从资金规模突破2万亿元大关的历史性跨越，到业务模式挣脱路径依赖的创新性转型；从行 业生态告别同质化内卷的价值重塑，到对外开放融入全球体系的格局拓展……期货业发展的 脉络清晰可循。在此背景下，证券时报·券商中国记者特别梳理十大关键词，以此解码行业 发展的密码、勾勒行业升级的全貌。 2万亿元 2025年，中国期货市场迎来里程碑式突破，资金总量与客户权益相继突破2万亿元大关，创 出历史新高。 继2025年10月9日期货市场资金总量突破2万亿元之后，12月8日，期货公司客户权益突破2 万亿元，较2024年底增幅超30%。其中，特殊法人客户权益稳步增长，在各类特法客户中， 保险机构权益增幅最为显著，较2024年底增幅约两倍。期货市场交易活跃度也同步提升， 2025年前11个月全国期货市场累计成交量81.17亿手、成交额675.45万亿元，同比分别增长 14.74%和20.19%，有色金属、能源化工等产业相关品种成交增速尤为突出。 广发期货董事长周伟指出，2025年，期货市场资金总量、客户权益先后突破2万亿元，背后 是期货品种体系完善、企业避险需求增长、中长期资金入市等因素的综合推动。伴随着总量 跃升和结构优化，期货市场 ...

Market Overview - The US stock market showed a significant rebound with the Nasdaq index rising by 2.71% and the Dow Jones index increasing by 2.66%, indicating a reduction in market panic [1] - Conversely, gold prices fell sharply from $3509.9/oz to around $3316.0/oz, a decline of approximately 4.3%, reflecting a shift in market sentiment [1] A-share Market Performance - Despite positive signals from the US market, A-shares experienced a high open but low close, with the Shanghai Composite Index struggling to maintain the 3300-point level, closing down by 0.10% at 3296.36 points [1] - The trading volume in the two markets reached 12.625 billion yuan, an increase of 1.413 billion yuan compared to the previous trading day, indicating a phase of consolidation [1] Investor Sentiment and Market Dynamics - Following a significant drop on April 7, the market saw a rebound due to the intervention of stabilizing institutions like the China Securities Finance Corporation, which contributed to multiple days of upward movement [2] - As the index rose, investor caution increased, leading to a decrease in trading volume, which fell below 1 trillion yuan, suggesting that previous bottom-fishing funds are now in profit [4] Sector Analysis - The banking sector, which had previously supported the market's rise, is now showing signs of weakness after reaching historical highs, contributing to a broader market pullback [4] - Other sectors such as insurance, securities, and real estate are also experiencing weakness, indicating a potential shift in market leadership [4] Future Market Outlook - The banking sector is expected to maintain a stabilizing role without significant declines, as market sentiment has improved, allowing for a pause in aggressive upward movements [4] - The index is near the 3300-point mark, facing challenges due to a large number of trapped investors, making further upward movement difficult [5] - A rotation is occurring where funds from weakening large-cap stocks are flowing into underperforming small-cap stocks, suggesting a continuation of the rebound rather than its end [6] - The market is anticipated to undergo a phase of independent movement, leading to a potential major upward trend after sufficient adjustments [6]