本报讯 （记者王宁）2026年是实施"十五五"规划的开局之年，也是迈向全面建设社会主义现代化国家 新征程的关键一年。12月10日至11日，中央经济工作会议深刻分析当前经济形势，系统部署了明年经济 工作的总体要求与重点任务，强调要"持续扩大内需、优化供给，做优增量、盘活存量，因地制宜发展 新质生产力，纵深推进全国统一大市场建设，持续防范化解重点领域风险，着力稳就业、稳企业、稳市 场、稳预期，推动经济实现质的有效提升和量的合理增长"，为我国明年经济发展指明了方向、明确了 要求。 三是深化改革创新，推动业务实现新突破。要结合自身资源禀赋，发挥比较优势，推动发展模式从规模 扩张向质量提升转变，加强产品创新、服务探索和业务协同，在细分领域、特色客群、重点领域集中资 源、深耕细作，作出特色，努力实现高质量发展实现新突破。 四是筑牢合规与风险管理底线，合规管理和风险防控取得新成效。要强化全员合规意识，健全完善合规 与风险管理体系，强化子公司各项业务有效管控，不断提高风险识别、预警、防控、化解、处置能力， 确保整体风险可控、可测、可承受。 五是厚植文化底蕴，推动文化建设焕发新气象。要积极培育中国特色金融文化，结合"合规、诚信 ...

对此，多家期货公司认为，作为"十五五"开局之年的关键部署，会议为新形势下经济工作绘就了蓝图， 为金融市场服务实体经济高质量发展指明了方向。作为资本市场的重要组成部分，期货行业应深刻领悟 会议精神，自觉将行业发展融入国家大局，立足风险管理本源，在服务高质量发展、统筹发展和安全中 主动担当、主动作为，为"十五五"实现良好开局注入期货动能。 坚守行业本源 提升服务实体经济质效 12月10日至11日，中央经济工作会议在北京举行。会议强调，做好明年经济工作，要实施更加积极有为 的宏观政策，增强政策前瞻性针对性协同性，持续扩大内需、优化供给，做优增量、盘活存量，因地制 宜发展新质生产力，纵深推进全国统一大市场建设，持续防范化解重点领域风险，着力稳就业、稳企 业、稳市场、稳预期，推动经济实现质的有效提升和量的合理增长，保持社会和谐稳定，实现"十五 五"良好开局。 会议提出，"引导金融机构加力支持扩大内需、科技创新、中小微企业等重点领域""促进粮食等重要农 产品价格保持在合理水平""持续巩固拓展脱贫攻坚成果，把常态化帮扶纳入乡村振兴战略统筹实施"。 行业人士认为，这些部署要求国内期货公司深耕主业，筑牢实体经济风险管理的"安全 ...

Core Viewpoint - The article emphasizes the importance of the 14th Five-Year Plan and the need for the futures industry to align with national strategies, focusing on expanding domestic demand, optimizing supply, and enhancing risk management to support economic growth and stability [1][2][5][6]. Group 1: Economic Strategy and Goals - The Central Economic Work Conference outlines the overall requirements and key tasks for economic work in the coming year, stressing the need to continuously expand domestic demand and optimize supply [1][5]. - The 14th Five-Year Plan aims to strengthen the construction of a financial powerhouse, promoting the development of futures, derivatives, and asset securitization [1][5]. Group 2: Industry Development and Responsibilities - The futures industry must focus on serving the real economy, aligning with national strategic needs, and enhancing its functions to contribute to the construction of a unified domestic market and the cultivation of new growth drivers [3][7]. - The industry is encouraged to deepen its understanding of the political and social aspects of financial work, enhancing its role in price discovery, risk management, and resource allocation [2][6]. Group 3: Professional Empowerment and Innovation - There is a call for accelerating business transformation and upgrading, optimizing the supply of futures and derivatives services, and exploring the application of financial technologies like AI and big data [3][7]. - The industry should shift its development model from scale expansion to quality improvement, focusing on product innovation and service exploration [3][7]. Group 4: Compliance and Risk Management - Strengthening compliance awareness and improving the compliance and risk management system is essential for effective control of business operations and risk mitigation [4][7]. Group 5: Cultural Development - The promotion of a distinctive financial culture that emphasizes compliance, integrity, professionalism, stability, and responsibility is vital for the long-term stability and growth of the company [4][8].

新华财经北京12月11日电（记者王小璐）自11月以来，受基本面弱势影响，国内焦煤、焦炭期现货市场 步入"寒潮"，价格接连下挫。截至12月10日，焦煤期货主力合约价格最低跌至1053.0元／吨，焦炭期货 主力合约跌至1508.0元／吨，均为今年8月以来低点。 需求走弱同样加剧了双焦期货的跌势。中信建投期货研报指出，上周焦煤市场整体延续弱势格局，供给 预期继续走强，而需求仍偏弱平衡。主产区稳产要求持续强化，煤矿与洗煤厂库存继续攀升，供应压力 向产业链中下游传导。 从数据来看，据上海钢联（Mysteel）调研，截至12月5日，247家钢厂高炉开工率80.16%，环比减少 0.93个百分点，同比减少1.31个百分点；钢厂盈利率36.36%，环比增加1.30个百分点，同比减少13.42个 百分点；日均铁水产量232.3万吨，环比减少2.38万吨。 广发期货研报分析，由于钢材价格持续下跌，钢厂亏损减产，铁水产量持续下降，造成原料供需出现逆 转，在需求和预期走低的情况下，煤焦市场自11月中旬开始向宽松转变。10月份以来，由于原料上涨， 煤焦和铁矿均保持强势，而钢材价格弱势下跌，钢厂利润大幅下滑，从而加大检修限产，铁水产量出 ...

Group 1 - The domestic futures market for energy and chemicals is experiencing a significant decline, with ethylene glycol futures showing a downward trend, closing at 3645.00 CNY/ton, a decrease of 1.65% [1] - Ethylene glycol's external market is operating at low levels, with recent transactions for spot cargoes around 438-439 USD/ton, and negotiations for late December to early January cargoes around 442-444 USD/ton, primarily driven by traders and financiers [2] - The overall operating rate for ethylene glycol production is at 72.93%, a slight decrease of 0.2% from the previous period, while the operating rate for oxalic acid catalytic hydrogenation method is at 72.58%, an increase of 0.55% [2] Group 2 - Downstream demand for ethylene glycol remains acceptable but is expected to weaken, with polyester production maintaining high levels while weaving production continues to decline, reflecting a weakening order trend [2] - The outlook for the market indicates a gradual weakening of demand as the downstream sector enters the off-season, with domestic maintenance not offsetting the increase in imported supplies, leading to a neutral supply-demand balance for ethylene glycol this month [2] - Coal prices are also declining, and maintenance of coal-based production facilities is not meeting expectations, resulting in no significant decrease in operating rates; short-term expectations for ethylene glycol are primarily low [2]

中国期货业协会昨日发布的数据显示，以单边计算，11月全国期货市场成交量为7.7亿手，成交额为66.61万亿元，同比分别增长13.54%和7.11%。1—11月 全国期货市场累计成交量为81.17亿手，累计成交额为675.45万亿元，同比分别增长14.74%和20.19%。11月末全国期货市场总持仓量较上月增长7.14%。 从各家期货交易所的成交情况来看，1—11月，上期所累计成交量为20.35亿手，累计成交额为216.64万亿元，同比分别下降1.8%和增长16.57%；上期能源 累计成交量为1.45亿手，累计成交额为27.18万亿元，同比分别增长12.37%和下降6.52%；郑商所累计成交量为28.30亿手，累计成交额为80.57万亿元，同 比分别增长17.42%和2.17%；大商所累计成交量为23.58亿手，累计成交额为93.70万亿元，同比分别增长14.75%和5.08%；中金所累计成交量为2.77亿手， 累计成交额为231.32万亿元，同比分别增长21.39%和36.88%；广期所累计成交量为4.72亿手，累计成交额为26.03万亿元，同比分别增长161.99%和 159.36%。 总的来看，11月全国 ...

1. Report Industry Investment Rating - Not provided in the given content 2. Core Viewpoints - Short - term oil prices may fluctuate weakly, but attention should be paid to the risk of rising volatility [1][4][69] - The short - term main influencing factors of the crude oil market are the development of geopolitical issues, including the Russia - Ukraine peace talks and the situation in Venezuela [4][69] - The possibility of Russia - Ukraine peace talks is still the biggest bearish factor for current oil prices [4][69] - If the Trump administration wants to suppress the Russian economy through low oil prices, the possibility of intensifying the situation in Venezuela is not high [4][69] - Investors with high risk appetite are advised to pay attention to the opportunity of going long on option volatility [4][69] 3. Summary by Directory 3.1 Market Review - Oil prices have been in a range - bound oscillation recently. The complexity of the Russia - Ukraine peace talks and the situation in Venezuela has made it difficult for the market to choose a direction. As of December 4, the active contract of WTI crude oil futures closed at $59.70 per barrel, and Brent crude oil closed at $63.37 per barrel. As of December 5, the active contract of SC crude oil futures closed at 453.7 yuan per barrel [4][9][69] - The inter - monthly spread has been oscillating at a low level [10] - As of the week of November 25, Brent fund net long positions were 125,587 lots, a week - on - week decrease of 52,240 lots, and diesel net long positions were - 19,363 lots [14] 3.2 Crude Oil Supply - OPEC+: In October, the production growth rate slowed down. OPEC+ crude oil production decreased by 106,000 barrels per day month - on - month in October. OPEC crude oil production increased by 33,000 barrels per day month - on - month. The slowdown in production increase was due to the decline in Saudi Arabia's production growth rate and the production decline in some countries affected by sanctions or production compensation. OPEC+ reiterated the decision to suspend production increase in Q1 of next year [19] - US: The daily crude oil production has been oscillating at a high level. As of the week of November 28, the US crude oil daily production was 1,381.5 barrels per day, a week - on - week increase of 100 barrels per day. The OPEC report in November revised up the US crude oil production increase in 2025 to 410,000 barrels per day, and kept the increase in 2026 at 100,000 barrels per day unchanged [28] 3.3 Crude Oil Demand - US: The demand for refined oil products may pick up before Christmas. As of the week of November 28, the demand for gasoline, distillates, and jet fuel showed different trends. The total demand for petroleum products decreased slightly week - on - week but increased year - on - year. The crack spreads of gasoline and diesel rose and then fell, and the estimated profit of US refineries also showed a similar trend. After the end of maintenance, the operating rate of US refineries continued to rise [32][39][41] - China: The crude oil processing volume has continued to grow. From June to October, the crude oil processing volume increased year - on - year. In October, it was 63.43 million tons. The increase was mainly due to the significant increase in the operating rate of major refineries since June, and the improvement in the operating rate of local refineries since the second half of the year [47] 3.4 Crude Oil Inventory - US: Crude oil inventories have increased slightly, and the inventory level has rebounded from a low level. As of the week of November 28, the US crude oil inventory (excluding SPR) was 427.503 million barrels, a week - on - week increase of 574,000 barrels. The SPR inventory increased by 250,000 barrels. Gasoline and diesel inventories continued to increase, but the absolute level was not high, and the gasoline inventory was still at a five - year low [54][59] - OECD: The surplus pressure has gradually increased. In October 2025, the global crude oil monthly supply - demand gap was 443,000 barrels per day, and the OECD continued to accumulate inventories, with the inventory at the end of October reaching 2.903 billion barrels, a month - on - month increase of 25 million barrels [65]

Core Viewpoint - The 20th Central Committee's Fourth Plenary Session emphasizes the importance of strengthening the financial sector as part of China's modernization and national rejuvenation strategy, with a focus on the development of the futures market as a key component of the modern financial system [1][2]. Group 1: Strategic Planning and Development Goals - The "15th Five-Year Plan" outlines strategic goals for China's development, aiming to reach the level of a moderately developed country by 2035, with a focus on building a modern industrial system and promoting high-level technological self-reliance [3][4]. - The plan highlights the need for steady development of futures, derivatives, and asset securitization, positioning the futures market as integral to national strategy and future economic stability [3][7]. Group 2: Role of Futures Market in Economic Stability - The futures market is recognized for its role in price discovery, risk management, and resource allocation, which are essential for supporting the real economy amid complex external challenges [4][5]. - Macro-yuan Futures aims to enhance service quality in futures and derivatives, contributing to the stability of the real economy and the construction of a financial powerhouse [2][5]. Group 3: Innovation and Service Models - Macro-yuan Futures has developed a unique service model that integrates standardized systems, professional manuals, and scenario-based applications, enhancing client service and risk management capabilities [5][6]. - The company actively promotes the use of futures and options among small and medium-sized enterprises, providing risk management services and reducing transaction fees significantly [5][6]. Group 4: Compliance and Risk Management - The "15th Five-Year Plan" calls for comprehensive financial regulation and risk management, emphasizing the need for futures companies to strengthen compliance and risk management frameworks [9]. - Futures companies are encouraged to embed risk management tools into key operational processes of enterprises, enhancing their ability to manage market price fluctuations effectively [9].

Core Insights - The 20th Central Committee's Fourth Plenary Session emphasizes the importance of strengthening the financial sector as part of China's modernization and national rejuvenation efforts, providing a strategic blueprint for the 14th Five-Year Plan [1][3] - The State Council's recent guidelines aim to enhance regulation and promote high-quality development in the futures market, aligning with the directives from the Fourth Plenary Session [2][3] Group 1: Strategic Development - The "14th Five-Year Plan" outlines key goals and tasks for China's development, aiming for significant progress towards becoming a moderately developed country by 2035, with a focus on building a modern industrial system and promoting high-level technological self-reliance [3][4] - The plan highlights the need for steady development of futures, derivatives, and asset securitization, positioning the futures market as a critical component of national strategy [3][7] Group 2: Service to the Real Economy - The futures market is recognized for its role in risk management and resource allocation, essential for stabilizing and developing the real economy amid complex external and domestic challenges [4][5] - Companies like Hongyuan Futures are integrating deeply into the industrial chain, enhancing supply chain resilience, and providing tailored risk management services to over a thousand industrial clients [5][6] Group 3: Financial Innovation and Inclusivity - Hongyuan Futures is actively promoting green finance and inclusive finance, offering risk management services to over 300 small and micro enterprises and exploring innovative products like "insurance + futures" to support farmers [5][6] - The company is also focusing on pension finance, enhancing investor education, and applying risk management tools to long-term funds [5][6] Group 4: Compliance and Risk Management - The "14th Five-Year Plan" calls for comprehensive financial regulation and risk management, emphasizing the need for futures companies to strengthen compliance and risk management frameworks [9] - Companies are encouraged to embed futures tools into key operational processes to help enterprises effectively manage market price fluctuations and enhance their risk management capabilities [9]

作为多年支援新疆麦盖提县的期货公司，在郑商所、麦盖提县委县政府等单位支 持和引导下，申银万国期货已经连续多年在新疆麦盖提县落地实施红枣 "保险+期 货"项目。2025年麦盖提县项目承保4万余吨、8万余亩，总保费1800万元。该项目 的顺利出场，标志着"保险+期货"模式在2025年继续为保障枣农种植收益发挥作 用，为推进麦盖提县红枣产业稳健发展提供坚实力量。 申银万国期货积极响应中国证监会、中国期货业协会关于期货市场服务 "三农"、 服务乡村振兴战略的号召，加大在农产品"保险+期货"业务领域的拓展，持续探索金融 衍生品服务"三农"的创新模式，积极承担社会责任，努力为全面推进乡村振兴贡献力 量。此次项目，申银万国期货充分发挥自身专业优势，致力于保护枣农的利益，在 以"保险+期货"模式为核心的价格保障基础上，进一步优化"订单收购+银行+二次点 价"的创新模式，有效保障了红枣的稳定生产和枣农的收益。 展望未来，申银万国期货将继续践行国有企业使命担当，坚守服务三农、服务 乡村振兴的初心与使命，不断探索创新，持续发挥期货及衍生品的风险管理功能， 服务 "三农"和实体经济发展，为推动普惠金融创新、助力乡村振兴贡献力量，打 ...