Christopher Waller, governor of the US Federal Reserve, speaks during the C. Peter McColough Series on International Economics at the Council on Foreign Relations in New York, US, on Thursday, Oct. 16, 2025.Federal Reserve Governor Christopher Waller on Monday voiced support for another interest rate cut at the central bank's December meeting, saying he's grown concerned over a the labor market and the sharp slowdown in hiring.In an increasingly divided Fed, Waller's comments put him squarely in the came of ...

Core Viewpoint - The launch of log futures and options on November 18 and 19, 2024, at the Dalian Commodity Exchange has significantly contributed to price risk management and the standardization of spot trade in the log industry, with active participation from industry clients [1][2]. Market Performance - The log futures and options market has shown steady growth, with a total of 8 futures contracts and 164 options contracts listed, resulting in approximately 7.87 million trades and a transaction value of about 464 billion yuan, averaging 32,400 trades per day [2]. - The main log futures contract has decreased by 7.5% this year, while the CFR price dropped by approximately 8.3%, indicating a growing correlation between futures and spot prices [2][3]. Price Dynamics - Log futures prices have effectively reflected changes in market supply and demand, with futures prices responding sensitively to macroeconomic expectations and seasonal factors [3][4]. - The basis trend has become clearer, and the price structure of futures contracts aligns with market seasonal patterns, indicating a rational expectation of demand recovery in the second half of the year [4]. Industry Engagement - The Dalian Commodity Exchange has established a network of 19 delivery warehouses across six provinces to meet industry delivery needs and has promoted national standard measurement practices to enhance inspection efficiency [5]. - Over 400 industry enterprises, including major importers, have engaged in trading log futures and options, indicating a growing acceptance of these financial instruments [5]. Risk Management Tools - Companies like Zhejiang Wuchan Senhua Group have utilized log futures for hedging against price fluctuations, achieving significant gains that offset losses in the spot market [6][7]. - The traditional procurement model in the industry is evolving, with firms adopting futures for cost control and procurement efficiency, thereby enhancing their competitive edge [7][8]. Quality and Standardization - The introduction of log futures has improved price transparency and quality standards in the log trade, leading to a more standardized and efficient market [10][11]. - The futures market has encouraged the adoption of national standards for measurement, reducing discrepancies in regional trading practices and enhancing overall market fluidity [11][12]. International Trade Impact - The influence of log futures is extending to international wood trade, with foreign exporters showing interest in adopting futures-based pricing strategies [13]. - The Dalian Commodity Exchange plans to enhance the international price influence of log futures by optimizing delivery standards and expanding market participation [13].

Core Viewpoint - The launch of log futures and options on November 18 and 19, 2024, respectively, has significantly contributed to price risk management and the standardization of spot trade in the log industry, with active participation from industry clients [1][2]. Market Performance - The log futures and options market has shown steady growth, with a total of 787 million contracts traded and a transaction value of approximately 464 billion yuan, averaging 32,400 contracts per day [2]. - The main log futures contract has decreased by about 7.5% this year, while the CFR price has dropped by approximately 8.3%, indicating a growing correlation between futures and spot prices [2][3]. Industry Participation - Over 400 industry enterprises, including major importers, have engaged in log futures and options trading, reflecting a broad acceptance of these financial instruments [3][4]. Risk Management Tools - Companies like Zhejiang Wuchan Senhua Group have utilized log futures for hedging against price fluctuations, effectively managing their risk exposure [4]. - Jiangsu Yaohua Logistics has adopted various options strategies, enhancing their ability to respond to market conditions and manage inventory risks [5]. Standardization and Transparency - The introduction of log futures has improved the clarity of pricing and quality standards in the log trade, leading to enhanced market transparency and better information dissemination [6][7]. - The promotion of national standard measurement practices has unified the industry’s measurement methods, reducing discrepancies in trade [7][8]. High-Quality Development - The log futures market is driving the high-quality development of the forestry sector by addressing issues of transparency and pricing mechanisms, with companies beginning to adopt standardized grading and pricing based on futures contracts [8][9]. - Internationally, foreign timber exporters are increasingly interested in understanding log futures, with the first trade based on "futures price + basis" already completed [8][9]. Future Directions - The Dalian Commodity Exchange plans to optimize delivery standards and enhance the quality of log futures and options to better serve the industry's needs [9][10].

Group 1 - The core viewpoint emphasizes that investment is an expansion and realization of cognition, highlighting the importance of understanding both market dynamics and personal traits in trading [1] - Zhang Shensheng, a champion in a trading competition, has 14 years of experience in securities and 10 years in futures trading, advocating for a personalized trading system based on individual risk tolerance and emotional weaknesses [1] - The market is described as a complex system with inherent uncertainties, where understanding its operational logic is more crucial than predicting every price fluctuation [1] Group 2 - Fundamental analysis focuses on supply and demand as the decisive factors for price fluctuations, necessitating close attention to inventory cycles and their effects within the industry chain [2] - Risk appetite influences market hotspots, and appropriate investment choices can be made by analyzing policy directions, market environments, and price comparison effects [2] - Strategies for position management and stop-loss are essential; the goal is to let profits run while cutting losses to manage risks effectively and ensure survival in the market [2]

Core Viewpoint - The global supply chain is undergoing rapid restructuring, leading to increased volatility in commodity prices and heightened risk management needs for both enterprises and investors [1] Group 1: Company Strategy and Development - Huaxin Futures focuses on enhancing customer value through integrity, professionalism, and innovation, with a core development principle of compliance, stability, and responsibility [1] - The company is actively exploring new business models to meet diverse investor needs and improve operational efficiency [7] - Huaxin Futures aims to maintain a keen market insight and adapt to changes, enhancing its core competitiveness through the application of emerging technologies [7] Group 2: Investor Engagement and Education - Huaxin Futures serves as the designated trading firm for the 19th National Futures (Options) Trading Competition, enhancing engagement with investors and expanding marketing channels [2] - The company emphasizes investor education through various activities, including lectures and strategy seminars, to promote risk management tools and compliance trading concepts [4] Group 3: Risk Management - Huaxin Futures implements a comprehensive risk management mechanism that includes pre-warning, monitoring, and post-tracking to safeguard rational investments [3] - The risk control department monitors trading hotspots and market fluctuations, activating emergency measures when necessary to protect investors [3] Group 4: Technology and Service Enhancement - The company prioritizes providing a compliant, secure, and efficient trading system, positioning financial technology as a core strategy [5] - Huaxin Futures leverages unique technological advantages to offer low-latency trading solutions and integrates resources from its parent company, Huaxin Securities, to enhance service quality [6] - The company is advancing digital transformation to improve service quality and efficiency, including the development of digital platforms and refined management practices [6]

[专业赛事服务 实现品牌与客户共赢] "今年是国投期货第六次成为全国期货（期权）实盘交易大赛指定交易商。该大赛不仅为投资者提供了 检验交易策略的实战擂台，还让新手得到了体验'F1赛道'的机会，同时也是检验期货公司客户服务能力 的一次大练兵。"国投期货副总经理李洋帆说。 为市场发掘交易人才] 大赛每年吸引众多专业交易员和业余投资者参与。在这个舞台上，来自不同专业背景、行业背景及教育 背景的交易者同台竞技，各展所长，不仅能在实战中检验自己交易策略的有效性，磨炼风险管理能力， 还可以提升期货市场整体的专业程度，助力期货市场高质量发展。 李洋帆介绍，优秀交易选手往往具备强大的心理素质和专业的交易策略：强大的心理素质是期货交易 的"敲门砖"。期货交易是一种杠杆交易，选手面对市场行情波动及账户回撤时需保持稳定的心态，盈利 不骄、亏损不馁，冷静分析，严格执行交易纪律。一条漂亮的收益曲线离不开专业的交易策略。面对行 情变化，选手只有采取不同的策略，如趋势跟踪或波段操作等，才能精准捕捉市场机会，把握市场趋 势。同时，专业的交易策略需配套严格的止盈止损规则，避免因情绪波动导致非理性操作，确保资金安 全才能保护好收益曲线。 对选手 ...

在第十九届全国期货（期权）实盘交易大赛中，一德期货第九次作为指定交易商参与此项行业盛会。 一德期货宏观战略部总经理寇宁在接受期货日报专访时表示，公司将持续通过科技赋能和专业服务，助 力交易者提升认知效率与决策质量，推动期货市场健康发展。 一德期货有限公司成立于1995年7月，秉承"与客户资产共成长"的理念，以专业化升级、深耕产业和技 术创新为突破口，致力于构建以期货经纪业务为龙头的多层次、立体化、专业化期货业务体系。 提及连续九年参与大赛的初衷，寇宁表示，实盘大赛是拓展经纪业务、深化客户联结的重要平台。通过 赛事，一德期货得以对接全国优秀交易者，提升品牌影响力，精准把握客户需求，并延伸服务价值链。 更重要的是，大赛为发掘与培育交易人才提供了宝贵契机，体现了公司"与客户共成长"的一贯宗旨。 寇宁表示，在这一市场演变中，能够敏锐把握宏观节奏、及时跟踪品种供需变化，并聚焦于贵金属、煤 炭及工业金属等主线品种的选手，在本届大赛中取得了突出成绩。 对期货市场未来发展，寇宁表示，近年来，国内期货品种创新步伐显著加快，预计半导体、电力、碳排 放权等与经济转型相关的新品种仍有较大发展空间，指数类、服务类期货品种体系将持续完善 ...

长安期货成立于1993年4月，多年来始终坚守服务实体经济的初心，全力支持产业企业参与期货、期权 市场。作为第十九届全国期货（期权）实盘交易大赛指定交易商，长安期货立足我国西北市场，持续为 陕西省及周边地区产业企业提供多元化、定制化期货与衍生品服务，既锚定产业龙头企业与产业链核心 环节深耕细作，同时还聚焦中小微企业精准发力，联动各级政府、商品期货交易所等搭建服务桥梁，为 区域经济与产业高质量发展源源不断注入金融动能。 [聚焦龙头企业： 在能源化工市场，长安期货积极联动陕煤集团成员企业，协助对接期货交易所资源，拓展服务维度。公 司针对部分期货参与度较低的企业，开展为期数月的系统性培训与实践分享，帮助企业建立风险管理机 制；协助下游相关企业申请废钢期货交割库，完成材料初审与期货交易所现场考察，同步协助参与大商 所废钢模拟交割，厘清操作流程与关键节点，为废钢期货上市后企业参与期货市场做好准备。此外，长 安期货还助力化工企业申请烧碱期货交割库，让企业在品牌曝光、销售渠道拓展与成本控制上显著受 益；协助农产品企业运营产融基地，助力其连续获得相关期货交易所表彰。 在期现融合创新服务中树典型] 近年来，全球特别是国内钢铁、能 ...

第十九届全国期货（期权）实盘交易大赛已圆满结束，迈科期货是本届大赛的指定交易商，也是连续第 三年参与大赛服务客户。 期货交易的本质就是风险管理和资产配置。在大赛这种追求收益和排名的竞技氛围下，防止客户因心态 失衡而陷入过度交易、重仓交易的陷阱，是期货公司风控工作的核心。"风控不是事后的补救，而是事 前的教育和事中的陪伴。我们深知无法替代客户做决策，也无法消除市场的固有风险，但我们能做的是 成为客户交易路上的'安全带'和'冷静哨'，通过系统性的工具、持续性的教育和人性化的陪伴，尽最大 努力帮助他们在追求收益的惊险跳跃中，牢牢系好风险控制这根'安全绳'。特别是在大赛的聚光灯下， 我们更希望向市场和客户传递一个清晰的信号：迈科期货不仅关心客户能走多快，更关心客户能走多 远。"迈科期货上述负责人表示。 在该负责人看来，期货交易是一场"马拉松"，而非"百米冲刺"。它奖励的不是短暂的锋芒，而是持久的 耐力和深邃的智慧。"我们希望每一位交易者都能将大赛视为提升个人认知与心性修炼的道场。每一位 交易者的最终目标不应仅仅是账户数字的起伏，而是通过严格的纪律、冷静的头脑和持续的学习，成为 一名稳健的交易者。愿市场中的每一位参与者 ...

重量组第四名：姜烈 参赛昵称：姜先生 市场永远是对的，坦然接受亏损，不断完善自己的交易系统。 黑色组第三名：李振 参赛昵称：度 期货交易提高了我的认知，让我对人生与生活有了更多感悟。 交易风格：趋势交易，技术止损或情绪止损。 对冲套利组第二名：洪流 参赛昵称：阿yi爸爸 十二年工作经历，其中三年在做现货交易，四年期现结合，目前重心逐渐转向期货交易。今年的市场环 境不适合靠近现货端的选手。熟悉的品种交易机会越来越少，未来我会在巩固现有品种的基础上研究新 品种，希望明年有更好的机会和成绩。未来将继续以现货市场为基础进行期货交易。 交易风格：除了关注品种的常规数据，更重视现货市场成交情况。交易时大多利用产业链品种进行对 冲，少量保留风险敞口。 郑商所期权选手奖三等奖：陈林 参赛昵称：Charlie 2014年进入期货市场，曾经想凭借一股冲劲证明自己，迷茫地度过了近九年时光。2023年开始有了较为 清晰的方向和目标。目前以超短线交易为主，通过降低持仓时间控制风险，不追求高利润，但求积少成 多、稳定获利。 不会刻意追求名次，获奖是交易旅程中的记录和见证，是对我们团队策略稳定性的客观肯定。未来，我 将继续坚守纪律，追求长 ...