本报记者 吴晓璐 据中国证监会网站消息，10月24日，中国证监会党委书记、主席吴清主持召开党委（扩大）会议，认真传达学习党的二十 届四中全会精神，按照金融系统学习贯彻党的二十届四中全会精神会议的工作要求，研究部署贯彻落实举措。 二是着力提高资本市场制度的包容性、适应性。深化科创板、创业板改革，充分发挥新三板、私募股权和创业投资等多层 次股权市场培育功能，强化债券和期货市场功能发挥。 三是着力提升监管执法的有效性和震慑力。突出打大打恶打重点，依法从严打击各类证券期货违法违规活动，加快推进数 字化、智能化监管，加强资本市场法治建设，不断提升监管效能和投资者权益保护质效。 四是着力推动资本市场开放迈向更深层次、更高水平。统筹开放与安全，有序推进市场、产品和机构双向开放，加快建设 世界一流交易所，支持香港巩固提升国际金融中心地位。深化国际监管合作，切实提升开放环境下的风险防控水平和监管能 力。 五是着力加强证监会系统党风廉政建设和干部队伍建设。压实管党治党政治责任，扎实推进中央巡视整改和作风建设常态 化长效化，自觉接受驻证监会纪检监察组等各方面监督和指导，坚定不移正风肃纪反腐。坚持严管厚爱结合、激励约束并重， 加快锻 ...

Report Information - Report Title: Financial Futures Weekly Report [1] - Date: October 24, 2025 [2] - Researchers: He Zhuoqiao, Huang Wenxin, Nie Jiayi [3] Industry Investment Rating - Not provided in the report. Core Views - The A-share market showed a "slow bull" trend, with the Shanghai Composite Index breaking through the previous high on October 24 due to the easing of Sino-US negotiations. The market style is expected to adopt a dumbbell strategy in the short term, with balanced allocation of CSI 300 and CSI 500. [7][8][13] - The bond market was suppressed by the stock market this week, and bond yields mostly increased, with the short end rising more significantly. The bond market lacks direct positive stimuli in the short term, and it is still necessary to wait patiently for a counterattack opportunity. [99] - The container shipping futures continued to rebound this week, with the SCFIS rising above 1100 points. The bottom of the freight rate for the year may have been reached, and there is an opportunity for the December contract to recover from oversold conditions. [116][131] Summary by Directory Stock Index Market Review - The A-share market showed a trend of "short-term correction followed by a strong run, a sharp decline after being impacted externally, a rebound, and then a continuous upward trend, and a consolidation after the positive news was realized and the negotiations were deadlocked." From October 20 to 24, the A-share market rose with shrinking volume, and small and medium-cap stocks performed more strongly. [7][10] - In the future, it is necessary to pay attention to the outcome of the Sino-US negotiations. If there are no black swan events, it may help the index break through further. In the short term, the market style will adopt a dumbbell strategy, with balanced allocation of CSI 300 and CSI 500. [13] 成交持仓分析 - The trading volume of stock index futures decreased, and the positions also generally declined. The average daily trading volumes of IF, IH, IC, and IM were 115,200 lots, 54,500 lots, 134,500 lots, and 225,700 lots respectively, with changes of -51,700 lots, -23,600 lots, -47,800 lots, and -64,800 lots compared with last week. The average daily positions were 257,100 lots, 91,800 lots, 245,300 lots, and 355,200 lots respectively, with changes of -20,000 lots, -9,500 lots, -16,000 lots, and -12,300 lots compared with last week. [14] 基差、跨期价差及跨品种价差分析 - The basis trend was differentiated. The basis of CSI 300 narrowed, the basis of SSE 50 changed from discount to premium, and the basis of CSI 500 and CSI 1000 also narrowed. The annualized basis rate also showed similar trends. [18][19][21] - The spread between the next-month and current-month contracts of IF, IC, and IM was negative, and the spread of IH was positive. The spread between the current-quarter and current-month contracts of IF, IC, and IM was negative, and the spread of IH was positive. [22] - Small and medium-cap stocks performed relatively better. The ratios of CSI 300/SSE 50, CSI 1000/CSI 500, CSI 300/CSI 1000, and SSE 50/CSI 1000 were at different historical percentile levels. [25] Industry Sector Overview - In terms of the CSI 300 sub-industry, the communication, information, and industrial sectors led the gains, while the consumption and real estate sectors led the losses. In terms of the CSI 500 sub-industry, the information, energy, and industrial sectors led the gains, while the pharmaceutical and consumption sectors led the losses. [26][29] - From the perspective of the primary industry, the communication, electronics, and power equipment sectors led the gains, while the agriculture, forestry, animal husbandry, fishery, food and beverage, and beauty care sectors led the losses. [31] Valuation Comparison - As of October 24, 2025, the rolling price-to-earnings ratios of CSI 300, SSE 50, CSI 500, and CSI 1000 were 14.4576 times, 12.26 times, 33.948 times, and 46.4532 times respectively, and they were at the 90.37%, 94.11%, 81.2%, and 73.01% percentile levels in the past ten years. [33] Treasury Bonds This Week's Market Review - Treasury Bond Futures Market: The stock-bond seesaw effect continued this week, and the stock market rebound suppressed the bond market. The long-term futures performed stronger than the spot bonds, while the short-term bonds were the opposite. There is a certain positive arbitrage space in the 30-year, 10-year, and 2-year main contracts, but it is necessary to be cautious when participating in the reverse arbitrage strategy. The 10-year basis is particularly low and has a certain upward regression space. The 2603 contract has poor liquidity, so it is not recommended to participate in the inter-period strategy. Pay attention to the flattening strategy. [38][41][45][56][59] - Bond Spot Market: The yields of most treasury bond spot bonds increased this week, with the short end rising more significantly. The US bond yields first decreased and then increased. [70] - Funding: As the tax payment peak approached, the central bank switched to net investment. The funding situation tightened slightly but remained generally stable, with no liquidity stratification between banks and non-banks. [77][79] - Interest Rate Derivatives: The yields of interest rate swaps increased slightly this week, and the liquidity expectation was stable. [93] Market Analysis - Recent Market Logic: In October, the bond market entered a window period where risks were gradually cleared after negative news was realized. The market stabilized but still lacked a trigger for a counterattack, such as clear monetary easing. It is necessary to pay attention to the possible repeated risks in Sino-US trade negotiations. [99] - This Week's Fundamental Situation: The GDP in the third quarter increased by 4.8% year-on-year, in line with expectations. From the demand side, exports and consumption were relatively resilient, while investment demand weakened significantly. The industrial production demand rebounded, but there is a risk of a decline in the fourth quarter. The export in September exceeded expectations, but the domestic demand side performed poorly, with consumption slowing down significantly and investment falling into negative growth. The real estate market has not yet stabilized. [100][101][102] - Next Week's Bond Market Outlook: Short-term monetary easing is difficult to implement, and the bond market lacks a clear main line. It is still necessary to trade bonds based on the stock market. Pay attention to the Sino-US trade negotiations next week. [113] Next Week's Open Market Maturity and Important Economic Calendar - A total of 156.72 billion yuan of reverse repurchases and MLF will mature next week. Economic data such as industrial enterprise profits for September and the official PMI for October will be released. [115] Shipping Index Market Review - The container shipping futures continued to rebound this week, with the SCFIS rising above 1100 points. The spot freight rates of shipping companies continued to increase in November, and the far-month pessimistic expectations continued to be repaired due to the resurgence of the Hamas-Israel conflict. [116] Container Shipping Market Situation - Spot Market: The freight rates of ocean routes continued to rebound, with the rates of European and American routes increasing. Shipping companies continued to support the freight rates for November, and the bottom of the freight rate for the year may have been reached. [124][125] - Container Shipping Supply and Demand Fundamentals: On the supply side, the container shipping capacity in Europe in October was still at a relatively high level in the off-season, and the supply pressure still exists. On the demand side, the macro demand in the eurozone continued to recover weakly, and the demand side may have limited support for the container shipping price. [127][128] Market Outlook - October is a traditional off-season, and the supply pressure still exists. However, shipping companies have started to support the freight rates for the year-end long-term contract season, and the bottom of the freight rate for the year may have been reached. There is an opportunity for the December contract to recover from oversold conditions. [131]

Core Viewpoint - The Hong Kong Securities and Futures Commission (SFC) plans to advance a series of key initiatives over the next six months to enhance the fixed income and currency markets in Hong Kong, focusing on four main pillars: promoting issuance, increasing liquidity, expanding offshore RMB business, and developing new generation infrastructure [1][2] Group 1: Key Initiatives - The SFC aims to attract more local and overseas issuers to utilize Hong Kong as a financing hub, thereby promoting issuance [1] - To increase liquidity, the SFC will implement an over-the-counter fixed income and currency derivatives system and promote the development of a central counterparty for repurchase transactions in Hong Kong [2] - The expansion of offshore RMB business will involve enhancing the application of offshore RMB, improving connectivity mechanisms, and increasing the supply of RMB-related products [2] Group 2: Infrastructure Development - The SFC will prepare for infrastructure development in the fixed income and currency markets to support the new generation of electronic trading platforms [2] - The application of tokenized fixed income and currency products will be implemented as part of the new generation infrastructure initiatives [2]

Report Overview - The report provides an analysis of the macro - financial situation, including stocks, bonds, and various commodity sectors, on October 23, 2025, considering factors such as Sino - US relations, policies, and supply - demand dynamics [2]. 1. Macro - financial Core View - Sino - US game persists in the short - term, global risk appetite cools, domestic economic growth accelerates, and policy support increases. Market trading focuses on domestic stimulus policies and Sino - US game, with short - term upward macro - drive weakening [2]. Asset Recommendations - **Stocks**: Short - term shock, short - term cautious long [2][3]. - **Treasury Bonds**: Short - term shock, cautious waiting [2]. - **Commodities** - **Black Metals**: Short - term shock, cautious waiting [2]. - **Non - ferrous Metals**: Short - term shock, short - term cautious long [2]. - **Energy and Chemicals**: Short - term shock, cautious waiting [2]. - **Precious Metals**: Short - term high - level correction, cautious waiting [2]. 2. Stock Index Market Performance - Domestic stocks decline slightly due to the drag of precious metals, base metals, and battery sectors [3]. Fundamental and Policy Analysis - Domestic economic growth accelerates, Sino - US game affects risk preference, and increased policy support boosts risk preference. Market trading focuses on domestic policies and Sino - US game, with short - term upward drive weakening [3]. Operation Suggestion - Short - term cautious long [3]. 3. Precious Metals Market Performance - On Wednesday night, the precious metals market declined overall. Shanghai gold futures dropped 1.56% to 934.72 yuan/gram, and spot gold fell 0.73% to $4093.77 per ounce. Shanghai silver futures rose 0.04% to 11331 yuan/kg [3]. Trend Analysis - Short - term high - level correction, long - term upward pattern unchanged [3]. Operation Suggestion - Short - term: Reduce long positions and wait; long - term: Buy on dips [3]. 4. Black Metals Steel - **Market Performance**: On Wednesday, steel futures and spot markets rebounded slightly, with low trading volume [4]. - **Fundamental Analysis**: Macro - level factors cause market divergence. Real demand is weak but improving marginally, with inventory decreasing and apparent consumption rising. Supply is expected to decline due to compressed profits [4]. - **Trend Judgment**: No trending market, limited upside and downside in the short - term [4]. Iron Ore - **Market Performance**: On Wednesday, iron ore futures and spot prices rebounded [5][6]. - **Supply - demand Analysis**: Iron water output is expected to decline further. Global iron ore shipments increased by 126000 tons this week, and arrivals decreased by 526400 tons. The price difference between Carajás fines and PB fines narrowed [6]. - **Trend Judgment**: Range - bound thinking [6]. Silicon Manganese/Silicon Iron - **Market Performance**: On Wednesday, spot prices were flat, and futures prices rebounded slightly [7]. - **Supply - demand Analysis**: Alloy demand decreased due to lower steel output. Silicon manganese production capacity utilization increased slightly. Silicon iron prices and raw material prices were stable [7]. - **Trend Judgment**: Range - bound [7]. 5. Non - ferrous Metals and New Energy Copper - **Market Performance**: On Wednesday, Shanghai copper was strong. US copper inventory is at a historical high, and an Indonesian mine's suspension supports prices [9]. - **Supply - demand Analysis**: The suspension is temporary, and next year is a year of high copper supply growth. Domestic refined copper de - stocking is less than expected [9]. - **Trend Judgment**: High - level shock [9]. Aluminum - **Market Performance**: On Wednesday, Shanghai aluminum rose slightly, supported by the overseas market [9]. - **Supply - demand Analysis**: An overseas smelter's accident affected a small amount of capacity. Domestic aluminum fundamentals are poor, but market expectations are neutral - bullish. London aluminum inventory decreased [9][10]. - **Operation Suggestion**: Be cautious about short - selling in the short - term [10]. Tin - **Supply - demand Analysis**: Supply is affected by Indonesian policies and Myanmar's production. Demand is weak in traditional industries and affected by pre - installed demand in the photovoltaic industry. High prices suppress demand, and inventory decreased this week [11]. - **Trend Judgment**: High - level shock [11]. Lithium Carbonate - **Market Performance**: On Wednesday, the main contract rose 1.63% to 76740 yuan/ton, with increased positions [12]. - **Supply - demand Analysis**: Supply and demand both increased, with strong seasonal demand and inventory de - stocking [12]. - **Trend Judgment**: Bullish shock, pay attention to resistance levels [12]. Industrial Silicon - **Market Performance**: On Wednesday, the main contract rose 0.06% to 8500 yuan/ton, with increased positions [12]. - **Supply - demand Analysis**: Production reached a new high, and there was no inventory accumulation during the wet season. The 2511 contract faces pressure from warehouse receipts [12]. - **Trend Judgment**: Range - bound, pay attention to cost support [12]. Polysilicon - **Market Performance**: On Wednesday, the main contract fell 0.55% to 50235 yuan/ton, with decreased positions. Warehouse receipts increased [13]. - **Supply - demand Analysis**: Supply is high, demand is low, and wait for the implementation of state - reserve news [13][14]. - **Trend Judgment**: Pay attention to spot price support [14]. 6. Energy and Chemicals Crude Oil - **Market Performance**: US sanctions on Russian oil companies and EIA inventory data led to a significant rebound in oil prices [15]. - **Trend Judgment**: Long - term downward expectation remains [15]. Asphalt - **Market Performance**: Oil price rebound drove asphalt prices up, but the basis is low, and trading volume is light. Factory inventory pressure persists, and social inventory is being depleted in East China [15]. - **Trend Judgment**: Pay attention to the rebound space of crude oil, and the fundamental driving force for recovery is weak [15]. PX - **Market Performance**: Crude oil price rebound and processing fee repair demand are expected to lead to a range - bound adjustment. PXN spread rebounded slightly [16]. - **Trend Judgment**: Tight - balance in October, likely to follow the energy - chemical sector to rebound slightly and then stabilize [16]. PTA - **Market Performance**: Crude oil price rebound drove PTA up, but demand is low, processing fee is low, and inventory is accumulating. Basis is negative, and short - selling positions are increasing [16]. - **Operation Suggestion**: Short on rallies, limited follow - up to crude oil [16]. Ethylene Glycol - **Market Performance**: Price is at a low level, port inventory increased, and demand is weak. Oil price rebound drove a slight increase in futures prices [17]. - **Trend Judgment**: Likely to be weak again [17]. Short - fiber - **Market Performance**: Followed the polyester sector and oil prices to rebound slightly [17]. - **Trend Judgment**: Weak - shock pattern, follow the polyester sector and consider shorting on rallies [17]. Methanol - **Market Performance**: Domestic methanol prices are mixed, and inventory increased. Supply decreased in the short - term, and demand from olefins is high, leading to a slight improvement in the supply - demand structure [19]. - **Trend Judgment**: Range - bound in the short - term [19]. PP - **Market Performance**: Market prices are range - bound, and inventory decreased [20]. - **Supply - demand Analysis**: Supply growth exceeds demand, and inventory is high. Crude oil price recovery improved market sentiment, but prices are still weak [20]. - **Trend Judgment**: Pay attention to the recovery of downstream demand [20]. LLDPE - **Market Performance**: Prices are adjusted, with some regional increases. Supply increased, and inventory accumulated, suppressing prices. Demand is differentiated, and the overall demand support is limited [20]. - **Trend Judgment**: Market is under pressure [20]. Urea - **Market Performance**: Prices are stable. The 2026 fertilizer import tariff quota has limited impact on urea prices [21]. - **Supply - demand Analysis**: Supply is expected to increase, demand from compound fertilizers is ending, and agricultural demand is recovering. Exports are shrinking [21]. - **Trend Judgment**: May rise slightly after a stalemate, but there is a risk of decline later [21]. 7. Agricultural Products US Soybeans - **Market Performance**: CBOT soybeans rose 0.12% to 1049.75 on the overnight market [22]. - **Supply - demand Analysis**: Brazilian soybean sowing is progressing smoothly, and Argentine weather is good. Sino - US soybean trade is the key factor for the future [22]. - **Trend Judgment**: Narrow - range shock, maintain a wait - and - see attitude [22]. Soybean and Rapeseed Meal - **Soybean Meal**: Oil mill operating rate is high, and there is a phenomenon of urging delivery. Mills are in loss, and the willingness to support prices is strong. There is a supply gap risk before the South American new soybean harvest [22][23]. - **Rapeseed Meal**: Supply is tight due to low operating rate, and it follows soybean meal's trend [23]. - **Trend Judgment**: Soybean meal may stabilize after an oversold decline [23]. Soybean and Rapeseed Oil - **Soybean Oil**: Short - term prices may be dragged down by palm oil. It is in the peak season, but trading is unchanged. The price difference between soybean and palm oil provides consumption expectations [23]. - **Rapeseed Oil**: Before the supply of Australian rapeseed and Russian oil, inventory reduction supports the basis [23]. Palm Oil - **Market Performance**: Overnight CBOT soybean oil decline may drag down palm oil futures. Malaysian palm oil production increased in October, and domestic inventory increased [24]. - **Trend Judgment**: MPOC expects prices to be stable above 4400 ringgit/ton for the rest of 2025 [24]. Corn - **Market Performance**: Corn prices are strong, and new - season corn is being listed. Demand is positive, and farmers may be reluctant to sell [24]. Live Pigs - **Market Performance**: Breeding profits are in loss, and the supply peak has not arrived. Pig prices rebounded slightly, and the sentiment of secondary fattening is cautious [25]. - **Trend Judgment**: Difficult to rebound significantly before the winter solstice, but the risk of extreme decline is low [25].

责任编辑：郭建 10月22日，在2025HKEX中国机遇论坛上，香港证券及期货事务监察委员会执行董事叶志衡表示，香港 证监会未来6个月将重点做十项工作：一是透过发行政府债券引领市场发展；二是向目标市场的发行人 和投资者推广香港的优势；三是扩大投资者基础（如家族办公室、基金和企业财资中心等）；四是落实 推行场外固定收益及货币衍生工具制度；五是促进在香港发展回购交易中央对手方；六是扩大离岸人民 币的应用；七是完善互联互通机制，以提升离岸人民币流动性及增加人民币相关产品供应；八是为固定 收益及货币市场基建做好准备迈向未来；九是助力新一代电子交易平台的发展；十是促进市场创新及落 实代币化固定收益及货币产品的用例。（第一财经记者 黄思瑜） ...

10月14日，广东证券期货业协会联合南方都市报社、湾财社举办的"投教新视界·粤投粤有方"投教微视 频创作交流暨微视频大赛成果分享活动，在广州市天河区发展中心成功举行。 10月14日，广东证券期货业协会联合南方都市报社、湾财社举办"投教新视界·粤投粤有方"投教微视频 创作交流暨微视频大赛成果分享活动。 来自辖区证券期货业金融机构、媒体及相关单位的百余名代表与"投教达人"齐聚一堂，共同见证广东证 券期货业首届微视频比赛获奖作品的高光时刻，共探行业投教工作高质量发展新方向。 搭建资源共享平台，共创投教工作新局面 南方都市报社党委副书记、主编刘江涛在致辞中指出，当前正值2025年进度条走过四分之三的关键节 点，本次交流会为行业复盘过去、谋划未来提供了重要契机。作为都市类媒体领军者与智库媒体转型先 行者，南方都市报长期深耕金融领域，去年以来，先后在广东金融监管局和广东证券期货业协会的指导 下，举办了"最美金融消保人"风采展示活动、广东证券期货业首届微视频比赛及"AI赋能微视频制作培 训"等一系列活动，借助新媒体传播优势，以多元、立体和丰富的手段，生动呈现广东投教工作的新风 貌，提升投教内容的传播力、吸引力与前瞻性，赋能 ...

Core Viewpoint - Hong Kong Stock Exchange plans to launch the Hang Seng Biotechnology Index futures to enhance its expanding derivatives ecosystem, with trading set to begin on November 28, 2025 [1] Group 1: Product Launch - The new futures contract will be based on the Hang Seng Biotechnology Index [1] - This product aims to provide investors with precise risk management tools [1] - The futures will complement existing biotechnology-related products and flagship stock index derivatives offered by the Hong Kong Stock Exchange [1] Group 2: Market Performance - As of October 13, the Hang Seng Medical ETF (159892) has a scale exceeding 5.6 billion, significantly surpassing similar products and ranking first [1] - The secondary market trading remains active, indicating good liquidity [1] - The ETF is considered a quality tool for investing in the Hong Kong biotechnology sector [1]

Core Viewpoint - Hong Kong Stock Exchange plans to launch the Hang Seng Biotechnology Index Futures to enhance its derivatives product ecosystem, focusing on the rapidly growing biotechnology sector [1] Group 1: Product Launch Details - The new futures contract will start trading on November 28, 2025, based on the Hang Seng Biotechnology Index, which tracks the performance of the 30 largest biotechnology, pharmaceutical, and medical device companies listed in Hong Kong that are eligible for Stock Connect trading [1] - The product aims to provide investors with precise risk management tools and complement existing biotechnology-related products and flagship stock index derivatives offered by the Hong Kong Stock Exchange [1] Group 2: Incentives and Fees - The first six months of trading for the new product will be exempt from the Securities and Futures Commission transaction fees [1] - The margin rate for the product will be announced in due course [1]

【免责声明】本文仅代表作者本人观点，与和讯网无关。和讯网站对文中陈述、观点判断保持中立，不 对所包含内容的准确性、可靠性或完整性提供任何明示或暗示的保证。请读者仅作参考，并请自行承担 全部责任。邮箱：news_center@staff.hexun.com 格隆汇10月14日｜香港交易所宣布，计划推出恒生生物科技指数，进一步优化其不断拓展的衍生产品生 态圈。新合约将于2025年11月28日开始交易，合约以恒生生物科技指数为基准，聚焦当前发展最快、最 有活力的一大板块，为投资者提供精准的风险管理工具，并与香港交易所现有的生物科技相关产品及旗 舰股票指数衍生产品组合互补。 ...

Group 1 - The article emphasizes the importance of investor education and protection against financial fraud in the public fund sector, particularly in the context of illegal securities and futures activities [1] - The article highlights the increasing prevalence of fraudulent schemes in the financial sector, which exploit online platforms to mislead investors and disrupt market order [1] - The article discusses specific cases of individuals falling victim to fraudulent margin trading platforms, illustrating the deceptive practices used by these entities [2][3] Group 2 - The article provides a warning about the risks associated with off-market financing, which is essentially a form of private lending that increases leverage and risk for investors [4][6] - It details how fraudulent platforms operate by creating virtual trading environments that do not connect to legitimate brokerage systems, leading to significant losses for investors [5] - The article outlines legal consequences for individuals and companies engaging in unauthorized securities activities, emphasizing the need for regulatory compliance in the financial industry [7]