刚刚闭幕的中央经济工作会议，为2026年经济发展明确了目标任务、统一了思想认识。会议明确提出要 引导金融机构加大对扩大内需、科技创新、中小微企业等重点领域的支持力度，为期货市场指明了服务 方向、提供了发展指引。华源期货深入学习贯彻会议精神，自觉将企业发展置于国家战略全局中谋划， 坚定不移践行金融工作的政治性和人民性要求，坚持以服务实体经济为根本宗旨，在新时代展现期货新 作为、贡献专业新力量。 一是坚守本源，服务区域经济发展大局。自2023年实控人变更为武汉金融控股集团以来，华源期货深入 贯彻落实上级决策部署，立足武汉、深耕湖北，充分发挥股东综合金融优势，聚焦服务区域性实体经 济。围绕武汉重点产业链和特色产业集群，创新构建"1+N"综合服务体系——以长江国贸集团为核心支 点，延伸服务至其上下游企业及本地重点产业客户，形成"以融促产、以产带融"的生态闭环。通过整合 期货、现货、保险、信贷等多元工具，为实体企业提供全方位、一站式的金融及衍生品解决方案，有效 帮助企业应对价格波动风险，稳定经营预期。 站在"十五五"规划实施的关键阶段，华源期货将深入学习贯彻中央经济工作会议精神，坚持以"服务实 体、合规经营、创新引领、 ...

Core Viewpoint - The futures market is increasingly recognized as a vital tool for risk management by enterprises facing complex international conditions, with companies like Fangzheng Zhongqi Futures providing customized hedging solutions to enhance resilience against economic fluctuations [1][2]. Group 1: Macro Environment and Challenges - The uncertain macro environment has significantly pressured enterprises, particularly due to sharp declines in raw material prices such as coking coal, coke, industrial silicon, and lithium carbonate, disrupting revenue expectations for upstream mining companies [2]. - Geopolitical factors have heightened the risk of raw material price volatility for downstream enterprises, while trade uncertainties have increased short-term fluctuations and long-term pressures on external demand [2]. - Many private trading enterprises are experiencing rising financing costs and tightening cash flows, with small and medium-sized enterprises facing liquidity pressures and difficulties in capital turnover [2]. Group 2: Utilization of Futures Tools - Companies are increasingly aware of the importance of futures tools for risk management, as evidenced by a case where a new energy materials company locked in raw material costs through futures contracts, successfully offsetting losses from rising spot prices [3][4]. - The futures prices have become a "barometer" for pricing within the industry chain, indicating a growing reliance on these tools amid heightened market volatility [3]. Group 3: Barriers to Effective Risk Management - Several barriers hinder effective risk management through futures, including a lack of professional talent in small and medium-sized enterprises, inadequate internal control systems, and significant cash flow pressures that can lead to forced liquidation [4][5]. - Some enterprises face challenges due to incomplete coverage of futures products, limiting their ability to hedge effectively against price fluctuations [4]. Group 4: Evolving Service Demands - Enterprises are demanding more comprehensive services from futures companies, including training, team building, risk exposure analysis, and the integration of AI and big data for enhanced risk management [5][6]. - Fangzheng Zhongqi Futures is focusing on customer-centric service improvements, aiming to support small and medium-sized enterprises through tailored service models that address their specific needs [5][6]. Group 5: Structural Issues in the Futures Market - The futures market faces structural challenges, such as insufficient adaptability of risk management tools for industry clients and increased liquidity stratification, complicating the use of futures for hedging [7][8]. - The competition based on low fees is detrimental to the professional service quality within the industry, necessitating collaborative efforts to optimize the market ecosystem [8]. Group 6: Future Directions and Innovations - Recommendations include accelerating the introduction of innovative futures products in emerging sectors and enhancing trading mechanisms to improve liquidity for less active contracts [8][9]. - Fangzheng Zhongqi Futures is committed to strengthening its core competitiveness through enhanced service offerings and digital transformation, utilizing AI and big data for real-time risk monitoring and strategy adjustments [9].

Group 1 - The core objective is to establish a comprehensive international commodity storage, processing, maritime service base, and trading center, referred to as "three bases and two centers," to enhance regional competitiveness and international influence in commodity resource allocation [1] - Zhejiang Free Trade Zone has made significant progress in the commodity industry chain, achieving 252 institutional innovations, including 125 national firsts and 13 replicable nationwide initiatives [2] - The energy storage capacity in Zhejiang has reached 58 million cubic meters, and it has built the largest integrated refining project in the country, significantly reducing the dependency on imported PX [2] Group 2 - The chemical industry faces challenges such as frequent price fluctuations and intense competition from international peers, necessitating the development of a multi-layered futures market to enhance competitiveness [2] - The futures market is expected to provide strong support for industry development by offering tailored hedging solutions and improving operational stability for enterprises [3] - The integration of digital finance and logistics resources is crucial for addressing financing difficulties faced by small and medium-sized enterprises in the port economy, promoting economic upgrades [4]