Group 1: Strategic Focus in Asia-Pacific - The company aims to enhance revenue by focusing on mature markets like Australia, China, Japan, South Korea, and Singapore, while also exploring emerging markets such as Malaysia, Thailand, and Vietnam through partnerships with local exchanges [1][2] - Russell emphasizes the importance of understanding the diverse commercial ecosystem in the Asia-Pacific region, which includes both developed economies and rapidly growing emerging markets [1][3] Group 2: Engagement with China - China is identified as a key market, with Russell noting the warm reception and openness from Chinese institutions during his visits [2][7] - The demand for risk management in China is similar to other markets, driven by the need for diversified products and high liquidity to manage price volatility [2][4] Group 3: Growth in Retail Trading - The company has seen a significant increase in retail traders, with over 90,000 new retail traders joining in the second quarter, marking a 56% year-on-year growth [3][4] - The average daily trading volume of micro contracts reached a record 4.1 million contracts, indicating strong product appeal to a broader user base [3][4] Group 4: Record Market Performance - The average daily trading volume surpassed 30 million contracts for the first time, with a 16% year-on-year increase in the second quarter [4][5] - International business also performed well, with an 18% year-on-year increase in average daily trading volume, reaching 9.2 million contracts [4][5] Group 5: Risk Management and Market Integrity - The company has established a multi-layered risk control system to ensure market security during periods of volatility, including price limits and circuit breakers [5][6] - The use of a velocity logic monitoring system helps track abnormal price fluctuations with millisecond precision [6] Group 6: Collaboration with Local Exchanges - The company maintains a philosophy of close cooperation with local exchanges to expand market services, exemplified by the mutual offset system with the Singapore Exchange [6][7] - This system allows traders to access liquidity from both exchanges, reducing cross-border trading costs [6] Group 7: Focus on Battery Components and Green Economy - The company has launched futures for cobalt, lithium hydroxide, and lithium carbonate to address the growing risk management needs in the electric vehicle sector [8][9] - The electric vehicle market in China is highlighted as a significant driver for demand in battery component risk management tools [7][8] Group 8: Educational Initiatives - The company is actively involved in investor education, conducting seminars and producing educational materials to enhance understanding of derivatives among market participants [11][12] - Collaborations with local institutions aim to deepen knowledge of global markets and improve risk management capabilities [11][12]

Core Viewpoint - The recycled aluminum industry is becoming a key area for global green transformation, with the global recycled aluminum market expected to reach $54.8 billion in 2024 and exceed $112.5 billion by 2034, growing at an annual rate of 7.5% [1]. Market Overview - The global recycled aluminum market is projected to grow from $54.8 billion in 2024 to $58.2 billion in 2025, reflecting a year-on-year increase of 6.2% [5]. - The demand for recycled aluminum is primarily driven by the lightweighting in transportation and green infrastructure, contributing 26% to global demand growth [6]. Policy and Regulatory Environment - The Chinese government is enhancing the planning of the recycled resource recovery system, aiming to establish a comprehensive recycling infrastructure by 2025, with a target of over 450 million tons of annual utilization of nine major categories of recycled resources [5]. - The EU has initiated monitoring of waste metal trade to address the crisis of strategic raw material outflow, covering 40% of the total trade volume of circular economy materials [11]. Trade Dynamics - The global waste aluminum trade is undergoing a structural reorganization, with Thailand emerging as the largest buyer of U.S. waste aluminum, and Southeast Asia becoming a new hub for recycling and processing [8][11]. - The shift from a cost-arbitrage driven model to a regional collaboration model is evident, as China transitions from a net importer to a dominant player in internal circulation [10]. Historical Context - China's waste aluminum import peaked at 1.2 million tons in 2004, but by 2018, imports had plummeted to 157,000 tons due to stricter quality standards and a focus on domestic recycling [7]. - The domestic recycling rate of waste aluminum has increased significantly, with a recovery volume surpassing 9 million tons in 2020, and the share of recycled aluminum in raw material supply rising from less than 40% to over 80% [7]. Future Outlook - By 2025, China's recycled aluminum production is targeted to reach 11.5 million tons, a 54% increase from 7.45 million tons in 2020, with domestic waste aluminum recovery expected to rise to 11.06 million tons by 2024 [15]. - The ongoing demand surge in Southeast Asia, coupled with resource protection policies in Europe and the U.S., is likely to constrain waste aluminum imports, maintaining strong prices for recycled aluminum [15].

Core Insights - The Guangdong futures market is poised for significant development opportunities, particularly with the introduction of the "Nansha Financial 30 Measures" aimed at enhancing the futures industry in Nansha [1][4] - Nansha is positioned as a key area for financial innovation and collaboration between mainland China and Hong Kong, facilitating the "dual circulation" development strategy [2][3] Group 1: Development Opportunities - The "Nansha Financial 30 Measures" encourages deep participation from Hong Kong and Macau financial sectors in Nansha's financial reforms, creating a high ground for financial innovation [3][4] - Nansha's futures industry park, set to be completed by September 30, will cover approximately 47,000 square meters and serve as a national hub for futures institutions and international financial services [6][5] Group 2: Strategic Positioning - Nansha's geographical advantages, being close to manufacturing hubs like Foshan and Dongguan, enhance its role in serving a trillion-level manufacturing cluster [3][7] - The region is expected to become a pivotal area for risk management in Guangdong, allowing local enterprises to better utilize futures tools for stability in raw material and finished product circulation [7][8] Group 3: Financial Ecosystem - The Nansha futures industry park aims to create a comprehensive service ecosystem integrating finance, exhibitions, and business, enhancing international financial cooperation [6][8] - The park is seen as a "converter" and "amplifier" for the futures market, transforming it into a tangible service platform for the real economy [8][9] Group 4: Challenges and Recommendations - Despite the opportunities, challenges remain, such as the high operational costs in Hong Kong, which may deter businesses from establishing branches in Nansha [9][10] - Recommendations include leveraging Hong Kong's financial advantages while utilizing Nansha's resources to maintain international competitiveness [9][10]

Core Viewpoint - The company, State Grid Yingda Risk Management (Shenzhen) Co., Ltd., is committed to enhancing its core competitiveness and adapting to industry changes while focusing on serving the real economy and deepening its involvement in the power energy industry chain [1][4]. Group 1: Business Development - The company successfully executed its first coal agency sales business, supplying 10,000 tons of coal to a central enterprise power plant, demonstrating its capability in demand matching and efficient delivery [2]. - The company emphasizes compliance with industry regulations and has established a seamless process from demand connection to final delivery, ensuring robust support for energy supply [2][3]. Group 2: Collaborative Efforts - The successful execution of the first order is seen as a breakthrough in the agency sales sector, highlighting the company's role as a bridge connecting upstream and downstream partners [3]. - The company has implemented a mature risk management system to anticipate potential supply chain risks and develop proactive response strategies, ensuring smooth collaboration across the industry chain [3]. Group 3: Future Commitment - The company aims to continue its mission of serving the power grid's main responsibilities and enabling collaborative development within the industry chain, focusing on optimizing supply chain efficiency [4]. - The company is dedicated to building a modern industrial ecosystem that promotes green development and industrial upgrading, striving to set new benchmarks in the energy service sector [4].

本报讯 8月27日，郑商所发布公告称，根据《郑州商品交易所做市商管理办法》等相关规定，经严格评 审，确定了丙烯期货做市商名单，分别为东证润和资本管理有限公司、国投国证投资（上海）有限公 司、中信建投证券股份有限公司、中信中证资本管理有限公司、广发商贸有限公司、申银万国智富投资 有限公司、浙江浙期实业有限公司、华泰长城资本管理有限公司、银河德睿资本管理有限公司、五矿产 业金融服务（深圳）有限公司、浙江南华资本管理有限公司、国元投资管理（上海）有限公司。（齐 宣） （文章来源：期货日报网） ...

近日，在青岛由银河期货举办的"焦煤产业链风险管理交流会"上，行业专家、资深分析师和产业企业代 表围绕新形势下焦煤市场的机遇与挑战进行了探讨。与会人员分享了焦煤期货如何利用期货工具进行风 险管理和创新业务模式，以便帮助产业链上下游企业更精准地把握市场脉搏，应对经营风险。 "面对如此困境，该厂经过深入调研和仔细研判，认为市场下行趋势短期内难以逆转。为有效应对风 险，企业决定借助焦煤期货进行库存保值套保。在4月初，企业以当时相对高位的期货价格卖出一定数 量的焦煤期货合约，与自身库存规模相匹配。进入5月，焦煤现货价格如预期般地继续走低，企业在现 货市场的库存遭受亏损，然而，其提前布局的期货空头头寸却实现了可观盈利。"宁波浮沉矿业有限公 司总经理杜梦华说。 杜梦华告诉期货日报记者，此次成功的套期保值，凸显了焦煤期货对煤焦企业的积极作用。它为企业提 供了价格风险规避的渠道，让企业在复杂多变的市场环境中得以稳定经营，保障了现金流的正常运转。 同时，焦煤期货价格的发现功能，为企业生产经营决策提供了重要参考，助力企业合理安排生产、采购 与销售计划，提升了企业在市场中的竞争力与抗风险能力。 今年以来，国内焦煤供给受多重影响。7月 ...

从数据来看，绿醇项目的爆发态势直观可见。据《中国石油石化》统计，截至2025年8月，国内已签约/ 备案的绿醇项目达173个，规划产能合计5346万吨/年。其中，2025年上半年，新增绿醇项目就有51个， 年内将有65万吨/年的产能落地投产，这一增速远超行业此前预期。 在金联创网络科技有限公司化工行业主编荆常婷看来，这一现象背后是全球能源转型的迫切需求。当 前，全球航运业正面临前所未有的脱碳压力，欧盟即将征收碳边境税，国际海事组织（IMO）2050 年 要达到净零排放；国内传统能源企业与新能源巨头也纷纷开启战略转型之路。 绿色甲醇（下称绿醇），作为低碳能源领域的"潜力股"，正凭借可替代化石燃料、储运便捷以及与现有 设施兼容等突出优势，在全球能源转型浪潮中崭露头角，成为关键发展方向之一。期货日报记者了解 到，2025年，国内绿醇项目迎来爆发式增长。 采访中，记者了解到，绿醇产业的快速发展，离不开政策与市场的双重助推。 荆常婷介绍，政策层面，国内已形成清晰的支持导向。国家发展改革委将"电解水制氢耦合二氧化碳合 成绿色甲醇"列为鼓励类项目；国家能源局已启动《绿色甲醇》行业标准编制，拟结合我国实际分级分 档，研究将生物 ...

Core Insights - The article discusses the transformation of companies in the agricultural sector, particularly in the pig and egg industries, through the use of futures tools to manage price risks effectively [1][5]. Group 1: Shanxi Jinrun Food - Shanxi Jinrun Food processes one million pigs annually and has established a complete industrial chain from breeding to sales, but has faced challenges due to the volatility of pig prices [2][3]. - The company experienced significant price fluctuations, with pig prices dropping below 10 yuan/kg in 2021, rising above 20 yuan/kg in 2022, and then falling again in 2023, leading to unstable profits [2][3]. - In 2023, the company joined the "Qifeng Plan," which provided professional guidance, helping them improve their risk management mechanisms and experience in hedging [3][4]. - By participating in the "Qifeng Plan," Shanxi Jinrun Food learned to use futures contracts to hedge against price risks, successfully implementing a strategy to lock in profits and manage inventory risks [4][3]. - The company has established a cross-departmental futures decision-making group, enhancing communication and making futures hedging a regular operational tool [4]. Group 2: Wuhan Huludang - Wuhan Huludang, a chicken egg trading company, faced price volatility risks and sought new risk management strategies as the egg industry modernized [5][6]. - The company initially relied on spot trading but found it ineffective against price fluctuations, prompting them to explore futures tools after learning about the "Qifeng Plan" [5][6]. - In 2023, Wuhan Huludang participated in the "Qifeng Plan," completing six hedging operations that generated approximately 150,000 yuan in profits, partially offsetting losses from the spot market [6][7]. - The experience gained from these operations has significantly increased the company's confidence in using futures tools, leading to a gradual increase in their hedging ratio [6][7]. - The company plans to deepen its understanding of the futures market and promote risk management awareness among industry partners [7].

Group 1: Agricultural Products Overview - The Ministry of Agriculture and Rural Affairs forecasts that the prices of live pigs and pork are expected to gradually stabilize in the future [2] - The domestic supply of early indica rice and regrowth rice is abundant, leading to a weak trend in rice prices [1] - Domestic wheat prices are expected to remain stable due to sufficient supply and reduced demand from flour consumption and feed enterprises [1] - The domestic corn market is in a tight balance, with prices expected to run steadily with a slight upward bias [1] - Domestic soybean prices are anticipated to remain stable as the market is in a seasonal consumption lull [1] Group 2: Specific Crop Insights - Cotton prices are expected to fluctuate due to declining commercial stocks and weakened textile consumption [2] - Domestic oilseed prices are projected to remain stable, while Canadian canola prices may trend slightly lower [2] - Sugar prices are expected to remain stable domestically, but international sugar prices may weaken due to increased supply from Brazil and favorable weather in Thailand and India [2] - The short-term pork market is characterized by ample supply, but prices are expected to weaken due to adverse weather affecting transportation and consumption [2]

（文章来源：期货日报网） 本报讯 "工信微报"官方公众号27日消息，工业和信息化部近日印发《关于优化业务准入促进卫星通信 产业发展的指导意见》（下称《指导意见》），提出到2030年，卫星通信管理制度及政策法规进一步完 善，产业发展环境持续优化，各类经营主体创新活力充分迸发，基础设施、产业供给、技术标准、国际 合作等综合发展水平显著提升，手机直连卫星等新模式新业态规模应用，发展卫星通信用户超千万，推 动卫星通信充分融入新发展格局，有力服务经济社会高质量发展。 《指导意见》围绕促进卫星通信产业高质量发展，从有序扩大市场开放、持续拓展应用场景、培育壮大 产业生态、优化电信资源供给、加强卫星通信监管、提升协同推进合力等六方面提出19条思路举措。 （齐宣） ...