Core Viewpoint - The company is responding to the second round of inquiries regarding its application for issuing convertible bonds, aiming to raise up to 1.2 billion yuan for enhancing various business capabilities and addressing operational funding needs [1][2]. Group 1: Financial Performance - The company reported net profits attributable to shareholders of 246.06 million yuan, 401.85 million yuan, 457.97 million yuan, and 231.25 million yuan over the reporting periods, indicating a steady growth trend [5]. - The company's futures brokerage business revenue was 536 million yuan, 571 million yuan, 494 million yuan, and 191 million yuan during the reporting periods, with a total of 140,800 clients and client equity of 27.347 billion yuan as of June 30, 2025 [7]. - The company's futures brokerage business operating profit fluctuated significantly, with operating revenues of 190.64 million yuan, 493.81 million yuan, and 570.72 million yuan, showing a decrease of 13.48% and an increase of 6.54% in different periods [6][7]. Group 2: Business Segments - The futures brokerage business is a traditional and primary source of profit for the company, with revenue primarily from brokerage fees and client margin interest [6][15]. - The risk management business is crucial for serving the real economy, providing services like forward pricing and basis trading, which help enterprises manage procurement costs and mitigate price volatility risks [18][19]. - The overseas financial services business has shown rapid growth, with client equity in securities, futures, and foreign exchange reaching 17.768 billion HKD, and the business has been providing risk management services to domestic enterprises operating abroad [27][31]. Group 3: Market Position and Strategy - The company has established a strategic layout that radiates nationwide from Zhejiang, focusing on enhancing customer service and expanding its market share in various cities [7][16]. - The company actively increases its marketing efforts and leverages its diversified layout to meet the needs of different customer segments, including risk management services for industrial clients and wealth management for institutional clients [8][19]. - The company’s risk management business has been optimized to enhance liquidity in the futures market, ensuring normal operations through effective market-making strategies [19][24].

Core Viewpoint - The implementation of the Futures and Derivatives Law has significantly enhanced the stability, innovation, and international appeal of China's futures market over the past three years [1][2][3]. Group 1: Market Development - The Futures and Derivatives Law has filled a legal gap in China's futures and derivatives sector, providing essential institutional support for high-quality market development [2]. - A total of 50 new futures and options products have been launched in the past three years, bringing the total number of products in the futures market to 152 [2]. - The expansion of futures and options products has improved risk management tools for enterprises and contributed to the transformation and upgrading of industries [2][8]. Group 2: Internationalization - The law has established a solid legal foundation for the internationalization of the futures market, promoting broader and deeper international engagement [3]. - As of mid-2023, the number of tradable products for Qualified Foreign Institutional Investors (QFII) and Renminbi Qualified Foreign Institutional Investors (RQFII) has reached 91, with a significant increase in the number of new products [3]. - The active trading of internationalized products reflects global recognition and trust in China's futures market [4]. Group 3: Service to the Real Economy - The futures market has actively served the real economy, with a total of 2.54 million effective clients as of the first quarter of 2023, marking a 1.8% quarter-on-quarter increase [6]. - The "insurance + futures" projects have expanded significantly, providing risk protection for farmers and supporting local agricultural products [7]. - The diversification of the futures market has led to an increase in the proportion of industry clients' positions in key products, enhancing China's pricing power in global commodity trade [8].

2022年8月1日《中华人民共和国期货和衍生品法》(以下简称"期货和衍生品法")正式实施，至今已满三 周年。三年来，我国期货市场整体运行平稳、交易活跃、业务模式持续创新，国际吸引力与影响力显著 增强。 受访人士普遍认为，三年来，在期货和衍生品法的指引下，我国期货市场深度发挥价格发现、套期保值 和资源配置三大功能，为各类实体企业提供了稳定的经营环境、有效的风险对冲工具、精准的市场决策 依据。 品种不断上新 国际化步伐提速 期货和衍生品法的出台填补了我国期货和衍生品领域的法律空白，为期货市场高质量发展提供关键制度 保障。 "期货和衍生品法明确新品种实行备案制，是期货市场的重要制度创新，具有多重积极作用。"中粮期货 副总经理杨英辉对《证券日报》记者表示，具体来看，一是简化上市流程，加速新品种推出；二是激发 市场创新活力；三是增强市场透明度与规范性；四是促进国际接轨，提升市场竞争力；五是强化风险管 理，保障市场稳定。 在此背景下，近年来，各期货交易所大幅放宽了QFII(合格境外机构投资者)、RQFII(人民币合格境外机 构投资者)可交易范围品种，加速对外开放步伐。 中国期货市场监控中心数据显示，截至今年上半年，QFI ...

针对操纵市场、内幕交易、编造传播虚假信息或误导性信息，扰乱期货市场等行为，《期货和衍生品 法》第二章做出了明确禁止性规定，第十二章则规定了责令改正、没收违法所得、处以罚款等相应的法 律责任。违反《期货和衍生品法》规定，构成犯罪的，还将被依法追究刑事责任。 广期所相关负责人表示，依托中国证监会"五位一体"期货市场监管体系，广期所将继续坚守主责主业， 持续加强市场监测监控，强化市场风险管理，依法开展涉嫌违法线索排查和移送工作，配合行政、司法 部门严厉打击操纵市场等违法行为。 广州期货交易所（下称广期所）作为期货交易场所、设施和服务的提供者和期货市场的自律监管机构， 切实履行市场服务和一线自律监管职责，依据《期货和衍生品法》等相关法律法规规章实施市场监管， 开展实时监控、异常交易处理、实际控制关系账户管理、违法违规线索排查和处理等自律监管工作，维 护市场"公开、公平、公正"原则，筑牢期货市场监管第一道防线。 作为期货和衍生品市场的根本大法，《期货和衍生品法》为市场发展作出了一系列制度安排，从法律层 面解决了行业发展中带有根本性、全局性、稳定性和长期性的问题，明确了行业发展方向和根本路径， 为期货市场高质量发展奠定了 ...