Core Viewpoint - The forum highlighted that the off-exchange derivatives business is essential for the transformation of the futures industry from traditional service providers to comprehensive risk management service providers [1][2]. Group 1: Transformation and Upgrades - The off-exchange derivatives business is no longer an optional aspect but a necessary element for the industry's upgrade and service to the real economy, summarized as "three upgrades": business model upgrade, capability system upgrade, and strategic drive upgrade [2]. - The business model upgrade involves moving from a simple execution role to becoming professional risk management advisors for enterprises [2]. - The capability system upgrade requires a combination of high knowledge density and high technical barriers, necessitating T-shaped experts familiar with financial engineering, quantitative modeling, programming, and legal compliance [2]. Group 2: Challenges and Recommendations - Challenges include a gap in professional capabilities and talent reserves, requiring industry associations to establish standardized training and certification systems [3]. - There are capital constraints related to the return of business to parent companies, suggesting the need for diversified and sustainable capital replenishment mechanisms [3]. - The market ecosystem and regulatory collaboration need optimization, with a call for unified cross-departmental regulatory standards [3]. Group 3: Expanding Service Capabilities - The forum discussed breakthroughs in service capabilities through bilateral trading and settlement models, allowing futures companies to leverage their pricing and risk management abilities [4]. - The ability to create products and settle independently enhances the adaptability of futures companies to clients' flexible risk management needs [4]. - There is a need for a comprehensive risk management system to match business development and to strengthen compliance culture [4]. Group 4: Policy and Market Access - Despite significant achievements in the off-exchange derivatives business, challenges remain, such as barriers to entry for licensed institutions like bank wealth management subsidiaries and public fund subsidiaries [5]. - Recommendations include developing access rules for futures risk management subsidiaries to participate in off-exchange derivatives business and encouraging licensed institutions to include compliant futures risk management subsidiaries in their whitelist [5]. - There is a call for enhanced international business development and policy facilitation to support futures companies in expanding their global reach [5].

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]