Core Viewpoint - The Guangzhou Futures Exchange has revised the business rules for lithium carbonate futures and options, aligning the quality standards of the benchmark delivery product with the new industry standard YS/T 582-2023, which will enhance the futures market's ability to serve the real economy and manage industry risks [1][2]. Group 1: Regulatory Changes - The revision of the rules applies to the lithium carbonate LC2612 contract and subsequent contracts, with specific changes to the quality standards for benchmark delivery products [1]. - The quality standards for benchmark delivery products have been tightened, including limits on magnetic substances, moisture content, sodium, magnesium, calcium, nickel, boron, and particle size [1][2]. Group 2: Industry Context - The original industry standard for battery-grade lithium carbonate was established in 2013, and the new standard categorizes lithium carbonate into three grades (D1, D2, D3) based on market needs, refining the elemental content requirements [2]. - The adjustments in the quality requirements align with the D2 grade level, which is relevant for lithium iron phosphate batteries, thereby enhancing the relevance of futures prices to the actual market [2][3]. Group 3: Market Impact - Since its launch in July 2023, lithium carbonate futures have provided stable price references for the spot market and tools for price risk management, gradually fulfilling their intended roles [3]. - The adjustment of the benchmark delivery product's quality standards is expected to improve the engagement of downstream enterprises in the futures market, as it aligns more closely with the quality requirements of the industry [3].

Group 1: Market Overview - The A-share market saw a collective rebound with the Shanghai Composite Index rising by 0.41%, the Shenzhen Component increasing by 0.84%, and the ChiNext Index up by 0.97% [1] - The total market turnover was approximately 2.11 trillion yuan [1] Group 2: Power Sector Activity - The electricity chain remained active, with the controllable nuclear fusion sector showing strong performance, particularly Tianli Composite hitting a historical high with a 30% limit up, and a five-day increase of 117.21% [1] - Other active sectors included nuclear power, power grid equipment, superconducting concepts, and new metal materials, with multiple stocks such as Zhongneng Electric and Tongguang Cable reaching their daily limit up [1] Group 3: Energy Demand and Supply Dynamics - According to Tianfeng Securities, rising electricity demand, increased power generation, and rapid changes in energy structure are posing challenges for U.S. power operators, who face low flexibility and high volatility in resource combinations [1] - Major tech companies like Amazon and Google are utilizing gas turbines as core backup or primary power sources for new data centers to ensure continuous power support for AI services [1] - It is projected that by 2027, global gas turbine supply will reach 87 GW, with a net increase of 26 GW, indicating a supply-demand gap compared to the expected annual average of over 100 GW from 2026 to 2035 [1] Group 4: Semiconductor Sector Activity - The semiconductor sector was active, with stocks like Jingfeng Mingyuan hitting a 20% limit up, and several others such as Yandong Micro and Xindong Link exceeding 10% gains [2]

Core Viewpoint - The collaboration between Huatai Futures and various organizations in Yunnan aims to integrate party building with business operations, enhancing support for rubber farmers through an "insurance + futures" project [1][2] Group 1: Project Implementation - Huatai Futures, in partnership with Huatai Great Wall Capital and Pacific Property Insurance, launched an "insurance + futures" initiative in Mengla County, Yunnan, focusing on rubber farmers [1] - The project has been ongoing since 2018, with Huatai Futures providing financial services to the natural rubber industry, helping 594 farmers manage 4,000 tons of rubber and 113,948 acres of rubber trees [2] Group 2: Training and Support - The initiative includes systematic training for local government, Yunnan Rubber Group, and rubber farmers, clarifying the operational model of the "insurance + futures" product and its risk management features [1] - The training emphasizes the importance of selecting appropriate insurance products and correcting misconceptions about investment returns, thereby enhancing farmers' risk management capabilities [1] Group 3: Future Directions - The signing of party building agreements marks a new phase of deep integration between party building and industry, with plans for ongoing collaboration focused on organizational development, industry support, and cultural exchange [2] - Huatai Futures aims to leverage political advantages from party organizations to promote rural industry and increase farmers' income, contributing to the high-quality development of the rubber industry and rural revitalization strategies in Mengla County [2]

Core Viewpoint - The Central Economic Work Conference has outlined the overall requirements, policy orientations, and eight key tasks for economic work in 2026, reinforcing confidence and direction for the new year [1] Group 1: Economic Environment and Policy - The conference emphasized the importance of a stable, transparent, and predictable policy environment for various markets, including commodities, to bolster confidence in economic development [1] - The recognition of the indispensable value of the futures and derivatives market in the modern economic system highlights its role as a "financial main force" in serving national strategies [1] Group 2: Strategic Direction and Market Development - The concept of a "financial power" has been integrated into the national "14th Five-Year Plan," indicating the need for a mature and efficient futures and derivatives market to provide risk management and price signals for high-quality economic development [2] - The company, Yong'an Futures, aims to embed itself deeply within key industrial chains to assist enterprises in navigating the challenges of transformation and upgrading [2] - Yong'an Futures has established an overseas presence in Hong Kong, Singapore, and London, utilizing a "four-wheel development" model to help enterprises manage risks associated with overseas procurement and sales [2] Group 3: Mission and Corporate Goals - Yong'an Futures aims to align its goals with national development objectives, focusing on becoming a "first-class derivatives investment bank" while adhering to a mission of "finance for good and futures for reality" [3] - The company plans to implement significant reforms centered on customer needs, positioning itself as a risk manager for industrial chains and a comprehensive financial service expert [3] - A commitment to compliance, integrity, professionalism, and risk management culture is emphasized, with the goal of enhancing risk control through financial technology [3]

Core Viewpoint - The recent Central Economic Work Conference has set clear goals for economic development in 2026, emphasizing the need for financial institutions to support key areas such as domestic demand expansion, technological innovation, and small and medium-sized enterprises, thereby providing guidance for the futures market [1] Group 1: Service to Regional Economic Development - The company has committed to serving the regional economic development by leveraging its financial advantages since its change of control to Wuhan Financial Holding Group in 2023, focusing on the local economy [1] - A comprehensive service system named "1+N" has been established, centered around Yangtze River International Trade Group, extending services to upstream and downstream enterprises and local key industry clients, creating an ecosystem that promotes production through finance [1] - The integration of futures, spot, insurance, and credit tools aims to provide a one-stop financial and derivative solution for real enterprises, helping them manage price volatility risks and stabilize operational expectations [1] Group 2: Enhancing Supply Chain Resilience - The company emphasizes risk management capability as a core focus, providing tailored hedging solutions and optimizing inventory management to enhance supply chain risk prevention [2] - Efforts are made to lower participation barriers and organize specialized training for small and medium-sized enterprises to encourage the effective use of futures tools for stable operations [2] Group 3: Digital Transformation and Data Empowerment - The company is implementing a technology innovation strategy by utilizing big data and artificial intelligence to improve risk warning mechanisms and enhance the precision and timeliness of financial services [2] - Aiming to build an intelligent service model that covers the entire industry chain, the company focuses on ensuring financial resources are accurately directed to key areas and weak links in the real economy [2] - Collaboration with universities and research institutions is being deepened to cultivate interdisciplinary professionals, providing strong talent support for high-quality industry development [2] Group 4: Open Development and Financial Collaboration - The company is committed to an open cooperation development philosophy, actively learning from international best practices and deepening strategic collaboration with banks, insurance, and securities institutions [3] - Focus areas include technology finance, green finance, and inclusive finance, with efforts to enhance the effectiveness of financial services in supporting the real economy [3] - The company aims to improve political awareness, strengthen responsibility, deepen reform and innovation, and enhance professional capabilities to contribute to national strategies and high-quality economic development [3]

12月11日闭幕的中央经济工作会议，系统擘画了2026年乃至更长时期我国经济社会发展的宏伟蓝图，明 确了"稳中求进、提质增效"的政策取向并作出一系列关键部署。会议不仅为新一年宏观经济把脉定向， 也为金融和期货行业的高质量发展提供了根本纲领。 三是深化科技赋能，加快构建"AI+期货"智能服务体系。会议明确提出"创新科技金融服务"的重点任 务，为公司的高质量发展提供了关键指引。2025年以来，方正中期期货陆续推出"AI智选""夜讯晨读"两 款对客智能体应用，助力客户优化交易决策、提升信息获取效率。未来，我们将持续围绕客户实际需 求，打造更多场景化、工具化的智能应用，切实解决客户需求痛点，夯实公司在数字化发展中的核心竞 争力。 展望2026年的新征程，方正中期期货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。方正中期期货期待与各方携手，为助力实现"十五五"良好开局、推动经济持续稳中向好发展贡 献坚实的期货力量。 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 ...

Core Viewpoint - The futures prices of industrial silicon and polysilicon have diverged significantly, with industrial silicon prices declining while polysilicon prices have risen sharply [1] Group 1: Industrial Silicon Market - Industrial silicon futures prices have weakened, with the main SI2601 contract closing at 8340 yuan/ton, down 3.47%, breaking previous support levels [1] - The decline in industrial silicon prices is attributed to weakened supply and demand, with expectations of reduced demand from organic silicon companies and a seasonal decrease in production [1][3] - Analysts note that the production cost of industrial silicon may decrease due to falling coal prices, which are crucial for its production [2] Group 2: Polysilicon Market - Polysilicon futures prices have increased, with the main PS2601 contract closing at 55610 yuan/ton, up 3.45%, and several distant contracts rising over 5% [1] - The rise in polysilicon prices is influenced by news regarding the establishment of a "polysilicon capacity integration acquisition platform," which has generated significant market interest [2] - The ongoing "polysilicon storage" initiative has been a key factor supporting the price increase, although the overall demand in the photovoltaic industry remains weak [3] Group 3: Future Outlook - The current market conditions for both industrial silicon and polysilicon are characterized by weak supply and demand, with polysilicon prices likely to converge with spot prices due to these conditions [4] - Industrial silicon prices are expected to fluctuate around cost lines, with attention needed on coal prices and electricity rates in the northwest [5] - Despite expectations of a rebound in polysilicon prices due to "anti-involution" sentiments, the fundamental market conditions remain weak, limiting upward price potential [5]

Core Viewpoint - The tin market is expected to experience a phase of marginal supply easing and seasonal demand pressure in 2026, with global inventories remaining low and macroeconomic conditions providing support, leading to a high-level fluctuation of the Shanghai tin futures contract. Group 1: Supply Dynamics - The price of Shanghai tin futures reached a three-and-a-half-year high of 323,700 yuan/ton due to supply concerns from geopolitical conflicts in the Democratic Republic of the Congo (DRC) and expectations of macroeconomic easing [1] - The resumption of production in Myanmar's Wa region has progressed, with the current mine recovery rate reaching two-thirds, leading to an expected increase in tin imports from Myanmar to an average of 1,000 to 1,500 metal tons per month in Q1 2026 [1] - Indonesia's Timah company aims to significantly increase production in 2026, but ongoing crackdowns on illegal mining may lead to supply reductions for some small and medium-sized producers [1] Group 2: Demand Trends - The domestic refined tin smelting sector is expected to maintain stable operations in Q1 2026, with raw material constraints easing compared to 2025, leading to a slight year-on-year increase in tin ingot supply [2] - Traditional consumption sectors are showing significant seasonal weakness, with the consumer electronics market not showing substantial recovery, and global smartphone shipments predicted to decline by 0.9% year-on-year in 2026 [2] - The home appliance industry faces demand pressure following the withdrawal of national subsidies, with domestic sales growth slowing and export benefits from emerging markets insufficient to offset domestic weakness [2] Group 3: Price Outlook - The tin market is expected to continue the pattern of "marginal supply easing and seasonal demand pressure" in Q1 2026, with increased supply from Myanmar and Indonesia suppressing price upward potential [3] - The core trading range for the Shanghai tin futures contract is anticipated to be between 280,000 and 330,000 yuan/ton in early 2026, influenced by macroeconomic liquidity support from potential Federal Reserve interest rate cuts [3] - Key factors to monitor include the actual progress of production resumption in Myanmar, the approval schedule for Indonesia's RKAB quotas, and the stability of the DRC [3]

Group 1 - The core viewpoint indicates that the tin market is expected to experience a phase of marginal supply easing and seasonal demand pressure in 2026, with global inventories remaining low and macroeconomic conditions providing support, leading to a high-level oscillation of the Shanghai tin futures contract [1][3] - The price of the Shanghai tin futures contract reached a three-and-a-half-year high of 323,700 yuan/ton due to supply concerns from geopolitical conflicts in the Democratic Republic of the Congo (DRC) and expectations of macroeconomic easing [1] - The resumption of production in Myanmar's Wa region is progressing, with the current mine recovery rate reaching two-thirds, and imports of tin from Myanmar are expected to rise significantly in early 2026 [1][2] Group 2 - Domestic refined tin smelting is expected to maintain stable operations in early 2026, with raw material constraints easing compared to 2025, benefiting from increased imports of tin from Myanmar [2] - The demand for tin in traditional sectors is showing signs of weakness, with the consumer electronics market not experiencing a substantial recovery, and global smartphone shipments predicted to decline by 0.9% year-on-year in 2026 [2][3] - The photovoltaic sector continues to face demand pressure, with a decrease in component production in early 2026, leading to weak demand for soldering materials [3]

Group 1 - The central economic work conference held on December 10-11, 2025, summarized economic work and analyzed the current economic situation, deploying tasks for 2026 [1] - The conference emphasized the integration of existing and new policies to enhance macroeconomic governance and policy effectiveness [6] - The focus for 2026 includes maintaining a stable GDP growth target of around 5% to allow for quality improvement in the later years of the 14th Five-Year Plan [6] Group 2 - The conference proposed a more proactive fiscal policy, maintaining necessary fiscal deficits and optimizing fiscal expenditure structure [8] - Monetary policy will remain moderately loose, with a focus on stabilizing economic growth and ensuring reasonable price recovery [8] - The fiscal support for consumption is expected to increase from 300 billion to 500 billion yuan, with a focus on service consumption [12] Group 3 - The conference highlighted the importance of domestic demand and the construction of a strong domestic market as a priority task [10] - Measures to stimulate consumption include implementing a plan for increasing urban and rural residents' income and optimizing the supply of quality goods and services [11] - Investment support is expected to increase, with special bonds for major projects rising from 800 billion to 1 trillion yuan [12] Group 4 - The conference emphasized innovation-driven development and the establishment of international technology innovation centers in key regions [14] - The focus on "Artificial Intelligence+" aims to enhance technological financial services and support the development of new industries [14][15] - The integration of technology and finance is expected to create a comprehensive service system for technological innovation [15] Group 5 - The conference addressed the need for coordinated development, promoting urban-rural integration and regional collaboration [16] - Emphasis was placed on high-quality development of county economies and maintaining reasonable prices for important agricultural products [17] - The strategy aims to prevent large-scale poverty and ensure the sustainability of poverty alleviation efforts [17] Group 6 - The conference aims to stabilize the real estate market through targeted policies to control supply and encourage the purchase of existing homes for affordable housing [19] - There is an expectation for continued support for real estate financing and potential easing of purchase restrictions [20] - The focus on stabilizing the real estate market is seen as crucial for maintaining economic confidence [20] Group 7 - The conference called for deepening capital market reforms to enhance financing support for technological innovation and the real economy [21] - The establishment of a unified national market and the elimination of "involution" competition are key reform objectives [21] - The goal is to create a more attractive environment for long-term investments and improve the capital market ecosystem [22]