其一，积极布局首日交易，把握市场先机。2025年6月10日上期所铸造铝合金期货上市，申银万国期货 组建了专业服务团队，提前为SYC提供品种研究、交易规则解读、风险对冲策略设计等全流程指导。通 过前期市场供需调研、模拟交易演练，SYC成功参与上市首日首批交易，成为行业内率先介入新品种交 易的企业。这让企业快速熟悉了铸造铝合金期货的交易机制与市场特点，为后续风险管理积累了宝贵实 践经验。 其二，创新期货定价模式，优化贸易生态。针对传统现货贸易中价格波动导致的交易不确定性问题，申 银万国期货旗下风险管理公司申万智富与SYC联合推出"期货定价+升贴水约定"的现货贸易模式。双方 在签订现货贸易合同时，以上期所铸造铝合金期货价格为基准，根据产品质量、交货地点、交货周期等 因素约定合理升贴水，提前锁定采购成本与销售价格。申银万国期货全程提供定价基准测算、升贴水协 商支持、风险敞口管理等专业服务，该模式显著提升了买卖双方的交易透明度与公平性，有效规避了价 格波动带来的利润损失，同时降低了上下游客户合作风险、提高了交易效率，迅速获得市场认可。 其三，多维推进产业参与，深化生态融合。为推动合作向纵深发展，申银万国期货协助SYC启 ...

Core Viewpoint - The announcement of fee reductions for futures delivery and related costs by multiple exchanges aims to support the real economy and enhance risk management for enterprises in response to increasing market volatility and demand for hedging tools [15][16]. Group 1: Fee Reductions - The Shanghai Futures Exchange, its subsidiary Shanghai Energy, Zhengzhou Commodity Exchange, Dalian Commodity Exchange, and other exchanges will waive delivery fees, standard warehouse receipt transfer fees, margin fees for standard warehouse receipts, and conversion fees for the year 2026 [1][7][8][9][10]. - The Dalian Commodity Exchange will also implement a 50% reduction in fees for hedging transactions, excluding high-frequency traders [11][12]. - The China Financial Futures Exchange will reduce delivery fees for stock index futures and government bond futures by 50%, as well as fees for exercising stock index options, also excluding high-frequency traders [2][13]. Group 2: Market Impact - The fee reductions are seen as a key measure to enhance the participation of enterprises in the futures market, aligning with the increasing demand for risk management tools due to significant price volatility in commodity markets influenced by geopolitical factors and macroeconomic policies [15][16]. - The measures are expected to lower the hedging costs for enterprises, making it easier for small and medium-sized enterprises to engage in hedging activities, thus broadening the use of hedging tools across the entire industry chain [15][16]. - The focus on optimizing delivery costs is anticipated to encourage more eligible physical resources to enter the futures delivery system, improving the efficiency of warehouse receipts and facilitating better resource allocation for enterprises [16].

王广学 编者按 首先，期货行业要打破边界，提高服务效率。王广学表示，期货公司作为连接期货市场与实体产业的核 心桥梁，必须打破传统"通道式"服务边界，进一步强化生态枢纽功能。通过深化与银行、证券、私募、 政府、交易所等的协同合作，推动服务模式从"方案定制"向"生态赋能"深度升级，持续拓展服务边界、 创新服务工具、优化服务效率。 其次，要着力服务企业稳健"走出去"。当前，大宗商品价格波动风险加剧，出海企业的风险管理需求日 益迫切。期货公司将服务企业出海作为新的着力点，这是契合市场需求、发挥自身专业优势的必然选 择，也是推动实体经济高质量发展的关键路径。具备国际化业务能力的期货公司可以立足国内市场优 势，打造"境内+境外"联动的服务模式，帮助企业更好利用境内境外两个市场、两种资源，应对价格波 动风险、把握定价主动权，提高产业发展所需的关键原材料保障能力。 最后，要创新市场培育模式。市场培育不仅是提升产业客户期货认知的基础工程，更是推动期货工具 从"理论可及"转向"实践可用"的核心纽带。其中，投教基地作为市场培育的核心阵地，正以多元化、专 业化的服务形态，为期货服务产业客户构建起全方位的支撑体系。中信建投期货在重庆打 ...

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 保险机构权益增幅最为显著 资金的持续流入，核心驱动力在于期货市场服务实体经济的功能得到更广泛地认可和有效发挥，尤其是 在风险管理方面。特别是，在今年年初推动中长期资金入市政策的推动下，包括保险资金在内的中长期 资金参与期货市场的积极性明显提升，其权益增幅也最为显著。 2025年初《关于推动中长期资金入市工作的实施方案》印发实施后，"长钱长投"的政策体系和市场生态 逐步完善，"资金入市、工具护航"的需求持续提升。随着期货期权品种体系不断丰富，市场深度不断提 升，市场功能有效发挥，期货市场对中长期资金的吸引力日益显现，而包括保险资金在内的中长期资金 扩大参与期货市场，进一步优化了投资者结构，有 ...

近期，光伏行业"反内卷"引发广泛关注。多晶硅作为光伏行业核心原材料，整个产业能否借助"反内 卷"的东风，破除行业高质量发展的阻碍因素，值得持续跟踪和观察。 响应国家政策 光伏行业"反内卷"进入深水区 从政策层面来看，光伏行业"反内卷"早有征兆。2024年7月，中共中央政治局召开会议首次提出防止"内 卷式"恶性竞争。2024年12月，中央经济工作会议提出，综合整治"内卷式"竞争，规范地方政府和企业 行为。 今年7月1日，中央财经委员会会议提出，依法依规治理企业低价无序竞争，推动落后产能有序退出。7 月20日，中央政治局会议上再次明确要求推进重点行业产能治理等。12月10日至11日，中央经济工作会 议提出要制定全国统一大市场建设条例，深入整治"内卷式"竞争。本轮的"反内卷"治理与2015年-2017 年供给侧结构性改革相比，聚焦中下游制造业及部分新兴行业如新能源汽车、光伏、储能等，其本质是 纠治不正当竞争和地方保护主义，供需错配是次要矛盾。 近期召开的"2025第八届中国国际光伏与储能产业大会"，正式发布了《"破除内卷式竞争 筑牢全球能源 安全基石"的成都宣言》，明确摒弃"拼价格"的零和博弈。 另一方面，当前光伏 ...

当前国际形势复杂多变，大宗商品价格波动加剧，实体企业经营面临的不确定性显著增加，对精细化、专业化风险管理的需求日益迫切。期 货市场作为价格发现和风险管理的关键枢纽，其服务实体经济的本源使命愈发凸显。安粮期货深刻洞察行业发展趋势，积极践行"金融服务 实体经济"根本宗旨，在各期货交易所的大力支持下，主动深入企业、贴近产业，通过一系列精准、深入的"一对一"专场活动，将期货工具 的专业价值转化为实体企业稳健经营的实际助力。 一、聚焦产业痛点，以创新工具精准对接原料定价需求 化工产业链企业长期面临原料价格频繁波动的难题，而大连商品交易所新上市的线型低密度聚乙烯（LLDPE）、聚氯乙烯（PVC）、聚丙烯 （PP）月均价期货，正是契合产业月度定价需求的创新衍生工具。该类品种上市首月便运行平稳，价格贴合基本面，套期保值功能初步显 现，获得市场广泛认可。 安粮期货紧跟交易所产品创新步伐，将推广化工品月均价期货作为服务化工企业的重要切入点。11月21日，公司在山东某上市企业成功举 办"DCE·产业行－聚丙烯月均价期货培训"专场活动，吸引近30位产业人士参加。活动不仅系统阐释了聚丙烯月均价期货的设计原理、运行情 况与应用前景，更紧 ...

Group 1 - The Zhengzhou Commodity Exchange (ZCE) held a high-level training program for government officials from eight provinces, focusing on futures and derivatives business [1] - The training included ten core modules covering political theory, international macroeconomic analysis, futures market development, and risk management practices [1][2] - The program aimed to enhance the capabilities of officials in supporting enterprises to utilize futures tools effectively, aligning with the Party's theoretical education [1][3] Group 2 - China's futures market has developed a strong foundation to serve the real economy, with significant trading volumes in various commodities ranking among the top globally [2] - In the first ten months of this year, 1,737 listed companies announced plans to participate in the futures market, marking a 10.8% increase year-on-year [2] - Risk management has become essential for enterprises, with many companies establishing comprehensive systems and teams to utilize futures markets as part of their strategic planning [2][3] Group 3 - Hedging practices have evolved from simple risk management to comprehensive tools for integrating business operations, allowing companies to proactively manage risks [3] - The futures market provides a fair pricing mechanism that enhances risk management flexibility for enterprises [3] - Participants in the training expressed that the program deepened their understanding of the futures market's functions and practical applications, laying a foundation for better policy formulation and industry regulation [3][4] Group 4 - The ZCE has conducted multiple training sessions across various provinces this year, marking its first high-level, cross-regional training for government officials [4] - The ZCE plans to continue innovating its initiatives to support the construction of a modern industrial system and strengthen the real economy [4]

郑商所联合中国浦东干部学院（下称中浦院）近日在上海举办"八省（自治区）政府部门干部期货及衍 生品业务专题培训班"。来自河北、江苏、山东、河南、湖南、广西、贵州、新疆（含兵团）等八省 （自治区）的国资、工信、财政、税务等多系统条线干部代表，参加了此次高规格专题培训。 此次培训紧扣时代需求与政策导向，设置了10个核心课程模块，涵盖政治理论学习、国际宏观形势分 析、期货市场发展与监管体系解读、企业期现结合实践案例、套保业务内控机制及合规审计等多方面内 容，通过专题讲座与现场教学相结合的形式，实现理论与实践的深度融合。 中浦院副院长张生新在开班仪式上表示，在学习贯彻党的二十届四中全会精神的关键时期，此次培训既 是对党的创新理论的跟进学习，也是理论联系实际的具体实践。中浦院作为党校体系的重要组成部分， 以严格的政治、学术、教学和管理标准保障办学质量。此次培训聚焦履职能力提升，将党的理论教育与 业务培训有机融合，旨在为学员搭建交流分享平台，助力构建学习共同体，实现知识共享与共同成长。 参与培训的学员普遍表示，为期5天的封闭学习收获颇丰，不仅深化了对党的理论的理解，而且系统学 习了期货市场的功能作用与实践路径，为今后在政策 ...

11月15日，备受市场关注的实盘大赛颁奖大会在西安举行。 在全球经济格局深刻演变、金融市场波动加剧的当下，西安这座承载着千年商贸基因、兼具厚重历史与 蓬勃朝气的城市，一时间汇聚了众多期货、期权投资机构与交易者。此次大会以"海纳百川"为主题，为 全球期货、期权交易者搭建了展示智慧、交流互鉴的舞台，更为业界共同探讨难点、凝聚共识提供了宝 贵契机。 王锐认为，面对复杂多变的市场环境，"敬畏风险、持续进化"应成为每一位期货从业者的核心信念，这 也与此次颁奖大会鼓励交易者探索适合自身交易策略的初衷不谋而合。广大交易者可以以此次大会为纽 带，深入交流，借助专业平台与工具，有效优化交易行为，共同探索期货市场服务实体经济的新路径， 在波动中识别机遇、在变化中把握确定。 西安作为古丝绸之路的起点，也是新时代内陆金融开放的重要枢纽。实盘大赛颁奖大会在这里顺利举 办，既体现了期货市场向中西部纵深发展的战略导向，也必将凭借这里深厚的资源禀赋与区位优势，为 期货行业注入新的活力与机遇。 长安期货董事长王锐告诉期货日报记者，本届实盘大赛规模再创新高，充分展现了期货市场的蓬勃活 力。越来越多的交易者和实体企业正积极运用期货、期权工具管理风 ...

Core Viewpoint - The article discusses the challenges faced by the steel industry in China, particularly in managing risks and stabilizing operations amid fluctuating demand and prices. It highlights a successful collaboration between Yong'an Futures and Liugang Steel to enhance risk management capabilities through a comprehensive service model [1][4]. Industry Challenges - The steel industry is experiencing three main pain points: 1. Increased price volatility risk, with the average annual price of rebar expected to drop by 18% in 2024, leading to some steel mills' profit margins falling below 1% [2]. 2. Rising cost control pressures, with raw material procurement costs fluctuating significantly and supply chain costs increasing by 8% to 12% [2]. 3. Insufficient hedging capabilities, as over 60% of small and medium-sized steel enterprises have a hedging ratio of less than 20% and lack professional futures teams [2]. Yong'an Futures' Service Model - Yong'an Futures implemented a "six-step" service model in collaboration with Liugang Steel, which includes: 1. **Futures Thinking Incubation**: Initial visits to Liugang to explain futures market functions and develop a risk assessment model [2]. 2. **Delivery Qualification Cultivation**: Assisting Liugang in quality testing and registration of delivery brands for futures contracts [3]. 3. **Talent Team Development**: Conducting training courses to address blind spots and pain points in futures market participation [3]. 4. **First Warehouse Receipt Generation**: Helping Liugang register its first warehouse receipt, avoiding potential losses of 1.2456 million yuan due to price declines [3]. 5. **Research and Hedging Implementation**: Establishing a dedicated research team and designing hedging strategies to mitigate risks [3]. 6. **Industry Chain Ecosystem Construction**: Collaborating with upstream and downstream enterprises to optimize supply chain efficiency and stability [4]. Strategic Significance - The collaboration between Yong'an Futures and Liugang Steel has multiple strategic implications: 1. Development of a replicable service model covering training, delivery, research, and risk control [4]. 2. Promotion of deep integration between industry and finance, enhancing the steel industry's risk management capabilities [4]. 3. Establishment of a benchmark for the industry, providing a practical example for leading steel enterprises to utilize futures tools [4].