Core Insights - The futures market in China has reached a historical high in total funds, reflecting the transformation of futures tools from "financial derivatives" to "operational necessities" during the economic transition [1][2] - The growth in the futures market is driven by a combination of policy support, industry demand, and market dynamics, indicating a positive feedback loop [3][4] Group 1: Market Dynamics - As of July 2025, the total funds in the futures market are approximately 1.82 trillion yuan, representing an 11.6% increase from the end of 2024, amidst global geopolitical tensions and economic recovery disparities [2] - The demand for hedging and asset allocation has surged due to the expansion of China's real economy, with GDP growth of 5.3% in the first half of 2025 [2] - The divergence between CPI and PPI has created a need for enterprises to lock in prices through futures to stabilize cash flow [2] Group 2: Policy and Industry Support - The increase in general corporate client equity by 18.5% by July 2025 is attributed to supportive policies, including the introduction of more futures products and fee discounts for hedging transactions [3] - Leading enterprises are increasingly reliant on futures tools for pricing and inventory management, creating a leverage effect that benefits smaller traders [3] Group 3: Futures Market Evolution - The futures market is evolving across multiple dimensions, including the introduction of carbon futures and data derivatives, indicating a shift towards more complex financial instruments [4] - The market participant structure is changing from retail-dominated to a more balanced distribution among professional institutions and industry clients [4] - Technological advancements such as blockchain and IoT are expected to streamline the delivery process, reducing costs and enhancing participation for small enterprises [4] Group 4: Service to the Real Economy - The establishment of industry chain prosperity indices can guide production and inventory management across supply chains [5] - A tiered toolbox for risk management is being developed to cater to both small and large enterprises, enhancing their ability to hedge against market fluctuations [5] - Collaborative efforts in key commodity hubs are being made to integrate logistics and financial services, providing comprehensive support to businesses [5] Group 5: Strategic Positioning - The futures market is positioned as a stabilizer for the real economy, enabling Chinese enterprises to manage risks proactively and integrate futures into their daily operations [6] - The goal is to establish "Chinese pricing" in global trade contracts, enhancing the competitiveness of Chinese businesses in the international market [6]

在"反内卷"政策推动下，多个商品期货品种走出火热行情，吸引了大量资金的涌入，期货市场资金总量创出历史新 高。 中国期货市场保证金监控中心数据显示，截至7月24日，期货市场资金总量达到18267.76亿元，创下历史新高。这是自 2023年以来，期货市场资金总量时隔两年再度刷新纪录。 不仅资金规模创纪录，刚披露的上半年期货市场的有效客户总量攀升至261万个，也创出历史新高。客户总量和资金总量 双双创历史新高，这或许意味着期货市场迎来了"黄金时代"。 中国期货市场监控中心数据显示，2025年上半年，全市场新增期货客户41万个，较去年同期增长2.5%。截至2025年6月 末，全市场有效客户总量攀升至261万个，创历史新高，同比增长12%。 其中，客户主体结构改善趋势明显，机构客户数较2022年同期大幅增长43%。境外客户增长更为迅猛，较2022年同期增 长63%。目前，已有来自全球39个国家或地区的交易者参与我国期货市场，中国期货市场国际化进程稳步推进，高质量 开放新格局加速形成。 资金总量创历史新高 2023年8月，我国期货市场资金总量一度突破1.8万亿元，创下历史新高，行业发展迈上新台阶。经历了两年的调整，期货 ...

本报讯 （记者王宁）中国（郑州）国际期货论坛已成功举办七届，近日，记者获悉，2025中国（郑 州）国际期货论坛将于8月19日至20日在郑州举办。 记者了解到，除主论坛外，本届论坛还设置了四个分论坛，分别是对外开放论坛、产业企业风险管理论 坛、农产品（油脂油料）论坛和工业品（聚酯）论坛，精准覆盖了强国建设的关键领域。主论坛除政府 及归口监管部门参与外，国务院发展研究中心原副主任余斌、中国期货业协会党委书记杨光、芝加哥商 业交易所集团亚太地区董事总经理拉塞尔·贝蒂等嘉宾也将分别带来"中国经济高质量发展形势及展 望""期货和衍生品行业发展与强国建设""全球衍生品市场变革趋势与前景"的主题分享。各分论坛聚焦 开放实践、风险管理、产业供需等热点话题，通过主题演讲与圆桌讨论，为对外合作、产业升级与风险 防控提供解决方案。 论坛的"温度"，源于对实体企业需求的真切回应。厦门国贸（600755）石化有限公司总经理刘德伟直 言："本届论坛主题非常贴近企业所需。在石化行业从'进口依赖'向'出口导向'深刻转变的背景下，期待 在本届论坛中学到运用期货工具去进行出口定价、锁定加工利润的新方法。" "让实体企业稳健盈利，就是稳就业、保民 ...

Core Viewpoint - The 2025 China (Zhengzhou) International Futures Forum will focus on empowering the real economy and supporting national construction through high-quality development of the futures market, highlighting its essential role in risk management and economic stability [1][2]. Group 1: Forum Overview - The eighth edition of the forum will take place on August 19-20, 2025, in Zhengzhou, co-hosted by Zhengzhou Commodity Exchange and the Chicago Mercantile Exchange Group [1]. - The forum aims to gather government departments, regulatory agencies, industry associations, enterprises, financial institutions, and experts to discuss the development trends and innovative practices of the futures market in the current era [1][2]. Group 2: Importance of Futures Market - The futures and derivatives market serves as a "stabilizer" for the market economy and a "toolbox" for risk management, becoming indispensable in supporting the real economy and national strategies [1]. - In agriculture, the futures market stabilizes producers' income and strengthens food security, contributing to agricultural power construction [1]. - In manufacturing, it helps companies lock in raw material costs and mitigate price volatility risks, supporting the construction of a manufacturing powerhouse [1]. - The market also provides diverse hedging tools for international trade, enhancing the construction of a trade powerhouse [1]. Group 3: Industry Insights - The forum will address how to transform uncertainties in economic development into certainties, enhancing the quality of support for the real economy and national construction [2]. - High-level opening of the futures market is crucial for accelerating the construction of a "dual circulation" new development pattern and achieving Chinese-style modernization [2]. - Recent expansions in QFII and RQFII participation in commodity futures and options have broadened the market's openness, attracting foreign institutions and enhancing the international influence of Chinese futures prices [2]. Group 4: Forum Structure - The forum will feature four sub-forums focusing on key areas of national construction: foreign opening, risk management for industrial enterprises, agricultural products (oils and fats), and industrial products (polyester) [4]. - Notable speakers will include former Deputy Director of the State Council Development Research Center Yu Bin and other industry leaders, discussing topics such as the outlook for high-quality economic development and trends in the global derivatives market [4]. Group 5: Practical Implications - The forum is positioned as a platform for practical solutions, aiming to provide insights into risk management and industry upgrades through discussions and exchanges among participants [4][5]. - The event is expected to serve as a "booster" for the integration of futures and spot markets, contributing to national construction [5].

Core Insights - The event "Hundred Schools, Ten Thousand Talents" summer camp aims to deepen the integration of education and industry in the futures market, highlighting the importance of talent cultivation for the stability and sustainable development of the futures market [1][3] - The Dalian Commodity Exchange (DCE) has collaborated with 92 universities to conduct over 400 training projects since 2017, successfully training more than 30,000 students [1][4] Summary by Sections Event Overview - The summer camp, guided by the China Securities Regulatory Commission and organized by DCE and the China Futures Association, involves 30 outstanding students from top universities [1] - The camp will last for one week, combining theoretical learning with practical experiences to enhance students' understanding of the futures market [4] Expectations for Participants - Participants are encouraged to deeply engage with the industry, understand the essence of the futures market's service to the real economy, and explore practical applications beyond textbooks [2] - Students are urged to embrace responsibility and teamwork, fostering a spirit of collaboration and mutual progress [2][3] Industry and Educational Collaboration - The China Futures Association emphasizes the need for high-quality financial talent to support the futures market's development, focusing on enhancing service capabilities for the real economy and promoting industry stability [3] - DCE plans to continue expanding the "Hundred Schools, Ten Thousand Talents" initiative, enhancing the connection between industry and academia through diverse practical activities [4]

Core Viewpoint - The "2025 China Futures Industry Jun Ding Award" has officially launched, aiming to recognize outstanding futures companies across various dimensions such as comprehensive strength, innovation capability, risk control level, and service effectiveness to the real economy [2][6]. Group 1: Event Details - The registration period for the award is from July 14, 2025, 10:00 AM to July 28, 2025, 5:30 PM [3]. - The award aims to encourage continuous innovation in the industry, with a new focus on internationalization practices [6]. Group 2: Industry Development - China's futures market has seen steady growth, with a total trading volume of 619 trillion yuan in 2024, marking an 8.9% year-on-year increase [5]. - The number of effective clients in the market reached approximately 2.5 million, with total funds amounting to about 1.7 trillion yuan, reflecting year-on-year growth of 13.4% and 9.3% respectively [5]. - The market has introduced 15 new futures and options products in 2024, enhancing its ability to support national strategies such as "ensuring supply and stabilizing prices," "green development," and "rural revitalization" [5]. Group 3: Award Categories - The award categories for 2025 include: 1. 2025 China Leading Futures Company Jun Ding Award 2. 2025 China Growth Potential Futures Company Jun Ding Award 3. 2025 China Excellent Rural Revitalization Futures Company Jun Ding Award 4. 2025 China Internationalization Pioneer Futures Company Jun Ding Award 5. 2025 China Excellent Service to the Real Economy Futures Company Jun Ding Award 6. 2025 China Excellent Futures Asset Management Products Jun Ding Award 7. 2025 China Futures Company Leading Figure Jun Ding Award [9][10]. Group 4: Industry Impact - The Jun Ding Award has become one of the most influential and credible awards in the futures industry, attracting numerous quality institutions and showcasing the steady growth of China's futures market [7]. - The year 2025 marks the conclusion of the "14th Five-Year Plan" and is a significant year for the futures industry to transition to a new stage of "high-quality development" [8].

Group 1 - The core objective of the training session is to enhance the service capabilities of futures institutions in Beijing, thereby promoting high-quality development of the capital's futures market [1] - Zhengzhou Commodity Exchange (ZCE) aims to strengthen product, service, and regulatory supply to improve market operation quality, focusing on four key areas: optimizing product offerings, market cultivation, enhancing member service quality, and strengthening regulation [1][2] - The training emphasized the importance of team building in futures companies, highlighting that a strong team is essential for achieving sustainable growth and competitiveness [2] Group 2 - The trading consulting business is identified as a crucial direction for differentiation and specialization among futures companies, providing tailored services to meet enterprise needs [3] - Challenges faced by the trading consulting business include significant demand variability among enterprises, low efficiency in point-to-point services, and insufficient comprehensive talent [3] - Future developments in trading consulting should leverage technology and data, with a focus on building intelligent research platforms and digital risk management tools to enhance service efficiency and integration with the real economy [3]

Core Viewpoint - The strong performance of futures concept stocks in the A-share market is driven by favorable macro policies, enhanced service efficiency of leading futures companies, and significant growth in the hedging demand from the real economy [1][2]. Group 1: Market Performance - The multi-financial sector in the A-share market has seen a rapid rise, with notable stocks like Nanhua Futures and Cuiwei Co. hitting the daily limit, while other futures concept stocks also experienced gains of 5.3%, 4.33%, and 3.76% respectively [1]. - The multi-financial sector has recorded a cumulative increase of over 5% over two consecutive days [1]. Group 2: Policy Support - Recent supportive policies from various regulatory bodies, including the People's Bank of China, are seen as positive factors for the futures market, encouraging the exploration of electricity futures and the optimization of futures market rules [1][2]. - The approval of new futures products, such as aluminum alloy futures and propylene futures, indicates the expanding variety of the futures market [2]. Group 3: Industry Development - The futures market is experiencing significant growth potential, with expectations for increased participation from global investors due to the internationalization of business rules [2]. - The role of futures companies in supporting the real economy through risk management is becoming increasingly prominent, with leading firms like Nanhua Futures and Yong'an Futures showcasing high-quality operational characteristics [3][4]. Group 4: Company Strategies - Nanhua Futures is pursuing an international development strategy, with a growing proportion of revenue from overseas brokerage and asset management, and has submitted a listing application to the Hong Kong Stock Exchange [3]. - Yong'an Futures is focusing on talent aggregation and customer integration, enhancing its revenue and profit levels through innovative risk management products [4]. - Yong'an Futures announced a share buyback plan, reflecting confidence in its future development and aiming to optimize its capital structure [5]. Group 5: Future Outlook - The futures industry is entering a phase of high-quality development, with companies demonstrating unique professional capabilities in capital raising and business model innovation [5]. - Experts suggest that futures companies should transition from channel services to comprehensive derivative service providers, enhancing their service capabilities to industry clients [5].

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].