Core Viewpoint - The article discusses the strategic initiatives and future direction of Galaxy Futures in response to regulatory changes aimed at enhancing risk management and supporting the real economy. Group 1: Key Initiatives by Galaxy Futures - Galaxy Futures has focused on four main areas: strengthening risk management systems, enhancing compliance culture, actively participating in projects to support real enterprises, and innovating the "insurance + futures" model to benefit over 80,000 farmers across 60 cities in 19 provinces by 2024 [1][2]. - The company aims to build a robust risk management foundation by improving risk management processes, information systems, and control indicators [1]. - Galaxy Futures emphasizes compliance by enhancing the compliance capabilities of key personnel and fostering a culture of compliance throughout the organization [1]. Group 2: Industry Development Trends - The core competition in the futures industry is shifting from price to value, moving away from fee-based competition to a focus on research capabilities, technology systems, product design, and operational efficiency [2]. - The industry is expected to develop diverse and specialized business models, integrating brokerage, asset management, overseas operations, retail, and OTC businesses [2]. - Futures companies are transitioning from being mere transaction facilitators to comprehensive service providers with capabilities in asset management, derivative innovation, and efficient operations [2]. Group 3: Strategic Focus for 2026-2030 - Galaxy Futures plans to enhance its service capabilities in key areas such as food security, energy resource assurance, and industrial chain stability, providing customized risk management solutions for various enterprises [3]. - The company aims to establish a comprehensive and international service system that integrates futures and options, onshore and offshore, to create a unified service capability [3]. - There is a focus on talent development and organizational structure optimization to support strategic goals, including attracting and nurturing professionals with international perspectives [3][4]. Group 4: Digital Transformation and Compliance - Galaxy Futures is committed to digital transformation by increasing technology investments and upgrading digital capabilities across all operational areas [4]. - The company is enhancing its compliance and risk control systems to proactively integrate compliance requirements into all business processes, aiming to prevent major risk events [5].

Core Viewpoint - The Chinese futures market remains active, with a significant increase in trading volume and value, particularly in precious metals and financial futures, despite a slight decline in trading volume in September 2025 [1][5]. Trading Volume and Value - In September 2025, the national futures market recorded a trading volume of 770 million contracts and a trading value of 71.50 trillion yuan, showing a year-on-year decrease of 3.03% in volume but a growth of 33.16% in value [1]. - For the first three quarters of 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]. Exchange Performance - The Shanghai Futures Exchange had a trading volume of 193 million contracts and a trading value of 20.27 trillion yuan in September, accounting for 25.1% and 28.35% of the national market, respectively [3]. - The Zhengzhou Commodity Exchange reported a trading volume of 262 million contracts, representing 33.98% of the national market, while the Dalian Commodity Exchange showed a trading volume of 215 million contracts, indicating a year-on-year increase of 4.68% [3]. - The China Financial Futures Exchange (CFFEX) demonstrated exceptional performance with a trading volume of 35.15 million contracts and a trading value of 29.62 trillion yuan, marking year-on-year increases of 54.59% and 89.74% [4]. Sector Contributions - Precious metals and financial futures were the largest contributors to the trading value, with precious metals seeing a month-on-month increase of 108% in trading value [6]. - The financial futures sector experienced a significant increase in trading activity, driven by heightened market volatility and investor demand for risk management tools [7]. Market Resilience and Client Growth - The Chinese futures market has shown strong resilience amid global economic uncertainties, with the number of effective clients surpassing 2.7 million, a year-on-year increase of 14% [9]. - The market structure is becoming more diversified, with notable growth in both institutional and foreign clients, indicating a robust foundation for future development [9].

Core Insights - The training program aims to enhance the understanding of futures derivatives among government officials to better support enterprises in managing operational risks through the futures market [1][5] - The participation rate of A-share listed companies in hedging activities has significantly increased, indicating a growing trend in risk management through futures and options [2][5] - The futures market in China is entering a new phase of high-quality development, with substantial growth in market size and capacity to provide innovative financial services to state-owned enterprises [2][4] Group 1 - The training session in Hunan involved over 160 officials from various government departments and state-owned enterprises, focusing on the role of the futures market in supporting the real economy [1][3] - The futures market's total funds reached approximately 1.82 trillion yuan by the end of July, reflecting an 11.6% increase compared to the end of 2024 [2] - The training covered key topics such as the overview of the futures market, its role in high-quality economic development, and the regulatory aspects of hedging for state-owned enterprises [1][3][5] Group 2 - The Chinese futures market is recognized for its capability to serve the real economy, with a focus on enhancing operational stability for enterprises, particularly state-owned ones [4][5] - The collaboration between Zhengzhou Commodity Exchange and local enterprises aims to build financial service bases and improve risk management for agricultural and manufacturing sectors [4] - Government officials are encouraged to deepen their understanding of the futures market to effectively support regional economic development and enhance financial capabilities [4][5]

Core Viewpoint - The article discusses the positive changes in China's futures market following the release of the regulatory guidelines aimed at promoting high-quality development, highlighting the growth in market scale, business transformation of futures companies, and improvements in regulatory frameworks [1][4]. Group 1: Market Development - The futures market in China has seen continuous growth in scale and an improved variety system since the release of the guidelines [1]. - The total funds in China's futures market are expected to exceed 20 trillion yuan by the end of this year, indicating a new record high [4]. - The number of futures varieties has increased, with 157 types of futures options now available, contributing to a healthier and more regulated market environment [4]. Group 2: Business Transformation - Futures companies are focusing on transforming their business models, with asset management and international business becoming significant profit growth points [1][3]. - The company has provided risk management services to over 1,000 industrial clients and has supported more than 150 small and micro enterprises with financial assistance totaling nearly 5 million yuan [2]. - The company aims to enhance its core competitiveness by offering diversified and customized service solutions to meet the risk management needs of clients [3]. Group 3: Regulatory Improvements - The regulatory framework has been strengthened, with new systems for classification evaluation, internet marketing management, and investor suitability management being introduced [1]. - The company is actively improving its internal control and compliance management mechanisms in response to the evolving regulatory environment [3]. Group 4: Competitive Landscape - The competition in the futures industry is expected to intensify, with market concentration increasing as top firms leverage capital advantages to expand their market share [5]. - Differentiated competition is becoming more pronounced, as the brokerage business remains the primary revenue source for futures companies, necessitating the exploration of unique development models [6]. - The internationalization of futures companies is accelerating, with overseas business expected to become a significant growth area driven by policy support and external demand [6].

Core Viewpoint - The article highlights the significant progress made in China's futures market over the past year, driven by the implementation of the regulatory opinions aimed at enhancing risk management and supporting high-quality development in the sector [1]. Group 1: Market Development and Structure - The number of futures varieties has reached 157, with a more comprehensive product system that includes active green futures like industrial silicon and lithium carbonate, directly serving the risk management needs of the new energy industry [2]. - The approach to risk management among enterprises has evolved from simple hedging to a more sophisticated model that integrates futures, options, and basis trading, enhancing stability and risk resilience [2]. - The degree of openness in the futures market has increased, with qualified foreign investors able to trade 104 varieties, including 95 listed futures products, thereby enhancing the international influence of Chinese pricing [2]. Group 2: Company Initiatives and Strategies - The company has focused on strengthening its service capabilities to better support the real economy, emphasizing a proactive approach to client engagement and enhancing service quality [3]. - The company is actively promoting financial futures and derivative hedging transactions to support the stable growth of medium- and long-term funds, facilitating their entry into the market [4]. - The company has been expanding its international presence, leveraging existing licenses to provide tailored risk management solutions and attract foreign investors to domestic markets [5]. Group 3: Future Outlook and Industry Trends - The company aims to transition from traditional futures services to a comprehensive model that includes domestic brokerage, international business, risk management, and wealth management, focusing on customer-centric value creation [6]. - The futures industry is undergoing a profound transformation, with its role evolving from a mere facilitator of transactions to a comprehensive risk management service provider, driven by policy, technology, and market forces [7]. - The industry is expected to experience a Matthew effect, leading to a clearer tiered structure where leading firms become comprehensive service providers, while smaller firms may need to specialize or face consolidation [7].

Core Viewpoint - The Chinese futures market has made significant progress in enhancing its service capabilities, price influence, and integration into national development, thereby supporting the stable operation of the real economy and addressing external risks [1][2]. Group 1: Market Development and Service Capabilities - The futures market's service capabilities have been continuously enhanced, with a richer variety of products and tools introduced, including important futures varieties like polysilicon and aluminum alloy since the end of last year [1]. - The participation of industrial clients has increased, with a 12.2% year-on-year growth in daily trading volume from industrial clients in 2024, and the total holding of 48 major varieties by industrial clients exceeding 200 million tons [1]. - The number of listed companies participating in hedging has maintained growth for eleven consecutive years [1]. Group 2: Price Influence and Market Integration - The influence of futures prices has been steadily increasing, with the opening up of the futures market allowing for more foreign participation, expanding the number of futures and options available to qualified foreign investors to 91 [1]. - Among the listed commodity futures and options, 84 are industrial products, accounting for 64%, providing strong support for the stability of manufacturing-related market entities amid increasing uncertainties [1]. Group 3: Future Directions and Strategic Focus - The China Securities Regulatory Commission (CSRC) aims to enhance service capabilities and levels, focusing on supporting the real economy and national strategies [2]. - Key future initiatives include enriching product supply by promoting the listing of important energy varieties like liquefied natural gas, and expanding the coverage of futures and derivative tools [2]. - The CSRC plans to advance high-level opening of the futures market, increasing the range of futures and options available for foreign investors [2]. - There will be a focus on improving market services, guiding leading enterprises to utilize the futures market effectively, and supporting small and medium-sized enterprises in risk management [2]. - The industry will enhance research-driven development to improve futures market research capabilities, addressing the needs of the national strategy and real economy [3].

Core Insights - The 2025 China (Zhengzhou) International Futures Forum focused on empowering the real economy and enhancing the quality development of the futures market [5][6][7] - The forum highlighted the increasing influence of "Zhengzhou prices" in global commodity pricing, with the Chinese futures market expanding its internationalization efforts since 2018 [5][9] Group 1: Forum Overview - The forum took place on August 19-20, 2025, gathering industry elites to explore innovative risk management paths and provide new ideas for real enterprises facing complex environments [6][7] - The main theme was "Empowering the Real Economy and Supporting National Construction," featuring multiple sub-forums focused on various sectors [7][8] Group 2: Market Developments - Since the end of last year, new futures products such as polysilicon, casting aluminum alloy, pure benzene, and propylene have been launched, expanding the market's service capabilities [8] - As of now, there are 131 listed commodity futures and options in China, with a 12.2% year-on-year increase in daily trading volume from industrial clients in 2024 [8] Group 3: Internationalization Efforts - The Chinese futures market accounts for over 60% of global trading volume, with ongoing efforts to enhance international competitiveness and influence [12][13] - Zhengzhou Commodity Exchange has introduced foreign traders to oilseed products, with nearly 800 foreign clients opening accounts [12] Group 4: Risk Management Innovations - The forum emphasized the importance of risk management for enterprises, with a growing trend of listed companies utilizing derivatives to manage risks related to commodity prices, exchange rates, and interest rates [14] - A comprehensive risk management framework is being developed to assist enterprises in navigating market challenges and enhancing competitiveness [15] Group 5: Sector-Specific Discussions - The agricultural products forum focused on enhancing the resilience of the agricultural supply chain, while the industrial products forum discussed innovations in risk management within the chemical industry [8][16] - The polyester forum highlighted the establishment of a risk management tool system for the polyester industry, which has become a benchmark for high-quality development in the futures market [18][19] Group 6: Future Outlook - Zhengzhou Commodity Exchange plans to continue developing new futures products and expand its international offerings, aiming to enhance its global pricing influence [10][20] - The forum concluded with a strong commitment to supporting national strategies and empowering the real economy through the futures market [10][11]

Core Insights - The 2025 China (Zhengzhou) International Futures Forum highlighted the increasing influence of "Zhengzhou prices" in the global market, showcasing the integration of futures markets with the real economy [2][4][6] - The forum focused on risk management innovations and strategies for enterprises to navigate complex economic environments, emphasizing the importance of futures in enhancing operational resilience [3][5][12] Group 1: Forum Overview - The forum took place on August 19-20, 2025, and served as a significant event for the global futures industry, gathering industry leaders to explore innovative risk management paths [3][4] - The main theme was "Empowering the Real Economy to Support National Strength Construction," with multiple sub-forums addressing various sectors [4][5] Group 2: Key Discussions and Themes - Keynote speakers included prominent figures discussing the outlook for China's high-quality economic development and the evolution of the futures and derivatives industry [4][5] - The forum featured discussions on enhancing agricultural supply chain resilience and innovative risk management in the chemical industry [5][12] Group 3: Market Developments - Since the end of last year, new futures products such as polysilicon and aluminum alloy have been introduced, expanding the range of available futures and options to 131 [5][19] - The participation of industrial clients in the futures market has increased, with a 12.2% year-on-year growth in daily trading volume for industrial clients in 2024 [5] Group 4: Future Directions - The Zhengzhou Commodity Exchange plans to advance the development of new futures products and expand its international cooperation, aiming to enhance its global pricing influence [8][11] - The forum underscored the commitment to high-level opening-up of the futures market, which is seen as essential for improving market structure and enhancing international competitiveness [10][11] Group 5: Sector-Specific Insights - The agricultural forum focused on the importance of oilseed safety as a critical component of food security, discussing strategies to stabilize planting areas and manage price risks [14][15] - The industrial forum highlighted the development of a comprehensive risk management toolset for the polyester industry, which has become a benchmark for futures markets in supporting high-quality economic development [17][18]

Core Viewpoint - The 2025 China (Zhengzhou) International Futures Forum highlighted the significant advancements in China's futures market, emphasizing its role in supporting the real economy and enhancing risk management capabilities amid external challenges [2][4]. Group 1: Market Development and Performance - The futures market in China has seen a notable increase in service capabilities, with 131 listed commodity futures and options, broadening its reach across various sectors of the national economy [2]. - The participation of industrial clients in the futures market has grown, with a 12.2% year-on-year increase in daily trading volume for industrial clients in 2024, and a continuous rise in the number of listed companies engaging in hedging for 11 consecutive years [2]. - The influence of futures prices has strengthened, with various hedging and trading strategies becoming integral to the operational management of spot enterprises [2]. Group 2: Future Directions and Regulatory Focus - The China Securities Regulatory Commission (CSRC) plans to enhance product offerings by promoting the listing of key energy futures like liquefied natural gas and expanding the futures and derivatives tool coverage [3]. - The CSRC aims to advance high-level market openness by increasing the range of futures and options available for qualified foreign investors, thereby improving their participation in the Chinese futures market [3]. - Efforts will be made to deepen market services, guiding leading enterprises to utilize the futures market effectively and supporting small and medium-sized enterprises in risk management [3]. Group 3: Regional and Institutional Support - The Henan Provincial Government is committed to fostering the development of the futures market through various policies, focusing on innovation and the integration of financial and industrial resources [4]. - Zhengzhou is positioning itself as a crucial hub for domestic and international commodity markets, aiming to enhance the international influence of "Zhengzhou prices" and support the global resource allocation [4]. - The Zhengzhou Commodity Exchange (ZCE) is dedicated to optimizing market supply and enhancing its functions to better serve the modernization of China and the construction of a financial powerhouse [5]. Group 4: Forum Highlights and Themes - The forum's theme, "Empowering the Real Economy to Assist National Strength Construction—Practical Opportunities for High-Quality Development of the Futures Market," reflects the focus on integrating futures market advancements with national economic strategies [6]. - Key speakers at the forum discussed topics such as the outlook for high-quality economic development in China and the evolution of the global derivatives market [6].

Core Viewpoint - The 2025 China (Zhengzhou) International Futures Forum emphasizes the increasing importance of the futures market in managing risks amid global economic uncertainties, with a focus on enhancing service capabilities to support the real economy and national strategies [1]. Group 1: Regulatory and Development Initiatives - The China Securities Regulatory Commission (CSRC) plans to enhance product offerings by promoting the listing of important energy varieties like liquefied natural gas and improving the commodity index system to better meet market risk management needs [1][2]. - The CSRC aims to advance high-level opening of the futures market by implementing key measures for capital market openness by 2025, increasing the range of futures and options available for qualified foreign investors [1][2]. - The CSRC will deepen market services by improving industry service models and supporting small and medium enterprises in utilizing futures for risk management [2]. Group 2: Market Participation and Growth - The domestic futures market has seen a significant increase in participation, with a 12.2% year-on-year growth in daily trading volume from industrial clients in 2024, and over 2 billion tons of market scale represented by the positions of 48 major products [3]. - Zhengzhou Commodity Exchange has listed 47 products, providing a comprehensive toolset for risk management across various sectors, with significant participation from key industries [3]. - The futures prices of several products, such as cotton and urea, have become important references for national macroeconomic policy formulation [3]. Group 3: Internationalization and Collaboration - Zhengzhou Commodity Exchange has opened 26 futures and options products to qualified foreign investors, ranking second in the country for the number of open products, with nearly 170 QFI clients from 12 countries and regions [4]. - The exchange is actively working on international product development and aims to expand the range of tradable products for QFIs, including the overall opening of the polyester futures sector [4].