中经记者 郭婧婷 北京报道 近日，证监会核准中央汇金投资有限责任公司（以下简称"中央汇金"）成为三大AMC公司（中国信 达、东方资产、长城资产）旗下8家金融机构的实控人。此次中央汇金对8家AMC系金融机构的控股， 是继2月14日其从财政部手中接管三大AMC控股权后的业务整合延续。划转结束后，中央汇金直接或间 接控股的金融机构将超20家。 市场人士认为，此次8家机构中，长城、东兴和信达3家期货公司的加入，使得中央汇金金融版图的全牌 照布局得以完善。专业人士认为，资源整合后，中央汇金有望形成"全链条"优势。 有券商作出研判：在加快推进建设一流投资银行的背景下，中央汇金旗下券商进一步增多，券商牌照整 合预期升温，行业供给侧改革或将进一步加速。 中央汇金全牌照布局 此次新增8 家归于中央汇金实控的金融机构包括：长城国瑞证券有限公司、东兴证券股份有限公司、信 达证券股份有限公司、东兴基金管理有限公司、信达澳亚基金管理有限公司、长城期货股份有限公司 （以下简称"长城期货"）、东兴期货有限责任公司（以下简称"东兴期货"）和信达期货有限公司（以下 简称"信达期货"）。 值得一提的是，长城期货、东兴期货和信达期货3家期货公司的 ...

Core Points - The China Securities Regulatory Commission (CSRC) has released a draft for the "Regulations on the Classification Evaluation of Futures Companies," marking the fourth revision since its establishment in 2009, with a focus on seven adjustments including two major deduction items and five addition items [1][6] Group 1: Key Signals - Signal One: Stricter penalties for violations, allowing for deductions based on regulatory measures taken outside the evaluation period if violations occurred during the evaluation period [1] - Signal Two: Support for the real economy, with new indicators for "average daily positions of industrial clients" and "average daily positions of medium- and long-term fund clients" [2] - Signal Three: Upgraded competitiveness evaluation system, with market competitiveness indicators adjusted to three categories and nine items covering business types, profitability, and capital strength [3] - Signal Four: Inclusion of "insurance + futures" and party building in the special evaluation, recognizing the importance of these initiatives in supporting national strategies [4] Group 2: Deduction Standards - The deduction standards have been adjusted to balance strictness and leniency, with clear definitions of deduction scenarios [5][8] - Direct deduction items related to daily risk control are specified, with a tiered deduction system based on the severity of regulatory measures [9] - The evaluation can reflect the latest compliance status by including violations that occurred during the evaluation period but were penalized afterward [9] Group 3: Addition Indicators - The revision optimizes five dimensions of addition indicators to support industry transformation [13] - Dimension One: Enhanced service capabilities for the real economy, with a focus on industrial and medium- to long-term fund clients [15] - Dimension Two: Restructured market competitiveness addition system, with new indicators for brokerage and trading consultation businesses [16] - Dimension Three: Removal of certain evaluation indicators to avoid redundancy and encourage larger-scale operations [17][18] - Dimension Four: Adjustments to special evaluations, including the integration of party building and cultural construction into the evaluation system [19] - Dimension Five: Special incentives for companies maintaining compliance and risk management without deductions over the last three evaluation periods [20]

Report Summary 1. Industry Investment Rating - No industry investment rating is provided in the report. 2. Core Viewpoint - Current Sino-US tariff policy expectations continue to cause disturbances. After the first meeting of the Sino-US London Economic and Trade Consultation Mechanism, there has been no policy adjustment regarding reciprocal tariffs or the textile and apparel sector. During the off - season of demand, the upside space for cotton prices is limited, with a possible short - term decline. Attention should be paid to the support level around 13,000, as well as further adjustments to Sino - US policies [4]. 3. Summary by Relevant Content Cotton Price Forecast and Risk Management Strategy - **Price Range Forecast**: The monthly price range for cotton is predicted to be between 12,800 and 13,700, with a current 20 - day rolling volatility of 0.0548 and a 3 - year historical percentile of 0.0343 [3]. - **Inventory Management Strategy**: For enterprises with high inventory worried about price drops, they can short Zhengzhou cotton futures (CF2509) at a 50% hedging ratio in the range of 13,600 - 13,800 to lock in profits and cover production costs. They can also sell call options (CF509C13800) at a 75% hedging ratio to collect premiums and lock in the spot selling price if the price rises [3]. - **Procurement Management Strategy**: For enterprises with low regular inventory and aiming to purchase based on orders, they can buy Zhengzhou cotton futures (CF2509) at a 50% hedging ratio in the range of 12,600 - 12,800 to lock in procurement costs. They can also sell put options (CF509P12800) at a 75% hedging ratio to collect premiums and lock in the spot purchase price if the price drops [3]. Market Situation Analysis - **Likely Positive Factors**: In the 24/25 season, northern Xinjiang cotton has high impurity content, leading to a shortage of high - quality resources. Most of the remaining cotton is in the hands of large ginning enterprises and traders, resulting in a strong cotton basis. As of the end of May, the total industrial and commercial cotton inventory in China was 439.98 million tons, indicating fast de - stocking [5]. - **Likely Negative Factors**: The processing cost of new cotton in northern Xinjiang in the 24/25 season is mostly around 15,000 yuan/ton, and some new cotton has not been hedged. The downstream is in the traditional off - season, with slow sales, reduced load in spinning and weaving mills, low procurement enthusiasm for raw materials, and a slight accumulation of finished products [7]. Price Data - **Futures Prices**: Cotton 01 closed at 13,495 with no change; Cotton 05 at 13,480 with no change; Cotton 09 at 13,520 with no change; Yarn 01 at 19,715 with no change; Yarn 09 at 19,770 with no change. Yarn 05 closed at 0, down 100% [6][8]. - **Price Spreads**: The cotton basis was 1332, up 88; Cotton 01 - 05 spread was 15, up 10; Cotton 05 - 09 spread was - 40, down 5; Cotton 09 - 01 spread was 25, down 5; The cotton - yarn spread was 6235, up 10; The domestic - foreign cotton spread was 1210, up 82; The domestic - foreign yarn spread was - 689 with no change [8]. - **Cotton Price Indexes**: CCI 3128B was 14,852, up 68 (0.46%); CCI 2227B was 12,948, up 41 (0.32%); CCI 2129B was 15,155, up 52 (0.34%); FCI Index S was 13,955, up 112 (0.81%); FCI Index M was 13,642, down 14 (- 0.1%); FCI Index L was 13,412, down 14 (- 0.1%) [9].

螺纹钢、热卷产业风险管理日报 2025/06/12 严志妮 投资咨询证号：Z0022076 投资咨询业务资格：证监许可【2011】1290号 螺纹价格区间预测 | | 主力价格区间预测（月度） | 当前波动率 | 波动率百分位 | | --- | --- | --- | --- | | 螺纹钢 | 2800-3100 | 11.25% | 14.0% | | 热卷 | 2900-3200 | 11.37% | 9.74% | source： 南华研究,同花顺 螺纹风险管理策略建议 | 情景分析 | 现货 | 策略推荐 | 套保工具 | 买卖 | 套保比例（%） | 建议入 | | --- | --- | --- | --- | --- | --- | --- | | 导向 | 敞口 | | | 方向 | | 场区间 | | | | 为了防止存货叠加损失，可以根据企业的库存情 | RB2510 | | 40% | 3000-3 100 | | 产成品库存偏高，担心 | | 况，做空螺纹或是热卷期货来锁定利润，弥补企 | | 卖出 | | | | 管理 钢材价格下跌 | 多 | 业的生产成本 | HC2510 | ...

聚乙烯风险管理日报 戴一帆（投资咨询证号：Z0015428） 顾恒烨（期货从业证号：F03143348 ） 投资咨询业务资格：证监许可【2011】1290号 聚乙烯价格区间预测 | | 价格区间预测（月度） | 当前波动率（20日滚动） | 当前波动率历史百分位（3年） | | --- | --- | --- | --- | | 聚乙烯 | 6900-7200 | 12.40% | 22.2% | source： 南华研究,同花顺 聚乙烯套保策略表 | 行为导 | 情景分 | 现货敞 | 策略推荐 | 套保工具 买卖方 | | 套保比例(%) | 建议入场 | | --- | --- | --- | --- | --- | --- | --- | --- | | 向 | 析 | 口 | | | 向 | | 区间 | | | 产成品 库存偏 | | 为了防止存货跌价损失，可以根据企业的库存情况，做空 塑料期货来锁定利润，弥补企业的生产成本 | L2509 | 卖出 | 25% | 7100-71 50 | | 库存管 | 高，担 | 多 | | | | | | | 理 | 心塑料 价格下 | | 卖出看涨期权收 ...

6月11日，郑商所菜油期货仓单1085张，环比上个交易日持平。 分析观点： 瑞达期货（002961）研报：油厂库存压力持续偏高，继续牵制市场价格。且中加贸易关系缓和的预期增 强，增添后期供应压力。不过，加菜籽价格相对坚挺，成本传到下，给国内菜油市场价格带来支撑。盘 面来看，受加菜籽支撑，菜油走势较豆棕偏强，短线参与为主，关注中加贸易关系变化。 期货市场上看，6月12日收盘，菜籽油期货主力合约报9178.00元/吨，涨幅0.09%，最高触及9215.00元/ 吨，最低下探9140.00元/吨，日内成交量达278856手。 【市场资讯】 6月12日，加拿大菜油(7月船期)1050美元/吨，与上个交易日相比持平；加拿大菜油(9月船期)1030美元/ 吨，与上个交易日相比持平。 数据显示，6月11日全国进口四级菜油均价现货价格报价9353.75元/吨，相较于期货主力价格（9149.00 元/吨）升水204.75元/吨。 （6月12日）今日全国菜籽油价格一览表 | 规格 | 品牌/产地 | 报价 | 报价类型 | 交货地 | 交易商 | | --- | --- | --- | --- | --- | --- | | 等 ...

投资咨询业务资格:证监许可【2012】31号 ITG国贸期 steels CI生量中 =: F0251925 2025/6/12 数据来源: Wind,国贸期货研究院 | | 行情回顾 | | | | | | | | | --- | --- | --- | --- | --- | --- | --- | --- | --- | | 指数 | 收盘价 | | 张肤帽(%) | | 成交覆(亿元) | | 成交里(亿) | | | 上证50 | 2692. 1365 | | 0. 59 | | 665. 28 | | 35. 57 | | | 沪深300 | 3894. 6252 | | 0. 75 | | 2572. 18 | | 142. 41 | | | 中证1000 | 6186. 5122 | | 0. 40 | | 2436. 71 | | 197.64 | | | | 中金所股指期权成交情况 | | | | | | | | | 指数 | 期权成交里 | 认购期权 | 认法期权 | 日成交里 | 期权持仓里 | 认购期权 | 认沽期权 | 持仓里 | | | (万张) | 成交里 | 成交里 | PC ...

Core Insights - The main contract of the CSI 500 Index futures closed at 2506 with a slight increase of 0.21% as of June 12, with a trading volume of 40,500 contracts, indicating a net short position among the top 20 holders with a difference of 946 contracts [1][2] Trading Volume and Positions - Total trading volume for all contracts of the CSI 500 Index futures reached 67,700 contracts, a decrease of 12,800 contracts from the previous day [1][4] - Among the top 20 holders, long positions totaled 170,700 contracts, down by 793 contracts, while short positions totaled 178,000 contracts, down by 2,122 contracts [1][4] Major Players - The top three long positions were held by: - CITIC Futures with a total holding of 35,438 contracts - Guotai Junan with a total holding of 28,594 contracts - Haitong Futures with a total holding of 14,040 contracts [1][4] - The top three short positions were held by: - CITIC Futures with a total holding of 35,911 contracts - Guotai Junan with a total holding of 24,009 contracts - Haitong Futures with a total holding of 17,930 contracts [1][4] Changes in Positions - The top three increases in long positions were: - CITIC Jiantou with an increase of 245 contracts to a total of 2,266 contracts - Dongzheng Futures with an increase of 226 contracts to a total of 4,594 contracts - Zhongjin Wealth with an increase of 72 contracts to a total of 1,204 contracts [1][4] - The top three decreases in long positions were: - Zhongtai Futures with a decrease of 786 contracts to a total of 3,101 contracts - Guotai Junan with a decrease of 749 contracts to a total of 9,804 contracts - Haitong Futures with a decrease of 510 contracts to a total of 2,844 contracts [1][4] Summary of Changes - The top three increases in short positions were: - Zhongjin Futures with an increase of 134 contracts to a total of 2,667 contracts - Dongzheng Futures with an increase of 116 contracts to a total of 6,033 contracts - Xingzheng Futures with an increase of 107 contracts to a total of 1,105 contracts [1][4] - The top three decreases in short positions were: - Guotai Junan with a decrease of 1,468 contracts to a total of 8,637 contracts - CITIC Futures with a decrease of 1,229 contracts to a total of 11,555 contracts - Zhongtai Futures with a decrease of 433 contracts to a total of 1,504 contracts [1][4]

新浪期货 根据交易所数据，截至6月12日收盘主力合约焦炭2509,涨跌-1.77%,成交量2.26万手，持仓数据显示前20席位呈现净多， 差额头寸为375手。 焦炭期货全合约总计成交2.36万手，比上一日减少2928手。全合约前20席位多头持仓3.42万手，比上一日减少803手。全合约前20 席位空头持仓3.39万手，比上一日增加304手。 根据合并数据显示，多头前三席位为银河期货，总持仓6885、中信期货，总持仓4437、国泰君安，总持仓3781；空头前三席位为 中信期货，总持仓4608、国泰君安，总持仓4084、华泰期货，总持仓3545； 主力合约前20席位中，多头增仓前三名分别是：中泰期货、持仓1092、增仓107，申银万国、持仓614、增仓48，中信建投、持仓 820、增仓44；多头减仓前三名分别是：东证期货、持仓2041、减仓-318，方正中期、持仓1551、减仓-164，中信期货、持仓 4437、减仓-130； 主力合约前20席位中，空头增仓前三名分别是：国泰君安、持仓4084、增仓338，华泰期货、持仓3545、增仓173，东证期货、持 仓2731、增仓87；空头减仓前三名分别是：中信期货、持仓 ...

Core Insights - The main focus of the article is on the trading performance and positioning of coking coal futures as of June 12, 2025, highlighting a decrease in trading volume and a net short position among the top 20 traders [1][3][4] Trading Performance - The main coking coal futures contract (2509) closed with a decline of 2.79%, with a trading volume of 880,400 contracts, which is a decrease of 289,500 contracts from the previous day [1] - Total trading volume across all coking coal contracts was 928,100 contracts, down by 289,500 contracts compared to the previous day [1] Positioning Data - Among the top 20 positions, the long positions totaled 377,200 contracts, an increase of 6,942 contracts, while short positions totaled 394,800 contracts, an increase of 4,740 contracts [1] - The top three long positions were held by CITIC Futures (39,074 contracts), Guotai Junan (34,991 contracts), and Galaxy Futures (33,475 contracts) [1] - The top three short positions were held by Guotai Junan (49,129 contracts), CITIC Futures (40,808 contracts), and Galaxy Futures (31,943 contracts) [1] Changes in Positions - The top three increases in long positions were from Haitong Futures (9,539 contracts, up by 2,376), Guomao Futures (18,954 contracts, up by 1,967), and Huatai Futures (21,523 contracts, up by 1,359) [1] - The top three decreases in long positions were from Yong'an Futures (12,603 contracts, down by 2,010), CITIC Futures (36,555 contracts, down by 813), and Dongzheng Futures (22,364 contracts, down by 793) [1] - The top three increases in short positions were from Guotai Junan (42,504 contracts, up by 3,443), Everbright Futures (14,209 contracts, up by 2,093), and Yong'an Futures (19,059 contracts, up by 1,599) [1] - The top three decreases in short positions were from Zhongtai Futures (11,921 contracts, down by 5,745), Dongzheng Futures (19,676 contracts, down by 2,401), and CITIC Futures (35,589 contracts, down by 1,412) [1]