11月19日—20日，"第十九届深圳国际金融博览会暨2025中国金融机构年会"在深圳举行。由证券时报主办的"2025 中国金融机构年会"主题为"聚势赋能 重塑价值"。 "2025中国金融机构年会"包括一场主论坛和六场分论坛，涉及证券投行、资管，以及银行、保险、信托、期货等 细分领域。包括头部银行、保险、券商、期货公司逾1000名业界精英，围绕当前中国经济、金融领域的热门话题 展开探讨。 在20日上午举行的"中国期货业年会"分论坛上，证券时报社党委副书记张晓峰在代表主办方致辞时表示，近年 来，中国期货市场实现跨越式发展，呈现规模质量齐升的良好局面。今年以来，铸造铝合金、丙烯、胶版印刷纸 等期货期权新品种陆续上市。截至目前，国内已上市157个期货和期权品种，为相关产业提供了精准的风险管理 工具。同时，QFII、RQFII 可交易品种不断扩容，对外开放的广度与深度持续拓展，让中国期货市场更好地融入 全球金融体系。今年境外客户增长显著，同比增幅达11%，交易者分布于40个国家和地区。 面对行业发展新形势，张晓峰认为，期货和衍生品被纳入五年规划建议，这是行业发展的幸事，意味着战略地位 显著提升。站在新的发展起点，面对新 ...

经济观察网中国期货业协会最新统计显示，1—10月全国期货市场累计成交量为73.47亿手，累计成交额 为608.84万亿元，同比分别增长14.86%和21.82%。期货市场运行总体平稳，成交额保持增长、品种结构 持续优化，服务国家战略和实体经济的能力不断增强。 ...

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].

Core Insights - The Chinese futures market has reached a significant milestone, with total funds surpassing 2 trillion yuan this year, indicating robust growth and increased investor interest [1] Industry Summary - The increase in total funds in the futures market is attributed to heightened volatility in commodity and financial markets, leading to a surge in new account openings by investors [1] - Industrial clients and overseas customers have emerged as key growth drivers in the current market landscape, prompting futures companies to enhance their service capabilities [1] - Overall performance in the futures industry has shown signs of recovery, reflecting a positive trend in market dynamics [1]

Core Insights - The Chinese futures market has reached a significant milestone with total funds surpassing 2 trillion yuan, reflecting increased investor interest amid heightened volatility in commodity and financial markets [1][2]. Market Growth - As of October 9, 2025, the total funds in the futures market reached approximately 2.02 trillion yuan, marking a 24% increase from the end of 2024 [2]. - The total client equity of futures companies was about 1.91 trillion yuan, also a 24% increase from the end of 2024 [2]. - The number of effective clients in the market exceeded 2.7 million, a 14% year-on-year increase, with 650,000 new clients added in the first three quarters of 2025 [2]. Client Segmentation - Two key growth segments in the futures market are industrial clients and overseas clients, with industrial clients focusing on risk management and hedging strategies [3][5]. - A record 1,583 A-share listed companies have issued hedging announcements this year, surpassing the total for 2024, indicating a growing engagement in risk management [3]. Service Enhancement - Futures companies are enhancing their service capabilities to meet the evolving needs of industrial clients, requiring frontline staff to possess in-depth industry knowledge and strong communication skills [4]. - The demand from industrial clients has shifted from basic hedging to more sophisticated risk management solutions that align with their business strategies [3]. Performance of Futures Companies - As of August 2025, the total trading volume reached 65.23 trillion yuan, with a net profit of 76.5 billion yuan for the first eight months, marking a new high [7]. - However, performance among futures companies is uneven, with profit growth concentrated in a few firms, while traditional brokerage competition remains intense [7]. Market Sentiment - The A-share futures sector has shown strong performance, with companies like Ruida Futures seeing a nearly 60% increase in stock price this year [8].

Core Insights - The total funds in China's futures market exceeded 2 trillion yuan, reaching approximately 2.02 trillion yuan as of October 9, 2025, marking a 24% increase from the end of 2024 [1] - Client equity in futures companies totaled about 1.91 trillion yuan, also reflecting a 24% growth compared to the end of 2024 [1] - The continuous growth and new highs in the futures market funds indicate a solid step forward in the high-quality development of China's futures market, with an increasingly comprehensive variety system and broad participation from various clients [1] Industry Development - The futures market's price discovery, risk management, and asset allocation functions are gaining wider recognition and more effective implementation [1] - The ability of the futures market to serve the high-quality development of the national economy is steadily improving [1]

Core Insights - The total funds in China's futures market surpassed 2 trillion yuan, reaching approximately 2.02 trillion yuan, marking a 24% increase from the end of 2024, indicating a significant milestone in market development [1][2] - The growth in funds is attributed to increased hedging demand from the real economy, diversification of capital market tools, and a rise in internationalization, with a notable increase in foreign clients [1][2] Market Growth - As of the end of September 2025, the number of effective clients in the futures market exceeded 2.7 million, a 14% year-on-year increase, with 650,000 new clients added in the first three quarters of 2025 [2] - Institutional clients grew steadily with a 3% increase year-on-year, while foreign clients saw a more significant growth of 11%, with traders distributed across 40 countries and regions [2] Trading Volume and Revenue - In September 2025, the national futures market recorded a trading volume of 770 million contracts and a trading value of 71.5 trillion yuan, with a year-on-year decrease in volume by 3.03% but an increase in value by 33.16% [2] - From January to September 2025, the cumulative trading volume reached 6.744 billion contracts, with a total trading value of 54.762 trillion yuan, reflecting year-on-year increases of 18.29% and 24.11% respectively [2] Financial Derivatives Market - The financial derivatives market showed remarkable growth, with the China Financial Futures Exchange reporting a trading volume of 35.1476 million contracts and a trading value of 29.62 trillion yuan in the previous month, representing year-on-year increases of 54.59% and 89.74% [3] - For the first nine months of 2025, the cumulative trading volume at the China Financial Futures Exchange was 227 million contracts, with a trading value of 18.857 trillion yuan, marking year-on-year growth of 31.8% and 53.26% respectively [3] Company Performance - As of the end of August 2025, there were 150 futures companies operating across 29 jurisdictions, with agency trading volume reaching 65.23 trillion yuan and agency trading value at 8.95 billion contracts [3] - The net profit of futures companies for the first eight months of 2025 reached 7.65 billion yuan, setting a new high in recent years, although profit growth was uneven across the industry, concentrated in a few companies [3]

Core Insights - The total funds in China's futures market surpassed 2 trillion yuan, reaching approximately 2.02 trillion yuan, marking a 24% increase from the end of 2024, indicating a significant milestone in market development [1] - The growth in funds is attributed to increased hedging demand from the real economy, diversification of capital market tools, and a rise in internationalization, with a notable increase in foreign clients [1] Group 1: Market Growth - As of September 2025, the number of effective clients in the futures market exceeded 2.7 million, a 14% increase year-on-year, with 650,000 new clients added in the first three quarters of 2025 [2] - Institutional clients showed steady growth with a 3% year-on-year increase, while foreign clients grew significantly by 11%, with traders distributed across 40 countries and regions [2] Group 2: Trading Activity - In September 2025, the national futures market recorded a trading volume of 770 million contracts and a trading value of 71.5 trillion yuan, with a year-on-year decrease in volume by 3.03% but an increase in value by 33.16% [2] - From January to September 2025, the cumulative trading volume reached 6.744 billion contracts, with a total trading value of 54.762 trillion yuan, reflecting year-on-year increases of 18.29% and 24.11% respectively [2] Group 3: Financial Derivatives Market - The financial derivatives market showed remarkable growth, with the China Financial Futures Exchange recording a trading volume of 35.1476 million contracts and a trading value of 29.62 trillion yuan in September, representing year-on-year increases of 54.59% and 89.74% [3] - For the first nine months of 2025, the cumulative trading volume at the China Financial Futures Exchange was 227 million contracts, with a trading value of 18.857 trillion yuan, marking year-on-year growth of 31.8% and 53.26% respectively [3] Group 4: Company Performance - As of August 2025, there were 150 futures companies operating across 29 jurisdictions, with total agency trading volume reaching 65.23 trillion yuan and agency trading value at 8.95 billion contracts [3] - The net profit of futures companies for the first eight months of 2025 reached 7.65 billion yuan, marking a new high in recent years, although profit growth was uneven across the industry [3]

Core Insights - The Chinese futures market has reached a significant milestone, with total funds exceeding 2 trillion yuan, marking a 24% increase from the end of 2024 [2] - The growth in the futures market reflects high-quality development, with improved product systems and broader participation from various clients [2] - The increase in funds is attributed to enhanced hedging demand from the real economy, diversification of capital market tools, and a rise in international clients [2] Market Growth - As of September 2025, the number of effective clients in the futures market surpassed 2.7 million, a 14% year-on-year increase [3] - In the first three quarters of 2025, the market added 650,000 new clients, indicating a steady growth in the client base [3] - Institutional clients grew by 3%, while overseas clients saw a more significant increase of 11%, with traders from 40 countries and regions [3] Trading Volume and Financial Derivatives - In September 2025, the national futures market recorded a trading volume of 770 million contracts and a turnover of 71.5 trillion yuan, with a year-on-year decrease in volume but an increase in turnover by 33.16% [3] - The financial derivatives market showed remarkable growth, with the China Financial Futures Exchange achieving a trading volume of 35.15 million contracts and a turnover of 29.62 trillion yuan in the previous month, marking increases of 54.59% and 89.74% respectively [4] - For the first nine months of 2025, the cumulative trading volume at the China Financial Futures Exchange was 227 million contracts, with a turnover of 18.857 trillion yuan, reflecting year-on-year growth of 31.8% and 53.26% [4] Company Performance - As of August 2025, there were 150 futures companies operating across 29 jurisdictions, with total agency trading volume reaching 65.23 trillion yuan and net profits of 12.34 billion yuan [4] - The net profit for futures companies in the first eight months of 2025 reached 7.65 billion yuan, marking a new high in recent years [4] - However, profit growth is uneven across the industry, with a concentration of growth in a few companies [4]