中国期货业协会数据显示，以单边计算，今年前11个月，全国期货市场累计成交量为81.17亿手，累计 成交额为675.45万亿元，同比分别增长14.74%和20.19%。此外，截至今年11月底，我国共上市期货期权 品种164个，年内共推出新品种18个。 受访市场人士普遍认为，2025年期货市场多项数据呈现明显扩容态势，一方面体现出期货市场服务实体 经济的深度与广度，另一方面也反映出市场吸引力的提升。 2025年，"扩容"和"提质"是贯穿期货市场全年发展的两个关键词，彰显出期货市场迈向高质量发展的战 略定力与行动成效。今年期货市场在稳步迈向高质量发展的同时，继续深化价格发现、风险管理与资源 配置等功能，为实体经济注入"期货力量"。 今年以来，期货市场在多个维度实现扩容。中国期货市场监控中心(以下简称"监控中心")数据显示，年 内期货市场运行稳中有进，各类资金积极布局、广泛参与，资金总量和客户权益持续增长，不断夯实期 货市场高质量发展根基；继期货市场资金总量于10月9日突破2万亿元之后，12月8日，期货公司客户权 益也突破2万亿元。 "期货市场资金总量和客户权益突破2万亿元，呈现出'技术驱动创新、政策引领扩容、服务实 ...

Group 1: National Power Market Evaluation System - The National Development and Reform Commission and the National Energy Administration have issued a notification to establish a nationwide unified power market evaluation system focusing on four key areas: market operation effectiveness, market role performance, sustainable development of operating entities, and market competition adequacy [2][3] - The evaluation aims to create a scientific, systematic, and dynamic power market evaluation framework that balances multiple objectives such as security of supply, green transition, and economic efficiency [2][3] - The evaluation work will be organized by the National Development and Reform Commission and the National Energy Administration, with participation from market operators, universities, and research institutions [3] Group 2: High-Quality Development of Service Outsourcing - The Ministry of Commerce and six other departments have released an action plan to promote high-quality development in the service outsourcing sector, aiming to cultivate a number of internationally competitive leading enterprises by 2030 [4][5] - The action plan includes six specific measures focusing on enhancing platform capabilities, fostering innovation, nurturing key players, expanding market access, developing industry standards, and training talent [4][5] - The plan emphasizes the integration of digital economy with the real economy, promoting the development of international data service businesses and establishing a data service industry chain [5] Group 3: Antitrust Compliance Guidance - The State Administration for Market Regulation has introduced compliance guidelines addressing eight new types of monopoly risks for platform enterprises, including algorithm collusion and unfair pricing practices [6][8] - The guidelines aim to help platform operators identify, assess, and prevent antitrust compliance risks, promoting a shift from reactive enforcement to proactive compliance management [7][8] - The guidelines encourage platforms to develop internal management systems for antitrust compliance, ensuring sustainable development and healthy market competition [8] Group 4: Element Market Reform in Henan Province - The Henan Provincial Government has released a comprehensive reform pilot plan for market-oriented allocation of factors, proposing 70 specific measures to enhance the flow and efficient allocation of resources [10][11] - The plan includes initiatives to promote technological innovation, improve land allocation efficiency, facilitate human resource mobility, and establish data circulation rules [10][11][12] - The plan aims to support the development of high-end equipment, new materials, and biomedicine sectors through the establishment of verification centers and pilot bases [10][11] Group 5: Support for Biomedicine and Medical Devices in Sichuan Province - The Sichuan Provincial Government has issued policies to support the high-quality development of the biomedicine and medical device industries, including financial incentives for innovative drugs and devices [13][14] - The policies focus on enhancing research capabilities, improving clinical trial quality, and optimizing approval processes for innovative products [13][14] - The initiative aims to create a favorable ecosystem for industry development, including support for intellectual property protection and financial leasing for medical equipment [14] Group 6: Innovative "Rent-Equity Linkage" Mechanism in Zhejiang - The Taizhou Bay New Area in Zhejiang has introduced a "rent-equity linkage" mechanism to alleviate financial pressures on startups while enhancing the park's service capabilities [16][17] - This model allows selected high-potential tech companies to defer rent payments, enabling them to focus on research and market expansion [16][17] - The mechanism aims to foster a long-term partnership between the park and enterprises, facilitating investment and shared growth opportunities [17]

Core Insights - The Chinese futures market has shown significant growth in 2023, with a cumulative trading volume of 8.117 billion contracts and a trading value of 67.545 trillion yuan from January to November, representing year-on-year increases of 14.74% and 20.19% respectively [1] Group 1 - The futures market has played a crucial role in enhancing the resilience and security of industrial and supply chains, supporting the high-quality development of the real economy through its price discovery and risk management functions [1] - Trading volumes for futures contracts related to new energy metals such as lithium carbonate, polysilicon, and industrial silicon have continued to expand, actively supporting the transition to a green and low-carbon economy as well as the construction of a modern industrial system [1] Group 2 - As of November 2025, a total of 164 futures and options products have been listed in China, indicating a diverse and growing market [1]

Group 1: Key Events Impacting the Futures Market - The series "Futures Discussion - 2025 Futures Industry Review" aims to provide insights into the 2025 futures market and its key events, with a focus on macro to micro analysis and future planning for 2026 [2] - A significant event in 2025 was the global tariff war initiated by Trump in early April, which led to the largest price drop for many commodities throughout the year, providing purchasing opportunities for physical enterprises [2] Group 2: Global Economic Growth Challenges - According to IMF and OECD forecasts, global economic growth is expected to slow to around 3.1% in 2025, marking the lowest level in five years, with developed economies struggling while emerging markets, particularly in the Asia-Pacific region, contribute 60% of global growth [3] - The economic policies of different regions are diverging, with the US, Europe, and the UK entering a rate-cutting cycle, while Japan plans to raise rates, and countries like Turkey and Argentina are increasing rates due to high inflation [3] - China's economy shows resilience with a GDP growth of 5.2% in the first three quarters, but a continuous PMI index below the threshold indicates weak consumer demand, suggesting potential stimulus measures in 2026 [3] Group 3: Geopolitical Conflicts and Commodity Price Volatility - Geopolitical conflicts in various regions in 2025 have led to significant volatility in commodity prices, increased supply chain costs, and heightened market risk aversion [4] - The situation in the Middle East has affected container shipping rates, oil, and gold prices, while the Russia-Ukraine conflict has caused energy price fluctuations and disruptions in grain transport, raising food prices [4] Group 4: Development Opportunities from the 14th Five-Year Plan - The "14th Five-Year Plan" emphasizes high-quality development and technological self-reliance, which will have a profound impact on the futures market by enhancing the underlying market for futures [5] - New infrastructure and industrial development are expected to boost demand for raw materials like steel and non-ferrous metals, while technological advancements will drive demand for new materials such as lithium carbonate and platinum [5] Group 5: AI Demand and Energy Transition - In 2025, global investments in AI data centers and chip industries reached $2.9 trillion, with new AI-driven demands promoting green energy development and altering energy consumption structures [6] - The share of green energy in traditional energy provinces has reached 50%, leading to increased demand for silver, aluminum, copper, and polysilicon [6] - The traditional pig cycle has shortened from around 40 months to 15-20 months due to enhanced breeding scale, necessitating attention to breeding stock and production efficiency [6] Group 6: Futures Tools Supporting the Real Economy - The performance of the non-ferrous metals sector in 2025 was notably influenced by the tariff war, which provided hedging opportunities for companies to lock in low raw material prices [7] - The focus on AI development is shifting from investment to application scenarios, which will become a new direction for capital market growth in 2026 [7] - Understanding long-term economic cycles can enhance asset allocation strategies, making it easier for traders and companies to navigate investment decisions [7]

Core Viewpoint - The 20th Central Committee's Fourth Plenary Session emphasizes the importance of strengthening the financial sector as part of China's modernization and national rejuvenation strategy, with a focus on the development of the futures market as a key component of the modern financial system [1][2]. Group 1: Strategic Planning and Development Goals - The "15th Five-Year Plan" outlines strategic goals for China's development, aiming to reach the level of a moderately developed country by 2035, with a focus on building a modern industrial system and promoting high-level technological self-reliance [3][4]. - The plan highlights the need for steady development of futures, derivatives, and asset securitization, positioning the futures market as integral to national strategy and future economic stability [3][7]. Group 2: Role of Futures Market in Economic Stability - The futures market is recognized for its role in price discovery, risk management, and resource allocation, which are essential for supporting the real economy amid complex external challenges [4][5]. - Macro-yuan Futures aims to enhance service quality in futures and derivatives, contributing to the stability of the real economy and the construction of a financial powerhouse [2][5]. Group 3: Innovation and Service Models - Macro-yuan Futures has developed a unique service model that integrates standardized systems, professional manuals, and scenario-based applications, enhancing client service and risk management capabilities [5][6]. - The company actively promotes the use of futures and options among small and medium-sized enterprises, providing risk management services and reducing transaction fees significantly [5][6]. Group 4: Compliance and Risk Management - The "15th Five-Year Plan" calls for comprehensive financial regulation and risk management, emphasizing the need for futures companies to strengthen compliance and risk management frameworks [9]. - Futures companies are encouraged to embed risk management tools into key operational processes of enterprises, enhancing their ability to manage market price fluctuations effectively [9].

Core Insights - The event organized by Xingye Futures in collaboration with Zhengzhou Economic and Trade University aims to promote futures and options knowledge among students, enhancing their practical skills in the financial sector [1][4]. Group 1: Event Overview - The activity took place at the Zhengzhou Commodity Exchange's investor education base, where students explored the development history of the futures market and learned about trading processes, rules, and risk management [1][4]. - Xingye Futures' professional team provided in-depth explanations of the basic functions of the futures market, trading strategies, and how companies can utilize futures tools for risk management [1][5]. Group 2: Student Engagement - Students showed great interest in the latest trends and hot topics in the futures market, actively engaging in discussions and raising unique insights and questions [1][5]. - The interactive atmosphere during the event was enhanced by the lecturers' detailed responses to students' inquiries, making the learning experience more dynamic [5]. Group 3: Educational Impact - This initiative serves as a practical example of school-enterprise collaboration, helping students establish a comprehensive understanding of the futures market [4]. - The event contributes to the cultivation of financial talent and supports the healthy development of the financial market by building a solid bridge for cooperation between academia and industry [4].

Group 1: Market Data - The values of various indicators on November 3, 2025, and November 4, 2025, are presented, including -1450.33, 6000.00, 2095.00, etc., with some showing percentage changes such as 123.00%, (1.00)%, (5.00)% [1] - The prices and quantities of different products like polyester, ethylene glycol, etc., are provided, with price units in US dollars per ton and quantity units in tons [1] Group 2: Market Situation and Outlook - The market is currently in a weak state, with inventory gradually decreasing and the market showing a downward trend. The trading volume is light, and the market is in a state of shock [2] - The price of ethylene glycol has dropped, and the market is expected to remain weak in the short term. The supply and demand relationship is unbalanced, with supply exceeding demand [2] - The polyester market is also facing pressure, with prices falling and the market outlook being cautious. The demand for polyester products is insufficient, and the market is in a state of adjustment [2]

Core Viewpoint - The new tax policy on gold, effective from November 1, 2023, aims to differentiate between investment and non-investment uses of gold, providing specific tax exemptions and incentives to encourage trading on regulated exchanges until December 31, 2027 [1][3]. Group 1: Tax Policy Details - The policy exempts value-added tax (VAT) on the sale of standard gold by member units or clients through the Shanghai Gold Exchange and Shanghai Futures Exchange, provided there is physical delivery [1]. - For investment purposes, a VAT refund policy will be implemented, while non-investment purposes will be exempt from VAT, with a 6% deduction rate for the buyer [1][8]. - The policy applies specifically to transactions occurring on the two designated exchanges, promoting regulated market activities [3][6]. Group 2: Market Impact - The new tax policy is expected to drive investors towards financial market investments, such as securities, gold ETFs, and futures options, increasing interest in these products [5]. - Traditional jewelry markets are likely to consolidate around larger, compliant brands due to the new regulations [6]. - The adjustments in the tax policy are seen as a refinement of existing regulations, enhancing the distinction between gold as a commodity and its financial attributes, leading to a more transparent and healthier investment environment [8].

Group 1 - The second "Star of Futures" national futures (options) simulation trading competition concluded on September 30, 2025, with a total of 29 winners across two categories, including a champion with a remarkable return of 1447.53% [1] - The total number of participants exceeded 2300, marking a 64.29% increase from the previous competition, attributed to various innovations by the organizing committee [1] - A new ETF options category was introduced, enhancing the competition's diversity and providing participants with more options [1][2] Group 2 - The competition maintained a strong educational component, featuring eight distinguished mentors in the futures trading field who provided diverse professional guidance through live broadcasts [2] - The "Achievement System" from the previous competition was retained, allowing participants to unlock achievements and earn rewards by meeting specific criteria [2] - The competition's atmosphere was described as highly engaging, with participants applying learned strategies in a simulated trading environment, thereby improving their trading skills [2] Group 3 - The event received support from EBC Financial Group, Qianlong Technology, and Panlifang, with the organizing committee committed to continuous innovation and establishing the "Star of Futures" as a recognized brand in investor education [3] - The competition introduced a monthly champion reward mechanism to further motivate participants and provide them with a sense of achievement in shorter time frames [1][2]

Group 1 - The training program for steel industry professionals is aimed at enhancing risk management and cost control through the use of financial derivatives [1][2] - The steel industry in China is undergoing a critical transformation from "scale expansion" to "quality improvement," with significant sustainable development potential [2] - The Shanghai Futures Exchange (SHFE) is committed to high-quality development of steel futures, implementing targeted policies based on extensive research into industry needs [2] Group 2 - The training includes three sessions scheduled from September to November, focusing on innovation, risk management, and compliance in the steel sector [2] - Experts from the steel and futures industries will provide insights on green and low-carbon development, as well as practical applications of futures and derivatives [2] - The program aims to equip participants with the knowledge to effectively utilize futures and options for hedging, thereby enhancing risk management capabilities within the steel supply chain [2]