大咖领航：共话宏观视野与女性力量 会议伊始，浙江省国际金融学会会长金雪军先生精彩致辞。金院长回顾了浙江金融理财市场二十余年的发展历程，高度赞誉了女企 业家们稳健、细致、认真的独特优势。他强调，搭建女企业家专业委员会平台，旨在促进女性在金融与实业领域的深度跨界合作。 金雪军会长提到，女性的性别优势是稳、细、韧，女性在金融理财中更稳健、细致，这种特质在复杂市场中是巨大优势。浙江女企 业家的特色在于"本地土壤+创新意识+跨界合作"。无论是科技、金融、教育还是健康，单一领域已难突围，整合资源才能打开新 局。 主题分享：从情怀守望到专业护航 在主题分享环节，三位嘉宾从不同维度贡献了思想盛宴。 热爱与坚守：金元证券浙江分公司总经理何华以《热爱可抵岁月长》为题，深情分享了其从创富到守富的心得及深耕金融行业28年 的职业心路。何华总强调，财富管理远不止证券投资，标准化产品只是基础，真正的高净值人群应通过私募、量化等专业工具实现 超额收益，她提醒，97%的人跑不赢指数，别因短期波动焦虑。要懂得敬畏市场，认知即财富：资本市场瞬息万变，要永远保持敬 畏之心，只赚认知范围内的钱。她提出"热爱是避风港，也是动力源"，鼓励女性在职场中通 ...

Core Insights - The futures market has evolved significantly since its establishment in Chicago in 1848, with nearly 90 exchanges globally and over 2000 futures and options products by the end of 2024, covering various sectors of the economy [1] Group 1: Nature and Function of the Futures Market - The futures market serves as both a commodity trading market and a financial investment market, where futures contracts act as both sales contracts for commodities and investment tools [1] - Producers use the futures market to sell contracts in advance to hedge against price fluctuations, ensuring sustainable operations [1] - Speculators trade futures contracts to profit from price volatility while providing liquidity for hedging activities of real enterprises [1][2] Group 2: Development Needs of the Futures Market - The development of the futures market requires participation from various investors, emphasizing the importance of investor education and market cultivation due to its high specialization and leverage [2] - There is a need for foundational theoretical research and promotion to clarify the market's dual nature and operational mechanisms [3] - Training for industry professionals, including regulators and intermediaries, is essential to ensure they understand commodity markets, financial investments, and financing methods [3] Group 3: Institutional and Systematic Innovations - Entities must innovate organizational structures to facilitate differentiated services for producers and speculators, ensuring effective regulatory coordination [4] - A comprehensive set of regulations is necessary to enhance trading efficiency and reduce costs, linking futures and spot markets effectively [4] - The futures market should expand its product offerings to meet the needs of producers, ensuring that standardized contracts are available for all competitive and scalable commodities [4] Group 4: Policy and Support Mechanisms - Policies should aim to reduce taxes and fees for entities participating in the futures market while enhancing infrastructure for financial investments [5] - Futures companies play a crucial role in providing integrated services for commodity trading and financial investment, including risk management and investor education [6] Group 5: Differentiated Development of Futures Companies - Futures companies can be categorized based on their shareholder backgrounds, such as those linked to real enterprises, brokerage firms, or banks, each offering unique advantages [6][7] - Companies with real enterprise backgrounds can leverage supply chain data and customer resources to provide tailored risk management solutions [6] - Brokerage-backed futures companies can create synergies with securities markets, enhancing customer engagement and service offerings [7] - Bank-affiliated futures companies can provide comprehensive services that integrate financing, trading, and risk management, supporting the healthy development of the real economy [7]

中国特色金融发展之路为中国特色期货市场的发展提供了根本遵循。它强调金融工作的政治性和人民 性，要求金融回归服务实体经济的本源，并守住不发生系统性风险的底线。纵观30多年的发展历史，中 国期货市场的发展呈现出鲜明的中国特色。 二是创新业务模式。开创了"保险+期货"这一中国特色金融支农模式，并衍生出"保险+期货+订单农 业""保险+期货+银行"等升级服务，有效连接了期货市场与千家万户。期货公司还通过仓单服务、基差 贸易、含权贸易等，深度嵌入实体企业的生产经营。 三是基本构建了具有中国特色的监管与风控体系。我国已建立中国证监会、派出机构、期货交易所、中 国期货市场监控中心、中国期货业协会紧密联动的"五位一体"协作监管机制。同时，实施保证金安全存 管、统一开户、穿透式监管、风险准备金等制度，成功抵御了多次外部市场极端风险的冲击，确保了市 场未发生大的运行风险事件。 四是强化制度保障。"强监管、防风险、促高质量发展"是一体推进期货市场发展的核心方法论。强监管 是基础，即全面贯彻"机构监管、行为监管、功能监管、穿透式监管、持续监管"的要求，严厉打击违法 违规行为，净化市场生态。防风险是永恒主题，健全风险监测预警和早期干预 ...

2026年2月3日，"十五五"开局之年的中央一号文件——《中共中央 国务院关于锚定农业农村现代化 扎实推进乡村全面振兴的意见》正式发布，明 确提出"加强农产品期货市场建设"。农产品期货作为资本市场服务农业的核心载体，其发展水平直接关联农业生产稳定性、农民增收可持续性和 农业产业竞争力。因此，这一部署是立足农业农村现代化全局、衔接金融强国建设目标，破解农业发展痛点、夯实乡村振兴根基的重要布局，既 是对过往农产品期货服务"三农"实践的总结升华，也是"十五五"时期健全农业支持保护体系、提升农业抗风险能力的关键抓手，契合农业强国与 金融强国建设的双重导向。 第三，深化期现联动，拓宽农业赋能渠道。立足农业产业实际，推动期货市场与现货市场深度联动，让期货功能真正在田间地头落地。一是深 化"保险+期货"模式的推广，扩大试点范围，覆盖更多主粮和特色农产品，优化保费补贴政策，形成"政府+交易所+保险+期货"多方共担的保费机 制，降低农户和企业参与成本。二是推广期现结合模式，支持农业企业开展基差贸易，以期货价格为基准确定现货交易价格，锁定经营利润，同 时推动期货交割库与农产品仓储、冷链物流体系融合，提升交割效率，完善"交易—交割 ...

Group 1: Market Trends and Dynamics - The trade environment is characterized by a shift towards "short orders and quick responses," with companies adopting strategies like "sales-driven procurement" to enhance efficiency and reduce inventory pressure [3] - The overall market is experiencing a "stable volume and rising prices" trend, with a cautious approach to year-end stocking due to previous inventory devaluation experiences [4] - Downstream clients are exhibiting a more conservative approach to inventory, with many opting to reduce raw material purchases and extend downtime, reflecting a cautious sentiment in the face of rising raw material prices [7] Group 2: Company Strategies and Operations - 嘉悦物产 has optimized client visit routes and implemented cross-validation for data checks, leading to a more organized year-end process compared to previous years [2] - 中基集团 has enhanced operational efficiency through digital tools, allowing for synchronized processes in invoicing, inventory checks, and logistics coordination [4] - 明日控股 is focusing on strategic client relationship management and risk management, emphasizing the importance of embedding services into clients' future production plans [9][10] Group 3: Financial Management and Risk Control - Companies are proactively managing credit risks by optimizing credit policies and strengthening dynamic risk controls, which has led to a reduction in accounts receivable [2][3] - The average accounts receivable turnover days are increasing, indicating a growing challenge in cash flow management, particularly for clients with tight financial situations [9] - 正大玻璃 is adopting a strategy centered on risk reduction and capital stability, focusing on minimizing market risks through inventory management and cash flow optimization [12]

Core Viewpoint - Guotou Ruijin Fund has announced its commitment to actively address investor concerns regarding the valuation adjustment of the Silver LOF fund, emphasizing investor rights protection and transparency in the process [1] Group 1: Company Actions - On February 6, Guotou Ruijin Fund released an announcement regarding its proactive approach to resolving investor claims related to the Silver LOF fund [1] - The company has established a working group to develop relevant action plans to facilitate investor claims through mediation, arbitration, and other legal channels [1] - Guotou Ruijin Fund aims to ensure the effective execution of resolutions and has the capability to safeguard investors' legal rights [1]

Group 1 - The core viewpoint of the article indicates a significant outflow of funds from commodity futures, particularly in the non-ferrous metals and chemical sectors, while some specific commodities like short fiber and caustic soda saw inflows [1] - The main commodities with inflows included short fiber (363 million), rebar (247 million), caustic soda (164 million), industrial silicon (164 million), and the shipping index (52 million) [1] - Major commodities experiencing outflows were silver (6.37 billion), gold (4.71 billion), lithium carbonate (2.39 billion), copper (2.06 billion), and platinum (1.02 billion) [1] Group 2 - The overall trend shows a substantial outflow from commodity futures, with a focus on the significant outflows from silver, gold, lithium carbonate, copper, crude oil, tin, rubber, and nickel, while short fiber and caustic soda are noted for their contrary inflows [1] - The black and agricultural product sectors experienced moderate outflows, with particular attention to the outflows from coking coal and palm oil, while meal and iron ore saw inflows [1] - In the financial sector, the focus is on the CSI 300 stock index futures and 30-year treasury futures [1]

本报讯 2月5日，郑商所发布通知，对2026年春节休市前后部分期货品种交易保证金标准和涨跌停板幅 度作出调整。 自2026年2月12日结算时起，玻璃、纯碱、苹果、红枣期货合约的交易保证金标准为12%，涨跌停板幅 度为10%；菜油、菜粕、花生、棉花、烧碱、硅铁、锰硅、尿素、丙烯期货合约的交易保证金标准为 10%，涨跌停板幅度为9%；白糖、棉纱期货合约的交易保证金标准为8%，涨跌停板幅度为7%。 2026年2月24日恢复交易后，自品种持仓量最大的合约未出现涨跌停板单边市的第一个交易日结算时 起，甲醇期货2603合约的涨跌停板幅度为8%；甲醇期货2604、2605合约的交易保证金标准为9%，涨跌 停板幅度为8%；对二甲苯期货2603合约的涨跌停板幅度为7%；对二甲苯期货2604、2605合约的交易保 证金标准为8%，涨跌停板幅度为7%；PTA期货2603合约的涨跌停板幅度为7%；PTA期货2604、2605合 约的交易保证金标准为8%，涨跌停板幅度为7%；短纤期货2603合约的涨跌停板幅度为7%；短纤期货 2604、2605合约的交易保证金标准为8%，涨跌停板幅度为7%；瓶片期货2603合约的涨跌停板幅度为 7%； ...

Core Insights - The Chinese futures market is expected to experience rapid growth, with total funds reaching approximately 2.15 trillion yuan by the end of 2025, representing a 32% increase from the end of 2024 [1] - Client equity in futures companies is projected to reach 2 trillion yuan by the end of 2025, marking a 31% growth compared to the previous year [1] - By the end of January 2026, total funds in the futures market are anticipated to rise to about 2.57 trillion yuan, reflecting a 20% increase from the end of 2025 [1] - Client equity in futures companies is expected to grow to approximately 2.39 trillion yuan by January 2026, indicating a 19% increase from the end of 2025 [1] Industry Development - The Chinese futures market has maintained a trajectory of high-quality development, with stable operations and an improved variety system [1] - There is broad participation from various types of clients, enhancing the effectiveness of services to the real economy [1] - The steady development of the futures market is providing strong support for a good start to the 14th Five-Year Plan [1]

谈及近期鸡蛋现货价格走强、期货贴水的核心原因，中信建投期货研究员邓昊然表示，本轮分化主要源 于"现货定价现实，期货定价预期"的博弈。 近期，鸡蛋期货主力2603合约总体呈现贴水结构。以河北馆陶为代表的产区现货价格走强，而2603合约 期货价格持续低迷，两者基差一度走扩至500～600点，引发市场关注。期货日报记者采访了解到，这种 分化格局的主要原因是：现货市场短期受季节性需求提振影响，期货市场则提前对春节后的淡季定价。 记者注意到，随着春节备货步入尾声，鸡蛋现货价格逐步回落，鸡蛋期现基差也随之收敛。2月5日，鸡 蛋主力2603合约价格已小幅升水河北地区鸡蛋的现货价格。 "期货价格反映的是期货交割库所在地的现货供需情况，最直接的现货价格基准应来自主要交割地的主 流交割品价格。近年来，河北、山西和四川地区的鸡蛋成为全国主要的交割区域。综合考虑交割量、区 域升贴水以及最优价格等因素，一般选择河北馆陶鸡蛋市场价作为现货价格参考基准。"邓昊然说，只 有当现货基准选取正确时，基差才能真实反映现货市场与期货市场的价格关系。 谈及春节前后鸡蛋市场的供需演变及鸡蛋期货2603合约的期现回归路径，上述受访者均认为现货价格大 概率 ...