中央经济工作会议12月10日至11日在北京举行。会议总结2025年经济工作，分析当前经济形势，部署 了"十五五"规划开局之年经济工作的重点任务。会议明确，明年经济工作要以习近平新时代中国特色社 会主义思想为指导，深入贯彻党的二十大和二十届历次全会精神，完整准确全面贯彻新发展理念，加快 构建新发展格局，着力推动高质量发展。这不仅为宏观经济发展指明了方向，也为资本市场发展指明了 前进的道路。长江期货认真学习领会中央经济工作会议精神，以服务实体经济发展为宗旨，聚焦主责主 业，做好各项工作的落实。 一、联动创新推动产业服务升级 结合内外部环境变化和中央经济工作会议要求，长江期货将持续提升交易对冲和主动风险管理能力，把 重点放在工具的场景应用和多业务联动的制度设计上，为产业企业的现货定价与服务竞争力提供助力。 我们将提前布局碳排放期货、天气衍生品等绿色期货品种，为能源新质生产力提供更多精准适配的期货 工具。随着产业客户需求的多元化，在内部管理上需要经纪业务、资管、风险子公司等多条线的联动响 应，长江期货将在内部管理上进行协同创新，进一步健全内部协同机制，提升经纪业务、场外期权业 务、期现业务团队的协同合力，共同开展面向 ...

Core Viewpoint - The performance of A-share listed futures companies has been significantly impacted by changes in revenue recognition methods for trade-related businesses, leading to a decline in operating income for several firms [1][2]. Group 1: Revenue Performance - In the first half of the year, the operating revenues of Yong'an Futures, Nanhua Futures, and Hongye Futures were 5.557 billion, 1.101 billion, and 0.323 billion yuan respectively, showing declines of 54.12%, 58.27%, and 68.64% year-on-year [2]. - In contrast, Ruida Futures achieved an operating revenue of 1.047 billion yuan, representing a year-on-year increase of 4.49% [3]. Group 2: Profitability Analysis - Among the four futures companies, Ruida Futures reported a net profit attributable to shareholders of 228 million yuan, a significant increase of 66.49% year-on-year; Nanhua Futures reported a net profit of 231 million yuan, up 0.46%; Yong'an Futures saw a decline in net profit to 170 million yuan, down 44.69%; while Hongye Futures turned to a loss of 3.61 million yuan, a decrease of 128.17% [3]. - The overall profitability of the futures industry has increased, but individual company performances vary significantly, with some firms achieving substantial gains in asset management business [3]. Group 3: Market Activity and Competition - The Chinese futures market saw a notable increase in activity, with a total trading volume of 4.076 billion contracts and a trading value of 339.73 trillion yuan in the first half of the year, reflecting year-on-year growth of 17.82% and 20.68% respectively [4]. - Despite the growth in market size and overall trading volume, many futures companies did not see a corresponding increase in net income from fees and commissions, indicating intense competition within the industry [4]. Group 4: Interest Income Decline - Interest income, a significant component of futures brokerage revenue, has declined due to falling interest rates, with Hongye Futures experiencing the largest drop of 45.68% year-on-year; Nanhua Futures, Yong'an Futures, and Ruida Futures saw declines of 27.8%, 13.46%, and 8.42% respectively [5]. Group 5: Shift to New Business Models - In light of sluggish growth in traditional business, new business areas are becoming focal points for futures companies seeking growth [6]. - Ruida Futures reported a strong performance in asset management, with revenue from this segment reaching 121 million yuan, a year-on-year increase of 223.83% [7]. - Nanhua Futures is focusing on international business, with significant growth in overseas brokerage and asset management, including a total client equity of 177.68 billion HKD and 3.376 billion HKD respectively, both showing year-on-year increases [7]. Group 6: Industry Trends and Regulations - The futures industry faces severe competition characterized by homogenization of traditional business, prompting companies to innovate and seek differentiated competitive advantages [8]. - The China Futures Association has recently proposed new regulations to address issues of unfair competition in the brokerage business, which is expected to improve the competitive environment and enhance service quality in the industry [8].

Core Viewpoint - The performance of A-share listed futures companies in the first half of the year shows significant divergence, with traditional brokerage business facing intense competition and innovative business becoming a key determinant of profitability [2][5][11]. Group 1: Revenue Performance - Four A-share listed futures companies have disclosed their semi-annual reports, revealing a notable decline in revenue for some due to changes in revenue recognition methods for trade-related businesses [1][2]. - Specifically, Yong'an Futures, Nanhua Futures, and Hongye Futures reported revenues of 5.557 billion, 1.101 billion, and 323 million yuan respectively, with year-on-year declines of 54.12%, 58.27%, and 68.64% [3]. - In contrast, Ruida Futures achieved a revenue of 1.047 billion yuan, marking a year-on-year increase of 4.49% [4]. Group 2: Profitability Analysis - Profitability among the four futures companies varied significantly, with Ruida Futures reporting a net profit of 228 million yuan, up 66.49% year-on-year; Nanhua Futures reported a net profit of 231 million yuan, up 0.46%; Yong'an Futures saw a decline in net profit to 170 million yuan, down 44.69%; while Hongye Futures turned to a loss of 3.61 million yuan, a decline of 128.17% [5]. - Overall, the futures industry experienced an increase in profitability, but individual company performances varied, with some achieving substantial gains in asset management business [5]. Group 3: Market Activity and Competition - The Chinese futures market saw a significant increase in activity in the first half of the year, with a total trading volume of 4.076 billion contracts and a total trading value of 339.73 trillion yuan, representing year-on-year growth of 17.82% and 20.68% respectively [6]. - Despite the growth in market size and overall trading volume, many futures companies did not see a corresponding increase in net income from fees and commissions, highlighting the intense competition in the industry [7]. Group 4: Interest Income and Client Equity - Interest income, a major component of brokerage business revenue, declined due to falling interest rates, with Hongye Futures experiencing the largest drop of 45.68% year-on-year, followed by Nanhua Futures, Yong'an Futures, and Ruida Futures with declines of 27.8%, 13.46%, and 8.42% respectively [8]. - Client equity sizes varied among the four listed futures companies, with Yong'an Futures reporting a decline of 15.47% to 39.775 billion yuan, while Nanhua Futures saw a growth of 6.1% to 27.347 billion yuan, and Ruida Futures reported a growth of 28.51% to 14.725 billion yuan [8]. Group 5: Business Transformation and Innovation - In light of sluggish growth in traditional business, futures companies are increasingly focusing on new business areas for growth, with Ruida Futures reporting significant profit growth driven by its asset management business, which generated 121 million yuan in revenue, up 223.83% year-on-year [10]. - Nanhua Futures is also focusing on international business, with its overseas brokerage client equity totaling 17.768 billion HKD, and its overseas asset management business reaching 3.376 billion HKD, both showing year-on-year growth [10]. - The industry is facing challenges from intense competition and the need for transformation, prompting some companies to seek differentiation and innovation to enhance competitiveness [11].

Core Viewpoint - The performance of A-share listed futures companies has been significantly impacted by changes in revenue recognition methods for trade-related businesses, leading to a notable decline in operating income for several firms [1][2]. Group 1: Financial Performance - As of the first half of this year, the operating revenues for Yong'an Futures, Nanhua Futures, and Hongye Futures were 5.557 billion, 1.101 billion, and 323 million yuan respectively, showing declines of 54.12%, 58.27%, and 68.64% year-on-year [2]. - In contrast, Ruida Futures achieved an operating revenue of 1.047 billion yuan, representing a year-on-year increase of 4.49% [2]. - Profitability varied significantly among the four companies, with Ruida Futures reporting a net profit of 228 million yuan, up 66.49% year-on-year, while Hongye Futures incurred a loss of 3.61 million yuan, a decline of 128.17% [2]. Group 2: Market Activity - The Chinese futures market saw increased activity in the first half of the year, with a total trading volume of 4.076 billion contracts and a total transaction value of 339.73 trillion yuan, reflecting year-on-year growth of 17.82% and 20.68% respectively [4]. - Despite the overall market growth, many futures companies did not see a corresponding increase in net income from fees and commissions, indicating intense competition within the industry [4]. Group 3: Revenue Sources - Interest income, a major component of futures brokerage revenue, has declined due to lower interest rates, with Hongye Futures experiencing the largest drop at 45.68% year-on-year [5]. - By the end of the first half, client equity for Yong'an Futures was 39.775 billion yuan, down 15.47% year-on-year, while Ruida Futures saw a 28.51% increase to 14.725 billion yuan [5]. Group 4: Business Transformation - In light of stagnant growth in traditional businesses, new business initiatives are becoming critical for futures companies. For instance, Ruida Futures reported a significant increase in asset management revenue, which grew by 223.83% year-on-year [6]. - Nanhua Futures is focusing on international business, with its overseas brokerage client equity reaching 17.768 billion HKD, a year-on-year increase of 32.25% [6]. Group 5: Industry Trends - The futures industry is facing severe competition characterized by homogenization of traditional services, prompting companies to seek innovative business models for growth [7]. - The China Futures Association has recently proposed new regulations to address unfair competition in the brokerage sector, which is expected to improve the competitive landscape and enhance service quality [7].

Core Insights - The overall performance of the futures industry in China has shown significant improvement in the first half of the year, with a total revenue of 18.68 billion yuan and a net profit of 5.07 billion yuan, marking a 32% increase compared to the same period last year [1][2] Group 1: Financial Performance - In June, 150 futures companies achieved a total revenue of 3.43 billion yuan and a net profit of 990 million yuan, both showing increases compared to previous months [1] - Monthly net profit from January to June for the 150 futures companies was as follows: 563 million yuan, 499 million yuan, 1.42 billion yuan, 785 million yuan, 820 million yuan, and 990 million yuan, with most months showing year-on-year growth [2] Group 2: Market Dynamics - The increase in net profit is attributed to several factors: a recovery in market trading, rising demand for risk management from real enterprises, favorable trends in certain commodity and financial futures, and the introduction of new futures and options products [2][3] - The total trading volume in the national futures market reached 4.08 billion contracts and a trading value of 339.73 trillion yuan in the first half of the year, representing year-on-year growth of 17.82% and 20.68% respectively [4] Group 3: Future Outlook - The futures industry is expected to continue its positive trajectory in the second half of the year, with a focus on business transformation and internationalization, as well as the development of risk management services [4][5] - There is an anticipation of improved competition dynamics in the brokerage business, with ongoing product and service innovations expected to attract more capital into the futures market [4][5]