Core Viewpoint - The tax authorities in China are intensifying efforts to combat tax violations in gas stations, collaborating with various departments to ensure fair market competition and industry compliance [1] Group 1: Tax Violations and Enforcement - From January to October 2025, tax authorities identified and dealt with 3,904 high-risk gas stations, recovering a total of 3.644 billion yuan in taxes, late fees, and fines [1] - The tax department has publicly exposed a series of illegal cases involving gas stations, including fuel dispenser fraud, off-the-books operations, and concealed sales income [1] Group 2: Industry Impact and Future Actions - Gas stations are critical nodes in the refined oil distribution network and play a vital role in stabilizing the energy supply chain [1] - The tax authorities plan to continue strengthening collaboration with relevant departments, enhancing tax service while legally addressing tax violations in the gas station sector, and regularly exposing illegal cases to protect national interests and consumer rights [1]

Group 1 - The core viewpoint emphasizes the importance of a consistent trading strategy for long-term success in the futures market [2] - The trader, nicknamed "Linglong Twin," achieved the eighth position in the long-term stable profit category of the 19th National Futures (Options) Real Trading Competition, showcasing a deep understanding of trading principles [1] - The trader's approach focuses on high-volatility and liquid commodities, applying trend-following strategies to capitalize on market opportunities [2] Group 2 - The transition from high win-rate low-risk arbitrage to low win-rate high-risk trend trading was marked by significant challenges, leading to a re-evaluation of risk management practices [3] - A pivotal moment in the trader's career occurred between the ages of 40 and 44, influenced by the book "The Turtle Trading Rules," which clarified the processes of earning money and controlling losses [3] - The trader's philosophy rejects perfectionism, advocating for a balanced approach between win rates, risk-reward ratios, and position sizing [4] Group 3 - Risk management is a fundamental principle for the trader, with strict adherence to stop-loss rules being essential for survival in trading [4] - Initial position sizes are determined through objective strategy backtesting, considering factors such as win rates, risk-reward ratios, and maximum drawdowns [4] - Profit-taking strategies are contingent on the nature of the funds, with a distinction made between pressure funds and surplus funds [4]

为深入落实天津市委、市政府对口支援西藏昌都工作部署，积极响应昌都市委、市政府和天津援藏前方指挥部开展金融援藏、助力昌都高质量发展工作号 召，近日，一德期货副总经理赵未夏率工作组赴西藏昌都市，开展新一轮金融援藏帮扶活动。天津市财政局援藏干部、西藏昌都市财政局党组副书记、副局 长席经治，江达县委常务副书记、政府常务副县长高伟，卡若区委常委、副区长信志淼，一德期货党总支副书记、党办主任陈亮，营销管理部负责人刘卉等 各方代表出席相关活动。 自1994年党中央确定天津市对口支援西藏昌都以来，31年来，天津已派出先后十一批、共计1200余名干部人才来到雪域高原倾情援藏，在世界屋脊发光发 热，为西藏昌都的发展建设添砖加瓦。天津市财政局作为天津市东西部协作和支援合作工作领导小组成员单位，先后派出多名援藏干部进行对口支援。作为 天津市财政局直接管理的国有金融企业，一德期货积极履行社会责任，继2024年投入80万元后，本年度再投入40万元，支持卡若区埃西乡重点经济林提质增 效、察雅县烟多镇奶奎村乡村环境改善、江达县青泥洞乡人居环境整治等三个重点项目，助力当地群众改善生产生活条件，增强自我发展能力，通过产业升 级、基础设施完善与生 ...

Core Insights - The article highlights the recent capital inflows and outflows in commodity futures, indicating a mixed market sentiment with specific focus on various sectors [1] Group 1: Capital Inflows - Major inflows were observed in gold (2.725 billion), tin (0.784 billion), silver (0.728 billion), copper (0.313 billion), and corn (0.081 billion) [1] - The non-ferrous metals and financial sectors showed a positive inflow trend, particularly in gold, tin, silver, copper, and polysilicon [1] Group 2: Capital Outflows - Significant outflows were noted in lithium carbonate (1.148 billion), rebar (0.269 billion), rapeseed oil (0.196 billion), hot-rolled coil (0.178 billion), and glass (0.161 billion) [1] - The agricultural, chemical, and black metal sectors experienced outflows, with a focus on rebar, glass, methanol, and live pigs, while corn, fuel oil, and ferrosilicon saw contrary inflows [1] Group 3: Overall Market Sentiment - The overall commodity futures market experienced moderate inflows, with a notable emphasis on the non-ferrous metals sector and financial futures such as the CSI 1000 index futures and 10-year treasury futures [1]

"多晶硅是'反内卷'的龙头品种，"该负责人解释道，"它是第一个真正落实政策、限价的品种。这带动了 整个'反内卷'行情。" 多晶硅价格波动极大，从高价跌至成本线下，再因"反内卷"上涨至成本线以上。这种剧烈波动为套利交 易提供了丰富机会。 今年是羲然投资第六年参加全国期货（期权）实盘交易大赛，2020年期货日报记者采访"期权组奖"获得 者时，该公司用的还是网名"圣杯"。彼时，"投资的圣杯是找到十到十五个不相关的回报流，多品种多 策略不相关才能做到低回撤稳定盈利，这是我们的核心理念"给记者留下了深刻的印象。股票、期货、 期权、ETF，羲然投资触角延伸到的地方，无不顺从着这种理念。今年，公司负责人坦言，在第十九届 全国期货（期权）实盘交易大赛套利对冲组的战绩是前十，不算突出，却无心插柳柳成荫，摘得了 "广 期所多晶硅优秀交易者奖"优胜奖。 套利理念与标的选择：寻找市场的"错误点" 羲然投资的核心理念是"寻找十到十五个不相关的回报流"，通过多品种、多策略实现低回撤稳定盈利。 在套利交易中，公司更注重寻找市场的"错误点"，即当市场出现不合理价差或期权错判时介入。这种策 略要求对产业链基本面有深刻理解，而非单纯依赖统计套利 ...

Core Viewpoint - The emphasis on the importance of the real economy and financial services highlights the need for risk management companies to adapt and innovate in their service offerings to better support the real economy [1][2]. Group 1: Financial Infrastructure and Market Opportunities - The Central Committee's proposal for the 15th Five-Year Plan includes the steady development of futures, derivatives, and asset securitization, which presents new opportunities for the high-level development of the futures and derivatives market [1]. - The recent training session for executives of futures risk management companies focused on compliance, risk control, and governance capabilities, aiming to integrate compliance concepts into strategic decision-making and business development [1][5]. Group 2: Evolving Service Demands - The methods by which enterprises engage with the futures market have evolved, leading to increased demands for risk management companies to provide diverse and innovative services [2]. - The current workforce in futures risk management companies has grown to nearly 4,000, indicating the sector's importance in serving the real economy [2]. Group 3: Service Capability Enhancement - To enhance service capabilities, futures risk management companies must shift from passive compliance to proactive risk management and develop a systematic governance approach [4]. - Companies should focus on attracting and retaining talent while creating a clear strategic vision and profitable business models [4]. Group 4: Compliance and Risk Management - Compliance is essential for the sustainable development of futures risk management companies, necessitating a comprehensive risk management framework that includes organizational structure, management systems, and quantifiable risk indicators [5]. - The training concluded with discussions on improving risk control capabilities for industry enterprises and sharing best practices for serving small and medium-sized enterprises and national strategies [5].

（文章来源：期货日报网） 为便利境内外投资者参与国债作为保证金业务，11月25日，郑商所发布了修订后的《郑州商品交易所国 债作为保证金业务操作指引》，自发布之日起施行。 ...

期货市场作为金融市场的重要组成部分，可以为实体经济提供有效的风险管理工具。多年来，中国国际 期货积极探索将期货市场相关服务引入乡村，帮助农民和乡村企业更好地应对市场风险，实现稳定增 收。此次活动加深了公司对乡村产业的了解，为其在乡村振兴领域的探索积累了宝贵经验。（齐宣） 依托党建共建平台，中国国际期货与户育村村委会围绕乡村振兴发展议题进行深入探讨，通过实地走访 和座谈全面了解该村橡胶产业的发展模式、规模与特色。下一步，中国国际期货计划重点推进"保险 +期货"项目及产业技能培训，为当地经济社会高质量发展注入期货动能。 本报讯 近日，中国国际期货一行深入云南省德宏州瑞丽市户育村，对当地橡胶种植园进行实地调研， 并开展了以"党建联创共赢，期货助力乡村振兴"为主题的联合党建活动。在此次活动中，双方签订了党 建结对共建协议，标志着在党建引领下的乡村振兴合作迈出了坚实的一步。 ...

Core Viewpoint - The announcement by the Ministry of Finance and the State Taxation Administration clarifies the execution standards for resource tax policies, effective from December 1, 2025, addressing various issues in tax management and compliance [1][2][3] Group 1: Policy Clarifications - The announcement specifies nine aspects of resource tax policy execution, including exemptions from resource tax, applicable tax categories for certain taxable products, and tax calculation bases under special circumstances [1] - It details the tax categories for condensate oil, crude oil, and natural gas, as well as the recycling of tailings for specific mineral components [2] - The definitions of key strategic resources such as coal, salt, and rare earths have been further clarified to reduce disputes between taxpayers and tax authorities [2] Group 2: Compliance and Management - The announcement outlines four legitimate reasons for significantly low prices in related transactions, allowing tax authorities to adjust taxable sales amounts if not justified [2] - It provides a clear calculation method for tax exemptions and specifies the timing of tax obligations under different settlement methods [2] - Experts believe that these clarifications will enhance the fairness and operability of tax law implementation, reduce regional discrepancies, and improve tax collection efficiency [3]

Core Viewpoint - The "Insurance + Futures" project in Huai County, Henan Province, aims to stabilize the pig farming industry amidst significant price fluctuations, providing a financial safety net for local farmers through innovative financial practices [1][6]. Group 1: Industry Challenges - Huai County is a major pig-producing area, and pig farming is a crucial income source for local farmers. However, the industry faces severe challenges due to frequent and drastic price fluctuations, leading to significant losses for farmers [2]. - A local farmer calculated that the cost of raising pigs is around 6.5 yuan per kilogram, which can rise to nearly 7 yuan when considering additional expenses, while the selling price is currently only 6 yuan, resulting in substantial losses for many small farmers [2]. Group 2: Solutions and Collaboration - To address the industry's challenges, Guotou Futures, in collaboration with Minsheng Bank and China Pacific Insurance, initiated a tailored risk management solution using the "Insurance + Futures" model, effectively managing market volatility [6]. - The project received a 25% premium subsidy from the Dalian Commodity Exchange, reducing the insurance cost for farmers, while the local government provided financial support and conducted multiple outreach sessions to ensure the policy reached the intended beneficiaries [6]. Group 3: Effectiveness of the Program - The project established a comprehensive risk management system through collaboration among government, banks, futures, and insurance sectors, focusing on the urgent needs of farmers and enhancing service delivery [7]. - A total compensation of 840,400 yuan was quickly disbursed to farmers, effectively offsetting their losses from price declines, which reinforced their confidence in continuing their farming operations [8]. Group 4: Future Outlook - The financial support not only stabilized farmers' incomes but also strengthened the foundation of the pig farming industry. The project exemplifies how futures can serve the real economy and empower rural revitalization [8]. - The local government plans to continue exploring and optimizing the "Insurance + Futures" model to ensure more small farmers benefit from these policies, aiming for a sustainable and prosperous future for the pig farming sector [10].