"新上市74个产品，我国期货和期权品种数量达到164个。" "十四五"时期，我国期货市场产品供给稳步增加，除2021年上市4个新品种外，2022年至2025年每年上 市期货和期权新品种均在15个以上，多个产业链风险管理工具的空白被填补，成熟期货品种基本实现期 权全覆盖。与国民经济高质量发展需求相匹配，服务实体经济领域更广、能力更强的期货和衍生品体系 初步建成，期货市场服务实体经济的广度、深度和精度显著提升。 体系化布局，拓展覆盖领域 "十四五"时期，我国期货市场围绕"强链补链拓链""向绿向新"，加快健全品种体系，广泛覆盖农产品、 金属、能源、化工、建材、航运、金融等国民经济主要领域。上期所（含上期能源）先后上市了氧化 铝、合成橡胶、铸造铝合金、胶版印刷纸等18个期货和期权品种。郑商所推出了花生、烧碱、对二甲 苯、瓶片等19个期货和期权品种，覆盖油料、化工、纺织等产业链。大商所上市了生猪、原木、纯苯等 3个期货品种，以及棕榈油、乙二醇、鸡蛋等11个期权品种，并推出了国内首批月均价期货（线型低密 度聚乙烯、聚氯乙烯、聚丙烯月均价期货）。中金所先后推出了中证1000股指期货和期权、上证50股指 期权、30年期国债期 ...

Core Viewpoint - The article emphasizes the significant progress in China's financial futures market, highlighting the increased participation of institutional investors and the positive interaction between institutional involvement and market quality improvement [3][5]. Group 1: Institutional Participation and Market Dynamics - The China Financial Futures Exchange (CFFEX) aims to enhance the entry of medium- and long-term funds into the market, which has led to a notable increase in market capacity and institutional engagement [3][4]. - A joint initiative by six departments has outlined a clear plan to promote medium- and long-term funds entering the market, which is expected to support high-quality economic development and align with national strategic needs [4]. - In the first three quarters of the year, the average daily trading volume and open interest reached 1.24 million contracts and 2.08 million contracts, respectively, marking year-on-year increases of 30% and 13% [5]. Group 2: Financial Futures and Market Stability - The introduction of stock index futures and government bond futures has contributed to a more stable market environment, reducing the volatility of underlying indices by 6% to 17% [7]. - Institutional investors that engage in cross-period trading have extended their holding periods by 25% to 60% compared to those only participating in the spot market, indicating enhanced confidence and stability [7]. - The growth of index funds has surged over 150% in the past two years, with corresponding long positions in stock index futures increasing by over 170% [8]. Group 3: Future Directions and Innovations - CFFEX plans to further enrich its product offerings and optimize services to create a financial futures market ecosystem that supports long-term investments [8]. - The role of ETF market makers has been crucial, contributing over 25% of the total ETF trading volume, and they rely on stock index futures to hedge risks while maintaining market liquidity [7][8].

专题：中国社会科学院社会保障论坛暨《中国养老金发展报告2025》发布式 12月6日金融一线消息，中国社会科学院社会保障论坛暨《中国养老金发展报告2025》发布会今日召 开，原中国保险资产管理业协会党委书记、执行副会长兼秘书长曹德云出席并发表演讲。 在文化理念上，要坚守长期的投资理念，要切实践行价值投资目标。养老金财富管理作为长钱的管理， 一定要从长计议，而且要做好长远的战略布局，要做好能够跨周期的、可持续的资产安排，做时间的朋 友，要追求时间价值和复利效应，来凸显长期资金独有的特性。同时，我们要以价值投资为目标，要以 获取长期价值最大化为宗旨，追求长期价值的成长，而不仅仅是盯在每年的财务投资的收益率上。要用 获取价值的这种观念来代替财务收益的视角，树立养老金财富管理的"长、宽、远、稳、久"的这种视 野。 在外部条件上，要促进稳健成长的资本市场建设，而且要有丰富齐全的金融工具。去年以来，国家和有 关部门出台了一系列支持性的政策，来鼓励资本市场发展，来鼓励中长期资金进入到资本市场，对养老 资产的保值增值的实现、为建立良好的市场预期也形成重要的支撑。从国际的经验看，资本市场特别是 股票市场的繁荣是养老金资产规模有效 ...

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 ...

人民财讯12月5日电，近期，金融监管总局陆续召开8场银行业保险业学习贯彻党的二十届四中全会精神 系列座谈会。金融监管总局党委书记、局长李云泽主持会议。李云泽强调，要坚持问题导向深化改革， 专注主业、完善治理、错位发展，深化降本提质增效，规范经营行为，坚决纠正无序竞争，维护健康公 平的市场秩序。要强化风险管理筑牢安全防线，稳妥处置存量风险，严密防控增量风险，加大资本补充 力度，夯实发展基础，牢牢守住不发生系统性风险底线。 ...

Core Viewpoint - The People's Bank of China has released new regulations emphasizing risk-based customer due diligence for financial institutions, balancing anti-money laundering efforts with improved financial services. The regulation, effective from January 1, 2026, removes the requirement for customers to declare the source of funds for cash withdrawals exceeding 50,000 yuan, reflecting a more nuanced approach to risk management [1][2][3]. Group 1: Regulatory Changes - The new regulation cancels the requirement for customers to register the source of funds for cash withdrawals over 50,000 yuan, which has been a point of public concern and discussion [1][2]. - Financial institutions are now required to conduct customer due diligence based on risk assessments rather than a one-size-fits-all approach, allowing for a more tailored investigation process [2][3]. Group 2: Impact on Customer Experience - Customers have previously expressed frustration with intrusive inquiries regarding the source and purpose of funds during transactions, leading to a poor banking experience [2]. - The updated regulations aim to simplify the process for low-risk customers, enhancing their experience while maintaining necessary security measures for high-risk transactions [2][3]. Group 3: Enhanced Risk Management - Financial institutions must develop a more sophisticated risk assessment system that utilizes various data points, including customer identity and transaction history, to identify potential risks accurately [3]. - The ongoing prevalence of financial crimes necessitates that banks not only maintain but enhance their due diligence practices, ensuring a balance between customer convenience and financial security [3].

Core Viewpoint - The China Securities Regulatory Commission (CSRC) is conducting a review of off-market bond investment trading activities among securities and fund management institutions to ensure compliance and accurate data reporting [1][2]. Group 1: Regulatory Review - The review focuses on two main aspects: the accuracy of the institution names registered in the off-market bond investment trading data reporting system and whether institutions have actually engaged in bond trading activities with their own funds and asset management businesses [1][2]. - Institutions are required to report their bond investment trading data monthly, and those not engaged in any bond-related business must register on the monitoring platform and provide basic information [2]. Group 2: Off-Market Bond Trading - Off-market bond trading includes activities such as cash bond trading, bond repurchase, bond forwards, and bond lending, conducted by securities and fund management institutions using their own funds and asset management [2]. - Institutions that have not obtained public fund qualifications must report their completed rectifications according to specific guidelines [2]. Group 3: Derivative Products - Off-market derivatives provide customized, flexible, and finely managed tools for professional investors, meeting diverse investment needs [3]. - These derivatives serve as effective risk management tools, helping investors mitigate investment volatility while maintaining their underlying asset positions [3]. - The development of off-market derivatives is driving strategic transformation and service upgrades for trading firms, enhancing their core capabilities in risk management and digital empowerment [3].

【编者按】外贸，是观察区域经济活力的重要窗口，更是河南构建新发展格局的关键支撑。在全球贸易 环境复杂多变、不确定性因素增多的当下，"稳外贸"不仅是稳增长、稳就业的重要抓手，更是河南企业 融入双循环、拓展国际市场的必由之路。如何帮助河南外贸企业在风浪中稳健前行，破解"有单不敢 接、有单无力接"的出海难题？出口信用保险无疑是关键的"护航者"与"助推器"。它既为企业防范海外 买家信用风险、应对贸易壁垒筑起"安全网"，也通过风险保障等支持，为企业大胆开拓新市场、抢抓新 订单注入"强心剂"。 正是基于助力河南外贸高质量发展和河南高水平开放的共同目标，中国出口信用保险公司河南分公司与 河南日报社财经全媒体中心、大河财立方携手推出《稳外贸 信保助力豫企出海》策划。通过走进一家 家深耕国际市场的河南企业，记录他们与信用保险"双向奔赴"的合作故事，挖掘信保工具如何为企业出 海"遮风挡雨"，如何赋能企业从"稳订单"到"拓市场"的进阶之路，为更多河南企业扬帆出海提供借鉴与 启发。 【大河财立方 记者 徐兵 文 李博 摄影】在国际贸易环境急速变化的当下，企业"走出去"早已不是比拼 价格与产品，更是一场关于风险管理、信用体系与全球资源 ...

Core Viewpoint - The company emphasizes the importance of risk management as a foundation for stable operations and a safeguard for the financial market, aligning with regulatory requirements and industry culture [1] Group 1: Risk Awareness and Culture - The company has established a risk culture advocacy system based on case studies to enhance risk management capabilities, making risk management proactive rather than reactive [2] - Regular collection and analysis of risk events in the industry help identify management loopholes and optimize management measures [2] - The initiative transforms abstract risk concepts into concrete business scenarios, fostering a culture where everyone is responsible for risk management [2] Group 2: Technology Empowerment - The company is committed to building an intelligent risk control system across all business lines through technological empowerment [3] - A self-developed risk management system allows for the measurement and early warning of key risks, integrating risk management into every business process [3] - The establishment of a centralized risk control platform enhances efficiency and accuracy in risk management, shifting from post-event handling to real-time intervention and pre-warning [3] Group 3: Risk Management Framework - A robust risk management system is essential for embedding risk culture within the organization [4] - The company has developed a comprehensive risk management organization centered on governance and management layers, adhering to the "three lines of defense" theory [4] - Continuous optimization of the risk management framework, including risk preferences and limits, enhances understanding and execution of risk management among employees [4] Group 4: Future Outlook - The company views risk culture development as a dynamic, long-term strategic initiative, focusing on continuous improvement in risk education, technology, and management frameworks [5] - The goal is to embed risk culture as an intrinsic value and habit among employees, strengthening the company's competitive advantage in risk management [5]

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]