周三，Robinhood(HOOD.US)股价走高，截至发稿，该股涨超6.5%，报123.17美元。消息面上， Robinhood正在推出期货和衍生品交易所及清算所，加深其对预测市场的投资。其通过与Susquehanna合 作成立一家新的、独立运营的合资企业，Robinhood将作为控股合伙人，并提供零售需求和分销渠道。 做市商Susquehanna International Group为关键合作伙伴和首日流动性提供商，未来还将引入其他流动性 提供商。该合资企业将通过收购MIAXdx来加速其服务交付。 MIAXdx是一家获得美国商品期货交易委员会(CFTC)许可的指定合约市场(DCM)、衍生品清算机构 (DCO)和掉期执行机构(SEF)，也是迈阿密国际控股(MIAX.US)的全资子公司。MIAX将继续持有该交易 所10%的战略股权。这家独立的合资企业将为期货佣金商(FCM)平台提供期货和衍生产品，包括 Robinhood预测市场，预计将于2026年开始运营。 ...

智通财经获悉，周三，Robinhood(HOOD.US)股价走高，截至发稿，该股涨超6.5%，报123.17美元。消 息面上，Robinhood正在推出期货和衍生品交易所及清算所，加深其对预测市场的投资。其通过与 Susquehanna合作成立一家新的、独立运营的合资企业，Robinhood将作为控股合伙人，并提供零售需求 和分销渠道。做市商Susquehanna International Group为关键合作伙伴和首日流动性提供商，未来还将引 入其他流动性提供商。该合资企业将通过收购MIAXdx来加速其服务交付。 本文源自：智通财经网 MIAXdx是一家获得美国商品期货交易委员会(CFTC)许可的指定合约市场(DCM)、衍生品清算机构 (DCO)和掉期执行机构 (SEF)，也是迈阿密国际控股(MIAX.US)的全资子公司。MIAX将继续持有该交易 所10%的战略股权。这家独立的合资企业将为期货佣金商(FCM)平台提供期货和衍生产品，包括 Robinhood预测市场，预计将于2026年开始运营。 ...

● 本报记者 彭扬 欧阳剑环 三是健全功能完善的金融市场。针对不同层面的投融资需求，积极发展股权、债券等直接融资，完善市 场基础制度，提升包容性和适应性，做优增量、盘活存量，加强投资者保护，推动货币市场发展，健全 外汇市场产品体系，规范发展黄金市场、票据市场，稳慎有序发展期货和衍生品市场，促进市场基础设 施有序联通，发挥金融市场有效配置资源、发现价格和管理风险的作用。 四是建设更高水平的开放型金融新体制。越发展越开放，要坚持统筹发展和安全，持续促进贸易和投融 资便利化，扩大我国金融市场对外开放。推进人民币国际化，提升资本项目开放水平。加快建设上海国 际金融中心，巩固提升香港国际金融中心地位，加强对"一带一路"的金融支持，坚持多边主义原则，积 极推动全球金融治理改革，以高水平开放促进高质量发展。 五是构建可持续的金融生态。重视金融生态对金融业发展的关键影响。强化清晰的产权界定、公平的竞 争规则、有效的契约执行、适度的融资成本、有力的权益保护。约束金融行业内卷式竞争，保持合理的 盈利空间。 中国人民银行副行长陶玲11月14日在第十六届财新峰会上表示，"十五五"时期是基本实现社会主义现代 化的关键时期，新形势、新任 ...

Core Insights - The event "DCE Industry Tour - Production and Finance Base Training Activity" hosted by Aolan Agriculture successfully gathered over a hundred representatives from various sectors of the oilseed and oil market, highlighting the industry's strong interest in futures and derivatives knowledge exchange and risk management practices [1][16] - Aolan Agriculture's President for China and ASEAN, He Manxiu, emphasized the company's role in managing market risks through participation in futures trading, enhancing market liquidity and price transparency [1][3] - The rapid development of China's futures and derivatives market has significantly improved its ability to serve the real economy, with more enterprises utilizing futures tools to hedge against price volatility, particularly in the foreign exchange and commodity sectors [3][4] Industry Developments - The establishment of production and finance bases by futures exchanges is crucial for connecting financial tools with industry needs, helping enterprises, especially small and medium-sized ones, to effectively utilize futures and derivatives for risk management [4][5] - The global economic order is undergoing profound restructuring, with market participants needing to be cautious of the divergence between "emotional recovery" and "actual tariff increases" [7] - The soybean market is showing signs of bottoming out despite being in a bear market, with key factors such as La Niña's impact on South American production and China's purchasing decisions influencing market direction [9] Market Trends and Risk Management - The interlinkage between futures and options markets plays a vital role in responding to policy shocks, as demonstrated by the impact of tariff changes on market prices [11][16] - The roundtable discussions focused on trends in the oilseed market, with insights on U.S. soybean exports, domestic demand for soybean meal, and the implications of South American production on imports [13][14] - The outlook for domestic soybean oil consumption remains stable, with key factors including the recovery of the catering industry and export conditions being closely monitored [14][16]

Group 1: Market Overview - In 2023, global uncertainties have led to increased volatility in major commodities such as gold, silver, and copper, reaching historical highs [1] - At least 1,583 A-share listed companies in the real economy have issued hedging announcements this year, surpassing the total of 1,503 for the entire year of 2024, marking a historical peak [1] - The participation rate of A-share listed companies in hedging activities reached 29.9% by the end of August, an increase of 1.3 percentage points compared to the end of 2024 [1] Group 2: Company Responses - Guoyan Platinum Industry, a leading player in the precious metals new materials sector, has seen steady performance growth over the past decade, achieving a record net profit of 579 million yuan in 2024 [2] - The company began participating in the futures market in 2009 to mitigate price risks following the 2008 financial crisis, and has since used futures tools to stabilize profitability despite market fluctuations [2][3] - Yunnan Copper Industry has maintained a robust performance, with a net profit of 1.317 billion yuan in the first half of the year, a year-on-year increase of 24.32% [4] Group 3: Market Challenges - Guoyan Platinum Industry faces challenges in hedging due to increased basis risk and market liquidity risks, leading to higher and less controllable hedging costs [2][3] - Yunnan Copper Industry has experienced significant price discrepancies in copper, impacting order stability and production plans due to global trade uncertainties [5] Group 4: Industry Trends - The importance of hedging as a long-term strategy for market value management has been increasingly recognized by listed companies, especially in light of commodity price volatility [7] - Companies are advocating for improvements in domestic futures markets and related regulations to enhance risk management capabilities [7][8] - There is a call for differentiated margin systems and financing tools to alleviate the financial pressure on companies engaged in hedging activities [8]

Group 1 - The "Hundred Schools and Ten Thousand Talents" project is an important platform for teaching innovation, with the course on "Futures and Derivatives" aimed at finance master's students, integrating theory, strategy, and risk control with practical case studies [2][3] - The collaboration between Yunnan University and Zhongtian Futures aims to cultivate professionals with both theoretical knowledge and practical skills, responding to the growing demand for talent in the futures and derivatives market [5][7] - The course is part of a broader initiative to enhance the integration of industry and education, providing a platform for school-enterprise cooperation that benefits the industry by supplying a large number of skilled professionals [6][7] Group 2 - The futures and derivatives market plays a crucial role in serving the real economy and enterprise risk management, leading to an increasing demand for specialized talent in the industry [7] - Zhongtian Futures has committed to continuing its collaboration with universities to foster talent that possesses both theoretical and practical capabilities, contributing to the healthy development of the industry [5][7]

辽宁成大股份有限公司 期货和衍生品交易管理制度 第一章 总则 第一条 为规范辽宁成大股份有限公司（以下简称"公司"或"本公司"）及 控股子公司期货和衍生品交易行为，防范投资风险，强化风险控制，保证公司资 金、财产的安全，维护公司及股东利益，根据《中华人民共和国公司法》《中华 人民共和国证券法》和《上市公司信息披露管理办法》等法律法规、部门规章、 规范性文件，以及《上海证券交易所股票上市规则》《上海证券交易所上市公司 自律监管指引第5号--交易与关联交易》等业务规则和《辽宁成大股份有限公司章 程》（以下简称"《公司章程》"）的规定，结合公司实际情况，特制定本制度。 第二条 本制度所称期货交易是指在境内外合规的商品期货交易场所以期货 合约或者标准化期权合约为交易标的的交易活动。 本制度所称衍生品交易是指期货交易以外的，以互换合约、远期合约和非标 准化期权合约及其组合为交易标的的交易活动。 期货和衍生品的基础资产既可以是证券、指数、利率、汇率、货币、商品等 标的，也可以是上述标的的组合。 第三条 套期保值业务，是指为管理汇率风险、价格风险、利率风险、信用风 险等特定风险而达成与上述风险基本吻合的期货和衍生品交易的活 ...

Core Points - The article outlines the futures and derivatives trading management system of Falan Tech Heavy Industry Co., Ltd, emphasizing the need for risk management and compliance with relevant laws and regulations [1][2][3] Group 1: General Principles - The company must adhere to principles of legality, prudence, safety, and effectiveness in futures and derivatives trading [2] - The company is prohibited from using raised funds for futures and derivatives trading [2] Group 2: Trading Types and Risk Management - The company can only engage in hedging activities related to its production and operations, ensuring that the types, scale, and duration of futures and derivatives align with the risks being managed [2][5] - Hedging activities include selling existing inventory, hedging fixed-price contracts, hedging floating-price contracts, and managing expected procurement and production volumes [5][6] Group 3: Management Structure and Responsibilities - The Board of Directors' Audit Committee is responsible for reviewing the necessity and feasibility of futures and derivatives trading [4] - The finance department manages the operational aspects of trading, including feasibility analysis, planning, and risk assessment [4][6] Group 4: Decision-Making and Operational Management - All futures and derivatives trading must be approved by the Board of Directors, with certain transactions requiring shareholder approval if they exceed specified thresholds [5][6] - The company can authorize the chairman or designated personnel to implement and manage trading activities after board approval [6] Group 5: Information Management and Disclosure - All personnel involved in trading must comply with confidentiality protocols, and the company must ensure that all trading activities are disclosed in accordance with regulatory requirements [6][7] - The finance department is responsible for tracking market prices and assessing risks associated with trading activities [8] Group 6: Risk Handling - In the event of significant anomalies in trading activities, the finance center must submit an analysis report and proposed solutions to the Board of Directors for immediate discussion [9]

Group 1 - The 2025 China (Zhengzhou) International Futures Forum focused on risk management for industrial enterprises and the high-quality development of China's futures and derivatives market [1] - As of July 2025, 1,114 listed companies in the market have engaged in futures and derivatives business, with over 80% (902 companies) involved in foreign exchange hedging and about one-third (364 companies) in commodity futures hedging [1] - The manufacturing sector is the main force in hedging activities, covering industries such as chemicals and agricultural products, facilitating industrial upgrades and overseas expansion [1] Group 2 - Derivatives have become an essential tool in enterprise risk management, and companies are encouraged to establish professional risk management teams to enhance their application capabilities [2] - As of July 2025, the total capital in the futures market reached approximately 1.82 trillion yuan, an increase of 11.6% from the end of 2024 [2] - The number of listed companies announcing hedging activities increased significantly, with 1,383 companies reporting hedging announcements in the first seven months of 2025, a year-on-year growth of 15.7% [2]

Core Viewpoint - The development quality of listed companies is crucial for the stability of the capital market, and effective risk management is a key dimension of this quality [1][2]. Group 1: Risk Management Trends - In 2025, from January to July, 1,114 listed companies engaged in futures and derivatives business, with approximately 80% (902 companies) involved in foreign exchange hedging, 33% (364 companies) in commodity futures hedging, and 15% (162 companies) in both [1]. - Manufacturing companies are the main participants in the futures market for hedging, particularly in the chemical and agricultural processing sectors, facilitating industry upgrades and overseas expansion [2]. - There is a growing trend towards systematic, refined, and global risk management among listed companies, with an increasing awareness of proactive hedging [2]. Group 2: Role of Associations and Guidelines - The China Listed Companies Association plays a pivotal role in guiding companies in rational participation in hedging, enhancing their quality of development [3]. - The Shanghai and Shenzhen Stock Exchanges have issued guidelines for the disclosure of hedging business information, leading to improved transparency and understanding of hedging effectiveness among investors [2][3]. Group 3: Recommendations for Companies - Companies are encouraged to establish a strong risk management awareness, avoid both conservative and speculative behaviors, and engage in regulated operations [4]. - It is essential for companies to develop a rigorous and efficient risk control system, including scientific decision-making and risk warning mechanisms [4]. - The cultivation of professional talent in derivatives risk management is critical, requiring a blend of knowledge in spot operations, financial theory, and risk control experience [4].