近日，在北京证监局、北京市商务局和北京市国资委指导下，由大商所主办、北京期货商会承办 的"DCE·产业行——期货衍生品市场服务北京国有企业和上市公司高质量发展培训班"在北京举行。培 训吸引了北京市政府机构、产业企业、期货公司等相关代表120余人参会。 为了让参训人员真正"听得懂、用得上"，培训邀请了来自中国上市公司协会、会计师事务所、实体企 业、期货公司的多位业内专家，为首都国有企业和上市公司带来包括政策理解、合规操作和实战应用在 内的全面讲解，助力企业稳健经营，推动首都经济高质量发展迈上新台阶。 增强期市韧性 持续优化交易所服务 北京证监局相关负责人在培训班上介绍，北京辖区现有21家期货公司，位居全国第二。"十四五"期间， 北京证监局一体推进防风险、强监管、促高质量发展工作，持续提升北京期货行业服务实体经济能力， 积极融入首都发展大局。在"十五五"新征程开启之际，北京证监局将牢牢把握"六个坚持"，紧紧围绕防 风险、强监管、促高质量发展的工作主线，引导首都期货市场走好高质量发展之路。具体举措包括：一 是聚焦央地协作，激发期货市场活力。二是聚焦服务新质生产力，强化期货功能发挥。三是聚焦强本强 基，支持期货公司实 ...

"星星之火，可以燎原"。35年后的今天，我国资本市场已不可同日而语，一系列数字反映出资本市场取 得的不俗成就：从沪市"老八股"、深市"老五股"，到目前A股超过5000家上市公司，上市公司数量、市 值规模、投资者参与人数实现惊人增长。数据显示，截至2025年12月18日，A股已有5460家上市公司， 上交所、深交所、北交所的上市公司家数分别为2296家、2878家、286家；A股总市值合计约106.37万亿 元。目前，A股投资者总数已突破2.4亿。我国资本市场仅用30多年的时间就跨过了全球资本市场的百年 历程。 服务实体经济是资本市场发展的初心。35年来，上市公司通过资本市场累计募集资金总额超20万亿元。 数据显示，1990年末至2025年12月中旬，A股首发募集资金合计52627.92亿元，再融资募集资金合计 154754.09亿元。历经数次重大改革，我国资本市场融资规模、融资效率、市场化程度以及对实体经济 及科技创新的推动作用，均达到了35年前难以想象的水平和高度。 35年间，我国上市公司营业总收入实现了飞跃式增长。数据显示，1990年，我国上市公司营业总收入仅 为9.32亿元，而到了2024年，全市场上市 ...

12月10日至11日，中央经济工作会议在北京举行。会议精神在期货行业引发热议。多家期货公司高 管表示，期货市场作为连接金融与实体经济的枢纽，在"十五五"期间，将肩负起更为重要的历史使命。 期货行业要深刻领悟会议精神，自觉将行业发展融入国家大局，聚焦主责主业，立足风险管理本源，在 服务高质量发展、统筹发展和安全中主动担当、主动作为，为"十五五"开好局贡献期货力量。 为企业提供更加有效的衍生品服务 中央经济工作会议确定了明年经济工作要抓好的八个方面重点任务，其中排在首位的是"坚持内需 主导，建设强大国内市场"。 南华期货董事长罗旭峰认为，新质生产力的核心要义在于创新与质优，期货市场"价格发现、风险 管理、资源配置"的功能与此天然契合。期货公司服务半径要从"重点企业"向"全产业链"拓展。期货公 司必须将服务触角延伸到产业链的每一个环节，特别是那些处于转型阵痛中的制造业企业和关乎国计民 生的农业经营主体。同时，服务深度要从"单一工具"向"综合解决方案"跃升。企业需求正从简单的套期 保值，转向融合了期现结合、含权贸易、供应链金融的综合风险管理方案。期货公司的角色须从提供交 易工具的"工具商"，转变为诊断风险、开出处方、 ...

Core Viewpoint - The Shanghai Futures Exchange (SHFE) is enhancing its "Strong Source Assisting Enterprises" project through training programs aimed at improving the risk management capabilities of enterprises using futures derivatives [1][2]. Group 1: Training and Development - The SHFE, in collaboration with the Shanghai National Accounting Institute, is conducting a two-phase training program focused on futures derivatives for financial and futures business personnel from enterprises [1]. - The training aims to elevate the level of hedging business and compliance awareness among participants, thereby strengthening the risk management framework of real enterprises [1][2]. - The training curriculum includes practical courses on hedging business and accounting, innovative futures products, risk management practices, and global economic analysis [1][2]. Group 2: Market Demand and Risk Management - There is an increasing demand from real enterprises for futures derivatives due to global geopolitical changes and market price fluctuations [2]. - Futures derivatives play a crucial role in price discovery, risk avoidance, stabilizing profit levels, and controlling production costs for enterprises [2]. - Companies need to enhance their understanding of futures market rules and improve their ability to identify and respond to trading risks [2]. Group 3: Accounting and Compliance - The application conditions for hedge accounting are strict, requiring companies to meet specific criteria before, during, and after the hedging process [3]. - Companies must clearly define what they are hedging and maintain comprehensive documentation throughout the hedging relationship [3]. - The SHFE aims to become a world-class exchange by promoting risk prevention, strong regulation, and high-quality development in the futures market [3].

Core Viewpoint - The Shanghai Futures Exchange (SHFE) is enhancing its "Strong Source to Assist Enterprises" project to improve risk management for real economy enterprises through futures derivatives training and services [1][2]. Group 1: Training and Services - SHFE, in collaboration with Shanghai National Accounting Institute, launched a training program aimed at improving the hedging capabilities and compliance awareness of financial and futures personnel in enterprises [1]. - The training includes practical courses on hedging and accounting, innovative futures products, risk management practices, and global economic analysis to support stable business operations [1][2]. Group 2: Market Demand and Risk Management - There is an increasing demand for futures derivatives among enterprises due to global geopolitical changes and market price fluctuations, which are critical for stabilizing profits and controlling production costs [2]. - Experts emphasize the importance of correctly utilizing the futures market for risk management, highlighting that improper use can amplify risks [2]. Group 3: Accounting Standards and Compliance - The application of hedge accounting standards is strict, requiring enterprises to meet specific conditions before, during, and after hedging activities [3]. - Proper documentation and evaluation of hedging relationships are essential for compliance and effective risk management [3]. Group 4: Future Developments - SHFE aims to become a world-class exchange by enhancing risk prevention, regulation, and high-quality development, while continuously improving the service system for the real economy [3].

Core Insights - The training program on futures and derivatives business aims to enhance understanding and application of these financial tools in the context of Hainan's Free Trade Port development [1][2][3] Group 1: Importance of Futures and Derivatives - Futures and derivatives markets are essential for stabilizing production and operations by helping businesses manage price volatility [1][2] - These markets serve as a catalyst for resource allocation towards advantageous industries, promoting industrial upgrading and transformation [1][2] Group 2: Government and Industry Collaboration - Key enterprises are encouraged to integrate futures tools into the broader development strategy of the Free Trade Port, with government and key zones enhancing their capacity for financial innovation [2][4] - The collaboration between Zhengzhou Commodity Exchange and Hainan's enterprises aims to support risk management and enhance market competitiveness [4] Group 3: Risk Management and Training - Emphasis is placed on the necessity of risk awareness and management as the Free Trade Port opens up, with a focus on identifying market and credit risks [3] - The training aims to build a professional cadre that understands policies, business operations, and risk management to effectively utilize futures tools [3][4]

Core Insights - The global economic landscape is undergoing significant adjustments, with commodity prices experiencing increased volatility due to supply-demand restructuring, geopolitical conflicts, and policy regulations [1] - Ruida Futures is committed to empowering the real economy through innovative financial tools and customized solutions, exemplified by successful case studies in various industries [1] Group 1: Case Studies and Innovations - Ruida Futures' subsidiary, Ruida New Control, won recognition for its "Accumulated Purchase + Accumulated Sale" model, which effectively addresses risk management for cold-rolled processing enterprises [2] - A cold-rolled processing company faced dual challenges of inventory price fluctuation and rising raw material costs, prompting Ruida to implement a cost-optimization hedging strategy [3] - The innovative "zero-cost cumulative option" mechanism allows the enterprise to hedge risks without incurring additional option costs, establishing a positive cycle of risk hedging and cost compensation [3] Group 2: Regional Economic Support - Ruida Futures' Jiangxi branch has served over 100 enterprises since its establishment, helping them achieve additional profits through customized risk management solutions [4] - The Jiangxi team developed a "basis-inclusive hedging" model for a steel company facing winter storage risks, allowing the company to secure risk protection at a low cost [5][6] - This tailored approach has proven effective, enabling the company to avoid significant losses during price downturns and maintain stable operations [6] Group 3: Broader Economic Impact - Ruida Futures extends its services beyond industrial sectors to agriculture and rural revitalization, providing personalized risk management tools to over 1,000 clients across various industries [7] - The company has initiated "insurance + futures" projects to mitigate agricultural price volatility, thereby supporting rural income stability [7] - Ruida Futures emphasizes a proactive service model, offering training and value-added services to enhance clients' risk management capabilities [7] Group 4: Future Directions - Ruida Futures aims to deepen its service offerings by innovating financial tools and expanding into strategic sectors such as renewable energy and agriculture [8] - The company plans to enhance service precision and efficiency through technological empowerment and collaboration with government and industry associations [8] - As market volatility increases, Ruida Futures remains committed to providing high-quality customized services to strengthen enterprises' risk management frameworks [8]

Core Viewpoint - The polyester industry is facing significant challenges due to price volatility across the supply chain, but the integration of futures and options is fundamentally changing the landscape by providing companies with tools to manage costs and stabilize profits [1][2][3] Group 1: Impact of Derivatives on Cost Management - Futures and options help companies lock in processing fees and control raw material costs, allowing them to focus on technology development and market expansion rather than engaging in price wars [1] - Companies can utilize hedging strategies, such as selling futures to secure prices and profits for inventory, which mitigates the risk of production losses when market prices decline [1][2] Group 2: Pricing Logic and Market Efficiency - The introduction of a basis pricing model, which combines futures prices with spot adjustments, has improved pricing efficiency in the polyester supply chain, reducing information asymmetry and enhancing price discovery [2] - This new pricing mechanism allows upstream and downstream companies to operate more efficiently, with better capacity utilization and reduced risks of overpaying for raw materials [2] Group 3: Risk Management and Industry Integration - The development of a comprehensive risk management framework through futures and options has led to a more integrated and collaborative industry structure, with tools available for managing risks from raw materials to finished products [2][3] - Leading companies are leveraging derivatives to enhance their operational efficiency and drive collaboration across the supply chain, thereby increasing the overall resilience of the industry [3] Group 4: Future Outlook - The reliance on derivatives is shifting from being an optional strategy to a necessity for stability and competitiveness in the polyester industry, indicating a move towards more stable and higher-quality growth [3]

Group 1 - The training session aims to enhance risk management capabilities of agricultural enterprises in Yinchuan through the use of futures and derivatives [1][2] - The agricultural industry in Yinchuan is a key pillar for local economic development, facing increased operational pressures due to international commodity price fluctuations and extreme weather [2][3] - Futures markets serve as a crucial tool for price discovery, risk management, and resource allocation, helping agricultural producers stabilize costs and revenues [2][3] Group 2 - The Dalian Commodity Exchange (DCE) has been actively collaborating with local governments and financial institutions, serving over 1.8 million farmers through various risk management programs [3][5] - The training focused on core agricultural products like soybean meal and corn, providing practical applications of risk management tools [3][4] - Experts emphasized the importance of avoiding misconceptions about hedging and encouraged businesses to develop strategies based on industry needs [4][5] Group 3 - The training included both theoretical knowledge and practical case studies, fostering interaction between participants and instructors [5] - Companies expressed intentions to explore new models combining futures pricing with contract farming to enhance collaboration across the supply chain [5][6] - Future initiatives will focus on deepening services for local enterprises to leverage futures tools for risk management and competitiveness [5]

Group 1 - The core viewpoint emphasizes the ongoing transformation of securities and futures institutions in Ningbo towards wealth management, driven by policies promoting inclusive financial services and high-quality development [1] - Institutions are shifting from traditional trading intermediaries to client-centered wealth management entities, implementing buyer advisory models, financial technology empowerment, and tiered service systems to enhance service quality and meet diverse investment needs [1][2] - The focus on addressing the industry pain point of "funds making money while investors do not" is central to the overall transformation of institutions [1] Group 2 - Institutions are constructing a multi-tiered product matrix to meet the diverse allocation needs arising from residents' wealth growth, with products covering five asset classes and 21 strategies [2] - The "customization + allocation" model allows institutions to provide asset allocation recommendations based on clients' risk preferences, balancing returns, risks, and liquidity [2] - The rapid iteration of AI large model technology is becoming a key driver for institutions to enhance service quality, with firms like Galaxy Securities utilizing advanced models for deep data mining and precise client profiling [2][3] Group 3 - Institutions are reinforcing risk control and investor protection mechanisms during business innovation, with unique models emerging, such as the "client companionship plan" by Everbright Securities [3] - The wealth management transformation in Ningbo has progressed from conceptualization to practical effectiveness, with a shift from "channel services" to "value creation" in the industry [3]