为贯彻落实中央金融工作会议、新"国九条"关于完善行政执法当事人承诺制度的 要求，中国证监会对《证券期货行政执法当事人承诺制度实施规定》（证监会令第194 号）进行修改完善，形成了《关于修改〈证券期货行政执法当事人承诺制度实施规 定〉的决定（征求意见稿）》，现向社会公开征求意见。公众可以通过以下途径和方 式提出反馈意见： 1.电子邮件：flbpublic@csrc.gov.cn。 2025年11月28日 中国证监会关于就《关于修改〈证券期货行政执法当事人承诺制度实施规定〉的 决定（征求意见稿）》公开征求意见的通知 全文可点击 "阅读原文" 。 2.通信地址：北京市西城区金融大街19号富凯大厦中国证监会法治司，邮政编 码：100033。 意见反馈截止时间为2025年12月2 8 日。 中国证监会 ...

每经AI快讯，11月28日，中国证监会就《证券期货市场监督管理措施实施办法（征求意见稿）》公开 征求意见。 ...

Core Viewpoint - The collaboration between the China Securities Investor Service Center and the Shanghai Arbitration Commission aims to enhance the diversified resolution mechanism for capital market disputes, promoting the protection of small and medium investors' rights and contributing to the construction of Shanghai as an international financial center [1][2]. Group 1: Event Overview - A signing and unveiling ceremony for the securities and futures dispute mediation and arbitration connection was held in Shanghai on November 24, organized by the China Securities Investor Service Center and the Shanghai Arbitration Commission [1]. - The event gathered leaders from relevant departments and industry professionals to discuss new pathways for resolving capital market disputes [1]. Group 2: Key Statements - Liu Xiaohong, Director of the Shanghai Arbitration Commission, emphasized that the "mediation-arbitration connection" will effectively protect the legal rights of small and medium investors and support the development of a modern dispute resolution system [1]. - Lu Wenda, General Manager of the China Securities Investor Service Center, highlighted the importance of strengthening non-litigation dispute resolution mechanisms for the stability of the capital market and the protection of investors' rights [2]. Group 3: Future Directions - The collaboration will focus on optimizing fee rules, improving mediation-arbitration procedures, and establishing a dynamic rights confirmation mechanism to enhance efficiency and reduce costs for investors [5]. - Future efforts will include the establishment of a standardized case flow recognition mechanism and exploring preferential fee structures to benefit small and medium investors [5]. Group 4: Challenges and Recommendations - Industry representatives discussed challenges in financial dispute resolution, such as the insufficient enforceability of mediation agreements and inefficient mediation-arbitration processes [6]. - Recommendations included optimizing fee structures, clarifying procedural connections, and creating a case database to guide reasonable expectations [6].

Core Viewpoint - The article emphasizes the need to optimize the connection mechanism between arbitration and mediation in the securities and futures dispute resolution process, addressing issues such as contract breaches and enforceability of mediation agreements [1][3][4]. Group 1: Current Issues in Dispute Resolution - Securities and futures disputes are increasingly complex, with diverse parties and claims, making traditional resolution methods inadequate [3][4]. - Mediation agreements often lack enforceability, leading to situations where investors may backtrack or refuse to comply, highlighting the need for stronger arbitration support [4][7]. - There are existing challenges in evidence connection and repetitive work during the mediation process, which necessitates streamlined procedures [8]. Group 2: Proposed Solutions and Initiatives - The Shanghai Arbitration Commission plans to introduce new arbitration rules and guidelines to align with international standards, aiming to create a high-level dispute resolution platform [1][2]. - Key areas of focus include optimizing fee structures, improving mediation procedures, establishing dynamic rights confirmation mechanisms, and enhancing early intervention strategies [2][5]. - A collaborative agreement between the Investor Service Center and the Shanghai Arbitration Commission aims to deepen case studies, refine rule systems, and develop a standardized fee structure for dispute resolution [4][5][6]. Group 3: Future Directions - The future collaboration will explore standardized business processes that align mediation practices with arbitration rules, enhancing operational efficiency [6]. - There is a call for the establishment of a case library and early involvement of arbitration institutions in the mediation process to facilitate smoother transitions to arbitration confirmation [8]. - The need for unified standards in arbitration efficiency and the balancing of party autonomy with equitable interests is highlighted as essential for substantive dispute resolution [8].

Report Summary 1. Report Industry Investment Ratings No specific industry investment ratings are provided in the report. 2. Core Views - A-shares lack a clear upward trend due to a relatively vacuum macro environment, with low trading volume. Short - term market divergence will be digested through index fluctuations, waiting for a new driving force to push the index up [1]. - Asset shortage and weak economy are favorable for bond futures, but short - term central bank interest rate risk warnings suppress the upside [1]. - Market sentiment is volatile, leading to price fluctuations in various commodities such as metals, energy, and agricultural products. 3. Summary by Industry Stock Index - A - shares lack a clear upward main line, with low trading volume. Short - term market divergence will be gradually digested during index fluctuations, waiting for new driving forces for further upward movement [1]. Bond Futures - Asset shortage and weak economy are beneficial for bond futures, but short - term central bank warnings on interest rate risks limit the upside [1]. Non - ferrous Metals - **Copper**: Prices may fluctuate due to repeated market sentiment [1]. - **Aluminum**: High - level fluctuations are expected due to limited industrial driving forces and repeated macro sentiment [1]. - **Alumina**: Production and inventory are increasing, with a weak fundamental pattern. Prices will fluctuate around the cost line, and attention should be paid to ore prices [1]. - **Zinc**: Prices are expected to fluctuate due to short - term repeated macro sentiment [1]. - **Nickel**: Indonesia restricts nickel - related smelting project approvals, but short - term mine premiums are stable. With planned production cuts in Indonesian intermediate products and slightly improved macro conditions, nickel prices have a short - term repair expectation. The medium - to - long - term primary nickel market remains in a surplus [1]. - **Stainless Steel**: Nickel - iron prices are weakening, and social inventories are increasing. Steel mill production cuts in November are limited. Futures prices will fluctuate, and short - term operations are recommended. Consider light - position participation in long - nickel and short - stainless - steel strategies and look for high - selling hedging opportunities [1]. - **Tin**: Short - term supply has not recovered, and unexpected risks have increased, leading to stronger prices. However, due to existing demand pressure, caution is needed when chasing high prices. The medium - to - long - term outlook is positive, and attention should be paid to low - buying opportunities during corrections [1]. Precious Metals - With the probability of a December interest rate cut rising again and the news of the Ukraine - Russia peace agreement, precious metals are expected to fluctuate within a range [1]. New Energy - related Commodities - **Industrial Silicon**: Northwest production capacity is recovering, while southwest production is weaker than in previous years. Polysilicon production is decreasing, and organic silicon is jointly reducing production. There is an expectation of production capacity reduction in the medium - to - long - term, and terminal installation is increasing in the fourth quarter [1]. - **Polysilicon**: Prices are fluctuating, and market sentiment has faded due to the long - awaited non - implementation of anti - involution policies [1]. - **Carbonate Lithium**: The traditional peak season for new energy vehicles is approaching, energy storage demand is strong, and the supply side is resuming production. However, there are concerns about potential weakening of industrial demand in the off - season [1]. Steel Products - **Rebar**: Although the valuation is low, the price increase is limited due to the off - season and a short - term macro vacuum. Consider participating in the virtual value accumulation strategy [1]. - **Hot - rolled Coil**: The near - month contract is restricted by production cuts, but the commodity sentiment is good, and the far - month contract has upward potential. The basis is acceptable, and consider participating in spot - futures positive arbitrage or using option strategies [1]. - **Iron Ore**: Direct demand is okay with cost support, but high supply and inventory accumulation put pressure on the sector, and the price rebound space is limited [1]. Coking Products - **Coke and Coking Coal**: From a valuation perspective, the decline is close to the end. From a driving perspective, downstream restocking may start around mid - December. Adopt a short - term strategy for unilateral trading, and wait and see for the medium - to - long - term. Cash out hedging short positions [1]. Agricultural Products - **Soybean Oil**: The rumor of the US delaying the reduction of import bio - fuel raw material subsidies is refuted, which is bullish for US soybeans and soybean oil. Domestic high - pressure crushing may lead to a stable - to - weak basis, and it is recommended to wait and see [1]. - **Rapeseed Oil**: The industry is optimistic about the supply of Australian rapeseed and imported crude rapeseed oil. It is recommended to wait and see [1]. - **Cotton**: There is support from the purchase price of new cotton, but there is no clear upward driver. Future attention should be paid to policies, planting intentions, weather, and peak - season demand [1]. - **Sugar**: The global sugar supply has shifted from shortage to surplus, and domestic new - crop supply pressure has increased. Zhengzhou sugar is expected to follow the downward trend of raw sugar [1]. - **Corn**: Short - term supply is tight, leading to a price rebound. However, selling pressure is postponed, so be cautious about being bullish and pay attention to farmers' selling and logistics [1]. - **Soybean Meal**: Short - term attention should be paid to China's soybean purchases from the US. If there are no significant weather problems, the market will gradually turn to trading the South American new - crop harvest pressure from December to January. It is recommended to short MO5 on rallies [1]. - **Pulp**: There are cancellations of old warehouse receipts and registrations of new ones. Demand recovery needs to be verified, and prices will fluctuate in the short - term [1]. - **Log**: The fundamental situation is weak but has been priced in. The risk - reward ratio of short - selling after the sharp decline is low, so it is recommended to wait and see [1]. - **Pig**: Spot prices are stable, but there is still room for capacity release [1]. Energy and Chemicals - **Crude Oil**: OPEC + plans to maintain a small increase in production in December, the Russia - Ukraine peace agreement is progressing, and the US is increasing sanctions against Russia [1]. - **Fuel Oil**: Follows crude oil in the short - term, with the probability of the 14th Five - Year Plan construction demand being falsified, and sufficient supply of Ma Rui crude oil [1]. - **Asphalt**: Raw material cost support is strong, the basis is low, and intermediate inventories may increase [1]. - **BR Rubber**: The price of butadiene has limited support, and refinery overhauls may bring a positive outlook. However, high inventory restricts price increases, and the synthetic valuation is low. Pay attention to the subsequent rebound [1]. - **PTA**: Gasoline profit and low benzene prices support PX. Overseas and domestic device problems lead to a decline in PTA production [1]. - **Ethylene Glycol**: Follows the decline of crude oil prices, with slightly stronger cost support from rising coal prices, but new device production expectations suppress price increases [1]. - **Short - fiber**: Follows cost fluctuations closely [1]. - **Styrene**: Asian benzene prices are weak, and US pure benzene prices are rising. The price will fluctuate [1]. - **Urea**: Export sentiment has eased, and domestic demand is insufficient, with cost - end support [1]. - **PP**: High supply pressure, weak downstream demand improvement, and strong cost support [1]. - **PVC**: Supply pressure is increasing, demand is weakening, and orders are poor [1]. - **Caustic Soda and Liquid Chlorine**: There are issues such as delivery schedules, overhauls, and inventory pressures. The absolute price is low, and there is a risk of short - squeeze [1]. - **PG**: Geopolitical and tariff relations are easing, and the market is in a range - bound state. Pay attention to the impact of natural gas on near - month prices and the decline of far - month spreads [1]. Shipping - **Container Shipping to Europe**: December price increases are lower than expected, and the peak - season price increase expectation has been priced in early. The monthly shipping capacity supply is relatively loose [1].

Report Industry Investment Rating No specific industry investment ratings are provided in the report. Core Viewpoints - The weak US employment data has increased the expectation of a Fed rate cut, and the global risk appetite continues to decline. The slowdown of China's economic data in October and the Fed's hawkish signals have dampened market risk appetite. The short - term macro upward drive has weakened, and the market focuses on domestic incremental stimulus policies, economic growth, and Fed monetary policy expectations. [3][4] - Different asset classes are expected to be in a short - term volatile state, and investors are advised to be cautious. [3] Summary by Related Catalogs Macro Finance - **Overseas**: US employment data is weak, with a decrease in private - sector employment and an increase in continued unemployment claims, which raises the expectation of a Fed rate cut and cools global risk appetite. [3] - **Domestic**: China's economic data in October slowed down year - on - year and fell short of expectations, and the central bank restarted treasury bond trading to release liquidity. However, the Fed's hawkish signals dampened risk appetite. The short - term macro upward drive has weakened, and the stock index will be volatile in the short term. [3][4] - **Asset Recommendations**: Stocks are in short - term volatility, and short - term cautious waiting is recommended; treasury bonds are in short - term volatility, and cautious long - positions are recommended; commodity sectors such as black, non - ferrous, energy - chemical, and precious metals are all in short - term volatility, and cautious waiting is recommended. [3] Stock Index - Affected by sectors such as coal, batteries, and industrial metals, the domestic stock market continued to fall. The slowdown of economic data and Fed's signals dampened risk appetite. The short - term upward drive has weakened, and the stock index will be volatile in the short term. Short - term cautious waiting is recommended. [4] Precious Metals - The precious metals market rose slightly on Tuesday night. The weak US employment data led the market to assess the possibility of a Fed rate cut in December. The short - term trend is volatile, and the medium - to - long - term upward pattern remains unchanged. Short - term cautious waiting and medium - to - long - term buying on dips are recommended. [4] Black Metals - **Steel**: The steel market rebounded slightly on Tuesday, with low trading volume. Real - world demand is weak, and supply is restricted by losses. The market has no new contradictions, and the price has limited room to fall or rise. A range - bound trading strategy is recommended. [5][6] - **Iron Ore**: The price of iron ore rebounded slightly on Tuesday. Iron - water production increased slightly, and demand is still strong in the short term, but the bottom of iron - water production is uncertain. The supply and demand situation has slightly improved. A range - bound trading strategy is recommended. [6] - **Silicon Manganese/Silicon Iron**: The spot prices of silicon iron and silicon manganese were flat on Tuesday, but the futures prices fell. The demand for ferroalloys is weak. The operating rates and daily outputs of silicon manganese and silicon iron enterprises decreased. The futures prices are expected to remain range - bound. [7] - **Soda Ash**: The soda ash main contract was weak on Tuesday. Supply decreased marginally due to some device overhauls, but the overall supply pressure remains. Demand for heavy soda is stable, and that for light soda has slightly recovered. It is expected to be range - bound in the short term and bearish in the medium - to - long term. [8] - **Glass**: The glass main contract oscillated on Tuesday. Supply remained stable, and there is a cold - repair expectation at the end of the year. Demand improved marginally, but downstream demand is still weak, and inventory is high. It is expected to be range - bound in the short term. [8] Non - Ferrous Metals and New Energy - **Copper**: Copper prices have fallen recently. The high US copper inventory and the slow de - stocking in China limit the price increase. The suspension of an Indonesian copper mine will support the futures price, but there is a risk of a downward break in the short term. [9][10] - **Aluminum**: The Shanghai aluminum price fell sharply on Tuesday. The Fed rate - cut expectation declined, and the inventory increase indicates poor de - stocking. If the expectation is repaired later, the aluminum price may decline significantly. [10] - **Tin**: The supply of tin is still tight, but the demand is weak. The social inventory has increased. The tin price is expected to remain range - bound at a high level in the medium - to - short term. [11] - **Lithium Carbonate**: The lithium carbonate main contract rose on Tuesday. After a previous sharp increase, the weighted contract significantly reduced positions. Investors are advised to wait and see due to large price fluctuations. [12] - **Industrial Silicon**: The industrial silicon main contract fell on Tuesday. After the end of the wet season, production in the southwest decreased, and the supply - demand is weak. It is expected to be range - bound, and attention should be paid to the cash - flow cost support of large enterprises. [12] - **Polycrystalline Silicon**: The polycrystalline silicon main contract fell on Tuesday. There is a game between strong policy expectations and weak reality. It is expected to be range - bound at a high level. [13] Energy and Chemicals - **Methanol**: The methanol market in the inland region mainly fell. The overall inventory is rising, and supply is expected to increase in the short term while demand is weak. There is a risk of shutdown in high - cost areas, but the gas - restriction devices have not been implemented. It may fall in the short term but is supported by the expectation of gas - restriction and cost. [14] - **PP**: The PP market showed a weak oscillation. Demand has improved, but the supply growth rate is too fast, leading to inventory increases. With the approaching of the traditional off - season, the demand is expected to weaken, and the price is expected to continue to decline. [14] - **LLDPE**: The polyethylene market price is weak. The supply pressure is increasing, and the demand support will gradually weaken. With weak cost support, the price is expected to continue to be under pressure. [15] - **Urea**: The urea market is firm with a slight increase. Supply pressure persists, and demand is differentiated. The price is under downward pressure in the short term but may stabilize after oscillation in the medium - to - long term. [15] Agricultural Products - **US Soybeans**: The price of US soybeans remained stable at a high level supported by the news of China's potential purchase. The soybean harvest rate in the US is lower than last year and the five - year average, and the sowing in Argentina is delayed due to floods. [16] - **Soybean and Rapeseed Meal**: The supply and demand of soybean and rapeseed meal in domestic oil mills are loose, and the basis is weak. With the weakening of US soybeans, the meal price may continue to correct, but it may stabilize later due to the slowdown of soybean procurement. [17] - **Soybean and Rapeseed Oil**: The supply of soybean oil exceeds demand, but the cost support from US soybeans makes the price stable and slightly strong. Rapeseed oil is in a state of continuous de - stocking, and the price is supported by the Canadian bio - fuel incentive plan. [17] - **Palm Oil**: Malaysia lowered the reference price of crude palm oil in December. Due to the policies in Indonesia, the palm oil price is expected to rise in the next few months. The domestic palm oil inventory is increasing, and the price will maintain a wide - range oscillation in the short term. [17] - **Corn**: The current inventories of corn in northern ports, feed enterprises, and deep - processing enterprises are low. The futures may correct the basis, and the price is expected to be slightly strong. [18] - **Pigs**: The early - morning pig price was stable and slightly strong. The market supply is still in excess, but the farmers' reluctance to sell and the expected reduction in pig enterprises' sales support the price to be weakly stable. [18]

香港交易及結算所有限公司及香港聯合交易所有限公司對本公告的內容概不負責， 對其準確性或完整性亦不發表任何聲明，並明確表示，概不對因本公告全部或任 何部份內容而產生或因倚賴該等內容而引致的任何損失承擔任何責任。 （前稱 Central Wealth Group Holdings Limited 中達集團控股有限公司） （於百慕達註冊成立之有限公司） （股份代號：139） 有關可能投資一間公司之戰略投資諒解備忘錄 小魚盈通控股有限公司（「本公司」，連同其附屬公司統稱「本集團」）董事（「董事」） 會（「董事會」）宣佈，於二零二五年十一月十八日，本公司與浙江出海數字技術有 限公司（「目標公司」）訂立戰略投資諒解備忘錄（「諒解備忘錄」）。戰略投資諒解 備忘錄之主要條款載列如下。 戰略投資諒解備忘錄 日期： 二零二五年十一月十八日 訂約方： 本公司 目標公司 目標公司為一間於中華人民共和國（「中國」）註冊成立之有限責任公司。經董事會 作出一切合理查詢後所深知、盡悉及確信，目標公司及其最終實益擁有人均為獨 立第三方。 兹提述本公司日期為二零二五年八月十八日的公告，內容有關與目標公司訂立諒 解備忘錄。本公司宣佈，其已完成對目 ...

期货研究报告 投资咨询业务资格：证监许可【2011】1778 号 股指衍生品 | 周报 2025 年 11 月 17 日 股指衍生品 专业研究·创造价值 股指维持区间震荡 核心观点 股指期货：股指维持区间震荡 上周各股指均呈现震荡整理的走势，上周五股指高位回落大幅 收跌。随着昨日股指反弹至前期高点附近，叠加最新公布的国内投 资消费数据走弱以及海外 AI 科技股票降温，部分投资者止盈意愿 上升，股指技术性回调。目前政策利好预期与资金净流入股市趋势 共同构成股指中长期向上的强力支撑，但是政策利好预期与获利资 金止盈相互博弈的节奏决定着短线行情，短期行情震荡反复的可能 性较大。总的来说，短期内股指区间震荡为主。 邮箱：longaoming@bcqhgs.com 作者声明：本人具有中国期货 业协会授予的期货从业资格证 书，期货投资咨询资格证书， 本人承诺以勤勉的职业态度， 独立、客观地出具本报告。本 报告清晰准确地反映了本人的 研究观点。本人不会因本报告 中的具体推荐意见或观点而直 接或间接接收到任何形式的报 酬。 专业研究·创造价值 1 / 17 请务必阅读文末免责条款 请务必阅读文末免责条款部分 ETF 期权与股 ...

Core Insights - The scale of private asset management products established by securities and futures operating institutions in China increased by over 69% year-on-year as of September 2025 [1] Group 1: Industry Performance - The total scale of established private asset management products reached 821.47 billion yuan, reflecting a year-on-year growth of 69.2% [1] - As of the end of September 2025, the total assets under management (excluding wealth management products and corporate annuities) amounted to 12.48 trillion yuan, up from 12.10 trillion yuan at the end of the previous month [1]

近日，"证券期货行业仲裁试点专家咨询会暨深圳试点四周年座谈会"在北京举行。本次会议由深圳国际 仲裁院与北京大学法学院共同主办，中国(深圳)证券期货仲裁中心、北京大学金融法研究中心、中国国 际仲裁研究院承办，深圳证券期货业纠纷调解中心协办。会议旨在系统总结全国首家证券期货行业仲裁 试点机构——中国(深圳)证券期货仲裁中心四年来的实践经验，并就如何进一步推动证券期货行业仲裁 试点进行研讨。 与会人士围绕证券期货行业仲裁机制的建设与发展深入交流并一致认为，深圳试点以其前瞻性的机制创 新和卓有成效的实践，充分展现了仲裁在提升资本市场法治化、专业化水平方面的独特价值，为行业高 质量发展提供了"深圳样本"和"示范经验"。 记者了解到，作为中国证监会和司法部《关于依法开展证券期货行业仲裁试点的意见》发布后全国首家 试点机构，中国(深圳)证券期货仲裁中心在四年试点期内初步构建了适应资本市场需要的专业化争议解 决体系。 在机制建设方面，中国(深圳)证券期货仲裁中心设立了由中国证监会原副主席高西庆、香港证监会原主 席梁定邦等知名专家组成的专业指导委员会，并建立了由591名资本市场领域专家组成的仲裁员队伍， 还进一步深化了自201 ...