中国期货业协会最新统计资料表明，以单边计算， 12月全国期货交易市场成交量为950，861，042手， 成交额为908，056.76亿元，同比分别增长45.17%和58.55%。1-12月全国期货市场累计成交量为9， 073，926，691手，累计成交额为7，662，537.24亿元，同比分别增长17.4%和23.74%。 上海期货交易所12月成交量为299，764，523手，成交额为423，558.38亿元，分别占全国市场的31.53% 和46.64%，同比分别增长59.7%和153.35%。12月末上海期货交易所持仓总量为10，570，870手，较上 月末下降4.95%。1-12月上海期货交易所累计成交量为2，334，742，107手，累计成交额为2，589， 995.29亿元，同比分别增长3.31%和27.86%，分别占全国市场的25.73%和33.8%。 上海国际能源交易中心12月成交量为10，387，653手，成交额为15，594.89亿元，分别占全国市场的 1.09%和1.72%，同比分别下降13.12%和32.14%。12月末上海国际能源交易中心持仓总量为470，890 手，较上月增长0.29% ...

Core Insights - The Chinese futures market experienced significant growth in trading volume and value in November, with a total trading volume of 769,588,116 contracts and a trading value of 666,113.54 billion yuan, representing year-on-year increases of 13.54% and 7.11% respectively [1] Group 1: National Futures Market - The cumulative trading volume from January to November reached 8,116,707,628 contracts, with a cumulative trading value of 6,754,470.23 billion yuan, showing year-on-year growth of 14.74% and 20.19% respectively [1] - The Shanghai Futures Exchange accounted for 23.59% of the national market's trading volume and 35.14% of its trading value in November, although it saw a year-on-year decline in trading volume by 14.31% [1] - The total open interest at the Shanghai Futures Exchange at the end of November was 11,121,259 contracts, reflecting a month-on-month increase of 0.51% [1] Group 2: Shanghai International Energy Exchange - The Shanghai International Energy Exchange reported a trading volume of 9,918,434 contracts and a trading value of 15,966.37 billion yuan in November, which accounted for 1.29% and 2.4% of the national market respectively, with both metrics showing year-on-year declines of 14.96% and 35.94% [2] - The cumulative trading volume from January to November was 145,175,968 contracts, with a cumulative trading value of 271,805.09 billion yuan, indicating a year-on-year increase in volume of 12.37% but a decline in value of 6.52% [2] Group 3: Zhengzhou Commodity Exchange - The Zhengzhou Commodity Exchange had a trading volume of 281,687,536 contracts and a trading value of 73,546.35 billion yuan in November, representing 36.6% and 11.04% of the national market respectively, with year-on-year increases of 36.46% and 18.09% [2] - The total open interest at the Zhengzhou Commodity Exchange at the end of November was 18,386,863 contracts, up 9.43% from the previous month [2] - Cumulative trading volume from January to November reached 2,829,759,014 contracts, with a cumulative trading value of 805,741.31 billion yuan, reflecting year-on-year growth of 17.42% in volume and 2.17% in value [2] Group 4: Dalian Commodity Exchange - The Dalian Commodity Exchange reported a trading volume of 204,792,089 contracts and a trading value of 79,685.78 billion yuan in November, accounting for 26.61% and 11.96% of the national market, with year-on-year increases of 3.92% in volume but a decline of 13% in value [3] - The total open interest at the Dalian Commodity Exchange at the end of November was 19,220,549 contracts, reflecting an increase of 8.92% from the previous month [3] - Cumulative trading volume from January to November was 2,357,884,318 contracts, with a cumulative trading value of 936,962.25 billion yuan, showing year-on-year growth of 14.75% in volume and 5.08% in value [3] Group 5: China Financial Futures Exchange - The China Financial Futures Exchange had a trading volume of 25,765,238 contracts and a trading value of 222,444.69 billion yuan in November, representing 3.35% and 33.39% of the national market, with year-on-year declines of 7.89% in volume and 5.31% in value [3] - The total open interest at the China Financial Futures Exchange at the end of November was 2,103,111 contracts, down 7.38% from the previous month [3] - Cumulative trading volume from January to November reached 276,517,181 contracts, with a cumulative trading value of 2,313,189.93 billion yuan, indicating year-on-year growth of 21.39% in volume and 36.88% in value [3] Group 6: Guangzhou Futures Exchange - The Guangzhou Futures Exchange reported a trading volume of 65,916,866 contracts and a trading value of 40,389.77 billion yuan in November, accounting for 8.57% and 6.06% of the national market, with year-on-year increases of 188.46% in volume and 221.78% in value [4] - The total open interest at the Guangzhou Futures Exchange at the end of November was 2,747,092 contracts, reflecting a month-on-month increase of 24.52% [4] - Cumulative trading volume from January to November was 472,393,563 contracts, with a cumulative trading value of 260,334.74 billion yuan, showing year-on-year growth of 161.99% in volume and 159.36% in value [4]

Group 1 - The core viewpoint of the articles highlights the performance and trends in China's futures market, including trading volumes and revenues, as well as the profitability of various futures companies [1][4][5] Group 2 - In October, the national futures market recorded a trading volume of 603 million contracts and a trading value of 61.22 trillion yuan, showing a year-on-year decrease of 13.26% in volume but an increase of 4.54% in value [1] - From January to October, the cumulative trading volume reached 7.347 billion contracts, with a cumulative trading value of 608.84 trillion yuan, reflecting year-on-year increases of 14.86% in volume and 21.82% in value [1] Group 3 - As of October, there are 160 listed futures and options products in China, with gold futures and CSI 1000 index futures being the most popular, accounting for 11.71% and 10.2% of the national trading value respectively [2][3] - Gold futures saw a cumulative trading volume of 91.84 million contracts from January to October, a year-on-year increase of 58.24%, and a trading value of 7.132 trillion yuan, up 121.65% [2] - CSI 1000 index futures had a cumulative trading volume of 48.63 million contracts, a year-on-year increase of 34.75%, with a trading value of 6.21 trillion yuan, up 68.03% [3] Group 4 - The futures industry shows a disparity in profitability among companies, with 150 futures companies reported as of September 2025, generating a total net profit of 88.49 billion yuan in the first nine months of the year [4] - Among listed futures companies, Ruida Futures and Yong'an Futures reported positive net profit growth in the first three quarters, while Nanhua Futures and Hongye Futures experienced declines in revenue and profit [4][5] - Ruida Futures had a total revenue of 1.621 billion yuan, down 2.87%, but a net profit of 386 million yuan, up 42.15% [4] - Yong'an Futures reported a revenue of 8.355 billion yuan, down 55.26%, with a net profit of 475 million yuan, up 13.31% [4]

Core Insights - In May 2025, the national futures market in China experienced a decline in trading volume and value compared to the previous year, with a volume of 678,609,037 contracts and a transaction value of 54,729.881 billion yuan, representing a year-on-year decrease of 4.51% and 1.55% respectively [1] - Cumulatively, from January to May 2025, the national futures market recorded a total trading volume of 3,336,834,307 contracts and a total transaction value of 2,869,344.22 billion yuan, showing significant year-on-year growth of 15.61% and 21.33% [1] Summary by Category - **Trading Volume**: The trading volume in May 2025 was 678,609,037 contracts, which is a decrease of 4.51% year-on-year [1] - **Transaction Value**: The transaction value for May 2025 was 54,729.881 billion yuan, reflecting a year-on-year decline of 1.55% [1] - **Cumulative Performance**: For the first five months of 2025, the cumulative trading volume reached 3,336,834,307 contracts, an increase of 15.61% year-on-year, while the cumulative transaction value was 2,869,344.22 billion yuan, up 21.33% year-on-year [1]

Group 1 - The core viewpoint of the article highlights the significant growth in the national futures market in April 2025, with trading volume and value increasing year-on-year [1][2] - In April 2025, the national futures market recorded a trading volume of 809 million contracts and a trading value of 70.18 trillion yuan, representing year-on-year increases of 21.49% and 23.69% respectively [1] - From January to April 2025, the cumulative trading volume reached 2.658 billion contracts and the cumulative trading value was 232.2 trillion yuan, showing year-on-year growth of 22.19% and 28.36% [1] Group 2 - As of the end of April 2025, the national futures market's open interest was 41.9216 million contracts, reflecting a month-on-month decline of 20.26% but a year-on-year increase of 18.98% [2] - The trading activity in commodity futures remained robust, with significant growth in precious metals trading volumes due to the impact of U.S. tariff policies [6] - The oil and chemical sectors experienced a rebound in trading due to significant price fluctuations, while the textile and chemical fiber industry showed signs of recovery [6] Group 3 - Financial futures experienced a "price drop with increased volume" scenario, with all four stock index futures prices declining in April [7] - The declines in stock index futures were influenced by multiple factors, including a drop in the global manufacturing index and the impact of U.S. tariff policies on global trade [7][8] - Looking ahead, the futures and options market in China is expected to maintain a good growth trend in trading scale, with open interest likely to recover further in May [8]