里程碑！期货公司客户权益突破2万亿，保险机构增幅最显著

Core Viewpoint - The Chinese futures market has reached significant milestones with both total market funds and client equity surpassing 2 trillion yuan, marking a growth of over 30% compared to the end of 2024, particularly driven by insurance institutions [1][3]. Group 1: Market Growth and Performance - The total trading volume in the national futures market for the first 11 months of the year reached 8.117 billion contracts, with a cumulative transaction value of 67.5 trillion yuan, reflecting year-on-year increases of 14.74% and 20.19% respectively [2][3]. - The client equity in the futures market has doubled from 1 trillion yuan in February 2021 to over 2 trillion yuan by December 2025, indicating a robust expansion in client base, with effective client numbers exceeding 2.7 million, a 14% increase from the same period in 2024 [4][6]. Group 2: Role of Insurance Institutions - Insurance institutions have shown the most significant growth in client equity, with their participation in the futures market increasing approximately twofold compared to the end of 2024, driven by policies encouraging long-term capital investment [5][6]. - The number of new accounts opened by insurance funds in the futures market increased by 166% year-on-year in the first 11 months of 2025, setting a historical record for effective account growth [6]. Group 3: Market Functionality and Structure - The continuous inflow of funds into the futures market is attributed to the recognition of its role in serving the real economy, particularly in risk management, enhanced by the implementation of policies promoting long-term capital market participation [5][6]. - The diversification of futures and options products has improved market depth and functionality, making the futures market increasingly attractive to long-term capital, including insurance funds, which enhances liquidity and price discovery [5][6].