Nanhua Futures(SH:603093) Qi Huo Ri Bao·2025-12-05 02:38Core Viewpoint - The "14th Five-Year Plan" period is crucial for the high-quality development of China's futures market, which has achieved significant progress in price discovery, risk management, and resource allocation, contributing positively to rural revitalization, industrial upgrading, and green development [1][2]. Regulatory Framework - The legal and regulatory foundation is essential for the healthy development of the futures market, with the Futures and Derivatives Law implemented on August 1, 2022, enhancing the top-level design of the market's basic systems [2]. - The continuous improvement of the regulatory framework supports the stable and innovative development of the futures market, ensuring its core function of serving the real economy [2]. Market Performance - The futures market has shown steady progress over the past five years, maintaining a stable development trend despite various risks, such as the Russia-Ukraine conflict and U.S. tariff increases [3]. - As of August 2025, the average daily trading volume, open interest, and total funds in the futures market increased by 46.54%, 97.88%, and 131.69% respectively compared to 2020 [3]. Investor Structure - The investor structure has significantly improved, with institutional clients' holdings increasing, indicating a trend towards institutionalization and professionalism in the market [4][5]. - By mid-2025, the number of institutional clients in the futures market grew by approximately 90% compared to 2020, with the proportion of corporate clients' holdings reaching 65.34%, up by 7.94 percentage points [4]. Product Development - The number of futures and options products has surpassed 160, enhancing the market's ability to discover prices and manage risks, benefiting numerous enterprises and households [6]. - The introduction of new products and tools has provided more refined risk management options for enterprises, contributing to the stability of China's industrial and supply chains [7]. Future Outlook - The futures market is expected to focus on continuous innovation of new products and tools, particularly in alignment with national strategies such as the "dual carbon" goals [8]. - Future developments will also emphasize upgrading business models of futures companies, leveraging financial technology to enhance service efficiency and risk management capabilities [8].