当前，国内外形势正在发生深刻变化。李正强分析，全球衍生品市场呈现"亚太崛起、场外为主、金融 回升、数字转型"四大趋势：亚太地区已成为全球最大的场内衍生品交易市场，占比超过六成；全球期 货、期权交易日益向亚太地区集中，占全球比重约八成；全球场内衍生品市场中，金融衍生品成交量占 比近九成；数字货币、虚拟资产交易等加速发展。从国内看，中国式现代化与金融强国建设为期货市场 高质量发展提供了空前机遇。 面对新形势，李正强提出八大发展路径：一是加快多层次衍生品市场建设，支持场外市场、中小合约及 新型业态试点；二是完善产品体系，布局清洁能源、碳排放、外汇期货、商品指数等新品种；三是推动 高水平开放，吸引全球交易者参与，拓展交易所国际布局；四是持续优化市场环境，推动"保险+期 货"等模式做实做广；五是建立与市场发展相适应的保证金、限仓等动态管理机制；六是积极拥抱人工 智能，提升风险管理服务的标准化与可视化水平；七是壮大中介机构力量，打造"懂对冲、会对冲"的综 合服务商群体；八是完善法规体系，为市场创新发展提供制度保障。 "2025年期货业高质量发展创新研讨会"于11月26日在长沙举行。对外经济贸易大学国际经贸学院研究 员、博 ...

Core Viewpoint - The development of China's futures and derivatives market is accelerating, providing essential risk management tools for companies amid complex economic conditions and significant commodity price fluctuations [1] Group 1: Market Development - The 2025 China (Zhengzhou) International Futures Forum was held, highlighting the importance of risk management in the current economic climate [1] - The supply speed of risk management tools is increasing, and the product and service system is continuously improving [1] Group 2: Company Engagement - As of January to July 2025, 1,114 listed companies have announced their engagement in futures and derivatives business [1] - Over 80% (902 companies) are involved in foreign exchange hedging, while approximately one-third (364 companies) are engaged in commodity futures hedging [1] - About 15% (162 companies) are simultaneously involved in both commodity futures and foreign exchange derivatives [1]

Core Viewpoint - The development of China's futures and derivatives market has transitioned from a single closed system to a diverse and open one, with new tasks emerging under current conditions [1][2] Group 1: Market Development and Challenges - The domestic economy remains stable, but challenges such as technological changes, the energy revolution, and industrial restructuring persist [1] - The futures and derivatives market must align closely with the construction of a financial power and Chinese-style modernization to achieve high-quality development [1] Group 2: Market Functionality and Structure - The new tasks for the futures and derivatives market include enhancing functionality and maintaining stable market operations, which are closely linked to market structure and efficiency [1] - There is a need to improve the market system, especially the over-the-counter market, to diversify product types, increase market openness, and enhance the participation of industrial clients [1] Group 3: Strategic Recommendations - The establishment of a multi-tiered derivatives market is recommended, with a focus on accelerating product system improvement and enhancing international layout [2] - It is essential to develop dynamic adjustment mechanisms for margin management, trading and position limits, and abnormal trading monitoring [2] - Strengthening intermediary institutions, improving the legal framework, and exploring new derivatives operating models are crucial for supporting the construction of a financial power [2]