期货行业深入学习贯彻党的二十届四中全会精神，在新征程上展现新担当新 作为 （中国期货业协会党委） 党的二十届四中全会是在我国迈上全面建设社会主义现代化国家新征程、向第二 个百年奋斗目标进军的关键时刻召开的一次重要会议。全会审议通过的《中共中央关 于制定国民经济和社会发展第十五个五年规划的建议》（以下简称《建议》），系统 谋划了"十五五"时期的发展蓝图，明确提出要加快建设金融强国，为金融工作开启新 征程、续写新篇章提供了根本遵循和行动指南。根据中国证监会党委相关工作部署， 中国期货业协会（以下简称协会）党委认真研究学习贯彻落实方案，引导期货行业深 刻领会和把握"十五五"时期经济社会发展的指导方针和主要目标，将学习贯彻党的二 十届四中全会精神作为当前和今后一个时期期货行业的一项重大政治任务，不断增强 政治自觉、思想自觉和行动自觉，确保党中央各项决策部署在期货领域不折不扣落到 实处。期货经营机构积极响应，通过开展丰富多样的学习宣传活动，切实将思想和行 动统一到全会精神上来，把思想和行动凝聚到落实全会确定的各项目标任务上来，把 学习成果转化为指导实践和推动工作的强大动能。 一、坚持党的全面领导，以党建引领行业高质量发 ...

党的二十届四中全会通过的《中共中央关于制定国民经济和社会发展第十五个五年规划的建议》（下称 《建议》），系统总结了"十四五"时期我国发展取得的重大成就，深入分析了"十五五"时期面临的新形 势、新要求，对未来五年发展作出顶层设计和战略擘画，为做好"十五五"时期各项工作、开创中国式现 代化建设新局面提供了科学指南。新时期新部署，南华期货迅速行动，组织党员职工全面学习领会党的 二十届四中全会精神，立足期货功能定位和根本宗旨，把深入贯彻会议精神引向服务实体经济、服务乡 村全面振兴、服务共建"一带一路"的实践中去。 南华期货作为国内最早开展"保险+期货"项目的期货公司之一，始终高度重视"保险+期货"在服务农业产 业现代化、助力乡村振兴战略方面的应用实践。据统计，在产业帮扶上，2022—2024年，公司共开 展"保险+期货"类项目418个，覆盖全国20多个省份，辐射100余个县域，投入专项帮扶资金687.03万 元，保障脱贫农户4万余户，实现赔付金额近1.72亿元。 高质量服务对外开放 期货市场高水平对外开放，对期货公司"引进来""走出去"提出了新的要求。南华期货的国际化探索开始 于2006年。我国内地与香港就CEPA第 ...

坚持党的全面领导 党的二十届四中全会审议通过的《建议》中，把"坚持党的全面领导"作为"十五五"时期经济社会发展必 须遵循的首要原则。党的领导是中国特色金融发展之路最本质的特征，是我国金融发展最大的政治优 势、制度优势。期货行业深刻认识到，坚持和加强党的全面领导是实现改革发展的根本保证和强大动 力。 党的二十届四中全会是在我国迈上全面建设社会主义现代化国家新征程、向第二个百年奋斗目标进军的 关键时刻召开的一次重要会议。全会审议通过的《中共中央关于制定国民经济和社会发展第十五个五年 规划的建议》（下称《建议》），系统谋划了"十五五"时期发展的战略蓝图，明确提出要加快建设金融 强国，为金融工作开启新征程、续写新篇章提供了根本遵循和行动指南。根据中国证监会党委相关工作 部署，中国期货业协会（下称协会）党委认真研究学习贯彻落实方案，引导期货行业深刻领会和把 握"十五五"时期经济社会发展的指导思想和总目标，将学习贯彻党的二十届四中全会精神作为当前和今 后一个时期期货行业的一项重大政治任务，不断增强政治自觉、思想自觉和行动自觉，确保党中央各项 决策部署在期货领域不折不扣落到实处。期货经营机构积极响应，通过开展丰富多样的学习 ...

"十四五"期间，中央金融工作会议首次提出加快建设金融强国的目标，强调要加快打造"安全、规范、 透明、开放、有活力、有韧性"的资本市场，为新时代新征程推动金融高质量发展指明了方向。 中信建投期货深入学习贯彻党的二十大和二十届历次全会精神，深刻领会并全面落实习近平总书记关于 金融工作的一系列重要论述和指示批示精神，坚定不移走中国特色金融发展之路，向内挖掘潜力、向外 拓展空间，以精细化管理为基石，以均衡化发展为导向，全面开创公司高质量发展新格局。 [党建引领，凝聚发展向心力] 习近平总书记指出，推动高质量发展必须坚持和加强党的全面领导。中信建投期货深刻把握中央对金融 工作的总体要求与资本市场改革发展的具体方向，大力弘扬"五要五不"中国特色金融文化，把政治思 想、企业文化、使命宗旨、人才建设和人民立场深度融合，持续强化核心引擎，为公司高质量发展注入 强大动力。 "十四五"期间，中信建投期货党支部数量从4家增加到21家，党员占比从12%提升到20%，有效加强了 基层党组织的战斗堡垒作用。中信建投期货第一党支部获评中信集团先进基层党组织，入选中信集团党 委加强基层党建规范化建设专项工作试点单位。党组织的坚强领导，为中信建 ...

Group 1 - The core viewpoint of the articles emphasizes the importance of risk management in navigating the cyclical volatility of commodity prices, with Ping An Futures positioning itself as a key partner for enterprises in this regard [1][2] - The issuance of the "Opinions on Strengthening Supervision to Prevent Risks and Promote High-Quality Development of the Futures Market" (referred to as Document No. 47) in 2024 provides clearer direction for industry development, prompting Ping An Futures to focus on pain points in the industrial chain [1] - Ping An Futures aims to lower hedging costs and provide high-quality comprehensive derivative services, customizing solutions and enhancing risk control standards to better serve clients [1][2] Group 2 - The recent volatility in aluminum prices has led to enhanced risk resilience among industry enterprises, with many executives noting that effective use of futures tools can transform risks into stability or even profits [1] - In response to the booming new energy sector, Ping An Futures has upgraded its service model to offer tailored solutions for upstream and downstream enterprises, including rights-based trading and futures-spot linkage [2] - The company has established a systematic investment education framework to train industry enterprises on macroeconomic insights and hedging strategies, thereby promoting better utilization of the futures market [2]

Core Insights - The event "DCE·Industry Action" focused on the role of commodity options in empowering the high-quality development of the real economy in Anhui, attracting over 50 representatives from industry enterprises and futures professionals [1] Group 1: Commodity Options Development - Since the launch of the first domestic commodity option, soybean meal options, on March 31, 2017, the Dalian Commodity Exchange (DCE) has continuously enriched its variety system and optimized contract rules [1] - As of October 2025, DCE has listed 18 option varieties, with 12 of them open to external trading [1] - In the first ten months of 2025, the average daily trading volume of DCE options reached 1.73 million contracts, and the average daily open interest was 3.02 million contracts, representing year-on-year increases of 51% and 28% respectively [1] - Among the various sectors, agricultural product options showed remarkable performance, with an average daily trading volume of 980,000 contracts, accounting for 57% of the total trading volume of DCE options [1] Group 2: Market Quality Improvement - To better serve the real economy, DCE has implemented a series of rule optimization measures in the past two years, including the "near dense, far sparse" listing rule, which has led to a 25% reduction in the number of option contracts while improving the quality of far-month contracts [2] - Starting from December 2024, DCE will extend the last trading day for options from the 5th trading day before the delivery month to the 12th trading day, allowing options to cover the futures contract cycle for a longer period [2] - This measure has resulted in an average daily increase of about 2% in open interest during the extended trading period [2] Group 3: Risk Management Strategies - The application of option strategies for precise risk management was highlighted, with examples shared by industry professionals on how to utilize options to protect inventory and manage price risks effectively [3][4] - The concept of "含权贸易" (option-inclusive trade) was introduced, allowing upstream companies to lock in minimum sales prices while managing risks associated with price fluctuations [3] - Downstream companies can also use option-inclusive contracts to cap procurement costs, demonstrating the versatility of options in managing price risks across the supply chain [4] Group 4: Future Developments - DCE plans to continue enriching its option varieties and tools, with a focus on the upcoming launch of coking coal options and preparations for the listing of soybean meal and corn series options [5] - The exchange will also keep optimizing option contract rules and enhancing market cultivation and promotion to better fulfill the functions of the options market [5]

Core Viewpoint - The Shanghai Futures Industry Association has initiated a competition to enhance the futures market's service to the real economy, aligning with Shanghai's goal of becoming an international trade center [1][3]. Group 1: Market Performance and Characteristics - The overall performance of the futures market has improved this year, with total funds exceeding 2 trillion yuan, and active participation from institutions and hedging enterprises [2]. - The futures market covers a wide range of real industries, involving an annual output value of 30 trillion yuan, with over 1,600 listed companies utilizing futures for hedging, representing 28.6% of A-share listed companies [2]. - The diversification of derivative tools has enhanced risk management efficiency, allowing enterprises to upgrade hedging into a comprehensive risk management system [2]. - The market's efficiency has improved due to the variety of tools and good liquidity, effectively fulfilling its roles in risk management, price discovery, and resource allocation [2]. Group 2: Competition and Case Studies - The competition received submissions from 9 member units with 13 individual cases and 37 team cases, showcasing a wide range of content and participation [3]. - The cases included topics such as rights trading, over-the-counter options, and "insurance + futures," serving various entities like real enterprises, trading companies, and agricultural subjects [3]. - The competition aims to enhance service levels among member companies and promote the capabilities of futures companies [3]. Group 3: Future Directions and Goals - The Shanghai Futures Industry Association aims to unite all member units to implement the spirit of the 20th National Congress, focusing on building a high-level socialist market economy [4]. - The association will play a bridging role, enhancing the futures market's core functions in serving the real economy, preventing financial risks, and deepening financial reforms [4]. - The initiative is seen as essential for improving Shanghai's international financial center status and contributing to high-quality economic development [4].

Core Viewpoint - The company emphasizes its role in supporting the real economy through financial services, focusing on compliance, integrity, professionalism, and stability while enhancing risk management for agricultural and small enterprises [1][2]. Group 1: Promoting Inclusive Finance - The company has effectively implemented inclusive finance initiatives, particularly in supporting agriculture and small enterprises, aligning with national financial strategies [2]. - Since 2021, the company has launched "insurance + futures" projects for various agricultural products, providing risk protection for thousands of farmers and acres of farmland, with a total risk guarantee of approximately 930 million yuan for 728,000 pigs [2]. - The company's projects have received recognition, including being selected as an excellent case by the China Futures Association and winning awards for risk management excellence [2]. Group 2: Deepening Industry Chain Services - The company actively contributes to major strategic initiatives such as the Chengdu-Chongqing economic circle and the construction of modern manufacturing clusters in Chongqing [3]. - It customizes risk management solutions for state-owned logistics, warehousing, and bulk commodity trading enterprises, helping them hedge against price fluctuations in commodities [3]. - The company also focuses on emerging industries, particularly the new energy vehicle supply chain, providing specialized risk management services for key raw materials like lithium, nickel, and silicon [3]. - Future plans include leveraging political guidance to enhance business development while maintaining compliance and integrity in operations [3].

Core Insights - The issuance of the document "Opinions on Strengthening Regulation to Prevent Risks and Promote High-Quality Development of the Futures Market" establishes a new mission for the futures market to serve the real economy, emphasizing the importance of risk management and financial empowerment [1][2][11] Group 1: Policy and Strategic Direction - The document highlights the three main functions of the futures market: price discovery, risk management, and resource allocation, which should closely support the construction of a modern industrial system and the goal of a financial strong nation [2][3] - Five Minerals Futures has recognized the need to transition from a brokerage-focused service model to a more diversified and refined risk management approach to meet the evolving needs of real enterprises [2][3] Group 2: Identifying Challenges - Five Minerals Futures conducted a comprehensive assessment to identify two core pain points: the need to enhance service effectiveness for real enterprises and the necessity to strengthen the support of professional risk management talent [3][4] - The existing product offerings and service models are insufficient to meet the diverse risk management needs of enterprises at different scales and development stages [3] Group 3: Key Initiatives - Five Minerals Futures has launched three key initiatives to address the identified pain points and enhance service quality for the real economy [4][5] - The "drip irrigation" service model has been implemented to provide tailored risk management solutions, such as a combination strategy of futures and out-of-the-money put options for a steel enterprise, resulting in a net profit of 5.186 million yuan [5] - The "right to trade" service model has been introduced to help enterprises reduce procurement costs, exemplified by a silver cumulative option trade for a photovoltaic silver paste company [5][6] Group 4: Comprehensive Service Enhancement - Five Minerals Futures is building an "ecological" platform to improve comprehensive service capabilities and strengthen collaboration across the entire supply chain [6][7] - The company is actively recruiting and training talent with both industry and investment backgrounds to enhance its risk management service capabilities [6][7] - The upgraded "five-in-one" research and investment service system provides real-time market analysis and risk management strategies, successfully helping enterprises mitigate risks associated with price fluctuations [7][8] Group 5: Technological Innovation - Five Minerals Futures is advancing digital transformation by developing a derivative business monitoring system that integrates core data and provides real-time risk analysis [8][9] - The "Winkang Wencai" platform, powered by AI and industry big data, aims to address common pain points faced by industry clients, enhancing service efficiency and responsiveness [9][10] Group 6: Future Outlook - The company is committed to aligning its operations with national strategies and the high-quality development needs of the real economy, aiming to provide higher quality and more efficient futures services [11]

Core Viewpoint - The demand for using the futures market to hedge risks and stabilize operations among real enterprises in China is rapidly increasing due to complex international situations and transformation challenges [1][2]. Group 1: Market Demand and Trends - The total amount of funds in China's futures market has exceeded 1.9 trillion yuan, with stable growth in trading volume and open interest [1]. - Enterprises are facing challenges such as insufficient demand, severe industry competition, longer payment cycles, and increased credit risks, leading them to utilize the futures market to mitigate market volatility [2]. Group 2: Challenges Faced by Enterprises - Many enterprises, especially small and medium-sized ones, struggle to effectively participate in the futures market due to limitations in professional personnel, risk management systems, and funding [2][3]. - A lack of independent and effective risk control systems in many enterprises leads to potential failures in hedging strategies, as key parameters may be determined by business departments without proper oversight [3]. Group 3: Industry Initiatives and Innovations - The futures industry is transitioning from traditional channel providers to strategic partners in risk management for enterprises, offering innovative models like "insurance + futures" to lower participation barriers [1][5]. - South China Futures has launched 45 "insurance + futures" projects in rural revitalization, providing 746 million yuan in risk protection across 11 provinces [3]. Group 4: Global Expansion and Services - South China Futures has established a significant international presence, with its subsidiary, Honghua International, holding memberships in 16 major exchanges and providing comprehensive overseas financial services [4]. - The company has enhanced its overseas financial service capabilities by obtaining clearing seats at CBOE and ICEU, facilitating delivery services for enterprises [4]. Group 5: Education and Awareness - The industry is actively working to improve investor education and awareness regarding the futures market, aiming to shift perceptions from "high risk" to familiarity and effective application [6][7]. - South China Futures has established an investor education base and conducted 143 promotional activities in 2024, reaching over 5,000 enterprises and institutions [6].