Core Viewpoint - The 2025 Financial Street Forum aims to discuss new financial service models that align financing with industrial development, enhance financial supply-side structural reforms, and strengthen cross-border risk monitoring and response mechanisms [2][3][5]. Group 1: New Financial Service Models - The Financial Regulatory Administration will promote a new financial service model that combines direct and indirect financing, balances investment in goods and people, aligns financing terms with industrial development, and links domestic and international markets [2]. - The focus will be on supporting major strategies, key areas, and weak links to achieve qualitative and quantitative economic growth, while providing more financial resources for traditional and emerging industries [2]. Group 2: Financial Supply-Side Structural Reforms - The Financial Regulatory Administration will deepen financial supply-side structural reforms to enhance the rational layout of institutions, improve development quality and resilience, and increase international influence [3]. - Different types and scales of institutions will be guided to find their positioning, focus on their main businesses, and achieve differentiated development to foster a healthy financial ecosystem [3]. Group 3: Risk Management and Institutional Restructuring - The Financial Regulatory Administration will prioritize risk prevention, promoting the merger and restructuring of small financial institutions while enhancing asset disposal and capital replenishment efforts [4]. - A new financing system will be developed to align with the evolving real estate development model, addressing local government debt risks [4]. Group 4: Cross-Border Risk Monitoring - The Financial Regulatory Administration will enhance regulatory capabilities through collaboration and coordination, focusing on building a global financial safety net and improving cross-border risk monitoring and response mechanisms [5]. - International regulatory cooperation and crisis management efficiency will be strengthened to collectively address major risks and challenges [5].

10月27日，金融监管总局局长李云泽在2025金融街论坛年会上表示，金融监管总局将坚持同责共担、同 题共答、同向发力，深化央地协同和部门联动，切实增强监管能力。携手织密全球金融安全网，加强多 边和双边协调，健全跨境风险监测预警和响应机制，提升国际监管合作和危机管理效率，共同面对重大 风险和挑战，全力维护全球金融稳定。 ...

Core Viewpoint - Nanhua Futures focuses on serving the real economy and aims to enhance cross-border cooperation and risk management in the context of the futures market's high-level opening up [1][4] Group 1: Cross-Border Cooperation - Nanhua Futures emphasizes the importance of innovative cooperation models between domestic and foreign exchanges to better serve the cross-border business scenarios of real enterprises [2] - The company suggests expanding the product interlinking model to enhance international cooperation platforms, referencing successful experiences such as the interlinking of soybean oil futures between Dalian Commodity Exchange and Malaysia Derivatives Exchange [2] - Establishing joint delivery warehouses in free trade ports is proposed to facilitate cross-border delivery, reduce logistics costs, and improve market liquidity [2] Group 2: Risk Management - Nanhua Futures proposes a systematic solution for risk management, including the establishment of a cross-border risk monitoring system to strengthen regulatory collaboration [3] - The introduction of a "cross-border position heat map" mechanism is suggested to monitor positions in real-time and identify risks, enhancing proactive risk management for enterprises [3] Group 3: Enhancing "Chinese Price" Influence - The company aims to expand internationalized products closely related to China's real industries, focusing on shipping index futures and lithium carbonate futures as key directions [3] - Optimizing contract rules, such as extending night trading hours for popular internationalized products, is recommended to attract foreign investors [3] Group 4: Collaborative Service Ecosystem - Nanhua Futures advocates for better collaboration among Chinese enterprises when engaging with international markets, suggesting that futures companies and banks work together to enhance cross-border service ecosystems [4] - The company emphasizes the need for intermediaries with overseas business capabilities to provide comprehensive services to large foreign institutional clients [4]