国铁集团11月17日发布的数据显示，今年1至10月，全国铁路发送旅客39.5亿人次，同比增长6.4%，客 流总量和单日客流量均创历史新高。 进入四季度，全国铁路调整列车运行图，并对130余条线路动车组列车实行最低4折票价优惠。同时，学 生、儿童、伤残军人等旅客购票享受"折上折"，不同年龄段常旅客会员可获双倍或三倍积分，一系列优 惠措施提升了旅客的出行意愿。 （文章来源：期货日报网） ...

郑商所联合中国浦东干部学院（下称中浦院）近日在上海举办"八省（自治区）政府部门干部期货及衍 生品业务专题培训班"。来自河北、江苏、山东、河南、湖南、广西、贵州、新疆（含兵团）等八省 （自治区）的国资、工信、财政、税务等多系统条线干部代表，参加了此次高规格专题培训。 此次培训紧扣时代需求与政策导向，设置了10个核心课程模块，涵盖政治理论学习、国际宏观形势分 析、期货市场发展与监管体系解读、企业期现结合实践案例、套保业务内控机制及合规审计等多方面内 容，通过专题讲座与现场教学相结合的形式，实现理论与实践的深度融合。 中浦院副院长张生新在开班仪式上表示，在学习贯彻党的二十届四中全会精神的关键时期，此次培训既 是对党的创新理论的跟进学习，也是理论联系实际的具体实践。中浦院作为党校体系的重要组成部分， 以严格的政治、学术、教学和管理标准保障办学质量。此次培训聚焦履职能力提升，将党的理论教育与 业务培训有机融合，旨在为学员搭建交流分享平台，助力构建学习共同体，实现知识共享与共同成长。 参与培训的学员普遍表示，为期5天的封闭学习收获颇丰，不仅深化了对党的理论的理解，而且系统学 习了期货市场的功能作用与实践路径，为今后在政策 ...

Core Viewpoint - The foreign exchange market in China has maintained a stable operation despite increased volatility in the international financial market and a rising US dollar index [1]. Group 1: Foreign Exchange Market Performance - Since October, the supply and demand in the foreign exchange market have remained basically balanced, with a surplus of $17.7 billion in bank foreign exchange transactions, showing a month-on-month narrowing of the surplus [1]. - The exchange rates for both currency purchases and sales have remained consistent with the average levels from the previous nine months [1]. Group 2: Cross-Border Capital Flow - Cross-border capital flows have remained stable, with a slight net outflow from non-bank sectors in September due to the National Day and Mid-Autumn Festival holidays, followed by an increase in net inflows in October [1]. - The average monthly surplus for cross-border receipts and payments over the two months is $24 billion [1].

Core Viewpoint - The launch of log futures and options on November 18 and 19, 2024, at the Dalian Commodity Exchange has significantly contributed to price risk management and the standardization of spot trade in the log industry, with active participation from industry clients [1][2]. Market Performance - The log futures and options market has shown steady growth, with a total of 8 futures contracts and 164 options contracts listed, resulting in approximately 7.87 million trades and a transaction value of about 464 billion yuan, averaging 32,400 trades per day [2]. - The main log futures contract has decreased by 7.5% this year, while the CFR price dropped by approximately 8.3%, indicating a growing correlation between futures and spot prices [2][3]. Price Dynamics - Log futures prices have effectively reflected changes in market supply and demand, with futures prices responding sensitively to macroeconomic expectations and seasonal factors [3][4]. - The basis trend has become clearer, and the price structure of futures contracts aligns with market seasonal patterns, indicating a rational expectation of demand recovery in the second half of the year [4]. Industry Engagement - The Dalian Commodity Exchange has established a network of 19 delivery warehouses across six provinces to meet industry delivery needs and has promoted national standard measurement practices to enhance inspection efficiency [5]. - Over 400 industry enterprises, including major importers, have engaged in trading log futures and options, indicating a growing acceptance of these financial instruments [5]. Risk Management Tools - Companies like Zhejiang Wuchan Senhua Group have utilized log futures for hedging against price fluctuations, achieving significant gains that offset losses in the spot market [6][7]. - The traditional procurement model in the industry is evolving, with firms adopting futures for cost control and procurement efficiency, thereby enhancing their competitive edge [7][8]. Quality and Standardization - The introduction of log futures has improved price transparency and quality standards in the log trade, leading to a more standardized and efficient market [10][11]. - The futures market has encouraged the adoption of national standards for measurement, reducing discrepancies in regional trading practices and enhancing overall market fluidity [11][12]. International Trade Impact - The influence of log futures is extending to international wood trade, with foreign exporters showing interest in adopting futures-based pricing strategies [13]. - The Dalian Commodity Exchange plans to enhance the international price influence of log futures by optimizing delivery standards and expanding market participation [13].

Core Insights - The article discusses the innovative "direct supply of agricultural futures delivery products to retail terminals" model implemented by Hai Zheng Futures and Lianhua Supermarket, which significantly reduced apple procurement costs and enhanced risk management in agricultural product trading [2][4]. Group 1: Cost Reduction and Efficiency - In April 2024, Lianhua Supermarket needed to procure 20 tons of high-quality apples, with the spot market price at 9.98 yuan/kg, while the futures market price was around 8.20 yuan/kg, resulting in a price difference of 1,780 yuan/ton [2]. - Hai Zheng Futures successfully purchased 20 tons of apples at 8,205 yuan/ton, lowering the procurement cost to 8.21 yuan/kg, which laid the foundation for cost control [2]. - After deducting transportation and related costs, the final procurement cost for Lianhua Supermarket was 8.66 yuan/kg, a reduction of 1.32 yuan/kg compared to traditional procurement methods, totaling a cost savings of 24,757.92 yuan [3]. Group 2: Quality Assurance and Consumer Benefits - The project involved thorough quality checks on apples, with 72% of the delivered 1,101 boxes being first-grade quality, and a low defect rate of 0.82%, meeting high market standards [3]. - Lianhua Supermarket utilized its store network to quickly complete inventory acceptance and regional distribution, enhancing market visibility through optimized display and promotional activities, leading to positive consumer recognition [3]. Group 3: Industry Development and Future Plans - The project represents the beginning of applying the futures delivery model in agricultural trade, with plans to expand to other products like red dates, eggs, pigs, and peanuts [4]. - The favorable policy environment in China encourages financial institutions to support agricultural industries, facilitating the optimization of production, circulation, and sales of agricultural products [5].

2025年10月，银行代客涉外收入44207亿元人民币，对外付款40579亿元人民币。2025年1—10月，银行 代客累计涉外收入464836亿元人民币，累计对外付款452607亿元人民币。按美元计值，2025年10月，银 行代客涉外收入6231亿美元，对外付款5719亿美元。2025年1—10月，银行代客累计涉外收入64936亿美 元，累计对外付款63227亿美元。 二是跨境资金流动保持稳定。受国庆中秋假期因素等影响，9月企业、个人等非银行部门跨境资金小幅 净流出，10月跨境资金净流入增多，综合两个月情况看跨境收支月均顺差为240亿美元。其中，货物贸 易资金净流入保持高位；居民出境旅行、外资企业分红派息等跨境支出季节性回落，服务贸易、投资收 益资金净流出环比收窄。总的来看，我国外汇市场预期平稳，供求基本平衡，保持较强韧性和活力。 国家外汇管理局副局长、新闻发言人李斌表示，10月以来，国际金融市场波动性有所上升，美元指数总 体上行。我国外汇市场继续保持稳健运行态势。 期货日报网讯（记者 肖佳煊）11月17日，国家外汇管理局发布的统计数据显示，2025年10月，银行结 汇15194亿元人民币，售汇13940亿元 ...

Market Overview - The A-share market experienced a decline with the Shanghai Composite Index down by 0.46%, Shenzhen Component down by 0.11%, and ChiNext down by 0.20%, while the North China 50 index increased by 0.81% [1] - The total trading volume in the Shanghai and Shenzhen markets was 19,303 billion yuan, a decrease of 501 billion yuan from the previous day, with over 2,500 stocks rising [1] Structural Market Analysis - The overall market is maintaining a structural trend under index fluctuations, influenced by concerns over tightening liquidity in overseas markets and the AI business model [1] - The Shanghai Composite Index is near the 4,000-point mark for the first time in 10 years, representing a significant technical and psychological barrier that requires further consolidation [1] - The fourth quarter is a critical period for institutional "high-low switching" adjustments, with a strong momentum for market style rebalancing following a previously dominant tech style [1] Lithium Market Insights - Carbonate lithium futures surged, with prices exceeding 95,200 yuan per ton, marking a 9% increase, leading to a wave of stock price increases in the lithium battery sector [1] - Notable stocks such as Rongbai Technology, Tianhua New Energy, and others saw price limits or increases exceeding 10% [1] - Morgan Stanley upgraded the ratings of Ganfeng Lithium and Tianqi Lithium to neutral [1] Supply and Demand Dynamics - The lithium supply side is facing incremental bottlenecks, while terminal demand remains strong, contributing to a positive fundamental outlook [2] - The continuous reduction of inventory and strong policy guidance, along with large industry orders, are enhancing expectations for energy storage demand [2] - Since Q3, carbonate lithium futures prices have emerged from the year's bottom range, with energy storage demand growth being a significant driver for Q4 pricing [2] - Future developments in long-duration energy storage could lead to a more pronounced increase in carbonate lithium demand [2]

Core Viewpoint - The USDA's November supply and demand report for U.S. soybeans did not exceed market expectations, leading to a decline in soybean prices after the report's release [1][2]. Group 1: U.S. Soybean Production and Exports - The USDA adjusted the 2024/2025 soybean production forecast from 4.366 billion bushels to 4.374 billion bushels, with a slight decrease in yield from 53.5 bushels per acre to 53 bushels per acre [2]. - The export forecast for the 2025/2026 season was reduced from 1.685 billion bushels to 1.635 billion bushels, reflecting a challenging export environment due to trade tensions and pricing issues compared to Brazilian soybeans [2][5]. Group 2: South American Soybean Production - Brazil's old crop production was revised upward from 169 million tons to 171.5 million tons, with exports also increased from 102.1 million tons to 103.14 million tons [3]. - Argentina's old crop production was adjusted from 50.9 million tons to 51.11 million tons, with exports increased from 7.3 million tons to 7.87 million tons [3]. Group 3: Global Supply and Demand Outlook - The total global soybean supply for the 2025/2026 season is projected at 731.5 million tons, up from 721.4 million tons the previous year, while total demand is expected to reach 609.51 million tons, compared to 598.06 million tons last year [4]. - The global soybean stock-to-use ratio is estimated at 20.01%, slightly down from 20.62% the previous year, indicating a still ample supply despite U.S. production adjustments [4]. Group 4: Market Outlook - Short-term export performance for U.S. soybeans is critical, with the potential for the revised export figure of 1.635 billion bushels to be unmet due to competitive pricing from Brazil [5]. - Domestic soybean processing remains high, but the market is experiencing a near-term strong and long-term weak trend in soybean meal prices, reflecting ongoing supply dynamics [5]. Group 5: Weather and Long-term Production Factors - The current planting conditions in South America are slightly delayed, but overall production levels are expected to remain robust, with weather patterns needing to be monitored closely [6][7]. - Historical data suggests that La Niña events have negatively impacted Argentine soybean yields, with an average reduction of 0.24 tons per hectare during such events [7].

Core Insights - The event "Healthy Development • Futures-Spot Linkage" was successfully held in Chongqing Rongchang, focusing on the integration of the feed industry with futures and spot markets [1][2] - Southwest Futures and the National Pig Big Data Center aim to deepen strategic cooperation to create a professional platform for industry-finance collaboration [2] Group 1: Event Overview - The conference gathered government agencies and feed-related companies to discuss new paths for the integration of the feed industry [1] - Rongchang District is recognized as a core area for the national pig industry, emphasizing high-quality development and collaboration with financial institutions [1] Group 2: Strategic Goals - The event emphasized practical empowerment and precise matching, focusing on the core functions of futures and options in the feed market [2] - A three-in-one risk hedging service system will be established, combining data empowerment, financial support, and industry upgrades to address industry pain points [2]

Group 1 - The core viewpoint emphasizes that investment is an expansion and realization of cognition, highlighting the importance of understanding both market dynamics and personal traits in trading [1] - Zhang Shensheng, a champion in a trading competition, has 14 years of experience in securities and 10 years in futures trading, advocating for a personalized trading system based on individual risk tolerance and emotional weaknesses [1] - The market is described as a complex system with inherent uncertainties, where understanding its operational logic is more crucial than predicting every price fluctuation [1] Group 2 - Fundamental analysis focuses on supply and demand as the decisive factors for price fluctuations, necessitating close attention to inventory cycles and their effects within the industry chain [2] - Risk appetite influences market hotspots, and appropriate investment choices can be made by analyzing policy directions, market environments, and price comparison effects [2] - Strategies for position management and stop-loss are essential; the goal is to let profits run while cutting losses to manage risks effectively and ensure survival in the market [2]