近日，2025金融街论坛年会分论坛暨第十七届期货高管大会在京召开。大会上，业内期货公司高管围 绕"场外衍生品业务驱动下的期货行业创新和发展"展开讨论。大家一致认为，场外衍生品业务正在推动 期货公司从传统通道服务商向综合风险管理服务商转型。 推动期货公司转型升级 银河期货董事长、总经理王东在大会上表示，场外衍生品业务已不再是期货行业的"可选项"，而是驱动 行业转型升级、服务实体经济的"必答题"。他将其概括为"三个升级"：一是商业模式升级。过去，期货 公司往往扮演的是"跑道"角色，业务同质化严重。场外衍生品业务的灵魂是"深度定制化"，推动期货公 司从简单的指令执行者，升级为企业专业的"风险诊疗顾问""全生命周期的风险管家"。二是能力体系升 级。场外业务是典型的"高知识密度"与"高技术门槛"业务的结合体，需熟悉金融工程、量化建模、编程 开发、法律合规并深刻理解实体产业的"T"型专家。三是战略驱动升级。场外业务的复杂性、实时性决 定了必须依靠科技赋能。 "虽然场外衍生品业务前景广阔，但也要认识到其发展面临的挑战。"王东表示，一是专业能力与人才储 备的"鸿沟"。需行业协会牵头，建立行业级的、标准化的人才培训和认证体系， ...

Core Insights - The futures industry is experiencing steady growth, with significant performance differentiation among companies, highlighted by the impressive growth of Zhongcai Futures, which has become a model for the industry [1][3][4] Industry Performance - In the first half of 2025, over 150 futures companies achieved a net profit of 5.074 billion yuan, a year-on-year increase of 32%, and operating revenue of 18.676 billion yuan, up 3.89% [1] - The trading volume and value in the national futures market increased significantly, with a total trading volume of 4.076 billion contracts and a trading value of 339.73 trillion yuan, representing year-on-year growth of 17.82% and 20.68% respectively [2] - The participation of private equity funds in the futures market reached a record high, growing by 15% compared to the end of the previous year [2] Company Strategies - Zhongcai Futures reported a net profit of 690 million yuan, a staggering increase of 376%, and operating revenue of 980 million yuan, up 303% [3][5] - The company's success is attributed to its strong research capabilities, effective team collaboration, and a robust client resource ecosystem supported by its parent company [5][6] - The shift from traditional brokerage income to a diversified revenue model, including proprietary investments and asset management, has been crucial for profit growth [2][3] Competitive Landscape - The industry is undergoing a strategic transformation from traditional brokerage services to diversified, high-value financial services, leading to increased profit margins for leading firms [3][7] - Larger firms are expected to maintain their competitive edge due to their capital strength, brand recognition, and advanced research capabilities, while smaller firms face increasing pressure [7][10] - Companies are encouraged to focus on differentiated services and niche markets to survive in a competitive environment [7][10] Future Outlook - The internationalization of the futures industry is expected to accelerate, providing broader development opportunities while raising the bar for operational capabilities [8] - The trend towards mixed operations and collaboration with other financial institutions will likely expand the business scope of futures companies [8][10] - Companies must leverage technology and enhance their service offerings to meet evolving market demands and investor needs [9][10]