加快推进自贸港核心政策落地，锚定封关运作"一号工程" 三亚：聚力创新，挑大梁、当先锋 近日，夏日的三亚湾，游艇穿梭，驰骋海面。海南日报全媒体记者 王程龙 摄 在三亚月亮岛，科研人员查看草莓苗长势。海南日报全媒体记者 黄媛艳 摄 查验设施设备升级完成的三亚半山半岛帆船港口岸。海南日报全媒体记者 王程龙 摄 海南日报全媒体记者 黄媛艳 全国首单隔离期间同步进行DUS测试便利化落地、海南首笔民企数据要素资产质押融资案例完成、肉类 加工增值内销免关税首单业务落地、海南最大绿色矿山投产……今年以来，三亚锚定目标，实干担当，加快 推进核心政策落地，全力赋能海南自贸港封关运作。 2025年是海南自贸港封关运作、扩大开放之年。针对"封关运作准备取得关键进展""自贸港政策持续优化 升级""对外开放加力提速"等重点领域，三亚全力推进自贸港封关运作"一号工程"，科学谋划封关前后的改革 开放和高质量发展工作，持续细化工作颗粒度，坚持清单化管理、项目化推进，努力在把海南自贸港打造成 为引领我国新时代对外开放重要门户中挑大梁、当先锋。 A 做足准备 封关运作项目高效推进 近日，天涯反走私综合执法站站长李伟站在综合指挥室监控大屏前仔细查看 ...

Core Insights - The North Bay (Guangxi) Commodity Trading Platform has achieved a cumulative transaction volume of 87.6 billion RMB and a physical delivery volume of 21.901 million tons as of June 30 this year, with over 400 member companies from China and ASEAN [1][2] - The platform aims to create a closed-loop service system for cross-border settlement in RMB, connecting domestic and international clients [1] - The platform is focused on building a multi-layered commodity trading market system that integrates futures and spot trading, onshore and offshore, and online and offline interactions [1][2] Group 1 - The North Bay (Guangxi) Commodity Trading Platform is a comprehensive third-party supply chain service platform that includes trading, digital supply chain finance, risk management, and cross-border settlement [2] - The platform has introduced Thai broken rice as a special trading variety aimed at ASEAN, facilitating online cross-border transactions and providing financial solutions to alleviate funding pressures [3] - As of June 30, 2023, the platform has completed a trading volume of 808,500 tons for Thai broken rice, which is set to officially launch on the platform in April 2024 [3] Group 2 - The platform collaborates with financial institutions to provide financing services and has significantly reduced financing costs for enterprises by addressing bottlenecks in cross-border settlement and capital flow [3] - The North Bay (Guangxi) Commodity Trading Platform is positioned as a trading hub for commodities aimed at ASEAN, leveraging national-level open development platforms [2]

自香港宣布以建设大宗商品交易生态圈为切入点，进一步巩固其国际金融、航运、贸易中心地位以来， 一系列围绕黄金、有色金属的战略布局相继落地。这些动作背后有着怎样的内在联系？对香港的大宗商 品交易生态圈建设产生了怎样的推动作用？对此，期货日报记者采访了业内人士。 一系列重大布局相继落地 2024年10月16日对香港的大宗商品交易市场意义非凡。这一天，香港特区行政长官李家超发表2024年施 政报告，宣布以建设大宗商品交易生态圈、建立国际黄金交易市场为抓手，巩固提升香港作为国际金 融、航运、贸易中心的地位。 与此同时，香港还在积极酝酿大宗商品交易税减半的政策。5月21日，香港特区政府财政司司长陈茂波 表示，会尽快把为合资格（符合条件）的大宗商品贸易活动提供半税优惠（50%利得税宽减）的条例草 案提交香港立法会审议。 近日发布的《香港数字资产发展政策宣言2.0》，更是首次明确提出推动黄金、有色金属、太阳能板等 实物资产代币化。此前备受关注的香港《稳定币条例》将于8月1日正式生效，该条例通过规范稳定币发 行、销售及运营活动，为黄金、有色金属等实物资产代币化进程提供了法律框架。 战略布局背后的深层含义 "香港推出的一系列举措 ...

Core Insights - Southeast Asia, with a population of nearly 700 million, is one of the most dynamic regions in global economic development, with a GDP of approximately $3.97 trillion last year, growing by 4.6% year-on-year [1] - The 2025 Southeast Asia 500 list published by Fortune shows that the revenue threshold for inclusion is $349.4 million, with total revenues of listed companies reaching $1.82 trillion, an increase of 1.7% from the previous year [1][3] Industry Overview - The energy sector, including mining, power generation, and transmission, dominates the revenue landscape, accounting for nearly one-third of total revenues. The financial sector is the second-largest, with banks and financial institutions occupying 13 of the top 20 profit positions [3] - The top 10 companies contributed $660 billion in total revenue, with the top five generating $516 billion, representing 28% of the total revenue of the 500 companies [5][9] Company Performance - The largest company, Trafigura Group, achieved revenues of $243.2 billion, making it the only company on the list to surpass the $100 billion mark. It is a leader in the global oil, gas, metals, and commodities trading sector [9][11] - Singapore-based Sea Group, the largest tech company in Southeast Asia, reported revenues of $16.82 billion, a year-on-year increase of 28.8%, and a net profit of $444.3 million, up 173.1% [5][11] - DBS Group Holdings emerged as the most profitable company in Southeast Asia 500, with a net profit of $8.45 billion, followed by OCBC and UOB, all three being Singaporean banks [7][11] Country Distribution - Indonesia leads with the highest number of companies on the list at 109, followed by Thailand with 100, Malaysia with 92, and Singapore with 81. Vietnam has 76, the Philippines 40, and Cambodia 2 [3] - Singaporean companies generated $637.1 billion in revenue, accounting for over one-third of the total, with the top ten companies dominating the revenue share [3]

2025年6月8日，国联股份董事、高级副总裁王挺，卫多多高级副总裁赵德远等一行到访山东国际大宗商品交易市场有限公司（以下简称"山东国际大 宗"），山东国际大宗总经理张鹿等热情招待来访一行，双方就未来合作方向达成高度共识，并签署战略合作协议。 来访一行首先参观了山东国际大宗展示大厅，深入了解山东国际大宗平台六大增值服务、平台优势及发展规划等产业数字化运营成果。 山东国际大宗总经理张鹿首先对来访一行的到来表示热烈欢迎，同时详细阐述了山东国际大宗的供应链管理、仓储物流等业务模块与发展布局，他表示： 山东国际大宗依托青岛港作为东北亚重要大宗商品流通枢纽的区位优势及资源禀赋，发挥青岛货物集散流通中心的区位优势，辐射"一带一路"沿线国家和 地区，抢占先机，积极推进东北、华北区域性现货交易所建设。国联股份及卫多多的数字经济及全产业链发展思路站在了更高的视角来看产业链，可以为 公司未来发展切入点创造更多契机，期待与卫多多在相关业务方面展开多层次、多角度的深入合作，携手发展，实现互利共赢。 国联股份董事、高级副总裁王挺在交流中详细介绍了国联股份及卫多多的历史沿革及产业布局，他表示：国联股份多多平台正在不断以工业电子商务、深 度 ...

Core Insights - The successful issuance of a data intellectual property pledge loan in digital RMB by Zhejiang International Oil and Gas Trading Center marks the first instance of such a loan in Zhejiang Province, highlighting the innovative application of digital currency in financing [1][2] - This initiative aligns with national strategies for digital economy development and the promotion of digital RMB, reflecting the rapid growth of the digital economy in Zhejiang Province [1][2] Group 1: Company Initiatives - Zhejiang International Oil and Gas Trading Center has actively responded to national and provincial calls to enhance data elements and explore their potential value [1] - The center has developed a "Zhoushan Price" index system since 2021, focusing on the release of price indices related to bonded fuel oil [1] Group 2: Financial Innovation - The pledge financing focuses on key outcomes of the "Zhoushan Price" system, specifically the "China Zhoushan Low Sulfur Fuel Oil Bonded Bunker Supply Quotation Data" and two other price indices [1] - The loan was issued in digital RMB, demonstrating the value of data elements as assessed by the China Construction Bank's Free Trade Zone branch [1] Group 3: Future Prospects - The successful issuance of the digital RMB data intellectual property pledge loan is seen as a significant step in activating the potential of data elements and enriching the application scenarios of digital RMB in bulk commodity settlements [2] - The center plans to leverage this success to further explore and expand the application scenarios of digital RMB in bulk commodity trading, enhancing its platform capabilities and financial service offerings [2]

行业专家刘宇详细介绍了大宗商品市场创新的逻辑和方向。对产能预售及订单交易的实质、误区、流动 性、关键点等进行详细拆解。在他看来，大宗商品市场创新的方向应以成为链接多元的综合服务平台为 导向。 山东港口投控集团期现事业部市场总监冯益朋以现货交易平台目前开展的产能预售和订单交易为案例， 对交易模式进行了详细的剖析。他表示，近期国家出台的各项政策越来越贴近大宗商品市场发展的需 求，在严监管下，交易平台要不断探索、研讨、实践，把握政策机遇，找准创新方向。 5月27日，由期货日报主办、期报文化传媒（北京）有限公司（下称期报传媒）承办的"产能预售及订单 交易合规创新研讨会"于山东青岛顺利召开。此次研讨会备受行业关注，大宗商品现货交易中心、产业 电商平台、清算机构等二十多家企业的高管参加。 期报传媒总经理金影影为研讨会致辞。她表示："期报传媒作为行业发声平台、市场建设推手，聚焦大 宗商品现货、期现结合、供应链金融等领域的健康发展，通过组织专题研讨会的形式，促进行业之间沟 通学习，希望更多大宗商品平台可以融入交易模式创新的大趋势中，共同推动现货市场高质量发展。" 山东交易市场清算所有限公司常务副总裁余东新对清算机构的功能发挥 ...

托克集团（Trafigura）警告称，市场波动可能无法转化为其交易员的获利机会。这家大宗商品巨头公布 的上半年财报显示，其股息支付额超过了净利润。 过去几个月，美国前总统特朗普发起的对等关税冲突引发价格剧烈波动和市场错配——这本是大宗商品 交易商赖以生存的土壤。托克预计2025年下半年波动将持续，但强调"政策主导的动荡"未必能转化为实 际交易利润。 "鉴于地缘政治不确定性，我们预计下半年市场将进一步动荡，"首席财务官詹斯玛（Stephan Jansma） 在报告中表示，"需注意，波动加剧未必意味着实物交易机会增加，因为当前市场波动更多由政策决策 驱动，而非传统的供需失衡。" 截至3月的六个月内，托克净利润为15.2亿美元，同比微增2.8%。但15.4亿美元的分红同比激增136%， 甚至超过2024财年全年20.2亿美元的分红总额。 铜、锌等金属交易成为亮点。特朗普拟加征关税的消息刺激交易商向美国紧急运铜，托克作为最大铜交 易商从中获益。但大宗矿产品交易量同比下降21%，公司解释称"聚焦高附加值业务"；油气交易量持 平，有色金属量降4.8%。 詹斯玛表示，上半年重点在于"大幅提升政策与流程的运营效率"。去年该公 ...

5月16日，山东国际大宗商品交易市场有限公司（以下简称"山东国际大宗"）总经理张鹿等一行到访国联股份卫多多，国联股份副总裁、卫多多/纸多多 CEO黄莎莎，卫多多高级副总裁李宝玉，卫多多高级副总裁赵德远，卫多多橡胶产业链总经理张云龙等热情招待来访一行，并展开深入交流。 务、高可信仓单和大数据技术为特点的功能体系，希望通过本次交流加深彼此交流，并结合山东国际大宗的资源优势，为后期双方深入合作奠定坚实基 础。 张鹿在交流过程中详细介绍了山东国际大宗商品交易市场有限公司业务模块及发展布局，同时高度评价国联股份、卫多多的商业模式和产业链构建思路， 他表示：山东国际大宗依托青岛港作为东北亚重要大宗商品流通枢纽的区位优势及资源禀赋，发挥青岛货物集散流通中心的区位优势，辐射"一带一路"沿 线国家和地区，抢占先机，积极推进东北、华北区域性现货交易所建设。卫多多的数字经济及全产业链发展思路站在了更高的视角来看产业链，可以为公 司未来发展切入点创造更多契机，期待与卫多多在相关业务方面展开多层次、多角度的深入合作，携手发展，实现互利共赢。 山东国际大宗商品交易市场有限公司产业服务中心运营总监郭忠军、供应链服务中心运营总监刘文志、产业 ...

Core Viewpoint - The market sentiment towards the Federal Reserve's interest rate cuts has become more conservative, reflecting concerns about the U.S. economy showing signs of recession without timely rate cuts, indicating a bear market [2][25]. Group 1: Market Sentiment and Economic Indicators - The U.S. sovereign rating was downgraded by Moody's from Aaa to Aa1, with a negative outlook due to high interest costs and unsustainable debt growth [2][25]. - Bridgewater's founder, Ray Dalio, purchased $319 million worth of gold mining ETFs in the first quarter, with the GDX ETF returning 31.1%, outperforming the gold ETF's 19.9% [2][25]. - As of May 13, 2023, net long positions in COMEX gold decreased to 345 tons, the lowest level in 63 weeks, while net long positions in silver fell to 4,426 tons [6][2]. Group 2: Fund Positioning in Precious Metals - The net long position in gold funds decreased by 39% year-to-date, while silver funds increased by 69% [8][9]. - Platinum funds saw a net long position increase of 58% year-to-date, while copper transitioned from negative to positive [11][13]. - The gold/silver ratio was reported at 99.265, indicating a high level of market fear, with a year-to-date increase of 11.9% [21][23]. Group 3: Future Projections and Strategies - The market anticipates that the Federal Reserve will maintain interest rates in June, with a probability of 91.4% for no change [24][25]. - There is a potential for significant volatility in the dollar and gold prices due to political dynamics, particularly with the upcoming 2025 elections [27][28]. - Strategies suggested include shorting base metals, shorting U.S. stocks, holding gold, and maintaining cash positions as a defensive measure [28][29].