Core Viewpoint - The banking wealth management industry is undergoing a significant transformation towards true net value management, driven by regulatory reforms aimed at eliminating "pseudo net value" practices, with a key assessment scheduled for mid-2025 [1][3]. Group 1: Regulatory Changes - By the end of June 2025, all wealth management companies are expected to complete their rectification processes, with a mid-year assessment occurring at the end of June 2024 [3][5]. - Regulatory authorities have mandated that wealth management companies must not use closing prices, smoothed valuations, or self-built valuation models to mask product net value fluctuations, instead requiring the use of standardized valuations from recognized sources [3][4]. - The aim of these regulations is to dismantle the "pseudo net value" phenomenon, where companies previously used strategies like "using surplus to cover deficits" to create a false sense of stability for investors [3][4]. Group 2: Challenges Faced by Companies - Wealth management companies face several challenges in compliance, including the need to overhaul existing valuation systems, which involves system updates, process reengineering, and staff training [5][6]. - The methods for managing net value fluctuations are limited, and companies are struggling to control net value volatility in a challenging bond market environment [5][6]. - There is a concern regarding investor acceptance, particularly among older clients who may be sensitive to net value fluctuations, potentially leading to customer attrition [5][6]. Group 3: Investment Research and Asset Allocation - The core of wealth management product valuation lies in accurately assessing the value of underlying assets, with two main methodologies: cost method and market value method [6][7]. - The industry is expected to transition to true net value management, enhancing compliance and transparency, which will allow investors to experience net value changes more directly [7][8]. - Companies are encouraged to improve their investment research capabilities and optimize asset allocation strategies to mitigate the impact of individual asset volatility on product net value [8][9]. Group 4: Investor Education and Communication - Companies should focus on accurate, timely, and transparent information disclosure to help investors understand risks and make informed decisions [8][9]. - Enhancing the investor experience through better access to information and clear risk communication is essential for fostering long-term relationships with clients [8][9]. - There is a need for ongoing investor education initiatives to help clients understand the realities of net value fluctuations and the associated risks [8][9].

6月6日，由期货日报主办的"2025期货行业投资者教育业务专题交流活动暨投教专业委员会年中会议"在 杭州举办。上期所、郑商所、大商所、中金所及广期所相关业务负责人，中证中小投资者服务中心、资 本市场学院以及南华期货、新湖期货、永安期货等13家期货公司代表出席了本次会议。会上，与会嘉宾 分享了各自投教工作的开展情况及经验，并对2025年"党建引领投教、期货护航实体"优秀案例征集活动 获奖作品进行了颁奖。 《期货日报》社有限公司董事长李欣在致辞时表示，当下，我国资本市场已经到了向高质量发展加快转 变的关键阶段，投资者教育工作显得尤为重要。期货日报作为守望在中国期货与衍生品行业的专业媒 体，创刊30余年以来，一直致力于以新闻报道、资源整合等方式服务期货市场，与机构、投资者等行业 参与者相生相伴、共同成长。 李欣介绍，2023年，期货日报互联网投教基地（下称投教基地）成立，致力于打造中国衍生品市场的投 资者教育智媒基地。同年12月，期货日报携手行业机构发起并创办了期货日报投教专业委员会（下称投 教专委会），持续为行业投资者教育与保护工作贡献传媒的力量。 "金融是国民经济的血脉，而金融教育是维系市场稳定、推动经济发展的 ...

Core Insights - The essence of the "sweet and salty zongzi debate" is a competition of consumer preferences, while the futures market's long-short confrontation represents capital's expectations for the future, indicating a fundamental connection between the two [1] Group 1: Investment Education Innovation - Wukuang Futures is combining the two concepts through a "Zongzi Strategy" to create an innovative investor education experiment, using taste experiences to break down complex terms and convey hard knowledge in relatable life scenarios [1][7] - The company has utilized six types of zongzi as vehicles to transform futures strategies into "perceptible knowledge" [3] Group 2: Futures Strategies and Analogies - The alkaline zongzi represents hedging strategies, where the balance of sweet and salty flavors mirrors the "risk offset" logic of holding opposite positions to lock in processing profits and hedge against single asset volatility [3] - The honey date zongzi symbolizes the leverage principle, where a small date can lead to significant risk leverage, akin to the dual-edged nature of leveraged trading [3] - The company emphasizes that new investors should set stop-loss lines and keep positions within 20% to manage high risks associated with high returns [3] Group 3: Broader Investment Concepts - The eight-treasure zongzi corresponds to asset allocation, using eight ingredients to illustrate a diversified investment portfolio [6] - The fresh meat zongzi represents delivery standards, emphasizing quality control similar to the strict regulations of futures contracts regarding commodity quality [6] Group 4: Accessibility of Financial Knowledge - Wukuang Futures' approach aims to democratize knowledge, proving that professional content can be both engaging and rigorous, thus providing new solutions for investor education [7] - Feedback from clients indicates that financial knowledge has become more accessible, allowing novice users to participate in professional discussions [6][7]

Core Insights - The article highlights the increasing prevalence of illegal stock recommendation schemes intertwined with telecom fraud, showcasing how even experienced investors can fall victim to such scams [1][2][3] - It emphasizes the tactics used by fraudsters, including the creation of false identities and the use of social media platforms to lure investors into fraudulent schemes [4][5][6] Group 1: Case Studies of Fraud - An investor named Chen paid 188,000 yuan as a "tuition fee" to a self-proclaimed financial expert with millions of followers, only to incur losses exceeding 4.1 million yuan within six months [2][3] - Another investor, Yuan, was lured by a low-cost stock course on Douyin, which led to a series of manipulative tactics resulting in a loss of 882,000 yuan after being charged excessive withdrawal fees [4][5] - A third investor, Li, experienced a similar fate after purchasing a training course, leading to further losses and an inability to obtain a refund due to the platform's lack of legitimate qualifications [5][6] Group 2: Tactics of Fraudsters - Fraudsters utilize various platforms such as WeChat, Weibo, and Douyin to disseminate misleading stock information and attract potential victims [6][7] - They often create a façade of legitimacy by establishing groups and communities where they can manipulate perceptions and encourage participation in their schemes [2][3] - The article outlines five primary methods of illegal stock recommendations: social media, phone and text scams, online live broadcasts, stock trading software, and training courses [6][7] Group 3: Prevention Measures - The Sichuan Securities Regulatory Bureau advises investors to be vigilant and conduct thorough checks on institutions, personnel, business practices, and accounts to avoid falling victim to scams [8] - The recommended approach includes the "Four Checks and Four Nos" strategy, which emphasizes verifying the legitimacy of entities and refraining from engaging with suspicious offers [8]

Group 1 - The core event involved Minmetals Futures conducting lectures on "Application Practices of Black Industry Derivatives" and "Application of Lithium Carbonate Industry Futures" at the University of International Business and Economics, aimed at educating and protecting investors [1][6] - The lectures featured insights from industry professionals, including Chen Bingkun and Jiang Quan, who provided a blend of theoretical depth and practical value to students [1][6] Group 2 - In the "Application Practices of Black Industry Derivatives" session, Chen Bingkun discussed the development of the Sino-US black industry chain and the critical role of financial derivatives in international market rule-making [3] - He introduced a price analysis framework based on industry cycles, macro policies, and economic operation laws, sharing practical methods for risk management, capital allocation, and trading strategy formulation [3] - Techniques such as spread resonance and dynamic position management were revealed, showcasing the investment wisdom of professional institutions [3] Group 3 - In the "Application of Lithium Carbonate Industry Futures" session, Jiang Quan analyzed the entire lithium element industry chain, emphasizing the strategic position of lithium carbonate as a core material for new energy vehicles and ternary lithium batteries [5] - He discussed the rapid expansion of market scale and the inherent logic behind price volatility, along with the operational mechanisms of lithium carbonate futures contracts [5] - Jiang Quan shared practical skills for risk assessment and hedging strategy design, based on years of experience serving real enterprises, focusing on the core goals of "locking in profits" and "optimizing profits" [5] Group 4 - The initiative reflects Minmetals Futures' commitment to integrating industry and education, fostering financial talent, and enhancing the rational investment level in the market [6] - The company plans to deepen cooperation with universities and conduct more diverse investor education activities to cultivate well-rounded financial professionals and contribute to a healthy, stable, and sustainable financial market environment [6]

近期，上海证券交易所公布了2024年度会员投资者教育和保护工作评选结果，申万宏 源证券一举斩获 七项大奖 ，包括 "投资者教育进高校专项奖"、"会员合作投教活动专项 奖"、"'我是股东'活动专项奖" 等。这一系列荣誉彰显了公司在推动投教工作纳入国民教 育、强化投资者权益保护方面的行业领先地位，也体现了公司在构建多层次投教体系、助 力资本市场健康发展中的积极作为。 在推动投教工作纳入国民教育方面，申万宏源证券通过"引进来"加"走出去" 的校企合作模式， 与复旦大学、新疆大学、上海交通大学等百所高校建立常态化合作机制，将系统、专业的金融知识 带进校园。"我是股东" 活动中，公司组织投资者实地走访上海、江西、北京、深圳等十余省市的 上市公司，引导中小投资者积极行权，提升市场参与感；在"会员合作投教活动"方面，公司与交易 所、社区协同联动，紧扣"服务投资者共享高质量"主题，围绕 ETF 市场、注册制改革等核心内 容，开展线上讲座、社区宣讲等多元活动，覆盖人次超万人。 未来，申万宏源证券将继续为投资者提供更专业、更贴心的教育服务，助力资本市场高质量发 展。 来源：申万宏源证券投教基地 ...

5月21日，北交所联合广东证监局在中泰证券广州投资者教育基地开展广东辖区北交所投资者座谈会， 传递资本市场最新政策导向，介绍北交所市场运行情况，同时，就加强投资者权益保护、促进北交所市 场高质量发展充分听取诉求和意见建议，面对面回应中小投资者关切问题，进一步畅通沟通渠道，提振 投资者信心。 5月21日，北交所投教基地走进平安证券广州北交所投资者服务e站，充分听取一线工作人员对服务e站 建设、北交所市场建设的意见建议。 5月22日，北交所在国信证券深圳分公司北交所投资者服务e站召开"直达服务行千里 理性投资进万 家"——北交所投教工作座谈交流会，邀请部分深圳辖区券商投教负责人共同探讨针对投资者需求分层 分类开展北交所投教投服工作的优秀做法，收集对于北交所市场发展建设及投资者教育服务工作意见建 议，进一步增强北交所投资者教育服务的精准性、有效性。 新京报贝壳财经讯(记者张晓翀)5月29日，记者从北京证券交易所（简称"北交所）获悉，近日北交所举 办投资者服务广东站活动。 5月16日至19日，北交所投教基地分别联合中金财富证券、国泰海通证券，在中金财富证券深圳北交所 投资者服务e站、国泰海通广州北交所投资者服务e站， ...

【编者按】 为积极落实证监会 " 全国防范非法证券期货基金宣传月 " 相关工作要求， 中国证券投 资基金业协会与中国证券报联合制作发布短视频宣传私募基金管理人登记和私募基金备案信息 公示页面、从业人员资格注册信息公示页面和私募基金信息披露备份系统，引导投资者学习查 询机构、人员资质和信息披露的渠道，提示投资者强化风险防范意识和自我保护能力。 免责声明 本文仅为投资者教育之目的而发布，不构成任何投资建议。投资者据此操作，风险自担。 中国证券投资 基金业协会力求本文所涉信息准确可靠，但并不对其准确性、完整性和及时性做出任何保证，对因使用 本文信息引发的损失不承担责任。 ▲ 向上滑动阅览【 免责声明】 本材料文字及图片版权归原创方或原作者所有，上海重阳投资管理股份有限公司（简称"重阳投资"）转载 文章已获原创方或原作者授权。 本材料内容仅代表原创方或原作者的分析、推测与判断，登载于此仅出于传递信息和投资者教育之目的， 并不意味着重阳投资赞同其观点或证实其描述，也不代表重阳投资与原创方或原作者有任何代理或合作关 系。对本文以及其中全部或者部分内容、文字的真实性、完整性、及时性，重阳投资不作任何明确或隐含 的声明或保证 ...

【编者按】 为积极落实证监会 " 全国防范非法证券期货基金宣传月 " 相关工作要求， 中国证券投 资基金业协会与中国证券报联合制作发布短视频宣传私募基金管理人登记和私募基金备案信息 公示页面、从业人员资格注册信息公示页面和私募基金信息披露备份系统，引导投资者学习查 询机构、人员资质和信息披露的渠道，提示投资者强化风险防范意识和自我保护能力。 免责声明 本文仅为投资者教育之目的而发布，不构成任何投资建议。投资者据此操作，风险自担。 中国证券投资 基金业协会力求本文所涉信息准确可靠，但并不对其准确性、完整性和及时性做出任何保证，对因使用 本文信息引发的损失不承担责任。 ▲ 向上滑动阅览【 免责声明】 本材料内容仅代表原创方或原作者的分析、推测与判断，登载于此仅出于传递信息和投资者教育之目的， 并不意味着重阳投资赞同其观点或证实其描述，也不代表重阳投资与原创方或原作者有任何代理或合作关 系。对本文以及其中全部或者部分内容、文字的真实性、完整性、及时性，重阳投资不作任何明确或隐含 的声明或保证，且不承担信息传递的任何直接或间接责任。相关信息仅供参考，不构成广告、销售要约， 或交易任何证券、基金或投资产品的建议。本材料 ...

Core Viewpoint - The futures industry plays a crucial role as a "stabilizer" in the face of complex international environments and commodity market fluctuations, aiming to support the real economy by providing effective risk management solutions through innovative service models [1][2]. Group 1: Current Challenges in Futures Market - Despite significant growth in China's futures market, there remains a mismatch between the supply quality of futures services and the diverse needs of the real economy, indicating substantial potential for improvement [3]. - The participation of small and medium-sized enterprises (SMEs) in the futures market is notably low, with only about 40,000 SMEs served by risk management companies out of over 50 million SMEs in China, highlighting a significant gap [2][3]. - Key barriers to participation include unclear tax policies, limited state-owned enterprise involvement, and challenges such as insufficient professional teams, high capital costs, and complex accounting processes [2][3]. Group 2: Strategic Initiatives for Improvement - The company aims to enhance specialized service capabilities across various industries, providing tailored risk management solutions and improving customer engagement through digital tools [4][5]. - There is a focus on diversifying business structures by integrating on-exchange and off-exchange services, enhancing product design, and better meeting the customized risk management needs of industrial clients [4][5]. - The company plans to offer competitive international market risk management services to support domestic enterprises in their global expansion efforts, ensuring effective risk mitigation [5][6]. Group 3: Innovative Solutions for SMEs - The company has introduced innovative options tools to address challenges faced by oilseed enterprises, resulting in significant cost savings and improved operational efficiency [6]. - A rights-based trading model has been implemented to assist alloy enterprises in managing inventory pressures, leading to increased revenue per ton and improved cash flow [6]. - The company emphasizes the importance of deepening the integration of finance and industry, focusing on the specific needs of enterprises to contribute to high-quality economic development [6]. Group 4: Investor Education Initiatives - The company has developed a three-dimensional investor education system to help enterprises better understand and utilize risk management tools, combining online resources, brand activities, and targeted services [7][8]. - Innovative educational methods, such as interactive online platforms and practical training sessions, have been employed to lower the barriers to learning about futures trading [7]. - A professional service team has been established to provide customized training and ongoing support to over 500 enterprises, enhancing their risk management capabilities [7][8].