第十九届全国期货（期权）实盘交易大赛已圆满结束，迈科期货是本届大赛的指定交易商，也是连续第 三年参与大赛服务客户。 期货交易的本质就是风险管理和资产配置。在大赛这种追求收益和排名的竞技氛围下，防止客户因心态 失衡而陷入过度交易、重仓交易的陷阱，是期货公司风控工作的核心。"风控不是事后的补救，而是事 前的教育和事中的陪伴。我们深知无法替代客户做决策，也无法消除市场的固有风险，但我们能做的是 成为客户交易路上的'安全带'和'冷静哨'，通过系统性的工具、持续性的教育和人性化的陪伴，尽最大 努力帮助他们在追求收益的惊险跳跃中，牢牢系好风险控制这根'安全绳'。特别是在大赛的聚光灯下， 我们更希望向市场和客户传递一个清晰的信号：迈科期货不仅关心客户能走多快，更关心客户能走多 远。"迈科期货上述负责人表示。 在该负责人看来，期货交易是一场"马拉松"，而非"百米冲刺"。它奖励的不是短暂的锋芒，而是持久的 耐力和深邃的智慧。"我们希望每一位交易者都能将大赛视为提升个人认知与心性修炼的道场。每一位 交易者的最终目标不应仅仅是账户数字的起伏，而是通过严格的纪律、冷静的头脑和持续的学习，成为 一名稳健的交易者。愿市场中的每一位参与者 ...

Core Viewpoint - Baocheng Futures has reaffirmed its commitment to supporting the national futures trading competition, emphasizing its role in promoting investor education, enhancing brand influence, and optimizing customer service [1][2]. Group 1: Strategic Value - The competition has provided Baocheng Futures with multi-dimensional empowerment in brand, talent, and service [2]. - The number of participating clients and partner institutions has reached new highs, enhancing the company's authority and visibility [2]. - The competition has attracted talented investment advisors, particularly from the newly added industrial group, fostering integration between industry and finance [2]. Group 2: Market Observations - The overall loss in this year's competition has significantly narrowed by over 1.4 billion, indicating market expansion but increased difficulty in achieving profitability [3]. - Professional institutions and high-net-worth investors continue to outperform the market average due to their resource and risk management advantages [3]. - Clients with industrial backgrounds exhibit strong risk awareness and make decisions based on industry logic, while asset management products prefer market-neutral strategies [3]. Group 3: Support Services - Baocheng Futures offers four key support services: research support, technical assurance, trading services, and knowledge dissemination [4]. - Daily strategy reports and a shared platform for commodity research are provided to participants [4]. - A high-performance trading system ensures rapid execution and stability, addressing technical challenges faced by participants [4]. - The company simplifies account opening and fund transfer processes, improving fund turnover efficiency by over 30% [4]. - Training sessions and activities have reached over 5,000 participants, enhancing trading knowledge and market understanding [4]. Group 4: Risk Management - The company has implemented a three-tiered risk management mechanism, including pre-competition training, real-time monitoring during the competition, and ongoing risk education [6][7]. - A focus on educating investors about options trading has been established, utilizing various formats to enhance understanding [7]. Group 5: Future Outlook - Baocheng Futures aims to attract more industrial clients, particularly in energy and black commodities, to participate in future competitions [7]. - The company suggests adding an ESG-themed competition to align with national carbon reduction goals and promote the development of green derivatives [7]. - The future of the Chinese futures market is expected to be characterized by diversification, internationalization, and technological advancement [8]. - The company plans to focus on carbon emission rights and green electricity futures, providing integrated solutions for enterprises [8].

Core Insights - Robinhood reported Q3 2025 net revenue of $1.27 billion, exceeding market expectations and representing a 100% year-over-year growth [1] - GAAP earnings per share reached $0.61, marking a 259% increase compared to the previous year [1] - Total trading-related revenue amounted to $730 million, with cryptocurrency trading revenue at $268 million, showing over 300% growth year-over-year [1] Revenue Breakdown - Options trading revenue was $304 million, reflecting a 50% increase [1] - Stock trading revenue reached $86 million, up 132% year-over-year [1] - Adjusted EBITDA stood at $742 million [1] Asset and User Metrics - Total assets on the platform reached $333 billion, a 119% increase year-over-year [1] - Active investment accounts numbered 27.9 million [1]

Core Viewpoint - Miami International Holdings (MIH) plans to go public on the New York Stock Exchange under the ticker MIAX, aiming to raise approximately $300 million through the issuance of 15 million shares priced between $19 and $21 each, which would result in a fully diluted market capitalization of $1.9 billion at the midpoint price of $20 [1][2]. Company Overview - MIH operates a diversified market ecosystem through its MIAX Exchange Group, which includes platforms for options, equities, and futures trading [1]. - The company was founded in 2007 and has developed proprietary trading technology to support its operations [2]. Financial Performance - For the 12 months ending June 30, 2025, MIH is projected to achieve revenue of $1.3 billion, with its core U.S. options business experiencing a significant increase in average daily trading volume to 8.7 million contracts, up from 6.5 million contracts in the same period of 2024 [2]. IPO Details - The IPO is being managed by a consortium of banks including JPMorgan, Morgan Stanley, and others, with pricing expected to be finalized in the week of August 11, 2025 [2]. - Notably, cornerstone investors have committed to purchase $40 million worth of shares, representing 13% of the total offering [1].

Core Insights - Robinhood reported a strong quarterly performance driven by the cryptocurrency trading boom, exceeding market expectations with total revenue of $989 million, a 45% year-over-year increase, and a net profit of $386 million, a 105% increase [1][3] - The company's cryptocurrency trading revenue was a standout, growing 98% year-over-year to $160 million, marking the fifth consecutive quarter of triple-digit growth [1][3] Revenue Growth - The robust performance was attributed to significant increases in trading volumes across stocks, options, and cryptocurrencies, with trading revenue being the core component [3] - Cryptocurrency trading revenue has been a key driver of overall revenue growth, with a notable 700% increase in Q4 2024, reaching $358 million, and a 98% increase in Q2 2025 [3][4] User Growth and Engagement - Robinhood saw a substantial increase in user engagement, with 2.3 million new funded accounts in Q2 2025, bringing the total to 26.5 million, surpassing expectations [4] - The average revenue per user increased by 34% year-over-year to $151, indicating enhanced user value [4] Long-term Financial Management - The platform's retirement account assets surpassed $20 billion, with 1.5 million customers holding retirement accounts, showcasing progress in long-term investment strategies [5] - Total assets on the platform surged 99% year-over-year to $279 billion, driven by strong net deposits and asset acquisitions [5] Regulatory and Competitive Landscape - Despite its rapid growth, Robinhood has not been included in the S&P 500 index, raising concerns about its long-term financial stability and reliance on volatile trading revenues [6] - The introduction of synthetic stock tokens for companies like OpenAI and SpaceX has sparked regulatory scrutiny, with potential compliance issues and investor protection concerns [6][7] Strategic Partnerships - The CEO expressed a preference for partnerships over obtaining a banking license, indicating a collaboration with Coastal Community Bank to launch bank-like products [7]