Core Viewpoint - The company has developed a new high-temperature monitoring system that combines thermal imaging technology and artificial intelligence algorithms, successfully implemented in a silver smelting plant in Hunan, enhancing both safety and efficiency in production [1][2] Group 1: Product Features - The high-temperature monitoring system consists of a high-performance infrared thermal imager, a specialized pinhole camera, and a stainless steel high-temperature protective device, integrating monitoring, early warning, and protection functions [2] - The system aims to provide efficient, safe, and environmentally friendly monitoring and management solutions for the silver smelting industry, contributing to increased production efficiency and reduced personnel injuries [2] Group 2: Implementation Process - The implementation of the monitoring system involved a professional team that followed a scientific process, customizing the installation plan based on the layout of the silver smelting furnace and production workflow [1] - Key steps included the installation of air cooling pipelines and network fiber optics, reinforcement of the stainless steel main unit, and thorough testing of imaging, temperature measurement, and operational functions to ensure system reliability [1]

Core Viewpoint - The Central Economic Work Conference emphasizes the importance of "stability while seeking progress" and "improving quality and efficiency" for economic development, with a focus on enhancing risk management and supporting the real economy through financial services [1] Group 1: Strategic Focus - The company aims to strengthen risk management support for the real economy in alignment with the strategy to "build a strong domestic market" [1] - The company will drive service model innovation through digital transformation, responding to the requirement of "accelerating the cultivation of new growth drivers" [1] - The company plans to integrate professional services into rural revitalization practices, adhering to the important guideline of "coordinated development" [1] - The company will implement strategies related to "dual carbon" initiatives, utilizing green financial tools to support the transformation of development methods [1]

他说，面对"提高金融服务实体经济质效"的时代课题，五矿期货坚守"专注风险管理，助力产业发展"核 心使命，与行业一道共同强化服务国家战略核心职能，立足自身矿业基因优势，深耕金属矿业，对接战 新产业（300832）、绿色低碳等国家重点领域，构建兼具矿业特色与综合优势、贯通期现联动、场内外 协同、境内外联通的一体化服务体系，筑牢公司高质量发展根基；聚力锻造"特色综合服务链、投研交 易转化链、数智价值赋能链"三链融合发展路径，以AI驱动与科技赋能精准破解行业服务同质化痛点， 深化产融协同与融融联动，把深度产业研究成果转化为可落地、可检验的定制化企业风险管理与交易执 行方案，加速向"专业风险解决方案提供商"转型；始终严守合规经营底线，践行"合规创造价值"理念， 共同营造良好的行业生态，让期货行业的价值得到更广泛认可。 中证报中证网讯（记者 马爽 王超）2025年12月10日至11日，中央经济工作会议在北京举行。五矿期货 董事长杨宝宁表示，将深入贯彻中央经济工作会议各项部署，坚定不移走好产业金融转型发展之路，与 行业携手为推动期货市场高质量发展、助力金融强国建设、更好服务经济社会高质量发展做出新的更大 贡献。 ...

中证报中证网讯(记者马爽王超)2025年12月10日至11日，中央经济工作会议在北京举行。方正中期期货 总裁肖湘表示，公司将以中央经济工作会议精神为根本遵循，坚守金融服务实体经济初心，以科技赋能 服务，以专业创造价值，全力服务国家战略部署，在提升产业韧性、稳定市场运行中彰显担当。 一是把握宏观脉搏，在服务大局中找准发展坐标。面对新形势新要求，期货公司应坚决摒弃同质 化、"内卷式"竞争，坚定走特色化、专业化、精细化的发展道路。头部机构更应发挥资本、人才与研究 优势，在服务实体产业、稳定市场运行、提升定价影响力等方面展现更大担当，实现自身高质量发展与 行业时代使命的同频共振。 二是聚焦主责主业，以专业服务赋能实体稳健发展。服务实体经济是期货行业的立业之本和发展之基。 会议提出的多项重点任务，既为期货行业服务实体经济厘清了关键路径，也为方正中期期货新一年的战 略规划与业务深耕提供了方向指引。 ...

Core Viewpoint - The article emphasizes the role of the futures market in supporting national strategies and stabilizing the real economy, highlighting the commitment of Donghai Futures to high-quality development and professional responsibility [1] Group 1: Service to National Strategy - Donghai Futures focuses on two major strategic lines, establishing a service system deeply embedded in the industrial chain [1] - The company aims to serve national strategic directions through in-depth understanding and implementation [1] Group 2: Regional Development - Donghai Futures actively explores a "one region, one policy" service model tailored to local needs, striving to be a "co-builder" and "enabler" of regional industrial development [1] Group 3: Risk Control - The company prioritizes risk prevention as a lifeline, adhering to the principles of "compliance first, risk control in advance" [1] - An integrated risk control system is built on compliance and data intelligence [1] Group 4: Industry Development Collaboration - Donghai Futures seeks to create an efficient ecosystem involving government, industry, academia, research, and finance [1] - The company collaborates with industry institutions to promote service innovation and develop customized solutions with enterprises in the industrial chain [1]

中证报中证网讯(记者马爽王超)中央经济工作会议擘画了新征程上中国经济高质量发展的清晰蓝图，也 为资本市场服务实体经济、防范化解风险指明根本方向。金瑞期货股份有限公司总经理侯心强表示，作 为金融行业的一员，公司将深入贯彻党的二十大和二十届历次全会精神，落实中央经济工作会议部署， 完整准确全面贯彻新发展理念，坚持服务实体、筑牢风控根基，以自身稳健经营助力期货市场平稳运行 和高质量发展。 侯心强表示，作为一家具有产业背景的期货公司，金瑞期货在自身发展中，始终坚持服务实体的初心， 依托股东鲜明的"套保旗帜"，打造出了具有"产业服务"鲜明特色的品牌，持续助力有色金属上下游企业 提升风险管理水平，推动实体企业科学运用远期、期权、互换和期货等工具，有效对冲价格风险。下一 步，公司将认真落实中央经济工作会议精神，在产业客户赛道上深入发力，推动搭建有自身特色的产业 客户开发服务体系。深耕实体经济，扩大以套保为核心的研发竞争力，致力于为产业客户提供更全面、 更专业、更持续、更贴心的风险管理服务。响应乡村振兴号召，大力推动以"保险+期货"模式服务三 农，助力乡村振兴。 ...

中证报中证网讯(记者马爽王超)2025年12月10日至11日，中央经济工作会议在北京举行。东证期货总经 理唐雷表示，对于期货业而言，落实会议精神，关键在于将宏观部署转化为服务实体经济的微观实践， 须以"稳"筑牢风险管理根基，以"进"驱动服务创新，以"提质增效"精进专业价值，切实服务实体经济。 他说，东证期货始终将助力实体经济作为经营主线，通过旗下风险管理子公司，深入钢铁、能源、农产 品等关乎国计民生的领域，为企业提供覆盖套保等多场景的定制化风险管理方案。 唐雷表示，东证期货积极以金融科技重塑服务模式，破解实体企业在风险管理中面临的信息、技术与成 本门槛。公司自主研发的"繁微"智能投研平台，借助人工智能处理海量产业与市场数据，为企业提供更 清晰的风险视图与决策支持；"大宗精灵"平台则以轻量化、模块化的设计，助力中小微企业快速实现期 现业务数字化、风险管理流程化。这些实践，是东证期货响应"创新科技金融"，推动服务向精准化、智 能化、普惠化升级，旨在为培育壮大产业新动能提供更适配的金融支持。 ...

中证报中证网讯(记者马爽王超)2025年12月10日至11日，中央经济工作会议在北京举行。浙商期货董事 长胡军表示，公司始终坚持服务实体经济初心，以促进高质量发展为主线，围绕做好金融工作"五篇大 文章"，加快探索模式创新与服务升级，持续打造形成资源共享、优势互补的期货保障体系，确保金融 服务覆盖更广、成效更足。 她说，浙商期货将不断提升专业能力和创新水平，最大程度上释放出期货市场的服务保障功能，为加快 建设金融强国目标持续贡献期货力量。始终坚持党对金融工作的领导，切实增强做好金融行业党建工作 的责任感使命感，紧扣防风险、强监管、促高质量发展工作要求，谋深谋实公司"十五五"发展规划，在 服务国家战略、促进实体发展和履行社会责任等方面采取更多有力有效的工作措施。 ...

Core Insights - The AI computing power sector is experiencing significant positive developments, with companies in the AI computing power chain being direct beneficiaries [1] - CPO (Coherent Photonic Optics) is identified as a core segment with high performance elasticity and certainty, benefiting from the capital expenditures of major overseas cloud giants like Microsoft, Google, and Meta [1] - The domestic computing power chain is accelerating its technological catch-up and market share increase under the strategy of self-control [1] Company Performance - Key players in the CPO industry include New Yisheng (300502), Zhongji Xuchuang (300308), and Tianfu Communication (300394), which have established strong competitive advantages through technology barriers and market share [1] - As of December 10, 2023, the stock price increases for these companies were 425%, 401%, and 263% respectively [1] - Funds heavily invested in these sectors, such as the Guangfa Emerging Growth Fund managed by Liu Yu, reported a year-to-date return of 73.41% as of December 10, 2023, and a cumulative return of 162.31% since October 2018 [1] Investment Strategy - The Guangfa Emerging Growth Fund's portfolio is heavily concentrated in the AI computing power sector, with over 25% of holdings in "Yizhongtian" and approximately 61% in the top ten holdings, including Industrial Fulian (601138) and Yingweike (002837) [2] - Liu Yu emphasizes a strategy focused on high performance certainty and significant future growth potential, adjusting the portfolio dynamically based on industry changes [2] - The AI industry is still in its early stages, with expected continuous demand growth for computing power infrastructure as AI models evolve and applications are implemented [2] Sector Focus - Liu Yu highlights three key sub-sectors within the computing power chain: 1. CPO (Optical Modules), with Nvidia planning to mass-produce CPO switches, leading to significant annual shipment growth [3] 2. OCS (Optical Circuit Switching), which offers high bandwidth and low latency, gaining attention due to Google's application in TPU architecture [3] 3. PCB (Printed Circuit Boards), crucial for AI server upgrades, with potential shifts in technology that require ongoing monitoring [3]

Core Viewpoint - The Central Economic Work Conference emphasized the importance of addressing "involution" competition and identified key sectors such as photovoltaic, lithium battery, and coal industries that have shown significant improvement, suggesting investment opportunities based on policy support and market dynamics [1][2]. Group 1: Industry Performance - Since July, all "anti-involution" themed industries have achieved positive returns, with lithium batteries and photovoltaics performing the best due to favorable policies and improved demand, particularly in domestic and international energy storage [1]. - The steel industry, while initially strong due to policy support, has seen a decline in performance as real estate investment and demand have decreased, leading to a significant drop in the past month [1]. - Sectors like express delivery and live pig farming have shown weaker performance, with limited gains since July and negative fluctuations recently [1]. Group 2: Price Trends - Industrial product prices have not uniformly increased since July; instead, there has been a divergence, with photovoltaic materials, lithium carbonate, and thermal coal showing relative strength, while prices for pork and cement have fallen below July levels due to weak demand [2]. Group 3: Future Investment Opportunities - The "anti-involution" theme is expected to be a long-term market focus, with investment opportunities identified based on three key factors: 1. Current policy support levels, with photovoltaic and coal industries receiving the most robust backing [2]. 2. Market structure, where industries with lower private capacity and higher concentration are better positioned for supply-side control [3]. 3. Demand side dynamics, particularly in the lithium battery sector benefiting from rising energy storage needs and seasonal demand increases for coal during winter [3]. Group 4: Market Outlook - The "anti-involution" trend is anticipated to remain a central market theme, with optimistic expectations for sectors like lithium batteries, coal, and photovoltaics, which are supported by both policy and demand [3].