证券日报网讯 1月7日，大中矿业（001203）在互动平台回答投资者提问时表示，公司并未开展碳酸锂 等商品期货的套期保值业务，也未参与任何相关衍生品投资，不存在应披露未披露事项。近期公司股价 波动主要受到宏观经济环境变化、行业政策动态、市场整体情绪及板块轮动等多方面因素的综合影响。 公司坚持以扎实的经营业绩和可持续的发展回报投资者，目前湖南鸡脚山和四川加达两大锂矿项目建设 均稳步推进中。公司高度关注碳酸锂价格走势，将根据市场需求科学匹配产能，依托专业的矿山管理能 力，以规模化运营和技术优势增强整体盈利能力，构建可持续的发展格局。公司将视自身资金情况，审 慎评估投资收益和风险后进行投资决策，如有明确计划，将依法履行信息披露义务。 ...

导读：作为中国基金行业高质量发展的元年，我们一直在思考资管行业未来发展的模式。从成熟的海外市场看，美国资管行业已清晰分化：公 募基金提供标准化、低成本的市场Beta，对冲基金则致力于创造与市场低相关的绝对收益（Alpha）。两种模式各司其职，满足不同客群的核 心需求。反观国内市场，公募产品日益Beta化、工具化，但大量私募产品仍以股票多头为主，与公募在策略上并未形成本质差异，同质化竞争 激烈。 在此背景下，华夏资本凭借对衍生品工具的深度理解和创新运用，成功开辟了一条差异化道路——围绕"策略保障-稳健生息-进取增值"三个赛 道，华夏资本为追求明确绝对回报的投资者，提供了一套多元资产解决方案和结构化的策略工具箱。自2020年进军衍生品市场以来，华夏资本 已累计发行相关产品达千亿级规模，不仅成为"雪球"及"另类固收+"等领域的重要参与者，更在高净值财富管理市场找到了属于自己的蓝海。 雪球策略产品： 做波动震荡的朋友 A股是一个长期处于区间震荡的市场。前两年有人开玩笑说，每隔几年都要"保卫3000"点。也有人说，十年市场没怎么涨，一直在某个区间波 动。 在大多数投资者叹息时，华夏资本的投研团队却看到了另一种可能。市场 ...

Core Viewpoint - The article discusses the evolution of the Chinese asset management industry, highlighting the differentiation between public and private funds, and how Huaxia Capital has carved out a unique niche by focusing on absolute returns through innovative derivative products [1][20]. Group 1: Huaxia Capital's Strategy - Huaxia Capital has developed a differentiated approach centered around three main strategies: "strategy assurance," "steady income," and "aggressive appreciation," providing a multi-asset solution for investors seeking clear absolute returns [1]. - Since entering the derivatives market in 2020, Huaxia Capital has issued products totaling over 100 billion, becoming a significant player in areas like "Xueqiu" and "alternative fixed income+" [1]. Group 2: Snowball Strategy - The "Snowball" strategy converts market volatility into sustainable returns, relying on structured designs that generate income as long as the index does not fall below a predetermined "safety cushion" [3][4]. - As of November 30, 2025, Huaxia Capital has launched over 500 Snowball products, with a success rate exceeding 99% and an average annual return of 14% for completed products [4]. Group 3: Core Competencies - Huaxia Capital prioritizes the interests of its investors, proactively adjusting product structures to mitigate risks, as seen in its cautious approach during market peaks [5]. - The company pioneered a "joint distribution" model to lower investment thresholds, allowing for the successful issuance of over 200 Snowball products with a total fundraising of over 28 billion [5]. - A refined online inquiry system has been established to enhance trading efficiency, allowing Huaxia Capital to secure better pricing and strengthen long-term relationships with trading partners [6]. Group 4: On-Site Derivatives - Huaxia Capital has developed two main product lines in on-site derivatives: income-generating strategies and tool-based strategies, with the covered call strategy being a key offering [8]. - The covered call strategy, particularly effective in a low-interest environment, aims to provide dual benefits of enhanced dividends and downside protection [9]. Group 5: Alternative Fixed Income+ - The "alternative fixed income+" model introduces clarity in return structures and risk characteristics, utilizing options to enhance income while providing transparent investment experiences [12]. - This strategy includes various core elements such as underlying assets, linked assets, and derivative contracts, allowing for flexible customization to meet diverse investor needs [12]. Group 6: Low-Volatility All-Weather FOF - The all-weather FOF aims to provide stable returns amidst increasing asset volatility, utilizing a risk parity model with a unique volatility control module [15][16]. - Huaxia Capital's all-weather FOF targets a volatility rate of 4.5%, significantly lower than many competitors, achieving a Sharpe ratio exceeding 3 since its inception [17]. Group 7: Market Positioning - In a low-risk return environment, Huaxia Capital has positioned itself as a provider of "alternative investments," addressing the growing demand for stable returns among high-net-worth clients [19]. - The company’s innovative spirit and commitment to continuous product iteration have allowed it to stand out in the asset management industry, aligning with the evolving needs of investors [20].

Core Insights - The 19th National Futures (Options) Real Trading Competition and the 12th Global Derivatives Real Trading Competition award ceremony took place in Xi'an on November 15, highlighting the importance of derivatives trading in uncertain markets [1] - Xie Ming, General Manager of Heiniu Asset Management, emphasized the need for a "empty cup" mindset, continuous learning, and a strategy of following market trends while being adaptable and unafraid of challenges during his speech [1][3] Company Overview - Heiniu Asset is a private fund manager focused on quantitative investment with a specialty in financial derivatives [3] - The company's development philosophy includes deep learning, self-iteration, strict risk control, and a focus on long-term value [3] - The core team at Heiniu Asset has over 10 years of investment experience in professional fields and boasts a track record of stable real trading performance [3] Investment Strategies - Heiniu Asset employs various strategies including options arbitrage, options index enhancement, subjective CTA strategies, and volatility balancing strategies [3] - Xie Ming outlined that the "spear" of derivatives investment involves using quantitative programs, capturing market opportunities, leveraging effects, and accumulating small victories to achieve larger successes [3] - The "shield" of derivatives investment focuses on anticipating failures before victories, utilizing futures and options effectively, integrating diverse strategies, and undertaking challenging yet correct actions [3]

Core Viewpoint - The articles present a comprehensive collection of trading strategies and research reports focused on index futures and options, emphasizing quantitative methods and market timing techniques [2][3]. Group 1: Index Futures Trading Strategies - The series includes various strategies such as noise trend trading based on chaos theory, trend-following strategies using polynomial fitting, and day trading systems based on intraday volatility extremes [2]. - Additional strategies cover genetic programming methods for intelligent trading, statistical language models for timing trades, and deep learning approaches for intraday trading [2][3]. - The reports also explore cross-variety arbitrage strategies and high-frequency trading techniques, indicating a focus on both theoretical and practical applications in the futures market [3]. Group 2: Derivatives and Options Strategies - The derivatives series provides foundational knowledge on options, including dynamic hedging strategies and volatility arbitrage [3]. - It discusses the impact of options on the underlying assets and market dynamics, highlighting the importance of options in institutional investment strategies [3]. - The reports also analyze the development of global individual stock options markets and their implications for market participants [3].

Core Viewpoint - The new chairman of Zhongyuan Securities, Zhang Qiuyun, is actively seeking to improve the company's performance amid challenges such as declining revenue, poor proprietary trading results, and halted IPO projects [1][22]. Financial Performance - In 2024, Zhongyuan Securities reported revenue of 1.69 billion yuan, a year-on-year decrease of 14.13%, while net profit attributable to shareholders increased by 16.18% to 246 million yuan [3]. - The decline in revenue was attributed to reduced investment income and fair value changes [3]. - The company's eight major business segments showed mixed results, with securities brokerage income at approximately 815 million yuan, up 24.98%, while proprietary trading, investment banking, and futures income saw significant declines of 115.31%, 43.65%, and 0.98% respectively [3][6]. Business Segment Analysis - Securities brokerage remains the largest revenue contributor, accounting for a significant portion of the company's income [6]. - Proprietary trading revenue plummeted to -84 million yuan in 2024 from 552 million yuan in 2023, indicating severe losses in this area [6]. - Investment banking revenue fell to 48 million yuan, a decrease of 43.65%, with a gross margin of -130.87% [12][14]. Derivative Financial Instruments - The company faced substantial losses from derivative financial instruments, impacting profits by approximately 916 million yuan in 2024 [9][10]. - The total investment income for 2024 was 512 million yuan, down 41.32% from 873 million yuan in 2023, primarily due to losses from derivative instruments [7][8]. Management Changes - The previous chairman, Lu Zhilin, stepped down in April 2025, and Zhang Qiuyun took over, bringing a background in economic and financial management but lacking direct experience in the securities industry [17][19]. - Zhang's immediate focus is on addressing the company's declining performance and enhancing internal controls, proprietary trading, and investment banking influence [22]. Regulatory Challenges - Zhongyuan Securities has faced regulatory scrutiny, including a warning from the Henan Securities Regulatory Bureau due to issues in an IPO project, which has affected its reputation and operational capabilities [12][16].

一季报短期承压，两大客观原因影响波动 4月23日晚间，永安期货股份有限公司（简称"永安期货"或"公司"）发布2024年年报及2025年一季报。报告显示，2024年永安期货实现营业收入217.35亿 元，归母净利润5.75亿元；2025年一季度实现营业收入22.77亿元，归母净利润0.09亿元。同日，公司发布了《关于董事长提议回购公司部分股份的提示性公 告》，拟出资0.5-1亿元回购股份，后续用于注销，以减少注册资本。 2024年境外金融服务业务再创新高，基差贸易业务领跑行业 在境外金融服务方面，永安期货借助新永安金控及其子公司开展境外金融服务业务，致力于为境内外客户"走出去、引进来"提供双向一站式服务,在复杂的 全球金融环境下取得了显著成绩。报告期内，境外金融服务业务再创新高，实现营业收入4.30亿元，营业利润1.46亿元，分别同比增长51.06%和6.67%。 2025年1月3日，永安期货子公司获得了新交所衍生品清算会员资格，未来可直接与新交所就衍生品交易开展清算业务，有望成为公司在境外业务的新增长 点。此外，同期披露的信息显示，永安期货拟使用自有资金向全资子公司新永安金控增资不超过5.36亿港元,其中不超 ...