Report Summary Hot News - From January to October, the total operating income of state-owned enterprises was 6,835.293 billion yuan, a year-on-year increase of 0.9%, and the total profit was 342.144 billion yuan, a year-on-year decrease of 3.0%. As of the end of October, the asset-liability ratio of state-owned enterprises was 65.2%, a year-on-year increase of 0.4 percentage points [2] - In October, China's exports of goods and services trade under the international balance of payments were 341.6 billion US dollars, imports were 262.5 billion US dollars, and the surplus was 79.2 billion US dollars. At the end of June, China's external securities investment assets (excluding reserve assets) were 1,694.2 billion US dollars, including 1,076.3 billion US dollars in equity investments and 617.9 billion US dollars in bond investments [2] - The Shanghai Futures Exchange adjusted the position limits for alumina and natural rubber futures and options. Starting from January 1, 2026, for the alumina futures starting from the AO2603 contract, from the contract listing to the last trading day of the second month before the delivery month, the proportional position limit will be cancelled and the position limit will be adjusted to 8,000 lots. The position limit in the month before the delivery month will be adjusted from 1,800 lots to 900 lots, and the position limit in the delivery month will be adjusted from 600 lots to 300 lots. For the natural rubber futures starting from the RU2603 contract, from the contract listing to the last trading day of the second month before the delivery month, the position limit will be adjusted from 500 lots to 1,000 lots. The position limit in the first month before the delivery month will be adjusted from 150 lots to 300 lots, and the position limit in the delivery month will remain unchanged at 50 lots [2] - A batch of new regulations will be implemented in December. The new resource tax collection and management regulations will be implemented on December 1. The "Administrative Measures for the Securities Settlement Risk Fund" will be implemented on December 8. Hainan Free Trade Port will start the whole-island customs closure operation on December 18. The "Administrative Measures for Market Supervision Credit Repair" will be implemented on December 25 [3] - In November, China's manufacturing PMI was 49.2%, up 0.2 percentage points from the previous month; the non-manufacturing PMI was 49.5%, down 0.6 percentage points from the previous month; the composite PMI output index was 49.7%, down 0.3 percentage points from the previous month. China's economic prosperity level was generally stable [3] Key Focus - Key commodities to focus on include urea, Shanghai copper, silver, crude oil, and plastic [4] Night Session Performance - The night session price changes and position increase ratios of various commodity futures main contracts were presented, with significant increases in the precious metals, non-ferrous metals, and coal, coke, and steel ore sectors [4] Position Changes - The position changes of various commodity futures sectors in the past five days were presented, including Wind agricultural and sideline products, Wind grains, Wind chemicals, Wind energy, Wind coal, coke, and steel ore, Wind non-ferrous metals, etc. [5] Performance of Major Asset Classes - The daily, monthly, and annual price changes and one-year trends of various major asset classes were presented, including stocks, fixed-income products, commodities, and others. Among them, the London spot gold had an annual increase of 60.76%, and the WTI crude oil had an annual decrease of 18.80% [6] Trends of Major Commodities - The trends of major commodities such as the Baltic Dry Index, CRB spot index, WTI crude oil, London spot gold, London spot silver, LME 3-month copper, CBOT soybeans, and CBOT corn were presented, as well as the gold-oil ratio, copper-gold ratio, and risk premiums of various stock indices [7]

Core Viewpoint - The expansion of the trading scope for qualified foreign institutional investors (QFII) in China's futures market is set to enhance the internationalization of the market and improve its investor structure, with a target to increase the number of tradable futures and options to 100 by 2025 [1][2]. Group 1: Market Expansion - The China Securities Regulatory Commission announced the inclusion of more products for foreign investors, aiming to expand the total number of QFII tradable futures and options to 100 [1]. - As of June 20, 2025, 16 new futures and options products will be available for qualified foreign investors, bringing the total to 91 [1]. - The newly added products include futures and options for glass, soda ash, silicon iron, ethylene glycol, liquefied petroleum gas, natural rubber, lead, and tin [1]. Group 2: Impact on the Industry - The introduction of new products is expected to optimize the investor structure in China's futures market and enhance its international influence [2]. - The expansion will provide better price signals for industries and meet the hedging needs of foreign clients, thereby improving the service to the real economy [2]. - The dual opening of the futures market and the introduction of new products will create new opportunities and challenges for futures companies [3]. Group 3: Strategic Responses - Futures companies are encouraged to leverage their strengths to adapt to the new internationalization opportunities [3]. - Companies can enhance their risk management services by providing trading services for new products to foreign clients, thus broadening their revenue channels [3]. - To serve qualified foreign investors effectively, futures companies need to improve their specialized service capabilities and enhance their authority in the industry [4].