Core Viewpoint - The "14th Five-Year Plan" period is crucial for the high-quality development of China's futures market, which has achieved significant progress in price discovery, risk management, and resource allocation, contributing positively to rural revitalization, industrial upgrading, and green development [1][2]. Regulatory Framework - The legal and regulatory foundation is essential for the healthy development of the futures market, with the Futures and Derivatives Law implemented on August 1, 2022, enhancing the top-level design of the market's basic systems [2]. - The continuous improvement of the regulatory framework supports the stable and innovative development of the futures market, ensuring its core function of serving the real economy [2]. Market Performance - The futures market has shown steady progress over the past five years, maintaining a stable development trend despite various risks, such as the Russia-Ukraine conflict and U.S. tariff increases [3]. - As of August 2025, the average daily trading volume, open interest, and total funds in the futures market increased by 46.54%, 97.88%, and 131.69% respectively compared to 2020 [3]. Investor Structure - The investor structure has significantly improved, with institutional clients' holdings increasing, indicating a trend towards institutionalization and professionalism in the market [4][5]. - By mid-2025, the number of institutional clients in the futures market grew by approximately 90% compared to 2020, with the proportion of corporate clients' holdings reaching 65.34%, up by 7.94 percentage points [4]. Product Development - The number of futures and options products has surpassed 160, enhancing the market's ability to discover prices and manage risks, benefiting numerous enterprises and households [6]. - The introduction of new products and tools has provided more refined risk management options for enterprises, contributing to the stability of China's industrial and supply chains [7]. Future Outlook - The futures market is expected to focus on continuous innovation of new products and tools, particularly in alignment with national strategies such as the "dual carbon" goals [8]. - Future developments will also emphasize upgrading business models of futures companies, leveraging financial technology to enhance service efficiency and risk management capabilities [8].

Market Overview - US stock index futures are all up, with Dow futures rising by 0.11%, S&P futures by 0.1%, and Nasdaq futures by 0.18% as of the report [1] - Major European stock indices are also up, with the Euro Stoxx 50 rising by 0.1%, FTSE 100 by 0.18%, CAC 40 by 0.23%, and DAX 30 by 0.19% [1] - WTI crude oil increased by 0.73% to $59.08 per barrel, while Brent crude oil decreased by 0.1% to $62.81 per barrel [1] Market Events - CME suspended futures and options trading due to cooling issues at its data center, affecting multiple commodities, with analysts expecting significant price volatility upon resumption [1] - Spot gold prices experienced high volatility, with the bid-ask spread exceeding $20 at one point, dropping to $4154 per ounce before recovering to $4163.58 per ounce [1] - Trump proposed using tariff revenues to significantly reduce income taxes for low- and middle-income earners, indicating potential disruptive changes to US federal tax policy [1] - The China Smelters Purchase Team (CSPT) reached a consensus to reduce copper concentrate production capacity by over 10% for the 2026 fiscal year to combat unreasonable pricing and malicious competition [1] - Russia has received details of a peace plan agreed upon by the US and Ukraine, which will be discussed next week [1] Company News - The European Commission received notification from Apple that its advertising and mapping services meet the thresholds of the Digital Markets Act (DMA), with a decision expected within 45 working days [1] - Nanwei Semiconductor (NVTS.US) signed a strategic distribution agreement with WT Microelectronics to integrate their distribution networks in Asia, accelerating the transition to high-power markets such as AI and energy [1] Economic Data - Germany's seasonally adjusted unemployment rate for November remained at 6.3%, with a slight increase in seasonally adjusted unemployment by 0.1 thousand, lower than the expected 0.5 thousand [1] - France's GDP for Q3 grew by 0.9% year-on-year, in line with expectations, and increased by 0.5% quarter-on-quarter [1]

格隆汇11月28日｜芝商所（CME）周五暂停期货和期权交易，中断一些全球流动性最强的大宗商品期 货市场。Phillip Nova高级市场分析师普里扬卡•萨奇德瓦表示，这个时机尤其令人不安，因为周五是一 个月的最后一个交易日，是合约结算或移仓的重要日期。"一旦交易恢复，我们可能会看到大量的平仓 或滚仓，这可能会带来剧烈波动，甚至是一些下意识的非理性价格波动，因参与者争相将风险正常 化。" 萨奇德瓦补充道。 【免责声明】本文仅代表作者本人观点，与和讯网无关。和讯网站对文中陈述、观点判断保持中立，不对所包含内容 的准确性、可靠性或完整性提供任何明示或暗示的保证。请读者仅作参考，并请自行承担全部责任。邮箱： news_center@staff.hexun.com （责任编辑：宋政 HN002） ...

Core Viewpoint - The wave of mergers and acquisitions in the securities industry is accelerating, leading to the emergence of "carrier-level" institutions, with significant implications for the development of futures companies under these brokerages [2][3]. Group 1: Mergers and Acquisitions - Several brokerages, including CICC, Dongxing Securities, and Xinda Securities, have announced a suspension of trading to plan a merger, indicating the creation of a brokerage with total assets exceeding 1 trillion yuan [2]. - The merger between Guotai Junan and Haitong Securities has resulted in a new entity with a capital increase of 1.5 billion yuan for Guotai Junan Futures, raising its registered capital to 7 billion yuan, making it the second-largest in the industry [2]. - The total asset scale of the merged CICC, Dongxing Securities, and Xinda Securities will reach 1,009.5 billion yuan, positioning it as the fourth-largest in the domestic securities industry [3]. Group 2: Policy and Economic Context - The acceleration of mergers and acquisitions is driven by macroeconomic conditions and policy support, as China aims to foster top-tier investment banks and institutions through structural reforms in the financial sector [3][4]. - The 2023 Central Financial Work Conference emphasized the goal of cultivating first-class investment banks, with the new "National Nine Articles" in 2024 detailing pathways for enhancing core competitiveness through mergers and acquisitions [3]. Group 3: Futures Companies Transformation - The merger wave presents unprecedented opportunities and challenges for futures companies with brokerage backgrounds, as they seek to restructure and integrate resources [5]. - The futures industry is characterized by high concentration, with the top ten companies holding nearly half of the industry's net assets and close to 60% of net profits [5]. - Futures companies are increasingly looking to expand internationally, moving away from traditional price competition to create greater value by tapping into global markets [5][6]. Group 4: Competitive Landscape and Strategic Shifts - The industry is shifting from a "land grab" approach to a focus on "precision farming," necessitating differentiation among futures companies within the same brokerage group [4][7]. - Regulatory bodies are emphasizing the need for integration among futures businesses to address competition issues, with clear requirements for the merger processes [8]. Group 5: Branding and Development Trends - The recent mergers have led to rebranding among futures companies, reflecting a strategic move to leverage the brand influence and resources of their parent brokerages [9]. - The future development of futures companies is expected to focus on differentiation, branding, and group integration, as they adapt to the evolving regulatory landscape and market demands [9]. Group 6: Global Opportunities and Challenges - The wave of mergers is enhancing the international competitiveness of China's futures industry, with a significant increase in foreign participation in the domestic market [10]. - The China Securities Regulatory Commission is committed to advancing high-level opening of the futures market, facilitating foreign investment and participation [10][11]. - Despite the opportunities, futures companies face challenges related to regulatory compliance and the need for robust systems to manage international operations effectively [11].