10月10日，中期协会就《期货公司发布期货研究报告执业指引（征求意见稿）》（下称《指引》）公开 征求意见。在笔者看来，这是规范期货行业研报、推动期货行业迈向高质量发展的措施之一。 期货行业应服务于经济转型 当下，全球经济处于发展迟缓背景下大国推动资源再分配的阶段，地缘政治的不稳定性显著上升，各国 对发展资源的博弈日趋明显。对于当前在全球竞争中具有优势的国内生产和制造业，如何降低地缘风险 对其经营的负面影响，以及如何为"出海"的实体企业提供风险管理服务，是期货行业必须面对的课题。 其中，笔者认为，高质量的期货研究及研究成果载体——研报，将发挥不可或缺的作用。 目前，国内经济转型进入深水区，风险定价急需破题。从内部环境来看，我国经济正面临着深刻转型， 社会层面的主要矛盾已经从"人民日益增长的物质文化需要同落后的社会生产之间的矛盾"转向"人民日 益增长的美好生活需要和不平衡不充分的发展之间的矛盾"，这意味着经济层面从供给短缺转向供给结 构优化。 在供给短缺时，经济的快速增长会降低风险的负面影响。然而，在经济结构优化时，市场主体对风险管 理的需求会随之上升。一方面，培育新质生产力中的风险需要更多耐心资本护航；另一方面 ...

Core Viewpoint - The newly published "Guidelines for Futures Companies to Release Futures Research Reports" aims to standardize the behavior of futures companies in releasing research reports, enhance research service capabilities, and address internal control deficiencies and irregular processes in the industry [1][2]. Group 1: Guidelines Overview - The guidelines focus on "standardizing professional behavior, preventing business risks, and improving service quality," detailing execution standards for each step in the report release process [2]. - A total of 32 articles are included in the guidelines, emphasizing the establishment of a comprehensive internal control system covering the entire process of report creation, review, release, and sales service [2][3]. Group 2: Key Highlights - The guidelines require unified content elements and format standards for research reports, emphasizing the qualifications and responsibilities of authors [3]. - A dual mechanism for quality review and compliance checks is established, with clear processes, content, responsibilities, and personnel requirements [3]. - The guidelines introduce a market impact assessment mechanism prior to report release, ensuring reports are disseminated through a centralized internal platform [3]. Group 3: Public and Private Domain Distinction - The guidelines clearly delineate the boundaries between public and private domain operations, with public domain reports limited to educational content and private domain reports requiring specific contracts and risk disclosures [4]. - This distinction aims to prevent misleading information dissemination and ensure that private domain services align with investor risk profiles [4]. Group 4: Conflict of Interest Prevention - The guidelines mandate the separation of research report creation and sales functions to ensure research independence and prevent conflicts of interest [5][6]. - Companies are required to adhere to integrity regulations and ensure consistency in internal research support [5]. Group 5: Practical Implementation - The guidelines expand their applicability to include "information services" under the same management as research reports, preventing circumvention of regulations [6]. - Companies can provide research reports to brokerage clients without separate contracts if no fees are charged, aligning with practical industry needs [6]. Group 6: Industry Impact - The guidelines address existing industry issues such as inadequate internal controls and quality inconsistencies, promoting a shift towards high-quality development in the futures market [7]. - By enhancing the quality of research services, the guidelines aim to better meet the risk management needs of industrial clients [7][8]. Group 7: Transition Period - A two-month transition period is established for futures companies to prepare for the implementation of the guidelines, ensuring readiness for compliance [8].