Core Viewpoint - Nanhua Futures Co., Ltd. (02691) saw its stock price rise over 5%, reaching a new high of HKD 11.6, with a trading volume of HKD 22.89 million [1] Group 1: Stock Performance - Nanhua Futures shares increased by 5.07%, trading at HKD 11.6 at the time of reporting [1] - The stock's performance marks a new high since its listing [1] Group 2: Inclusion in Stock Connect - According to Huatai Securities, Nanhua Futures will be included in the Hong Kong Stock Connect on January 19, following the end of the price stabilization period [1] - The price stabilization period for Hong Kong IPOs typically lasts 30 days, starting from the day after the public offering application deadline [1] Group 3: Business Performance and Competitiveness - Huaxi Securities highlighted that Nanhua Futures' overseas business is a core competitive advantage, projecting a revenue of CNY 654 million from overseas financial operations in 2024, representing a year-on-year growth of 15.3% [1] - This overseas revenue is expected to account for 48.3% of total revenue, significantly higher than peers [1] - The company, along with its subsidiaries, holds derivative trading and clearing licenses in major markets such as Hong Kong, the US, the UK, and Singapore, ensuring coverage of all major global futures trading hours [1] - The firm is anticipated to benefit from increased trading activity in dollar-denominated commodities amid heightened foreign exchange volatility [1]

2025年12月26日，夜盘时段，公司中金所唐镇异地灾备中心成功完成CTP2分中心的接管，标志着公司 交易分中心与灾备能力达成高效融合。 痛点变亮点：资源复用破解"双碳"难题 CTP2分中心作为非CTP主席客户的交易通道，对设备性能与数据传输速度有着严苛要求。原系统设备 已超五年使用周期，性能瓶颈问题日益凸显。本次升级通过复用现有灾备资源，省去了新硬件采购环 节，积极响应国家"双碳"战略目标。同时，技术团队借异地灾备中心改造契机，同步完成交易所专线网 络调试、软硬件参数配置及全链路测试，确保系统零故障无感切换。 客户无感切换：技术细节传递服务温度 切换过程延续了年初CTP1分中心切换的"无感"特性：通过充分利用代理网关地址的智能变更功能，所 有交易终端无需客户进行任何手动调整，即可实现切换完成后的行情刷新、交易转账指令等功能。这 种"润物细无声"的切换方式，有效规避了传统切换场景下的客户咨询压力，深刻体现了公司以客户为中 心的服务理念。 此次灾备系统与交易分中心的切换融合显著提升了交易系统的可靠性，更以绿色实践助力行业可持续发 展。未来公司将持续优化运维体系，为广大市场参与者提供更安全、更高效、更可持续的交易 ...

在金融行业高质量发展的新阶段，客户投诉不仅是风险的"预警器"，更是服务的"指南针（300803）"。 近日，海证期货有限公司组织开展了2025年度投诉处理专项培训，覆盖公司全体员工，旨在将"以人民 为中心"的发展思想深度融入服务全流程，通过系统化、规范化的能力建设，将每一次客户诉求转化为 提升服务品质、优化业务流程的宝贵契机。 本次培训以公司最新修订的《客户投诉管理办法》为纲，深入解读了从投诉受理、核查、处理到反馈、 归档的全链条操作规范。培训强调，高效、公正、专业的投诉处理，是公司合规文化最直接的体现，也 是赢得客户长期信任的关键所在。为此，公司建立了"渠道畅通、妥善处理、及时反馈、落实改进"的十 六字处理原则，并明确要求所有投诉原则上须在3日内决定是否受理，20个交易日内作出处理决定，以 制度刚性保障客户权益。 为了让理论落地生根，培训特别剖析了多起行业典型案例。从强行平仓通知的充分性争议，到交易软件 故障引发的交易损失；从手续费标准的透明度问题，到期权自动行权的规则告知——一个个鲜活的案例 揭示了服务细节中的风险点与合规要点。通过对案例的复盘与启示提炼，员工们深刻认识到：专业源于 对规则的敬畏，服务始于 ...

作者丨叶麦穗 最新消息显示，美联储决定将基准利率下调25个基点至3.50%—3.75%区间，为年内连续第三次降息，年内累计已下调75基点。美联储主席鲍 威尔在会后的新闻发布会上表示，美联储将 "观望" 后再采取进一步行动，但基本排除加息可能。 白银通常与黄金同向波动，但由于其市场规模更小，对美元的变化更为敏感，波动性也更强。由于白银的价格远低于黄金，吸引了寻求更低 成本避险资产的投资者，同时在工业领域的应用也十分广泛。 编辑丨包芳鸣 白银成为今年"领涨先锋"，年内累计涨幅逼近120%，特别是从下半年开始呈现加速上涨态势。 截至12月11日16：20， 现货白银价格突破62美元/盎司，盘中最高至62.884美元/盎司，再度刷新历史新高。 与此同时，COMEX白银盘中突 破63美元/盎司，一度摸高63.25美元/盎司；上海期货交易所的白银主力合约价格最高涨至14655元/千克，涨幅超过5%，上述两个品种价格也 刷新历史新高 。 至此，白银也成为今年顶流投资品之一。 截至北京时间11日19：25左右，现货白银报62.386 美元/盎司。 年度涨幅近1 2 0% 嘉盛集团（Gain Capital）旗下外汇交易平台市 ...

Core Insights - The National Futures (Options) Trading Competition, in which Guotou Futures is the designated trading firm for the sixth consecutive year, serves as a practical platform for investors to test trading strategies and provides new traders with valuable experience [1] Group 1: Professional Event Services - Guotou Futures has achieved a record high in client equity participation in the latest competition, particularly in the long-term stable profit group, industry group, and asset management product group, indicating an improvement in the investment level of professional investors [2] - The competition acts as a key platform for futures companies to showcase their research capabilities, service levels, and brand image, attracting numerous active traders and setting new records for participation and equity scale each year [2] - The simultaneous launch of a simulated trading competition provides potential traders with valuable practice opportunities, helping futures companies build a potential customer resource pool [2] Group 2: Talent Development and Investor Education - The competition annually reveals outstanding trading talents and strategies, which futures companies can leverage to enhance their asset management business and provide diversified options for client asset management [3] - The event attracts a diverse range of professional and amateur traders, allowing them to test their trading strategies and improve their risk management skills, thereby contributing to the overall professionalism and high-quality development of the futures market [4] - Successful traders often possess strong psychological resilience and professional trading strategies, which are essential for navigating the volatility of futures trading [4] Group 3: Market Impact and Opportunities - The competition's real trading environment serves as a "test of fire" for strategies and assesses traders' adherence to their strategies during market fluctuations [5] - The event enhances overall market activity and trading levels by attracting a large number of traders, both experienced and newcomers, fostering an environment for mutual learning and strategy innovation [5] - The growing influence of the competition positions it as a key driver for the high-quality development of the futures market [6]

Core Insights - The 19th National Futures (Options) Live Trading Competition has concluded, with Maike Futures serving as the designated trading firm for the third consecutive year, enhancing its brand influence and customer interaction [1][4] - The competition saw a significant increase in customer participation, with 875 participants, a 33% year-on-year growth, attributed to internal promotions and incentives [1] - The company emphasizes the importance of risk management and education in futures trading, aiming to prevent clients from overtrading and to promote disciplined trading practices [3][4] Company Strategy - Maike Futures aims to respond to the complex market environment and industry changes by adhering to compliance and driving innovation, focusing on providing safe, convenient, and high-quality services [2] - The company plans to enhance its wealth management capabilities and improve its research and service levels through continuous interaction with traders [1][5] - Future strategies include personalized services and customized products based on client needs, as well as embracing AI advancements to improve trading technology and service convenience [5] Industry Trends - The competition highlighted a shift in options trading from a niche activity to a mainstream risk management and strategy expression tool, indicating a growing maturity in the market [4] - The company recognizes the need for deeper understanding of macroeconomic factors and policies, as well as the proficient use of various trading tools in a competitive environment [2][4] - The ongoing transformation in China's futures market is expected to enhance participant maturity and stability, with the competition serving as a catalyst for industry development [4]

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 Viewpoint - The London Metal Exchange (LME) has decided to stop all non-USD settled futures trading, effectively sidelining currencies like the RMB and Euro, which reflects a deeper political maneuver to maintain USD dominance in global markets [3][5][9]. Group 1: Impact on Currencies - The LME's decision primarily affects non-USD currencies, particularly the RMB and Euro, reinforcing the USD's position in international trade [5][9]. - This move is seen as a defense of USD hegemony amid a global trend towards "de-dollarization," with China pushing for greater international pricing power for the RMB [7][13]. Group 2: Market Dynamics - By excluding non-USD transactions, the LME risks driving trading volume away to other markets, such as the Shanghai Futures Exchange, which allows RMB pricing [11][19]. - The LME's actions may inadvertently accelerate the RMB's push towards financial autonomy and increase its presence in global commodity pricing [13][21]. Group 3: Future Outlook - In the short term, the RMB may face challenges in international metal trading, but this could stimulate a shift towards platforms that are more accommodating to RMB transactions [17][19]. - The LME's authority and relevance in the global market may decline as the trend of de-dollarization continues, potentially leading to a loss of market share to Asian exchanges [19][21].

Core Viewpoint - The China Securities Regulatory Commission (CSRC) has revised the "Regulations on the Classification and Supervision of Futures Companies" to enhance the regulatory framework, improve resource allocation, and promote high-quality development in the futures market [1][2]. Summary by Sections General Principles - The revision aims to reflect compliance and risk management capabilities of futures companies, enhance regulatory efficiency, and guide companies towards compliant and stable operations [1][3]. - The classification of futures companies will be based on their continuous compliance status, risk management capabilities, market competitiveness, and ability to serve the real economy [3]. Key Revisions - The title of the regulations has been changed to "Regulations on the Classification and Evaluation of Futures Companies" [2]. - A scoring system will be implemented with a baseline score of 100, with adjustments made based on compliance and risk management evaluations [3][6]. Scoring Mechanism - The revised regulations include a detailed scoring mechanism for penalties and incentives, focusing on compliance and risk management [2][6]. - Specific penalties for various regulatory actions have been outlined, such as 4 points for warnings and 10 points for criminal penalties [4][7]. Evaluation Indicators - The evaluation indicators have been categorized into deductive and additive metrics, with a focus on service to the real economy and market competitiveness [15][18]. - The scoring for market competitiveness will consider factors such as net income from brokerage services and asset management product rankings [15][17]. Implementation and Feedback - The CSRC has solicited public feedback on the revised regulations, which has been generally well-received, leading to further refinements [2][3]. - The implementation of these regulations is set to begin on September 12, 2025, replacing the previous regulations from August 2022 [36].

Core Viewpoint - The company has approved a share repurchase plan to reduce its registered capital, utilizing its own funds for the buyback of A-shares at a maximum price of 18.63 yuan per share [1] Summary by Relevant Sections Share Repurchase Plan - The company will repurchase a portion of its ordinary shares through centralized bidding, with a total repurchase fund amounting to no less than 50 million yuan and no more than 100 million yuan [1] - The repurchase period will last up to 12 months from the date of the shareholders' meeting approval [1] Current Buyback Status - As of the end of August 2025, the company has repurchased a total of 626,800 shares, which represents 0.043% of the total share capital [1] - The repurchase price range for these shares was between 15.8 yuan and 16.09 yuan per share, with a total expenditure of approximately 999,850 yuan (excluding transaction fees) [1]