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单品种看，上周五资金主要流入的商品期货（主连合约）品种有热轧卷板、锡、棉花、铜和玻璃，分别流入9.08亿元、3.73亿 元、3.37亿元、2.03亿元和1.48亿元；主要流出的品种有黄金、白银、棕榈油、螺纹钢和原油，分别流出8.23亿元、2.71亿元、 2.46亿元、2.08亿元和2.00亿元。从主力合约看，黑色板块呈流入状态，化工、农产品、有色金属和金融板块均呈流出状态。 图为商品期货主连合约资金流向（亿元） 图为金融期货主连合约资金流向（亿元） 图为板块资金流入额（亿元） 整体看，上周五商品期货（主连合约）资金呈小幅流出状态。化工、农产品和有色金属呈流出状态，重点关注流出较多的黄 金、白银、棕榈油、原油和苹果，同时关注逆势流入的锡、棉花、铜、玻璃和聚丙烯。黑色板块呈流入状态，重点关注流入较 多的热轧卷板和焦炭，同时关注逆势流出的螺纹钢。金融板块重点关注中证1000股指期货和10年期国债期货。（徽商期货 方 正） 图为商品期货资金流入前十名（亿元） 图为商品期货资金流出前十名（亿元） ...

本报讯（记者 姚宜兵）近日，中国证券博物馆（下称中证博）与大商所联合主办的"守护'三农'的十年 答卷——'保险+期货'实践与成果展"在中证博拉开帷幕。本次展览系统回顾了"保险+期货"这一金融创 新模式自2015年试点以来，十年间服务国家乡村振兴战略、保障农民收入稳定的不凡历程与丰硕成果。 作为连接"小农户"与"大市场"的重要金融桥梁，"保险+期货"模式有效破解了"粮贱伤农"的传统难题， 为广大农户提供了应对市场风险的新型"保护伞"。自2016年起，"保险+期货"连续八年被写入中央一号 文件，从"稳步扩大试点"到"优化完善模式"，在各方持续推动下，该模式实现了从"保价格"到"保收 入"、从单一服务种植业到覆盖养殖业、 从"期保"联动到"银行+期货+保险"多方协同的迭代升级。本次 展览通过丰富的图文、数据与典型案例，生动展现了"保险+期货"在广袤乡村绘就的金融赋能画卷。 黑龙江省桦川县通过玉米、大豆"保险+期货"项目，不仅在2019年特大洪灾中获得高额赔付，还在其助 力下成功脱贫摘帽；山东省武城县"玉米收入险"项目荣获"全球减贫最佳案例"；河南省漯河市开展的生 猪"保险+期货"项目弥补了传统养殖险的空白；最新探索 ...

Core Insights - The "Insurance + Futures" project for jujube in Aral City officially launched its seventh year, marking a significant breakthrough in expanding coverage and benefiting more farmers, supported by both aid funds and military funds [1][2] Group 1: Project Overview - The project has been running for six years and is recognized as a crucial tool for ensuring worker income and supporting rural revitalization [2] - The project aims to enhance the income security of jujube farmers while promoting the joint development of the entire industry chain [3] Group 2: Financial and Operational Support - The project received strong backing from the Zhengzhou Commodity Exchange and the Aral City government, emphasizing the principles of "insurance as a safety net and futures for risk hedging" [3] - The project will further expand its coverage and more accurately hedge against jujube price fluctuations, ensuring stable development of local specialty industries [3] Group 3: Stakeholder Engagement - Key stakeholders, including representatives from the Aral City Finance Bureau, Agricultural and Rural Affairs Bureau, and China Insurance, participated in the launch ceremony, highlighting the collaborative effort in supporting the project [1][2] - The project implementation plan and funding usage were detailed to the farmers, ensuring they understand the new advantages of the project [2]

Group 1 - The Ministry of Finance reported that in the first seven months of this year, a total of 33,159 billion yuan of new local government bonds were issued, including 5,383 billion yuan of general bonds and 27,776 billion yuan of special bonds [1] - In the same period, refinancing bonds amounting to 33,877 billion yuan were issued, with 9,858 billion yuan as general bonds and 24,019 billion yuan as special bonds [1] - Overall, local government bonds issued in the first seven months totaled 67,036 billion yuan, comprising 15,241 billion yuan of general bonds and 51,795 billion yuan of special bonds [1] Group 2 - As of July 2025, the total local government debt balance is projected to be 527,627 billion yuan, with an average remaining maturity of 10.3 years for local government bonds [1]

Core Viewpoint - The training session aimed to enhance the understanding and capability of state-owned enterprises in Daqing to utilize futures tools for risk management, supporting the region's economic high-quality development [1][2]. Group 1: Importance of Futures Market - The futures market plays an irreplaceable role in serving the real economy, stabilizing business operations, and optimizing resource allocation [2]. - Enhancing risk management capabilities and the use of modern financial tools in state-owned enterprises is crucial for China's economic high-quality development [2]. - Daqing, as a significant grain production and equipment manufacturing base, has made notable progress in industrial structure transformation and state-owned enterprise reform [2]. Group 2: Training and Expert Insights - The training featured industry experts discussing the foundational knowledge and practical applications of the futures market [3]. - Various futures tools are increasingly integrated into the corn and soybean supply chains, providing robust mechanisms for price risk management and enhancing agricultural production [3]. - The importance of risk prevention in futures operations was emphasized, with a focus on locking in profits and effectively transferring potential risks [3][4]. Group 3: Regulatory and Compliance Aspects - The training included discussions on the regulatory framework surrounding hedging practices, emphasizing the need for state-owned enterprises to adhere to compliance and risk management principles [4]. - Establishing effective risk management systems and ensuring compliance in hedging operations are critical for the success of state-owned enterprises [4]. Group 4: Future Collaboration and Development - Participants expressed that the training deepened their understanding of the futures market and provided practical risk management techniques, which are vital for sustainable business operations [5]. - The Dalian Commodity Exchange aims to stimulate the participation of Daqing's state-owned enterprises in the futures market, enhancing their risk management capabilities and market competitiveness [5]. - The training is seen as a stepping stone for further collaboration between the Dalian Commodity Exchange, Daqing government, state-owned enterprises, and financial institutions to explore new paths for integrated risk management and economic development [5].

Core Viewpoint - In 2024, the pulp industry in China is undergoing a deep adjustment and transformation amid complex internal and external environments, with significant price fluctuations impacting companies' operations [1] Group 1: Market Trends - In the first half of 2024, pulp prices showed a clear upward trend, leading to optimistic market expectations [1] - However, after high-level purchases of pulp by Company X, prices fell, resulting in inventory losses and increased storage costs [2] Group 2: Company Strategy - Company X, established in early 2020, began forming a pulp trading team by the end of 2021, achieving an annual trading volume of 340,000 tons and a trading value of 1.7 billion yuan [1] - The company engaged with Huazhong Futures to develop risk management strategies, leading to the establishment of a professional futures team and a strict hedging system [1][2] Group 3: Risk Management - Company X's hedging volume increased from approximately 18,000 tons in 2021 to 36,000 tons in 2023, demonstrating effective risk management through futures and options [2] - In response to market downturns, the company sold its existing inventory at market price to recover funds and mitigate further losses [3] Group 4: Derivative Tools Utilization - The company utilized options to hedge risks, converting inventory into option positions to avoid storage costs while generating premium income to offset previous losses [3][4] - Company X adopted a dual strategy of selling both put and call options to manage its positions effectively, thereby reducing holding costs and protecting against price fluctuations [4] Group 5: Future Plans - Looking ahead, Company X plans to expand its risk management toolbox by integrating futures, options, and basis trading, aiming to build a hedging alliance within the pulp industry [5] - The company seeks to enhance its risk management capabilities, transforming them into competitive advantages in the industry, and contributing to high-quality development in the pulp sector [5]

Group 1 - The 2025 Investment Elite Conference hosted by Haitong Futures focuses on finding opportunities amid uncertainties in the market, emphasizing the theme of "seeking opportunities in crises and winning through changes" [1] - The Vice President of Guotai Haitong Securities, Luo Dongyuan, highlighted China's economic resilience and the positive impact of policies aimed at optimizing industrial structure and promoting a unified domestic market [1][2] - The current global economic landscape is characterized by intensified great power competition and a fractured globalization process, necessitating China to accelerate the development of new productive forces and implement various strategies for financial reform and internationalization of the RMB [1][2] Group 2 - Haitong International's Chief Economist, Wang Shengzu, predicts a slowdown in global economic growth in 2025, with inflation continuing to decline, making the economic trends of China and the US critical variables [2] - The "anti-involution" policy is seen as more moderate compared to the supply-side structural reforms of 2016, focusing on employment stability and technological iteration [2] - The long-term trend for commodity prices is upward, although there may be differentiation among various commodities, with specific influences noted for copper, rubber, steel, and coal prices [2][3] Group 3 - The oil market faces significant downward pressure due to weak demand from major consumers like India and the US, alongside an increase in OPEC+ production expected to add 680,000 to 960,000 barrels per day in 2025 [3] - Investment opportunities in downstream oil products are highlighted, particularly in sectors where Chinese petrochemical companies have gained pricing power due to scale and cost advantages [3] - The shipping index has experienced volatility due to US tariff policies, leading to increased uncertainty in global supply chains, prompting a need for investors to monitor trade dynamics closely [4] Group 4 - In asset allocation, Haitong Futures shows optimism towards US stocks, Hong Kong stocks, and Asian investment-grade bonds, with a favorable outlook on the valuation and yield of Asian dollar bonds [4] - The A-share market is experiencing liquidity injection driven by the rebalancing of resident asset allocation, which is expected to lead to valuation expansion [4] - The roundtable discussion at the conference provided insights into the application of derivatives in risk hedging, yield enhancement, and optimizing asset allocation [5]

Group 1 - The market experienced a V-shaped reversal with the Sci-Tech 50 index rising by 7.23%, while other indices like the Shanghai 50, CSI 300, CSI 500, and CSI 1000 saw increases ranging from 1% to 2.5% [1][2] - The CSI 1000 index rose by 1.51%, with daily trading volume and open interest for its options at 405,700 contracts and 317,400 contracts respectively, showing a slight decrease in PCR values [1] - The CSI 300 index increased by 1.77%, with daily trading volume of 203,300 contracts and open interest of 214,100 contracts, indicating a cautious sentiment among put option sellers [1] Group 2 - The Sci-Tech 50 ETF options recorded a trading volume of 2,647,700 contracts and open interest of 1,774,000 contracts, reflecting a high level of activity since its inception [2] - The implied volatility for the September contracts reached 62%, indicating a potential overheating in the short term for the underlying index [2] - Overall market sentiment is optimistic, with a recommendation for investors to adopt a bullish spread strategy in IO options during market dips [2]

Core Viewpoint - The event "High-Quality Development of the Futures Market in Nansha" highlights the significant opportunities for the futures market in Guangdong, particularly following the release of the "Nansha Financial 30 Measures" aimed at enhancing the region's financial infrastructure and international cooperation [1][4]. Group 1: Nansha's Strategic Importance - Nansha is positioned as a key area for global openness and cooperation, particularly in supporting Chinese manufacturing companies to expand internationally [2][3]. - The region's proximity to manufacturing hubs like Foshan and Guangzhou provides a unique supply chain advantage, enhancing its role as a core hub in the Guangdong-Hong Kong-Macao Greater Bay Area [2][3]. Group 2: Policy and Institutional Innovations - The "Nansha Financial 30 Measures" represent a significant breakthrough in financial openness, encouraging deep participation from Hong Kong and Macao financial sectors in Nansha's financial reforms [3][4]. - Nansha's policy innovations include allowing Hong Kong and Macao investors to hold controlling stakes in domestic futures companies and piloting cross-border regulatory cooperation [3][4]. Group 3: Development of the Nansha Futures Industry Park - The Nansha Futures Industry Park, set to be completed by September 30, will cover approximately 47,000 square meters and serve as a national hub for futures institutions and international financial services [6]. - The park aims to create a "financial + exhibition + business" ecosystem, enhancing the region's capacity for international financial cooperation and competition [6][8]. Group 4: Enhancing Risk Management and Financial Services - The establishment of the Nansha Futures Industry Park is expected to improve risk management for Guangdong's manufacturing sector, allowing better utilization of futures tools to stabilize the flow of raw materials and finished products [7][8]. - The park is seen as a "converter" and "amplifier" for the futures market, transforming it into a tangible service platform that enhances price discovery and risk management efficiency [8][9]. Group 5: Future Directions and Innovations - Nansha is encouraged to leverage technological innovations and financial policies to enhance its role in the global commodity market, similar to historical precedents set by other nations [10][11]. - The integration of stablecoins with the futures market is suggested as a potential area for exploration, aiming to facilitate cross-border settlements and enhance the internationalization of futures derivatives [11].