华通铂银、华通白银到底正规吗？今天给大家仔细说说！ 认清非法期货交易 许多现货违规案件的核心问题，是 名为现货，实为非法期货 。如何判断？主要依据国务院发布的 《国 务院关于清理整顿各类交易场所切实防范金融风险的决定》（国发〔2011〕38号，简称38号文） 和 《国务院办公厅关于清理整顿各类交易场所的实施意见》（国办发〔2012〕37号，简称37号文） 。根 据38号文的规定，未经国务院相关金融管理部门批准，任何交易场所不得采取 集中交易方式 进行交 易，也不得将权益拆分为均等份额公开发行。 具体认定中，如果一项交易同时具备以下特征，就很可能被认定为非法期货交易： 1. 标准化合约 ：除 价格条款外，合约的其他条款，如标的物、交易时间、数量等均由交易平台预先规定。 2. 集中交易 ： 由平台通过集合竞价、连续竞价、电子撮合、匿名交易、做市商等一种或多种方式，为众多买方和卖方 提供交易匹配服务。例如，上海长江联合金属交易中心的"长江油"、"长江银"合约交易，就因具有这些 特征并被法院认定为非法期货交易。 3. 不以实物交割为目的 ：交易者主要通过 对冲平仓 （买入后卖 出，或卖出后买入）来了结头寸、获取差价， ...

Core Viewpoint - The recent surge in gold prices has led to significant financial distress among gold merchants in Shenzhen's Shui Bei area, where many have defaulted on their obligations despite the rising market prices [1][3]. Group 1: Market Dynamics - Gold prices have increased by over 120 yuan in the past six months, reaching a peak of 835 yuan per gram on September 19 [1]. - Merchants were expected to profit from rising gold prices, but many have instead fled with customer deposits due to poor risk management practices [1][3]. Group 2: Lock-in Price Mechanism - The "lock-in price" system was designed to protect merchants from price fluctuations by allowing them to pay a deposit to secure a price for future transactions [3]. - However, some merchants, like Yue Baoxin, failed to hedge their positions in the futures market and instead speculated on price drops, leading to substantial losses when prices rose [3]. Group 3: Regulatory Environment - There are longstanding gray market practices in Shui Bei, where refined gold is traded outside of regulated exchanges, increasing the risk of unmonitored transactions [4]. - The recent implementation of "invisible regulation" in Luohu has reduced oversight on reputable businesses, allowing speculative practices to flourish without scrutiny [4]. Group 4: Risk and Speculation - The low deposit requirement of 2.4% allowed small merchants to leverage large amounts of gold, effectively turning customer deposits into speculative bets rather than legitimate business transactions [3]. - The situation highlights the dangers of greed and speculation in the gold market, where the original intent of risk management tools has been subverted into high-stakes gambling [4].

Group 1 - The core issue revolves around the collective disappearance of over ten gold material suppliers in Shenzhen, leading to significant financial losses for many investors, with claims of amounts exceeding 200 million [1][3] - Most suppliers listed in the rumors are still operating normally, with only a few, such as "Junhao" and "Yuebaoxin," having paused operations, and the reported financial losses have been exaggerated [3][5] - The police have intervened, and the situation has affected hundreds of merchants and consumers, with losses typically exceeding tens of thousands for each affected party [5][9] Group 2 - The suppliers, known as "liaoshang," are responsible for sourcing gold from upstream suppliers and selling it to downstream merchants, often locking in prices and collecting deposits [7][8] - Some suppliers engaged in risky practices by delaying delivery to speculate on gold price fluctuations, which backfired as gold prices surged, leading to substantial losses [9][10] - The illegal nature of these transactions has been highlighted, with courts likely to deem them invalid, resulting in suppliers only compensating investors for 50% to 70% of their losses [14][15] Group 3 - The recent interest rate cut by the Federal Reserve is expected to lead to increased investment flows into various markets, including real estate, which may benefit from a more relaxed monetary environment in China [16][17] - Historical trends suggest that U.S. interest rate cuts have previously correlated with surges in China's real estate market, indicating potential opportunities for investment in major cities [18][19]

Group 1 - The event focused on preventing illegal securities activities and the practical application of apple futures in enterprise risk management [1][2] - Professor He Shaoqi emphasized that illegal futures trading is essentially fraudulent, harming inexperienced investors and disrupting financial order [1] - A comprehensive legal framework has been established in China to combat illegal futures activities, involving a collaborative mechanism among four departments for accountability [1] Group 2 - Manager Wang Zhixin discussed key delivery elements of apple futures contracts, including grade standards, location settings, process arrangements, and default handling [2] - Enterprises can effectively manage market risks through hedging, diversified operations, and financial management, with a focus on the "insurance + futures" innovative model [2] - The event had a total of 550 page views and 291 unique viewers, indicating a successful outreach in investor education [2]