在张凡看来，期货公司发展需围绕"强监管、防风险、促发展"这一主线。其中，"强监管"是外部"指挥 棒"，是基础和前提，依托新"国九条""国办47号文"，推动外部环境根本性重塑；"防风险"是内部"压舱 石"，是核心保障，聚焦内在能力的系统性重构；"促发展"是最终目的，是目标归宿，指向发展模式的 转变，三者共同支撑期货公司高质量发展。 国泰君安期货首席风险官寿亦农分享了自身履职过程中的具体实践与经验。他表示，期货公司首席风险 官需重点关注内控机制梳理、服务业务需求、处置投诉纠纷、配合监管检查、防范客户异常交易、查处 员工违规等工作，未来还需围绕提升业务支持能力、强化风险前瞻研判、推动数字化建设、落实追责问 责、培育合规风控文化等方面持续努力。 由郑商所、重庆证监局、中期协联合主办的"2025年度期货公司首席风险官培训班"近日在重庆市开班。 139家期货公司的首席风险官及合规风控相关负责人齐聚一堂，围绕"防风险、强监管、促高质量发 展"的监管主线展开深入交流。 郑商所相关负责人在培训班上表示，郑商所始终坚持穿透式监管，确保对异常交易等行为做到抓早抓 小，切实保障市场平稳运行；同时强化对程序化交易的管理，配套发布相关管 ...

Core Viewpoint - The Chinese government is committed to expanding openness and providing a favorable environment for foreign investment, as indicated by the recent roundtable meeting with over 170 foreign enterprises and associations, highlighting the resilience and potential of the Chinese economy despite external challenges [1]. Group 1: Economic Performance - During the first four years of the 14th Five-Year Plan, China's GDP growth averaged 5.5%, showcasing strong resilience and potential in a complex external environment, which presents broad opportunities for foreign enterprises [1]. Group 2: Government Policies - The State Council issued a notice in September regarding the implementation of domestic product standards in government procurement, ensuring that foreign enterprises can equally enjoy relevant support policies and safeguarding their legal rights in government procurement [1]. - The Ministry of Commerce will ensure transparency and fairness in the formulation of specific product standards, inviting feedback from all parties, including foreign enterprises [1]. Group 3: Export Control - The Chinese government emphasizes that its export control measures are responsible actions aimed at maintaining world peace and regional stability, while also fulfilling international non-proliferation obligations and ensuring compliance in trade [1].

Core Insights - The Ministry of Commerce held a roundtable meeting with over 170 foreign enterprises and associations, emphasizing China's commitment to expanding openness and stabilizing foreign investment amid increasing challenges in international trade [1] Group 1: Economic Performance - China's GDP growth averaged 5.5% during the first four years of the 14th Five-Year Plan, demonstrating strong resilience and potential in a complex external environment, which presents broad opportunities for foreign enterprises [1] Group 2: Government Policies - The State Council issued a notice in September regarding the implementation of domestic product standards in government procurement, ensuring equal access to support policies for all business entities, thereby protecting the legal rights of foreign enterprises in government procurement [1] - The Ministry of Commerce will ensure transparency and fairness in the formulation of specific product standards and welcomes feedback from all parties, including foreign enterprises [1] Group 3: Export Control - The Ministry of Commerce emphasized that China's export controls are a responsible measure to maintain world peace and regional stability, fulfilling international non-proliferation obligations while ensuring compliance in trade to stabilize global supply chains [1]

Core Insights - The meeting hosted by Vice Minister Ling Ji focused on policy interpretation for foreign enterprises, with over 170 foreign companies and representatives from foreign business associations in attendance [1][3] - Ling Ji highlighted the resilience and potential of the Chinese economy, with an average GDP growth rate of 5.5% during the first four years of the 14th Five-Year Plan, despite a complex external environment [3] - The Chinese government has introduced policies to ensure equal support for all business entities in government procurement, enhancing the legal rights of foreign enterprises [3] Group 1 - The 20th Central Committee's Fourth Plenary Session is expected to outline a blueprint for China's development over the next five years [3] - The Chinese government is committed to expanding openness and has shown determination and practical measures to stabilize foreign investment and promote development [3] - Foreign enterprises expressed optimism about the "15th Five-Year Plan" providing greater development opportunities and indicated a willingness to increase investments in China [3] Group 2 - The new procurement policy allows all types of business entities to enjoy equal support, ensuring foreign enterprises can participate in government procurement [3] - Ling Ji emphasized that export controls are a responsible action to maintain world peace and regional stability, while also ensuring compliance with international obligations [3] - The meeting served as a platform for foreign enterprises to voice their concerns and expectations regarding the Chinese market and government policies [3]

Group 1 - The core message emphasizes the urgency for Wujiang to focus on economic growth and development in the remaining months of the year, aiming for exceptional performance in the fourth quarter to achieve annual goals [1] - Wujiang achieved a GDP growth of 6.1% in the first half of the year, leading the city for four consecutive quarters [1] - From January to August, Wujiang's industrial output reached 379.71 billion, with a year-on-year growth of 6.0%, ranking second in the city [1] Group 2 - In the first three quarters, Wujiang signed 241 new industrial projects worth over 100 million, with 208 starting construction and 178 becoming operational, leading the city in signed and operational projects [2] - Major projects in Wujiang, including four provincial and 57 city key projects, exceeded their annual investment plans, achieving 101.47% and 112.34% respectively [2] - The meeting highlighted the need for departments to enhance execution and responsibility to meet fourth-quarter goals [2]

Core Insights - The event "Expand Consumption, Promote Development, Benefit People's Livelihood" was held in Handan, aiming to stimulate consumer potential and respond to residents' consumption needs [1][3] - The market event featured over 400 local enterprises and included four major exhibition areas, showcasing nearly a thousand brand products [3] Group 1 - The market event took place at the South Square of Handan Grand Theatre, with a focus on local specialties, building materials, food, and comprehensive services [3] - The event achieved sales of nearly 7 million yuan and secured over 60 cooperative intention orders [3] - The Handan Private Economy Industry Association has been actively promoting social responsibility and enhancing consumer confidence in the private sector through these events [3]

Core Viewpoint - The Guangdong Quality Products Exhibition aims to enhance domestic and international trade integration, boost consumption, and support high-quality economic development through effective platform utilization and market engagement [1][3]. Group 1: Event Overview - The Guangdong Quality Products Exhibition features a theme of "Guangdong Quality Products, Beautiful Guangdong," focusing on consumer product displays and supply-demand matching [4]. - The exhibition includes five industry zones and will host 42 supply-demand matching activities, attracting 1,086 participating companies and 2,175 domestic and international professional buyers [4]. Group 2: Government Support and Expectations - Provincial leaders emphasize the importance of adhering to Xi Jinping's directives and taking responsibility for economic leadership, aiming to enhance trade integration and support economic recovery [3]. - Leaders encourage exhibitors to leverage the platform for expanding market reach and adapting to new consumer demands, while also enhancing product quality and innovation [1][3]. Group 3: Market Potential and Opportunities - Guangdong is recognized as a populous and consumer-rich province with vast market opportunities, encouraging buyers to engage with local enterprises and products [2]. - The government aims to create more cooperation opportunities for businesses through policy consultation, training, and promotional activities, particularly targeting upcoming consumer hotspots [3].

Group 1 - The implementation of the "walking to the grassroots, finding problems, thinking of solutions, and promoting development" initiative in Changsha has led to the collection of 4,850 suggestions, resulting in the resolution of 3,750 issues related to urban construction, economic development, transportation, and social welfare [1] - The "Ten Matters" classification consultation mechanism established by the community party committee in Xiangjiang New Area addresses safety hazards and traffic congestion near Hunan Normal University Affiliated Primary School by installing concrete isolation barriers and conducting regular guidance actions [1] - The "mass proposal—branch leadership—party member resolution" mechanism in Yunan Street promotes community governance, particularly in the old residential area of Baota Mountain Community, where residents participate in management alongside party members [1] Group 2 - Liuyang City has initiated a "handing the microphone to the public" activity, resolving 945 specific issues in the livelihood sector and collecting over 200 suggestions related to the development of private enterprises [2] - Wangcheng District has deployed young cadres to engage with nine villages and communities, participating in organizational life and community discussions [2] - Changsha City has launched a "ten thousand cadres connect with ten thousand enterprises" initiative, with nearly 10,000 cadres addressing the needs of over 14,000 enterprises, successfully resolving 1,804 enterprise requests [2]

Core Viewpoint - The overall fiscal performance in China for the first half of the year shows a stable trend, with a slight decline in revenue but an increase in expenditure, indicating a proactive fiscal policy aimed at supporting economic growth and social welfare [2][3][4]. Revenue Summary - National general public budget revenue reached 11.56 trillion yuan, a year-on-year decrease of 0.3%, with tax revenue at 9.29 trillion yuan, down 1.2%, while non-tax revenue increased by 3.7% to 2.27 trillion yuan [3][5]. - Government fund budget revenue was 1.94 trillion yuan, down 2.4%, with land use rights revenue declining by 6.5% to 1.43 trillion yuan [3]. Expenditure Summary - National general public budget expenditure was 14.13 trillion yuan, up 3.4% year-on-year, with central government expenditure increasing by 9% to 1.99 trillion yuan and local government expenditure rising by 2.6% to 12.14 trillion yuan [4]. - Government fund budget expenditure surged by 30% to 46.27 trillion yuan, with central government fund expenditure increasing by 6.2 times [4]. Debt Issuance and Fiscal Policy - The issuance of national bonds reached a record high of 7.88 trillion yuan, a 35.28% increase, while local government special bonds issued amounted to 2.16 trillion yuan, up 45% [6][7]. - The fiscal policy remains aggressive, with a focus on enhancing local financial support and implementing measures to boost consumption [6][8]. Social Welfare Focus - The fiscal strategy emphasizes social welfare, including the establishment of a childcare subsidy system and support for employment among vulnerable groups [8]. - The government has allocated 66.74 billion yuan for employment assistance and is working to reduce the costs of child-rearing to promote a family-friendly society [8].

Group 1 - A Zhejiang clothing company has received government wage stabilization subsidies, which is beneficial for many foreign trade enterprises during challenging economic times [1] - The global economic landscape is undergoing significant adjustments, and any changes in international trade policies can trigger a series of chain reactions, impacting both foreign trade and the employment market [1] - In response to employment challenges caused by tariff impacts, the Chinese government has implemented a series of measures to stabilize employment and economic development [1] Group 2 - The Ministry of Human Resources and Social Security has increased the special loan limits for stabilizing and expanding employment, with maximum credit for small and micro enterprises reaching 50 million yuan and 10 million yuan for individuals [2] - A total of 66.7 billion yuan in central employment subsidy funds has been allocated to support the implementation of various employment policies [2] - The coordinated response from multiple departments and local governments aims to protect the employment base and ensure stable economic and social development [2]