Core Viewpoint - The glass market is experiencing a significant inventory battle as the Spring Festival approaches, with a recent unexpected increase in inventory levels after three weeks of decline, primarily due to weak demand and intensified price competition [1][3]. Group 1: Inventory Trends - As of December 18, 2025, the total inventory of float glass in sample enterprises reached 58.558 million heavy boxes, an increase of 331,000 heavy boxes from the previous period, marking a 0.57% rise and a 25.73% year-on-year increase [1]. - The inventory turnover days increased to 26.5 days, up by 2 days from the previous period, indicating a slowdown in inventory movement [1]. - The previous weeks saw significant inventory reduction in key regions such as North China, Central China, and East China, which raised hopes for alleviating inventory pressure [1]. Group 2: Factors Influencing Inventory Changes - Multiple positive factors previously contributed to the continuous inventory reduction, including low glass prices, which prompted some companies to adopt promotional strategies to boost market purchasing intentions [2]. - The suspension of multiple production lines at the end of November provided a boost to market sentiment, while some rigid demand was still being released as the year-end approached [2]. Group 3: Challenges Ahead - The traditional practice of inventory reduction before the Spring Festival faces severe challenges this year, with supply-demand imbalances becoming more pronounced [3]. - The current glass prices are at historical lows, leading to losses for most production enterprises, which limits their ability to lower prices further for increased sales [3]. - Downstream demand is weak due to tight funding and low market confidence, resulting in a general reluctance to stock up among industry players [3]. Group 4: Market Outlook - The current market conditions suggest that significant inventory reduction is unlikely before the Spring Festival, with expectations leaning towards minor inventory decreases or stabilization [4]. - The market is witnessing a chain reaction, with frequent price adjustments and promotional policies from major production areas, while glass futures are fluctuating around 940 yuan/ton [4]. - A lack of clear signals for demand recovery in the medium to long term indicates that if demand declines by 5% next year, the market's supply-demand balance would require a daily melting volume reduction to around 147,000 tons [4]. Group 5: Price Dynamics - Solely relying on supply-side cold repair expectations is insufficient to drive price increases in the glass market [5]. - A combination of policy support and improved market sentiment is necessary to break the current low market conditions [5].

Core Insights - The 2026 strategy conference held by Yong'an Futures in Hangzhou focused on exploring wealth management strategies amid complex macroeconomic changes, emphasizing the importance of collaboration and innovation in the financial sector [1] - Yong'an Futures aims to become a leading derivatives investment bank, focusing on six key areas: deepening industry services, enhancing wealth management, accelerating internationalization, strengthening research capabilities, promoting digital transformation, and adhering to long-term investment principles [1] Macroeconomic Environment and Asset Allocation - The chief economist of Caitong Securities highlighted the divergence between nominal and real economic indicators, suggesting reliance on fiscal and monetary policies to navigate the complexities of the macroeconomic landscape [2] - A multi-asset allocation strategy was proposed, emphasizing the importance of balancing risk and return while adapting to changing economic conditions and enhancing residents' risk appetite [2] Commodity Market Outlook - The head of Yong'an Futures Research Center projected a recovery in commodity prices driven by proactive domestic policies and external demand, particularly in the non-ferrous metals sector, which is supported by AI and new energy demands [3] - Structural opportunities in the market were identified, with a focus on sectors experiencing supply disruptions and increased demand [3] Investment Philosophy and Strategies - Investment strategies discussed included a focus on "probability thinking" and "low correlation" to create resilient portfolios capable of withstanding economic cycles [2][3] - The importance of a balanced investment approach was emphasized, with a focus on redemptive assets as a foundation for navigating market fluctuations [3] Discussions on Asset Management and Technology - Roundtable discussions addressed the transition from product-centric to client-centric investment approaches, highlighting the need for collaboration and innovation in asset management [5] - The role of AI in enhancing quantitative investment processes and risk management was a key topic, with insights into how AI can redefine investment strategies [5] Future Directions - Yong'an Futures plans to reshape its research ecosystem with a focus on customer-centric services and data-driven decision-making, aiming to set a benchmark in the commodity research field [6]

Core Viewpoint - The establishment of the investor education base in Hangzhou by CITIC Securities Futures is a significant step towards enhancing investor education and supporting the real economy in the Yangtze River Delta region [1][3]. Group 1: Investor Education Initiative - The investor education base in Hangzhou aims to serve as a professional platform for learning and interaction, focusing on professional knowledge and risk management services [3]. - The company has emphasized the importance of investor education as a foundational aspect of the futures industry, with previous successful initiatives in other regions, such as the one in Chongqing [3]. Group 2: Market Outlook and Analysis - Following the establishment ceremony, the Hangzhou branch's lecturer team provided insights into the commodity market outlook for 2026, discussing supply and demand dynamics influenced by growth stabilization and anti-competitive policies [5]. - Specific topics included the current oversupply of oil and coal, as well as an analysis of the fundamentals of copper, silver, and lithium carbonate [5]. Group 3: Future Commitment - The Hangzhou branch of CITIC Securities Futures is committed to serving the Yangtze River Delta region by enhancing its professional capabilities and innovative service models to contribute to high-quality regional economic development [7].

Core Viewpoint - Ningde Times is making progress in the resumption of operations at the Jiangxi Yichun Jianxiawo lithium mine, with the first environmental impact assessment information publicized for the mining project [1][3] Group 1: Mining Project Updates - The Jiangxi Yichun招标网 has published the first environmental impact assessment information for the lithium mining project by Yichun Times New Energy Mining Co., Ltd [1] - The mining license for the Jianxiawo mine expired on August 9 and has been suspended, with an application for the extension of the mining rights submitted to the Jiangxi Yichun Natural Resources Bureau [1] - The mining rights for the Jianxiawo mine, which includes ceramic soil (containing lithium), were granted on August 9, 2022, and will expire on August 9, 2025 [1] Group 2: Regulatory and Tax Implications - Under the old regulations, lithium mica was not listed separately, affecting resource tax calculations, with a tax rate of 3.25% to 6.5% for ceramic soil mining, compared to 15% for standalone lithium mining [2] - The new mineral resources law effective from July 1, 2025, lists lithium as an independent mineral and raises the standards for recognizing associated minerals, which may impact the mining strategy for the Jianxiawo mine due to its average lithium oxide grade of only 0.27% [2] Group 3: Future Steps for Resumption - After the environmental impact assessment process, Ningde Times will need to obtain various permits and complete a series of tasks, including acquiring a safety production license, before normal mining operations can resume [3]

Group 1 - The meeting titled "2025 Futures Service for Rural Revitalization and 'Insurance + Futures'" was held in Zhanjiang, focusing on the challenges faced by the sugar industry due to declining sugar prices and rising production costs [1] - The domestic and international sugar markets have entered a production increase cycle, leading to a continuous decline in white sugar spot and futures prices, with some regions' prices nearing or falling below production cost lines [1] - The Zhengzhou Commodity Exchange (ZCE) aims to support the high-quality development of the sugar industry by providing better services to sugarcane farmers and sugar enterprises, helping them manage risks and stabilize operations [1] Group 2 - The ZCE has launched the "Sugar Industry Worry-Free" project, which explores a comprehensive protection model of "Insurance + Futures + Orders + Sugar Enterprises" to provide risk protection for growers and support sugar companies in risk management [2] - The ZCE is optimizing and improving product rules and the delivery warehouse premium and discount system, while also reducing trading margin requirements and enriching risk management tools to facilitate industry participation in the futures market [2]

Core Viewpoint - The resumption of operations at the Jiangxi Yichun Zhanxiawo lithium mine by Ningde Times has made new progress with the release of the first environmental impact assessment (EIA) information notice [2] Group 1: Project Progress - The Jiangxi Yichun bidding website published the first EIA information notice for the lithium mining project by Yichun Times New Energy Mining Co., Ltd. on December 19 [2] - The EIA public notice is part of the normal approval process for various permits required for the resumption of mining operations [2] Group 2: Regulatory Requirements - After the EIA public notice process is completed, Ningde Times still needs to obtain permits from different departments and conduct a series of tasks until acquiring the Safety Production License for normal mining operations [2]

第三，着眼于"新"。通过产品、服务、模式三重创新，打破传统服务壁垒，为广东特色农业产业链强化 风险屏障，促进农业增产、农民增收。 期货日报网讯（记者 邬梦雯）12月19日，由广东证券期货业协会指导，期货日报主办，广发期货、中 国太保（601601）产险广东分公司、广东金岭糖业集团协办的"2025期货服务乡村振兴暨'保险+期货'会 议"在广东湛江举行。会上，《期货日报》社有限公司董事长李欣代表"保险+期货+N"创新联盟宣读 了"金融服务广东产业发展再聚力倡议书"。 第四，从"育"到"用"。开展期货知识进乡村等专题培训，讲解"保险+期货""基差交易"等基础知识及实 操，提升涉农主体的自主风险管理能力。 广东"十五五"规划建议以"百县千镇万村高质量发展工程"为核心抓手，通过产业升级、要素流动、生态 提质、治理增效的系统性布局，推动乡村全面振兴。 从金黄稻浪到璀璨果海，从蔚蓝牧场到现代化车间，广东特色农业凭借独特的地理标志、精湛的传统工 艺和创新的产业思维，成为富民兴村的重要力量。在此，"保险+期货+N"创新联盟呼吁广大期货行业机 构及金融合作伙伴，持续探索"保险+期货+N"的复合模式，打造相互赋能、循环增益的新生态 ...

Group 1 - The "Insurance + Futures" model has evolved from a single approach to a diversified and upgraded system over the past ten years, incorporating various composite models such as "Order + Insurance + Futures + Credit" and "Organization + Market" [1] - The "Insurance + Futures" model has achieved multiple objectives, such as income protection, stable sales, and problem-solving in credit, exemplified by the soybean "Silver Futures Insurance" model [1] - The "Sugar Industry Worry-Free" project launched by Zhengzhou Commodity Exchange in 2025 aims to support sugar farmers and enterprises in Guangxi, marking an innovative breakthrough in dual insurance [1] Group 2 - The scale of "Insurance + Futures" is continuously expanding, with an increasing variety of covered products and beneficiaries, establishing itself as a significant financial force in serving the agricultural sector [2] - Notable projects supported by Zhengzhou Commodity Exchange, such as the apple project in Huangling County, Shaanxi, and the red date project in Maigaiti, Xinjiang, have been recognized as "Global Best Practices in Poverty Reduction," highlighting the social value of this model [2] - The Gansu Jingning project has been selected as one of the "Top 50 Precision Poverty Alleviation Cases," further demonstrating the effectiveness of the "Insurance + Futures" model in social impact [2]

期货日报网讯(记者邬梦雯)12月19日，由广东证券期货业协会指导，期货日报主办，广发期货、中国太 保（601601）产险广东分公司、广东金岭糖业集团协办的"2025期货服务乡村振兴暨'保险+期货'会 议"在湛江举行。会上，《期货日报》社有限公司董事长李欣致辞时表示，作为期货行业的专业媒体， 期货日报始终以维护期货行业健康发展、助力期货服务实体经济为己任，多年来持续深耕"保险+期 货"的故事挖掘与模式推广。 李欣表示，湛江是广东农业大市，紧靠北部湾渔场，海洋渔业资源丰富。湛江是粤港澳稳定的菜篮子、 果盘子产品供应基地，也是中国重要的热带水果与南菜生产供应基地，拥有"湛江金鲳鱼""湛江菠 萝""湛江生猪""湛江对虾"等特色优势农业品牌。本次会议落地湛江，既是对湛江农业产业优势的认 可，更是期货行业深度对接区域需求的务实之举。 2023年，期货日报举办首届"保险+期货"会议，并牵头成立了"保险+期货+N"创新联盟，旨在通过"研究 创新—跨行业合作—互助共赢—共同推进"的方式，推动"保险+期货"可持续发展和更广范围应用。未 来，期货日报愿与各方携手，发挥媒体的桥梁纽带作用，凝聚期货、保险、银行、龙头企业等多方合 力， ...

Group 1 - The China Securities Regulatory Commission (CSRC) is planning to introduce new key futures products, indicating a strategic direction for the Chinese futures market as it transitions from the 14th Five-Year Plan to the 15th [1] - The carbon emissions trading market is expanding, with the national carbon market's coverage increasing from 5 billion tons to 8 billion tons, and the number of regulated enterprises rising from over 2,200 to 3,700, marking a 60% increase in market scale [2] - The introduction of carbon emissions futures is seen as a crucial step in managing price volatility and enhancing the carbon financial product offerings in response to the growing demand from newly included industries [2] Group 2 - Hydrogen energy is recognized as a vital component of future energy systems, with China's hydrogen production and consumption expected to exceed 36.5 million tons in 2024, making it the largest globally [3] - The Shanghai Futures Exchange is developing a "China Hydrogen Price Index" to improve market price guidance and establish a trading framework for hydrogen energy [3] - The potential launch of scrap steel futures is anticipated to address pricing transparency and risk management needs in the steel industry, promoting a circular economy [3] Group 3 - The Guangzhou Futures Exchange is actively working on the development and listing of lithium hydroxide futures, which are essential for the lithium battery industry and will provide real-time pricing to market participants [4] - The introduction of sunflower seed oil futures is expected to help domestic enterprises hedge risks and enhance China's bargaining power in global sunflower oil trade [5] - The future launch of potato futures aims to support the national strategy for potato as a staple food, providing price signals to processing and logistics companies [5] Group 4 - The development of chicken futures is underway to expand the range of futures tools available for agricultural services, addressing price volatility issues in the poultry industry [5] - The People's Bank of China and other departments are working on the introduction of RMB foreign exchange futures, which will lower hedging barriers for small and medium enterprises and support the internationalization of the RMB [7] - The Chinese futures market is transitioning from scale expansion to quality enhancement, aiming to integrate with national strategies and better serve the high-quality development of the real economy [7]