为深入贯彻落实党的二十届四中全会"扎实推进乡村全面振兴"重大决策部署，全面落实证监会、中期协 关于期货公司开展乡村振兴、服务国家战略的有关要求，10月30日，一德期货乡村振兴工作组赴陕西省 澄城县赵庄镇，开展乡村振兴帮扶活动，进一步巩固脱贫攻坚成果，推动结对帮扶工作走深走实。澄城 县及赵庄镇有关领导出席活动。 澄城县隶属于陕西省渭南市，地处关中平原东部，渭北高原东北部。澄城县历史悠久、资源丰富，是全 国现代苹果产业强县，陕西最大的樱桃连片栽植区，曾是国家扶贫开发工作重点县，2019年退出贫困县 序列。自2023年起，一德期货与澄城县赵庄镇结下帮扶之缘，先后支持了北寺村樱桃交易市场配套设施 建设、北寺村村委会改造及人居环境治理项目，助力当地群众改善生产生活条件，巩固拓展脱贫攻坚成 果。 为履行社会责任、服务国家战略，一德期货在总结前期帮扶经验的基础上，精准聚焦农业产业发展的关 键环节，捐赠10万元专项帮扶资金，用于购买优质化肥，直接减轻农民在农作物种植上的生产投入，通 过"造血式"帮扶助力当地特色产业可持续发展。一德期货与澄城县赵庄镇签署结对帮扶战略合作协议和 帮扶资金捐赠协议，与赵庄镇寺庄村党支部签署党建共建 ...

为深入贯彻落实党的二十届四中全会"扎实推进乡村全面振兴"重大决策部署，助力脱贫地区农业农村现 代化迈出新步伐，10月29日，一德期货乡村振兴工作组赴陕西省延长县安沟镇，开展乡村振兴帮扶活 动，以实际行动彰显国有金融企业的责任担当，为延长县全面推进乡村振兴注入新动能。延长县及安沟 镇有关领导出席活动。 此次帮扶标志着公司帮扶工作从产业扶持向民生基础设施延伸，形成了"产业+民生+党建+金融"的综合 帮扶新模式。从黄土高原的苹果园到延河岸边的和美乡村，一德期货正以一次次务实举措，践行着国有 金融企业的使命，在乡村振兴的伟大征程中书写着"期货担当"的生动答卷。未来，一德期货将继续以服 务国家战略为导向，积极履行社会责任，为乡村振兴事业注入更多"一德力量"。 延长县位于陕西北部，延安市东部，曾经是国家扶贫开发工作重点县之一，2018年9月脱贫摘帽、退出 贫困县序列，是中国证监会和中国金融期货交易所定点帮扶县。2021年和2023年，一德期货两次帮扶延 长县，先后投入40余万元，支持当地苹果产业发展与美丽乡村建设。同时，一德期货工会积极开展消费 帮扶，有效帮助当地群众增收。 在活动中，一德期货与延长县安沟镇签署帮扶合作协 ...

Core Insights - The article emphasizes the importance of grassroots research and practical work in ensuring the effective implementation of rural revitalization strategies in China [1][4] Group 1: Company Initiatives - Xinda Futures, a state-owned financial enterprise based in Hangzhou, Zhejiang Province, is committed to supporting national strategies and regional coordinated development [1] - On October 21, Xinda Futures conducted a practical and effective rural revitalization research and support activity in Puding County, Guizhou Province, with the support of China Cinda Asset Management Co., Ltd. [1][2] - The company aims to provide financial services and professional consulting to local pillar enterprises like Luoping Zinc and Electricity, helping stabilize industrial and supply chains [2][4] Group 2: Industry Insights - The mining industry is a key sector in Puding County, directly impacting local economic development and employment [2] - Xinda Futures highlighted the role of futures markets in price discovery, risk management, and resource allocation, emphasizing their importance for enterprises in managing market price fluctuations [2][3] - The company shared its recent achievements in supporting rural revitalization, showcasing its commitment to integrating futures market functions with local needs [4][8] Group 3: Local Government Collaboration - A meeting was held with local government officials to discuss Puding County's economic development and challenges in rural revitalization [4] - The county has implemented effective strategies such as "small cuts, big outputs" and initiatives for children's education, contributing positively to local development [4][5] - Xinda Futures expressed its intention to explore support in areas such as employment for women and children, and financial literacy [4][5] Group 4: Community Development - In Huachu Town, Xinda Futures engaged in discussions about local agricultural development and signed agreements for community support and environmental improvement [6] - The company aims to address challenges faced by local industries, such as unstable orders and insufficient processing equipment, through targeted support [6] - The signing of cooperation agreements marks a transition from research to project-based support for rural revitalization [6][8]

作为全国首个期货金融全要素产业园区，广州南沙期货产业园的发展情况备受瞩目。10月24日，南沙开 建·期货产业园招商大会在南沙国际会展中心举行。南沙区政府、头部金融机构、行业协会及权威媒体 代表逾400人齐聚，共同见证产业园从硬件建设向产业集聚与生态培育跨越的关键节点。 期货日报记者了解到，南沙期货产业园坐落于南沙"超级内湾"的中心位置，总建筑面积约15万平方米， 坐拥270°环幕海景，融合绿色低碳与智慧运营，拥有多元丰富的共享商务配套，依托"一小时畅达湾 区"的交通网络，并以"金融+会展+商务"生态圈、人才公寓及行业沙龙等为企业提供全方位发展支持。9 月30日，南沙期货产业园已正式开园。目前南沙已集聚广州期货交易所、摩根大通期货、华泰期货等12 家期货机构，金融业态不断丰富。 "良好的政策支持、成熟的产业生态、一流的投资顾问、创新的金融业务、时尚的内湾生活、丰富的共 享配套、品质的标杆园区、多元的商务场景，充分展现了园区作为全国首个期货金融业全要素产业园的 综合价值与独特优势。"活动期间，南沙开建集团副董事长叶镇慧向与会嘉宾解读了园区的八大"硬核实 力"。 南沙期货产业园的建成，也将进一步增强南沙作为大湾区金 ...

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]