期货日报网讯（记者 肖佳煊）A股市场午后快速轮动，贵金属、保险、养殖板块涨幅居前，海南、燃 气、影视院线等板块调整。截至收盘，上证指数涨0.18%，深证成指收平，创业板指涨0.25%，市场全 天成交额为17427亿元。 能源金属、金属铅、金属锌等多板块涨超2%。同花顺数据显示，截至收盘，贵金属板块涨5.38%，黄金 概念板块涨1.22%。个股方面，中金黄金、晓程科技、赤峰黄金、山东黄金涨幅较大。国际金价方面， Wind数据显示，截至北京时间15:05，COMEX黄金期货涨0.7%，报4095.1美元/盎司；伦敦金现涨 0.61%，报4092.28美元/盎司。 中信建投研报称，中长期看，储能需求持续走强，锂电全产业链迎来一轮涨价，碳酸锂供需基本面得以 大幅改善。预计2026年全球锂资源供给208.9万吨，消费200.4万吨，在不考虑正极环节及贸易商补库情 形下，过剩仅8.5万吨，较2025年收窄，考虑产业链备库2026年将出现结构性短缺，锂价驱动由供给施 压转向需求驱动向上。 有色金属期货方面，同花顺数据显示，碳酸锂主连期货涨4.97%，工业硅主连期货涨4.68%，多晶硅主 连期货涨4.28%；沪金主连期货涨1 ...

Group 1 - The A-share market showed mixed performance with the Shanghai Composite Index down 0.04% and the Shenzhen Component Index down 0.32%, while the ChiNext Index rose by 0.12% as of the morning close on November 19 [1] - The market saw a significant trading volume exceeding 1.11 trillion yuan, indicating active trading [1] - The insurance sector experienced a notable increase, with China Life Insurance rising over 3%, and the banking sector also strengthened, highlighted by China Bank's 2.77% increase, reaching a historical high [1] Group 2 - Longjiang Securities noted that since the fourth quarter, bank stocks have regained upward momentum, with state-owned bank indices reaching new highs, reflecting ongoing accumulation by institutional investors [1] - The report emphasized that the market's short-term style factors and trading funds have not altered the systemic revaluation direction of bank stocks, suggesting that each adjustment provides an opportunity for accumulation [1] - Longjiang Securities also indicated that large state-owned banks are being strategically allocated with a focus on bond-like thinking and replacing non-standard assets, showing a more lenient tolerance for short-term dividend yields and performance growth compared to market expectations [2]

Core Viewpoint - The article highlights the role of Guoxin Futures in supporting rural revitalization through innovative financial tools, particularly the "insurance + futures" model, which provides risk management and stability for agricultural producers [1][2]. Group 1: Financial Tool Innovation - Guoxin Futures addresses the challenges of agricultural production by continuously innovating financial tools to create a risk "safety net" for specialty industries [2]. - In Anhui's Huo Qiu County, a chicken egg options project was launched, providing price protection for over 400 tons of eggs, successfully mitigating market volatility risks and stabilizing farmer incomes [2]. - The peanut industry in Xiangfu District received systematic financial support through the "insurance + futures" project, covering nearly 100,000 acres and establishing a dual risk defense system [2]. - As of mid-2025, Guoxin Futures has conducted over 150 "insurance + futures" projects, benefiting more than 80,000 farming households across various crops [2]. Group 2: Industry Deepening and Support - Guoxin Futures enhances rural industry vitality through comprehensive service across the entire industry chain, exemplified by its collaboration with Guangtan Rubber [3]. - The company continues to promote the "leading enterprise + off-market options" model to improve the quality and efficiency of the rubber industry [3]. - In the consumer support area, Guoxin Futures has maintained its "purchase instead of support" tradition, expanding sales channels for local agricultural products [3]. Group 3: Financial Knowledge Empowerment - Guoxin Futures has launched the "Blue Ocean Launch" financial knowledge classroom, educating farmers on price insurance and futures to stabilize their incomes [4]. - The training sessions have reached over a thousand participants through a combination of online and on-site teaching methods [4]. - The "project + training + signing" model has become a hallmark of Guoxin Futures' financial empowerment efforts, facilitating knowledge transfer and practical benefits for farmers [4].

供应增长乏力，需求"东升西稳" 2025年以来，全球天然橡胶市场受宏观不确定性、地缘风险、供给约束与气候变化等因素影响，价格走势跌宕起伏，泰 国天然橡胶（STR20）价格在1650～2160美元/吨区间运行。目前，市场正处于关键转折点，亟待形成新的交易逻辑，探 索可持续的动态平衡路径。 [宏观：周期、政策与汇率的联动] 天然橡胶的定价逻辑，根植于其独特的跨界属性：上游关联农业，受制于气候与地理，呈现鲜明的供给周期；下游绑定 工业，需求与宏观经济及制造业景气度高度同步。这一"农工一体"的产业链特征，使天然橡胶价格波动天然兼具农产品 的"供给弹性"与工业品的"需求弹性"，成为观测经济周期的重要微观指标。 当前，宏观层面正经历深刻的结构性转向。主要经济体货币政策分化、全球贸易格局重构及地缘风险常态化等因素，构 成了影响天然橡胶定价的新宏观范式。另外，能源转型与供应链区域化趋势叠加，使宏观因子的波动正以前所未有的强 度与复杂度向天然橡胶价格传导。因此，天然橡胶价格波动已越来越清晰地呈现出宏观驱动的特征。 全球经济弱复苏 天然橡胶需求与全球制造业景气度高度相关。IMF虽将2025年全球经济增长预期上调至3.2%，但欧元 ...

Core Insights - The collaboration between Xinhuh Futures and Guangdong Guangken Rubber Group has successfully provided price risk protection for the rubber industry in Guangdong through an innovative "order purchase + futures" model from 2022 to 2024 [1][2] - The "Stabilization Action" project in 2024 aims to provide price risk protection for 3,000 tons of natural rubber, covering over 690,000 acres and benefiting more than 2,000 rubber farmers, with a project amount of 52.65 million yuan [1] - The project has also been extended to 2025, with a cumulative insurance of 4,000 tons of natural rubber, contributing to the sustainable development of the local rubber industry [1] Business Model - The "order purchase + futures" model aims to provide sales channels for farmers while ensuring stable procurement channels for enterprises [2] - Guangken Rubber purchases natural rubber from farmers at market prices and buys out-of-the-market options from Xinhuh Ruifeng, allowing for potential profit distribution to farmers based on actual rubber output [2] - This model has resulted in a win-win situation, providing farmers with stable sales channels and additional income through secondary settlements, while ensuring stable raw material supply for enterprises [2] Economic Impact - From 2022 to 2024, Xinhuh Futures has hedged a total of 8,720 tons of natural rubber, providing 5.4889 million yuan in additional income to local rubber farmers through secondary settlements [2] - The successful collaboration serves as a replicable example for the futures industry to support the real economy, demonstrating the potential of financial tools to address industry pain points and offering risk management solutions for other agricultural products [2]

Core Insights - The article highlights how Tongzhou International Trade Group has effectively utilized financial tools to stabilize operations amidst commodity market volatility, serving as a model for financial empowerment in the cotton industry [1][2]. Group 1: Company Strategies - Tongzhou Group has implemented innovative models such as "right-trade" to enhance risk management capabilities for nearly 400 industry chain enterprises [1][2]. - The company has achieved a trading volume of over 200,000 tons in basis trade and nearly 80,000 tons in options operations from January to November 2024, demonstrating robust operational performance [2]. - The "right-trade" model has become a focal point for many industry clients, showcasing its effectiveness in real trade scenarios [2][3]. Group 2: Case Studies - In a case study, a cotton processing factory signed a basis purchase agreement for 1,000 tons, incorporating a call option with an execution price of 16,000 yuan/ton, which allowed the client to secure profits while managing price risks [3][4]. - Another case involved a yarn factory that utilized a put option with a strike price of 15,200 yuan/ton, effectively locking in procurement costs and avoiding a potential loss of 740,000 yuan when prices fell [4]. Group 3: Industry Impact - Tongzhou Group has taken the initiative to share its successful experiences and models with over 10 textile enterprises in Henan province, aiming to enhance the risk resilience of the entire industry chain [5]. - The company actively promotes the use of cotton futures and options tools across various regions, including Xinjiang and Guangdong, to educate industry partners on risk management [5]. - Moving forward, Tongzhou Group plans to deepen its application of futures and options tools while continuing to innovate its business models to better serve clients in the industry chain [5].

郑商所有关负责人表示，此次三方共同打造"产、学、研、用"一体化的校外实践教育基地，意义深远。 郑商所将积极提供实践机会、行业专家资源和品种业务知识，助力学生们开阔视野、提升实践能力。同 时，借助华中农业大学深厚的科研实力和人才优势，以及中信建投期货丰富的行业服务经验，共同探索 产学研协同创新，推动期货知识普及，深化市场服务的新举措、新模式。 座谈会上，郑商所、华中农业大学与中信建投期货三方就合作落地细节展开深度研讨。围绕"郑商所 杯"、期货知识进校园、共建课程、产业调研及实习实践等核心议题，各方分别在会上分享了创新做法 及具体实施路径，旨在共同推动期货知识走进校园，全面锤炼大学生的创新思维与实战能力，为期货行 业高质量发展筑牢人才根基。 展望未来，上述各方表示，将以此次合作为契机，在知识普及、"郑商所杯"、实习实践、人才培养和期 货市场研究等方面开展更深层次的合作，使校外实践教育基地成为连接期货市场与学术研究的坚实纽 带，成为培养期货人才与产业精英的成长摇篮，努力为我国期货市场培养更多理论知识扎实、实践能力 突出的复合型期货人才。 华中农业大学、郑商所、中信建投期货共建校外实践教育基地 11月17日，"华中农 ...

本报讯 11月18日，广期所发布通知称，自2025年11月20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一点二，日内平今仓交易手续费标准调整为成交金额的万分之一点 二。（齐宣） ...

Core Points - Xi Jinping emphasized the importance of comprehensively advancing the rule of law in China, highlighting the integration of party leadership, people's sovereignty, and rule of law as essential components for building a socialist legal system [1][2] - The recent Central Comprehensive Rule of Law Work Conference aimed to implement Xi's directives and further develop the legal framework necessary for high-quality development and social justice [2][3] Group 1 - The overall framework for comprehensively advancing the rule of law in China has been fundamentally established since the 18th National Congress of the Communist Party, with continuous improvements to the socialist legal system [1] - Xi Jinping's thoughts on the rule of law are deemed essential for guiding the long-term implementation of comprehensive rule of law in the new era [2] - The meeting underscored the need for a more complete legal norm system and the promotion of a law-based government to ensure social fairness and justice [3] Group 2 - The conference called for a focus on scientific legislation, strict law enforcement, fair justice, and universal law observance to create a new landscape for the construction of a rule-of-law China [3] - Key officials from various provinces and central departments participated in the meeting, indicating a broad commitment to advancing the rule of law across different levels of governance [4]

Core Insights - Lin Hai, a seasoned trader with 20 years of experience, emphasizes the importance of understanding macro policies and market dynamics in trading, leading to his recognition in the high-net-worth group and as an outstanding trader in polysilicon futures and options [1] Group 1: Trading Philosophy - The core of Lin Hai's trading philosophy is to "grasp the big contradictions," focusing on major market trends rather than minor fluctuations [2] - He transitioned from stock trading to futures, realizing that both markets share the same profit and loss sources, and that significant profits come from major market movements [2] Group 2: Market Opportunities - Lin Hai identified a key opportunity in the polysilicon market, where prices rose from 30,000 yuan/ton to 50,000 yuan/ton, by recognizing that the industry was at a loss and that the "anti-involution" policy would support high-quality development [3] - He noted that the price of polysilicon had fallen below the cost line, indicating a potential for recovery as the industry aimed for higher quality [3] Group 3: Risk Management - Lin Hai advocates for a diversified investment strategy, limiting exposure to any single commodity to no more than 10% to mitigate risks from unexpected market events [4] - His approach combines long-term strategic views with short-term tactical adjustments, focusing on maintaining a comfortable mental state while trading [4]