-use glass is in Guangdong, with a significant demand for soda ash, particularly in the seasoning industry [6] - The competition in the market is intensifying, with a focus on logistics costs and product quality, as synthetic soda ash shows a downward cost trend [7] - The photovoltaic glass market is characterized by point-to-point trade models, with B2B direct connections between glass manufacturers and component factories, leading to challenges in financing for midstream traders [15] Group 4: Future Trends and Challenges - The industry is undergoing rapid product iteration, with a clear trend towards thinner and more customized products, which increases inventory pressure and certification costs [16] - The thickness of photovoltaic glass is transitioning from 3.2mm to 2mm and further to 1.6mm, indicating a shift towards lighter and higher-end products [17] - Future competition will focus on cost advantages and product quality, with logistics optimization and resource integration being critical for success [16]

自首个品种上市以来，广期所高度重视市场投资者特别是中小投资者的培训服务，截至今年11月末已举 办80余期"新能源·向未来"视频培训，通过普及基础知识、品种现货知识，以及针对投资者关注的话题 对合约及业务规则开展深度解读，帮助广大投资者增强风险识别和理性参与能力。 下一步，广期所将持续建设完善"广期所云课堂"平台，不断丰富投教内容，创新投教形式，引导投资者 理性参与市场，为期货市场的稳健发展营造良好环境。（齐宣） 本报讯 为了增强投资者教育的针对性、有效性，积极发挥投资者教育在投保工作中的基础性作用，近 日广期所在官网正式上线"广期所云课堂"栏目。 据了解，"广期所云课堂"旨在打造集培训直播、培训视频课堂资源库于一体的综合性投教平台，首批将 上线31个培训视频，为投资者提供灵活、便捷的学习途径。 ...

Core Insights - The event aimed to enhance the business capabilities of futures practitioners and promote high-quality development in the futures industry in Zhejiang [1] - The introduction of monthly average price futures contracts by Dalian Commodity Exchange (DCE) is seen as a significant innovation to better serve the industry [2] - The demand for risk management and innovative products among institutional clients is increasing, necessitating a transformation in service models by futures companies [3] Group 1: Event Overview - The DCE-supported seminar titled "Focusing on Industry Needs, Empowering High-Quality Development of the Futures Market" was held in Hangzhou, attended by over 160 participants from futures companies, risk management subsidiaries, and related enterprises [1] - Key discussions included the operational status of the Zhejiang futures market, the application of chemical monthly average price futures and options, and the development and service of institutional and industrial clients [1] Group 2: Innovations in Futures Products - DCE launched three monthly average price futures contracts in October, which are designed to provide a smoother price curve and reduce the impact of sudden market fluctuations [2] - Monthly average price futures are more suitable for hedgers and long-term investors, as they align better with trading habits and risk management needs of buyers and sellers [2] Group 3: Institutional Client Development - The demand from institutional clients for risk management, asset allocation, cross-border investment, and innovative products is on the rise, prompting futures companies to innovate their service offerings [3] - The domestic futures industry is entering a new era where the participation of industrial clients is significantly increasing due to external market factors, creating opportunities for futures companies to enhance their service capabilities and innovate products [3]