Core Viewpoint - The company emphasizes its commitment to green development and aims to enhance its role in supporting the green low-carbon transition and the construction of the Guangdong-Hong Kong-Macao Greater Bay Area, aligning with national strategies and initiatives [2][4]. Group 1: Green Development Initiatives - In 2025, the company plans to solidify its position in green commodities by launching futures and options for platinum and palladium, expanding its offerings in the new energy metal futures sector [3]. - The correlation of spot prices for industrial silicon, lithium carbonate, and polysilicon reached 0.99, 0.97, and 0.94 respectively, indicating strong market integration and the importance of these commodities in the global new energy pricing [3]. - The company has introduced qualified foreign institutional investors (QFII) to participate in trading of industrial silicon, lithium carbonate, and polysilicon, enhancing international cooperation and expanding its green finance network [3]. Group 2: Strategic Goals and Future Plans - The company aims to deepen its commitment to green development by focusing on innovation in commodity offerings, particularly in new energy, new materials, and carbon emissions [4]. - Plans include the development of weather-related futures and research into carbon futures to better align with industry needs [4]. - The company will enhance its market services through the "Assist Green to New" industry service plan, expanding its reach to more entities in the real economy [4]. Group 3: Operational Excellence and Risk Management - The company has been recognized by the China Securities Regulatory Commission as a qualified central counterparty (QCCP), aligning its operations with international standards and enhancing its risk management capabilities [3]. - The focus will remain on maintaining a robust risk management framework while promoting high-quality development and ensuring stable market operations [4][5].

Core Viewpoint - The company aims to enhance its role in supporting green low-carbon transformation and the development of the Guangdong-Hong Kong-Macao Greater Bay Area, aligning with national strategies for high-quality development and green finance [1][3][4] Group 1: Green Development Initiatives - In 2025, the company successfully launched futures and options for platinum and palladium, expanding its offerings in the new energy metal futures sector [2] - The correlation of spot prices for industrial silicon, lithium carbonate, and polysilicon reached 0.99, 0.97, and 0.94 respectively, indicating strong market integration [2] - The introduction of qualified foreign institutional investors (QFII) for trading in industrial silicon, lithium carbonate, and polysilicon marks a significant step in opening up the market [2] Group 2: Market Function and Risk Management - The company has been recognized as a qualified central counterparty (QCCP) by the China Securities Regulatory Commission, enhancing its operational standards and risk management capabilities [2] - The focus will be on innovation in product offerings, particularly in new energy, new materials, and carbon emissions, to better meet industry needs [3] - The company plans to deepen market services and expand its coverage of industrial bases, ensuring that futures tools are accessible to more enterprises [3] Group 3: Future Goals and Strategies - The company is committed to high-quality implementation of the "14th Five-Year Plan" and aims to contribute to the construction of a financial powerhouse and the modernization of China [4] - There is a focus on enhancing international collaboration, including exploring overseas settlement price authorization and building overseas delivery warehouses [3] - The company emphasizes maintaining a strong risk management framework to ensure stable market operations while promoting high-quality development [3]

Core Viewpoint - The company emphasizes its commitment to green development and aims to enhance its role in supporting the green low-carbon transition and the construction of the Guangdong-Hong Kong-Macao Greater Bay Area, aligning with national strategies and initiatives [1][3]. Group 1: Green Development Initiatives - In 2025, the company successfully launched futures and options for platinum and palladium, expanding its offerings in the new energy metal futures sector [2]. - The correlation of spot prices for industrial silicon, lithium carbonate, and polysilicon reached 0.99, 0.97, and 0.94 respectively, indicating strong market functionality [2]. - The company has introduced qualified foreign institutional investors (QFII) to participate in trading of industrial silicon, lithium carbonate, and polysilicon, enhancing international cooperation [2]. Group 2: Strategic Goals for the Future - The company plans to focus on product innovation in areas such as new energy, new materials, and carbon emissions, while accelerating the development of weather-related futures [3]. - There is an intention to deepen market services and expand the coverage of the "Green to New" industry service plan, ensuring that futures tools reach more real enterprises [3]. - The company aims to enhance its openness by exploring overseas settlement price authorization and the construction of overseas delivery warehouses [3]. Group 3: Commitment to High-Quality Development - The company is dedicated to implementing the strategic tasks and major initiatives of the "14th Five-Year Plan" for the futures market, contributing to the construction of a financial powerhouse and supporting China's modernization [4].

Core Viewpoint - The Guangzhou Futures Exchange is committed to supporting green low-carbon transformation and the development of the Guangdong-Hong Kong-Macao Greater Bay Area, aligning with national strategies and emphasizing the importance of green development in high-quality growth [1][3]. Group 1: Achievements in 2025 - In 2025, the exchange successfully launched futures and options for platinum and palladium, expanding the new energy metal futures sector [2]. - The correlation of spot prices for industrial silicon, lithium carbonate, and polysilicon reached 0.99, 0.97, and 0.94 respectively, with over half of the listed companies in the photovoltaic and lithium battery sectors using futures for hedging [2]. - The introduction of qualified foreign institutional investors (QFII) for trading in industrial silicon, lithium carbonate, and polysilicon marked a significant step in opening up the market [2]. Group 2: Future Plans and Strategies - The exchange aims to deepen the implementation of green development principles and enhance its role in supporting the high-quality development of the Greater Bay Area [3]. - Focus will be placed on innovation in product offerings, particularly in new energy, new materials, and carbon emissions, with plans to accelerate the development of weather-related futures and carbon futures [3]. - The exchange plans to enhance its international presence by exploring overseas settlement price authorization and building overseas delivery warehouses [3]. Group 3: Commitment to Green Futures - The exchange is dedicated to becoming a leading green futures trading platform, aligning with the strategic tasks of the "14th Five-Year Plan" and contributing to the construction of a financial powerhouse [4]. - There is a strong emphasis on collaboration and collective effort to achieve the goals of financial modernization and sustainable development [4].

"新上市74个产品，我国期货和期权品种数量达到164个。" "十四五"时期，我国期货市场产品供给稳步增加，除2021年上市4个新品种外，2022年至2025年每年上 市期货和期权新品种均在15个以上，多个产业链风险管理工具的空白被填补，成熟期货品种基本实现期 权全覆盖。与国民经济高质量发展需求相匹配，服务实体经济领域更广、能力更强的期货和衍生品体系 初步建成，期货市场服务实体经济的广度、深度和精度显著提升。 体系化布局，拓展覆盖领域 "十四五"时期，我国期货市场围绕"强链补链拓链""向绿向新"，加快健全品种体系，广泛覆盖农产品、 金属、能源、化工、建材、航运、金融等国民经济主要领域。上期所（含上期能源）先后上市了氧化 铝、合成橡胶、铸造铝合金、胶版印刷纸等18个期货和期权品种。郑商所推出了花生、烧碱、对二甲 苯、瓶片等19个期货和期权品种，覆盖油料、化工、纺织等产业链。大商所上市了生猪、原木、纯苯等 3个期货品种，以及棕榈油、乙二醇、鸡蛋等11个期权品种，并推出了国内首批月均价期货（线型低密 度聚乙烯、聚氯乙烯、聚丙烯月均价期货）。中金所先后推出了中证1000股指期货和期权、上证50股指 期权、30年期国债期 ...

Core Viewpoint - The development of green finance is essential for supporting the green transformation of the real economy and achieving high-quality financial development, with China's futures market increasingly contributing to this effort through a diversified range of green futures products [1][2]. Group 1: Green Futures Market Development - China's futures market has established a diversified system of green futures, including new energy metal futures, clean energy futures, and recycled metal futures, with products like lithium carbonate and polysilicon listed by mid-November 2025 [1][2]. - The green futures market has shown stable operation, with significant price increases in the second half of the year, such as polysilicon rising by 60.2% and lithium carbonate by 40.1% [2]. - Daily trading volume and open interest for green futures have increased significantly, with average daily transactions reaching 2.489 million contracts, a 126.2% increase from the first half of the year [2]. Group 2: Regulatory Support and Industry Engagement - The China Securities Regulatory Commission has issued guidelines to promote the development of carbon futures and support financial institutions in participating in carbon trading, aligning with the green development policy [2]. - Futures exchanges in China are actively developing green products to provide price signals and hedging tools for enterprises, with the Shanghai Futures Exchange launching the first recycled metal futures product, casting aluminum alloy futures [3]. Group 3: Future Product Development and Market Expansion - The Guangzhou Futures Exchange is accelerating the development of green products, including corrugated paper futures, focusing on recycling waste paper to support carbon neutrality and green development goals [4]. - The Guangzhou Futures Exchange plans to list platinum and palladium futures on November 27, 2025, which are critical for green industries such as automotive emissions control and renewable energy [5]. - The exchange aims to enhance its product system, improve market services, and promote high-level openness to meet the green transformation needs during the 14th Five-Year Plan period and beyond [5].

Core Insights - The Chinese futures market has significantly increased its "green content" in recent years, establishing a diversified system of green futures products focused on new energy metals, clean energy, and recycled metals [1] Group 1: Market Development - By November 2025, the Chinese futures market will have listed multiple green futures products, including lithium carbonate, polysilicon, industrial silicon (new energy metals), low-sulfur fuel oil, liquefied petroleum gas (clean energy), and casting aluminum alloy (recycled metals) [1] - The operation of these green futures products has been stable, with overall price increases observed in the second half of this year: polysilicon prices rose by 60.2%, lithium carbonate by 40.1%, industrial silicon by 15.3%, and casting aluminum alloy by 6.6% [1] Group 2: Trading Activity - Trading activity for green futures has been robust, with average daily trading volume and open interest reaching 2.489 million contracts and 1.884 million contracts, respectively, representing increases of 126.2% and 55.6% compared to the first half of the year [1] - Industrial clients are actively using green futures to manage risks, with the proportion of institutional holdings steadily increasing to approximately 70% [1]

Report Industry Investment Rating - Not provided in the report Core Viewpoints - Financial technology is revolutionizing the futures industry, impacting trading methods, risk management, service models, and market competition. It offers opportunities such as efficiency improvement, innovation, and risk management optimization but also brings challenges like regulatory issues and new risks [2][14][15] - The futures industry must embrace financial technology, actively transform, and strengthen risk management and regulatory compliance to achieve sustainable development [13][14][15] Summary by Relevant Catalogs Financial Technology in the Futures Industry - Application Status - Financial technology applications in the futures industry include big data, cloud computing, AI, and blockchain, which optimize trading processes, enhance risk management, and improve customer experience [2] - Big data enables comprehensive data collection and analysis for better trading decisions and personalized services [3] - Cloud computing provides flexible computing resources, secure data storage, and cost - effective solutions [3] - AI is used in intelligent trading systems, risk management, and customer service [4] - Blockchain offers transparency, security, and efficiency in trading, settlement, and data sharing [4][5] Financial Technology's Impact on the Futures Industry - AI and algorithm trading have increased trading efficiency, with the global algorithm trading proportion rising from less than 20% to over 50% in 10 years, but also bring new problems [5] - Blockchain technology rebuilds trust and simplifies clearing processes, reducing fraud and operational risks [6] - Cloud computing and big data upgrade infrastructure and empower decision - making, improving customer satisfaction [6] - Financial technology drives business model innovation, including smart investment advisors for retail clients and integrated service platforms for institutional clients, as well as new derivative products [7][9] Financial Technology - Risk Management Opportunities and Challenges - Financial technology provides real - time and multi - dimensional risk management capabilities, such as AI - based risk analysis and blockchain - based traceability [9] - Quantified hedging strategies can be refined with financial technology, but algorithmic trading may cause market volatility, and technical dependence poses systemic risks [10] Financial Technology and Futures Industry Integration Directions - Quantum computing may revolutionize quantitative hedging models, but large - scale commercialization is restricted by technology and cost [10] - Sustainable finance and green futures are emerging, with financial technology playing a role in carbon management and green project traceability [11] Futures Industry Transformation in the Financial Technology Era - The industry faces intensified competition, upgraded customer demands, and prominent compliance risks, making transformation necessary [11][12] - Transformation paths include technology investment, talent cultivation, risk management system reconstruction, regulatory adaptation, and ecological cooperation [13][14] Conclusion - Financial technology is reshaping the futures industry, bringing both opportunities and challenges. All parties need to collaborate to achieve high - quality development [14][15]

5月28日，中国期货业协会(以下简称"中期协")发布数据显示，4月份全国150家期货公司合计实现营业 收入30.73亿元、净利润7.85亿元。对比来看，4月份期货公司营业收入、净利润同比和环比均出现不同 程度的下滑。相关数据显示，今年3月份期货公司营业收入和净利润分别为36.99亿元、14.17亿元；去年 4月份期货公司营业收入和净利润分别为32.63亿元、8.27亿元。 展望未来，安粮期货股份有限公司经营发展部总经理柳瑞对《证券日报》记者表示，在期货业进入高质 量发展背景下，期货公司都在依据自身优势提升核心竞争力，与之相对应的是，企业为应对生产经营中 的原材料或产成品价格波动风险，也主动运用期货及衍生品工具。可以预期，未来期货市场的投资者群 体将不断扩大，同时服务实体经济质效也将显著提升。 谈及未来如何推动期货市场更好发展，中粮期货有限公司党委书记、总经理吴浩军告诉记者，接下来， 期货公司应继续深化产品创新，填补战略性空白。通过构建更齐全的产品矩阵，打造产业链条完整、品 种工具完备的产品体系，满足市场多元需求，服务经济高质量发展大局。当前，新能源、绿色商品相关 品种仍有拓展空间，未来应加速绿色期货品种落地， ...