Core Viewpoint - Shenwan Hongyuan Securities has successfully issued products linked to the China Securities Commodity Futures Index, enhancing its diverse product offerings to meet various investor needs [1][2]. Company Summary - Shenwan Hongyuan Securities is one of the first brokerages to obtain authorization for the use of the China Securities Commodity Futures Index, having signed a licensing agreement on June 16 [1]. - The company recently launched American-style call shark fin structured income certificates linked to the index, with initial subscriptions exceeding 330 million yuan [1]. - The financial innovation headquarters of Shenwan Hongyuan aims to leverage its structured product creation advantages to mitigate downside risks while enabling clients to capitalize on rising commodity futures [2][3]. Industry Summary - The China Securities Commodity Futures Index is the first comprehensive authoritative commodity index in China, which aids in constructing a credible commodity index system and supports the integration of digital and financial technologies with the real economy [2]. - The index reflects the performance of all commodity futures traded on domestic exchanges, providing a benchmark for investors in the commodity futures market [2]. - The demand for commodity futures investment tools is increasing as the economy evolves, highlighting the strategic value of commodity futures in resource allocation and capital flow guidance [4].

Core Viewpoint - The introduction of the China Government Bond Futures Yield Index by the China Securities Index Company has enabled Shenwan Hongyuan Securities to offer innovative financial products linked to this index, enhancing wealth management options for clients and promoting knowledge of the bond futures market [1][2][3]. Group 1: Product Offerings - Shenwan Hongyuan Securities has launched over 70 series of floating income certificates linked to the 10-year China Government Bond Futures Yield Index, with a total issuance scale exceeding 1.6 billion yuan, providing clients with low-risk investment products [1][2]. - The company has sold nominal principal exceeding 90 million yuan in OTC interest rate options linked to the index, offering clients diverse choices for managing interest rate risks [2]. Group 2: Market Dynamics - The bond futures market is experiencing stable operations, with increasing trading volume and open interest, which enhances market liquidity and the effective linkage between futures and spot markets [2][3]. - The China Government Bond Futures Yield Index serves as an important innovation tool in the domestic bond market, filling a gap in the availability of bond futures indices and demonstrating significant market influence [2][3]. Group 3: Investment Strategies - The index smooths the impact of contract rollovers and accurately reflects the yield of different maturity government bond futures, providing investors with tools for long-term trend analysis and investment [3]. - The product system covers short, medium, and long-term maturities, catering to diverse trading needs and enhancing liquidity and pricing effectiveness in the government bond market [3][4]. Group 4: Future Outlook - The trend of index-based investment is growing, contributing to stable long-term capital allocation and promoting high-quality development in the capital market [4]. - The increasing recognition and influence of index productization in financial markets suggest a promising future for the application of mature index products in asset allocation and risk management [4].