阿拉格齐重申，双方谈判议题仅限于核问题，这是伊朗一贯立场。他指出，由于在纽约联合国大会期间 发生的事件及其后续发展，伊朗目前"没有看到重新开启谈判的基础" 。阿拉格齐透露，今年纽约联合 国大会举行期间双方确实曾进行接触，伊朗曾表示愿就相关问题进行磋商。但美方立场是，如果伊朗交 出所有60%丰度的浓缩铀，他们只会将"快速恢复制裁"机制推迟六个月。阿拉格齐称，这是"过分、完 全不合理、绝对不可接受的立场"，伊朗已明确表达拒绝，因此这次接触未能取得成果。 阿拉格齐表示，伊朗曾告知斡旋方，"没有理性的人会接受这种要求"。并称如果有关国家愿意永久放 弃"快速恢复制裁"机制，让安理会第2231号决议在10月18日按期终止，并将伊朗议题从安理会议程中彻 底删除，那么相关请求才值得考虑。"但美国从未接受这一点。" 刚刚，伊朗外长透露拒绝美方要求原因。 据央视新闻消息，当地时间10月11日，伊朗外长阿拉格齐在被问及与美国重启谈判及其条件时表示，伊 朗对美国的立场始终明确，"如果他们准备在平等的基础上，为实现共同利益、基于相互尊重进行谈 判，并且不把谈判与'命令'混为一谈，愿意开展公平、平衡的对话，我们也会准备好进行这样的谈 判 ...

10月9日，第十九届全国期货（期权）实盘交易大赛重量组亚军孙辉在期货日报"巅峰对话"直播栏目中 分享了他的交易心得与实战经验。 核心交易理念：主动止盈与盈利出金 1.为何强调主动止盈 孙辉说，他不认同"让利润奔跑"的传统观点，因为大行情很少见，多数是震荡或小行情。如果10次盈利 都不平仓，最后却止损出场，账户不仅面临巨大回撤，交易信心也会受挫。 对此，他建议，采用分批止盈策略：一部分落袋为安，另一部分"让子弹再飞一会儿"。 2.盈利出金的哲学 "不追求复利，坚持盈利出金"，这一原则孙辉已践行了十余年。 他表示，坚持盈利出金，一方面有助于规避"黑天鹅"风险和个人冲动交易的风险；另一方面，可以帮助 自己形成"胜利的良性循环"，增强交易信心。 "盈利出金并不影响做大做强，我会通过季度或年度周期适当增加交易的本金。"他说。 交易方法：看大做小，灵活波段 1.看大做小，长短结合 看大是指从宏观面、基本面入手，把握品种的长期方向，尤其是关注黄金、白银、原油、股指等与国际 市场联动紧密的品种走势。 做小是指在实际进场时，将5分钟、15分钟K线等短周期信号作为进场时机和节点的判断依据。 滚动操作：针对趋势性品种（如黄金），不 ...

Core Viewpoint - The newly published "Guidelines for Futures Companies to Release Futures Research Reports" aims to standardize the behavior of futures companies in releasing research reports, enhance research service capabilities, and address internal control deficiencies and irregular processes in the industry [1][2]. Group 1: Guidelines Overview - The guidelines focus on "standardizing professional behavior, preventing business risks, and improving service quality," detailing execution standards for each step in the report release process [2]. - A total of 32 articles are included in the guidelines, emphasizing the establishment of a comprehensive internal control system covering the entire process of report creation, review, release, and sales service [2][3]. Group 2: Key Highlights - The guidelines require unified content elements and format standards for research reports, emphasizing the qualifications and responsibilities of authors [3]. - A dual mechanism for quality review and compliance checks is established, with clear processes, content, responsibilities, and personnel requirements [3]. - The guidelines introduce a market impact assessment mechanism prior to report release, ensuring reports are disseminated through a centralized internal platform [3]. Group 3: Public and Private Domain Distinction - The guidelines clearly delineate the boundaries between public and private domain operations, with public domain reports limited to educational content and private domain reports requiring specific contracts and risk disclosures [4]. - This distinction aims to prevent misleading information dissemination and ensure that private domain services align with investor risk profiles [4]. Group 4: Conflict of Interest Prevention - The guidelines mandate the separation of research report creation and sales functions to ensure research independence and prevent conflicts of interest [5][6]. - Companies are required to adhere to integrity regulations and ensure consistency in internal research support [5]. Group 5: Practical Implementation - The guidelines expand their applicability to include "information services" under the same management as research reports, preventing circumvention of regulations [6]. - Companies can provide research reports to brokerage clients without separate contracts if no fees are charged, aligning with practical industry needs [6]. Group 6: Industry Impact - The guidelines address existing industry issues such as inadequate internal controls and quality inconsistencies, promoting a shift towards high-quality development in the futures market [7]. - By enhancing the quality of research services, the guidelines aim to better meet the risk management needs of industrial clients [7][8]. Group 7: Transition Period - A two-month transition period is established for futures companies to prepare for the implementation of the guidelines, ensuring readiness for compliance [8].

Core Viewpoint - The construction and building materials industry is undergoing a significant green transformation driven by the "dual carbon" goals, integrating low-carbon and digitalization throughout the entire industry chain [1] Group 1: Industry Transformation - The transformation in the construction and building materials industry is not only a technological upgrade but also a profound restructuring of the industry [1] - The development concepts of scale, intensification, and platformization are providing continuous momentum for this green revolution [1] Group 2: Digital Platforms - The Henan Zhongyu Material Trade Co., Ltd. has launched a green building materials industry chain information platform, which includes six major sections: building materials products, enterprises, parks, innovation platforms, talent, and transactions [3] - The platform has registered 1,009 suppliers and 313 purchasing users, with a cumulative transaction volume exceeding 150 million yuan [3][4] Group 3: Policy Support - The construction of the green building materials trading platform is supported by policies aimed at fostering a modern industrial system, which includes 28 key industrial chains [3][5] - The platform aims to activate data from the information platform to promote collaborative development within the industry chain [4] Group 4: Sustainable Practices - The company is integrating upstream raw material supply solutions, including steel and non-ferrous metals, into the green supply chain [7] - The innovative approach to solid waste utilization creates a value conversion path from waste to green building materials, significantly reducing energy consumption by approximately 50% compared to traditional cement production [7][8]

Group 1: Iran's Negotiation Stance - Iran's Foreign Minister Zarif emphasized that negotiations with the U.S. must be based on equality and mutual respect, focusing solely on nuclear issues [1][2] - Zarif rejected U.S. demands to relinquish all 60% enriched uranium in exchange for a six-month delay in sanctions, calling it unreasonable and unacceptable [1][2] - Iran is open to negotiations if a reasonable and balanced proposal is presented that safeguards the interests of the Iranian people [2] Group 2: Trade Tensions Impacting Oil Prices - Global commodity markets are under pressure from escalating trade tensions, leading to significant declines in both crude oil and base metals [3][4] - WTI crude oil futures fell to $58.90 per barrel, a decrease of 4.24%, marking the lowest point since May [3] - The decline in oil prices is attributed to a combination of factors, including reduced geopolitical risks and a shift in focus back to fundamental supply and demand dynamics [3][4] Group 3: Supply and Demand Dynamics in Oil Market - Seasonal demand fluctuations are impacting oil prices, with a typical decline in consumption following the summer peak [4] - OPEC+ has increased production by approximately 1.5 million barrels per day since April, contributing to supply pressures [4] - EIA forecasts indicate significant inventory build-up in late 2025 and early 2026, with average daily accumulations expected to reach 2.6 million barrels in Q4 2025 [4] Group 4: Outlook for Oil Prices - Analysts predict further declines in oil prices due to ongoing supply increases and weakening demand, with expectations of prices fluctuating between $55 and $65 per barrel [5] - The impact of U.S. tariff policies on oil prices remains a critical factor to monitor in the coming weeks [5] Group 5: Base Metals Market Trends - Base metals, particularly copper and tin, experienced significant declines, influenced by renewed trade tensions [6][7] - Despite recent downturns, the fundamentals for certain metals remain strong, with tight supply conditions for copper due to production adjustments by mining companies [6][7] - The overall performance of the base metals market is expected to be driven by macroeconomic factors, with potential support from improved market liquidity due to anticipated interest rate cuts [6][7]

为进一步规范期货公司发布期货研究报告行为，提升研究服务能力，在中国证监会指导下，中期协立足 行业自律管理职责，牵头制定并于近日公布《期货公司发布期货研究报告执业指引（征求意见稿）》 （简称《指引》），面向社会公开征求意见。 《指引》共三十二条，主要包括以下核心亮点： 一是全流程规范。要求期货公司应当建立健全覆盖研究报告制作、审核、发布及销售服务全流程的内控 制度，并对发布研究报告服务活动实施集中统一管理。 构建全流程闭环管理体系 划分公域与私域展业边界 总的来看，《指引》以"规范执业行为、防控业务风险、提升服务质量"为核心导向，聚焦当前发布研究 报告存在的突出问题，进一步细化发布研究报告各环节的执行标准，提出了具体、可执行的操作指引。 同时，《指引》还借鉴吸收了证券行业在研究报告管理方面的成熟经验，结合期货市场实际展业情况， 重点明确了公域与私域场景下的展业边界、内容合规标准、风险提示以及交易者适当性管理等要求。 具体来看，统一研究报告必备内容要素与格式规范，强调署名人员资质要求和责任归属。细化研究报告 制作要求，包括信息源管理、信息核实、调研活动管理、报告内容撰写规范等。建立研究报告质量审核 与合规审查双机 ...

Core Viewpoint - The steel industry is experiencing a recovery despite an overall downturn, with several companies, including Shandong Steel, reporting significant improvements in profitability and operational performance [1][5]. Group 1: Company Performance - Shandong Steel expects a profit of approximately 632 million yuan for the first three quarters of 2025, a year-on-year increase of about 2.196 billion yuan [1]. - The company reported a net profit attributable to shareholders of around 140 million yuan, up approximately 15.91% year-on-year [1]. - Shandong Steel's half-year report indicated a revenue of 36.806 billion yuan, a decrease of 18.60% year-on-year, but a gross margin increase to 6.02%, up 4.15 percentage points [1]. - Other steel companies, such as Liugang Co., Anyang Steel, and New Steel, also reported improved profitability, with many turning losses into profits or significantly reducing losses [1][6]. Group 2: Industry Trends - The overall steel industry in China saw a 5.79% decline in revenue for key enterprises, while total profits increased by 63.26% year-on-year [6][7]. - The steel price index dropped by 7.09%, with specific products experiencing varying price declines [6]. - The profitability recovery is attributed to lower raw material costs and improved risk management practices among steel companies [5][12]. Group 3: Risk Management and Hedging - Steel companies are increasingly using hedging strategies to manage risks associated with price and currency fluctuations [10][11]. - Companies like Liugang and others have engaged in futures trading to hedge against raw material price volatility, effectively stabilizing their operational costs [10][12]. - The core value of hedging is to stabilize raw material costs, smooth out foreign exchange impacts, and enhance predictability of performance [12].

在近期结束的第十九届全国期货（期权）实盘交易大赛中，一位名叫吾剑的选手引起了广泛关注。他用 1000多元本金，在6个月内盈利近18万元，最大回撤仅4.2%，更令人惊讶的是，他主要交易期权买方， 95%以上都是买入操作，最大单笔亏损不超过500元，最大单笔盈利也仅1680元，靠着"积少成多"最终 斩获轻量组冠军。 10月8日，吾剑在期货日报"巅峰对话"直播栏目中首次亮相，分享了自己的交易经历和感悟。 1.小资金起步，严控回撤 "我现在的交易目标就是养家糊口。如果我能够通过交易，每个月有之前银行培训一半的收入就特别知 足。"吾剑说。 基于这样的目标，他的心态特别好，从不去冒大风险，只做胜率较高的交易。他永远不重仓，没有一个 合约的持仓金额超过总资金的10%，而且永远不追高。 他的核心策略是低价为王——只买价格足够低的期权合约，且有九成把握能够盈利。他甚至会背诵沪金 各个月份合约的价格，以便在机会出现时迅速捕捉。 3.四大机会来源 吾剑分享了自己交易机会的四个主要来源： 第一，背价格，找偏差。"像沪金2512合约，最虚一档是p568，近期价格长期在0.3~0.4之间。但比它高 一档的p576、p584等合约，价格却 ...

2025年上半年，金银价格延续2024年的上涨态势，COMEX黄金期货价格屡创新高，半年涨幅超过 24%，沪金价格同步上涨23.32%；COMEX白银期货价格半年涨幅超过21%，沪银价格亦录得15.08%的 涨幅。2025年三季度，贵金属市场热度再攀高峰，COMEX黄金期货价格冲破3800美元/盎司，年内涨幅 超过46%；COMEX白银期货表现更为亮眼，三季度涨幅逼近30%，年内涨幅超过56%。 可观的价格涨幅直接带动了贵金属企业在2025年上半年交出亮眼的业绩答卷。期货日报记者梳理了12家 贵金属上市公司的半年报发现，2025年上半年业绩全线增长。三季度行业景气度进一步升温，预计上述 公司全年业绩将再创新高。 行业景气度攀升，上市公司业绩"水涨船高" 今年上半年，贵金属板块上市公司的业绩可以用"量价齐升、结构优化"来概括。光大期货有色金属研究 总监展大鹏表示，贵金属板块上市公司上半年营业收入以及归母净利润的同比增速远超普通工业板块上 市公司。 海通期货研究所总经理助理顾佳男认为，上半年贵金属板块上市公司整体业绩表现亮眼，反映出行业正 处于景气周期。 "国际金价持续攀升、全球避险情绪升温以及美联储降息预期共同 ...

10月9日，Shibor短端品种多数下行，其中隔夜品种下行5.7BP,回到1.3%附近，市场资金面转松。 国庆中秋长假后首个交易日，国债期货价格普遍上涨，10年期国债收益率下行1BP，至1.77%，主要是 央行加大公开市场操作力度，市场资金面转松，支撑国债期货价格企稳。 总体上，随着9月份美联储重启降息，加上10月份美国政府"停摆"，市场预计美联储10月降息25个基点 的概率大幅提升，同时预计明年底利率中枢将回到3%左右。美联储重启降息后，一方面将缩小中美利 差，提升了人民币债券的吸引力；另一方面，将缓解人民币汇率的压力，为国内货币政策提供更大的操 作空间。 图为上海银行间同业拆放利率走势（单位：%） 9月30日收盘后，央行公布了公开市场买断式逆回购招标公告。为保持银行体系流动性充裕，10月9日央 行以固定数量、利率招标、多重价位中标方式开展11000亿元买断式逆回购操作，期限为3个月（91 天），对冲10月到期的8000亿元3个月期买断式逆回购后，当月加量续作3000亿元。此举表明央行呵护 市场流动性态度明显，有利于稳定市场预期。此外，央行同日以固定利率、数量招标方式开展了6120亿 元7天期逆回购操作，当 ...