Core Viewpoint - The central financial work conference during the "14th Five-Year Plan" period emphasizes the goal of accelerating the construction of a financial power, aiming to create a capital market that is "safe, standardized, transparent, open, vibrant, and resilient" to promote high-quality financial development in the new era [1] Group 1: Company Development and Strategy - The company is committed to implementing the spirit of the 20th National Congress of the Communist Party and the series of important instructions from General Secretary Xi Jinping regarding financial work, focusing on a path of financial development with Chinese characteristics [1][2] - The number of party branches within the company increased from 4 to 21 during the "14th Five-Year Plan," with the proportion of party members rising from 12% to 20%, enhancing the grassroots party organization's role [2] - The company has been recognized for its strong leadership and core competitiveness, with continuous improvement in various operational indicators [2] Group 2: Focus on Core Business - The company focuses on its main responsibilities, utilizing the futures market for price discovery, risk management, and resource allocation to support the stable development of real enterprises [3] - In serving technology finance, the company has expanded its services to national-level specialized and innovative enterprises, providing comprehensive solutions such as hedging and consulting [3] - The company has established a significant advantage in green finance, contributing to the industrial chains of industrial silicon, lithium carbonate, and polysilicon, while also participating in the preparation for the listing of electricity and carbon emission rights [3] Group 3: Social Responsibility and Financial Inclusion - The company has successfully conducted 445 "insurance + futures" projects, benefiting nearly 250,000 farmers with compensation exceeding 200 million yuan [4] - It has established a public welfare futures trader education base in Chongqing, producing over 4,000 original educational materials and reaching more than 750,000 people since its operation began in October 2021 [4] - The company is enhancing its professional service capabilities in pension finance and has introduced age-friendly services to protect investor rights [4] Group 4: Regional Development - The company has been deeply involved in the "智融惠畅" project in Chongqing, assisting in the establishment of the first log futures delivery warehouse and enhancing regional resource allocation capabilities [5][6] - It provides risk management services to traditional and emerging industries in Chongqing, contributing to the growth of the "33618" modern manufacturing cluster [6] Group 5: Collaborative Development - The company is strengthening internal and external collaboration to enhance customer service quality, building a comprehensive business advantage through a nationwide collaborative network [7] - It integrates services with various stakeholders, including government, exchanges, and educational institutions, to expand its service ecosystem and enhance brand image [7] Group 6: Risk Management - The implementation of the futures and derivatives law during the "14th Five-Year Plan" is crucial for the industry to serve the real economy and mitigate financial risks [8] - The company is enhancing its risk prevention and compliance management systems, focusing on early detection and resolution of risks [8] Group 7: Future Outlook - As the "15th Five-Year Plan" begins, the company aims to continue its commitment to serving the real economy, focusing on financial innovation and risk management to support national strategic goals [9]

南华期货公告称，公司本次全球发售H股1.08亿股，香港公开发售0.16亿股，国际发售0.92亿股。每股发 售价12港元，所得款项净额估计约12.03亿港元。1.08亿股H股于2025年12月22日在香港联交所主板挂牌 上市，股票中文简称"南华期货股份"，代码"2691"。发行后，公司股份总数增至7.18亿股，A股股东持 股比例降至85%，H股股东占比15%。持股5%以上股东横店集团控股等持股数量不变，但比例均有下 降。 ...

Group 1: Investment Rating - No investment rating information provided in the report Group 2: Core Views - The urea market is within the range of fundamentals and policies. In the short term, its downside space is strongly supported, but there is also pressure on the upside. It is expected to show a volatile trend [3]. - The short - term domestic urea market is weak and stalemated. The weekend domestic urea market continued to be firm and rising, but the mid - to - long - term trend is under pressure, and the 1 - 5 month spread is in a reverse arbitrage pattern [10][18][19]. - The overall urea market is expected to be volatile, with a possible narrow rebound followed by a stalemate, and the bottom range may continue to rise [16]. Group 3: Chapter Summaries Chapter 1: Core Contradictions and Strategy Recommendations 1.1 Core Contradictions - The change in phosphate fertilizer policy suppresses the speculative nature of the fertilizer sector, weakening the spot trading of urea. The high daily production of urea under policy support and profit repair exerts significant pressure on prices, but the export policy adjustment weakens the downward price drive. The short - term domestic urea market is weak, but the continuous destocking of explicit inventory supports prices [3]. - Regarding futures trading, although new delivery warehouses are added, the cheapest deliverable goods are still from Henan and Shandong. Considering the disappearance of the export expectation for the 01 contract, a reverse arbitrage strategy is adopted for the 1 - 5 month spread. The 01 contract still has a premium due to the autumn fertilizer expectation [5]. 1.2 Trading - type Strategy Recommendations - **Trend Judgment**: Urea is expected to fluctuate weakly. - **Price Range**: UR2601 is expected to trade between 1550 - 1750 yuan/ton. - **Strategy Suggestions**: Short positions are recommended when the price is above 1750 yuan/ton, and a reverse arbitrage is recommended for the 1 - 5 month spread when it is above - 10 [12]. - **Basis, Month - spread and Hedging Arbitrage Strategy Suggestions**: The 11, 12, and 01 contracts have a weak unilateral trend, while the 02, 03, 04, and 05 contracts are strong with peak - season demand expectations. The 01 contract has an upper pressure range of 1710 - 1720 yuan/ton and a lower static support range of 1550 - 1620 yuan/ton. It is recommended to short at high prices and conduct a reverse arbitrage for the 1 - 5 month spread. No hedging arbitrage strategy is provided [13][14]. Chapter 2: This Week's Important Information and Next Week's Key Events 2.1 This Week's Important Information - **Positive Information**: The fourth quarter is the winter storage period for the fertilizer industry, and the relatively low price may attract spontaneous reserves. India's NFL issued a new urea import tender, intending to purchase 1.5 million tons [15]. - **Negative Information**: The current domestic daily urea production is 208,100 tons. After the maintenance of some plants in Shandong and Jiangsu, and the expected concentrated maintenance of some gas - based urea plants in Inner Mongolia and Sichuan, the domestic daily urea production is expected to decline significantly to around 200,000 tons [15]. 2.2 Next Week's Key Events - China's urea production is expected to reach around 1.34 million tons next week, an increase from this week. There are no plans for plant shutdowns, and 5 - 6 plants may resume production, increasing the probability of production growth [17]. Chapter 3: Disk Interpretation 3.1 Price - Volume and Capital Interpretation - The domestic urea market continued to rise over the weekend, with a price increase of 10 - 40 yuan/ton. The fourth batch of urea export quotas and the new Indian tender boosted market sentiment, but mid - to - downstream resistance emerged. The short - term market is still strong [18]. - The weak domestic demand is the main contradiction. It is expected that the increase in exports cannot make up for the weakening domestic demand, so the medium - term trend is under pressure, and the 1 - 5 month spread of urea is in a reverse arbitrage pattern [19]. 3.2 Industry Hedging Suggestions - **Price Range Forecast**: The price range of urea is predicted to be 1650 - 1950 yuan/ton, with a current volatility of 27.16% and a historical percentile of 62.1% over three years. - **Hedging Strategies**: - **Inventory Management**: For enterprises with high finished - product inventory, shorting urea futures, buying put options, and selling call options are recommended to lock in profits and reduce costs. - **Procurement Management**: For enterprises with low procurement inventory, buying urea futures, selling put options are recommended to lock in procurement costs and reduce expenses [24]. Chapter 4: Valuation and Profit Analysis 4.1 Upstream Profit Tracking of the Industrial Chain - The report presents the seasonal trends of the weekly fixed - bed production cost, natural - gas production cost, water - coal slurry gasification profit, and fixed - bed production profit of urea [27][30][33]. 4.2 Upstream Production Rate Tracking - The report shows the seasonal trends of the daily urea production, weekly production capacity utilization rate, coal - based production capacity utilization rate, and natural - gas - based production capacity utilization rate [36][37]. 4.3 Upstream Inventory Tracking - The report provides the seasonal trends of China's weekly urea enterprise inventory, port inventory, Guangdong and Guangxi inventory, and the combined port and inland inventory [39][41][43]. 4.4 Downstream Price and Profit Tracking - The report presents the seasonal trends of the weekly production capacity utilization rate and inventory of compound fertilizers, the production profit, production capacity utilization rate, market price, and weekly output of melamine, as well as the market prices of compound fertilizers in different regions and the daily market price of synthetic ammonia in Henan [45][48][52][58][65]. 4.5 Spot Production and Sales Tracking - The report shows the seasonal trends of the average production and sales of urea and the production and sales of urea in Shandong, Henan, Shanxi, Hebei, and East China [67][69].

Report Industry Investment Rating No information provided in the content. Core Viewpoints of the Report - The core contradiction this week lies in the impact of the US non-farm payroll data and unemployment rate on the probability of interest rate cuts, the supply-demand relationship in the copper market, and the confirmation of the tight supply of copper mines in 2026. Looking ahead to next week, macroeconomic data will affect market sentiment and copper prices. The strategy is to follow the trend if there is a breakthrough; otherwise, buy at low levels within the range [2][3]. - Cathode copper is currently in the mid - stage of an uptrend with a neutral cycle, while LME copper is in the late stage of an uptrend at a high cycle level, and there is a risk of a pullback. The risk - return ratios for going long on SHFE copper and LME copper are low, so caution is advised [3]. Summary by Relevant Catalogs 1. Core Contradiction and Strategy Suggestion 1.1 Core Contradiction - **Macroeconomic Aspect**: The US non - farm payroll data and unemployment rate exceeded market expectations, slightly increasing the probability of interest rate cuts. The probability of a 25 - basis - point interest rate cut by the Fed in January 2026 is 26.6% (24.4% the previous week), and the probability of keeping interest rates unchanged is 73.4%. By March 2026, the probability of a cumulative 25 - basis - point cut is 46.8%, the probability of keeping interest rates unchanged is 41.8%, and the probability of a cumulative 50 - basis - point cut is 11.5%. Next week, the release of macroeconomic data such as the US initial jobless claims and core PCE price index will affect market sentiment [2][3]. - **Fundamental Aspect**: Near the end of the year, holders of copper have a stronger willingness to destock. In the context of increasing electrolytic copper production from November to December, the sellers' willingness to sell continues to rise, while downstream processing enterprises are still hesitant to buy at high prices, resulting in limited spot price increases. The LME copper cancelled warrants remain above 60,000 tons, supporting the rebound of the copper premium in China's bonded area. The export window is still open. The 2026 copper long - term TC/RC, announced over the weekend, is set at $0/ton and 0 cents/pound, confirming the tight supply of copper mines in that year [2]. 1.2 Trading - Type Strategy Suggestion - **Trend Judgment**: Cathode copper is in the mid - stage of an uptrend with a neutral cycle; LME copper is in the late stage of an uptrend at a high cycle level, and attention should be paid to the risk of a pullback. The risk - return ratio for going long on SHFE copper is 0.69% (low risk - return ratio), and for LME copper is 0.71% (low risk - return ratio), so caution is advised [3][14]. - **Price Range**: The price range for SHFE copper is [89,735, 95,178], with a price center of 92,457; for LME copper, it is [11,303, 12,145], with a price center of 11,724 [14]. - **Strategy Suggestion**: Follow the trend if there is a breakthrough; otherwise, buy at low levels within the range [3]. - **Basis, Calendar Spread, and Arbitrage Strategy**: The basis strategy is to expect it to strengthen. On December 19, the basis was - 565 yuan/ton, in the lowest 10% of historical quantiles, and the probability of an expansion in the next 1 - 2 weeks is 82.3%. The calendar spread strategy is neutral, with the main fluctuation range of the spread between the first - and third - month contracts being [- 90, 260], and the current spread is - 40. The cross - border spread is within the normal range, and it is recommended to wait and see. The current SHFE - LME ratio is 7.89, at the 43.3% historical quantile (lower than last week) [14][16]. 1.3 Enterprise Hedging Strategy Suggestion - **Inventory Management**: For enterprises with high finished - product inventory worried about price drops, when the expected price has strong resistance at 95,000 yuan/ton and the lower limit is 90,000 yuan/ton, they can short the SHFE copper main contract at the resistance level, build positions at high prices, and stop losses if the price breaks through. They can also sell call options or buy put options but should wait and see for now. - **Raw Material Management**: For enterprises with low raw - material inventory worried about price increases, when the expected price has strong support at 90,000 yuan/ton, they can buy the main contract futures near the support level. They can also buy up - and - out cumulative options in the range of 90,000 - 94,000 yuan/ton [20]. 1.4 Review of Trading and Hedging Strategies - The previous long futures hedging positions bought at low levels can continue to be held. Those who have not hedged may have missed the ideal hedging price. If they are in a hurry to purchase, they can consider the "sell put option + buy call option" combination to synthesize a long strategy [25]. 2. This Week's Important Information and Next Week's Key Event Interpretation 2.1 This Week's Important Information - **Positive Information**: On December 20, Chinese smelters and Antofagasta set the 2026 copper concentrate long - term processing fee Benchmark at $0/ton and 0 cents/pound. From January to October 2025, the global refined copper market had a surplus of 122,000 tons, less than the 261,000 - ton surplus in the same period last year. Global copper demand growth forecasts have been revised upward, with the 2025 growth rate expected to increase from 2.4% to 2.7%. China's demand expectation has been raised from 3.3% to 3.7%, and demand outside China has been raised from 1.0% to 1.2%. Institutions expect the 2026 market to remain slightly in surplus, with the surplus potentially expanding in 2027, and the market to return to a structural shortage by 2030 [28][29][30]. - **Negative Information**: In November 2025, the domestic copper rod output was 106,210 tons, a 7.87% increase from October, and the comprehensive capacity utilization rate was 54.08%, a 3.95% increase from the previous month. The Chinese copper industry monthly prosperity index in November was 39.7, a 2 - point decrease from the previous month, and continued to operate in the "normal" range. The LME plans to implement new position limit regulations from July next year. The probability of a 25 - basis - point interest rate cut by the Fed in January 2026 and cumulative cuts by March 2026 has been adjusted [30][31][32]. 2.2 Next Week's Key Event Interpretation Next week, many macroeconomic indicators will be released, including the UK GDP year - on - year, US PCE price index, initial jobless claims, etc., which will affect market sentiment on copper prices [34]. 3. Interpretation of Price, Volume, and Capital on the Disk 3.1 Domestic Market Interpretation This week, the trading volume and open interest of the SHFE copper weighted index decreased significantly, and the market speculation degree dropped below the mid - line. The price of the SHFE copper main contract fluctuated around 92,579 yuan/ton, with a weekly increase of 0.57% and an amplitude of 3.95%, and closed at 93,180 yuan/ton on Friday [35][36]. 3.2 Overseas Market Interpretation This week, the overseas copper futures performed better than the domestic market. The Comex copper price reached a one - month high on Friday night and then pulled back, while the LME copper price maintained an uptrend with a small amplitude. The LME copper price mainly fluctuated in the range of [11,536.5, 11,928] dollars/ton, increased by 1.58% week - on - week, and closed at 11,870.5 dollars/ton. The Comex copper price mainly fluctuated in the range of [531.75, 556.55] cents/pound, increased by 1.41% week - on - week, and closed at 548.35 cents/pound. The LME copper term structure has gradually changed from contango to backwardation, and the positive spread between months has widened negatively. The open interest of the Comex copper active contract remains at a high level in the same period [35][38]. 4. Analysis of Spot Price and Profit 4.1 Spot Price and Smelting Profit In the second half of this week, the electrolytic copper spot price strengthened, but the discount widened. The scrap copper market showed "higher prices but less volume", and the invoice situation in Guangdong and Jiangxi was tight, increasing the capital cost pressure on scrap copper enterprises. The purchasing and selling sentiment in the electrolytic copper spot market changed. The smelting income of refined copper increased week - on - week [42][43]. 4.2 Import Profit and Import Volume This week, the copper import profit and scrap copper import profit increased significantly year - on - year, and domestic enterprises' willingness to import copper is expected to increase. The Yangshan copper premium in the bonded area has been rising, which will continue to support smelters' copper exports. It is expected that the copper inventory in the bonded area will remain balanced. It is estimated that China will import 2.6 million physical tons of copper ore and concentrates in December 2025, with an annual import volume of 30.26 million physical tons, a year - on - year increase of 7.43% [45][46]. 4.3 Inventory Analysis This week, the "siphon effect" of the Comex copper inventory still exists. The domestic copper inventory increased year - on - year, and the LME copper inventory decreased year - on - year. The LME copper cancelled warrants remained above 60,000 tons but decreased compared to the previous week, while the LME copper registered inventory increased significantly. The total Comex copper inventory increased, and the registered inventory continued to rise, indicating that holders continued to sell on the disk [49]. 5. Supply - Demand Deduction and Price Expectation 5.1 Supply Deduction - **Global Perspective**: In 2025, the global copper concentrate production is expected to be 19.871 million metal tons, with an actual copper rough - smelting output of 20.154 million metal tons, and the global copper concentrate supply - demand balance is - 166,000 metal tons. In 2026, the global copper concentrate production is expected to be 20.441 million metal tons, with an actual copper rough - smelting output of 20.664 million metal tons, and the global copper concentrate supply - demand balance is - 331,000 metal tons [55]. - **Domestic Perspective**: In November, China's electrolytic copper production was 1.1031 million tons, a 1.05% month - on - month increase and a 9.75% year - on - year increase. The cumulative production from January to November was 12.2545 million tons, a 11.76% year - on - year increase. In December, it is expected that 4 smelters will be under maintenance, with an expected impact of 0.5 million tons. It is estimated that the electrolytic copper production in December will be 1.1688 million tons, a 5.96% month - on - month increase and a 6.69% year - on - year increase [56][57]. 5.2 Demand Expectation In November, the domestic copper product output was 1.7879 million tons, slightly lower than expected, and the comprehensive copper product operating rate was 61.6%, a 3.8% month - on - month increase. Except for the recycled copper rod industry, the operating rates of other industries increased. In December, it is expected that the operating rates of most industries will continue to increase slightly. The expected copper product output, copper rod output, copper strip output, copper tube output, and copper rod output are likely to increase month - on - month, and the apparent consumption of electrolytic copper will also increase month - on - month [59][60][61]. 5.3 Price Expectation This Friday, the market sentiment was high, and the copper price increased significantly, especially in the Comex copper market, where the price reached a one - month high. The copper price can either rise or fall at the current level. From the perspective of the 2026 long - term TC/RC announced over the weekend, the confidence of funds to buy at low levels will be re - stimulated, and the probability of the copper price breaking through again will increase. If the breakthrough is less than expected and the market returns to a volatile situation, it is still advisable to buy at low levels within the range [65].

南华期货公告称，公司正推进境外上市股份（H股）发行上市工作。本次全球发售H股1.08亿股，其中 香港公开发售0.16亿股，国际发售0.92亿股。每股H股发售价12港元，扣除相关费用后，全球发售所得 款项净额估计约12.03亿港元。进一步详细配售结果可查询公司于2025年12月19日在香港联交所网站披 露的公告。 ...

· 上午10: 20-11: 00 建材: 产能德出清,政策谋破局 来源：兴业期货 魏莹 | 兴业期货投资咨询部总经理助理 · 投资咨询资格证书编号: Z0014895 上午11: 00-11: 40 炉料:供给曲线扩张,价格区间运行 刘启跃 | 兴业期货投资咨询部资深分析师 投资咨询资格证书编号: Z0016224 （来源：兴业期货） 第2场 有色新能源金属、能源化工专场 12月26日 · 上午9:00-9:40 有色金属: 资源品供给约束 延续,铜铝锡强势,锌镍承压 张舒绮 | 兴业期货投资咨询部团队经理 投资咨询资格证书编号: Z0013114 第1场 宏观、贵金属及黑色金属专场 12月25日 · 上午9:00-9:40 宏观与贵会属: 秩序重构, 贵金属周期性与结构性机会共振 魏莹 | 兴业期货投资咨询部总经理助理 投资咨询资格证书编号: Z0014895 · 上午9: 40-10: 20 钢材: 供需矛盾缓释, 走出周期底部 魏莹 | 兴业期货投资咨询部总经理助理 投资咨询资格证书编号: Z0014895 投资咨询资格证书编号: Z0016224 上午10: 20-11: 00 油化工: 供需压力达 ...

其中，香港公开发售获1.91倍认购，国际发售获0.99倍认购。 南华期货（603093）股份(02691)公布配发结果，公司全球发售约1.08亿股H股，香港公开发售占15%， 国际发售占85%。每股发售价12港元，全球发售净筹约12.03亿港元。每手500股H股，预期股份将于 2025年12月22日上午九时正(香港时间)开始在联交所买卖。 ...

关注出口 钢钢钢钢 2 0 2 5 / 1 2 / 1 5 作者：李文涛 从业资格证号：F3050524 交易咨询证号：Z0015640 研究联系方式：18616861246 我公司依法已获取期货交易咨询业务资格 研究助理：尹艺瑾 从业资格证号：F03125275 联系方式：13752670838 审核：李文涛 交易咨询证号：Z0015640 观点小结 | 钢材 | 定性 | 解析 | | --- | --- | --- | | 核心观点 | 偏强 | 上周盘面跟随原料大幅下行，周五晚间商务部海关总署公告2025年第79号公布对部分钢铁产品实施出口 许可证管理，市场预期对2026年钢材相关产品出口量将有所压制。上周铁水继续回落至230万吨/日以下， 五品种成材产量环比继续季节性下降，除中厚板以外，库存均有不同幅度下降，需求整体环比下行，仅 | | | | 冷轧继续小幅回升。长流程钢厂利润再次回落，短流程钢厂利润持续向好，废钢价格下降让利明显。盘 面煤焦价格再次暴跌，关注后续现货价格博弈情况。建议关注钢厂利润相关头寸。 | | 月差 | 偏强 | 螺纹月差结构为contango，1-5月差环比继续走强。 | | ...

Core Viewpoint - The article discusses the development and transformation of Tianjin's capital market during the "14th Five-Year Plan" period, emphasizing the integration of capital market reforms with economic needs and technological innovation. Group 1: Market Growth and Structure - During the "14th Five-Year Plan," Tianjin's capital market has seen a steady expansion, with the number of listed companies increasing to 71, an 18% growth compared to the end of the "13th Five-Year Plan" [7] - By the end of November 2025, the total market capitalization of listed companies in Tianjin is projected to reach approximately 1.66 trillion yuan, an 80% increase [7] - The bond financing channel has become prominent, with 109 bond issuers and a total bond scale of 1.28 trillion yuan, ranking among the top in the country [7] Group 2: Technological Innovation and R&D - The capital market in Tianjin has deeply integrated with technological innovation, with 14 new companies listed on the A-share market in the past five years, nearly 80% of which are technology-oriented [11] - Cumulatively, listed companies in Tianjin have invested over 100 billion yuan in R&D, an increase of nearly 80% compared to the "13th Five-Year Plan" [11] - The overall R&D intensity of key industry chain listed companies reached 7.64%, while companies on the "Two Innovation Boards" and the Sci-Tech Innovation Board had R&D intensities of 13.53% and 28.16%, respectively [11] Group 3: Mergers, Acquisitions, and Risk Management - Tianjin's capital market has introduced policies to support listed companies in accelerating technological upgrades and extending industrial chains through mergers and acquisitions [12] - In 2024, the "Six Merger Guidelines" were released, leading to over 26 billion yuan in merger and acquisition activities among listed companies [12] - Nearly 4,800 industrial enterprises have actively utilized the futures market for risk management, with participation increasing 2.3 times compared to the "13th Five-Year Plan" [12] Group 4: Financing and Investment - Over the past five years, enterprises in Tianjin have utilized multi-level capital markets for direct financing totaling 1.6 trillion yuan, 1.6 times the total financing amount during the "13th Five-Year Plan" [14] - The public fund fee reform has been fully implemented in Tianjin, with significant growth in the scale of equity funds managed by Tianhong Fund, reaching 213.4 billion yuan, a 173% increase [14] - Listed companies in Tianjin have implemented cash dividends exceeding 170 billion yuan, 7.5 times that of the "13th Five-Year Plan," with an average annual dividend yield of 3.08% [15] Group 5: Regulatory and Ecological Improvements - The regulatory framework for Tianjin's capital market has been established, with a "1+N" policy system guiding further reforms [17] - The Tianjin Securities Regulatory Bureau has strengthened collaboration with various departments to enhance enforcement and regulatory measures, resulting in significant penalties for financial misconduct [18] - The market has seen a reduction in key risks, with effective measures taken to address issues in the private equity sector and the exit of underperforming companies [18]

Core Viewpoint - The Shanghai Futures Exchange (SHFE) aims to enhance its role in the national strategy and contribute to the development of a world-class trading platform, focusing on high-quality services for the real economy and strengthening the influence of major commodity prices [1] Group 1: Product Development and Market Expansion - SHFE plans to enrich its product offerings by accelerating the listing of futures and options for liquefied natural gas and corrugated paper, while also enhancing the research and development of strategic products like electricity [2] - The exchange is committed to deepening its internationalization efforts, particularly for nickel and other commodities, and is working on cross-border delivery business models and settlement price authorizations [2] Group 2: Regulatory and Service Enhancements - SHFE is focused on solidifying its regulatory foundation to create a fair and orderly trading environment, while continuously improving its functional services to support national strategies [3] - The exchange has launched 25 futures and 18 options covering key sectors of the national economy, with half of these products being intermediate goods in industrial supply chains, aligning with China's trade structure [3] - New products introduced this year, such as the first domestic recycled aluminum alloy futures and the world's first cultural paper futures, have seen significant trading volumes, with a total of 407 million contracts traded and a transaction value of 158.2 billion yuan [3] Group 3: Industry Support and Risk Management - SHFE has established 134 integrated service bases to enhance support for enterprises, with 40% of these bases involving listed companies, and has developed 12 diverse cooperation models [4] - The exchange has increased its delivery capacity for steel products, adding 11 new delivery points and expanding storage capacity by 643,000 tons, which has led to a 41% increase in steel companies participating in futures delivery by 2025 compared to 2024 [4] Group 4: Open Market and Regulatory Framework - SHFE has opened 6 products directly to foreign traders and allows qualified foreign investors to trade 32 products, leading the domestic exchanges in terms of the number of open products [6] - The exchange emphasizes a high level of self-regulation to strengthen the trade risk prevention system, effectively managing risks from external sources and ensuring market stability [6]