Core Insights - The article highlights the impressive trading performance of Ma Kunyi, who achieved a significant increase in account funds from 1.5 million to 7.5 million RMB in a competitive trading environment, ranking sixth in a national futures trading competition [1] Group 1: Trading Strategy - Ma Kunyi's key trading strategy involved accurately capturing the trend in polysilicon prices, initiating an options arbitrage strategy when the first涨停 (limit-up) occurred [2] - He sold various call and put options, with approximately 20% of his position in call options, and adjusted his strategy based on market movements, ultimately reversing his position to go long when he recognized a potential trend shift [2][3] - Throughout the competition, he utilized a combination of futures and options trading, achieving returns of around three times his investment during significant market movements [3] Group 2: Market Analysis and Psychological Resilience - The article discusses the psychological aspects of trading, emphasizing that Ma Kunyi's trading style is closely linked to his personality, preferring high-risk, high-reward scenarios [5] - His trading journey included a challenging period from 2020 to 2024, where he faced significant losses but used this time to refine his skills and mindset, ultimately leading to a turnaround in his trading success [4][6] - The article notes that Ma Kunyi views trading as a journey of self-discovery, balancing his professional and personal life while improving his financial situation through trading [6]

Core Insights - The article highlights the success of Xia Hui, who secured the fifth position in the 12th Global Derivatives Trading Competition, emphasizing his strategic focus on silver market trends and macroeconomic factors [1][2] Group 1: Trading Strategy - Xia Hui's key to success was his ability to identify the upward trend in silver prices, driven by the continued loose monetary policies of major global economies [1] - He employs a "subjective long-term trend trading" strategy, relying on in-depth research and long-term tracking of the fundamentals of the commodities he trades [1] - The philosophy of "only investing in what one truly understands" is central to his trading approach, which helps in managing emotions and controlling risks effectively [1] Group 2: Risk Management - Strict adherence to risk control principles is emphasized, including immediate stop-loss actions upon recognizing errors in analysis and exiting positions when losses threaten account viability [2] - Preserving capital is deemed essential for seizing future opportunities in trading [2] Group 3: Future Outlook - Xia Hui views the recent competition as a new starting point, with plans to launch private equity products aimed at achieving long-term stable returns [2] - He anticipates potential systemic risks in the global macroeconomic landscape by 2026, suggesting that risk assets may present good short-selling opportunities [2] - A message to novice traders stresses the importance of continuous learning and systematic research to enhance success in the futures market [2]

中期协表示，在《规则》征求意见建议过程中，共吸收采纳行业47条意见建议。比如，删除按品种制定 对冲策略相关要求；删除相关异常交易监测要求；明确做市交易岗和风控岗不得互相兼职，不限制风控 和技术人员所属部门，指定专人负责与做市业务相关的工作即可；在确保资金流动性充足的前提下，删 除做市与其他业务在资金方面的隔离要求。此外，未采纳的建议主要涉及细化对冲权限、延长压力测试 周期及缩短资料保存期限等，协会基于实操差异及风险监控需求予以保留现有条款。 "近年来，期货做市交易业务在改善市场流动性、定价效率、提升期货市场的连续性和深度等方面发挥 了重要作用，但也存在一些问题，需要改进和完善。"华闻期货总经理助理兼研究所所长程小勇在接受 期货日报记者采访时表示，《规则》的发布实施既有必要性，也有很强的现实意义。 中信证券场内期权期货做市业务负责人姬一冰认为，《规则》的出台为期货市场流动性建设提供了清晰 指引，标志着我国期货做市交易业务进入规范化发展新阶段。 中期协发布《期货做市交易业务管理规则》 为进一步规范期货做市交易业务，强化行业自律管理，推动期货市场高质量发展，中期协近日发布《期 货做市交易业务管理规则》（下称《规则》 ...

Group 1 - The core viewpoint emphasizes the achievements of China's capital market opening during the 14th Five-Year Plan, including increased foreign investment participation and the introduction of diverse cross-border investment products [1] - The China Securities Regulatory Commission (CSRC) aims to enhance cross-border investment and financing convenience, optimizing the Qualified Foreign Institutional Investor (QFII) system to provide a more efficient environment for foreign investors [2] - The CSRC is committed to deepening cooperation between mainland and Hong Kong capital markets, supporting the introduction of RMB-denominated government bond futures in Hong Kong to enhance offshore RMB risk management tools [2] Group 2 - The CSRC encourages international institutions to invest in China, aiming to discover investment opportunities within the context of Chinese modernization and to contribute to reform and development [3] - The CSRC advocates for international institutions to maintain market stability by adhering to legal regulations and promoting a long-term investment approach, thereby strengthening the risk management framework [3]

为进一步规范期货做市交易业务，强化行业自律管理，推动期货市场高质量发展，中期协近日发布《期 货做市交易业务管理规则》（下称《规则》）。据期货日报记者了解，该文件是继大宗商品风险管理业 务、衍生品交易业务管理规则之后，中期协针对期货风险管理子公司业务出台的又一重要规范性文件。 《规则》自2025年12月1日起实施。 具体来看，《规则》以"强监管、防风险、促高质量发展"为主线，构建覆盖做市业务全链条的管理体 系，共六章三十五条，涵盖交易管理、风险管理、内控管理及自律管理等多个维度。一是明确展业前提 和业务范围。期货做市机构在取得交易所认可并签订做市相关协议后，才能开展指定品种的做市业务。 二是细化交易环节管理要求。期货做市机构需重点加强做市账户、品种与策略评估、报价、对冲、系 统、应急等环节的管理，严守业务底线，不得利用做市业务扰乱市场或开展违法违规活动等。三是建立 健全风控内控机制。期货做市机构需设立风险限额管控，加强资金与持仓监控，做好风险应急处理安 排。在内控管理方面，期货做市机构应当确保业务独立和有效隔离，设置专门部门与人员，加强人员廉 洁从业建设。四是强化自律管理职责。中期协从收取业务信息、加强监管协同 ...

Core Viewpoint - The forum highlighted that the off-exchange derivatives business is essential for the transformation of the futures industry from traditional service providers to comprehensive risk management service providers [1][2]. Group 1: Transformation and Upgrades - The off-exchange derivatives business is no longer an optional aspect but a necessary element for the industry's upgrade and service to the real economy, summarized as "three upgrades": business model upgrade, capability system upgrade, and strategic drive upgrade [2]. - The business model upgrade involves moving from a simple execution role to becoming professional risk management advisors for enterprises [2]. - The capability system upgrade requires a combination of high knowledge density and high technical barriers, necessitating T-shaped experts familiar with financial engineering, quantitative modeling, programming, and legal compliance [2]. Group 2: Challenges and Recommendations - Challenges include a gap in professional capabilities and talent reserves, requiring industry associations to establish standardized training and certification systems [3]. - There are capital constraints related to the return of business to parent companies, suggesting the need for diversified and sustainable capital replenishment mechanisms [3]. - The market ecosystem and regulatory collaboration need optimization, with a call for unified cross-departmental regulatory standards [3]. Group 3: Expanding Service Capabilities - The forum discussed breakthroughs in service capabilities through bilateral trading and settlement models, allowing futures companies to leverage their pricing and risk management abilities [4]. - The ability to create products and settle independently enhances the adaptability of futures companies to clients' flexible risk management needs [4]. - There is a need for a comprehensive risk management system to match business development and to strengthen compliance culture [4]. Group 4: Policy and Market Access - Despite significant achievements in the off-exchange derivatives business, challenges remain, such as barriers to entry for licensed institutions like bank wealth management subsidiaries and public fund subsidiaries [5]. - Recommendations include developing access rules for futures risk management subsidiaries to participate in off-exchange derivatives business and encouraging licensed institutions to include compliant futures risk management subsidiaries in their whitelist [5]. - There is a call for enhanced international business development and policy facilitation to support futures companies in expanding their global reach [5].

Core Viewpoint - The training program aims to enhance the risk management capabilities of private enterprises in Henan by leveraging the futures market, focusing on practical strategies and modern enterprise systems [1] Group 1: Training Program Details - The training was held from October 28 to 30 in Zhengzhou, organized by multiple governmental and financial institutions, with 60 representatives from key private enterprises participating [1] - The curriculum emphasized practical content such as the functions of the futures market, hedging strategies, and internal control mechanisms tailored to the needs of private enterprises [1] Group 2: Market Evolution and Risk Management - The evolution of trading models, such as the shift from fixed-price contracts to hedging strategies, reflects a deeper understanding of the futures market among domestic enterprises [2] - Different types of enterprises have varying focuses in risk management, with production-oriented traders prioritizing absolute prices and asset-light traders focusing on relative prices and basis prices [2] Group 3: Risk Management Strategies - Many enterprises have elevated risk management to a strategic level, developing a "professional, hierarchical, and process-oriented" risk control system, primarily focusing on controlling spot risk exposure and flexibly using derivatives [3]

Group 1 - The core achievements of China's capital market opening during the 14th Five-Year Plan include comprehensive industry access, significant growth in foreign ownership of securities, funds, and futures companies, and the optimization of the Qualified Foreign Institutional Investor (QFII) system [1] - As of now, 269 companies have achieved overseas listings, and foreign investors hold A-shares worth 3.4 trillion yuan, becoming a significant market participant [1] - The China Securities Regulatory Commission (CSRC) aims to enhance cross-border investment facilitation, deepen cooperation between mainland and Hong Kong capital markets, and strengthen regulatory capabilities and risk prevention in an open environment [2] Group 2 - The CSRC has launched a plan to optimize the QFII system, focusing on improving access management, investment operation efficiency, and expanding investment scope [2] - The CSRC emphasizes the importance of international institutions and long-term capital in contributing to China's development and encourages them to discover investment opportunities, provide precise financing services, and maintain market stability [3] - The CSRC is committed to enhancing policy stability, transparency, and predictability while promoting effective communication with international investors [2][3]

Core Viewpoint - The Dalian Commodity Exchange (DCE) has announced adjustments to the quality standards for coking coal delivery, aiming to align with the rapid changes in the industry and market dynamics [1][3]. Summary by Sections Adjustments to Quality Standards - The standard quality range for coking coal has been modified to ≥65.0%, with alternative products adjusted to a range of [60.0%, 65.0) with a price deduction of 50 yuan/ton [2]. - The sulfur content range for alternative products has been revised, with a deduction of 1.5 yuan/ton for every 0.01% decrease in the range of [0.70%, 1.30%), and an increase of 2.5 yuan/ton for every 0.01% increase in the range of (1.30%, 1.60] [2]. - The expression and requirements for total moisture content have been updated, with a new calculation formula introduced for total moisture exceeding 8.0% [2]. - The rounding rules for ash content, volatile matter, and strength have been adjusted, with ash and volatile matter now retaining two decimal places and strength retaining one decimal place [2]. - The wording in the rules has been modified to reflect compliance with national standards and related error ranges [2]. Industry Context - The adjustments come in response to significant changes in China's coking coal policies and the structure of the spot market, indicating that the existing contract quality standards were no longer suitable for the industry's rapid evolution [3]. - The DCE's decision is based on comprehensive research and analysis of the coking coal supply structure, quality distribution, price differentials in the spot market, and trade circulation patterns [3].

Core Insights - The training session titled "DCE·Industry Action - Futures Derivatives Market Serving Yichang's High-Quality Development" was successfully held in Yichang, Hubei, focusing on key industrial chains such as modern chemical new materials, life health, new energy, and high-end equipment [1] - The event aimed to enhance companies' capabilities in utilizing futures and derivatives, injecting new momentum into Yichang's industrial high-quality development [1] - Yichang's GDP is projected to exceed 600 billion yuan in 2024, highlighting the urgent need for manufacturing quality improvement [1] Group 1 - The Dalian Commodity Exchange (DCE) emphasizes that serving the real economy is fundamental to the futures market, aiming to optimize contract rules and delivery systems to better assist enterprises [1][2] - DCE has implemented various initiatives in Hubei, such as establishing industrial-financial bases and conducting one-on-one training for leading enterprises, transforming many companies from observers to active participants in the futures market [2] - The collaboration between Yichang's solid industrial foundation and DCE's comprehensive market system is expected to facilitate financial resources flowing into the industrial sector, benefiting more enterprises [2] Group 2 - The training included a comprehensive overview of the futures and derivatives market, highlighting the core concepts and functionalities, such as price discovery, risk management, and resource allocation [3] - The evolution of risk management strategies from basic hedging to more sophisticated quantitative tools was discussed, along with practical experiences in using futures contracts for cost and profit stabilization [3] - The training also covered the professional requirements and auditing points of hedge accounting, emphasizing the importance of distinguishing between hedging and speculative trading [4] Group 3 - DCE plans to deepen cooperation with the Yichang government through specialized training and the construction of industrial-financial bases to better serve the economic development of Yichang [4]