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法治日报 | 中国(北京)证券期货仲裁中心正式启用
Sou Hu Cai Jing· 2025-09-29 13:23
央官传奇副部长,据家 | 图书视盛局讲 要能人公路城北往休 团团领所在线景观和 的"高质量完成"十四五"被刘"杀列主 新闻发布会上介绍谈,"十四五"时期, 播电视和网络视所行业首力撞动系统性 空事,高质量发展,制造订相关法规,并 章,吸范性文件等50余部。出台了相关标 当前,我国在用户,内容 居汁妈, 业等知候 |已经成为"摄电视大国,网络 粉斯人圈,从用白银降费,有线点海 IPTV . 立新网电视, 在播卫星等电视大麻 用户合计都过30亿, 网络视听用户达10 亿, 从内容规模有, "十四五"以来到作发 在电视剧(微缘剧3剧1500部。欧剧片剧 好服务业受欧人达149万亿元,较"十 "末相比增长61 90% 5年来 守正创新,攻坚克电,开拓进取,取得 最重成功 我国不断健会广电相关注律法规、精 准规范,技术手段,体育机能力 - 体制综合 治理体系,不断提升技术手段能力,推动体 制机制改革创新,就得内容,两体和数据? 金 加快出版社会保障部分分散发表示出会 保持机器分解和高发展和台湾和设计划 国家广播电视总局面后长韩冬通道 总局正在制订《微新剧管理办法》。 提以台门健康的胜代发布,为微弱群发展 提值的好运治保 ...
中证投服中心全面修订调解规则 助推证券期货纠纷调解提质增效
Xin Hua Cai Jing· 2025-09-29 10:09
一是突出调解范围,纠纷受理更精准。新《调解规则》聚焦中证投服中心"全国性、全市场"调解职能定 位,明确受理范围涵盖资本市场全领域民事纠纷,既包括投资者与上市公司之间的涉众型纠纷,也包括 投资者与证券期货经营机构、基金公司等市场主体之间的个案纠纷,并明确相关证券、期货经营机构收 到调解参与通知书应当参与调解,进一步落实法定强制调解制度。同时,精准界定不予受理的情形,对 生效判决已确认权利义务、中证投服中心已调解结案等情形作出明确排除性规定,为公众提供清晰指 引。 二是完善调解程序,纠纷处理更高效。新《调解规则》依据纠纷案由、纠纷金额及当事人数量等要素, 在原有简易程序、普通程序、小额速调程序的分级基础上,针对重大涉众型、复杂新型纠纷增设"疑难 复杂程序",形成四级程序体系,明确各类程序的调解资源配置标准,实现繁简分流、类案专办。同 时,优化线上线下业务流程,调解当事人可通过"中证资本市场法律服务中心在线调解平台"实现调解申 请、证据提交、协商沟通、协议签署等全流程"掌上调解",亦可现场与调解员面对面沟通,多举措提供 便捷服务,降低投资者维权成本。 三是强化调解管理,服务根基更扎实。新《调解规则》增设"调解组织与 ...
研究所晨会观点精萃-20250929
Dong Hai Qi Huo· 2025-09-29 01:13
1. Report Industry Investment Ratings - No industry investment ratings are provided in the report. 2. Core Views of the Report - Overseas, the US core PCE price index remained unchanged in August, the US dollar index declined, and global risk appetite increased. Domestically, consumption, investment, and industrial added - value growth in August were lower than expected, and domestic risk appetite decreased. The market focuses on domestic incremental stimulus policies, and the short - term macro - upward drive has strengthened. Attention should be paid to Sino - US trade negotiations and domestic policy implementation [3]. - For assets, the stock index is expected to oscillate at a high level in the short term, and it is advisable to be cautiously long. Treasury bonds will oscillate in the short term, and it is advisable to wait and see. For commodities, black metals will oscillate in the short term, and it is advisable to wait and see; non - ferrous metals will oscillate strongly in the short term, and it is advisable to be cautiously long; energy and chemicals will oscillate in the short term, and it is advisable to be cautiously long; precious metals will oscillate strongly at a high level in the short term, and it is advisable to be cautiously long [3]. 3. Summary by Related Catalogs 3.1 Macro - finance - Overseas: The US 8 - month core PCE price index annual rate was 2.9%, unchanged from the previous month, in line with market expectations. The US dollar index declined, and global risk appetite increased. - Domestic: In August, consumption increased by 3.4% year - on - year, 1 - 8 month investment increased by 0.5% year - on - year, and industrial added - value increased by 5.2% year - on - year, all lower than previous values and market expectations. The central bank adheres to a self - centered and balanced monetary policy. The Shanghai Stock Exchange will promote long - term funds to enter the market. The short - term policy support has increased, but market sentiment is cautious before holidays, and domestic risk appetite has decreased. - Asset suggestions: Stock index - short - term high - level oscillation, cautiously long; Treasury bonds - short - term oscillation, wait and see; black metals - short - term oscillation, wait and see; non - ferrous metals - short - term strong oscillation, cautiously long; energy and chemicals - short - term oscillation, cautiously long; precious metals - short - term high - level strong oscillation, cautiously long [3]. 3.2 Stock Index - Affected by consumer electronics, artificial intelligence, and gaming sectors, the domestic stock market declined. Domestic economic data was lower than expected, and domestic risk appetite decreased. The market focuses on domestic incremental policies, and the short - term upward drive has strengthened. It is advisable to be cautiously long in the short term [4]. 3.3 Black Metals 3.3.1 Steel - Last Friday, the domestic steel futures and spot markets rose and then fell, with low trading volume. Near the holiday, the risk - aversion sentiment increased, and the news of EU tariffs on Chinese steel products also affected the market. The real demand continued to weaken, but there were differences among varieties. The demand for rebar improved, with a 13.98 - million - ton inventory decline and a 10.41 - million - ton increase in apparent consumption this week. Hot - rolled coils accumulated inventory, and apparent consumption decreased. Steel supply remained high. The steel market is likely to oscillate within a range before the holiday [5]. 3.3.2 Iron Ore - Last Friday, iron ore futures and spot prices rose and then fell. The daily iron - water output increased to over 242 million tons, and steel mills continued to replenish stocks before the National Day, so the demand for ore remained strong. The global iron - ore shipping volume decreased by 248 million tons this week, while the arrival volume increased by 312.7 million tons. The port inventory increased by 169 million tons. Although the market has negative feedback expectations, the probability of actual negative feedback in the short term is low. The iron - ore price is expected to oscillate within a range in the short term, with a risk of negative feedback from late October to November [7]. 3.3.3 Silicon Manganese/Silicon Iron - Last Friday, the spot prices of silicon iron and silicon manganese remained flat, and the futures prices declined slightly. The开工 rate of silicon manganese enterprises decreased, and the daily output decreased. The downstream demand is expected to improve in October. The prices of silicon iron and silicon manganese are expected to continue to oscillate within a range [8]. 3.4 Non - ferrous Metals and New Energy 3.4.1 Copper - The manufacturing PMIs of the US, the eurozone, Japan, and the UK all declined marginally. The second - largest copper mine, Grasberg, announced a shutdown, affecting about 27 million tons of production, but it has a复产 schedule, which reduces market speculation [9]. 3.4.2 Aluminum - Last Friday, the aluminum price was stable. It is expected to oscillate within a narrow range of 200 - 300 points in the short term. The social inventory decreased by 2.1 million tons due to pre - holiday restocking, but the inventory will accumulate during the holiday. The de - stocking is less than expected during the peak season [10]. 3.4.3 Aluminum Alloy - The supply of scrap aluminum is tight, the cost of recycled aluminum plants is rising, and the demand is weak. The price is expected to oscillate strongly in the short term, but the upside is limited [10]. 3.4.4 Tin - The smelting start - up rate in Yunnan and Jiangxi increased to 30.13%, remaining at a low level. The supply will be more abundant after November. The demand has improved slightly, but the terminal demand is still weak. The price is expected to oscillate in the short term [10][11]. 3.4.5 Lithium Carbonate - As of September 25, the weekly output of lithium carbonate increased by 0.8% to 20,516 tons, and the weekly start - up rate was 50.55%. The social inventory decreased slightly, and the downstream continued to replenish stocks. The fundamentals have improved marginally, and the price is expected to oscillate strongly [11]. 3.4.6 Industrial Silicon - As of September 26, the weekly output decreased by 0.8% to 96,432 tons, and the furnace - opening rate was 38%. The social inventory remained unchanged, and the warehouse - receipt inventory increased. There is no obvious driving force, and the price is expected to oscillate within a range [12]. 3.4.7 Polysilicon - The output in September was about 13 million tons, and the start - up rate is expected to decrease in October. The inventory remained high, and the warehouse - receipt decreased. The supply is high, and the demand is low. It is necessary to wait for the implementation of the state - purchase news [12]. 3.5 Energy and Chemicals 3.5.1 Crude Oil - The supply risk of Russia has increased, and the Middle East situation is tense, so the bottom support for crude oil remains. However, the export from northern Iraq has resumed, and OPEC may increase production next week, so the price pressure at the end of the year is still large [13]. 3.5.2 Asphalt - The rebound of oil prices has driven the rebound of asphalt prices. However, the peak - season demand is over, and the surplus pressure remains. The short - term basis is declining, and the inventory is not significantly reduced. The profit has recovered, and the start - up rate has increased significantly [13]. 3.5.3 PX - PX has been oscillating weakly. The PXN spread has decreased to 206 US dollars, and the external price has been oscillating at 815 US dollars. The polyester market has declined, and PX is expected to continue to oscillate weakly with some support [13]. 3.5.4 PTA - There was news of joint production cuts, but no substantial confirmation. The medium - term supply pressure is still large. The short - term basis has increased slightly, but the processing fee is still low. The downstream start - up rate has declined, and the upside space is limited [14]. 3.5.5 Ethylene Glycol - The port inventory is low, but the enterprise inventory is high. There is new production - capacity release pressure in the next two years. The downstream start - up rate is lower than in previous years, and the de - stocking is limited. It is expected to oscillate at a low level [16]. 3.5.6 Short - fiber - The price of short - fiber has declined. The terminal orders have increased seasonally but not significantly. The inventory has increased slightly due to the rebound of the start - up rate. The follow - up increase space is limited [16]. 3.5.7 Methanol - The inventory has decreased due to reduced imports and increased port - system utilization. The supply and demand situation has improved marginally, and the price is expected to consolidate and wait for new driving forces [16]. 3.5.8 PP - The supply is expected to increase as the devices are expected to restart. The downstream demand is in the peak season but has not improved significantly. The inventory pressure is not large, but the production - start expectation and high supply suppress the market. The price is difficult to improve [16]. 3.5.9 LLDPE - The downstream start - up rate has increased, and the orders and start - up of agricultural films are recovering. However, the supply pressure is still large, and there is new production - capacity release expectation. The overall surplus pattern remains unchanged [16]. 3.5.10 Urea - The domestic urea market has a loose supply - demand pattern. The supply pressure is obvious as the previously shut - down devices are resuming production. The demand support is weak. The enterprise inventory is accumulating. The price is expected to oscillate at the bottom in the short term [16]. 3.6 Agricultural Products 3.6.1 US Soybeans - The net short - position of managed funds in soybean futures and options has increased recently. The short - term pressure on US soybeans has increased due to Argentina's zero - tariff export, concentrated soybean harvest, and Sino - US tariff disputes. However, the harvest progress is slower than expected, and the drought in the production area has worsened, so there is support. The CBOT soybean is still cautiously optimistic [15][17]. 3.6.2 Soybean Meal and Rapeseed Meal - Argentina's zero - tariff window has reduced the risk of soybean and oil - meal shortages in the first quarter of next year. The soybean arrival at domestic oil mills will shrink in the fourth quarter, and the import cost is stable. After the National Day, the inventory pressure of oil mills is expected to decrease, and the cost - driven valuation - repair market for soybean meal is mature. The supply of imported rapeseed meal has decreased seasonally, and the domestic rapeseed inventory is low. Rapeseed meal is mainly influenced by soybean meal [17]. 3.6.3 Oils - The supply of domestic rapeseed and rapeseed oil is insufficient, and the high inventory of rapeseed oil is being reduced, so the price is likely to rise. The supply - demand of soybean oil is loose, and there is a risk of inventory accumulation after the National Day. The supply of palm oil is expected to decrease in the fourth quarter, and the inventory in the production area is low. The overall oil market is stable and is expected to oscillate within a range [18]. 3.6.4 Corn - The old - crop corn inventory is low, and the new - crop corn has a high opening price. The new - crop corn harvest in North China has been delayed by weather, and the price has rebounded. The downstream feed - mill inventory is at a low level, but the replenishment sentiment is low. The futures price has a deep discount to the spot price, and there is strong support [18]. 3.6.5 Hogs - Before the National Day, the market was pessimistic, and the pig price continued to decline. The supply - demand is still in surplus in the short term, and the pig price is under seasonal pressure after the National Day. In the medium term, the pig price may stabilize and rebound when the loss deepens and the consumption peak season comes [19].
证监会: 继续为证券期货行业仲裁试点机构提供专业支持和保障
Jing Ji Wang· 2025-09-28 03:50
一是进一步加强对北京仲裁委员会(即"北仲")等试点仲裁机构的专业支持,推动更多典型案例落 地。 9月25日,证监会首席律师程合红在中国(北京)证券期货仲裁中心启用仪式上表示,证监会系统 将按照《关于依法开展证券期货行业仲裁试点的意见》有关规定,会同有关方面,继续为包括中国(北 京)证券期货仲裁中心在内的证券期货行业仲裁试点机构,提供专业支持和保障。 本报记者吴晓璐 四是进一步深化仲调对接机制,推动证券期货行业调解组织与试点仲裁机构建立健全证券期货纠纷 仲裁与调解有效衔接的工作机制。 二是支持北仲等试点仲裁机构加强专业仲裁员队伍建设,拓宽仲裁员选聘渠道。 三是积极引导证券期货纠纷当事人自愿选择仲裁方式解决争端,在证券期货仲裁工作中要依法加强 对投资者合法权益的保护。 ...
中国新西兰证券期货 监管合作进一步加强
Zheng Quan Shi Bao· 2025-09-26 17:23
Group 1 - The core viewpoint of the article is the signing of an updated Memorandum of Understanding (MoU) between the China Securities Regulatory Commission (CSRC) and the New Zealand Financial Markets Authority (FMA), marking a new phase in regulatory cooperation between the two countries [1] - The updated MoU focuses on the needs of capital market development and cross-border cooperation, enhancing the regulatory collaboration between China and New Zealand [1] - The CSRC has established bilateral regulatory cooperation MoUs with 67 countries and regions, creating a smooth mechanism for cross-border regulatory and enforcement cooperation [1]
中国证监会与新加坡金管局 进一步深化资本市场合作
Zheng Quan Shi Bao· 2025-09-25 18:15
双方回顾了两国领导人关于深化中新多领域创新合作的重要共识,积极评价近年来两国资本市场领域合 作取得的成果,包括持续深化ETF互通、加强指数合作、支持对方金融机构在境内投资展业等。双方就 各自资本市场改革发展最新举措、投资者保护机制、期货和衍生品监管、非银行金融机构风险监测、上 市公司监管等议题进行广泛深入的交流。 中国证监会与新加坡金管局近日召开第九届中新证券期货监管圆桌会。中国证监会副主席李明和新加坡 金管局副行长何恒心出席会议并分别致辞,双方同意进一步深化资本市场务实合作,利用圆桌会议等机 制加强交流互鉴,助力建设中新全方位高质量的前瞻性伙伴关系。 ...
2025年证券期货业“质量月” |知标准、学标准、用标准
Xin Lang Ji Jin· 2025-09-25 07:56
——风险提示—— 登录新浪财经APP 搜索【信披】查看更多考评等级 全国"质量月"活动是在国家相关主管部门的倡导和部署下,每年9月在全国范围内开展的主题活动。今 年全国"质量月"活动主题为"加强全面质量管理,促进质量强国建设"。 "质量月"活动是推动证券期货业标准化建设的重要契机,通过倡导"知标准、学标准、用标准"的理念, 能够有效提升行业对标准化工作的认知与实践,进而形成全行业重视标准、践行标准的良好氛围。长城 基金积极开展对标实践,践行 "知标准、学标准、用标准",将标准化方法深度融入生产、经营及管理 各环节,切实发挥标准的基础性和制度性作用。 | 序号 | 标准编号 | 标准中文名称 | | --- | --- | --- | | 1 | GB/T 45249.1-2025 | 证券期货业与银行间业务数据交换协议 第1部分:三方存管、银期 转账和结售汇业务 | | 2 | GB/T 45252-2025 | 证券交易数据交换协议 | | 3 | GB/T 45254-2025 | 期货市场客户开户数据接口 | | 4 | JR/T 0313—2024 | 证券发行人信息披露文件编码规则 | | 5 | ...
证监会首席律师程合红:继续为证券期货行业仲裁试点机构提供专业支持和保障
Zheng Quan Shi Bao Wang· 2025-09-25 06:27
二是支持北仲等试点仲裁机构加强专业仲裁员队伍建设。按照《试点意见》相关规定,支持、推动试点 仲裁机构拓宽仲裁员选聘渠道,按照《仲裁法》规定,从证券期货监管机构及自律组织的专业人员、证 券期货行业专家、从事证券期货领域研究或科研的高校学者、相关仲裁经验丰富的人员中选聘仲裁员。 证监会系统工作人员担任仲裁员的,应当具备良好的专业素质,勤勉尽责,清正廉明,恪守职业道德, 同时要遵守证监会系统干部管理要求。 三是积极引导证券期货纠纷当事人自愿选择仲裁方式解决争端。证券期货行业协会、交易所等可研究制 定标准化仲裁条款,并结合不同业务特征,推动、引导经营机构在专业性较强、权利义务关系复杂、具 有跨境属性等类型的业务合同中约定通过仲裁方式解决纠纷,积极支持引导证券期货争议当事人主动选 择证券期货仲裁中心作为仲裁机构,提高行业纠纷化解效率。交易所、登记结算机构、行业协会等资本 市场自律组织可在会员章程中载明会员之间证券期货业务纠纷的仲裁条款,规定或约定通过仲裁方式解 决的争议范围,并选择证券期货仲裁中心作为仲裁机构。 四是进一步深化仲调对接机制。推动证券期货行业调解组织与试点仲裁机构建立健全证券期货纠纷仲裁 与调解有效衔接的 ...
证监会首席律师程合红:4家试点仲裁机构受理证券期货类案件2600余件
Zheng Quan Shi Bao Wang· 2025-09-25 06:27
程合红指出,仲裁是多元纠纷化解机制的重要组成部分,是保护投资者权益的重要法律手段,也是国际 通行的商事纠纷解决机制,具有专业性强、程序灵活、经济高效、裁决可依法强制执行等优势,在服务 经济高质量发展和高水平对外开放中发挥着重要作用。 2021年中办、国办印发《关于依法从严打击证券违法活动的意见》提出"开展证券行业仲裁制度试点"。 同年10月,证监会和司法部联合印发《关于依法开展证券期货行业仲裁试点的意见》,提出"支持、推 动证券期货业务活跃的北京、上海、深圳三地开展证券期货行业仲裁试点"。 人民财讯9月25日电,9月25日,在中国(北京)证券期货仲裁中心启用仪式上,证监会首席律师程合红在 致辞中表示,目前深圳、上海已先后实现证券期货行业仲裁试点落地,自试点以来,上海、深圳的4家 试点仲裁机构共受理证券期货类案件2600余件,涉案争议金额1000多亿元,为证券期货行业仲裁试点积 累了宝贵经验。 ...
股指期货日度数据跟踪2025-09-24-20250924
Guang Da Qi Huo· 2025-09-24 04:04
1. Report Industry Investment Rating - No relevant content provided 2. Core Viewpoints of the Report - The report presents a daily data tracking of stock index futures on September 23, 2025, including index trends, the impact of sector fluctuations on indices, basis and annualized opening costs of stock index futures, and points differences in contract roll - over and their annualized costs [1] 3. Summary by Relevant Catalogs 3.1 Index Trends - On September 23, the Shanghai Composite Index fell 0.18% to 3821.83 points with a trading volume of 1071.698 billion yuan; the Shenzhen Component Index fell 0.29% to 13119.82 points with a trading volume of 1422.684 billion yuan [1] - The CSI 1000 Index fell 1.09% with a trading volume of 503.96 billion yuan, opening at 7500.62, closing at 7408.07, with a high of 7504.23 and a low of 7261.67 [1] - The CSI 500 Index fell 0.61% with a trading volume of 495.069 billion yuan, opening at 7240.85, closing at 7180.71, with a high of 7250.82 and a low of 7045.56 [1] - The SSE 50 Index fell 0.09% with a trading volume of 168.987 billion yuan, opening at 2917.99, closing at 2919.51, with a high of 2938.12 and a low of 2891.78 [1] - The CSI 300 Index fell 0.06% with a trading volume of 680.514 billion yuan, opening at 4536.76, closing at 4519.78, with a high of 4560.73 and a low of 4459.73 [1] 3.2 Impact of Sector Fluctuations on Indices - The CSI 1000 Index dropped 81.41 points compared to the previous close, with sectors such as Computer and Medicine & Biology significantly pulling the index down [2] - The CSI 500 Index dropped 44.42 points compared to the previous close. The Power Equipment sector significantly pulled the index up, while sectors like Medicine & Biology, Non - Banking Finance, and Computer pulled it down [2] - The CSI 300 Index dropped 2.83 points compared to the previous close. Sectors such as Bank, Communication, and Electronics pulled the index up, while Computer, Medicine & Biology, and Non - Banking Finance pulled it down [2] - The SSE 50 Index dropped 2.67 points compared to the previous close. Sectors such as Bank, Non - Ferrous Metals, and Public Utilities pulled the index up, while Non - Banking Finance, Electronics, and Medicine & Biology pulled it down [2] 3.3 Basis and Annualized Opening Costs of Stock Index Futures - IM00 had an average daily basis of - 107.49, IM01 of - 195.71, IM02 of - 281.02, and IM03 of - 488.76 [12] - IC00 had an average daily basis of - 112.22, IC01 of - 186.93, IC02 of - 254.9, and IC03 of - 426.14 [12] - IF00 had an average daily basis of - 23.49, IF01 of - 36.88, IF02 of - 51.72, and IF03 of - 78.0 [12] - IH00 had an average daily basis of - 0.65, IH01 of - 1.94, IH02 of - 0.77, and IH03 of 0.52 [12] 3.4 Points Differences in Contract Roll - over and Their Annualized Costs - For IF, from 09:45 to 15:00, the points differences in contract roll - over and their annualized costs fluctuated. For example, at 09:45, IF00 - 01 was - 12.31678 [24][26] - For IH, from 09:45 to 15:00, the points differences in contract roll - over and their annualized costs also fluctuated. For example, at 09:45, IH00 - 01 was 0.707 [29] - For IM, from 09:45 to 15:00, the points differences in contract roll - over and their annualized costs changed. For example, at 09:45, IM00 - 01 was - 73.02267 [31] - For IC, from 09:45 to 15:00, the points differences in contract roll - over and their annualized costs varied. For example, at 09:45, IC00 - 01 was - 68.64222 [32]