云财富相关负责人表示，此次观影活动不仅是一场生动的历史课，更是一堂深刻的思想教育课。它有效地将红色基因融入企 业文化建设，使抽象的爱国主义精神变得可感可知，极大地增强了员工的民族自尊心、自信心和自豪感，以及作为金融从业 者的使命感和责任感。大家纷纷表示，要将观影带来的深刻感受转化为实际行动，立足本职岗位，践行金融为民的初心使 命，以更加饱满的热情、更加昂扬的斗志、更加务实的作风，投入到工作中去，为公司的高质量发展贡献自己的力量。 铭记历史，不是为了延续仇恨，而是为了从历史中汲取力量，更好地走向未来。云财富期货将以此次观影活动为契机，引导 广大员工铭记历史、缅怀先烈，珍惜和平、开创未来，为实现中华民族伟大复兴的中国梦贡献力量。 期货日报网讯（记者 王宁）为深化爱国主义教育，弘扬革命精神，近日云财富期货组织员工集中观看了红色题材电影 《731》。此次活动通过沉浸式的观影体验，引导广大职工重温峥嵘岁月，汲取精神养分，进一步坚定理想信念，激发爱岗 敬业、担当作为的工作热情。 影片《731》通过深刻的历史叙事和震撼的艺术呈现，揭示了日本侵华期间 731 部队犯下的反人类罪行，展现了中华民族那 段屈辱与抗争并存的历史，歌 ...

1. Report Industry Investment Rating - No relevant information provided 2. Core Views of the Report - The price of the main contract of Zhengzhou Cotton 2601 decreased by about 1.0% this week. It is recommended to wait and see in the short - term. Attention should be paid to changes in foreign cotton prices, demand, and inventory. Internationally, the US cotton export signing and shipment volumes decreased significantly. Domestically, the inventory remains low, the market supply is still tight, downstream orders have slightly increased, and the spinning mills' startup rate remains low. [6][7][21] 3. Summary by Directory 3.1 Week - on - Week Summary - Strategy suggestion: Wait and see for the Zhengzhou Cotton 2601 contract in the short - term [6] - Future trading tips: Monitor foreign cotton price changes, demand, and inventory [7] - Market review: The price of the main contract of Zhengzhou Cotton 2601 decreased by about 1.0% this week [7] - Market outlook: Internationally, the US cotton export signing and shipment volumes decreased significantly. Domestically, the inventory is low, the market supply is tight, downstream orders increased slightly, and the spinning mills' startup rate remains low [7] 3.2 Futures and Spot Market 3.2.1 US Cotton Market - The price of the US Cotton December contract increased by about 0.75% this week. As of September 2, 2025, the non - commercial long positions in US cotton futures were 70,472 lots, an increase of 3,012 lots from the previous week; the non - commercial short positions were 118,684 lots, an increase of 13,618 lots from the previous week; the net short position was 48,212 lots, an increase of 10,606 lots from the previous week [11] 3.2.2 Foreign Cotton Spot Market - As of September 4, the net increase in US cotton export sales was 129,600 bales, a 47% decrease from the previous week and a 33% decrease from the average of the previous 4 weeks. The current international cotton spot price is 77.85 cents per pound, a 0.35 - cent increase from last week [16] 3.2.3 Futures Market - The price of the Zhengzhou Cotton 2601 contract decreased by about 1.0% this week, and the price of the Cotton Yarn Futures 2511 contract decreased by about 0.60%. As of this week, the net position of the top 20 in cotton futures was - 29,297 lots, and that in cotton yarn futures was - 288 lots. The number of cotton futures warrants at the Zhengzhou Commodity Exchange was 5,017, and that of cotton yarn futures was 90 [21][27][33] 3.2.4 Spot Market - As of September 12, 2025, the spot price index of Cotton 3128B was 15,248 yuan per ton, and the spot price index of Chinese Cotton Yarn C32S was 20,745 yuan per ton. The CY index for OEC10s (rotor - spun yarn) was 14,800 yuan per ton, and for OEC10s (combed yarn) was 23,880 yuan per ton [41][52] 3.2.5 Imported Cotton (Yarn) Cost - As of September 11, the sliding - scale duty price of imported cotton was 14,176 yuan per ton, a 48 - yuan increase from last week; the quota price of imported cotton was 13,319 yuan per ton, a 70 - yuan increase from last week. The price indices of imported cotton yarn (FCY Index) for port pick - up prices of C21S, C32S, and JC32S were 20,180 yuan per ton, 21,235 yuan per ton, and 23,080 yuan per ton respectively [56] 3.2.6 Imported Cotton Price Cost - Profit - As of September 11, the estimated profit of imported cotton with sliding - scale duty was 1,110 yuan per ton, a 227 - yuan decrease from last week; the estimated profit of imported cotton with quota was 1,967 yuan per ton, a 249 - yuan decrease from last week [59] 3.3 Industry Chain Situation 3.3.1 Supply Side - As of the end of August, the national commercial cotton inventory was 1.4817 million tons, a decrease of 708,100 tons from the previous month, a decline of 32.34%. As of July 31, the industrial cotton inventory was 898,400 tons, a 1.85% increase from the previous month. In July 2025, China's cotton import volume was 50,000 tons, a 66.67% increase from the previous month. As of July, the import volume of cotton yarn was 110,000 tons, unchanged from the previous month [62][69] 3.3.2 Mid - end Industry - In July, the yarn inventory days of textile enterprises were 27.67 days, a 2.43% decrease from the previous month. The grey fabric inventory days were 36.14 days, a 2.95% decrease from the previous month [72] 3.3.3 Terminal Consumption - In July 2025, the export value of textile yarns, fabrics, and products was 11,604.009 million US dollars, a 3.69% decrease from the previous month. The export value of clothing and clothing accessories was 15,161.759 million US dollars, a 0.69% decrease from the previous month. As of July 31, 2025, the cumulative retail sales of clothing, shoes, hats, needles, and textiles were 837.1 billion yuan, a 12.73% increase from the previous month, and the cumulative year - on - year growth was 2.9%, a 6.45% decrease from the previous month [78][82] 3.4 Options and Stock Market - related Market - No specific analysis content provided for the options market, only mentioned the implied volatility of at - the - money cotton options this week. For the stock market, only the price - to - earnings ratio trend of Xinjiang Nongkai Development Co., Ltd. was presented [83][86]

Core Viewpoint - The development of the futures market in Guangdong is entering a new phase of high-quality growth, with significant opportunities arising from government initiatives and the establishment of the Nansha Futures Industry Park [1][2]. Group 1: Government Initiatives - Various levels of government in Guangdong have implemented policies aimed at creating a complete futures industry chain and establishing a risk management center [1]. - The release of the "Nansha Financial 30 Measures" highlights the government's strong support for the financial sector in Nansha, encouraging the establishment of a futures industry park [2][3]. Group 2: Nansha Futures Industry Park - The Nansha Futures Industry Park is the first comprehensive futures financial industry park in the country, serving as a core component of the "Five Ports Linkage" strategy [2][3]. - The park is set to be completed by September 30, covering an area of approximately 47,000 square meters with a total construction area of about 150,000 square meters, including various office buildings and a business center [4]. Group 3: Financial Support and Incentives - Financial institutions operating in Nansha can benefit from substantial subsidies, such as a 1,000 yuan per square meter subsidy for purchasing office space and a 50% rent subsidy, capped at 3 million yuan annually [2][3]. - These incentives significantly reduce operational costs for financial institutions, allowing them to invest more in business expansion and innovation [2]. Group 4: Internationalization and Collaboration - The establishment of the Nansha Futures Industry Park is expected to enhance the international financial status of the region, providing local financial institutions with opportunities for international cooperation and competition [3]. - The park aims to attract various financial institutions, fostering a cluster effect that enhances the overall development of the financial sector in Nansha [3]. Group 5: Sustainable Development - The Nansha Futures Industry Park incorporates innovative construction solutions, such as "photovoltaic tower crowns and canopies," aiming to become one of the first "zero-carbon buildings" in the country [4]. - This initiative aligns with the dual goals of promoting the green transformation of the futures industry and achieving carbon neutrality [4].

Core Viewpoint - The company, Wuchan Zhongda Group Co., Ltd., reported a slight decline in revenue but significant growth in profit metrics for the first half of 2025, indicating resilience and effective management strategies in a challenging market environment [2][3]. Financial Performance - The company achieved total revenue of 288.54 billion yuan, a year-on-year decrease of 1.92% [2]. - Total profit reached 3.74 billion yuan, reflecting a year-on-year increase of 16.03% [2]. - Net profit attributable to shareholders was 2.04 billion yuan, marking a year-on-year growth of 29.65% [2]. Business Segments - The core supply chain integration services generated 265.61 billion yuan, accounting for 92.06% of total revenue, with significant growth in key sectors [3]. - Steel sales reached 37.97 million tons, up 6.46% year-on-year, while coal sales increased by 14.13% to 31.90 million tons [3]. Strategic Initiatives - The company is advancing its "One Body, Two Wings" strategy, focusing on smart supply chain services and enhancing operational efficiency [2][3]. - In financial services, the Zhejiang International Commodity Trading Center has attracted 3,619 quality member enterprises, with a pre-sale trading volume of 26.26 billion yuan, a 3.46% increase [3]. - R&D expenses rose by 27.96% to 655 million yuan, supporting the high-end manufacturing sector, which generated 16.08 billion yuan in revenue [3]. Industry Positioning - Wuchan Zhongda is recognized as a leader in supply chain integration services and has been listed among the Fortune Global 500 for 15 consecutive years, ranking 149th in 2025 [2]. - The company is also exploring opportunities in public service sectors such as elder care and environmental services, aligning with government and market demands [4].

Group 1: Logistics and Warehousing Industry - In July 2025, the national express delivery volume reached 16.4 billion pieces, a year-on-year increase of 15.1%, with a total of 112.05 billion pieces from January to July, up 18.7% year-on-year [5][6] - The express delivery industry is experiencing a trend of concentration, with the CR8 increasing to 86.9, reflecting a 1.7 point year-on-year increase, indicating a significant rise in the market share of leading companies [6][7] - The revenue of the express delivery industry in July 2025 increased by 8.9% year-on-year, while the average revenue per piece decreased by 5.3%, showing a narrowing of the price decline and a shift towards healthier competition [7][8] Group 2: New Energy Power Generation Industry - The report discusses the supply-demand contradictions and cyclical nature of the new energy industry, particularly focusing on the photovoltaic sector [10] - It emphasizes the importance of reviewing the photovoltaic industry's supply-side capacity cycles and new technologies [10] Group 3: Building Materials Industry - The report outlines a research framework focusing on sub-industries such as cement, glass fiber, and consumer building materials [11] Group 4: Robotics Industry - The report highlights breakthroughs in humanoid robots, particularly in their ability to walk without visual aids, indicating significant advancements in technology [12][13] - It suggests that the humanoid robot industry is rapidly evolving, driven by technological deepening and practical applications, with a focus on key manufacturers and core component suppliers [13][15] Group 5: Dairy Products Industry - The report indicates that raw milk prices are expected to continue declining, with a potential supply-demand balance in the second half of 2025, benefiting from reduced costs and improved demand [17][18] - It notes that beef prices are entering an upward cycle, driven by supply reduction and decreased import pressures, which could enhance profitability for livestock companies [18][20] Group 6: Company Reports - Futu Holdings reported a strong net inflow of funds, with H1 2025 revenue and net profit reaching 10.006 billion and 4.72 billion HKD, respectively, marking increases of 74.89% and 109.76% year-on-year [22][23] - Baba Foods achieved H1 2025 revenue of 8.35 billion, a year-on-year increase of 9.31%, with net profit rising by 18.08% [26][28] - Milky Way achieved a 13.17% year-on-year increase in net profit for H1 2025, driven by a focus on intelligent supply chain services [35][36]

Group 1: Military Industry - The military sector is experiencing an upward trend, driven by the intensifying geopolitical competition among major powers, with a long-term positive outlook for military investments [4][5][6] - The recent commemorative events for the 80th anniversary of the victory in the Anti-Japanese War have highlighted the importance of national defense, leading to increased military spending [5] - Key companies to focus on include major manufacturers and component suppliers such as AVIC Shenyang Aircraft Corporation, AVIC South Lake, and AVIC Xi'an Aircraft Industry [4] Group 2: Non-Metallic Building Materials - The implementation of new national standards for refrigerators is expected to accelerate the demand for VIP boards, with the company Reascent Technology poised for significant growth following its acquisition of Maikelong [8][9] - The company has integrated its supply chain from fiberglass cotton to VIP core materials and VIP boards, which is anticipated to enhance its competitive edge and profitability [9] Group 3: Dairy Industry - The price of raw milk continues to decline, and a supply-demand balance is expected in the second half of 2025, benefiting from reduced production and improved demand [11][19] - Beef prices are entering an upward cycle due to supply reduction and decreased import pressures, with a projected increase in profitability for livestock companies [12][20] - The cyclical resonance between meat and milk production is expected to enhance the profitability of leading livestock companies [11][21]

Core Concept - The core philosophy of Dongya Futures is to "respect the market," which shapes its unique corporate identity and builds customer trust through a deep understanding of market dynamics and flexible service strategies [1] Group 1: Respecting Market Dynamics - The first step in respecting the market is acknowledging its objectivity and complexity, with the team at Dongya Futures adopting a humble approach to observe market trends and avoid subjective judgments [2] - The team integrates market rules into daily services, proactively monitoring external changes to provide clients with informed recommendations, thereby reducing decision-making risks for clients [2] Group 2: Flexibility in Response - Dongya Futures promotes an "elastic service" model, allowing for quick adjustments based on market feedback without being tied to traditional paths or superficial innovations [3] - The flexibility is built on solid foundational capabilities, with the team conducting regular reviews and sharing experiences to create a dynamic adjustment mechanism [3] Group 3: Customer-Centric Approach - The company views customers as a bridge to the market, using customer feedback as a key basis for service improvement and establishing a mechanism to convert suggestions into actionable optimizations [4] - Dongya Futures emphasizes understanding both expressed and unexpressed customer needs, allowing the team to anticipate market trends and adjust service focus accordingly [4] Group 4: Long-Term Value Orientation - The company adheres to a "long-term value" approach, prioritizing sustainable solutions in service design and focusing on the growth potential of team members rather than short-term performance [6] - Resources are allocated to maintain customer relationships and optimize service details, with regular follow-ups and free consultations for existing clients to reinforce trust [6] Group 5: Market Recognition and Future Outlook - The respect for the market translates into a deep understanding of its own value, with Dongya Futures demonstrating that true market respect leads to not only commercial success but also a profound self-awareness [6] - The company aims to continue exploring service possibilities in a dynamic balance, positioning itself as a benchmark in the industry [6]

Core Insights - The essence of service has evolved beyond merely solving problems to understanding the fundamental needs of clients and providing long-term value and trust [1][7] - East Asia Futures has developed a service methodology that aligns with market trends and respects client demands, becoming a core differentiator in its competitive strategy [1][7] Deep Understanding: From Surface Needs to Core Demands - Many service failures stem from superficial interpretations of client needs. East Asia Futures emphasizes the importance of understanding unspoken client expectations through comprehensive questioning and scenario analysis [2] - The team's ability to redefine problems from the client's perspective allows for a more thorough reference framework that addresses underlying goals such as efficiency, risk avoidance, or resource integration [2] Flexible Adaptation: No Standard Answers, Only Optimal Solutions - The value of service is often reflected in its ability to handle uncertainty. East Asia Futures rejects a templated service model, opting instead for dynamic strategy adjustments based on the client's stage and external factors [3] - The team can quickly mobilize resources and reorganize tasks to respond to sudden changes in client needs, often providing emergency solutions within 24 hours [3] Long-term Partnership: Service is Not a One-time Transaction - East Asia Futures views service as the beginning of a long-term partnership, regularly following up with clients to identify new needs or potential issues after project completion [4] - The team remains committed to tracking the effectiveness of implemented solutions and providing ongoing support, ensuring that service translates into real value for clients [4] Proactive Innovation: The Secret to Exceeding Expectations - High-quality service not only meets needs but also creates surprises. East Asia Futures integrates innovative thinking into regular services, enhancing communication methods and introducing cross-industry insights [5] - The team balances innovation with risk control, employing strategies like small-scale testing to ensure the feasibility of new initiatives [5] Trust Building: Proving Reliability Through Action - The highest form of service is becoming a trusted partner for clients. East Asia Futures understands that trust is built over time through transparency and consistent performance [7] - The team treats all clients equally, regardless of size or urgency, ensuring that no client's needs are overlooked and maintaining service stability even during peak periods [7] Conclusion - The future of competition in the service industry will continue to evolve, but the core principle remains: focusing on the genuine needs of clients is essential for creating irreplaceable value. East Asia Futures exemplifies this through its commitment to deep understanding, flexible adaptation, long-term partnership, and proactive innovation [8]

Core Viewpoint - The number of futures companies listed on the New Third Board is expected to decrease again, reflecting challenges faced by small and medium-sized futures companies in securing effective financing and the concentration of resources among leading firms [4][10]. Group 1: Company Actions - Dongbei Securities announced that its subsidiary, Bohai Futures, plans to apply for termination of its listing on the New Third Board, ending over eight years of listing [3][5]. - Bohai Futures' decision is based on its development planning needs and is expected to have no significant impact on the company's normal operations [6]. Group 2: Industry Trends - In April 2023, two other futures companies, Jinyuan Futures and Funeng Futures, also withdrew from the New Third Board, reducing the number of listed futures companies from 13 to 11 [4][10]. - If Bohai Futures exits, the total will drop to 10, with all remaining companies having a market value of less than 10 billion yuan, and many experiencing low trading volumes [10]. Group 3: Financial Performance - Bohai Futures reported a significant decline in performance for 2024, with revenue of approximately 2.32 billion yuan, a year-on-year decrease of 17.79%, and a net loss of 29.38 million yuan [7]. - In contrast, the company had net profits exceeding 10 million yuan in both 2022 and 2023 [7]. Group 4: Market Challenges - The withdrawal of futures companies from the New Third Board indicates limited effective financing opportunities in the capital market for small and medium-sized firms, highlighting a pronounced "Matthew effect" where resources tend to concentrate among larger companies [4][10]. - Industry insiders suggest that small and medium-sized futures companies must seek breakthroughs in differentiated development, business innovation, mergers and acquisitions, internal management, and policy support to survive in a competitive market [10].

Core Viewpoint - The article emphasizes the importance of the real economy as a foundation for national economic stability, highlighting the challenges and opportunities it faces due to fluctuating raw material prices and market imbalances. It presents Ruida Futures as a leading financial service institution that supports various industries through a comprehensive service model focused on "industry research + risk management + futures-spot coordination" [1]. Group 1: Industry Research and Risk Management - Ruida Futures adheres to a service philosophy rooted in industry needs, actively providing strategies to mitigate risks associated with commodity price volatility. For instance, it helped a cold-rolled processing company manage its 20,000 tons of steel inventory by identifying price exposure based on historical data [2]. - The company has established a "data + research + service" think tank system to enhance its service to the real economy, offering standardized services like market analysis and tailored consulting to help clients manage risks and optimize inventory [2][3]. - Ruida Futures has developed an intelligent research platform that integrates extensive historical data, providing clients with multi-dimensional market forecasts and decision-making support [3]. Group 2: Innovative Risk Management Solutions - The company recognizes the challenges faced by small and medium-sized enterprises in risk management, offering innovative derivative tools to address these issues. For example, it implemented a "strangle option" strategy for a cold-rolled processing client, which not only hedged against price declines but also created additional profit opportunities [4]. - Ruida Futures designed a "futures inventory replacement" plan for a lead mine in Southwest China, allowing the client to convert physical inventory into futures contracts, thus reducing costs and managing price risks effectively [4][5]. Group 3: Integrated Futures and Spot Market Solutions - In the context of building a unified national market, Ruida Futures promotes efficiency in the industrial chain through a service model that combines inventory management, basis pricing, and cross-market collaboration [7]. - The company assists clients in optimizing inventory levels by leveraging futures market price signals, helping them avoid excess inventory or shortages that could lead to increased costs [7]. - Ruida Futures collaborates closely with its subsidiary, Ruida New Control, to provide customized basis pricing solutions, enabling clients to manage price risks effectively and enhance their operational efficiency [8]. Group 4: Future Outlook - Looking ahead, Ruida Futures aims to continue innovating its service models and deepening its service offerings, particularly by leveraging big data and artificial intelligence to improve price discovery and hedging accuracy [9]. - The company plans to increase its service investments in emerging industries such as new energy and new materials, contributing to the transformation and upgrading of the real economy [9].