Core Viewpoint - The newly published "Guidelines for Futures Companies to Release Futures Research Reports" aims to standardize the behavior of futures companies in releasing research reports, enhance research service capabilities, and address internal control deficiencies and irregular processes in the industry [1][2]. Group 1: Guidelines Overview - The guidelines focus on "standardizing professional behavior, preventing business risks, and improving service quality," detailing execution standards for each step in the report release process [2]. - A total of 32 articles are included in the guidelines, emphasizing the establishment of a comprehensive internal control system covering the entire process of report creation, review, release, and sales service [2][3]. Group 2: Key Highlights - The guidelines require unified content elements and format standards for research reports, emphasizing the qualifications and responsibilities of authors [3]. - A dual mechanism for quality review and compliance checks is established, with clear processes, content, responsibilities, and personnel requirements [3]. - The guidelines introduce a market impact assessment mechanism prior to report release, ensuring reports are disseminated through a centralized internal platform [3]. Group 3: Public and Private Domain Distinction - The guidelines clearly delineate the boundaries between public and private domain operations, with public domain reports limited to educational content and private domain reports requiring specific contracts and risk disclosures [4]. - This distinction aims to prevent misleading information dissemination and ensure that private domain services align with investor risk profiles [4]. Group 4: Conflict of Interest Prevention - The guidelines mandate the separation of research report creation and sales functions to ensure research independence and prevent conflicts of interest [5][6]. - Companies are required to adhere to integrity regulations and ensure consistency in internal research support [5]. Group 5: Practical Implementation - The guidelines expand their applicability to include "information services" under the same management as research reports, preventing circumvention of regulations [6]. - Companies can provide research reports to brokerage clients without separate contracts if no fees are charged, aligning with practical industry needs [6]. Group 6: Industry Impact - The guidelines address existing industry issues such as inadequate internal controls and quality inconsistencies, promoting a shift towards high-quality development in the futures market [7]. - By enhancing the quality of research services, the guidelines aim to better meet the risk management needs of industrial clients [7][8]. Group 7: Transition Period - A two-month transition period is established for futures companies to prepare for the implementation of the guidelines, ensuring readiness for compliance [8].

为进一步规范期货公司发布期货研究报告行为，提升研究服务能力，在中国证监会指导下，中期协立足 行业自律管理职责，牵头制定并于近日公布《期货公司发布期货研究报告执业指引（征求意见稿）》 （简称《指引》），面向社会公开征求意见。 《指引》共三十二条，主要包括以下核心亮点： 一是全流程规范。要求期货公司应当建立健全覆盖研究报告制作、审核、发布及销售服务全流程的内控 制度，并对发布研究报告服务活动实施集中统一管理。 构建全流程闭环管理体系 划分公域与私域展业边界 总的来看，《指引》以"规范执业行为、防控业务风险、提升服务质量"为核心导向，聚焦当前发布研究 报告存在的突出问题，进一步细化发布研究报告各环节的执行标准，提出了具体、可执行的操作指引。 同时，《指引》还借鉴吸收了证券行业在研究报告管理方面的成熟经验，结合期货市场实际展业情况， 重点明确了公域与私域场景下的展业边界、内容合规标准、风险提示以及交易者适当性管理等要求。 具体来看，统一研究报告必备内容要素与格式规范，强调署名人员资质要求和责任归属。细化研究报告 制作要求，包括信息源管理、信息核实、调研活动管理、报告内容撰写规范等。建立研究报告质量审核 与合规审查双机 ...