Core Viewpoint - The implementation of the "Futures Company Asset Management Business Filing Management Rules" has led to a significant transformation in the futures industry, shifting from a reliance on channel business to a focus on high-quality, actively managed asset management that leverages the unique characteristics of futures and derivatives [1][2]. Group 1: Industry Transformation - The futures asset management business is undergoing a profound change characterized by "quality improvement and quantity reduction," moving away from extensive reliance on channel business towards a model centered on active management [1][2]. - As of the end of 2025, the number of active futures asset management institutions is expected to decrease to 91, down from 110 at the beginning of the previous year, indicating a trend towards license clearance and consolidation in the industry [2]. - The shift towards higher entry barriers and reduced channel business is seen as beneficial for fostering healthy competition and enhancing the overall professional level of the industry [2][6]. Group 2: Focus on Active Management - The industry is collectively moving towards active management strategies, with a focus on utilizing the professional advantages of futures and derivatives [3]. - Current transformations in futures asset management are concentrated in areas such as Fund of Funds (FOF), Commodity Trading Advisors (CTA), macro hedging, multi-strategy arbitrage, and fixed income plus [3]. - Companies like Jin Xin Futures and Zhe Shang Futures are developing distinctive product lines that cater to various risk-return preferences and investment strategies, emphasizing active management and the integration of fundamental research with quantitative tools [3][4]. Group 3: Structural Adjustments and Competitive Focus - The industry is expected to experience structural adjustments in asset management scale and competitive landscape due to the ongoing removal of channel business and increased operational thresholds [6]. - While the overall asset management scale may decline in the short term, the demand for actively managed products is anticipated to grow, leading to a more diversified product offering [6]. - The market share of institutions with specialized research and investment capabilities is expected to increase, as the industry transitions towards a high-quality, professionalized model [6][7].

Core Viewpoint - The implementation of the "Futures Company Asset Management Business Filing Management Rules" has led to a significant transformation in the futures industry, shifting from a reliance on channel business to a focus on high-quality, actively managed asset management that leverages the unique characteristics of futures and derivatives [1] Group 1: Industry Transformation - The futures asset management business is undergoing a profound change characterized by "quality improvement and quantity reduction," moving away from extensive channel-based development towards a model centered on active management [2][3] - As of the end of 2025, the number of existing futures asset management institutions is expected to decrease to 91, down from 110 at the beginning of the previous year, indicating a trend of license clearance and industry consolidation [2] - The shift towards higher entry barriers and reduced channel business scale is seen as beneficial for promoting professional and differentiated development within the industry [2][3] Group 2: Focus on Active Management - The industry is collectively moving towards active management, abandoning reliance on channel business, which is viewed as regulatory arbitrage [3] - Current transformations in futures asset management are primarily focused on areas such as Fund of Funds (FOF), Commodity Trading Advisors (CTA), macro hedging, multi-strategy arbitrage, and fixed income plus [3] - Companies like Jin Xin Futures and Zhe Shang Futures are developing distinctive product lines that cater to various risk-return preferences and investment strategies, emphasizing active management and the unique advantages of futures and derivatives [3][4] Group 3: Structural Adjustments and Competitive Focus - The asset management scale and competitive landscape in the industry are expected to undergo structural adjustments due to the ongoing removal of channel business and increased operational thresholds [5][6] - Active management product scales are anticipated to grow against the trend of overall asset management scale decline, with funds concentrating on high-performing managers [5] - The future will see a clearer differentiation in competition, with resources increasingly flowing towards leading and specialized institutions [6][7] Group 4: Future Directions - Institutions are encouraged to deepen their focus on commodity and derivative strategies, moving away from homogeneous competition to establish differentiated advantages [6][7] - The development of a core competitive edge through an integrated approach of research, risk control, and technology is deemed essential for future success in the futures asset management sector [7]