针对这一现象，国元期货研究咨询部相关负责人分析称，首先，期权工具特性与当前市场风险特征高度 适配；其次，交易者专业化程度提升，产业客户和机构投资者持续增多，风险管理工具应用从基础期货 套期保值逐步拓展至期权精细化对冲、波动率交易和复杂策略构建，直接推高了期权市场活跃度；此 外，期货市场基础设施持续完善，如做市商制度日益成熟、品种体系不断丰富等，也为市场增长提供了 支撑。 业内人士普遍对2026年期货市场发展持乐观预期。上述东证期货相关负责人认为，预计期货市场资金体 量将稳步扩大，品种进一步扩容，更好满足产业客户风险管理需求；行业层面，随着各类客户深度参与 期货交易，期货公司将提升对投研能力的重视程度；同时，科技发展与AI广泛应用将大幅提升期货公 司研究效率，未来行业竞争将聚焦于服务实体经济的深度、产品创新能力及特色化发展路径。 "2025年期货市场成交量与成交额同比显著增长，核心是实体企业避险需求与市场内生动力共同作用的 结果。"国元期货研究咨询部相关负责人表示，一方面，全球宏观环境不确定性提升，推高了实体企业 避险需求；另一方面，期货市场持续完善夯实了增长基础——2025年新增18个期货、期权品种，覆盖有 ...

据了解，去年我国新增18个期货、期权品种，覆盖有色金属、能源化工及新能源金属多个板块，产品体 系持续完善。此外，市场资金表现活跃。数据显示，截至2025年年底，我国期货市场沉淀资金规模为 4977.51亿元，同比增长52.61%，扭转了此前连续两年的资金流出态势，并创历史新高。 1月8日，中国期货业协会发布数据显示，以单边计算，去年12月全国期货市场成交量为9.51亿手，成交 额为90.81万亿元，同比分别增长45.17%和58.55%。2025年，全国期货市场累计成交量为90.74亿手，累 计成交额为766.25万亿元，同比分别增长17.4%和23.74%。 分交易所来看，2025年，上期所成交量约23.35亿手，成交额约259.00万亿元，同比分别增长3.31%和 27.86%。上期所子公司上期能源成交量约1.56亿手，成交额约28.74万亿元，同比分别增长10.21%和下 降8.4%。郑商所成交量约31.38亿手，成交额约88.96万亿元，同比分别增长20.26%和4.47%。大商所成 交量约26.07亿手，成交额约102.77万亿元，同比分别增长14.94%和4.49%。中金所成交量约3.04亿手， ...

张大伟 制图 ◎记者 费天元 2025年，全球大宗商品市场供需两端都经历深刻重构：贸易博弈与地缘竞合交织，重塑全球产业链格 局；科技革命与绿色转型提速，为经济发展注入新动能。站在新旧周期交替的关键节点，大宗商品价格 全年波动剧烈，金银铜等价格屡创新高，能化及农产品则整体弱势。 面对充满不确定性的市场环境，越来越多的经营主体开始关注并参与期货市场。数据显示：今年前11个 月，我国期货市场累计成交额为675.45万亿元，超过去年全年，创出历史新高；10月9日，期货市场资 金总量突破2万亿元；12月8日，期货公司客户权益突破2万亿元；产业客户、境外客户参与度均明显提 升。 针对各方的风险管理诉求，我国期货市场的服务能力及配套制度持续完善。今年以来，上海证券报记者 多次走进一线采访，深刻感受到期货不再是一串晦涩难懂的字母与数字，而是真正融入了千行百业，在 促进商品保供稳价和产业转型升级方面发挥了突出且独特的作用。 品种体系扩容 品种创新是近年来中国期货市场发展的重要主线，也是提升期货服务实体经济广度深度的主要抓手。中 期协数据显示，截至今年11月末，我国共上市期货期权品种164个，较去年底增加18个。 三是紧扣行业绿 ...

里程碑。 中国期货市场监控中心的最新统计数据显示，继期货市场资金总量于10月9日突破2万亿之后，12月8日，期货公司客户权益突破2万亿，较 2024年底增幅超30%。其中保险机构增幅明显。 市场资金总量和客户权益——两个2万亿的突破，成为今年期货市场发展的重要里程碑事件。数据显示，今年前11个月全国期货市场累计成 交量为81.17亿手，累计成交额达675万亿元，同比分别增长14.74%和20.19%。 客户权益突破2万亿 中国期货市场监控中心19日最新公告披露显示，2025年以来，我国期货市场运行稳中有进，各类资金积极布局、广泛参与，资金总量和客 户权益持续增长，不断夯实期货市场高质量发展根基。 继期货市场资金总量于10月9日突破2万亿之后，12月8日，期货公司客户权益突破2万亿，较2024年底增幅超30%。其中，特殊法人客户权 益稳步增长，在各类特法客户中，保险机构权益增幅最为显著，较2024年底增幅约两倍。 中国期货市场自诞生以来，经历了从无序发展到规范整顿，再到稳步增长并迈向高质量发展的完整历程。其资金总量的演变不仅是市场规模 的直观体现，更反映了市场功能、参与者结构和对外开放水平的深刻变迁。 数据显示 ...

中国期货市场监控中心的最新统计数据显示，继期货市场资金总量于10月9日突破2万亿之后，12月8日，期 货公司客户权益突破2万亿，较2024年底增幅超30%。其中保险机构增幅明显。 市场资金总量和客户权益——两个2万亿的突破，成为今年期货市场发展的重要里程碑事件。数据显示，今年 前11个月全国期货市场累计成交量为81.17亿手，累计成交额达675万亿元，同比分别增长14.74%和20.19%。 客户权益突破2万亿 继期货市场资金总量于10月9日突破2万亿之后，12月8日，期货公司客户权益突破2万亿，较2024年底增幅超 30%。其中，特殊法人客户权益稳步增长，在各类特法客户中，保险机构权益增幅最为显著，较2024年底增幅 约两倍。 中国期货市场自诞生以来，经历了从无序发展到规范整顿，再到稳步增长并迈向高质量发展的完整历程。其资 金总量的演变不仅是市场规模的直观体现，更反映了市场功能、参与者结构和对外开放水平的深刻变迁。 数据显示，2021年2月份，期货市场资金总量首次突破1万亿元大关；2022年6月，突破1.5万亿元关口。2025 年，中国期货市场不仅在资金规模上屡创新高，交易活跃度也显著提高。今年前11个月， ...

第二家A+H期货公司即将落地！ 12月2日，南华期货就"刊发H股发行聆讯后资料集"发布公告，港交所网站也更新相关信息，意味着该公司已通过联交所IPO聆 讯，将进入港股发行上市阶段。 港交所网站《申请版本，整体协调人公告，聆讯后资料集及相关资料》栏目中可以看到南华期货最新更新发布的信息。 今年9月19日，中国证监会出具《关于南华期货股份有限公司境外发行上市备案通知书》（国合函〔2025〕1618号），中国证 监会对公司本次发行上市备案信息予以确认。 回顾南华期货本次港股IPO的申请过程，今年4月17日，南华期货向香港联合交易所递交了发行上市的申请，于同日在香港联 合交易所网站刊登了本次发行并上市的申请资料。根据本次发行上市计划及香港联合交易所的相关规定，公司于2025年10月 31日向香港联合交易所更新递交本次发行上市的申请，并于同日在香港联合交易所网站刊登了本次发行上市的更新申请材 料。 责编：罗晓霞 排版：刘珺宇 校对： 吕久彪 百万用户都在看 美国战斗机，紧急出动！ 重大资产重组！今日，复牌！ 超级赛道，重磅定调！ 深夜，集体大涨！芯片，重大利好传来！ 盘中，集体涨停！利好，突然引爆！ 违法和不良信息举报 ...

Core Viewpoint - The "2025 China Financial Institutions Annual Conference" emphasizes the theme of "Empowering and Reshaping Value," highlighting the significant developments and challenges in the Chinese financial market, particularly in the futures industry [1][2]. Group 1: Conference Overview - The conference includes a main forum and six sub-forums, covering various sectors such as securities investment banking, asset management, banking, insurance, trust, and futures, with over 1,000 industry elites participating [2]. - The event features discussions on current hot topics in China's economy and financial sector, showcasing the rapid development of the Chinese futures market [2]. Group 2: Futures Market Development - The Chinese futures market has seen significant growth, with 157 futures and options products listed, providing precise risk management tools for related industries [2]. - The number of foreign clients in the futures market has increased significantly, with a year-on-year growth rate of 11%, and clients are now distributed across 40 countries and regions [2]. Group 3: Industry Challenges and Opportunities - The futures industry faces three driving forces: increased demand for risk management from the real economy, improved top-level policies, and market expansion. However, it also encounters challenges such as homogenized competition and talent pressure [3]. - Industry leaders emphasize the need for futures companies to enhance capabilities in risk identification, solution design, and service processes to achieve high-quality development [3]. Group 4: Macro and Commodity Market Outlook - The global market remains generally loose, with the U.S. experiencing short-term interest rate cuts, while the Chinese market is showing signs of improvement [4]. - The commodity market is experiencing increased differentiation, with precious metals and non-ferrous metals expected to perform well, while other commodities require attention to industrial policies [4]. Group 5: Awards and Recognitions - The "2025 China Futures Industry Jun Ding Award" recognized leading futures companies, including Guotai Junan Futures, Shanghai Dongzheng Futures, and others for their contributions to the industry [6][7][8]. - The awards also highlighted outstanding asset management products and individuals in the futures sector, showcasing the industry's commitment to excellence and innovation [9][11].

Core Insights - The total trading volume of the national futures market from January to October reached 7.347 billion contracts, with a cumulative trading value of 60.884 trillion yuan, representing year-on-year increases of 14.86% and 21.82% respectively [1] Group 1 - The futures market has maintained overall stability, with trading value continuing to grow [1] - The structure of trading varieties is continuously optimizing, enhancing the ability to serve national strategies and the real economy [1]

Core Viewpoint - Nanhua Futures Co., Ltd. has submitted a listing application to the Hong Kong Stock Exchange, with CITIC Securities as the exclusive sponsor, marking its second attempt to list [1] Company Overview - Nanhua Futures is a leading futures company in China, ranked second in terms of ROE among all Chinese futures companies for 2024 and first in terms of overseas income [4] - The company focuses on providing futures and derivatives services in both domestic and international markets [4] Market Opportunity - The Chinese futures market, after 30 years of development, is experiencing significant opportunities driven by policy and market demand [4] - According to Frost & Sullivan, the Chinese futures market is the largest commodity market globally, covering over 140 products across 41 industries, including agriculture, energy, and metals [4] - The correlation between futures and spot prices exceeds 90%, making it an important pricing benchmark [4] - China operates six futures exchanges, offering a variety of futures and options, with 146 listed products expected by the end of 2024 [4] Financial Performance - Nanhua Futures' annual profit increased significantly from RMB 245.9 million in 2022 to RMB 458.0 million in 2024, with a compound annual growth rate of 36.5% [5] - The company's profit remained stable, with RMB 230.5 million for the six months ending June 30, 2024, and RMB 231.3 million for the six months ending June 30, 2025 [5] Revenue Breakdown - The net income from commissions and fees increased from RMB 272.3 million to RMB 611.7 million over the reported periods [8] - Net interest income rose from RMB 253.3 million to RMB 681.8 million, while interest expenses increased from RMB 19.9 million to RMB 59.8 million [8] - Operating income grew from RMB 593.1 million to RMB 1.354 billion, reflecting the company's strong performance in the market [8]

Core Viewpoint - Nanhua Futures Co., Ltd. has submitted its second listing application to the Hong Kong Stock Exchange, with CITIC Securities as the exclusive sponsor [1][4]. Company Overview - Nanhua Futures is a leading futures company in China, ranked second in terms of ROE among all Chinese futures companies for 2024 and first in terms of overseas income [4]. - The company focuses on providing futures and derivatives services in both domestic and international markets [4]. Market Opportunity - The Chinese futures market, after 30 years of development, is experiencing significant opportunities driven by policy and market demand [4]. - According to Frost & Sullivan, the Chinese futures market is the largest commodity market globally, covering over 140 products across 41 industries, including agriculture, energy, and metals [4]. - The correlation between futures and spot prices exceeds 90%, making it an important pricing benchmark [4]. - As of the end of 2024, there are 146 listed products in China, including 125 commodities and 20 financial products [4]. Financial Performance - Nanhua Futures' annual profit increased significantly from RMB 245.9 million in 2022 to RMB 458.0 million in 2024, with a compound annual growth rate of 36.5% [5]. - The profit remained stable, with RMB 230.5 million for the six months ending June 30, 2024, and RMB 231.3 million for the six months ending June 30, 2025 [5]. Revenue Breakdown - The net income from commissions and fees was RMB 498.038 million, while interest income reached RMB 365.952 million [8]. - Net interest income stood at RMB 326.538 million, and total operating income was RMB 954.406 million [8]. - Operating profit was reported at RMB 296.044 million, with a net profit of RMB 245.912 million for the year [8].