中国期货业协会发布2025年11月全国期货市场交易情况简报。11月，全国期货市场成交量为769.59百万 手，同比增长13.54%；全国期货市场成交额为66.61万亿元，同比增长7.11%。1-11月，全国期货市场累 计成交量为8116.71百万手，同比增长14.74%；全国期货市场累计成交额为675.45万亿元，同比增长 20.19%。 （文章来源：第一财经） ...

在互动交流环节，同学们踊跃提问，问题涵盖期货交易的实际操作及个人职业规划等多个方面。罗军老 师对每个问题都给予了耐心、细致的解答，并结合行业发展趋势提供了中肯的建议。现场气氛活跃，思 想的碰撞擦出了不少智慧的火花。 本次活动的圆满成功，是兴业期货积极履行社会责任、纵深推进投资者教育工作的一个生动注脚。展望 未来，兴业期货将持续践行金融机构的社会责任，矢志不渝地发挥在衍生品领域的专业所长，进一步探 索多元化投教新模式，努力拓展国民金融教育的广度与深度。我们愿继续与社会各界携手同行，凝聚合 力，共同为中国资本市场的稳健运行培育丰厚的理性土壤，为塑造健康金融文化注入不竭的"兴业"动 能。 为深入贯彻落实投资者教育纳入国民教育体系的政策要求，提升大学生金融素养和风险防范意识，2025 年11月20日，由宁波大学商学院与宁波市证券期货业协会联合主办、兴业期货有限公司承办的"投资者 教育进高校"宣讲活动在宁波大学商学院成功举办。本次活动吸引了商学院金融相关专业同学积极参 与。 随着我国资本市场的不断深化发展，期货及衍生品市场在资源配置和风险管理中发挥着日益重要的作 用。高校学生作为未来金融市场的重要参与者，树立正确的投资 ...

Core Insights - The China Futures Industry Association reported that in October, the national futures market had a trading volume of 603 million contracts and a trading value of 61.22 trillion yuan, representing a year-on-year decrease of 13.26% in volume but an increase of 4.54% in value [1] - From January to October, the cumulative trading volume reached 7.347 billion contracts, with a cumulative trading value of 608.84 trillion yuan, showing year-on-year increases of 14.86% in volume and 21.82% in value [1] Summary by Category - **October Performance** - National futures market trading volume was 603 million contracts [1] - Trading value was 61.22 trillion yuan [1] - Year-on-year volume decreased by 13.26% [1] - Year-on-year value increased by 4.54% [1] - **Cumulative Performance (January to October)** - Cumulative trading volume was 7.347 billion contracts [1] - Cumulative trading value was 608.84 trillion yuan [1] - Year-on-year volume increased by 14.86% [1] - Year-on-year value increased by 21.82% [1]

Report Industry Investment Ratings - **Macrofinance**: Long-term bullish on stock indices, recommended to buy on dips; neutral on government bonds, recommended to hold [1][5] - **Black Building Materials**: Neutral on coking coal and rebar, recommended for range trading; bullish on glass, recommended to buy on dips [1][7][9] - **Non-ferrous Metals**: Neutral on copper, recommended to hold long positions on dips or short-term trading; neutral on aluminum, recommended to go long on dips; neutral on nickel, recommended to short on rallies; neutral on tin, recommended for range trading; neutral on gold and silver, recommended for range trading [1][11][17] - **Energy and Chemicals**: Neutral on PVC, caustic soda, styrene, rubber, urea, methanol, and polyolefins, recommended for range trading; recommend shorting 01 contract and going long on 05 contract for soda ash [1][21][23][25] - **Cotton and Textile Industry Chain**: Neutral on cotton and yarn, recommended for range trading; neutral on PTA, recommended for range trading; bullish on apples, recommended for range trading with a bullish bias; bearish on dates, recommended for range trading with a bearish bias [1][37][38][39] - **Agriculture and Animal Husbandry**: Bearish on pigs and eggs, recommended to short on rallies; neutral on corn, recommended for range trading; neutral on soybean meal, recommended for range trading; bullish on oils, recommended for range trading with a bullish bias [1][41][43][45] Core Views - The Fed's interest rate cut has been confirmed, but the subsequent pace remains uncertain, with a moderate short-term boost to risk assets [5] - The coal industry is experiencing a "Golden September" market, with rising prices and increased market sentiment [8] - The glass market is expected to improve in the traditional peak season, with supply-side shutdown expectations and positive macro factors [10] - The copper market is affected by macro factors, with high prices weakening demand support, but there is still support from peak season demand and potential domestic policy adjustments [11] - The aluminum market is in a high and stable production state, with demand entering the peak season, but inventory accumulation indicates weak demand, and an arbitrage strategy can be considered [12] - The nickel market is affected by macro and ore news in the short term, with a long-term supply surplus, recommended to short on rallies [17] - The tin market has limited supply improvement and weak downstream demand in the off-season, with support for prices, recommended for range trading [18] - The precious metals market is expected to have support below due to weakening US economic data and concerns about the fiscal situation and geopolitical situation, recommended for range trading [18][19] - The PVC market has a weak supply-demand balance, with high inventory and uncertain export sustainability, recommended for range trading [22] - The caustic soda market is expected to be volatile, with downstream restocking before the National Day and expected alumina production in the far month, recommended to pay attention to downstream restocking rhythm and export situation [24] - The styrene market is expected to be volatile, with weak supply and demand expectations, recommended to pay attention to oil prices, pure benzene production and imports, and macro data and policies [25] - The rubber market is expected to maintain a narrow range of consolidation in the short term, with increased supply and weak demand [27] - The urea market has weak production and sales, with increased enterprise inventory and decreased port inventory, recommended to pay attention to compound fertilizer production, urea plant shutdown and maintenance, export policies, and coal price fluctuations [28][29][31] - The methanol market is expected to be volatile, with supply recovering and demand weakening, recommended to pay attention to the start-up of methanol-to-olefin plants and inventory changes [31] - The polyolefin market is affected by supply pressure and weakening crude oil prices, but terminal demand is improving, recommended to pay attention to downstream demand, Sino-US talks, Middle East situation, and crude oil price fluctuations [33] - The soda ash market is expected to fluctuate between expectations and reality, recommended to short 01 contract and go long on 05 contract [36] - The cotton market has positive expectations due to improved global supply and demand and peak season expectations, but there is pressure from increased new cotton production, recommended to prepare for hedging [37] - The PTA market has cost and supply-demand factors driving in opposite directions, with short-term price fluctuations, recommended to pay attention to the range of 4600 - 4950 [38] - The apple market is expected to be strong based on the firm prices of early-ripening fruits, recommended for range trading with a bullish bias [38] - The date market has weak consumption and high prices, with pressure increasing, recommended for range trading with a bearish bias [40] - The pig market is under pressure due to increased supply and slow demand growth, but there are restrictions on price declines from potential government policies and holiday restocking expectations, recommended to short on rallies and pay attention to an arbitrage strategy [42] - The egg market has increased supply in the short term and large long-term supply pressure, recommended to short on rallies for near-month contracts and be cautious about shorting for short-term contracts [43] - The corn market has sufficient supply in the short term and downward pressure on prices during the listing period, recommended to short on rallies and pay attention to an arbitrage strategy [45] - The soybean meal market has sufficient arrivals in September - October and is restricted by state reserve sales, with cost support, recommended to pay attention to the support level of the M2601 contract [46] - The oil market has experienced a high-level correction, with limited downward space and potential for a rebound, recommended to go long on dips and pay attention to arbitrage opportunities [52] Summaries by Directory Macrofinance - **Stock Indices**: The Fed's interest rate cut is in line with expectations, but the subsequent rhythm is uncertain. The A-share market may have some profit-taking on Thursday. The market volatility may further increase, and it is recommended to pay close attention to trading volume trends. Long-term bullish, recommended to buy on dips [5] - **Government Bonds**: The bond market continues to fluctuate, with yields hovering near important resistance levels. There is a lack of trend in the bond market, and most institutions prefer short-term operations. After the adjustment, the negative factors in the market are gradually fading, and the bond market does not have a basis for a significant decline. It is recommended to hold and wait patiently [5] Black Building Materials - **Double Coking Coal**: Multiple factors have driven up market sentiment, with rising coal prices and increased market activity. The investment strategy is to range trade [7][8] - **Rebar**: The rebar futures price fluctuated and declined on Thursday. The fundamental supply and demand are still weak, but it is the traditional peak demand season in September - October. It is recommended to go long on dips and pay attention to the support level of the RB2601 contract [8] - **Glass**: The glass market is expected to improve in the traditional peak season, with supply-side shutdown expectations and positive macro factors. It is recommended to go long on dips and pay attention to the support level of the 01 contract [10] Non-ferrous Metals - **Copper**: The Fed's interest rate cut and Powell's remarks have affected the copper market. High copper prices have weakened demand support, and the market is expected to be volatile before the holiday. It is recommended to hold long positions on dips and trade cautiously [11] - **Aluminum**: The aluminum market is affected by factors such as the rainy season in Guinea and the production status of alumina and electrolytic aluminum. Demand is entering the peak season, but inventory accumulation indicates weak demand. It is recommended to consider an arbitrage strategy or go long on dips [12] - **Nickel**: The nickel market is affected by the Indonesian nickel ore event and the upcoming nickel ore approval work. The nickel market is in a state of surplus, but there is support from traditional peak season expectations. It is recommended to short on rallies [17] - **Tin**: The tin market has limited supply improvement and weak downstream demand in the off-season, with support for prices. It is recommended to range trade and pay attention to supply resumption and downstream demand recovery [18] - **Silver and Gold**: The precious metals market is expected to have support below due to weakening US economic data and concerns about the fiscal situation and geopolitical situation. It is recommended to range trade and pay attention to the US interest rate decision [18][19] Energy and Chemicals - **PVC**: The PVC market has a weak supply-demand balance, with high inventory and uncertain export sustainability. It is recommended to range trade and pay attention to macro data, export situation, inventory, and upstream start-up [22] - **Caustic Soda**: The caustic soda market is expected to be volatile, with downstream restocking before the National Day and expected alumina production in the far month. It is recommended to pay attention to downstream restocking rhythm and export situation [24] - **Styrene**: The styrene market is expected to be volatile, with weak supply and demand expectations. It is recommended to pay attention to oil prices, pure benzene production and imports, and macro data and policies [25] - **Rubber**: The rubber market is expected to maintain a narrow range of consolidation in the short term, with increased supply and weak demand. It is recommended to pay attention to inventory changes and downstream demand [27] - **Urea**: The urea market has weak production and sales, with increased enterprise inventory and decreased port inventory. It is recommended to pay attention to compound fertilizer production, urea plant shutdown and maintenance, export policies, and coal price fluctuations [28][29][31] - **Methanol**: The methanol market is expected to be volatile, with supply recovering and demand weakening. It is recommended to pay attention to the start-up of methanol-to-olefin plants and inventory changes [31] - **Polyolefins**: The polyolefin market is affected by supply pressure and weakening crude oil prices, but terminal demand is improving. It is recommended to range trade and pay attention to downstream demand, Sino-US talks, Middle East situation, and crude oil price fluctuations [33] - **Soda Ash**: The soda ash market is expected to fluctuate between expectations and reality, with an obvious surplus in production. It is recommended to short the 01 contract and go long on the 05 contract [36] Cotton and Textile Industry Chain - **Cotton and Yarn**: The global cotton supply and demand are improving, and the macro environment is getting better. However, the large increase in new cotton production may put pressure on prices in the future. It is recommended to prepare for hedging [37] - **PTA**: The PTA market is affected by factors such as the decline in international oil prices and the restart of production facilities. The cost and supply-demand factors drive in opposite directions, with short-term price fluctuations. It is recommended to pay attention to the range of 4600 - 4950 [38] - **Apples**: The apple market is expected to be strong based on the firm prices of early-ripening fruits. It is recommended to range trade with a bullish bias [38] - **Dates**: The date market has weak consumption and high prices, with pressure increasing. It is recommended to range trade with a bearish bias [40] Agriculture and Animal Husbandry - **Pigs**: The pig market is under pressure due to increased supply and slow demand growth, but there are restrictions on price declines from potential government policies and holiday restocking expectations. It is recommended to short on rallies and pay attention to an arbitrage strategy [42] - **Eggs**: The egg market has increased supply in the short term and large long-term supply pressure. It is recommended to short on rallies for near-month contracts and be cautious about shorting for short-term contracts [43] - **Corn**: The corn market has sufficient supply in the short term and downward pressure on prices during the listing period. It is recommended to short on rallies and pay attention to an arbitrage strategy [45] - **Soybean Meal**: The soybean meal market has sufficient arrivals in September - October and is restricted by state reserve sales, with cost support. It is recommended to pay attention to the support level of the M2601 contract [46] - **Oils**: The oil market has experienced a high-level correction, with limited downward space and potential for a rebound. It is recommended to go long on dips and pay attention to arbitrage opportunities [52]

Core Viewpoint - The document outlines the management system for securities investment, futures, and derivatives trading of LEO Group Co., Ltd., emphasizing risk control, compliance with regulations, and protection of investor rights [1][2]. Group 1: General Principles - The system aims to standardize the company's securities investment and trading activities, ensuring adherence to national laws and regulations [1][3]. - Securities investment includes various activities such as new stock subscriptions, stock repurchases, and bond investments [1][2]. - The company must assess the feasibility and necessity of investments, establish strict decision-making procedures, and select qualified financial institutions for entrusted financial management [3][4]. Group 2: Decision-Making Authority - Securities investment exceeding 5% of the latest audited net assets and over 10 million RMB requires board approval [4]. - Investments over 30% of the latest audited net assets and exceeding 50 million RMB must be submitted for shareholder approval [4]. - The company can estimate future investment ranges and limits for up to 12 months to streamline decision-making processes [4][5]. Group 3: Management and Oversight - The chairman of the board is responsible for signing relevant agreements and contracts related to investments and trading [6]. - The finance department manages the funds required for trading and ensures the legality and authenticity of transactions [6][7]. - The audit department conducts annual audits of trading activities and reports to the board [7][8]. Group 4: Information Disclosure - The company must disclose information regarding securities investment and trading in accordance with regulations from the China Securities Regulatory Commission and the Shenzhen Stock Exchange [8][9]. - Significant losses, defined as 10% of the latest audited net profit and exceeding 10 million RMB, must be disclosed promptly [8][9]. Group 5: Accountability - Violations of laws, regulations, or the established investment plan resulting in losses will hold responsible personnel accountable [7][9]. - The document will be revised in accordance with national laws and regulations if any conflicts arise [9].

Group 1 - Federal Reserve Chairman Powell indicated a potential adjustment in policy due to rising employment downside risks, leading to a surge in market expectations for a rate cut in September from 75% to 90% [1] - The current target range for the U.S. federal funds rate is maintained at 4.25% to 4.50%, while President Trump previously suggested rates should be controlled at 1% or 2% [1] - A Fed rate cut is expected to cause significant volatility in global currencies, gold, oil, stock indices, and commodities, with potential positive impacts on stock indices and precious metals [1] Group 2 - Many traders express a lack of familiarity with futures trading, finding it difficult to learn without professional guidance, which hampers their efficiency and understanding [4] - The "Economic News and COFCO Futures" are hosting a national futures simulation competition, providing participants with 1 million virtual funds to practice trading without financial risk [4][11] - The competition offers various rewards, including cash prizes for positive returns, making it an attractive opportunity for both beginners and experienced traders [12] Group 3 - Futures trading has distinct advantages over stock trading, such as the ability to trade both long and short positions, inherent leverage, and a more focused selection of contracts [6][8] - Futures allow for more flexible trading hours, including night trading, which benefits those who cannot trade during regular hours [8][9] - The simulation competition aims to educate participants on risk management and trading strategies, emphasizing the importance of understanding rules and maintaining discipline in trading [10][11]

Group 1 - The core viewpoint of the article is that Miami International Holdings (MIAX) has successfully launched its IPO on the New York Stock Exchange, marking one of the largest listings for an exchange operator in U.S. history [1] - MIAX's IPO raised $345 million by selling 15 million shares at a final pricing of $23, which was above the initial price range of $19 to $21 [1] - The company has been preparing for this IPO since it filed a confidential application in 2022, and it is notable that few exchange operators have gone public in the U.S. since the early 2000s [1] Group 2 - MIAX operates nine exchanges covering multiple asset classes, with a significant portion of its revenue derived from options trading [1] - As of the first half of 2025, MIAX is projected to hold a 16% market share in the U.S. options market, ranking just behind NYSE, Nasdaq, and Cboe [1] - The company has expressed interest in expanding into cryptocurrency futures if opportunities arise, indicating a willingness to collaborate with partners in the crypto space [2]

Core Points - The article outlines the futures trading management system of Zhejiang Jiahua Energy Chemical Co., Ltd, aimed at regulating futures investment and controlling associated risks [1][2] - The system applies to the company and its subsidiaries, focusing on hedging activities related to essential raw materials and commodities [1][2] - The primary goal is to manage price fluctuations in the spot market to reduce procurement costs and enhance company profitability [1] Summary by Sections Futures Trading Principles - Futures trading must comply with national laws and regulations, emphasizing risk prevention and ensuring the safety of fund operations [3] - The company is required to strictly control the scale of futures trading to avoid impacting normal operations and is prohibited from using raised funds for futures trading [3][4] Investment Authorization and Disclosure - Futures investment activities exceeding 10% of the latest audited net assets and over 10 million RMB require board approval and timely disclosure [2] - If the investment exceeds 30% of net assets and 50 million RMB, it must be approved by both the board and the shareholders' meeting, along with a special analysis report on necessity and feasibility [2][3] Risk Management and Reporting - A futures trading management team is established, responsible for risk management procedures, operational plans, and monitoring overall execution [4][5] - The team must provide risk analysis reports to the management and board, detailing trading authorizations, positions, and risk assessments [5] Personnel and Authorization - Personnel involved in futures trading must have written authorization, which includes trading and fund allocation permissions [4] - Any changes in personnel must be promptly communicated, and security measures like password changes must be implemented [4][5] Loss Control Measures - A stop-loss mechanism is in place, where losses reaching 15% of the board's authorized limit will trigger a liquidation of positions [5]

Core Viewpoint - The company is actively monitoring policy trends and market demands in the cross-border payment and fintech sectors, considering opportunities for upgrading its Hong Kong subsidiary's securities trading license to include virtual asset trading services [1] Group 1: Company Operations - The Hong Kong subsidiary, Hongye International Finance, currently holds licenses from the Hong Kong Securities and Futures Commission for categories 1, 2, 4, and 9, enabling it to support securities trading, futures trading, asset management, and investment consulting services [1]

Group 1 - The core viewpoint of the article highlights significant growth in China's futures market, with June's trading volume and turnover showing substantial year-on-year increases [1] - In June, the national futures market recorded a trading volume of 739,579,418 contracts and a turnover of 52,793.414 billion yuan, representing year-on-year growth of 28.91% and 17.25% respectively [1] - For the first half of the year, the cumulative trading volume reached 4,076,413,725 contracts and a cumulative turnover of 3,397,278.36 billion yuan, with year-on-year increases of 17.82% and 20.68% respectively [1]