其三，期货管理人积极响应国家"鼓励长期资金，倡导长期投资"的要求。在管理资产的交易活动中保持 定力，减少频繁交易导致的大起大落，坚持长期稳健的投资原则。期货人在多年与期货市场打交道的过 程中，积累了丰富的经验，对行情的波动有充分的心理承受能力，具备面对突发行情的风险处理经验， 并熟练掌握各类衍生品工具来对冲市场风险。他们如同经验丰富的航海家，在波涛汹涌的市场海洋中， 凭借着坚定的信念和娴熟的技巧，稳健前行。 其四，作为金融持牌机构，期货公司重视业务开展中的风险合规管理。严格的准入和持续监管要求，犹 如高悬的达摩克利斯之剑，推动期货公司在资产管理业务开展的同时建立健全的风险控制体系，并将全 面合规的管理理念同步到资管业务之中。完善的管理机制加上不定期的监管监察和定期的内部稽查，如 同三重坚固的防线，充分确保业务在规范可控的管理下运行，从而实现了对产品投资人权益的充分保 护。 其五，业务管理办法中允许也鼓励期货公司自有资金以及期货公司人员以不超过一定比例参与产品跟 投。这一举措具有多重意义。一方面，加大了产品管理团队的管理责任和压力，促使他们更加谨慎、负 责地管理产品；另一方面，也是对优秀的管理团队和出色的业绩表 ...

Core Insights - The futures market has shown continuous growth in 2023, with total funds exceeding 1.9 trillion yuan, marking a historical high [1][3] - The market's ability to serve the real economy and enhance risk management has improved significantly, indicating a new stage of industry development [2] Market Size and Growth - The total funds in the futures market have rapidly increased since 2020, surpassing 1.9 trillion yuan in August 2023, with an expected year-end target of over 2 trillion yuan [3][4] - The cumulative trading volume reached 5.97 billion contracts and a trading value of 47.61 trillion yuan from January to August 2023, reflecting year-on-year growth of 21.7% and 22.9% respectively [4] Factors Driving Growth - Three main factors contributing to the record high in futures market funds include geopolitical and economic policy changes, capital market dynamics, and regulatory policies promoting market development [4] - The stable trading environment is indicated by a consistent trading-to-holding ratio of 0.77, suggesting rational market participation without excessive speculation [5] Asset Management Expansion - The scale of futures asset management has increased significantly, with private asset management products reaching 383.97 billion yuan by July 2025, a growth of over 22% from the previous year [5][6] - The demand for diversified investment solutions among high-net-worth individuals and institutional investors is driving the expansion of futures asset management [6][7] Future Outlook - The futures market is closely linked to the real economy, with increasing participation from industrial clients and financial institutions [7] - Continuous regulatory improvements and product innovations are expected to enhance the market's pricing and risk management capabilities [7][8] - The opening of capital markets and the expansion of foreign institutional participation are anticipated to boost market liquidity and pricing efficiency [7]

Core Insights - The article discusses how Shanghai Lishimo New Materials Co., Ltd. has adapted to market volatility in the lithium salt industry by leveraging financial tools and partnerships to manage risks effectively [1][2][3] Group 1: Market Dynamics - The price of lithium carbonate has experienced significant fluctuations, dropping from 90,000 yuan/ton at the beginning of the year to below 60,000 yuan/ton in mid-June, before rebounding to over 75,000 yuan/ton [1] - The volatility of over 50% in lithium prices has created challenges for the entire lithium salt industry, leading to the exit of smaller traders due to financial constraints [1] Group 2: Strategic Adaptation - Shanghai Lishimo has shifted its trading model from a traditional "buy cost + profit" approach to a more market-oriented "spot-futures combination" model following the launch of lithium carbonate futures in 2023 [2] - The company has engaged Citic Futures to explore a futures asset management model, allowing for lower-cost risk hedging and compliance with new asset management regulations [2] Group 3: Future Outlook - The integration of spot and futures markets is expected to enhance risk management capabilities, with the company aiming to expand its services to more upstream and downstream clients in the lithium carbonate supply chain [2][3] - The focus on risk control rather than immediate profit is emphasized, suggesting that companies should engage in limited speculative activities while adhering to established operational rules for sustainable growth [3]

Core Viewpoint - The company reported a strong performance in H1 2025, with total revenue and net profit attributable to shareholders reaching 1.047 billion and 228 million yuan, respectively, reflecting year-on-year increases of 4.49% and 66.49% [1][2] Revenue Structure - The revenue breakdown for the company includes futures brokerage at 23.3%, asset management at 11.6%, risk management at 63.8%, and other income at 1.3% [1] - The asset management business saw significant growth, with revenue increasing by 223.83% year-on-year to 121 million yuan, driven by an expansion in product scale and excellent investment returns [1] Asset Management Performance - As of H1 2025, the company's asset management equity scale reached 3.201 billion yuan, a year-on-year increase of 36.50% [1] - The "Ruida Futures - Ruizhi Wuyou No. 99" product ranked first among 104 CTA strategy asset management products on the private equity platform [1] Risk Management Business - The risk management business generated revenue of 668 million yuan in H1 2025, a slight decline of 5% year-on-year, attributed to a decrease in revenue from commodity risk management [1] - However, when calculated on a net basis, the risk management revenue increased by 45% to 125 million yuan [1] - The company achieved a nominal principal of 22.299 billion yuan in derivative trading during H1 2025, with options market-making volume ranking second in the industry [1] Profitability and Market Share - The operating profit from risk management increased by 47% year-on-year to 97 million yuan, with an operating profit margin rising by 5.12 percentage points to 14.5% [2] - The brokerage business remained stable, with revenue of 244 million yuan, a slight decrease of 0.3% year-on-year, while the market share of transaction volume increased by 0.08 percentage points to 0.98% [2] Investment Outlook - The company is expected to benefit from its strong innovation capabilities in the futures industry, with a projected net profit attributable to shareholders of 423 million yuan in 2025, reflecting a year-on-year increase of 10.5% [2]