多位受访分析人士向《证券日报》记者表示，今年前三季度期货市场成交活跃，主要在于实体企业需求 和市场服务质效提升，尤其是受宏观面影响较大的品种，表现更加突出。同时，金融期货也表现出较明 显的活跃度。 10月13日，中国期货业协会最新统计数据显示，9月份全国期货市场成交量为7.7亿手，成交额为71.5万 亿元，同比分别下降3.03%和增长33.16%；前三季度累计成交量为67.44亿手，成交额近550万亿元，同 比分别增长18.29%和24.11%。 中粮期货研究院研究员曹姗姗向《证券日报》记者表示，今年以来，国际宏观环境波动较大，实体企业 需求同样提升，双重因素影响衍生品功能发挥。一方面，国际宏观不确定性持续催生避险与交易需求， 市场波动分化加剧，既推动产业端进一步提升套期保值需求以应对经营风险，同时也吸引各类资金入 场；另一方面，产业供需矛盾对能源化工等品种影响较大，从而推动期货市场成交量和成交额走高。 "在国际市场避险情绪升温下，贵金属板块同样备受关注。"张健补充表示，例如白银期价涨幅大于黄金 期价涨幅，提升了对投机资金的吸引力。同时，工业硅等绿色品种是光伏产业链最上游的原料，在全球 能源转型和我国光伏产业 ...

Core Insights - The latest statistics from the China Futures Association indicate that the national futures market achieved a record high in July, with a trading volume of 1.059 billion contracts and a turnover of 71.31 trillion yuan, representing year-on-year increases of 48.89% and 36.03% respectively [1] - Cumulative trading volume from January to July reached 5.135 billion contracts, with a turnover of 411.04 trillion yuan, showing year-on-year growth of 23.11% and 23.09% [1] - The significant increase in futures market activity provides strong support for financial market stability and the development of the real economy [1] Exchange Performance - All major futures exchanges showed varying degrees of growth in July, with the Shanghai Futures Exchange reporting a trading volume and turnover increase of 13.23% and 2.19% year-on-year [3] - The Zhengzhou Commodity Exchange exhibited remarkable performance, with trading volume and turnover increasing by 58.46% and 23.26% year-on-year [3] - The Guangzhou Futures Exchange experienced the most significant growth, with trading volume and turnover surging by 513.26% and 597.73% year-on-year, indicating a rapid acceptance of emerging futures products [3] - By the end of July, the total open interest in the national futures market increased by 3.98% compared to the previous month, reflecting growing confidence among market participants [3] Diverse Product System - The major products traded at various commodity futures exchanges exhibit distinct characteristics, with gold, silver, and crude oil futures leading at the Shanghai Futures Exchange [4] - The Zhengzhou Commodity Exchange's top products include soda ash, glass, and caustic soda futures, while the Dalian Commodity Exchange focuses on coking coal, palm oil, and soybean meal futures [4] - The Guangzhou Futures Exchange highlights industrial silicon, polysilicon, and lithium carbonate futures as prominent products [4] - The China Financial Futures Exchange's top three products by turnover are the CSI 1000 index futures, 30-year treasury futures, and CSI 300 index futures, providing essential risk management tools for diverse investors [4] - The continuous expansion of the futures market not only reflects effective market functionality but also provides solid support for the stable operation of the real economy [4]

Core Viewpoint - The Chinese futures market has shown significant growth in trading volume and value, reflecting a shift towards high-quality development in various sectors, particularly in response to government policies aimed at stabilizing economic growth [1] Group 1: Market Performance - In July, the national futures market recorded a trading volume of 1.059 billion contracts, a year-on-year increase of 48.89% [1] - The trading value for July reached 71.31 trillion yuan, marking a year-on-year growth of 36.03% [1] - From January to July, the cumulative trading volume was 5.135 billion contracts, with a cumulative trading value of 411.04 trillion yuan, both showing year-on-year increases of 23.11% and 23.09% respectively [1] Group 2: Commodity Trends - Traditional commodities such as gold, crude oil, rebar, soda ash, and glass have seen active trading, indicating ongoing market interest in safe-haven assets [1] - There is a noticeable increase in trading volume for new energy materials like polysilicon, lithium carbonate, and industrial silicon, suggesting a transition in the photovoltaic and lithium battery industries towards high-quality development driven by technological advancement and efficiency [1] Group 3: Financial Instruments - The trading volume for CSI 1000 index futures and 30-year government bond futures ranked high, indicating a growing preference among investors for small and mid-cap growth stocks [1] - The data reflects heightened market attention to long-term interest rate trends [1] Group 4: Overall Market Sentiment - The increased activity in the futures market signifies a deepening structural transformation of the real economy and highlights the capital market's enhanced ability to support national strategies and macroeconomic stability [1]

Core Insights - The futures industry is experiencing steady growth, but internal differentiation is becoming more pronounced, with leading firms gaining advantages while smaller firms face increasing pressure [1][9] - Zhongcai Futures has emerged as a standout performer, achieving significant profit growth and providing a new model for the industry [1][6] Industry Performance - In the first half of 2025, over 150 futures companies reported a total net profit of 5.074 billion yuan, a year-on-year increase of 32%, and total revenue of 18.676 billion yuan, up 3.89% [1] - The trading volume and value in the national futures market increased significantly, with a total trading volume of 4.076 billion contracts and a trading value of 33.973 trillion yuan, representing year-on-year growth of 17.82% and 20.68%, respectively [2] Factors Driving Growth - Positive external factors, such as the introduction of new energy-related products and diversified financial derivatives, have attracted additional capital into the futures market [2] - The shift from traditional revenue models to a combination of channel income, investment, and futures income has been crucial for profit growth [3][4] Zhongcai Futures' Success - Zhongcai Futures reported a net profit of 690 million yuan, a staggering increase of 376%, and revenue of 980 million yuan, up 303% in the first half of 2025 [6] - The company's strong performance is attributed to its robust research capabilities, effective team collaboration, and a stable client resource ecosystem [7][8] Industry Trends - The futures industry is undergoing a strategic transformation from traditional brokerage services to diversified, high-value financial services [3][4] - Leading firms are expected to continue benefiting from their capital strength, brand advantages, and advanced research capabilities, while smaller firms must find differentiation to survive [9][13] Future Outlook - The internationalization of the futures industry is expected to accelerate, creating broader development opportunities while raising the bar for operational capabilities [10][11] - Companies are encouraged to leverage technology, enhance service capabilities, and focus on core competencies to achieve sustainable growth [12][13]

Core Insights - The April futures market data shows a positive trend with significant year-on-year growth in both trading volume and trading value, indicating increased market activity and attractiveness [1][3] Trading Volume and Value - In April, the national futures market recorded a trading volume of 8.09 billion 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, the cumulative trading volume reached 26.58 billion contracts and a cumulative trading value of 232.20 trillion yuan, with year-on-year growth of 22.19% and 28.36% [1] Exchange Performance - The Shanghai Futures Exchange had a monthly trading value of 28.99 trillion yuan, accounting for 41.31% of the national market, with a year-on-year increase of 26.88% [1] - The Dalian Commodity Exchange reported a monthly trading value of 9.48 trillion yuan, representing a year-on-year increase of 6.93% [1] - The Zhengzhou Commodity Exchange's monthly trading value was 7.54 trillion yuan, showing a year-on-year decline of 4.51% [1] Commodity Insights - The top traded commodities included gold, silver, and copper on the Shanghai Futures Exchange, and various agricultural products on the Zhengzhou and Dalian exchanges [3] - The trading volume of precious metals increased significantly, with gold and silver futures rising by 101.36% and 36.66% respectively, driven by heightened demand during economic uncertainty [5] Market Dynamics - Increased trading volume and value suggest a growing participation of funds and investors in the futures market, reflecting its rising importance in economic development [3] - Factors contributing to this trend include improvements in the macroeconomic environment, changes in investor risk appetite, and greater awareness of futures instruments [3]