近日，2025金融街论坛年会分论坛暨第十七届期货高管大会在京召开。摩根士丹利董事总经理、摩根士 丹利期货（中国）董事长沈黎在大会上表示，当前全球金融环境日益复杂多变，推进国际化与多元化发 展已成为期货公司提升核心竞争力、实现高质量发展的重要战略路径。 沈黎表示，中国期货市场"大市场、小行业"的特点比较明显。"大市场"体现在目前已上市逾百个期货和 期权品种，基本覆盖农产品、金属、能源化工、航运、金融等国民经济主要领域。2024年和2025年中国 期货市场成交额持续增长，且中国期货和期权市场交易量在全球的份额也在持续提升。"小行业"则体现 在行业集中度高，行业排名前十的期货公司的净资产占全行业比重近半、净利润占比接近六成。两极分 化明显，头部企业在资金实力、业务规模、技术能力等方面优势突出，拉大了不同梯队之间的差距。此 外，传统经纪业务同质化现象严重，创新业务起步较晚。 谈及美国期货市场发展历程，她表示，从业态结构来看，全能型金融机构在美国期货行业中占据主导地 位，形成了与专业化期货经纪公司差异化竞争的格局。从期货市场基础设施来看，美国期货交易所通过 跨境并购、合作及交叉挂牌等方式不断拓展国际影响力。从制度环境来 ...

Group 1 - The 2025 "Shanghai Futures Industry Service to the Real Economy Special Achievement Competition" concluded successfully, with Haizheng Futures and its risk management subsidiary winning both collective and individual second prizes [1][2] - The competition aimed to select and promote outstanding cases in the futures industry that serve the real economy, contributing to the development of new productive forces and ensuring the safety of the commodity supply chain [2] - Haizheng Futures' case titled "Futures-Spot Linkage to Help Trade Enterprises Reduce Costs and Increase Efficiency" stood out among numerous entries, showcasing effective strategies to help real enterprises manage price volatility risks and improve operational efficiency [4] Group 2 - The recognition received by Haizheng Futures is seen as an affirmation of the company's commitment to serving the real economy, with plans to deepen the integration of futures and spot markets [4] - The company aims to transform competition results into precise applications for industry needs, enhancing risk management and price discovery functions in the futures market [4] - Haizheng Futures is dedicated to providing comprehensive risk management services for industrial clients, contributing to national strategies and the construction of a strong financial nation [4]

Core Viewpoint - Recent glass prices have shown signs of stabilization, but the sustainability of this rebound needs further observation [1] Supply Side - There are rumors regarding supply-side changes, such as the Shahe area planning to suspend four coal-fired production lines for technical upgrades, with a daily melting capacity of approximately 2,350 tons, all of which are small sheet production lines [1] - After the upgrades, three production lines with a capacity of about 3,650 tons per day will gradually resume operations, although the specific resumption time may vary due to regional policies [1] - Some companies in Hubei may also face potential shutdowns due to cash flow issues, indicating that short-term supply changes could trigger the next market trend [1] Demand Side - Current demand remains weak, with low new construction and completion data in the real estate sector further constraining actual glass consumption [1] - End-user procurement is characterized by a cautious wait-and-see attitude [1] - In the short term, if supply-side issues escalate, prices may stabilize; however, in the medium to long term, attention should be paid to actual capacity reductions and the impact of macro policy improvements [1] - Continuous contraction in supply could drive prices upward, but the ongoing weakness in demand remains a significant risk [1]

二是做改革发展的贡献者。"面对新一轮科技革命和产业变革，如何与时俱进，深化资本市场制度改革 和机制创新，为新产业、新业态、新技术企业提供更加精准包容的投融资服务，更好服务高质量发展， 成为摆在我们面前的一个重要课题，希望国际机构发挥专业优势，分享有益经验，提出宝贵意见。"李 明表示。 三是做市场稳定的维护者。李明表示，希望国际机构在华投资展业始终坚持以符合法律法规、监管要求 为第一准则，坚持长期主义，健全内部风险管控体系，加强与监管部门沟通协作，参与构建多元共治的 风险防控体系，共同筑牢资本市场安全网。 李明提出三点倡议：做投资价值的发现者，做改革发展的贡献者，做市场稳定的维护者。 一是做投资价值的发现者。李明表示，随着新"国九条"和资本市场"1+N"政策体系加快落地见效，中国 资本市场基础制度不断完善，上市公司质量和投资价值持续提升，市场内在稳定性和抗风险能力明显增 强。 期货日报网讯（记者 杨美）11月4日，中国证监会副主席李明在2025年国际金融领袖投资峰会上表示， 中国证监会将紧紧围绕防风险、强监管、促高质量发展的工作主线，锚定深化资本市场制度型开放的目 标任务，系统谋划推出更多有力度的开放举措。 一 ...

Core Insights - The article discusses the evolution of the black industry chain, highlighting the rigid pricing mechanisms between the upstream steel industry and downstream manufacturing sectors, which transfer price volatility risks to downstream players [1][2] - It emphasizes the introduction of futures derivatives as a solution to restructure risk-sharing mechanisms within the industry chain, allowing for a more flexible pricing buffer [1][4] Industry Overview - The steel industry operates under a long-process smelting model, focusing on maintaining reasonable profits and stable production while controlling costs [2] - Steel trading companies serve as supply chain service providers, addressing the pricing risks that arise from asymmetric purchasing and sales between upstream and downstream entities [2] Market Dynamics - In Q2 2023, steel prices fell due to supply-demand imbalances and seasonal factors, prompting downstream shipbuilding companies to seek current market prices for their annual production needs [2] - Existing pricing models from steel companies did not meet the actual needs of shipbuilding firms, leading to a mismatch in pricing expectations [2] Risk Management Solutions - The collaboration between futures companies and steel trading firms facilitated a pricing conversion that addressed the needs of both shipbuilding and steel companies [3] - A closed-loop system was established where steel companies sold at floating prices, while trading firms provided price management services to shipbuilders, allowing for fixed-price procurement [3] Financial Impact - From May to September 2023, trading firms locked in steel resources for shipbuilders, reducing procurement costs from approximately 5780 CNY/ton to 4980 CNY/ton, resulting in an additional revenue of about 800 CNY/ton for shipbuilders [3] - Steel companies benefited from a stable profit of around 200 CNY/ton without bearing the exposure risk [3] Strategic Importance - The "guaranteed supply and locked price" model meets the needs of both upstream production and downstream risk control, ensuring stable prices and supply [4] - This project supports the stable operation and development of the manufacturing sector, which is crucial for maintaining economic growth and enhancing competitiveness in the industrial landscape [4]

Core Viewpoint - The Shanghai Futures Industry Association has initiated a competition to enhance the futures market's service to the real economy, aligning with Shanghai's goal of becoming an international trade center [1][3]. Group 1: Market Performance and Characteristics - The overall performance of the futures market has improved this year, with total funds exceeding 2 trillion yuan, and active participation from institutions and hedging enterprises [2]. - The futures market covers a wide range of real industries, involving an annual output value of 30 trillion yuan, with over 1,600 listed companies utilizing futures for hedging, representing 28.6% of A-share listed companies [2]. - The diversification of derivative tools has enhanced risk management efficiency, allowing enterprises to upgrade hedging into a comprehensive risk management system [2]. - The market's efficiency has improved due to the variety of tools and good liquidity, effectively fulfilling its roles in risk management, price discovery, and resource allocation [2]. Group 2: Competition and Case Studies - The competition received submissions from 9 member units with 13 individual cases and 37 team cases, showcasing a wide range of content and participation [3]. - The cases included topics such as rights trading, over-the-counter options, and "insurance + futures," serving various entities like real enterprises, trading companies, and agricultural subjects [3]. - The competition aims to enhance service levels among member companies and promote the capabilities of futures companies [3]. Group 3: Future Directions and Goals - The Shanghai Futures Industry Association aims to unite all member units to implement the spirit of the 20th National Congress, focusing on building a high-level socialist market economy [4]. - The association will play a bridging role, enhancing the futures market's core functions in serving the real economy, preventing financial risks, and deepening financial reforms [4]. - The initiative is seen as essential for improving Shanghai's international financial center status and contributing to high-quality economic development [4].

专访量化组亚军、资管产品组第一名京盈智投创始人兼投资总监谢黎博 高手云集的第十九届全国期货（期权）实盘交易大赛落下帷幕，京盈智投团队凭借稳健的表现，一举摘 得资管产品组第一名与量化组亚军两项大奖。谈及获奖感受，公司创始人兼投资总监谢黎博——这位兼 具北大物理学士与卡内基梅隆大学统计学博士背景的量化专家，言语中流露出欣慰："这次获奖，对我 与京盈智投团队而言意义非凡。它不仅是短期收益的胜利，更是对我们长期坚持的量化CTA策略的有力 验证。" 在本届大赛中，京盈智投的复合型量化CTA策略成为制胜关键。"由宏观经济周期与产业供需格局等慢 变量驱动的价格运动往往展现出持续的惯性。我们的系统虽不依赖于主观的基本面预判，但通过量化模 型，能够精准识别并系统化捕捉此类趋势机会，从而在单边行情中，实现对多资产类别趋势收益的有效 覆盖。"谢黎博介绍，为克服单一策略的周期性局限，团队构建了多层次策略框架，在趋势跟踪为主体 的基础上，融合了相对价值等低相关性策略，显著提升了系统的适应性与资金曲线的平滑度。 面对今年高度结构化的市场环境，部分板块与品种展现出清晰的趋势性行情。"依托多维度信号识别体 系与科学配置模型，我们实现了对各类 ...

Core Insights - The 19th National Futures (Options) Live Trading Competition and the 12th Global Derivatives Live Trading Competition award ceremony will take place on November 15 in Xi'an, attracting participants eager to learn and network in a volatile market environment [1][2] - The event serves as a platform for knowledge sharing, experience transmission, and recognition of outstanding traders, highlighting the importance of professional knowledge and practical experience in achieving success in futures trading [2] Group 1 - The award ceremony is expected to gather top talents from the futures industry, providing opportunities for participants to learn strategies and risk management techniques amidst significant market fluctuations [1][2] - Participants express a desire to connect with like-minded individuals and gain insights from experts regarding future market trends and profitable trading strategies [1][2] Group 2 - Industry experts emphasize the need for personal investors to focus on strategy optimization and risk control, while companies should deepen the integration of finance and industry, and private equity institutions should enhance competitiveness through technology [2] - The growing complexity of the market environment by 2025 necessitates a mindset of "risk awareness and continuous evolution" for investors to seize certain opportunities amidst volatility [2] - The increasing success of participants with professional backgrounds and practical experience in the competition underscores the importance of integrating knowledge and experience in futures trading [2]

Core Viewpoint - The futures market is increasingly recognized as a vital force in ensuring the safety of industrial and supply chains, promoting high-quality development in various industries, particularly in non-ferrous metals, steel, and petrochemicals [1][2][5]. Non-Ferrous Metals Industry - The non-ferrous metals industry has shown stable performance in 2023, with an industrial added value growth of 7.8% year-on-year and a production of 61.25 million tons, reflecting a 3.0% increase [2]. - The futures market has become an essential part of the financial system, aiding in price discovery, risk management, and resource allocation, which stabilizes production and enhances supply chain efficiency [2]. - There are currently 13 types of non-ferrous metal futures listed in China, with a robust risk management framework and increasing participation from industries in hedging practices [2][3]. Steel Industry - The steel industry has seen a significant increase in futures market participation, with nine steel-related futures and four options currently available [4]. - The participation of large steel enterprises in the futures market has grown, indicating a shift from previous trends where such companies were reluctant to engage [4]. - The steel sector faces challenges from low demand and a complex external environment, necessitating measures to reduce participation costs and enhance market regulations [4]. Petrochemical Industry - The petrochemical sector has transitioned to a phase of deep collaboration between production and finance, with significant advancements in risk management and financing innovation since the 14th Five-Year Plan [5]. - In 2024, the petrochemical industry is projected to achieve revenues of 16.28 trillion yuan and profits of 789.71 billion yuan, marking increases of 46.9% and 53.2% respectively since 2020 [5]. - Despite progress, the petrochemical industry faces challenges such as uneven participation in the futures market and the need for a more comprehensive risk management toolset [6]. - Recommendations for the petrochemical sector include enhancing market supply, deepening production-finance integration, and improving international pricing influence [6].

郑商所实体投教基地——期货和衍生品博览馆即日起正式面向社会公众开放，个人和团队参观可通过关 注微信公众号"郑商所实体投教基地"，点击"走进基地"即可进行参观预约。 据期货日报记者了解，郑商所实体投教基地是由郑商所原交易大厅改造而成，是集知识性、互动性、趣 味性于一体的综合性展馆，由郑商所下属郑州市未来金融服务有限公司负责日常运营及相关投教活动的 组织和开展。该投教基地位于郑州市未来大厦6~7层，并在1层设有"投教导航站"。 作为郑商所面向社会公众普及期货与衍生品基础知识、强化风险意识、开展投资者教育的重要平台，该 投教基地通过多元化展陈方式，结合物理互动装置、实物展品、线上互动游戏、仿真交易软件、VR体 验及多功能影厅等现代技术手段，为参观者提供沉浸式的学习与参观体验，在试运行阶段已累计接待团 体预约参观396场次，服务参观者10268人次。 据介绍，目前郑商所实体投教基地已与中国期货业协会、中国农业大学、大连理工大学、郑州大学、河 南大学等十余家行业机构和国内知名高校开展联合共建，共同推动期货市场投资者教育相关工作和投教 活动的开展。今年8月，该基地经郑州市委宣传部、郑州市社会科学界联合会审定为"郑州市社会 ...