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 ...

Core Viewpoint - Shanxi Sanli Futures Co., Ltd. actively responds to the call of the China Securities Regulatory Commission and the China Futures Association by engaging in educational support and party-building activities in Pinglu County, contributing to rural revitalization through practical actions [1][13]. Group 1: Party Building and Support Mechanism - The company signed a "Pairing Assistance Agreement" with the local village committee to establish clear support directions and cooperation mechanisms, laying a solid foundation for ongoing assistance [2]. - A "Party Building Cooperation Agreement" was also signed between the company's party branch and the local village party branch, aiming to deepen cooperation in political thought exchange, party organization construction, and strict governance [2]. Group 2: Educational Support Initiatives - A donation ceremony was held at the Changle Central School, attended by local education officials and representatives from the company, highlighting the positive impact of the initiative on local education and grassroots party building [5]. - The company donated 13 types of sports equipment, including hurdles, basketballs, and footballs, to enrich students' extracurricular activities, and provided scholarships to 27 underprivileged students to alleviate their financial burdens [9]. Group 3: Corporate Social Responsibility - The initiative reflects the company's commitment to social responsibility and its role in supporting national strategies, focusing on education as a foundational element in rural revitalization [11][13]. - The company aims to continue its support for Pinglu County, enhancing cooperation in education and improving livelihoods, thereby increasing its effectiveness in serving national strategies [13].

Core Insights - The event "DCE·Industry Action" focused on the role of commodity options in empowering the high-quality development of the real economy in Anhui, attracting over 50 representatives from industry enterprises and futures professionals [1] Group 1: Commodity Options Development - Since the launch of the first domestic commodity option, soybean meal options, on March 31, 2017, the Dalian Commodity Exchange (DCE) has continuously enriched its variety system and optimized contract rules [1] - As of October 2025, DCE has listed 18 option varieties, with 12 of them open to external trading [1] - In the first ten months of 2025, the average daily trading volume of DCE options reached 1.73 million contracts, and the average daily open interest was 3.02 million contracts, representing year-on-year increases of 51% and 28% respectively [1] - Among the various sectors, agricultural product options showed remarkable performance, with an average daily trading volume of 980,000 contracts, accounting for 57% of the total trading volume of DCE options [1] Group 2: Market Quality Improvement - To better serve the real economy, DCE has implemented a series of rule optimization measures in the past two years, including the "near dense, far sparse" listing rule, which has led to a 25% reduction in the number of option contracts while improving the quality of far-month contracts [2] - Starting from December 2024, DCE will extend the last trading day for options from the 5th trading day before the delivery month to the 12th trading day, allowing options to cover the futures contract cycle for a longer period [2] - This measure has resulted in an average daily increase of about 2% in open interest during the extended trading period [2] Group 3: Risk Management Strategies - The application of option strategies for precise risk management was highlighted, with examples shared by industry professionals on how to utilize options to protect inventory and manage price risks effectively [3][4] - The concept of "含权贸易" (option-inclusive trade) was introduced, allowing upstream companies to lock in minimum sales prices while managing risks associated with price fluctuations [3] - Downstream companies can also use option-inclusive contracts to cap procurement costs, demonstrating the versatility of options in managing price risks across the supply chain [4] Group 4: Future Developments - DCE plans to continue enriching its option varieties and tools, with a focus on the upcoming launch of coking coal options and preparations for the listing of soybean meal and corn series options [5] - The exchange will also keep optimizing option contract rules and enhancing market cultivation and promotion to better fulfill the functions of the options market [5]

Core Viewpoint - The training session organized by the Guangxi Futures Exchange aims to enhance the utilization of futures derivatives in the renewable energy sector, addressing market risks faced by companies in Jiangsu Province [1][2] Group 1: Training Objectives and Content - The training session involved nearly 100 participants from renewable energy companies and futures firms, focusing on the role of the futures market in supporting green transformation and new productivity [1] - Experts from various organizations provided insights on market supply and demand, methods for utilizing futures derivatives, practical examples of futures trading, and risk management frameworks [1] - The Guangxi Futures Exchange presented information on its product operations and hedging services to the attending companies [1] Group 2: Market Risks and Needs - Jiangsu Province, a hub for renewable energy industries like photovoltaics and lithium batteries, faces multiple market risks, including supply-demand mismatches and price volatility of raw materials and finished products [1] - Companies expressed the need for futures risk management tools to ensure stable operations amid uncertainties in internal and external policies [1] Group 3: Future Initiatives - The Guangxi Futures Exchange plans to strengthen communication with local governments and enhance collaboration with regulatory bodies and other exchanges [2] - The exchange aims to promote risk management concepts and implement training and service measures to empower the green low-carbon transition in the renewable energy sector [2]

Core Insights - The article highlights the success of a participant, Shi Zhihao, in the 19th National Futures (Options) Trading Competition, attributing his achievement to a multi-dimensional and systematic execution of quantitative strategies [1] Group 1: Strategy and Execution - Shi Zhihao emphasizes the importance of stable execution and risk control in his trading strategy, stating that there were no "brilliant" trades, but rather a consistent performance from the strategy combination [2] - The strategy involves diversified allocation across different products, cycles, and strategies to mitigate extreme risks associated with single strategies, especially in a volatile market [2] - The trading framework covers approximately 70 products without subjective selection, relying on a quantitative system for opportunity identification [2] Group 2: Experience and Adaptation - Shi Zhihao's journey into quantitative trading began in 2016, initially motivated by arbitrage opportunities in graded funds, leading to a discovery of the appeal of quantitative trading through backtesting [3] - He faced significant challenges from mid-2022 to early 2023, experiencing a prolonged drawdown that led him to question the effectiveness of quantitative strategies [3] - The crisis prompted him to develop a multi-strategy hedging system, focusing on risk budgeting and absolute risk value assessment, shifting his focus from maximizing returns to ensuring survival [3] Group 3: Philosophy and Future Plans - The trading philosophy centers on engaging in activities with positive expected value, emphasizing the importance of a solid logical foundation rather than predicting short-term market fluctuations [3] - Future plans include optimizing risk control and multi-asset allocation, such as reallocating futures profits into stocks and bonds to reduce market risk [4] - Shi Zhihao advises new traders to adopt a quantitative framework to counteract emotional weaknesses, starting with small positions and focusing on the robustness of strategy logic [4]

Group 1 - The National Bureau of Statistics of China will announce the prices of important production materials in circulation as of mid-November, covering nine categories and 50 products [1] - The People's Bank of China is expected to roll over 900 billion MLF (Medium-term Lending Facility) on November 25, with the specific amount depending on market demand [2] - The U.S. Labor Department will release the Producer Price Index (PPI) for September, with expectations of a year-on-year increase of 2.7%, slightly up from the previous value of 2.6% [3] Group 2 - The U.S. Commerce Department will announce the PCE price index for September, with expectations for the year-on-year rate to remain at 2.7% and a slight increase in the month-on-month rate to 0.3% [4] - The U.S. Commerce Department will also release the revised GDP for the third quarter, with expectations of a downward revision to 3.0% from the initial estimate of 3.8% [5] - The Federal Reserve will publish its Beige Book on economic conditions, which will be closely monitored for its impact on related futures prices [6] Group 3 - The Guangzhou Futures Exchange has announced the listing of platinum and palladium futures and options, with trading set to begin on November 27 and 28, 2025, respectively [7] - The National Bureau of Statistics and the China Logistics Purchasing Federation will release the official manufacturing and non-manufacturing PMIs for November, with expectations of slight declines in both indices [8][9] - The 40th OPEC and non-OPEC ministerial meeting will take place on November 30, with attention on the outcomes and their potential impact on oil and related commodity futures prices [9]