[专业赛事服务 实现品牌与客户共赢] "今年是国投期货第六次成为全国期货（期权）实盘交易大赛指定交易商。该大赛不仅为投资者提供了 检验交易策略的实战擂台，还让新手得到了体验'F1赛道'的机会，同时也是检验期货公司客户服务能力 的一次大练兵。"国投期货副总经理李洋帆说。 为市场发掘交易人才] 大赛每年吸引众多专业交易员和业余投资者参与。在这个舞台上，来自不同专业背景、行业背景及教育 背景的交易者同台竞技，各展所长，不仅能在实战中检验自己交易策略的有效性，磨炼风险管理能力， 还可以提升期货市场整体的专业程度，助力期货市场高质量发展。 李洋帆介绍，优秀交易选手往往具备强大的心理素质和专业的交易策略：强大的心理素质是期货交易 的"敲门砖"。期货交易是一种杠杆交易，选手面对市场行情波动及账户回撤时需保持稳定的心态，盈利 不骄、亏损不馁，冷静分析，严格执行交易纪律。一条漂亮的收益曲线离不开专业的交易策略。面对行 情变化，选手只有采取不同的策略，如趋势跟踪或波段操作等，才能精准捕捉市场机会，把握市场趋 势。同时，专业的交易策略需配套严格的止盈止损规则，避免因情绪波动导致非理性操作，确保资金安 全才能保护好收益曲线。 对选手 ...

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].

伦敦金属交易所这一手，是典型的"赔本赚吆喝"。 表面上看是在替美元"清场"，打压人民币与欧元的国际化野心；但从深层次看，它却不自觉地把繁荣生意拱手让人，这一笔账它真的算得清吗？ 听上去是一项"技术决策"，但背后的政治味那叫一个冲鼻。 先强调一点，这个决定不是取消英镑交易，因为LME本身就没有英镑计价品种，所以从头到尾，这事讲白了根本不关英国自己货币什么事。 这事要从2025年11月初说起，伦敦金属交易所（LME）突然宣布，全面停止非美元结算的期货交易，言下之意就是人民币、欧元通通请出场，只剩美元一 尊独大。 这次中枪的是谁？ 人民币、欧元，所有非美元货币。 那伦敦交易所为啥要替美元出这力？它图什么？ 背后的逻辑并不复杂，甚至可以说是老生常谈的一盘棋，货币霸权保卫战。 美元真正吃香的不只是一张张绿钞，而是全球"非美元国家每天都离不开它"。 核心是什么？ 几大国际大宗商品，石油、金属、粮食，石油是关键中的关键，谁掌控了石油的结算货币，谁就控制了全球的金融血脉。 这个逻辑几十年来被美国玩得炉火纯青，但如今的局势变了。 世界进入"去美元化"的快车道，而中国作为世界最大的大宗商品消费国之一，正在积极推动人民币的国际定价 ...

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]

Core Viewpoint - The transfer of 39% equity in Guolian Futures held by China Ocean Trust has been ongoing for two years without a buyer, with the disclosure period set to expire on August 14, 2025, raising questions about potential buyers [2][3]. Group 1: Equity Transfer Details - The equity being transferred consists of 175.5 million shares, with a base price of 422 million yuan, translating to approximately 2.4 yuan per share [3]. - The initial listing price two years ago was 411 million yuan, but the transaction did not complete due to a lack of market interest [3]. - China Ocean Trust has set high requirements for potential buyers, including a one-time payment and the necessity for the buyer to be a legally established entity with good credit and financial standing [3][4]. Group 2: Company Performance - In 2023, Guolian Futures reported revenue of 2.42 billion yuan and a net profit of 46.7 million yuan, while in the first half of 2024, it achieved revenue of 1.27 billion yuan and a net profit of 15 million yuan [4]. - The assessed value of the 39% equity stake is 409 million yuan, indicating that the current listing price represents a 20% premium over the assessed value [4]. Group 3: Market Context and Future Prospects - The trading activity for futures company equity transfers has been low, and the industry is experiencing a trend of consolidation, with regulatory bodies encouraging stronger companies to enhance their capabilities [5][6]. - The largest shareholder, Guolian Group, has been speculated to be a potential buyer, which would significantly increase its stake in Guolian Futures [5]. - If the current transfer does not succeed, China Ocean Trust may consider extending the listing period or adjusting the conditions [6].

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 Points - The "Futures and Derivatives Law" has been in effect for three years since its implementation on August 1, 2022, and has led to significant regulatory developments in China's futures market [1][2] - The law addresses fundamental issues in the industry, providing a solid institutional foundation and legal guarantees for the high-quality development of the futures market [2] Regulatory Developments - The China Securities Regulatory Commission (CSRC) has actively promoted the formulation of various regulations, including the "Futures Exchange Management Measures" and "Interim Provisions on Position Management in the Futures Market," to guide the orderly implementation of business rules [1] - The Guangzhou Futures Exchange (GFEX) has taken on the role of a self-regulatory organization, ensuring market supervision and compliance with the law through real-time monitoring and handling of abnormal trading activities [1] Legal Framework - The law explicitly prohibits market manipulation, insider trading, and the dissemination of false or misleading information, establishing clear legal responsibilities for violations, including fines and criminal liability for serious offenses [2] - GFEX is committed to enhancing market monitoring and risk management, cooperating with administrative and judicial departments to combat illegal activities in the futures market [2]

Core Viewpoint - The Zhengzhou Futures Industrial Park (Phase I) is set to become the first specialized park in China with a complete industrial chain, advanced government services, and global influence, expected to be completed by 2026 with a total investment of 1.6 billion yuan [1][2]. Group 1: Project Overview - The project covers an area of approximately 75 acres and includes the construction of 9 buildings, including hotels, office buildings, apartments, and underground commercial spaces [1][2]. - The park aims to leverage the advantages of the Zhengzhou Commodity Exchange as a key financial infrastructure platform to attract related financial, technological, and productive service enterprises [1][2]. Group 2: Economic Impact - Upon completion, the park is expected to attract over 200 enterprises from the futures and bulk commodity industry chain, creating approximately 7,000 jobs and generating an annual output value exceeding 7 billion yuan, with annual tax revenue surpassing 350 million yuan [2][9]. Group 3: Strategic Development - The project will implement a "three-step" strategy for industrial introduction, focusing on key targets across the entire futures industry chain, including commodity producers, traders, supply chain companies, asset management firms, and supporting internet and data consulting service providers [1][2][9]. - A government service center, talent service center, and business exchange center will be established within the park to address core pain points in the commodity and futures chain, such as invoicing difficulties, talent shortages, and business matching challenges [2]. Group 4: Operational Transformation - The developer is transitioning into an industrial service provider and incubator, establishing a professional operation team to enhance services for the futures and bulk commodity sectors, aiming to create a benchmark park for the industry in China [2][9].