齐鲁大地上，钢铁火红锻造工业筋骨，化工流光照亮转型之路，有色光泽焕发产业生机，田野青绿夯实 粮仓根基，共同凝聚起实体经济发展的强劲动能。 近年来，依托优势工业品与特色农产品资源，山东期货市场在提升产业链供应链韧性、助力乡村振兴等 方面的作用日益凸显。2025年，围绕更好地发挥期货市场功能、促进实体经济高质量发展，山东证监局 在严守风险底线、强化监管赋能的基础上，推动市场各方把期货衍生工具科学运用到产业一线，把价格 信号转化为经营决策，把风险管理嵌入生产流通全链条，逐步形成期货市场与实体经济同频共振的生动 实践，推动期货市场在稳链保供、稳产增收中发挥更大作用。 凝聚共识：锚定高质量发展方向 期货和衍生品法明确指出，"国家支持期货市场健康发展，发挥发现价格、管理风险、配置资源的功 能"。期货市场天然与现货产业相伴相生，越是产业链长、品类多、供需波动频繁的地方，越需要一套 更加精密的风险管理工具箱，用以对冲价格波动、稳定经营预期、提升资源配置效率，更好地护航产业 链供应链稳健运行。 提升服务：让工具看得懂、用得好 运用期货衍生工具管理风险，关键在于易懂和会用。围绕产业企业"想用不会用、想用不敢用"的痛点， 山东证监 ...

Core Viewpoint - The Zhengzhou Commodity Exchange (ZCE) is soliciting applications for 2026 annual projects aimed at enhancing the service quality of the futures market to the real economy, in line with national policies and guidelines [1] Group 1: Application Requirements - Applicants must collaborate with a futures company and be located in industrial or institutional investor clusters [1] - Eligible applicants include influential industry entities with experience in utilizing futures and derivatives to serve the real economy [1] - Applicants should have independent legal status and the capability to provide substantial customer resources and quality training [1] Group 2: Types of Collaborating Units - Industrial units include enterprises from various segments of the supply chain, such as polyester chemicals, coal chemicals, salt chemicals, ferroalloys, oilseeds, and soft commodities [2] - Commodity service providers must engage in multiple ZCE products and primarily trade through futures-spot integration [2] - Platform companies should assist ZCE in industry cultivation and research, providing information, training, and venues [2] Group 3: Institutional Collaborating Units - Financial institutions must have a strong reputation and influence in the industry, capable of conducting training for institutional investors [3] - Platform companies serving institutional investors should support ZCE in training and research activities [3] - These entities must demonstrate strong capabilities in providing services to institutional clients [3] Group 4: Responsibilities of Collaborating Units - Collaborating units, referred to as demonstration enterprises, are expected to support ZCE in market cultivation activities, including training, research, and promotional efforts [4] - They must submit annual work summaries and exemplary case reports by the end of November [4] - Collaborating units should guide upstream and downstream enterprises in participating in futures trading and assist in resolving related issues [4]

Core Viewpoint - The futures market is becoming a crucial support for real enterprises to manage risks and stabilize operations amid a complex international environment and domestic economic adjustments [1][2]. Group 1: Challenges Faced by Real Enterprises - Real enterprises are currently facing unprecedented operational challenges due to severe price fluctuations, supply chain restructuring, and macro policy divergence [1]. - The steel industry, for example, has seen an 18% year-on-year decline in average rebar prices for 2024, with some steel mills' sales profit margins dropping below 1% [2]. - Over 60% of small and medium-sized steel enterprises have a hedging ratio of less than 20%, indicating a significant lack of risk management capabilities [2]. Group 2: Role of Futures Tools - Futures tools are increasingly viewed as a "stabilizer" for enterprises to mitigate risks [2]. - The futures market provides authoritative forward price signals that help enterprises plan production effectively [2]. - By utilizing hedging operations, enterprises can transfer price fluctuation risks, locking in costs and profits [2]. Group 3: Innovative Service Models - The "six-step" full-chain service model developed by Yong'an Futures in collaboration with Liuzhou Steel is a typical example of how futures tools assist enterprises in managing operational risks [3]. - This model includes developing hedging management methods, cultivating delivery qualifications, and creating a complete service ecosystem [3]. - The registration of the first 5,190 tons of rebar warehouse receipts helped Liuzhou Steel avoid potential losses of 1.2456 million yuan [3]. Group 4: Service System Development - Yong'an Futures has established the "Yongdong Qihang" industry service brand, covering the entire lifecycle of enterprises from startup to maturity [4]. - The company has served 16,000 real enterprises and has been recognized as one of the "Top 500 Service Enterprises in China" for five consecutive years [4]. Group 5: Technological Advancements - The "Yongyiqi" one-stop intelligent service platform has transformed traditional service models, significantly improving service efficiency by reducing processing times for warehouse receipts and delivery [5]. - The platform has served over 1,000 enterprises, facilitating a shift from offline manual operations to online intelligent services [5]. Group 6: Investor Education Initiatives - Yong'an Futures is addressing the lack of understanding of the futures market by implementing a comprehensive investor education strategy [6]. - The company has established a national service network and launched various educational products to enhance awareness and understanding of futures tools [6]. Group 7: Future Directions - The futures industry needs to continue enhancing service upgrades and educational innovations to help enterprises better understand and utilize futures tools for risk management [7]. - By promoting professional, diverse, and engaging educational methods, the industry aims to strengthen its role in supporting the real economy and contributing to national strategies [7].

Core Insights - The DCE's "DCE·Industry Action" initiative aims to enhance the futures market's role in supporting high-quality development of the real economy by organizing targeted training activities across various regions in China [1][2][8] Group 1: Training Activities and Participation - In 2025, the DCE organized 20 specialized training sessions, attracting over 2,300 participants from government departments, state-owned enterprises, listed companies, and financial institutions [1] - The training activities were conducted in nearly 20 provinces, including Beijing, Guangdong, and Xinjiang, focusing on local industrial needs and national development strategies [2][3] Group 2: Focus on Key Regions and Industries - The initiative targeted key regions such as Beijing and the Guangdong-Hong Kong-Macao Greater Bay Area, emphasizing risk management for state-owned and private enterprises [2] - In Shandong, the DCE supported leading enterprises in energy, metallurgy, and agriculture, enhancing the understanding of futures tools among local industries [2] Group 3: Tailored Training and Content Customization - The training content was customized based on pre-training surveys and feedback, addressing specific needs of industries such as livestock farming and coal chemical sectors [4][6] - A multi-tiered training approach was developed, catering to different levels of participants, including comprehensive training for state-owned enterprises and specialized sessions for local industries [4] Group 4: Overcoming Practical Challenges - The training addressed three main barriers for enterprises in the futures market: risk control, accounting for hedging, and the application of advanced trading tools [5][6] - Emphasis was placed on practical applications, helping enterprises transition from basic price hedging to sophisticated profit management strategies [6] Group 5: Collaborative Ecosystem Development - The DCE established a collaborative ecosystem involving local financial authorities, other exchanges, and industry leaders to enhance the effectiveness of training programs [7] - Joint training sessions with other exchanges improved resource utilization and overall market influence [7] Group 6: Impact and Outcomes - The DCE reported a 14.3% year-on-year increase in daily positions held by industrial clients, indicating a growing engagement with futures markets [8] - Training initiatives contributed to the establishment of internal hedging policies and professional teams within participating enterprises, integrating futures tools into their operational processes [8] Group 7: Future Directions - The DCE plans to continue optimizing the "DCE·Industry Action" framework, focusing on personalized training and expanding outreach to underserved regions and industries [9] - The initiative aims to build a professional talent pool that understands industry needs, financial tools, and risk management [9]

Core Insights - The training program for government officials in Liuzhou focused on enhancing the understanding and application of futures and derivatives to support the local economy's high-quality development [1][3] Group 1: Training Program Overview - The training was organized by Zhengzhou Commodity Exchange in collaboration with various local government and financial institutions, aiming to optimize the environment for enterprises participating in the futures market [1] - Over a hundred participants from government departments, state-owned enterprises, and local leading companies attended the training, which included both theoretical and practical components [1][2] Group 2: Key Presentations - Professor Li Qiang from Northeast Finance University discussed the new characteristics of the futures market in supporting high-quality economic development, emphasizing the importance of using derivatives for risk hedging [2] - Liu Dewei, General Manager of Xiamen International Trade, highlighted the necessity of hedging in the context of increasing geopolitical uncertainties and commodity price volatility, stating that futures can help reduce costs and enhance operational stability [2] - CEO Hua Jinhui from Weixian Network focused on the financial processing and compliance audit aspects of futures derivatives, providing insights into the accounting standards and contract regulations [2] Group 3: Local Economic Context - Yuan Dongsheng, a member of the Liuzhou Municipal Government, pointed out the close relationship between industrial production and raw materials like copper and iron, as well as agricultural products, stressing the impact of commodity price fluctuations on business performance [3] - Zhao Weidong from the Guangxi Financial Work Committee noted the current policy opportunities for the futures market, emphasizing Guangxi's advantages in the commodity sector and its potential as a significant trading hub for ASEAN [3] Group 4: Market Development and Support - The Zhengzhou Commodity Exchange has been enhancing its service capabilities, with plans to support local enterprises in Liuzhou through futures derivatives, having already assisted 25 companies in hedging [4] - The training was well-received, with participants expressing that the content was relevant to their needs and helped improve their professional capabilities in utilizing futures tools for enterprise support [4]

Core Insights - The training program aims to enhance the role of the futures market in supporting the real economy and local economic development, focusing on optimizing the environment for enterprises to participate in the futures market [1][3]. Group 1: Training Program Overview - The training was organized by Zhengzhou Commodity Exchange (ZCE) in collaboration with various local government and financial institutions, attended by over a hundred participants from local government departments and enterprises [1]. - The curriculum was tailored to the industrial characteristics of Liuzhou, covering topics such as the functions of the futures market, case studies, regulatory audits, and financial taxation [1]. Group 2: Expert Insights - Professor Li Qiang from Northeast Finance University discussed the new characteristics of the futures market during high-quality development, emphasizing the importance of using derivatives for risk hedging [2]. - Liu Dewei, General Manager of Xiamen International Trade, highlighted the necessity of hedging in the context of increasing geopolitical uncertainties and commodity price volatility, stating that futures can help reduce costs and enhance operational stability [2]. Group 3: Government and Institutional Support - Officials from the Liuzhou government and Guangxi Financial Office expressed the importance of the futures market in stabilizing the economy, particularly in relation to the local industrial and agricultural sectors [3]. - The Guangxi region is positioned as a significant hub for commodity trading, with potential for further development in futures market integration [3]. Group 4: Market Development and Future Prospects - ZCE's Vice President Wang Xiaoming reported on the continuous growth of the futures market's scale and capabilities, specifically mentioning the establishment of delivery points for various commodities in Guangxi [4]. - The training participants expressed that the program met their practical needs and enhanced their understanding of utilizing futures tools to support enterprises [4].

Core Viewpoint - The Zhengzhou Commodity Exchange has revised the rules for cotton futures to align with the latest national standards and inspection systems, enhancing the functionality of the cotton futures market [1][2]. Group 1: Rule Updates - The revision updates the national standard for the benchmark delivery quality of cotton from GB 1103.1-2012 to GB 1103.1-2023, ensuring consistency with the standards used in the spot market [1]. - The names of the relevant documents for cotton quality inspection have been updated to reflect current practices, linking the rules to the effective cotton inspection management system [1]. Group 2: Market Impact - The revision does not make substantial changes to the core trading and delivery systems of cotton futures, resulting in minimal impact on market operations [2]. - The timely update of rules is expected to make cotton futures contracts more aligned with the realities of the spot market, enhancing the precision of the futures market in serving the real economy [2]. - Market participants have responded positively, noting that the revisions will help industry players better utilize futures tools to stabilize operations [2].

Core Viewpoint - Shanghai is actively promoting the construction of an international trade center, with the futures market playing a crucial role in driving industrial transformation and upgrading [1] Group 1: Collaboration and Innovation - SYC New Materials Group, a leading company in the casting aluminum alloy industry, faces significant price volatility pressures and requires professional risk management tools [1] - Shenyin Wanguo Futures has established a deep collaboration with SYC, leveraging the listing of aluminum alloy futures to explore innovative applications of futures and derivatives in the industry [1] - The collaboration aims to help SYC effectively hedge price volatility risks, innovate trade pricing models, and promote coordinated development within the industry [1] Group 2: Service Solutions and Process - Shenyin Wanguo Futures has developed a comprehensive, multi-dimensional futures service plan for SYC, achieving three major innovations in operational mechanisms, collaboration models, and industry participation [2] - The company organized a professional service team to guide SYC in participating in the first-day trading of aluminum alloy futures, allowing SYC to quickly familiarize itself with the trading mechanisms and market characteristics [2] Group 3: Pricing Model and Trade Optimization - A new trade model combining "futures pricing + agreed premium/discount" was launched to address uncertainties in traditional spot trading caused by price fluctuations [3] - This model enhances transaction transparency and fairness, effectively mitigating profit losses from price volatility while improving trading efficiency [3] Group 4: Industry Participation and Ecosystem Integration - Shenyin Wanguo Futures is assisting SYC in initiating three core applications: futures industry base application, hedging quota application, and warehouse receipt registration application [4] - These initiatives aim to enhance the participation of upstream and downstream enterprises in the futures market and improve the overall risk management level of the industry [4] Group 5: Project Outcomes and Industry Impact - The innovative application of futures tools has allowed SYC to stabilize its production operations and avoid profit losses during significant market price fluctuations [5] - The new pricing model has gained widespread recognition among customers, leading to an increase in the number of cooperative clients and trading volume, significantly enhancing SYC's market competitiveness [5] - SYC's practices have been widely reported by industry associations and mainstream media, encouraging more enterprises in the industry chain to engage with the futures market [5] Group 6: Replicability and Broader Application - The project employs a clear process of "first-day trading participation + futures pricing + multi-dimensional applications," making it suitable for leading enterprises in the bulk commodity industry to replicate [7] - This model can be extended beyond aluminum alloys to other metal raw materials and bulk commodities, such as chemicals and agricultural products [7] - The collaboration model of "futures company + entity enterprise + risk management company" achieves precise matching of financial resources and industrial needs, providing a replicable cooperation paradigm for serving the real economy [7] Group 7: Leading Industry Development - The successful implementation of this project not only brings tangible benefits to SYC but also upgrades the risk management concepts across the entire casting aluminum alloy industry chain [8] - SYC is leading the formation of a trade ecosystem characterized by "shared risks and shared benefits" among upstream and downstream enterprises, injecting financial innovation into Shanghai's international trade center [8] - Shenyin Wanguo Futures plans to continue deepening its collaboration with SYC and promote the successful experiences of this case to more real enterprises, contributing to the high-quality development of the industry [8]

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].

Core Viewpoint - The futures market plays a unique role in helping China's economy address new challenges, emphasizing the importance of price discovery, risk management, and resource allocation [2] Group 1: Financial and Industrial Collaboration - The futures industry can create a more efficient "super ecosystem" to enhance financial support for the real economy, focusing on sectors like domestic demand, technological innovation, and small and medium enterprises [3] - Futures companies should break traditional service boundaries and enhance their ecological hub functions by deepening collaboration with banks, securities, private equity, government, and exchanges [3] Group 2: Supporting Enterprises Going Global - The increasing volatility of commodity prices has heightened the risk management needs of companies expanding internationally, making it essential for futures companies to assist these enterprises [4] - Futures companies with international capabilities can leverage domestic market advantages to create a "domestic + international" service model, helping businesses manage price risks and secure essential raw materials [4] Group 3: Market Cultivation Innovation - Market cultivation is crucial for enhancing industry clients' understanding of futures, transitioning from theoretical accessibility to practical usability [4] - The establishment of investor education bases, such as the one in Chongqing, has produced over 4,000 original educational materials and reached more than 750,000 participants since its operation began in October 2021 [4] Group 4: Regional Economic Development - The company has integrated its development with the regional development strategy in the Chengdu-Chongqing economic circle, providing comprehensive services to emerging industries like new energy and high-end equipment manufacturing [5] - The company has supported over 1,000 industrial clients in the region, with client equity scale increasing sevenfold during the "14th Five-Year Plan" period [5] Group 5: Green Transformation Empowerment - The futures market is positioned to play a significant role in supporting the green transformation of the economy, with new futures products aiding industries like electric vehicles and solar energy [6] - The company has established research brands focused on green sectors, providing cutting-edge insights and research to clients, and has achieved a leading position in serving upstream enterprises in industrial silicon, lithium carbonate, and polysilicon [6]