Core Insights - The approval of platinum and palladium futures and options by the China Securities Regulatory Commission marks a significant step in the development of China's platinum group metals derivatives market, providing authoritative price signals and risk management tools for the green low-carbon industry [1] - Platinum and palladium are essential materials for various green industries, including automotive catalytic converters, hydrogen energy, and chemical applications, highlighting their strategic importance in the context of China's carbon neutrality goals [1][2] Supply and Dependency - China's dependence on imports for platinum and palladium remains significant, with 56% and 29% of its supply coming from abroad, primarily from South Africa and Russia [2][3] - The domestic supply of platinum and palladium is limited, with only a few small-scale mines in regions like Yunnan, Sichuan, and Qinghai, which poses challenges for developing a competitive mining sector [2] Recycling and Sustainability - The recycling system in China plays a crucial role in supplementing limited primary resources, with recycled platinum and palladium accounting for approximately 96% of total production in 2024 [3] - The foreign dependency for platinum has decreased from 61% in 2020 to 56% in 2024, while palladium's dependency has dropped from 43% to 29%, indicating improved supply security [3] Consumption Trends - China is the largest consumer of platinum and palladium globally, with consumption shares of 26% and 23% respectively in 2024, driven by applications in clean transportation and low-carbon industries [4][5] - The consumption structure for platinum is shifting, with a decline in jewelry usage from 42% in 2020 to 21% in 2024, while the automotive sector's share has increased from 10% to 28% during the same period [5][6] Industrial Applications - The demand for platinum and palladium is transitioning from being predominantly driven by the automotive sector to a more diversified industrial application, reflecting the broader green transition [6][7] - The growth of plug-in hybrid vehicles is expected to support platinum demand, countering declines in traditional fuel vehicle sales, with platinum consumption in automotive catalytic converters reaching 28% in 2023 [6][7] Future Outlook - As China's dual carbon goals advance, the applications of platinum and palladium in green industries are expected to expand, further solidifying their role as critical resources for high-quality economic development [7]

通知还称，自2025年11月24日交易时起，非期货公司会员或者客户在碳酸锂期货LC2601合约上单日开 仓量不得超过500手，在碳酸锂期货LC2602、LC2603、LC2604、LC2605合约上单日开仓量不得超过 2000手。该单日开仓量是指非期货公司会员或者客户当日在单个合约上的买开仓数量与卖开仓数量之 和。套期保值交易、做市交易的单日开仓数量不受上述标准限制。具有实际控制关系的账户按照一个账 户管理。（齐宣） 本报讯广期所20日发布通知称，自2025年11月24日交易时起，碳酸锂期货LC2601合约的交易手续费标 准调整为成交金额的万分之三点二，日内平今仓交易手续费标准调整为成交金额的万分之三点二；碳酸 锂期货LC2602、LC2603、LC2604、LC2605合约的交易手续费标准调整为成交金额的万分之一点六， 日内平今仓交易手续费标准调整为成交金额的万分之一点六。 （文章来源：期货日报网） ...

Core Viewpoint - The Shanghai Futures Exchange will launch a pricing section for aluminum trading at the Guangxi Aluminum Trading Center starting from November 21, 2025, which will include aluminum ingots, alumina, casting aluminum alloys, and aluminum bars [1] Group 1 - The launch date for the new pricing section is set for November 21, 2025 [1] - The types of products to be quoted include aluminum ingots, alumina, casting aluminum alloys, and aluminum bars [1]

Core Insights - The article discusses how Huishang Futures has assisted Anhui Huishang Group Material Co., Ltd. in successfully implementing ethylene glycol hedging practices to manage price risks associated with commodity price fluctuations [1][4]. Group 1: Company Overview - Anhui Huishang Group Material Co., Ltd. is a wholly-owned subsidiary of Anhui Huishang Group, specializing in the operation of production materials, covering areas such as metal materials, warehousing logistics, processing and distribution, and supply chain services [1]. - The company aims to become a leading comprehensive trading platform and integrated service provider in Anhui, East China, and nationwide [1]. Group 2: Risk Management Practices - In response to the challenges posed by ethylene glycol price volatility, the company sought effective risk management strategies using futures and derivative tools [1]. - Huishang Futures established a project service team in the second half of 2023 to provide comprehensive support, including professional training, management system development, and organizational structure setup [2]. Group 3: Training and System Development - Huishang Futures organized tailored training courses covering futures basics, hedging operations, software usage, delivery processes, and market research, significantly enhancing the professional skills of the company's personnel [2]. - The project service team assisted in developing the operational guidelines for hedging, which included principles, responsibilities, business processes, fund management, risk monitoring, and confidentiality [2]. Group 4: Implementation of Hedging Business - After completing the system setup and obtaining necessary approvals, the company officially launched its ethylene glycol hedging business in December 2023, primarily using a sell hedge model [3]. - From December 2023 to April 2024, the company executed five hedging operations with a total hedged volume of 2,500 tons, achieving a cumulative profit of 129,800 yuan from futures operations [3]. Group 5: Impact and Future Prospects - The successful implementation of hedging practices has allowed the company to establish a comprehensive price risk management system, enhancing operational stability and market competitiveness [4]. - The experience gained from this project has provided a replicable model for other state-owned enterprises in Anhui to engage in futures markets in a compliant and stable manner [4].

唐翠婷认为，今年我国前三季度实际GDP累计同比增长为5.2%，为实现全年5%的增长目标奠定了坚实 基础，显示出当前我国经济运行具备较强韧性。通胀层面，价格数据呈现边际回升迹象，其中PPI同比 降幅连续三个月收窄，核心CPI同比增速连续六个月回升，CPI同比增速连续两个月边际改善，"反内 卷"政策的积极效应逐步显现，LPR保持稳定的合理性进一步提升。 展望后市，唐翠婷预计，临近年末且我国经济韧性仍存，年内再次降息的概率较低，但随着国内增长动 能边际放缓、外部约束逐步减弱，2026年LPR仍有下降空间。后续，需重点关注11月宏观经济数据、12 月美联储议息会议及年末中央经济工作会议等关键节点。若经济稳增长压力持续，叠加外部约束放松， LPR下行概率将显著提升。 建信期货宏观研究员冯泽仁告诉记者，从政策背景来看，央行发布的三季度货币政策执行报告虽没改 变"稳健宽松"的总基调，但特别强调了"做好逆周期和跨周期调节"。这一表述暗示货币政策重心从单纯 的总量宽松转向结构性发力，兼顾短期稳增长与中长期防风险。因此，年底前的货币政策工作重心将是 加快5000亿元寄存限额等准财政政策的落地，托底年内经济。2026年是"十五五" ...

谈及提高上市公司质量，证监会副主席李超表示 四是当好积极回报投资者的表率。上市公司与投资者是命运共同体，为投资者创造长期回报是上市公司 发展绕不开的"必答题"。要树立"投资者为本"的理念，建立有效的沟通机制，在与投资者互利共赢中实 现可持续的高质量发展。 李超还表示，作为全国性的自律组织，中国上市公司协会要在提升专业服务质量上展现新作为，在培育 健康市场生态上实现新突破，在强化内外联动上凝聚新合力，更好促进上市公司高质量发展。 中国上市公司协会会长宋志平表示，近年来，中国上市公司协会积极发挥自律管理作用，在服务监管、 服务行业、服务会员等方面有序推进各项工作。一是完善公司治理，引导规范运作；二是聚焦"关键少 数"，搭建多维度培训体系；三是推动多措并举活跃并购重组市场；四是着力帮助提高上市公司风险识 别、评估、化解、处置能力；五是健全投资者保护机制，强化投资者保护实效；六是加强新闻宣传和舆 论引导，为上市公司发展创造良好舆论环境。未来，期待各优秀上市公司发挥"头雁效应"和引领作用， 协会将立足"服务、自律、规范、提高"的工作宗旨，继续发挥桥梁纽带作用，与上市公司携手为资本市 场高质量发展贡献力量。 （文章来源： ...

Core Insights - The first China Wood Industry High-Quality Development Conference was held in Dalian, focusing on the theme "Linking Futures to Connect the Future" and gathering over 600 representatives from various sectors [1] Industry Changes - The wood industry is a crucial raw material for national economic construction and green development, with its scale growing from hundreds of billions to over ten trillion yuan [2] - China has become the world's largest producer, consumer, and trader of wood and wood products, exporting to over 180 countries and regions [2] - The launch of log futures and options has shown initial success in enhancing the international influence of China's wood market, with a total trading volume exceeding 7.8 million contracts and a transaction value of 464 billion yuan in the past year [2][3] Standardization and Efficiency - Log futures have significantly contributed to the establishment of a unified national market by addressing long-standing issues with inconsistent measurement standards [3] - The introduction of national standards for log measurement has improved efficiency by over five times compared to traditional methods [3] - The promotion of standardized measurement practices has helped enhance the overall efficiency and standardization of the industry [4] Risk Management - Companies are increasingly focusing on the hedging functions of log futures to stabilize their revenues and manage risks effectively [5][6] - Different levels of risk management strategies are available for companies, ranging from basic hedging to advanced options strategies [6] Import Trade Dynamics - The attitude of foreign exporters towards log futures has shifted dramatically, leading to a more dynamic pricing model and improved negotiation power for domestic importers [8][9] - The introduction of log futures has allowed domestic importers to reference market prices in negotiations, enhancing their bargaining power [10] Future Outlook - There is a strong expectation for the future development of the wood industry and log futures, with plans to enhance the integration of the wood industry chain and supply chain [11] - The Dalian government aims to establish a Northeast Asia wood distribution and deep processing base, promoting the export of wood products [11] - The Dalian Commodity Exchange plans to optimize products and enhance the global influence of "Chinese prices" while promoting a modernized wood industry circulation system [12]

Group 1 - The core viewpoint emphasizes the integration of party leadership into business operations, aiming for high-quality development in the futures industry through various practical outcomes [1] - The company has established a collaborative model of "Party Building + Industry + Assistance" to enhance its competitive advantage and support rural revitalization and compliance construction [1] - The company is actively aligning with national strategic needs, particularly in green finance, and is involved in innovative products like recycled metal futures to help industry chain enterprises achieve carbon neutrality goals [1] Group 2 - The company is leveraging technology to upgrade its service ecosystem by collaborating with professional technical teams to create a WeChat ecological service system that covers trading, information, and investor education [2] - Compliance and risk control are viewed as foundational for the company's development, with initiatives like financial knowledge outreach and fraud prevention to protect investors [2] - The company aims to continuously promote the integration of party building and business, driving service upgrades through digital transformation while supporting the real economy and rural revitalization [2]

Group 1 - The People's Bank of China (PBOC) announced that the one-year Loan Prime Rate (LPR) remains at 3.0% and the five-year LPR at 3.5%, effective until the next announcement [1] - Analyst Wang Qing from Dongfang Jincheng noted that the stability of the LPR in November aligns with market expectations after a significant drop of 25 basis points in October [1] - The PBOC is expected to maintain a supportive monetary policy stance through 2025, with flexibility to adjust rates as needed to support economic recovery and respond to external trade conditions [1] Group 2 - Goldman Sachs has revised its forecast for China's monetary policy, now predicting a reduction in reserve requirement ratios and interest rates in the first quarter of 2026, delayed from the previous estimate of the fourth quarter of 2025 [2] - The expectation for a 10 basis point interest rate cut has been postponed from the second quarter to the third quarter of 2026 [2]

曾多认为，他本次获胜的关键是节奏控制与仓位管理。据曾多介绍，他主要采用"跨周期趋势+宏观择 时"的结构化交易体系。据了解，他本次大赛的主要收益来自两次操作：一是年中美股指数回踩200日均 线时，分三步做多标普指数期货。二是纳斯达克100指数期货的波段交易。当时，他观察到美股市场情 绪很悲观，而期权市场的Put/Call比率显示避险情绪已达到极端水平，上市公司回购窗口集中开启又提 供了潜在支撑。基于这一分析，他建立了多头头寸，并在波动率下降过程中通过卖出看涨期权增厚收 益。他认为，获胜的关键不是判断方向，而是把握节奏。 曾多表示，每月复盘后，他会兑现10%的浮盈，避免"纸上富贵"。仓位管理方面，他只在盈利回调20% 且信号强化时选择加仓（最多两次），在价格触及止损位或基本面发生逆转时选择减仓。 曾多的主要交易品种是芝商所的E-mini S&P 500期货、E-mini?Nasdaq-100期货及对应的期权合约。他选 择品种的主要依据是熟悉度、波动性和产业链信息。他会密切跟踪美联储会议纪要、科技巨头财报和 VIX期货曲线。 在捕捉交易机会方面，曾多采用的是宏观面定方向、技术分析择时机、期权波动率控风险的三维分析方 ...