1 构建特色国际化发展路径 演绎新时代"海上丝绸之路" 广东期货市场的国际化征程，始终扎根于实体产业与金融创新共生共荣的沃土。粤港澳大湾区独有的制度优势，如同精密的棱镜，将境内外资本、技术、产 业的要素流动折射出多元可能，为广东期货市场链接全球搭建了天然桥梁。 "作为经济大省、制造业大省、科技创新大省，广东牢牢坚持实体经济为本、制造业当家的方针，已基本构建起现代化产业体系的'四梁八柱'，成为中国对 接全球贸易、参与国际分工的核心枢纽。"广发期货总经理徐艳卫表示，广东地处南海之滨，毗邻港澳，便于发展对外贸易、参与国际分工。国家层面的开 放政策、大湾区特有的便利化措施以及本地金融机构的专业服务，为国际投资者的资金汇出入、外汇风险管理等提供了更多便利。相关外汇管理政策便是例 证，其目的正是为符合要求的跨境证券投资提供更高效的资金结算服务。 依托这片经济沃土，广东当地的期货经营机构正以"排头兵"姿态，将业务触角伸向全球市场，成为推动广东期货市场国际化的核心力量。 作为期货行业国际化发展的先行者，广发期货始终以服务实体经济为宗旨，探索特色国际化发展路径。从2006年广发期货（香港）有限公司（下称"广发期 货香港"）成为 ...

时代浪潮奔涌向前，现代产业体系逐渐成为全球竞争的核心战场。站在高质量发展的关键节点上，素 有"世界制造工厂"之称的广东要跳出低端、内卷的困局，从全球产业链的"参与者"跃升为"主导者"，关 键就是抓住现代化产业这把"金钥匙"。 "建设更具国际竞争力的现代化产业体系"，这不仅是习近平总书记对广东的殷切嘱托，更是广东必须扛 起的"走在前列"的使命担当。 广州期货交易所成立、南沙期货产业崛起，为粤港澳大湾区打造完整期货产业链和风险管理中心提供了 重要平台；工业硅、碳酸锂期货价格逐渐成为国际贸易基准，"南沙金融30条"提出构建便利内外联动的 期现货交易规则，为期货市场国际化保驾护航；面对制造业的多样化需求，广东期货机构创新服务方 式，针对不同企业提供特色化、差异化服务，形成了广发期货服务广东农垦集团等一系列典型案例。同 时，期货机构积极推进数字化转型，华泰期货"天玑智能套保系统"打造风险管理"智慧大脑"，中州期 货"龙泉系统"重塑展业模式。一系列创新实践不仅提升了期货服务的精准度与效率，而且引领了行业数 字化转型的潮流。 可以说，期货市场正全方位、深层次地融入广东发展的肌理之中，为这片充满活力的土地不断注入新的 生机与 ...

一年来，我们聚焦主业、完善供给。顺利上市纯苯期货及期权，推出化工品月均价期货合约，持续丰富 风险管理工具箱。深化"一品一策"，合约规则与产业需求的适配性不断增强，品种运行质量显著提升。 一年来，我们强化监管、筑牢防线。深入贯彻落实《期货和衍生品法》，完善交易结算规则制度，加强 穿透式监管，健全风险监测预警机制，全力保障市场平稳健康运行。一年来，我们深耕产业、提升功 能。深入推进产业客户培育，产业参与度进一步提升。持续发挥"保险+期货"支农作用，推广"银期 保"模式至全国。期货价格更多应用于现货贸易定价，"大连价格"影响力稳步增强。一年来，我们扩大 开放、深化联通。面向合格境外投资者新增开放聚丙烯等能源化工品种，合格境外投资者可参与交易品 种由14个拓展至27个，市场国际化水平持续提升。一年来，我们科技赋能、夯实基础。业务系统连续保 持安全平稳运行，顺利完成金普新区主交易中心切换，以数字化转型全面赋能服务提质增效。一年来， 我们强化作风、真抓实干。持续深化党的创新理论武装，深入开展中央八项规定精神学习教育，有力保 障各项中心任务扎实推进。 2026年是"十五五"规划开局之年。大商所将继续在证监会党委领导下，深入 ...

Core Viewpoint - The participation of foreign investors in China's commodity futures market has made significant progress, with HSBC China facilitating the first QFI commodity futures transaction using government bonds as margin, indicating a deepening integration of China's futures market with international markets [1][2]. Group 1: Transaction Details - HSBC China provided comprehensive services for a foreign asset management institution, allowing them to use government bonds held in the interbank bond market as margin for domestic commodity futures trading, enhancing the efficiency of their bond holdings [2]. - This process allows government bonds to act as collateral for new investments, enabling foreign investors to avoid selling their bonds for cash margin, thus improving the utilization efficiency of existing bond assets [2]. Group 2: Market Opening and Growth - The pace of opening China's futures market to foreign institutions has accelerated, with various specific products like crude oil, iron ore, and copper being directly accessible to foreign traders [3]. - Since the China Securities Regulatory Commission allowed QFI participation in commodity futures options trading in 2020, 91 commodity futures options contracts have been opened to QFIs across various exchanges [3]. - The number of QFI clients at the Shanghai Futures Exchange increased by 49.2% year-on-year as of September 30, with significant growth in trading volumes and positions in non-ferrous metals [4]. Group 3: Capital Market Attractiveness - The internationalization of the futures market is a crucial part of China's financial opening, enhancing the country's pricing power in major commodities and reshaping global trade patterns [5]. - The open futures market supports global supply chains and helps companies manage risks effectively, contributing to a more attractive and influential Chinese capital market [5]. Group 4: Future Outlook - The China Securities Regulatory Commission plans to accelerate the implementation of key measures for capital market opening by 2025, including expanding the number of tradable futures options for QFIs to 100 and introducing RMB foreign exchange futures [6]. - Continuous improvements in regulatory frameworks and cross-border capital flow monitoring systems are essential for optimizing the futures market's openness and efficiency [6].

我国是全球最大的货物贸易国和工业国。依托强大的产业底色，我国商品期货成交量连续多年位居全球 首位，为打造世界一流期货交易所奠定了坚实基础。近日，全球期货交易所综合排名首次发布，上海期 货交易所跻身全球第二梯队前列，显示我国期货市场在全球定价体系中的地位不断上升，也折射了我国 期货市场的高质量发展。 结果显示，芝加哥商业交易所集团、洲际交易所、香港交易所集团位居前三。上海期货交易所跻身全球 第二梯队前列，与港交所共同构成亚太地区"第一方阵"。 这一变化标志着全球期货定价格局正从长期的"欧美中心"向"欧美+亚洲双中心"转型，这背后是全球产 业版图迁移、贸易格局重塑，更是新兴市场制度能力与金融实力的整体跃升。 "这套指标体系填补了国际上缺乏全面量化评估交易所工具的空白，有望逐步形成具有全球影响力的'上 海标准'。"上海财经大学校长刘元春表示。 三大趋势成亮点 过去10年，全球大宗商品衍生品市场不仅"做大了"，更"变得不一样了"。 市场规模显著扩张。地缘冲突、贸易摩擦、能源转型、供应链重构，使大宗商品价格波幅显著放大，企 业、金融机构对套期保值和风险对冲工具的需求急剧上升。 近5年，全球场内商品期货和期权成交量增长超 ...

Group 1: Global Derivatives Market Trends - The global derivatives market is focusing on all-day trading to better serve global investors and reduce weekend trading risks, with CME Group providing trading services for five days a week and 23 hours a day [1] - CME Group plans to launch 24/7 trading for cryptocurrency futures and options in early 2026, pending regulatory approval [1] - The SPAN system, a standard for margin calculation, is undergoing a significant upgrade to SPAN 2, which aims to integrate new modeling, self-adjusting reports, and margin replication features [1] Group 2: Regulatory Changes and Clearing Services - New SEC regulations will require centralized clearing for U.S. Treasury and repo market transactions, with compliance deadlines set for December 31, 2026, and June 30, 2027, respectively [2] - CME Group has submitted an application to establish an independent clearinghouse to provide direct securities clearing services, addressing the need for enhanced clearing capabilities and operational resilience [2] - CME Group is migrating its core trading and clearing services to Google Cloud to leverage scalability, resilience, and advanced technology capabilities [2] Group 3: Market Data and Collaboration - CME Group is collaborating with key technology partners in China, such as Yisheng International and Shanghai Pengbo Financial Information Co., to meet the growing demand for market data among Chinese investors [2] - Chinese investors utilize CME Group's market data as a critical reference tool for making informed decisions in domestic futures trading and effectively managing risk exposure [2] Group 4: Product Innovation - The rise of zero-day options is highlighted, offering precise hedging opportunities but also presenting high volatility, necessitating enhanced investor education and risk disclosure [3] - A strong, stable, and deep Asia-Pacific futures ecosystem is deemed crucial for regional economic development, with recommendations for China to focus on developing trading technologies that seamlessly integrate with new cloud services [3]

Core Insights - The China Securities Regulatory Commission has issued the "Qualified Foreign Institutional Investor System Optimization Work Plan," allowing for broader participation in commodity futures and options trading [1] - The implementation of this plan is expected to significantly enhance the development of China's futures market, expanding the range of tradable products for qualified foreign investors and improving market liquidity [1][2] Group 1: Expansion of Tradable Products - The number of tradable products for qualified foreign investors has been steadily increasing, with 24 specific domestic products opened to foreign traders by the end of last year [2] - As of now, qualified foreign investors can participate in 107 domestic futures and options products, covering key sectors such as energy, chemicals, and agricultural products [2][3] - The participation of foreign clients has shown a 17% year-on-year increase, with a projected 28% growth in foreign client positions by the end of 2024 [2][3] Group 2: Growth of Foreign Clients - The number of foreign clients in China's futures market has increased significantly, with a year-on-year growth rate of 11%, and clients distributed across 40 countries and regions [3] - The optimization of the qualified foreign investor system is expected to better meet the needs of global traders seeking to capitalize on China's development opportunities [3][4] - The introduction of risk management tools like ETF options is anticipated to create a synergistic effect with the optimized system, enhancing the investment environment for foreign capital [3][4] Group 3: Steady Progress in Internationalization - The diversification of client demands has led to a richer product system in China's futures market, with a steady increase in the level of openness to foreign investors [4] - Recommendations for further opening the futures market include continuously expanding the range of commodity futures and options, enhancing cooperation with international exchanges, and optimizing related regulations [4][5] - The future development of China's futures market is seen as promising, with expectations for further product expansion and improved access for foreign investors [5]

Core Insights - The event "DCE Industry Tour - Production and Finance Base Training Activity" hosted by Aolan Agriculture successfully gathered over a hundred representatives from various sectors of the oilseed and oil market, highlighting the industry's strong interest in futures and derivatives knowledge exchange and risk management practices [1][16] - Aolan Agriculture's President for China and ASEAN, He Manxiu, emphasized the company's role in managing market risks through participation in futures trading, enhancing market liquidity and price transparency [1][3] - The rapid development of China's futures and derivatives market has significantly improved its ability to serve the real economy, with more enterprises utilizing futures tools to hedge against price volatility, particularly in the foreign exchange and commodity sectors [3][4] Industry Developments - The establishment of production and finance bases by futures exchanges is crucial for connecting financial tools with industry needs, helping enterprises, especially small and medium-sized ones, to effectively utilize futures and derivatives for risk management [4][5] - The global economic order is undergoing profound restructuring, with market participants needing to be cautious of the divergence between "emotional recovery" and "actual tariff increases" [7] - The soybean market is showing signs of bottoming out despite being in a bear market, with key factors such as La Niña's impact on South American production and China's purchasing decisions influencing market direction [9] Market Trends and Risk Management - The interlinkage between futures and options markets plays a vital role in responding to policy shocks, as demonstrated by the impact of tariff changes on market prices [11][16] - The roundtable discussions focused on trends in the oilseed market, with insights on U.S. soybean exports, domestic demand for soybean meal, and the implications of South American production on imports [13][14] - The outlook for domestic soybean oil consumption remains stable, with key factors including the recovery of the catering industry and export conditions being closely monitored [14][16]

Core Viewpoint - The development of foreign wholly-owned futures companies in China's futures market is progressing positively, with the recent approval of Goldman Sachs as the actual controller of QianKun Futures, indicating a significant step in the internationalization of the market [1][2]. Industry Development - The approval of Goldman Sachs as the actual controller of QianKun Futures marks the establishment of four foreign wholly-owned futures companies in China, including JPMorgan Futures, Morgan Stanley Futures, and UBS Futures [1]. - The removal of foreign ownership restrictions for futures companies in China began on January 1, 2020, ahead of similar changes in the securities and fund industries [1]. - Morgan Stanley Futures became the second foreign wholly-owned futures company in 2023, with its subsidiary officially starting operations in January 2025 [1]. Business Expansion - The recent approval of Morgan Stanley Futures' financial futures brokerage qualification expands its business scope to include both commodity and financial futures brokerage [2]. - The entry and development of foreign wholly-owned futures companies are expected to enhance the internationalization, innovation, liquidity, and regulatory framework of China's futures market [2]. Market Impact - The presence of foreign wholly-owned futures companies is anticipated to diversify trading participants and investment strategies, thereby increasing trading activity and liquidity in China's futures market [3]. - These companies are expected to help establish more representative price benchmarks for futures products in the international market and enhance the acceptance of RMB-denominated futures [3]. Regulatory Considerations - The increasing participation of international clients necessitates stronger compliance and regulatory measures, particularly in cross-border supervision, to prevent systemic risks [3][4]. - The entry of foreign wholly-owned futures companies is seen as a key driver for optimizing market structure, improving regulations, and enhancing international influence [4].

Core Viewpoint - The internationalization of China's futures market is advancing, with foreign-owned futures companies making significant progress, exemplified by Goldman Sachs acquiring control of QianKun Futures [1][2]. Industry Development - The China Securities Regulatory Commission (CSRC) approved the change of actual controller for QianKun Futures to Goldman Sachs Group, which is now wholly owned by Goldman Sachs (China) Securities Co., Ltd. with an investment of 317 million yuan [1]. - As of now, there are four foreign wholly-owned futures companies in China: QianKun Futures, JPMorgan Futures, Morgan Stanley Futures, and UBS Futures [1]. - The removal of foreign ownership limits for futures companies in China took effect on January 1, 2020, ahead of similar changes in the securities and fund industries [1]. Business Expansion - Morgan Stanley Futures has recently been granted qualifications for financial futures brokerage, expanding its business scope to include both commodity and financial futures brokerage [2]. - The entry and development of foreign wholly-owned futures companies are expected to positively impact the internationalization, innovation, liquidity, and regulatory framework of China's futures market [2]. Market Impact - The presence of foreign wholly-owned futures companies is anticipated to diversify trading participants and investment strategies, enhancing market activity and liquidity, and improving price discovery efficiency [3]. - These companies' global commodity business strategies will help establish more representative price benchmarks for Chinese futures in international markets [3]. - The increased participation of foreign institutions is expected to enhance the authority of renminbi-denominated assets in international pricing [3]. Regulatory Considerations - The influx of international clients necessitates stronger compliance and regulatory measures, particularly in cross-border supervision, to prevent systemic risks while promoting the internationalization and high-quality development of China's futures market [3][4]. - The entry of foreign institutions is seen as a key driver for optimizing market structure, improving regulations, and enhancing international influence [4].