1 构建特色国际化发展路径 演绎新时代"海上丝绸之路" 广东期货市场的国际化征程，始终扎根于实体产业与金融创新共生共荣的沃土。粤港澳大湾区独有的制度优势，如同精密的棱镜，将境内外资本、技术、产 业的要素流动折射出多元可能，为广东期货市场链接全球搭建了天然桥梁。 "作为经济大省、制造业大省、科技创新大省，广东牢牢坚持实体经济为本、制造业当家的方针，已基本构建起现代化产业体系的'四梁八柱'，成为中国对 接全球贸易、参与国际分工的核心枢纽。"广发期货总经理徐艳卫表示，广东地处南海之滨，毗邻港澳，便于发展对外贸易、参与国际分工。国家层面的开 放政策、大湾区特有的便利化措施以及本地金融机构的专业服务，为国际投资者的资金汇出入、外汇风险管理等提供了更多便利。相关外汇管理政策便是例 证，其目的正是为符合要求的跨境证券投资提供更高效的资金结算服务。 依托这片经济沃土，广东当地的期货经营机构正以"排头兵"姿态，将业务触角伸向全球市场，成为推动广东期货市场国际化的核心力量。 作为期货行业国际化发展的先行者，广发期货始终以服务实体经济为宗旨，探索特色国际化发展路径。从2006年广发期货（香港）有限公司（下称"广发期 货香港"）成为 ...

南方财经全媒体记者翁榕涛广州报道 12月5日，由南方财经全媒体集团主办，21世纪经济报道承办，渣打银行战略支持，东方证券等支持 的"南方财经论坛2025年会"在广州南方财经大厦盛大开幕。 广州期货交易所（下称"广期所"）党委委员、副总经理李慕春在论坛上发表了主题演讲，详细介绍了广 期所发展历程、产品体系建设以及服务实体经济和绿色低碳发展的最新成果成效。 广期所已上市5个新能源期货品种 当前，我国以新能源为代表的绿色低碳产业发展优势全球领先，但时常面临关键原材料价格剧烈波动的 难题，这不仅是企业经营的风险，更关乎我国绿色低碳优势产业的全球竞争力。 第二个路径是服务实体经济，护航产业企业稳健生产经营。经过持续培育，工业硅、碳酸锂现货领域已 广泛采用基差贸易模式，"期货价格+升贴水"定价方式在产业链中快速普及。 据不完全统计，截至2025 年10月，超90家上市公司发布涉及工业硅、碳酸锂、多晶硅期货的套期保值公告，广期所品种服务新能 源行业发展作用进一步凸显。 同时，广期所通过实施"助绿向新"产业服务计划，提升产业企业市场参与度，促进品种市场功能有效发 挥。目前，已推动具有成熟期货工具运用经验的重点产业企业建成首批 ...

Group 1: Economic and Market Development - Guangdong is China's largest economic province and a vibrant capital market region, with significant achievements during the "14th Five-Year Plan" period, including advancements in the Greater Bay Area financial hub and increased activity in mergers and acquisitions [1][2] - The construction of the Greater Bay Area financial hub has seen the implementation of various financial support policies, resulting in a notable increase in cross-border investment participation, with 169,800 individual investors involved by September 2025, a 34.4% increase from pre-trial levels [2] Group 2: Financial Institutions and Capital Market Strength - By September 2025, the net capital of securities firms in Guangdong reached 139.36 billion yuan, with total assets of 1.01 trillion yuan, reflecting significant growth of 33.13%, 90.83%, and 43.06% respectively since the end of 2020 [2] - The establishment of investment advisory institutions in Guangzhou aims to enhance wealth management transformation, with the first approved fund sales license for a consulting firm achieving over 400 million yuan in sales on its opening day [3] Group 3: Innovation and Technology Financing - From January 2021 to October 2025, Guangdong saw 143 new IPOs, with 135 being technology companies, accounting for 94.41% of the total, indicating a strong focus on supporting technological innovation [6] - The issuance of innovation bonds has increased, with 118 technology innovation bonds issued, raising 88.68 billion yuan, and an average issuance interest rate of 1.91%, lower than the market average [7] Group 4: Mergers and Acquisitions Activity - Since the introduction of the "Mergers and Acquisitions Six Guidelines" in 2024, over 250 listed companies in Guangdong have engaged in mergers and acquisitions, with transaction volumes exceeding 150 billion yuan [9] - Notable merger activities include TCL Technology's acquisition of LG Guangzhou and Huaxing Semiconductor, enhancing Guangdong's position in the semiconductor and display industries [9] Group 5: Regulatory Support and Future Outlook - The Guangdong Securities Regulatory Bureau is actively supporting the establishment of a merger and acquisition alliance and has created a database to improve efficiency in corporate acquisitions [10] - Future initiatives will focus on enhancing the capital market ecosystem to support innovation and technology-driven enterprises, aiming to align with Guangdong's economic and technological strengths [8]

李慕春表示，作为我国首家以服务绿色发展为特色定位的期货交易所，广期所近年来围绕新能源产业链加速布局，已构 建起涵盖工业硅、碳酸锂、多晶硅等多个关键品种的期货体系，市场功能显著提升，价格影响力持续增强。 近日，在第二十届中国经济论坛平行论坛——2025大湾区科技与金融创新发展大会上，广州期货交易所党委委员、副总 经理李慕春发表主题演讲，详细介绍了广期所的成立背景、产品体系建设以及服务绿色低碳发展的最新进展。 对于"十五五"时期和未来绿色转型需求，李慕春表示，广期所规划了三大重点方向：一是丰富完善品种体系。推进氢氧 化锂期货及期权研发上市，深入布局光伏、风电、储能等新能源产业链及战略性矿产资源，推动碳排放权期货等战略品 种研发。二是持续强化市场服务和培训。深化"助绿向新"计划，持续优化工业硅、碳酸锂、多晶硅等已上市品种的合约 规则，提高与产业的匹配度。三是推进高水平对外开放。扩大境外投资者参与度，探索结算价授权制度，增强期货价格 在境外贸易和金融场景中的使用。 李慕春表示，广期所将继续紧紧围绕服务绿色发展、服务粤港澳大湾区建设、服务"一带一路"倡议的特色定位，积极发 挥期货市场在价格发现、风险管理、资源配置方面的 ...

近日，在第二十届中国经济论坛平行论坛——2025大湾区科技与金融创新发展大会上，广州期货交易所 党委委员、副总经理李慕春发表主题演讲，详细介绍了广期所的成立背景、产品体系建设以及服务绿色 低碳发展的最新进展。 李慕春透露，碳酸锂期货已成为全球份额最大、流动性最好的锂盐品种，部分国际贸易企业在签订远期 贸易合同时，已将广期所价格作为重要定价基准。 李慕春表示，作为我国首家以服务绿色发展为特色定位的期货交易所，广期所近年来围绕新能源产业链 加速布局，已构建起涵盖工业硅、碳酸锂、多晶硅等多个关键品种的期货体系，市场功能显著提升，价 格影响力持续增强。 据了解，目前广期所已上市的3个品种均引入了合格境外机构投资者，广期所已与10余家境外交易所建 立常态化沟通机制。 为助力绿色低碳转型，广期所近年来已陆续推出工业硅、碳酸锂、多晶硅期货和期权。"基本上做到一 年一个品种。"李慕春表示，其中，工业硅与多晶硅是光伏产业链的核心原材料，碳酸锂是新能源汽车 与锂电池产业链的关键原材料。 据国际期货业协会（FIA）统计，广期所工业硅和碳酸锂期货成交量分别位列全球金属期货第5位和第 15位。 截至目前，这三大品种运行平稳，成交量和持 ...

Core Insights - Lin Hai, a seasoned trader with 20 years of experience, emphasizes the importance of understanding macro policies and market dynamics in trading, leading to his recognition in the high-net-worth group and as an outstanding trader in polysilicon futures and options [1] Group 1: Trading Philosophy - The core of Lin Hai's trading philosophy is to "grasp the big contradictions," focusing on major market trends rather than minor fluctuations [2] - He transitioned from stock trading to futures, realizing that both markets share the same profit and loss sources, and that significant profits come from major market movements [2] Group 2: Market Opportunities - Lin Hai identified a key opportunity in the polysilicon market, where prices rose from 30,000 yuan/ton to 50,000 yuan/ton, by recognizing that the industry was at a loss and that the "anti-involution" policy would support high-quality development [3] - He noted that the price of polysilicon had fallen below the cost line, indicating a potential for recovery as the industry aimed for higher quality [3] Group 3: Risk Management - Lin Hai advocates for a diversified investment strategy, limiting exposure to any single commodity to no more than 10% to mitigate risks from unexpected market events [4] - His approach combines long-term strategic views with short-term tactical adjustments, focusing on maintaining a comfortable mental state while trading [4]