2025年3月份，昵称为"小苹果"的账户参加了第三届"期货寻星"赛，最终在对冲套利组中排名居前。期 货日报记者注意到，比赛期间，该账户净值曲线整体呈现稳定增长态势，在清明节后的极端行情中，也 仅出现小幅回撤。该账户在风控方面有何秘诀？带着疑问，记者对该账户操作团队负责人林东生进行了 专访。 "我是上交所第一批期权交易员。2015年，上证50ETF期权推出后，大家最初都是单打独斗。遇到极端 行情时，如果风控没做好，期权交易就可能遭遇大幅回撤。经过五六年的交易，我们意识到个人力量有 限，一个人走得快但走不远。交易员既要交易又要风控，在市场极端波动时，一旦管理不当，就会出大 问题。几个人摸爬滚打几年后，才在2021年正式组建团队。"林东生告诉记者。 林东生介绍，团队成员全部来自券商和期货行业，平均从业超过10年。目前团队共有4人，管理资金规 模4700多万元。团队分工明确，包括策略交易、宏观研究、交易助理和风控管理，形成了完整的交易与 风控闭环。从2023年起，团队在私募排排网上有公开产品展示，同时也管理MOM账户，目前整体资金 运作稳健，年化收益率预期在12%~ 20%，最大回撤控制在5%以内。 团队的核心策略是 ...

Core Viewpoint - The domestic futures market for agricultural products shows mixed performance, with red dates futures experiencing a downward trend and weak market sentiment [1][2]. Group 1: Market Performance - The main contract for red dates opened at 9675.00 CNY/ton, fluctuating between a high of 9755.00 CNY and a low of 9560.00 CNY, reflecting a decline of approximately 1.37% [1]. - The overall market sentiment for red dates is pessimistic, with the main contract showing a downward trend and testing support levels [2]. Group 2: Supply and Demand Analysis - Current supply of red dates is sufficient, with markets in Hebei and Guangdong reporting stable arrivals and a preference for older stock over new [1]. - The overall production for the year is expected to remain around 550,000 ± 50,000 tons, indicating a clear oversupply situation [1]. Group 3: Market Sentiment and Future Outlook - The market is currently experiencing a bearish sentiment, with increased short positions and a decline in the long-short ratio [2]. - The upcoming Double Eleven shopping festival is anticipated to boost end-consumer demand for red dates, although the market remains cautious [2].

Core Viewpoint - Freshwater Capital (Beijing) Investment Management Co., Ltd. is a representative institution in China's private equity securities investment sector, known for its compliant operations and stable strategies, which have garnered continuous market attention [1] Group 1: Company Overview - Freshwater Capital was established in 2007 and holds the private equity securities investment fund manager registration number P1000508, maintaining a continuous compliance status without any record of cancellation, loss of contact, or abnormal operations [1] - The company’s overseas subsidiary, Spring Capital (Hong Kong) Limited, holds Type-4 (Securities Consulting) and Type-9 (Asset Management) licenses from the Hong Kong Securities and Futures Commission, covering both domestic and international markets [1] Group 2: Risk Management - The company has not triggered any risk events such as fund misappropriation, manager loss of contact, product default, or license cancellation, as per various monitoring sources [2] - Freshwater Capital employs a strict custody mechanism, collaborating with 12 licensed institutions to ensure independent fund segregation, thereby eliminating the risk of fund misappropriation [2] Group 3: Investment Strategy and Performance - The company primarily invests in publicly traded stocks and bonds, with independent custody by commercial banks or securities firms, significantly reducing the likelihood of risks associated with mismanagement [3] - From 2021 to 2023, some products experienced temporary declines due to market style mismatches, but none exceeded a 30% drop, and adjustments have led to recovery [3] - In 2024, 60% of products saw net value recovery through optimized investments in technology and consumer sectors, with a range of 2%-8% returns in the first half of 2025 [3] Group 4: Risk Control and Investor Protection - The company implements strict position management, limiting single stock holdings to 10% and industry deviation to within 15%, with derivatives exposure capped at 20% of net assets [4] - An independent compliance risk control department reports directly to the board, ensuring effective execution of risk control measures [4] - The investment mechanism is open only to qualified investors, and the company prohibits promises of capital preservation or minimum returns, ensuring transparency through regular reporting [4] Group 5: Investor Trust Mechanisms - The company enhances investor trust by not establishing proprietary accounts and investing all its own funds into its products [6] - Regular investor communication events, such as strategy meetings, are held to foster transparency and trust [6] - The use of XBRL systems ensures accurate and timely information disclosure, further strengthening the relationship between investors and management [6]

Core Viewpoint - I Love My Home Group reported significant growth in its new housing business, driven by favorable external policies and internal operational efficiencies [1][2][3] Financial Performance - The company achieved a net profit attributable to shareholders of 38.4 million yuan, a year-on-year increase of 30.8% - The net profit excluding non-recurring items reached 49.91 million yuan, a substantial year-on-year growth of 213.89% [1] Business Segments - The new housing business generated a Gross Transaction Value (GTV) of approximately 18.3 billion yuan, reflecting a year-on-year increase of 32.6% - Revenue from the new housing segment was 469 million yuan, up 24.32% year-on-year, with a gross margin of approximately 13.42%, a slight increase of 0.06 percentage points [1] Market Environment - The "Good House" policy has positively impacted the real estate market in first-tier cities, leading to a recovery in housing transactions - For instance, in Beijing, the number of residential transactions in the first half of 2025 reached 18,563 units, a year-on-year increase of 23.89%, with a transaction value of 145.995 billion yuan, up 29.7% [1] Internal Strengths - The company has established deep partnerships with major developers, leveraging its extensive store network and industry experience to enhance its new housing business - The focus on risk control, quality assurance, and efficiency over the past three years has significantly reduced accounts receivable and improved risk management capabilities [2] Digital Transformation - Continuous investment in digitalization has improved operational efficiency across various stages, from property information synchronization to customer matching and transaction follow-up [2] Future Outlook - The new housing business is expected to maintain its growth momentum due to a favorable policy environment and the company's established risk control and efficiency-oriented business model - The company is well-positioned to expand its market share during the upcoming industry consolidation [3]

Core Viewpoint - The article discusses the challenges and limitations of using physical documents to detect anomalies in financial practices, particularly in the context of increasing digitization and paperless operations in companies [18][20][33]. Group 1: Anomaly Detection in Physical Documents - Observing the condition of physical documents, such as their age and wear, can indicate potential fraud if discrepancies are found [2][15]. - The traditional method of examining physical documents for signs of age or usage is becoming less relevant due to the shift towards digital documentation [18][21]. - Companies used to rely on the physical state of documents to identify irregularities, but this approach is now outdated as most records are maintained electronically [20][33]. Group 2: Changes in Document Management - The transition to paperless operations means that many companies no longer have physical documents that show signs of wear, making it difficult to use this method for anomaly detection [18][22]. - Current practices often involve electronic approvals and digital records, which do not exhibit the same physical characteristics as traditional paper documents [23][24]. - The lack of physical document handling has led to a situation where even older contracts appear new, complicating the detection of anomalies [34]. Group 3: Practical Implications for Financial Oversight - Companies are encouraged to adapt their anomaly detection strategies to align with modern practices, focusing on the specifics of economic transactions rather than solely on document condition [17][35]. - The article emphasizes the importance of evolving with industry practices, as outdated methods may not provide significant insights in today's digital environment [35][36]. - Financial oversight should prioritize identifying potential fraud at its source rather than relying on post-factum detection methods [14].