针对这一现象，国元期货研究咨询部相关负责人分析称，首先，期权工具特性与当前市场风险特征高度 适配；其次，交易者专业化程度提升，产业客户和机构投资者持续增多，风险管理工具应用从基础期货 套期保值逐步拓展至期权精细化对冲、波动率交易和复杂策略构建，直接推高了期权市场活跃度；此 外，期货市场基础设施持续完善，如做市商制度日益成熟、品种体系不断丰富等，也为市场增长提供了 支撑。 业内人士普遍对2026年期货市场发展持乐观预期。上述东证期货相关负责人认为，预计期货市场资金体 量将稳步扩大，品种进一步扩容，更好满足产业客户风险管理需求；行业层面，随着各类客户深度参与 期货交易，期货公司将提升对投研能力的重视程度；同时，科技发展与AI广泛应用将大幅提升期货公 司研究效率，未来行业竞争将聚焦于服务实体经济的深度、产品创新能力及特色化发展路径。 "2025年期货市场成交量与成交额同比显著增长，核心是实体企业避险需求与市场内生动力共同作用的 结果。"国元期货研究咨询部相关负责人表示，一方面，全球宏观环境不确定性提升，推高了实体企业 避险需求；另一方面，期货市场持续完善夯实了增长基础——2025年新增18个期货、期权品种，覆盖有 ...

Core Insights - The Chinese futures market showed significant growth in December, with a trading volume of 9.51 billion contracts and a turnover of 90.81 trillion yuan, marking year-on-year increases of 45.17% and 58.55% respectively [1] - By the end of 2025, the cumulative trading volume is projected to reach 90.74 billion contracts and a turnover of 766.25 trillion yuan, reflecting year-on-year growth of 17.4% and 23.74% [1] Trading Volume and Turnover by Exchange - The Shanghai Futures Exchange (SHFE) is expected to have a trading volume of approximately 23.35 billion contracts and a turnover of about 259 trillion yuan by 2025, with year-on-year growth of 3.31% and 27.86% [1] - The Zhengzhou Commodity Exchange (ZCE) anticipates a trading volume of around 31.38 billion contracts and a turnover of approximately 88.96 trillion yuan, with year-on-year increases of 20.26% and 4.47% [1] - The Dalian Commodity Exchange (DCE) is projected to have a trading volume of about 26.07 billion contracts and a turnover of around 102.77 trillion yuan, with year-on-year growth of 14.94% and 4.49% [1] - The China Financial Futures Exchange (CFFEX) expects a trading volume of approximately 3.04 billion contracts and a turnover of about 255.19 trillion yuan, with year-on-year growth of 19.94% and 33.66% [1] - The Guangzhou Futures Exchange (GFE) anticipates a trading volume of around 5.34 billion contracts and a turnover of approximately 31.60 trillion yuan, with year-on-year increases of 171.62% and 190.27% [1] Leading Futures Products - In December, the top three futures products by turnover included SHFE's silver, gold, and copper futures, ZCE's PTA, caustic soda, and glass futures, DCE's coking coal, palm oil, and soybean meal futures, and GFE's lithium carbonate, polysilicon, and platinum futures [2] - By trading volume, the leading products were SHFE's silver, rebar, and silver options, ZCE's glass, PTA, and methanol futures, DCE's soybean meal, PVC, and coking coal futures, and GFE's lithium carbonate, lithium carbonate options, and industrial silicon futures [2] Market Drivers and Trends - The growth of the Chinese futures market is attributed to increased hedging demand from industries due to factors such as fluctuating tariffs, a loose global monetary policy environment, rising geopolitical risks, and domestic economic adjustments [3] - The influx of long-term capital into the capital market, particularly from insurance funds, has also contributed to the increased hedging demand [3] - The recovery of operational conditions in real enterprises, especially in new sectors like renewable energy and AI, has boosted optimistic expectations for the demand for new energy materials [3] Performance of Commodity Markets - The commodity market experienced more declines than gains last year, with precious metals rising for the fourth consecutive year; gold and silver prices increased by 55.77% and 124.62% respectively [4] - The non-ferrous metals sector also performed strongly, with copper and tin prices rising by 33.18% and 29.01% respectively, while the energy and chemical sector saw a decline, with oil prices dropping by 10.98% [4] Future Outlook - The futures market is expected to continue its high-quality development, with anticipated growth in trading volume and turnover of 10% to 15% this year [4] - New products like coking coal options are expected to be launched, further expanding the service range of the futures market to cover new energy and high-end manufacturing sectors [4] - The demand for hedging from real enterprises is projected to increase due to ongoing global commodity price volatility and geopolitical risks [4]

Core Viewpoint - The global commodity market is undergoing significant restructuring in 2025, influenced by trade dynamics and geopolitical competition, leading to a reshaping of the global industrial chain. The year has seen volatile commodity prices, with metals like gold, silver, and copper reaching new highs, while energy and agricultural products remain weak [2]. Market Participation and Trading Volume - In the face of market uncertainties, more entities are engaging in the futures market, with China's cumulative trading volume reaching 67.545 trillion yuan in the first 11 months of the year, surpassing the total for the previous year and setting a historical record. As of October 9, total funds in the futures market exceeded 2 trillion yuan, and by December 8, client equity of futures companies also surpassed 2 trillion yuan [2]. Product Innovation and Expansion - The expansion of product variety is a key focus for the development of China's futures market, with 164 futures and options products listed by the end of November, an increase of 18 from the previous year [3]. - New products are categorized into three types: 1. Filling gaps in existing product lines to enhance risk management across the supply chain, such as the introduction of pure benzene and propylene futures [3]. 2. Innovating contract models to align with trading habits, exemplified by the launch of monthly average price futures for certain chemical products [4]. 3. Accelerating the establishment of a green product system, including the listing of futures for recycled aluminum alloys and precious metals like platinum and palladium [4]. Options Market Development - The acceleration of options coverage is a notable trend, with all new futures products introduced alongside options. Existing products have also seen corresponding options launched, enhancing the risk management tools available to entities [5]. Service Enhancement for the Real Economy - The futures market aims to serve the real economy effectively, with various service models optimized to meet industry needs. For instance, a steel delivery warehouse was established in Northwest China, addressing long-standing delivery challenges for local steel enterprises [6]. - The "insurance + futures" model has evolved over ten years, now involving multiple stakeholders to provide comprehensive risk management for agricultural products [6][7]. Regulatory Improvements and Market Integrity - Since the implementation of the Futures and Derivatives Law in 2022, the regulatory framework for China's futures market has been continuously improved, aligning with the central economic work conference's emphasis on effective regulation [8]. - Recent regulations have focused on enhancing the management of algorithmic trading, internet marketing, and overall industry standards, aiming to create a transparent and efficient futures market [9].

Core Insights - 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 [2][4] - The total trading volume in the futures market for the first 11 months of this year reached 8.117 billion contracts, with a total transaction value of 67.5 trillion yuan, reflecting year-on-year increases of 14.74% and 20.19% respectively [2][4] Market Growth - The total funds in the futures market first exceeded 1 trillion yuan in February 2021 and reached 1.5 trillion yuan by June 2022, indicating a consistent upward trend in market scale [4] - Client equity has also shown remarkable growth, doubling from 1 trillion yuan in February 2021 to surpassing 2 trillion yuan by December 2025, with the number of effective clients exceeding 2.7 million, a 14% increase from the same period in 2024 [5] Institutional Participation - Insurance institutions have significantly increased their participation in the futures market, with their equity growing approximately twofold compared to the end of 2024, showcasing a strong demand for risk management tools [4][7] - Over 30 domestic insurance institutions are now active in the futures market, utilizing various instruments like treasury futures and stock index futures for hedging purposes, which enhances their risk management capabilities [7][8] Long-term Investment Strategies - The influx of long-term funds, particularly from insurance companies, is driven by the recognition of the futures market's role in supporting the real economy and effective risk management [7] - The implementation of policies aimed at encouraging long-term capital to enter the market has led to a significant increase in new accounts opened by insurance funds, with a year-on-year growth of 166% in the first 11 months of 2025 [7]

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].

第二家A+H期货公司即将落地！ 12月2日，南华期货就"刊发H股发行聆讯后资料集"发布公告，港交所网站也更新相关信息，意味着该公司已通过联交所IPO聆 讯，将进入港股发行上市阶段。 港交所网站《申请版本，整体协调人公告，聆讯后资料集及相关资料》栏目中可以看到南华期货最新更新发布的信息。 今年9月19日，中国证监会出具《关于南华期货股份有限公司境外发行上市备案通知书》（国合函〔2025〕1618号），中国证 监会对公司本次发行上市备案信息予以确认。 回顾南华期货本次港股IPO的申请过程，今年4月17日，南华期货向香港联合交易所递交了发行上市的申请，于同日在香港联 合交易所网站刊登了本次发行并上市的申请资料。根据本次发行上市计划及香港联合交易所的相关规定，公司于2025年10月 31日向香港联合交易所更新递交本次发行上市的申请，并于同日在香港联合交易所网站刊登了本次发行上市的更新申请材 料。 责编：罗晓霞 排版：刘珺宇 校对： 吕久彪 百万用户都在看 美国战斗机，紧急出动！ 重大资产重组！今日，复牌！ 超级赛道，重磅定调！ 深夜，集体大涨！芯片，重大利好传来！ 盘中，集体涨停！利好，突然引爆！ 违法和不良信息举报 ...

Core Viewpoint - The "2025 China Financial Institutions Annual Conference" emphasizes the theme of "Empowering and Reshaping Value," highlighting the significant developments and challenges in the Chinese financial market, particularly in the futures industry [1][2]. Group 1: Conference Overview - The conference includes a main forum and six sub-forums, covering various sectors such as securities investment banking, asset management, banking, insurance, trust, and futures, with over 1,000 industry elites participating [2]. - The event features discussions on current hot topics in China's economy and financial sector, showcasing the rapid development of the Chinese futures market [2]. Group 2: Futures Market Development - The Chinese futures market has seen significant growth, with 157 futures and options products listed, providing precise risk management tools for related industries [2]. - The number of foreign clients in the futures market has increased significantly, with a year-on-year growth rate of 11%, and clients are now distributed across 40 countries and regions [2]. Group 3: Industry Challenges and Opportunities - The futures industry faces three driving forces: increased demand for risk management from the real economy, improved top-level policies, and market expansion. However, it also encounters challenges such as homogenized competition and talent pressure [3]. - Industry leaders emphasize the need for futures companies to enhance capabilities in risk identification, solution design, and service processes to achieve high-quality development [3]. Group 4: Macro and Commodity Market Outlook - The global market remains generally loose, with the U.S. experiencing short-term interest rate cuts, while the Chinese market is showing signs of improvement [4]. - The commodity market is experiencing increased differentiation, with precious metals and non-ferrous metals expected to perform well, while other commodities require attention to industrial policies [4]. Group 5: Awards and Recognitions - The "2025 China Futures Industry Jun Ding Award" recognized leading futures companies, including Guotai Junan Futures, Shanghai Dongzheng Futures, and others for their contributions to the industry [6][7][8]. - The awards also highlighted outstanding asset management products and individuals in the futures sector, showcasing the industry's commitment to excellence and innovation [9][11].

Core Insights - The total trading volume of the national futures market from January to October reached 7.347 billion contracts, with a cumulative trading value of 60.884 trillion yuan, representing year-on-year increases of 14.86% and 21.82% respectively [1] Group 1 - The futures market has maintained overall stability, with trading value continuing to grow [1] - The structure of trading varieties is continuously optimizing, enhancing the ability to serve national strategies and the real economy [1]

Core Viewpoint - Nanhua Futures Co., Ltd. has submitted a listing application to the Hong Kong Stock Exchange, with CITIC Securities as the exclusive sponsor, marking its second attempt to list [1] Company Overview - Nanhua Futures is a leading futures company in China, ranked second in terms of ROE among all Chinese futures companies for 2024 and first in terms of overseas income [4] - The company focuses on providing futures and derivatives services in both domestic and international markets [4] Market Opportunity - The Chinese futures market, after 30 years of development, is experiencing significant opportunities driven by policy and market demand [4] - According to Frost & Sullivan, the Chinese futures market is the largest commodity market globally, covering over 140 products across 41 industries, including agriculture, energy, and metals [4] - The correlation between futures and spot prices exceeds 90%, making it an important pricing benchmark [4] - China operates six futures exchanges, offering a variety of futures and options, with 146 listed products expected by the end of 2024 [4] Financial Performance - Nanhua Futures' annual profit increased significantly from RMB 245.9 million in 2022 to RMB 458.0 million in 2024, with a compound annual growth rate of 36.5% [5] - The company's profit remained stable, with RMB 230.5 million for the six months ending June 30, 2024, and RMB 231.3 million for the six months ending June 30, 2025 [5] Revenue Breakdown - The net income from commissions and fees increased from RMB 272.3 million to RMB 611.7 million over the reported periods [8] - Net interest income rose from RMB 253.3 million to RMB 681.8 million, while interest expenses increased from RMB 19.9 million to RMB 59.8 million [8] - Operating income grew from RMB 593.1 million to RMB 1.354 billion, reflecting the company's strong performance in the market [8]

Core Viewpoint - Nanhua Futures Co., Ltd. has submitted its second listing application to the Hong Kong Stock Exchange, with CITIC Securities as the exclusive sponsor [1][4]. Company Overview - Nanhua Futures is a leading futures company in China, ranked second in terms of ROE among all Chinese futures companies for 2024 and first in terms of overseas income [4]. - The company focuses on providing futures and derivatives services in both domestic and international markets [4]. Market Opportunity - The Chinese futures market, after 30 years of development, is experiencing significant opportunities driven by policy and market demand [4]. - According to Frost & Sullivan, the Chinese futures market is the largest commodity market globally, covering over 140 products across 41 industries, including agriculture, energy, and metals [4]. - The correlation between futures and spot prices exceeds 90%, making it an important pricing benchmark [4]. - As of the end of 2024, there are 146 listed products in China, including 125 commodities and 20 financial products [4]. Financial Performance - Nanhua Futures' annual profit increased significantly from RMB 245.9 million in 2022 to RMB 458.0 million in 2024, with a compound annual growth rate of 36.5% [5]. - The profit remained stable, with RMB 230.5 million for the six months ending June 30, 2024, and RMB 231.3 million for the six months ending June 30, 2025 [5]. Revenue Breakdown - The net income from commissions and fees was RMB 498.038 million, while interest income reached RMB 365.952 million [8]. - Net interest income stood at RMB 326.538 million, and total operating income was RMB 954.406 million [8]. - Operating profit was reported at RMB 296.044 million, with a net profit of RMB 245.912 million for the year [8].