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中信期货:以高质量发展践行金融强国使命 谱写中国式现代化期货新篇章
Qi Huo Ri Bao Wang· 2025-10-13 00:38
2024年10月,国务院办公厅转发中国证监会等七部门《关于加强监管防范风险促进期货市场高质量发展 的意见》(简称《意见》)。这一具有里程碑意义的指导文件,为新时代期货市场的发展指明了方向, 也对期货行业服务中国式现代化提出了全面的战略要求。《意见》出台一年来,深圳作为期货市场改革 创新的"试验田",在金融强国建设中展现出积极作为。中信期货等辖区期货经营机构深入贯彻《意见》 精神,不断提升综合实力,助力期货市场服务实体经济功能发挥,以实际行动将国家战略蓝图转化为高 质量发展的生动实践。 聚焦主业 服务实体经济提质增效 《意见》指出,要提升商品期货市场服务实体经济质效,聚焦制造强国建设,更好满足实体企业风险管 理需求。 一年来,中信期货始终坚持金融工作的政治性和人民性,恪守服务实体经济初心,促进期货市场发现价 格、管理风险、配置资源等功能发挥,结合"场内+场外""期货+现货""境内+境外"模式推动多元业务板 块的产品服务升级,以高效适配、多层次且多样化的产品服务构建实体经济与金融体系良性互动的高质 量发展格局。公司积极主动深化业务创新,灵活运用期货、期权等金融工具,并结合期现业务促进传统 贸易模式优化升级,为实体 ...
不盯盘、不量化,芯片工程师跨界夺冠!他是如何实现资产逆袭的?
Qi Huo Ri Bao· 2025-10-13 00:14
在近期结束的第十九届全国期货(期权)实盘交易大赛中,一位跨界参赛者引起了广泛关注。季烨程,一 位从事芯片设计的工程师,凭借出色表现在金融期货组夺得冠军。 令人惊讶的是,并非金融科班出身的他,依靠十几年业余时间的积累,建立起一套完整的交易体系,即 使在比赛中经历60%的最大回撤,仍能坚守体系,最终赢得比赛。 从学生时代开始的投资之路 他特别提到,在6月底就重仓进场,抓住了后来的一波上涨行情。这种提前布局源于他对长周期技术分 析的信心:"根据历史的一些分析,结合当前宏观政策与产业转型节奏,我判断大概在今年下半年会有 一个重新启动的过程。2025年不同于以往,市场对信息的反应更快、更有效,必须提前布局。" 面对60%回撤的情绪管理 季烨程表示,在比赛中,他一度经历了最高达60%的回撤。对大多数交易者而言,这是心理上的极大考 验,但他却表现出了惊人的情绪稳定性。"我当时心里是没有任何波动的,因为我没有盯着资金的起 伏,只是根据标的本身的走势去判断它是否还在我预期的框架内运行。"季烨程说。 他解释说,这60%的回撤主要来自期权持仓,而标的本身的走势并未超出他的技术分析范围,"只要标 的没有问题,还在技术分析范围之内,其 ...
最大单笔亏损不超过500元,最终斩获轻量组冠军!这是他的“终极风控术”→
Qi Huo Ri Bao· 2025-10-11 00:02
在近期结束的第十九届全国期货(期权)实盘交易大赛中,一位名叫吾剑的选手引起了广泛关注。他用 1000多元本金,在6个月内盈利近18万元,最大回撤仅4.2%,更令人惊讶的是,他主要交易期权买方, 95%以上都是买入操作,最大单笔亏损不超过500元,最大单笔盈利也仅1680元,靠着"积少成多"最终 斩获轻量组冠军。 10月8日,吾剑在期货日报"巅峰对话"直播栏目中首次亮相,分享了自己的交易经历和感悟。 1.小资金起步,严控回撤 "我现在的交易目标就是养家糊口。如果我能够通过交易,每个月有之前银行培训一半的收入就特别知 足。"吾剑说。 基于这样的目标,他的心态特别好,从不去冒大风险,只做胜率较高的交易。他永远不重仓,没有一个 合约的持仓金额超过总资金的10%,而且永远不追高。 他的核心策略是低价为王——只买价格足够低的期权合约,且有九成把握能够盈利。他甚至会背诵沪金 各个月份合约的价格,以便在机会出现时迅速捕捉。 3.四大机会来源 吾剑分享了自己交易机会的四个主要来源: 第一,背价格,找偏差。"像沪金2512合约,最虚一档是p568,近期价格长期在0.3~0.4之间。但比它高 一档的p576、p584等合约,价格却 ...
疏通“最后一公里”——期货市场与实体经济的双向奔赴
Zhong Guo Zheng Quan Bao· 2025-10-10 20:57
● 本报记者徐昭 在国际形势风云变幻、大宗商品价格剧烈波动的当下,实体企业正面临价格、汇率、外需、合规及利率 管理五大核心挑战,经营不确定性陡增。直面风浪,期货市场以其独特的价格发现与风险管理功能,成 为企业铸就"稳预期"盾牌、实现稳健经营的重要工具。然而,企业运用期货工具仍存在专业人才短缺、 风控体系薄弱及资金压力等现实困境,同时对定制化、全周期的专业服务充满期待。 东证期货董事长卢大印在接受中国证券报记者采访时表示,破局之道在于供需协同发力:期货公司正以 科技赋能,通过AI投研、数字化平台及"保险+期货"等创新模式精准回应需求;行业亦需从丰富品种、 优化交割机制、开展精准投教等多维度深化改革,共同疏通期货服务实体经济的"最后一公里",助力企 业穿越周期,驭势而行。 卢大印告诉记者,当前实体企业在利用期货工具面临的挑战有:一是专业人才不足。实体企业尤其是中 小企业,出于成本考虑,很少设置专门的期货部门和岗位,多为其他岗位员工兼职,缺乏熟悉期货套保 策略、交易规则、实操经验的专业人才,这就造成企业在实际操作中常遇到套保时机难以精准把握、套 保比例设定缺乏科学依据、或由于部分细分品种(如锰矿、铬铁等)缺失导致无 ...
FICC日报:A股10月开门红,短期关注美政府停摆事件-20251010
Hua Tai Qi Huo· 2025-10-10 06:08
Report Industry Investment Rating No relevant content provided. Core Viewpoints - The gap between strong expectations and weak reality in the domestic market has widened. In August, China's economic data showed signs of weakness, with characteristics such as "slow industrial growth, weak investment, and sluggish consumption." Meanwhile, external tariff pressure has increased, and the domestic government has frequently mentioned pro - growth policies [1]. - Attention should be paid to the duration of the US government shutdown. The shutdown has affected economic data releases, and there are differences among Fed officials on the magnitude of interest rate cuts [2]. - In the commodity market, focus on sectors such as gold and non - ferrous metals. The black sector is still dragged down by downstream demand expectations, while the non - ferrous sector is boosted by global easing expectations [3]. - For commodities and stock index futures, it is recommended to allocate long positions in industrial products and precious metals at low prices [4]. Summary by Relevant Catalogs Market Analysis - Domestic economic pressure increased marginally in August, with weakening economic data and rising external tariff pressure. The government has introduced pro - growth policies, such as the central bank's call for strengthened monetary policy regulation and the planned use of 500 billion yuan in new policy - based financial instruments [1]. - On October 9, the A - share market had a good start, with the Shanghai Composite Index breaking through the 3,900 - point mark for the first time in a decade. The non - ferrous metal sector rose, and the semiconductor industry chain was active. The Hong Kong stock market fluctuated downward, and the pharmaceutical and biological sectors adjusted. Treasury bonds rebounded, and commodities such as gold and copper rose [1]. - The US government shutdown entered its second week on October 8, affecting economic data releases. There are differences among Fed officials on the magnitude of interest rate cuts. US economic data showed mixed performance, with the manufacturing and service PMIs slightly declining in September, while retail sales and new home sales performed well [2]. Commodity Market - The black sector is still affected by downstream demand expectations, and attention should be paid to the "anti - involution" situation. The non - ferrous sector is still facing long - term supply constraints and is recently boosted by global easing expectations [3]. - OPEC + announced that eight oil - producing countries will increase production by 137,000 barrels per day in November, and the first - stage cease - fire agreement in Gaza has come into effect [3]. - In the chemical sector, the "anti - involution" space of varieties such as methanol, PVC, caustic soda, and urea is worthy of attention. Agricultural products are driven by tariff and inflation expectations in the short term, but still need signals from the fundamentals [3]. - Due to the US government shutdown and continuous central bank purchases, gold is expected to continue to strengthen, and attention should be paid to the game at key points [3]. Strategy - For commodities and stock index futures, it is recommended to allocate long positions in industrial products and precious metals at low prices [4]. Key News - The Ministry of Commerce and the General Administration of Customs jointly announced export controls on some medium - heavy rare earth - related items, which will take effect on November 8, 2025 [5]. - On October 9, the People's Bank of China conducted 1.1 trillion yuan in fixed - quantity, interest - rate - tendered, multiple - price - winning买断式 reverse repurchase operations with a term of 3 months [5]. - The Shanghai Composite Index rose 1.32%, the Shenzhen Component Index rose 1.47%, and the ChiNext Index rose 0.73%. More than 3,100 stocks in the Shanghai, Shenzhen, and Beijing stock markets rose, and the trading volume exceeded 2.67 trillion yuan [5]. - Most Fed officials said that continued easing this year may be appropriate, and they emphasized the upside risks to inflation. Employment faces relatively high downside risks [5]. - The US dollar against the Japanese yen rose to 153, up 0.2% on the day, for the first time since February [2][5]. - The first - stage cease - fire agreement in Gaza officially came into effect at noon on October 9 [3][5].
2025国庆&中秋节后首日展望
Guo Tai Jun An Qi Huo· 2025-10-09 05:08
2025国庆&中秋节后营日展! 本公司具有中国证监会核准的期货交易咨询业务资格。本内容的观点和信息仅供国泰君安期货的专业投资者参 考。本内容难以设置访问权限,若给您造成不便,敬请谅解。若您并非国泰君安期货客户中的专业投资者,请 勿阅读、订阅或接收任何相关信息。本内容不构成具体业务的推介,亦不应被视为任何投资、法律、会计或税 务建议,且本公司不会因接收人收到本内容而视其为客户。本内容的信息来源于公开资料,本公司对这些信息 的准确性、完整性及未来变更的可能性不作任何保证。请您根据自身的风险承受能力作出投资决定并自主承担 投资风险,不应凭借本内容进行具体操作,本公司不对因使用本内容而造成的损失承担任何责任。除非另有说 明,本公司拥有本内容的版权和/或其他相关知识产权。未经本公司事先书面许可,任何单位或个人不得以任 何方式复制、转载、引用、刊登、发表、发行、修改、翻译此报告的全部或部分内容。 | 品种代码 | 品种 | 假期内信息收集及节后观点展望 | 假期内巴西9月出口食糖325万吨(同比减少16%) 巴西中南部压榨进度再度加快,甘蔗压榨 | 总量同比减少3.68%,食糖总产量仅减少0.08%;印度季风降水量较LP ...
中粮资本9月30日获融资买入8346.93万元,融资余额8.32亿元
Xin Lang Cai Jing· 2025-10-09 01:21
融券方面,中粮资本9月30日融券偿还1.22万股,融券卖出4600.00股,按当日收盘价计算,卖出金额 6.16万元;融券余量50.14万股,融券余额671.37万元,超过近一年90%分位水平,处于高位。 机构持仓方面,截止2025年6月30日,中粮资本十大流通股东中,南方中证500ETF(510500)位居第四 大流通股东,持股1366.31万股,相比上期增加164.79万股。香港中央结算有限公司位居第五大流通股 东,持股1341.16万股,相比上期增加613.64万股。 责任编辑:小浪快报 资料显示,中粮资本控股股份有限公司位于北京市朝阳区中粮福临门大厦11层1105,成立日期2004年12 月29日,上市日期2010年6月3日,公司主营业务涉及信托、期货、保险、银行等金融业务。主营业务收 入构成为:保险分部72.02%,信托分部15.30%,期货分部12.23%,其他0.46%。 截至9月19日,中粮资本股东户数13.20万,较上期减少2.94%;人均流通股17455股,较上期增加 3.03%。2025年1月-6月,中粮资本实现营业收入48.93亿元,同比减少62.60%;归母净利润8.48亿元,同 比 ...
“上期大学堂—从业人员强化班”走进深圳
Qi Huo Ri Bao Wang· 2025-10-09 00:43
本报讯(记者 董依菲)由上期所主办的"上期大学堂—从业人员强化班"期货公司提升服务实体经济能 力专班近日在深圳前海举行首期培训。该系列培训共有三期,主要帮助学员熟悉交易所业务规则,提升 服务实体经济能力。 作为粤港澳大湾区的核心引擎城市之一,深圳在推进金融高水平开放和上市公司高质量发展方面走在前 列。在首期培训中,来自深圳的期货公司学员齐聚一堂,大家对上期所国际化进程和上市公司套期会计 等内容表现出浓厚兴趣。 培训课程结束后,学员前往广州江铜材料有限公司、江铜(广州)光电科技有限公司增城基地实地探 访,参观铜杆、线缆等核心生产线,了解企业生产运营流程,使理论知识与产业实践紧密结合。 聚焦业务规则国际化改造 该专家最后建议,企业在重视套保业务的同时也要重视套保核算,将套期会计相关要求嵌入套保管理制 度、业务流程、系统建设。在套保业务制度和管理流程建设过程中,如果企业计划使用套期会计,建议 主动将套期会计准则的相关要求,特别是使用套期会计的几个条件融入管理制度、业务流程、系统建 设,为使用套期会计创造条件。虽然套期会计是选择项,但从企业管理角度看,能够采用套期会计,说 明企业套保业务管理达到了较高水准。 业务规则 ...
港交所:9月底证券市场市价总值为49.9万亿港元 同比上升35%
Zhi Tong Cai Jing· 2025-10-08 23:25
Market Overview - The total market capitalization of the Hong Kong securities market reached HKD 49.9 trillion at the end of September 2025, a 35% increase from HKD 36.9 trillion in the same period last year [1] - The average daily trading amount in September was HKD 3,167 billion, up 87% from HKD 1,692 billion in the same month last year [1] - For the first nine months of 2025, the average daily trading amount was HKD 2,564 billion, a 126% increase from HKD 1,133 billion in the same period last year [1] Derivative Products Market - The average daily trading volume of futures and options for the first nine months of 2025 was 1,681,869 contracts, an 11% increase from 1,515,613 contracts in the same period last year [2] - The average daily trading volume of stock options was 886,323 contracts, up 27% from 698,817 contracts year-on-year [2] - The average daily trading volume of stock futures was 8,616 contracts, a 7% increase from 8,026 contracts last year [2] New Listings and Fundraising - There were 69 new listings in the first nine months of 2025, a 53% increase from 45 new listings in the same period last year [1] - The total fundraising amount for initial public offerings (IPOs) in the first nine months was HKD 1,829 billion, a 229% increase from HKD 556 billion year-on-year [1] - The total fundraising amount for the first nine months reached HKD 4,440 billion, up 252% from HKD 1,261 billion in the same period last year [1] Historical Records - On September 17, 2025, the weekly trading volume of stock options reached a historical high of 277,589 contracts [3]
华泰期货流动性日报-20250930
Hua Tai Qi Huo· 2025-09-30 08:45
Group 1: Report Core Information - The report provides a liquidity overview of various market sectors on September 29, 2025, including trading volume, holding amount, and trading - holding ratio [1][2] Group 2: Sector - by - Sector Liquidity Details 1. Overall Sector Liquidity - Figures related to each sector's trading - holding ratio, trading volume change rate, holding amount, etc., are presented, with data sources from Flush and Huatai Futures Research Institute [5][8] 2. Stock Index Sector - On September 29, 2025, the trading volume was 948.773 billion yuan, a + 25.70% change from the previous trading day; the holding amount was 1401.24 billion yuan, a + 6.08% change; the trading - holding ratio was 68.18% [1] 3. Treasury Bond Sector - The trading volume was 400.508 billion yuan, a + 8.44% change; the holding amount was 773.263 billion yuan, a - 0.32% change; the trading - holding ratio was 52.68% [1] 4. Base Metal and Precious Metal (Metal) Sector - Base metal trading volume was 368.626 billion yuan, a - 3.78% change; holding amount was 491.108 billion yuan, a - 2.99% change; trading - holding ratio was 89.33%. Precious metal trading volume was 779.433 billion yuan, a + 31.74% change; holding amount was 520.729 billion yuan, a - 2.21% change; trading - holding ratio was 214.33% [1] 5. Energy and Chemical Sector - The trading volume was 407.915 billion yuan, a + 0.29% change; the holding amount was 409.107 billion yuan, a - 3.31% change; the trading - holding ratio was 77.94% [1] 6. Agricultural Product Sector - The trading volume was 278.101 billion yuan, a - 7.58% change; the holding amount was 527.324 billion yuan, a - 3.33% change; the trading - holding ratio was 47.06% [1] 7. Black Building Materials Sector - The trading volume was 270.845 billion yuan, a - 8.72% change; the holding amount was 326.976 billion yuan, a - 7.76% change; the trading - holding ratio was 87.88% [2]