"当前物价走势的一个重要支撑点在于，以旧换新政策发力下，汽车、家电等商品价格同比数据上行势 头较为明显。这是近期核心CPI同比涨幅扩大的主要原因。"冯琳说。 往后看，冯琳表示，受去年同期食品价格基数较大幅度下行影响，11月食品CPI同比降幅将明显收窄。 值得注意的是，从近期政策动向上看，"反内卷"对汽车价格的支撑作用有望持续，促消费政策存在加码 空间，也有望带动11月汽车、家电等重点商品价格同比数据改善，而服务价格同比涨幅将基本保持稳 定。综合以上，预计11月CPI同比会升至0.5%左右。 统计数据显示，10月份，食品价格同比下降2.9%，降幅较上月收窄1.5个百分点。食品价格中，猪肉价 格同比下降16%，降幅较上月收窄1.0个百分点；鲜菜价格同比下降7.3%，降幅较上月大幅收窄6.4个百 分点。另外，10月份，非食品价格上涨0.9%，其中，服务价格上涨0.8%，涨幅较上月上升0.2个百分 点。 东方金诚研究发展部部门总监冯琳表示，尽管10月物价同比由降转涨，但整体来看，下半年以来物价水 平偏低态势在延续，CPI同比持续在0值附近徘徊，背后的根本原因是楼市调整已逾4年，居民财富持 续"缩水"，消费信心仍然不足 ...

Core Insights - The 14th China International Oil Trade Conference was held in Shanghai, focusing on cooperation and shared development in oil and gas trade [1] - The Shanghai Futures Exchange (SHFE) is playing a crucial role in supporting the stable operation of energy enterprises and facilitating the green upgrade of the energy industry [3] Group 1: Energy Transition Support - SHFE is enhancing its product offerings to support energy transition, including traditional energy products like crude oil and fuel oil, as well as green energy products such as low-sulfur fuel oil futures launched in 2020 [3] - In the first three quarters of this year, the total trading volume of SHFE's energy products reached 285 million contracts, a year-on-year increase of 18.4%, with a transaction value of 24.2 trillion yuan [3] Group 2: Open Platform Development - SHFE is focusing on institutional openness to enhance its service and leadership capabilities in the global energy supply chain, having included all energy products in the QFI trading category to expand foreign investor participation [3] Group 3: Market Stability and Regulation - SHFE is committed to maintaining market stability through strong regulation, risk prevention, and promoting high-quality development, having improved its regulatory efficiency to create a fair and orderly market environment [3][4] - The number of listed companies in the oil and chemical industry that issued hedging announcements increased from 34 in 2020 to 63 in 2024, indicating a growing engagement with risk management practices [3] Group 4: Future Development Goals - SHFE aims to become a world-class exchange by optimizing products, prices, and services in response to real-world demands while strengthening its regulatory framework to support national energy strategies [4]

在"十四五"收官与"十五五"启动的关键节点，党的二十届四中全会、十五五规划为中国式现代化新征程 擘画蓝图，期货市场作为金融体系重要组成部分，对健全资本市场功能、服务高质量发展具有重要意 义。10月31日，由申万宏源证券主办、申银万国期货承办的第十七届申万宏源衍生品会议在上海举办， 百余家机构客户参会共同探讨衍生品服务资本市场双向开放与资产配置话题。中国金融期货交易所会员 管理部相关负责人出席本次会议。 申万宏源党委副书记、证券公司总经理张剑代表会议主办方致辞，他表示，申万宏源证券始终积极践行 金融"五篇大文章"，立足主责主业，不断打磨各项业务核心竞争力，构建综合金融服务生态圈，当好资 本市场"看门人"、直接融资"服务商"、社会财富"管理者"，致力于成为值得长期信赖的一流投资银行与 投资机构，为金融高质量发展服务中国式现代化贡献力量。申银万国期货作为控股子公司，是申万宏源 成为"一流投资银行与投资机构"不可或缺的重要组成部分，将在申万宏源支持下全力打造"一流期货及 衍生品服务商与风险管理专业机构"。 申银万国期货举办了品牌发布仪式，公司党委副书记、总经理陆三江对服务品牌进行了说明。公司使命 为"风险管理，产业赋 ...

Core Viewpoint - The initiative by Galaxy Futures, in collaboration with Yong'an Futures and Donghai Futures, aims to support education in Xinjiang as part of the national rural revitalization strategy, emphasizing the importance of education in breaking the cycle of poverty [1][7]. Group 1: Educational Support Initiatives - The program focuses on two main areas: establishing a special scholarship fund for students and upgrading school infrastructure [3][5]. - A total of 70,000 yuan from Galaxy Futures and 30,000 yuan from Yong'an Futures will be allocated for scholarships for 48 students in Hetian Pishan County and 72,000 yuan from Galaxy Futures and 48,000 yuan from Yong'an Futures for 24 students in Kashgar Pahatakili Township [3]. - An additional 70,000 yuan from Galaxy Futures and 30,000 yuan from Donghai Futures will be used for upgrading outdated school facilities in Hetian Moyu County [3]. Group 2: Community Engagement and Commitment - The donation ceremony included representatives from local government, schools, and futures companies, highlighting the collaborative effort in promoting education [5]. - Galaxy Futures emphasized that educational support is a long-term commitment to social responsibility, aiming to provide a broader growth platform for children in Hetian and Kashgar [5]. - A student expressed gratitude for the scholarship, stating it boosts confidence for future university life and a desire to contribute to hometown development after graduation [5]. Group 3: Future Plans and Corporate Responsibility - Galaxy Futures plans to continue focusing on rural education and industry development, exploring diverse and sustainable support models [7]. - The initiative reflects the company's alignment with national strategies and its commitment to contributing to rural revitalization and common prosperity [7].

期货日报网讯（记者 杨美）11月7日，国家外汇管理局发布统计数据显示，截至2025年10月末，我国外 汇储备规模为33433亿美元，较9月末上升47亿美元，升幅为0.14%。由此，截至今年10月，我国外储规 模已连续三个月保持在3.3万亿美元上方。 国家外汇管理局表示，2025年10月，受主要经济体货币政策及预期、宏观经济数据等因素影响，美元指 数上涨，全球金融资产价格总体上涨。汇率折算和资产价格变化等因素综合作用，当月外汇储备规模上 升。我国经济基础稳、优势多、韧性强、潜能大，长期向好的支撑条件和基本趋势没有变，有利于外汇 储备规模保持基本稳定。 ...

Core Viewpoint - The 20th Central Committee's Fourth Plenary Session approved the "Suggestions on Formulating the 15th Five-Year Plan for National Economic and Social Development," emphasizing a stable and continuous monetary policy framework that will guide financial market operations during the 15th Five-Year Plan period [1] Monetary Policy Framework - The "scientific and stable" monetary policy aims to balance short-term and long-term goals, economic growth and risk prevention, as well as internal and external factors [1] - The central bank's liquidity toolbox is well-stocked, with a reasonable distribution of terms, allowing for both short-term and long-term liquidity adjustments [2] Liquidity Tools and Mechanisms - The central bank has shifted its focus from quantity targets to interest rate levels, indicating a reduced emphasis on the monetary supply's direct control [2] - Different liquidity tools serve distinct purposes, with reserve requirement ratio (RRR) adjustments being used more cautiously compared to other tools [3] Interest Rate Mechanism - The central bank will adjust the timing of MLF operations to follow LPR announcements, reinforcing the significance of the 7-day reverse repurchase rate as a policy interest rate [3] - The transmission mechanism of monetary policy is structured as "economic growth - policy interest rate - market interest rate," with the 7-day reverse repurchase rate becoming a key determinant for 10-year government bond yields [5] Economic Indicators and Policy Signals - Historical data shows that each round of RRR cuts corresponds with a decline in government bond yields, indicating that RRR adjustments signal policy easing [4] - The frequency of interest rate cuts is lower than that of RRR cuts, suggesting a more cautious approach by the central bank regarding interest rate adjustments [6]

Core Insights - The article emphasizes the role of the futures market in supporting high-quality development of the real economy through innovative tools and services tailored to industry needs [1] Group 1: Transition in Commodity Trading - The article discusses the transformation of the commodity trading model from a focus on price speculation to providing essential services for the real economy [2][3] - Heatlink Group has shifted from being a mere intermediary to a value integrator, emphasizing the importance of optimizing value matching rather than merely profiting from price differences [2][4] Group 2: Financial Derivatives as a Solution - Financial derivatives are highlighted as a key tool for managing risks and enhancing collaboration between upstream and downstream partners, moving them from adversarial pricing strategies to shared risk and benefits [4][6] - The case of a methanol company illustrates how Heatlink Group utilized a combination of basis trading and warehouse solutions to mitigate delivery risks and enhance profitability [4][5] Group 3: Comprehensive Service Framework - Heatlink Group's "Pyramid" model outlines a structured approach to service delivery, focusing on risk management as the foundation, followed by sales optimization and comprehensive industry services [7][8] - The "Five-Dimensional Steward" service model is introduced, which provides tailored solutions across various risk management dimensions, enhancing client relationships and operational stability [9][10] Group 4: Building Collaborative Relationships - The article stresses the importance of establishing stable relationships within the supply chain, moving away from weak, price-driven partnerships to a model of value co-creation [13][14] - Successful collaborations, such as with Inner Mongolia Boda, demonstrate how trust and shared goals can lead to improved efficiency and mutual benefits [13][14] Group 5: Future Directions and Industry Evolution - Heatlink Group aims to evolve from a traditional trading company to a comprehensive service provider that supports continuous operations for manufacturing enterprises [15][16] - The focus is on creating a sustainable ecosystem where financial derivatives are used to enhance operational stability and profitability, reflecting a broader trend in the commodity industry towards integrated service models [16]

Core Viewpoint - The release of the "Futures Market Making Business Management Rules" marks a significant step in establishing a regulatory framework for market making in China's futures industry, aimed at enhancing liquidity, risk management, and high-quality development [1][4]. Group 1: Regulatory Framework - The new rules fill a regulatory gap in the market making business, providing unified standards for operations, trading, and risk control, addressing the fragmentation of previous regulations [2][3]. - A multi-dimensional governance structure is established, involving collaboration among various regulatory bodies to enhance risk management and oversight [2][3]. - The rules set rigid bottom lines for market making activities while allowing some flexibility to accommodate differences among institutions and encourage innovation [3]. Group 2: Market Impact - The rules are expected to improve liquidity supply structures, ensuring that market makers contribute to more efficient pricing and a balanced distribution of liquidity across all products [4][5]. - A comprehensive risk prevention network will be established, focusing on proactive risk assessment and monitoring to mitigate various risks associated with market making [4][5]. - The rules aim to deepen the futures market's role in serving the real economy by ensuring adequate liquidity and pricing efficiency, thereby enhancing its functionality [5]. Group 3: Industry Dynamics - The implementation of the rules will create differentiated requirements for market making institutions, leading to intensified competition and a potential shift in the industry landscape [6][7]. - Leading futures companies are positioned to leverage their resources for market expansion and technological advancements, while smaller firms face challenges related to compliance costs and profitability [7][8]. - The industry is likely to transition from a focus on scale competition to quality and efficiency competition, optimizing the market ecosystem and enhancing the role of market making in supporting the real economy [8].

Group 1 - The core strategy of the investment team led by Wang Shuguang is "big trends, stable timing, and small segments," emphasizing the importance of trend identification [1][3] - Wang Shuguang transitioned from stock trading to futures trading due to the need for stable strategies, recognizing the dual trading mechanism of stock index futures as particularly appealing [2] - The team primarily trades in IH and IF, making accurate predictions of stock index movements crucial for their strategy [3] Group 2 - Wang Shuguang emphasizes the significance of risk management, stating that every trading strategy has its flaws, and traders must find strategies that suit them [2][4] - Maintaining a stable mindset is critical for trading success, as demonstrated by the team's ability to hold onto positions despite significant unrealized losses [3] - The futures market is viewed as a testing ground for human nature, and Wang Shuguang believes that the upcoming year will present numerous trading opportunities due to complex geopolitical situations [4]

Core Insights - "Junsheng Junten No.1" achieved the second place in the profit category of the trading competition, led by investment manager Yang Zhicheng, due to excellent performance and robust risk control [1] - The product employs a subjective trend strategy based on in-depth industry research, focusing on long positions in strong fundamentals and short positions in weak fundamentals [2] Performance and Strategy - Since its inception on September 6, 2024, "Junsheng Junten No.1" has maintained a drawdown rate below 20%, attributed to investor recognition and accumulated returns [2] - The product covers all varieties but primarily focuses on seven to eight key varieties for trading opportunities, utilizing a clear identification system based on fundamental direction and technical timing [2] Team Dynamics and Risk Management - The team has a mature mechanism for handling internal disagreements, emphasizing calmness and thorough review to identify potential flaws [3] - The core principles include a focus on fundamental research, trend-following, and dynamic position management, with a strict approach to stop-loss measures [3] - Detailed capital management guidelines are in place, prioritizing the significance of building positions when the product net value is at 1 and ensuring that position sizes match net value [3] Personal Insights and Advice - Yang Zhicheng views futures investment as both a career and a means to achieve personal value, emphasizing the importance of helping others preserve and grow their wealth [4] - A key piece of advice for new traders is to reduce trading frequency, as many losses stem from excessive trading [4]