此外，公司还与红寺堡区签署《巩固拓展脱贫攻坚成果同乡村振兴有效衔接结对帮扶合作协议》，将在 更广维度提供支持。 如今，在贺兰山东麓的移民新村，温室里藤蔓攀爬，葡萄挂果。海证期货以专业之力，书写着新时 代"山海情"的新篇章。 在宁夏吴忠市红寺堡区——这片由荒漠变绿洲、承载23万移民希望的热土上，一座座日光温室正孕育着 致富的希望。近日，海证期货有限公司投入5万元专项资金，支持红寺堡区开展设施农业提升工程，用 于日光温室及拱棚的新建与维修。 红寺堡作为全国最大的易地生态移民安置区，设施农业是移民群众稳定增收的支柱产业。然而，小农户 面对自然灾害和市场价格波动时往往束手无策，"丰产不丰收""灾年返贫"风险始终存在。 为此，海证期货捐赠资金直接用于改善生产基础设施，提升温室抗灾能力和产出效率。 ...

Core Viewpoint - The article highlights the successful implementation of a vegetable greenhouse project in Qulihaixiang, Yining County, Xinjiang, supported by Haizheng Futures Co., Ltd., which has significantly improved agricultural productivity and created job opportunities for local residents [1] Group 1: Project Impact - Haizheng Futures invested 40,000 yuan in the greenhouse project, which has effectively enhanced agricultural output and supported 31 impoverished households in increasing their income [1] - The project has created 120 job opportunities for local rural laborers through various stages such as seedling cultivation, planting, harvesting, sorting, transportation, and sales [1] Group 2: Agricultural Development - The region's fertile land faced challenges due to traditional open-air farming being limited by seasonal and climatic factors, leading to income volatility for farmers [1] - The development of facility agriculture is identified as a key solution to overcome these limitations, although high construction costs and technical barriers have deterred many farmers from participating [1] Group 3: Financial Support - Haizheng Futures' targeted funding for greenhouse infrastructure and production materials has alleviated the initial financial burden on the village collective and individual farmers [1] - The initiative demonstrates how financial support can effectively integrate into the daily lives and long-term development of farmers in border areas [1]

Core Viewpoint - The company is committed to reinforcing a culture of integrity and compliance among all employees through a comprehensive training program aimed at internalizing compliance awareness and ensuring sustainable and high-quality development [1][2] Group 1: Training Objectives and Content - The training program for 2025 aims to cover all employees at the company headquarters and branches, focusing on regular and institutionalized education to provide a solid cultural foundation for stable operations [1] - Core materials for the training include regulations from the China Securities Regulatory Commission and the latest implementation guidelines from the China Futures Industry Association, outlining "positive" and "negative" lists for key operational areas [1] - The training emphasizes strict prohibitions against using one's position for personal gain, accepting gifts or money, engaging in client asset management, and falsifying expenses, ensuring employees understand the boundaries of acceptable behavior [1] Group 2: Case Studies and Cultural Integration - The training incorporates analysis of recent typical violations in the futures industry, highlighting real cases where improper expense reimbursements led to regulatory penalties and how accepting client invitations affected professional integrity [1] - The company leader stressed that integrity in the workplace is reflected in every detail of daily operations, urging all staff to maintain self-discipline and uphold the industry's image of compliance, integrity, and professionalism [2] - The company plans to enhance its long-term integrity mechanisms through regular training, daily advocacy, special inspections, and strict accountability, aiming to embed a culture of integrity into its operations and contribute to the healthy development of the real economy and capital markets [2]

相关报道 十年间，"保险+期货"从单一价格险拓展至收入险，服务延伸至全产业链，覆盖全国31个省份，惠及农户740万户次，为全球农产品风险管理提供了"中国 方案"。 2025-12-1522:50:17 "保险+期货"从"破冰"到"深耕"的进化之路 精准施策筑根基破局提质再出发 从最初的探索试点到如今的规模化推广，"保险+期货"模式在稳定农民收入、服务国家粮食安全方面成绩斐然，但还应看到这一创新模式仍有优化的空 间。站在十年的关键节点，如何破解发展痛点，让"保险+期货"发挥更大的作用，是行业需要共同探索的重要课题。 2025-12-1700:48:57 向全球农产品风险管理递出"中国方案" "保险+期货"多点开花托起"稳稳的幸福" 2015年"保险+期货"试点开展以来，果农、种植户、养殖户等农业主体见证了这一模式的实效。"保险+期货"不仅增强了农户的抗风险能力，而且让越来越 多的新型经营主体主动参与现代农业风险管理，成为乡村振兴不可或缺的金融工具。 2025-12-1022:27:57 当前，"保险+期货"已从星星之火发展为燎原之势，基础框架日益稳固。如今，"保险+期货"模式全面升级，更多元的主体被引入，更立体 ...

Group 1 - The core factors driving the significant increase in silver prices this year include a persistent supply gap in the global silver market, concerns over physical supply due to U.S. tariff policies, and the Federal Reserve entering a rate-cutting cycle which enhances market liquidity and risk appetite [1] - In late December, silver prices accelerated due to a surge in investment demand and tight short-term inventory, with global silver ETF holdings significantly increasing since October as institutions and high-net-worth individuals purchased and hoarded physical silver [1] - The current market structure shows backwardation in silver futures, indicating extreme tightness in near-term physical supply, with silver lease rates remaining high, reflecting low willingness to lend physical silver [1] Group 2 - In the short term, the silver market is expected to remain highly volatile due to increased delivery demand for COMEX silver futures and tight physical supply, which supports futures prices and amplifies market fluctuations [2] - The anticipated rebalancing of the Bloomberg Commodity Index and S&P Goldman Sachs Commodity Index in early next year may lead to selling pressure from passive management funds, with silver expected to be more affected than gold due to its smaller market size [2] Group 3 - In the medium term, silver prices are anchored by gold, with the overall upward trend in precious metals likely to continue amid a global rate-cutting cycle and rising geopolitical tensions [3] - Long-term demand for silver is supported by industrial applications, particularly in solar energy, electric vehicles, AI servers, and 5G communications, with silver demand from the solar industry rising from approximately 20% in 2022 to about 55% currently [3] - Traders are advised to consider silver as an enhanced allocation during gold's upward cycle, leveraging its high price elasticity and volatility for excess returns while managing positions to avoid forced exits due to short-term fluctuations [3]

Core Viewpoint - The company has developed a hedging solution using 30-year treasury futures to help a client reduce funding costs during a period of declining interest rates, addressing the client's pain point of high funding costs impacting overall profitability [2][6][14]. Group 1: Client Background and Needs - The client is a group with a strong industrial background, primarily engaged in commodity futures for hedging, and has no prior experience with treasury futures [2]. - The client's main business involves significant trading of bulk commodities, requiring effective risk management strategies to achieve annual profit targets [3]. - The client faces a funding cost of around 4% at the beginning of 2024, with concerns about the impact of interest rate fluctuations on their financial performance [6][10]. Group 2: Market Analysis and Strategy - The company anticipates a continued downward trend in long-term interest rates, driven by ongoing monetary easing and targeted fiscal stimulus policies [7]. - Current economic conditions indicate a passive destocking phase, with GDP deflation indices remaining negative, suggesting limited upward pressure on interest rates in 2024 [8][10]. - The company emphasizes the importance of treasury futures as a tool for hedging against interest rate risks, particularly in light of the client's funding cost constraints [6][11]. Group 3: Implementation and Results - The company has assisted the client in understanding and participating in treasury futures trading, leveraging margin advantages to enhance funding efficiency [11]. - A simulation showed that holding TL contracts could reduce annual funding costs by 0.95 percentage points with a margin requirement of approximately 1.15 million [12]. - The service process included identifying funding pain points, determining potential hedging needs, conducting research exchanges, and implementing solutions with performance reviews [14]. Group 4: Future Outlook - The company envisions a more diverse range of traders and strategies in the treasury futures market, aiming to better support the growth of the real economy [15].

Core Viewpoint - The Guangdong Provincial Financial Management Bureau, along with nine other departments, has issued a work plan to promote financial services for the construction of a technology-driven province, focusing on enhancing the role of futures and technology innovation indices in supporting technological advancements [1] Group 1: Financial Services and Futures - The plan proposes the implementation of a strong foundation for technology finance, aiming to systematically advance the futures and technology innovation index system to empower technological innovation [1] - There is an emphasis on refining the futures product segment for strategic emerging industries, particularly in the renewable energy sector [1] - The development and listing of futures products such as lithium hydroxide are prioritized to create a comprehensive system of renewable energy products [1] Group 2: Strategic Industry Support - The plan aims to steadily advance the research and development of major strategic products like carbon emission rights to support the growth of strategic emerging industries such as renewable energy and energy storage [1] - The role of indices and index-based investments is highlighted as a crucial link between capital market financing and investment, encouraging index institutions to focus on key regions, industries, and enterprises [1] Group 3: Investment Products and Innovation - Support is provided for securities and fund management institutions to develop technology-themed fund products that align with national strategies, enhancing active management capabilities directed towards technology enterprises [1] - The initiative seeks to enrich the categories of technology innovation indices and exchange-traded funds (ETFs), promoting the aggregation of more medium- to long-term capital towards the development of new productive forces [1] - The plan aims to further guide the functionality of technology innovation index fund tools in driving innovation-driven development [1]

Core Viewpoint - The company is investing in agricultural infrastructure and innovative financial tools to support local farmers in the Hongsi Fort area, enhancing their resilience against natural disasters and market fluctuations [1][2]. Group 1: Investment and Support Initiatives - The company has allocated 50,000 yuan to support the improvement of agricultural facilities, including the construction and maintenance of solar greenhouses and tunnels [1]. - A cooperation agreement has been signed with Hongsi Fort District to provide broader support, including helping local enterprises connect with multi-level capital markets and exploring financing tools like corporate bonds and medium-term notes [2]. Group 2: Risk Management and Financial Tools - The company is promoting a "futures + insurance" model to provide dual protection for local specialty agricultural products, addressing both price and disaster risks [1]. - The implementation of the "futures + insurance" model is expected to benefit hundreds of local farmers, significantly enhancing their risk management capabilities [2]. Group 3: Community Development and Talent Cultivation - The company plans to establish a scholarship fund for underprivileged university students and provide internship opportunities to cultivate local financial talent [2]. - The comprehensive support model combines hardware investment, financial tools, and capacity building, transitioning from "blood transfusion" aid to "blood production" development [2].

2024年螺纹钢价格上演"过山车"行情，全年高低位价差达1400元/吨，黑色产业链企业利润被压缩。华 北地区某钢厂有很多建材库存，通过买入看跌"安全气囊"期权创新策略，成功锁定3500元/吨成本线， 最终在价格跌破3000元/吨时仍实现80%下跌参与率，累计对冲库存2万吨，增收超240万元，为黑色产 业链企业风险管理提供了新范式。 项目背景 2024年黑色金属市场价格波动极大，年初螺纹钢价格上冲至4400元/吨，钢厂满负荷生产却遭遇"高成本 陷阱"；三季度在全球经济衰退预期及地产需求萎缩的背景下，螺纹钢价格断崖式下跌至3000元/吨，行 业亏损超200元/吨；同时基差收窄，华东地区现货基差从年初的200元/吨收窄至三季度的50元/吨，传统 期货套保面临"锁价即锁亏"困境。 图为钢厂建材盘面利润走势（元/吨） 在这样的市场环境下，套期保值作为企业规避市场风险的重要手段被广泛关注。然而，传统的套期保值 方法在复杂的市场环境中显得有些"力不从心"，难以实现理想的风险对冲效果。2024年中期，螺纹钢市 场的基差迅速收缩，这一变化如同给企业套期保值的利润空间又套上了金箍，不仅限制了企业套期保值 的有效性，还可能导致企业 ...

Core Viewpoint - The coking coal and coke prices have shown a "V" shaped trend since December, with significant downward pressure initially, followed by a rebound due to positive market factors, although the supply-demand dynamics remain challenging [1] Group 1: Market Dynamics - Coking coal futures faced increased downward pressure after the main contract switched to 2605 at the beginning of December [1] - The market is experiencing a "double weakness" in supply and demand for coke, with slight declines in production from steel mills and independent coking enterprises [2] - Environmental alerts in northern regions have led to production restrictions, with coking enterprises reducing output by 20% to 35% [2] Group 2: Production and Utilization Rates - As of December 19, the capacity utilization rate for independent coking enterprises was 72.05%, down 1.11 percentage points, with daily production of metallurgical coke at 630,000 tons, a decrease of 9,800 tons [2] - The average profit for independent coking enterprises dropped to 16 yuan per ton of coke, down 28 yuan from previous levels [2] - The operating rate of sample coal mines was 86.62%, with a daily output of 757,500 tons, slightly down by 7,500 tons [3] Group 3: Inventory and Demand - Coking coal inventory at independent coking enterprises decreased by 10,100 tons to 10,362,900 tons, while steel mills increased their coking coal inventory by 103,400 tons to 8,049,900 tons [3] - Domestic coke consumption was 1,019,500 tons, a week-on-week decrease of 11,900 tons [2] - The overall inventory of coking coal at ports decreased by 213,300 tons to 2,861,700 tons [3] Group 4: Industry Position and Future Outlook - The coke industry is in a relatively weak position within the black industrial chain, with limited bargaining power [4] - There are expectations for winter storage policies from some steel mills, but the anticipated impact is expected to be limited [4]