"过去一年，国际形势瞬息万变，多重挑战交织叠加。我们在实践中深切感受到，在百年未有之大变局 下，实体企业比以往任何时候，都更加需要一个安全、规范、透明、开放、有活力、有韧性的期货市场 体系。"在5月22日举行的2025上海衍生品市场论坛上，上海期货交易所理事长田向阳如是表示。 "变革""重构""不确定性"，这些关键词在论坛上被反复提及。在复杂多变的外部环境下，中国期货市场 如何更好履行"服务实体经济"的初心使命，在助力我国经济高质量发展和金融改革开放方面发挥更重要 作用？上海期货市场正在给出自己的解答。 ◎记者 费天元 为更好发挥资本市场在推进上海"五个中心"建设中的作用，2024年，中国证监会和上海市政府共同建立 了"五个中心"协作工作机制。上海期货市场在其中发挥了独特功能，在助力上海城市能级提升的同时， 实现了自身的稳步发展。 中国证监会期货监管司副司长王颖列出了一组数据：2017年到2024年，上海市GDP增长超六成，同一时 期，上海期货市场规模增长2.7倍。 提升服务实体经济质效 本次论坛以"探索中国期货市场高质量发展之路，着力提升服务实体经济质效"为主题。在22日下午举行 的钢铁分论坛上，上海证券报 ...

Core Viewpoints - The forum emphasized the importance of the futures market in supporting China's modernization and financial strength, with a focus on high-quality development and risk prevention [1][2] Group 1: Regulatory and Development Goals - The China Securities Regulatory Commission (CSRC) outlined the futures market's development goals, aiming to enhance its role in serving the real economy and contributing to macroeconomic stability [1] - The establishment of a collaborative mechanism between the CSRC and Shanghai government aims to promote the integration of the Shanghai futures market with national development strategies [1] Group 2: Shanghai Futures Exchange Initiatives - The Shanghai Futures Exchange (SHFE) plans to develop a world-class trading platform by enhancing its product system to meet new production demands, including the introduction of new commodities [2] - SHFE aims to create a robust regulatory framework that aligns with international standards while incorporating Chinese characteristics, focusing on risk prevention and market stability [2] Group 3: China Financial Futures Exchange Strategies - The China Financial Futures Exchange (CFFEX) is committed to deepening the exploration of a unique regulatory system and business model to effectively manage risks and expand its product offerings [2] - CFFEX emphasizes the importance of promoting long-term investments and enhancing public awareness to foster a collaborative development environment [2]

Core Viewpoint - The forum focused on exploring the high-quality development of China's futures market and enhancing its service to the real economy, emphasizing the importance of collaboration among regulatory bodies and financial institutions [1][2]. Group 1: Regulatory and Market Development - The China Securities Regulatory Commission (CSRC) and Shanghai Municipal Government have established a collaborative mechanism to promote the development of the Shanghai futures market, aiming to enhance its role in serving China's modernization and financial strength [2]. - The Shanghai futures market has attracted global enterprises and financial institutions, with "Shanghai prices" gaining international recognition as a pricing reference in global trade [2]. - The forum highlighted the need for continuous service to the real economy, maintaining high-level openness, and risk prevention through improved market regulation and product diversification [2][3]. Group 2: Financial Market Enhancements - Shanghai is enhancing its financial market capabilities, expanding the coverage of futures products, and improving pricing power to support the country's economic development and financial reforms [3]. - The focus is on deepening financial market openness, improving the derivatives product system, and enhancing risk management capabilities to safeguard national strategic security [3][4]. - The China Financial Futures Exchange (CFFEX) is committed to stabilizing market operations and optimizing mechanisms to attract long-term capital, thereby enhancing the market ecosystem [4]. Group 3: Product and Service Innovations - The Shanghai Futures Exchange (SHFE) is developing a diverse and innovative product system, including new futures options and delivery centers for various commodities [5]. - The SHFE aims to create a world-class trading platform by aligning its strengths with the Shanghai International Financial Center, focusing on product development and service quality [5][6]. - The forum also announced that SHFE and SHFE Energy have been approved to join the United Nations Sustainable Stock Exchanges initiative, marking a significant step in promoting sustainable practices in commodity trading [7]. Group 4: Academic and Industry Collaboration - The forum featured discussions from experts and scholars on the macroeconomic environment and the future of the commodity market, emphasizing the futures market's role in supporting national development and the real economy [6]. - The event has evolved into a significant platform for communication and collaboration within the futures industry, contributing to the enhancement of service quality and the elevation of Shanghai's financial capabilities [6][7].

Core Viewpoint - The Shanghai Derivatives Market Forum, scheduled for May 22-23, 2025, will focus on enhancing the quality of service to the real economy through the development of China's futures market, reflecting a long-standing commitment to this goal over the past 21 years [1][2]. Group 1: Forum Themes and Objectives - The forum will explore new paths and practices for the futures market to better serve the real economy, emphasizing the importance of this theme in previous forums [2][3]. - Historical themes of the forum have consistently highlighted the relationship between futures markets and the real economy, adapting to various economic challenges over the years [2]. Group 2: Industry Services and Developments - The Shanghai Futures Exchange (SHFE) has been optimizing delivery processes and introducing differentiated margin requirements to facilitate participation from real economy enterprises, resulting in a 14% year-on-year increase in the number of trading industry clients in 2024 [3][4]. - The SHFE has implemented a three-year action plan to enhance delivery warehouse quality, adding 14 new delivery warehouses and 37 storage points in 2024 [3]. Group 3: Achievements and Innovations - The SHFE's comprehensive business platform launched in 2019 has strengthened the supply of effective products and promoted business model innovation, addressing the last mile of service to the real economy [4]. - The introduction of options for lead, nickel, tin, and alumina in 2024 has completed the coverage of non-ferrous metal options, providing essential tools for risk management for enterprises [5]. Group 4: Regulatory Framework and Market Stability - The futures market has maintained stability during various historical crises, including the 2008 financial crisis and extreme market events in 2020 and 2022, demonstrating resilience and effective risk management [6]. - The SHFE is committed to enhancing market risk assessment and response mechanisms to support the development of a modern industrial system while ensuring market stability [6]. Group 5: Future Directions and Commitments - The SHFE is aligning with global trends towards green and low-carbon transformation, expanding its product offerings to support the development of new productive forces [7]. - The SHFE aims to become a world-class exchange by enhancing its product matrix and operational mechanisms to better serve the real economy [7].

Core Viewpoint - The issuance of the "Notice on the Registration of Equity Trust Property" marks a significant breakthrough in resolving the long-standing issue of equity trust registration for non-listed companies in China, enhancing the operational clarity and legal framework for trust companies [1][2][4]. Group 1: Regulatory Changes - The new regulation effectively strengthens the independence of trust property and provides clearer operational guidelines for trust companies to conduct equity trust business [1][2]. - The "Notice" introduces specific registration and regulatory details for equity trusts, addressing issues such as ownership recognition and complex transfer procedures [2][3]. Group 2: Practical Applications - Within six days of the new regulation, China Foreign Trade Trust successfully registered an equity trust for a biopharmaceutical entrepreneur, aiming to address family business succession challenges [1][2]. - China Foreign Trade Trust and Citic Trust completed two significant equity trust projects, including a service trust for strategic emerging industries and a risk disposal service trust for a company undergoing bankruptcy restructuring [3]. Group 3: Industry Impact - The implementation of the new regulation is seen as a catalyst for high-quality development in the Chinese trust industry, fostering deeper integration between trust tools and the needs of the real economy [4]. - The innovative practices emerging from the new regulation are expected to reshape the industry ecosystem and promote a more transparent and equitable financial service environment for business owners [2][4].

Core Viewpoint - The Shenzhen Futures Industry Association released the 2024 Social Responsibility Report, highlighting the commitment of 14 futures companies in Shenzhen to integrate social responsibility into their operations, enhancing their capabilities and supporting various economic initiatives [1] Group 1: Political Leadership and High-Quality Development - Shenzhen futures companies are guided by Xi Jinping's thoughts, emphasizing the political and public nature of the futures market, leading to high-quality development through strong party leadership [2] - Companies like CITIC Futures and Minmetals Futures have received honors for their research achievements, and many have integrated party building with business operations to support rural revitalization and investor education [2] Group 2: Empowering Rural Revitalization - The futures market's role in rural revitalization is evident through the expansion of "insurance + futures" services, with 5 companies conducting 291 transactions last year, a 45.50% increase, covering 20 agricultural products and 165 regions, providing protection for 6.286 billion yuan of agricultural products [3] - Innovative risk management tools have been developed to meet diverse needs, including temperature-indexed insurance tools to help farmers cope with extreme weather [3] - A total of 211 assistance projects have been launched, with nearly 80 million yuan invested, resulting in nearly 1.4 billion yuan in agricultural sales and over 90 training sessions to enhance awareness of futures derivatives among farmers [3] Group 3: Serving Industrial Enterprises - Shenzhen futures companies served approximately 21,500 industrial clients with a transaction volume of 22.24 trillion yuan, providing hedging services worth 2.43 trillion yuan to nearly 600 enterprises [4] - Over 400 companies received delivery services, facilitating the trading of nearly 80 billion yuan in bulk commodities, with tailored risk management solutions offered to support small and medium-sized enterprises [4] Group 4: Deepening Open Markets - Shenzhen futures companies have established 10 overseas subsidiaries, serving nearly 3,300 clients with rights exceeding 10 billion HKD, and helped over 300 foreign traders participate in the domestic futures market, with client rights reaching 31.1 billion yuan, a growth of over 40% [5] - The trading volume for foreign agents reached 134 million contracts, with a transaction value of 14.13 trillion yuan, enhancing China's influence on commodity pricing [5] - The industry is committed to investor education, with successful training programs in collaboration with local universities [5]

Core Viewpoint - Agricultural Bank of China Sichuan Branch has achieved significant growth in loan volume, leading the industry in the central and western regions of China, with a total loan amount of 1.33 trillion yuan in 2024 and a steady increase in financial services to support the local economy [6][7][10]. Financial Performance - In 2024, Agricultural Bank of China Sichuan Branch's total loan volume reached 1.33 trillion yuan, maintaining the top position in the central and western regions for three consecutive years with an annual increase exceeding 100 billion yuan [6]. - By the first quarter of 2025, the total loan volume surpassed 1.4 trillion yuan, with individual loans accounting for nearly 50% of the increase and corporate loans increasing 1.6 times compared to the same period last year [6]. Service Innovation - The bank has embraced technological advancements to enhance financial services, achieving a 66% online loan ratio for small and micro enterprises in 2024 [8]. - The introduction of the "Micro Loan 3.0" AI lending model has positioned the bank as a leader in both loan scale and product variety within the Agricultural Bank of China [8]. Green Finance Initiatives - Agricultural Bank of China Sichuan Branch has actively supported green finance, issuing 1.1 billion yuan in loans for 10 reserve forest projects by the end of 2024 [9][10]. - The bank has also approved 2.1 billion yuan in fixed asset loans for clean energy and ecological projects, contributing to local economic transformation [9]. Support for Manufacturing and Small Enterprises - The bank has focused on the manufacturing sector, maintaining a leading position in loan balances and providing 42 billion yuan in loans to small and micro enterprises [11]. - Project financing has seen a 27.5% annual increase, with nearly 1 trillion yuan in loans for 700 key projects in 2024 [11]. Rural Revitalization Efforts - Agricultural Bank of China Sichuan Branch has supported rural revitalization with a total loan volume exceeding 500 billion yuan, aiding in the construction of 1.74 million acres of farmland [12]. - The bank has implemented over 100 tailored solutions for rural financing, achieving a total loan amount of 84.2 billion yuan for farmers [12]. Future Outlook - The bank aims to continue supporting the local economy and rural revitalization, focusing on the "three rural issues" and enhancing financial services to drive sustainable growth [13].