Core Viewpoint - The training program for chief risk officers of futures companies emphasizes the importance of risk prevention, strong regulation, and promoting high-quality development in the futures market [1][2][3]. Group 1: Regulatory Focus - The Zhengzhou Commodity Exchange (ZCE) is committed to penetrating regulation to ensure early detection of abnormal trading behaviors, thereby maintaining market stability [1]. - ZCE has conducted annual on-site inspections for 19 members and special checks for 22 members regarding fee reductions, while also enhancing the responsibility of members for auditing internet platform content [1]. - From January to October this year, ZCE completed 316 on-site warehouse inspections with the support of member units [1]. Group 2: Risk Management Strategies - The chief risk officers are encouraged to shift from passive responses to proactive frameworks, transforming compliance from a cost burden to a value-creating process [2]. - Key areas of focus for risk management include internal control mechanisms, handling customer complaints, and preventing abnormal trading by clients [2][3]. - A comprehensive risk management system covering all operational aspects is essential for the development of futures companies [2]. Group 3: Training Outcomes - The training provided a platform for chief risk officers to exchange ideas and establish consensus on risk prevention and compliance management [3][4]. - Participants agreed that under stringent regulatory conditions, futures companies must accelerate their transformation to ensure sustainable high-quality development [4]. - The training not only served as a policy interpretation and business learning opportunity but also aimed to reconstruct ideas and mobilize actions for chief risk officers [4].

Core Viewpoint - The China Futures Monitoring Center announced the launch of a unified reporting system for algorithmic trading in the futures market, aimed at enhancing regulatory compliance and efficiency in reporting [1] Group 1: System Launch and Functionality - The algorithmic trading reporting system officially went live on October 9, 2025, and has been operating smoothly since its inception [1] - The system allows futures companies to report algorithmic trading information through a single entry point using a standardized reporting template, addressing long-standing issues of multiple submissions [1] Group 2: Reporting Efficiency and Quality - The reporting system supports clients in submitting reports to multiple exchanges simultaneously, improving the completeness and accuracy of the reported data [1] - The integration of market-wide algorithmic trading report data resources lays a foundation for informed regulatory decision-making [1] Group 3: Future Enhancements - The China Futures Monitoring Center plans to continuously optimize the system's functionality to facilitate more efficient reporting for futures exchanges, companies, and foreign institutions [1]

Core Viewpoint - The Shanghai International Energy Exchange plans to revise the 20th rubber futures contract and delivery rules to enhance the global resource allocation capability and better serve the real economy [1] Group 1: Contract Revisions - The exchange intends to add alternative products for the 20th rubber futures, which can be used for physical delivery [1] - The revision will include an update to the contract's annex, establishing quality standards for the alternative products in addition to the existing "standard product" quality standards [1] Group 2: Delivery Rules Updates - The delivery rules will be amended to include references to both "standard products" and "alternative products" in Chapter 13 [1] - Updates will also be made regarding the thickness of rubber film to better align with changes in national standards [1]

Core Insights - The article highlights the trading strategies and market analysis approach of Kuang Bolin, who emphasizes fundamental analysis in commodity trading, particularly in the context of the 2025 national futures trading competition [1][2]. Group 1: Trading Philosophy - Kuang Bolin's core trading philosophy is that commodity prices are ultimately determined by supply and demand [2]. - He believes that successful swing trading requires a deep understanding of the commodity's fundamentals, which serves as the basis for trading decisions [2]. Group 2: Market Analysis - In 2025, commodity prices were significantly influenced by policy expectations and market sentiment, especially in the black series commodities, which faced downward pressure due to high production capacity and weak downstream demand from real estate and infrastructure [1]. - Kuang Bolin noted that sectors with high industry concentration and existing losses, such as soda ash and glass, were particularly sensitive to policy expectations, leading to multiple instances of price rebounds despite an overall downward trend [1]. Group 3: Specific Commodity Insights - During the competition, Kuang Bolin profited mainly from trading egg futures, soda ash, and the shipping index [2]. - For egg futures, he analyzed key fundamental factors such as chicken stock levels, feed prices, and the behavior of farmers regarding restocking and culling [2]. - In 2025, the chicken stock levels remained historically high, and with relatively low feed prices, the supply-demand balance for eggs was skewed towards oversupply, leading him to short the egg futures contracts [2]. Group 4: Risk Management - Kuang Bolin maintains a cautious approach to position management, prioritizing capital safety and avoiding heavy single-sided trades [3]. - He adjusts his position size based on market conditions and risk tolerance, reducing exposure in uncertain markets and increasing it when clear trading opportunities arise, but without over-leveraging [3]. - His stop-loss strategy is triggered by significant changes in fundamentals, alterations in trading logic, chaotic market movements, or sudden emotional market shifts [3]. Group 5: Integration of Analysis - Kuang Bolin believes that combining the rational logic of fundamentals with the market heat of sentiment is essential for accurately capturing market dynamics and making informed trading decisions [3].

Group 1 - The main inflows in commodity futures (main contracts) yesterday were in gold, lithium carbonate, zinc, LPG, and copper, with inflows of 579 million, 452 million, 380 million, 312 million, and 88 million respectively [1] - The main outflows were in palm oil, rebar, aluminum, nickel, and soda ash, with outflows of 200 million, 149 million, 146 million, 143 million, and 112 million respectively [1] - Overall, commodity futures experienced a slight outflow yesterday, with agricultural products, black metals, and chemical sectors showing outflows, particularly in palm oil, rebar, soda ash, and PVC [1] Group 2 - The non-ferrous metals sector showed an inflow, with significant attention on gold, lithium carbonate, and zinc, while aluminum, nickel, and silver experienced outflows [1] - Financial futures to focus on include the CSI 1000 index futures and 2-year government bond futures [1] - The sectors with notable inflows included LPG, corn, live pigs, and butadiene rubber, despite the overall outflow trend [1]

Group 1 - The core viewpoint emphasizes that trading success is a collective effort of the team, highlighting the importance of discipline and adherence to a predetermined trading plan [1] - The team achieved success through a combination of strategic determination and tactical flexibility, focusing on a "defensive first, offensive second" approach and timely execution based on volatility cycles [1][2] - The trading strategy during the competition was primarily based on "trend following and sector rotation," utilizing options for hedging, which allowed for enhanced returns during market upswings and protection during downturns [1][2] Group 2 - The market characteristics this year include uncertainty in direction, increased event-driven trading, and fluctuating volatility cycles, leading the team to focus on volatility pricing and risk exposure management rather than directional predictions [2][3] - The team concentrated on specific sectors such as the Sci-Tech 50, non-ferrous metals, gold, crude oil, agricultural products, and the Hang Seng Tech Index, selecting these based on long-term fundamentals and liquidity [2] - The entry timing strategy is based on fundamental analysis for direction and technical analysis for timing, with a focus on market sentiment and volatility levels [3] Group 3 - Risk control is implemented through a dual system of "hard stop-loss" and "logical stop-loss," with options serving as both a stop-loss tool and a means of risk transfer [3] - The company emphasizes the importance of withdrawing principal after significant gains to maintain a healthy trading mindset, advocating for diversified positions and gradual building of positions [3] - The futures market is viewed as a platform for self-improvement and understanding, where successful investing relies on decisive actions at critical moments rather than frequent trading [4]

Core Points - The announcement from the exchange clarifies the delivery business for platinum and palladium futures, effective from May 1, 2026 [3] Group 1: Delivery Regions and Premiums - The delivery regions for platinum futures include Guangdong, Jiangsu, Hunan, Yunnan, Gansu, Fujian, Shanghai, and Beijing, with a premium of 0 CNY per gram between regions [1] - The delivery regions for palladium futures are Jiangsu, Jiangxi, Guangdong, Yunnan, Gansu, Hunan, Hebei, Fujian, Shanghai, and Beijing, also with a premium of 0 CNY per gram between regions [1] Group 2: Designated Delivery Warehouses - Designated delivery warehouses for platinum futures include several companies such as Jinchuan Group, Guiyan Resources, and others [1] - Designated delivery warehouses for palladium futures include the same companies as for platinum, ensuring consistency in delivery options [1] Group 3: Quality Inspection Institutions - The designated quality inspection institutions for both platinum and palladium futures include Guiyan Testing Technology, Nanjing Product Quality Supervision, and others [2] Group 4: Fees and Charges - The delivery fee for both platinum and palladium futures is set at 0.02 CNY per gram, with a storage fee of 1.8 CNY per kilogram per day, temporarily exempting the delivery fee [2] - The standard warehouse receipt transfer payment fee is also 0.02 CNY per gram, with a temporary exemption on the delivery fee [2]

Core Insights - The introduction of platinum and palladium futures and options on the Guangxi Futures Exchange meets the urgent demand for risk management tools in the industry, marking an expansion of the exchange's new energy metal sector [1][5] Price Volatility - Platinum and palladium prices have experienced significant fluctuations, with annual price volatility exceeding 20% over the past five years. For instance, platinum prices dropped to a five-year low of 154.04 yuan per gram in early 2020, followed by a recovery to an average of 228.97 yuan per gram in 2024 [2] - Palladium prices also showed high volatility, peaking at 761 yuan per gram in early 2022 and averaging 260.49 yuan per gram in 2024. The price fluctuations for palladium from 2020 to 2024 were 51.77%, 83.73%, 77.39%, 87.40%, and 40.79% respectively [2] Supply Chain Challenges - Global supply constraints, particularly due to issues in South Africa's electricity supply and mining safety incidents, have led to a tight supply of platinum and palladium despite price declines. This has increased the urgency for domestic enterprises to adopt more mature market mechanisms for price stabilization [3] Risk Management Needs - Companies like Jinchuan Group, which produce platinum and palladium, face significant operational impacts due to price volatility and lack of effective risk management tools. The absence of authoritative pricing mechanisms complicates their ability to make informed operational decisions [4] - The introduction of futures contracts is expected to provide transparent and fair pricing, filling the gap in risk management tools for the industry [5] Market Impact - The listing of platinum and palladium futures is anticipated to enhance price discovery and hedging capabilities, allowing Chinese enterprises to engage in transactions in RMB and attract international market participants [5][6] - The futures market is expected to improve the operational efficiency of enterprises by allowing them to manage price risks more effectively, thus stabilizing the domestic industrial chain [6] Industry Preparedness - Market participants are preparing for the launch of platinum and palladium futures by familiarizing themselves with contract rules and risk management mechanisms. This includes outreach efforts to educate industry players on the benefits of these new financial instruments [7][8]

Group 1 - The recent glass spot price trend is sluggish, with most regions operating at a production and sales rate between 80% and 100%, and some companies in Shihe and Hubei have reduced prices by 20-40 yuan per ton [1] - There are rumors that two glass production lines in Hubei are about to undergo cold repairs, involving a daily production capacity of 2000 tons, although confirmation is still needed [1] - In Shihe, there are four coal-fired lines that may be modified or shut down by the end of the year, with a total daily production capacity of 3000 tons potentially affected [1] Group 2 - Currently, there are two production lines in Shihe that are ready to be ignited, with a combined daily production capacity of approximately 2250 tons [1] - The mid-term outlook for glass supply may see a reduction in volume [1] - On the demand side, there has not been an effective recovery in terminal demand, with construction demand being weaker compared to the same period last year, and lower inventory intentions from mid and downstream sectors [1]

此次捐赠的3万元资金将专项用于柳沟村文化舞台的规划与建设，精准补齐当地公共文化设施短板。建 成后的文化舞台将成为集文艺演出、政策宣讲、技能培训于一体的综合性阵地：农闲时节的戏曲展演、 节庆期间的文艺联欢将有固定举办场所，党的方针政策解读、农业实用技术培训也将在此常态化开展。 这一举措不仅能丰富群众精神文化生活，更能搭建乡村文化传承与交流平台，助力培育文明乡风、良好 家风、淳朴民风，让文化建设成为柳沟村乡村振兴的"软实力"支撑。 银河期货始终以实际行动践行"金融报国、服务实体"使命，推动专业金融优势与乡村发展需求精准对 接。未来，公司将持续深化与静宁县的帮扶合作，进一步拓展帮扶维度、创新帮扶模式，为深化帮扶成 效、全面推进乡村振兴贡献更多银河力量。 为深入贯彻习近平总书记关于"三农"工作的重要论述及视察甘肃重要讲话重要指示精神，银河期货始终 坚守国有企业社会责任，深耕乡村振兴帮扶一线。继去年与甘肃省静宁县古城镇柳沟村达成结对帮扶并 落地"银河点亮乡村"计划取得实效后，公司金融市场总部于10月底与村党支部开展"强化党建引领 凝聚 发展合力"主题党日活动，明确捐赠3万元专项资金，定向用于该村文化舞台建设，以文化赋能 ...