11 月 19 日至 20 日，由《证券时报》主办的中国金融机构年会揭晓了 "2025 中国期货业君鼎奖" 评选结 果。金瑞期货凭借在服务实体经济、高质量发展领域的突出表现与深厚积淀，一举斩获 "2025 中国优秀 服务实体经济期货公司君鼎奖"、"2025 中国高质量成长期货公司君鼎奖"两项殊荣，彰显了行业权威机 构与市场对公司特色化发展之路的高度认可。 此次获奖，也是行业对金瑞期货坚持特色发展、深耕产业服务的充分认可。今年期货市场资金总量突破 2 万亿的里程碑，既印证了实体经济对风险管理的迫切需求，也彰显了期货市场在国民经济中的核心价 值，更坚定了公司对行业高质量发展的信心。 作为金融行业极具影响力的年度评选，"君鼎奖" 以专业性、公正性、权威性为核心原则，聚焦金融机 构的综合实力、创新能力与社会责任，其评选结果已成为衡量行业发展水平的重要标杆。此次金瑞期货 双线获奖，既是对公司近年来坚守产业初心、深耕特色领域的实力佐证，更是对其在服务实体经济、推 动行业高质量发展中所做贡献的充分肯定。 展望未来，虽然行业分化将持续加剧但发展更趋规范，差异化发展成为主流，标准化、透明化的服务将 让客户选择更清晰，进而推动行 ...

第十九届全国期货（期权）实盘交易大赛圆满收官。永安期货积极响应客户的参赛诉求，以专业服务陪 伴客户在实战中成长。 [以赛洞微 精准捕捉客户核心诉求] "实盘大赛不仅是客户展示交易能力的舞台，更是我们洞察客户需求的窗口。"永安期货机构管理总部负 责人表示。期货日报主办的实盘交易大赛，凭借高专业性与高参与度，已成为行业内的标杆赛事。永安 期货通过参与客户运营、赛事服务，洞察参赛客户诉求，进一步强化了参赛客户对公司专业能力的认 可。 [以赛提质 数智系统提升服务效率] 为切实提升参赛客户的报名效率，永安期货机构管理总部负责人介绍，本次大赛期间，公司使用了自主 研发的"及时雨"系统。该系统可直接导入参赛客户名单，并根据客户归属，自动将回访任务分配至对应 客户经理。同时，系统支持线上跟踪，从回访任务发起、进度推进到结果记录，均可在平台内实时查 看，实现了参赛客户回访工作的标准化与高效化。 三是行业将遵循《关于加强监管防范风险促进期货市场高质量发展的意见》向高质量发展迈进。随 着"反内卷"政策落地，行业低水平竞争乱象将得到有效遏制，期货公司的竞争逻辑将全面转向服务专业 性、风险管理能力与客户价值创造的比拼。 在此背景下， ...

Core Viewpoint - The issuance of the "Opinions" marks a critical period for the futures industry, emphasizing enhanced regulation, risk prevention, and service to the real economy, aligning with the transformation direction of Xinhu Futures [1] Group 1: Company Strategy and Development Goals - Xinhu Futures aims to establish a comprehensive research and development system by 2029, catering to all varieties and the entire industrial chain, while building an international business layout and management system [1] - The company is focusing on five key areas: technology finance, green finance, inclusive finance, pension finance, and digital finance, to enhance its service efficiency to the real economy [1][2] Group 2: Service Framework and Business Model - Xinhu Futures has developed a "1+6" service model centered on brokerage services, complemented by risk management, wealth management, institutional operations, technical support, trading skills, and active trading services [2] - The company is transitioning to a four-layer business structure that includes intermediary, tool, trading, and investment services, aiming to improve service quality and drive high-quality development [2] Group 3: Case Study and Practical Implementation - A notable case is the collaboration with small and medium-sized silver plating enterprises in Wenzhou, where Xinhu Futures designed a risk management solution to address high procurement thresholds and price volatility [3] - This solution allows enterprises to purchase silver in smaller quantities, reducing financial pressure and risks associated with price fluctuations, thus providing new growth opportunities [3] Group 4: Compliance and Training Initiatives - Following the "Opinions," Xinhu Futures has revised its internal systems, focusing on compliance management processes that integrate prevention, monitoring, and post-event handling [4] - The company has established an online training platform to ensure all employees can access business training and stay updated on regulatory changes [4][5] - Specialized compliance training is provided for new employees to instill a strong understanding of industry rules and company policies from the outset [5]

Core Viewpoint - The performance of four A-share listed futures companies in the third quarter shows significant divergence, with Ruida Futures leading in net profit growth at 42.15% year-on-year, while the overall industry is experiencing substantial growth in market scale and regulatory improvements [2][4]. Group 1: Company Performance - Ruida Futures reported a total operating revenue of 1.62 billion yuan, a year-on-year decrease of 2.87%, with a net profit of 386 million yuan, marking a 42.15% increase [2]. - Yong'an Futures achieved an operating revenue of 8.36 billion yuan, down 55.26% year-on-year, but its net profit rose by 13.31% to 475 million yuan [2]. - Nanhua Futures had an operating revenue of 941 million yuan, a decline of 8.27%, with a net profit of 351 million yuan, down 1.92% [3]. - Hongye Futures reported an operating revenue of 462 million yuan, a significant drop of 76.77%, and a net profit of 209,970 yuan, down 87.27% [3]. Group 2: Market Trends - As of October 9, 2025, the total funds in China's futures market exceeded 2 trillion yuan, reaching approximately 2.02 trillion yuan, a 24% increase from the end of 2024 [4]. - The total client equity of futures companies was about 1.91 trillion yuan, also reflecting a 24% growth compared to the end of 2024 [4]. - The number of effective clients in the market surpassed 2.7 million, a 14% increase year-on-year, with institutional clients growing by 3% and foreign clients by 11% [5]. Group 3: Regulatory Developments - The China Futures Association announced the implementation of the "Futures Market Making Business Management Rules" starting December 1, 2025, which aims to enhance the management and risk prevention of market-making activities [5][6]. - As of September 2023, 38 companies were engaged in market-making for 61 futures varieties, and 33 companies were involved in market-making for 69 options varieties [6].

Core Viewpoint - The performance of four A-share listed futures companies in the third quarter shows significant divergence, with Ruida Futures leading in net profit growth at 42.15% year-on-year, while the overall industry is experiencing substantial growth in market scale and regulatory improvements [1][3]. Group 1: Company Performance - Ruida Futures reported a total operating revenue of 1.621 billion yuan, a year-on-year decrease of 2.87%, but a net profit of 386 million yuan, reflecting a growth of 42.15% [3]. - Yong'an Futures achieved a total operating revenue of 8.355 billion yuan, down 55.26% year-on-year, with a net profit of 475 million yuan, up 13.31% [3]. - Nanhua Futures had total operating revenue of 941 million yuan, a decrease of 8.27%, and a net profit of 351 million yuan, down 1.92% [3]. - Hongye Futures reported total operating revenue of 462 million yuan, down 76.77%, with a net profit of 2.09 million yuan, down 87.27% [4]. Group 2: Market Trends - The total funds in China's futures market surpassed 2 trillion yuan, reaching approximately 2.02 trillion yuan, a 24% increase compared to the end of 2024 [5]. - The total client equity of futures companies reached about 1.91 trillion yuan, also reflecting a 24% growth from the end of 2024 [5]. - The number of effective clients in the market exceeded 2.7 million, a year-on-year increase of 14%, with institutional clients growing by 3% and foreign clients by 11% [5]. Group 3: Regulatory Developments - The China Futures Association announced new management rules for futures market-making transactions, effective from December 1, 2025, emphasizing the need for companies to establish robust management systems to mitigate risks [2][6].

Core Viewpoint - The 2025 Financial Street Forum Annual Conference aims to gather industry wisdom and discuss the development of the futures market, emphasizing the importance of protecting small and medium investors and enhancing market quality and service capabilities [1][2]. Group 1: Industry Development and Regulation - The conference highlights the need for the futures industry to align with the regulatory framework established by the China Securities Regulatory Commission (CSRC), focusing on risk prevention, strong regulation, and promoting high-quality development [1][3]. - The futures market is recognized as a crucial part of China's financial system, playing a significant role in price discovery, risk management, and resource allocation, which directly impacts enterprises and the public [3]. Group 2: Service to the Real Economy - The futures industry must transition from being mere "trading service providers" to "value partners in the industrial chain," offering strategic research and customized solutions to address common challenges faced by industries [2]. - There is a call for futures companies to provide comprehensive solutions that integrate research, risk management, and capital connection, thereby offering a closed-loop service that addresses various risks faced by industrial clients [2]. - The establishment of an integrated service ecosystem that combines spot trading, warehousing, logistics, financing, and data services is essential for enhancing operational efficiency and risk management across the entire industrial chain [2].

Core Insights - The total funds in China's futures market surpassed 2 trillion yuan, reaching approximately 2.02 trillion yuan, marking a 24% increase from the end of 2024, indicating a significant growth in market scale and maturity [1][2] Group 1: Funding Expansion - The continuous increase in total funds is driven by three main factors: policy empowerment, product adaptation, and demand upgrade, reflecting a fundamental optimization of the market ecosystem [2] - Regulatory policies have laid a solid foundation for development, with the State Council's guidelines promoting "safe regulation, steady development, and gradual opening" [2] - The expansion of the product system has provided a core vehicle for growth, with 157 futures and options products currently listed, enhancing the alignment with real demand [2][3] Group 2: Demand Dynamics - The comprehensive upgrade of real demand has activated funding momentum, with a record number of companies engaging in hedging activities, indicating a rising need for risk management [3] - The participation rate of listed companies in hedging reached 29.9%, up 1.3 percentage points from the end of 2024, showcasing the increasing importance of futures for risk management [3] Group 3: Structural Optimization - The leap in funding scale is accompanied by systematic improvements in market structure, including upgrades in client structure, trading structure, and service structure [4] - The client structure is increasingly characterized by institutional and international drivers, with effective client numbers exceeding 2.7 million, a 14% year-on-year increase [4] - The trading structure has shifted towards rational trading, with a 24.11% year-on-year increase in cumulative trading volume, driven by hedging and long-term investment [4] Group 4: Service Transformation - The service structure has transitioned from a mere transactional role to a comprehensive ecosystem, enhancing the precision of financial services to the real economy [5] - Futures companies are now offering integrated services that combine on-exchange and off-exchange, domestic and international, and technology and service [5] Group 5: Future Challenges and Pathways - The ongoing inflow of funds and structural optimization are crucial for the effective functioning of the futures market in price discovery, risk management, and asset allocation [6] - The market's milestone of 2 trillion yuan represents both an achievement and a new starting point, necessitating continued innovation in products and systems to address service gaps [7] - Strengthening technology and talent support is essential for enhancing service precision, with a focus on utilizing big data, blockchain, and AI [8]

Core Viewpoint - The State Council's recent directive emphasizes a "safe, standardized, and steady development" approach for China's futures market, highlighting the importance of strong regulation, risk prevention, and support for the real economy [1] Regulatory Foundation: From Punishment to Prevention - A comprehensive risk prevention system has been established, transitioning regulation to a "function-driven" model, ensuring a solid safety baseline for market development [2] - The industry has seen over 110 regulatory measures and disciplinary actions since 2025, focusing on key areas like internet marketing and risk management, creating a three-dimensional punishment system [2] - Enhanced regulatory capabilities through digital and intelligent transformation have significantly improved the identification of abnormal trading activities [2] - The revised classification evaluation for futures companies emphasizes supporting strong performers while limiting weaker ones, leading to increased industry concentration and resource allocation to quality entities [2] Functional Upgrade: From Tool Supply to Ecological Empowerment - The futures market has shifted from merely providing tools to empowering the entire industrial chain, significantly enhancing service quality for the real economy [3] - The adaptability of futures products to industrial needs has improved, with new products like polysilicon and lithium carbonate being launched, and a 200% year-on-year increase in trading volume for new energy products [3] - Futures companies are innovating service models to address the "last mile" issue, offering customized solutions and technical support [3] - The application of AI technology has transformed hedging from a passive to an active strategy, making it more accessible for small and medium enterprises [3] Open Progress: From Product Opening to Institutional Export - The futures market has expanded its openness, increasing both the quantity and quality of products available for international participation [4] - The number of futures options available to QFII/RQFII has increased from 46 to 75, with new products covering critical sectors like energy and agriculture [4] - The "Chinese price" has gained global influence, with the Shanghai Futures Exchange authorizing the settlement price of natural rubber futures to the Osaka Securities Exchange [4] - Innovations in cross-border delivery mechanisms have improved international participation and facilitated pricing for cross-border trade [5] Future Path: Deepening Reforms to Address Development Challenges - Despite significant progress, challenges remain, such as high participation barriers for small and medium enterprises and the imbalance between transformation pressures and innovation motivation [6] - The industry needs to enhance product and institutional offerings, including launching new futures products and optimizing hedging approval processes [7] - A technology-enabled inclusive service system should be established, promoting data sharing across departments and encouraging collaboration between futures companies and tech firms [7] - The focus should also be on expanding international participation and enhancing the global recognition of "Chinese solutions" in the derivatives market [7] Dynamic Balance of Regulation and Development - A compliance points system is proposed to reward institutions with strong compliance records and effective service to the real economy [8] - Regulatory technology will be utilized for precise regulation, minimizing interference with normal business operations [8] - The establishment of a risk reserve fund and industry guarantee fund is suggested to enhance the market's ability to withstand extreme conditions [8] - The successful implementation of the directive's principles indicates a promising future for the futures market in supporting financial strength and global resource allocation [8]

Core Insights - China's futures market has achieved a significant milestone, with total funds surpassing 2 trillion yuan, reflecting a 24% increase compared to the end of 2024, indicating high-quality development and enhanced service capabilities for the national economy [1][2] Group 1: Market Growth - The total funds in China's futures market reached approximately 2.02 trillion yuan as of October 9, marking a new high after surpassing 1 trillion yuan in February 2021 and 1.5 trillion yuan in June 2022 [2] - The total funds in the futures market serve as a key indicator of industry development, encompassing all funds deposited by various market participants, including enterprises, institutions, and individuals [2] - The increase in funds reflects a growing demand for risk management and investment allocation, alongside a stabilizing macroeconomic environment and ample market liquidity [2] Group 2: Client Base Expansion - As of September 2025, the number of effective clients in the futures market exceeded 2.7 million, representing a 14% year-on-year increase, with 650,000 new clients added in the first three quarters of 2025 [3] - Institutional clients grew by 3% year-on-year, while the number of overseas clients increased by 11%, indicating a broadening international presence [3] - The growth in client base and the optimization of client structure provide a solid foundation for the high-quality development of the futures market [3] Group 3: Trading Activity - In September, the national futures market recorded a trading volume of 770.21 million contracts, with a transaction value of 71.50 trillion yuan, reflecting year-on-year growth of 18.29% and 24.11% respectively [4] - Financial derivatives trading saw significant growth, with the China Financial Futures Exchange reporting a trading volume of 226.82 million contracts and a transaction value of 188.57 trillion yuan, marking increases of 31.8% and 53.26% year-on-year [4] - The top three financial derivatives by trading volume were the CSI 1000 stock index options, CSI 1000 stock index futures, and 30-year treasury futures, with respective volume increases of 45.41%, 47.66%, and 150.95% [4] Group 4: Sector Performance - The new energy metals sector has also shown robust trading activity, with the Guangzhou Futures Exchange reporting a trading volume of 371.21 million contracts and a transaction value of 19.90 trillion yuan, reflecting year-on-year growth of 165.82% and 152.72% [5] - The increase in trading activity in this sector is attributed to policy changes and the expansion of the new energy industry chain, which have led to significant price fluctuations [5] Group 5: Regulatory and Structural Developments - The China Securities Regulatory Commission has made notable progress in promoting high-quality development in the futures market during the 14th Five-Year Plan period, with improvements in regulatory frameworks and the introduction of new laws [6] - The futures market has become a stabilizing force for enterprises, with a well-established risk management system that has withstood significant challenges [6] - The market's openness has deepened, with 24 specific products available for foreign investment and 95 futures options accessible to qualified foreign investors [6] Group 6: Market Influence - By the end of August, the proportion of corporate client holdings in the futures market reached 65.34%, an increase of 7.94 percentage points since 2020, indicating the essential role of futures in enterprise operations [7] - Many futures products have become pricing benchmarks for domestic trade, with certain open products like crude oil gaining international pricing influence [7]

Core Insights - The total funds in China's futures market reached approximately 2.02 trillion yuan as of October 9, 2025, marking a 24% increase from the end of 2024, following previous milestones in 2021 and 2022 [1][3] - The total client equity of futures companies was about 1.91 trillion yuan, also reflecting a 24% growth compared to the end of 2024 [1] Group 1: Market Growth and Performance - The continuous growth in total funds indicates a solid step towards high-quality development in China's futures market, with a well-established variety system and broad participation from various clients [3][4] - In September, the national futures trading market recorded a trading volume of 770.21 million contracts and a transaction value of 71.50 trillion yuan, with year-to-date figures showing a 18.29% increase in volume and a 24.11% increase in transaction value [3] - As of September 2025, the number of effective clients in the market exceeded 2.7 million, a 14% increase year-on-year, with institutional clients growing by 3% and foreign clients increasing by 11% [3][4] Group 2: Client Structure and Market Functionality - The steady growth in client scale and the continuous optimization of client structure provide a solid foundation for high-quality development in the futures market [4] - The diversification of client demand has led to a richer variety system in the futures market, with improved levels of openness and enhanced capabilities to serve the real economy [4] - By the end of August, the proportion of holdings by corporate clients reached 65.34%, an increase of 7.94 percentage points since 2020, indicating the growing importance of futures in pricing benchmarks for domestic trade [4]