地址：北京市朝阳区朝阳门外大街甲6号万通中心D座20层（100020） 总机：010-8535 6666 投资有风险，入市需谨慎。 本公司具备期货交易咨询业务资格，请务必阅读最后一页免责声明。 1. 国际贵金属期货收盘涨跌不一，COMEX 黄金期货跌 0.15%报 3399.60 美元/盎 司，COMEX 白银期货涨 0.40%报 37.94 美元/盎司。美国财长建议美联储 9 月降 息 50 个基点，强化宽松预期。德国经济景气指数回落，贸易紧张局势延续，市 场避险需求升温。 2. 库存增加需求疲弱油价承压，美油主力合约收跌 1.38%，报 63.08 美元/桶； 布伦特原油主力合约跌0.78%，报66.11美元/桶。国际油价下跌主要受美国API 原油库存意外增加影响，库存增加 151.9 万桶远超预期。 3. 伦敦基本金属多数上涨，LME 期铝涨 1.33%报 2622.50 美元/吨，LME 期铜涨 1.11%报 9840.00 美元/吨，LME 期锌涨 0.92%报 2848.00 美元/吨，LME 期铅涨 0.90%报 2016.00 美元/吨。 基本金属市场正等待更多宏观经济信号和产业数据 指引，短 ...

电力期货的研发和上市又有新进展！ 8月12日，广州市人民政府公开了《关于贯彻落实金融支持广州南沙深化面向世界的粤港澳全面合作的意见实 施方案》。 方案提出，将支持广州期货交易所积极研究电力期货，争取国家发改委、中国证监会等部门支持，探索适时推 出电力期货，并探索推出更多新能源期货品种。这一表述意味着广期所在能源品种布局上将再进一步，有望在 电力及新能源领域实现新突破。 适时推出电力期货 电力期货在国内期货市场中尚属空白品种，业内长期呼吁推出以服务电力现货市场改革和绿色能源交易需求。 广期所自成立以来，在绿色能源等方向动作频频，已先后推出工业硅、碳酸锂、多晶硅等与新能源产业链相关 的期货品种。 此次《实施方案》明确提出"探索适时推出电力期货"，不仅补齐国内能源衍生品的品种短板，也有助于为新能 源发电企业、电力用户提供价格风险管理工具，稳定长期购销合同价格预期。 在国际市场上，电力期货已发展多年，主要集中在美国、日本、欧洲等成熟电力现货市场。例如，美国芝加哥 商品交易所（CME）和洲际交易所（ICE）均有基于不同电力交易区域的期货合约，帮助发电商、电力零售 商和大型工业用户对冲电价波动风险。业界已基本达成共识，电 ...

Core Points - The Shenzhen Development and Reform Commission has officially initiated the pre-research bidding for the planning and construction of the Guangzhou-Shenzhen Second High-Speed Railway southern extension line, which is expected to enhance connectivity between Hong Kong and the mainland [1] - The Guangzhou-Shenzhen Second High-Speed Railway is part of the infrastructure connectivity plan approved by the National Development and Reform Commission in May 2020, aiming to create a new high-speed rail corridor from Shenzhen Airport to Guangzhou North Station [1][2] - The southern extension line is crucial for supporting the development of the Qianhai Cooperation Zone and promoting rail transit connectivity within the Guangdong-Hong Kong-Macao Greater Bay Area [1][5] Summary by Sections Project Overview - The Guangzhou-Shenzhen Second High-Speed Railway will connect Shenzhen Airport, Dongguan, Baiyun Airport, and Guangzhou North Station, linking to the Guangqing Yongzhou High-Speed Railway [1] - The specific route and station layout for the southern extension have not yet been defined [1] Historical Context - The project was prioritized as early as 2018 to address the growing demand for high-speed rail travel between the core urban areas of Guangzhou and Shenzhen [2] - The 2021 planning document confirmed the inclusion of the second high-speed rail corridor in national planning [5] Current Developments - The Guangdong Provincial Government has accelerated preliminary work on the second high-speed railway project, indicating progress towards its realization [5] - Existing rail connections between Guangzhou and Shenzhen, such as the Guangzhou-Shenzhen-Hong Kong High-Speed Railway and the Guangzhou-Shenzhen Railway, are insufficient to meet the increasing travel demand [6] Economic Impact - The new high-speed railway is projected to reduce commuting time between the two city centers to half an hour, significantly improving travel efficiency [6] - It will facilitate rapid connections between Guangzhou Baiyun Airport and Shenzhen Bao'an Airport, enhancing the competitiveness of the Greater Bay Area's airport resources [6]

Group 1 - The core viewpoint of the news is the implementation of a financial support plan for Nansha, aiming to enhance its role in the Guangdong-Hong Kong-Macao Greater Bay Area's high-quality development and establish it as a financial hub and innovation center [1][2][4] - The plan emphasizes the support for the Guangzhou Futures Exchange (GFEX) to actively research and potentially launch electricity futures, reflecting a growing demand for such financial instruments in the context of accelerating the electricity spot market [2][3] - The establishment of a commodity futures delivery center in Nansha is highlighted as a means to connect the futures and spot markets, providing effective risk management tools for regional manufacturing enterprises and enhancing the pricing power of Chinese commodities in Southeast Asia [7][8] Group 2 - The plan includes provisions for cross-border cooperation between GFEX and the Hong Kong Stock Exchange (HKEX), facilitating the participation of qualified foreign institutional investors in GFEX's futures trading [4][5] - There is a focus on developing a green finance framework, with suggestions to explore cross-border carbon futures and options, linking domestic carbon markets with international trading [6] - The construction of high-standard financial and futures industry parks in Nansha is aimed at attracting leading enterprises in finance and technology, fostering an influential industrial cluster in the Greater Bay Area [7][8]

《广州市国土空间总体规划（2021—2035年）》中规划的"广深高铁新通道" 两年后的2021年6月，广东省发改委在答复广东省人大代表相关建议时透露，广州至深圳第二高铁新通道已列入国家有关规划。2023年7月，广东省公共资源 交易平台发布"第二高铁东莞中心站城市设计、交通规划和城市更新统筹招标公告"，当中透露，广深第二高铁线路起自广州北站，经白云机场、鱼珠站、东 莞南城蛤地，引入深圳机场站，形成广深与东莞的快速直达通道。 深圳特区报消息，近日，深圳公共资源交易中心公告信息显示，深圳市发展和改革委正式启动广深第二高铁南延线规划建设方案预研招标，预计将与港深西 部铁路协同，进一步密切香港与内地的联系。 招标信息显示，广深第二高铁是2020年5月国家发改委批复的《粤港澳大湾区基础设施互联互通规划》中的高速铁路，起于深圳机场东站，经东莞中心区、 白云机场站至广州北站，向北衔接广清永州高铁，形成深圳北向和至西南地区的高铁新通道。 广深第二高铁南延线是支撑前海合作区发展、进一步促进粤港澳大湾区轨道交通互联互通的重要研究项目，目前暂未有相关规划明确线路南延具体走向和站 点布局。线路由机场东站往南引出，途经宝安、前海、南山至 ...

广州市人民政府等印发《关于贯彻落实金融支持广州南沙深化面向世界的粤港澳全面合作的意见实施方案》，其中提出，支持广州期货交易所积极研究电力期货，争取国家发展改革委、中国证监会等部门支持，探索适时推出电力期货。 ...

Group 1 - The Guangxi Futures Exchange is actively promoting the development and listing of new futures products, including platinum, palladium, and lithium hydroxide, with expectations for them to be launched this year [1][2] - Platinum and palladium are crucial materials in the new energy and high-tech manufacturing sectors, with their demand increasing significantly due to the rapid advancement of the global new energy vehicle and clean energy industries [1][2] - Platinum prices have surged over 50% this year, reaching over $1400 per ounce, while palladium prices have also increased by 41%, indicating a growing need for financial tools for risk management in these markets [1][2] Group 2 - Lithium hydroxide is a key raw material for new energy battery manufacturing, and its market is experiencing supply-demand imbalances, leading to increased price volatility and a pressing need for risk management tools [2] - The introduction of futures products for platinum, palladium, and lithium hydroxide is expected to fill market gaps, providing risk management tools for upstream and downstream enterprises, thereby enhancing their risk resilience and supporting stable industry development [2] - The development and listing of electricity futures are also under focus, with the Guangxi Futures Exchange emphasizing its commitment to serving green and low-carbon development [2][3]

Core Viewpoint - The Guangzhou Futures Exchange (GFEX) is actively promoting the development and listing of new futures products, including platinum, palladium, and lithium hydroxide, which are expected to be launched within this year [1][3][5]. Group 1: New Futures Products - GFEX is advancing the research and listing of platinum, palladium, and lithium hydroxide futures, with expectations for them to be available in 2023 [1][3]. - Platinum and palladium are crucial materials in the new energy and high-tech manufacturing sectors, with increasing demand due to the global push for clean energy and electric vehicles [4]. - Platinum prices have surged over 50% this year, reaching over $1400 per ounce, while palladium prices have increased by 41%, currently at $1283 per ounce [4]. Group 2: Lithium Hydroxide Market - Lithium hydroxide is essential for battery manufacturing, and its market is experiencing supply-demand imbalances, leading to increased price volatility [4]. - The price of battery-grade lithium hydroxide has risen by 2.41% this month, currently at 59466.67 yuan per ton [5]. - The introduction of futures for platinum, palladium, and lithium hydroxide will provide risk management tools for related industries, enhancing their resilience and contributing to a stable industrial chain [5]. Group 3: Electricity Futures Development - GFEX is also accelerating the development and listing of electricity futures, aiming to create an efficient bridge between the electricity industry and the futures market [2][6]. - Electricity futures are a common financial product in mature international electricity markets, and their introduction in China is seen as a significant enhancement to the electricity market [7]. - The electricity futures will help stabilize operations for electricity producers and consumers, allowing them to lock in future revenues and costs, thereby injecting financial strength into the national unified electricity market [7].

Core Viewpoint - The construction of a national unified market is a strategic deployment by the Central Committee of the Communist Party of China, aimed at breaking through the challenges posed by globalization and enhancing the socialist market economy [1] Group 1: Role of Futures Market - The futures market serves as a core component of the modern financial system, facilitating price discovery, risk management, and resource allocation, which are essential for the construction of a national unified market [1] - The futures market can provide pricing benchmarks for major commodities, helping to eliminate regional barriers and create a unified market expectation [2][3] - The authority of futures prices can guide resource flow to more efficient regions, enhancing the national production and circulation network [2] Group 2: Enhancing Market Resilience - The futures market offers risk management tools that stabilize industrial chains and enhance market resilience, allowing companies to hedge against price fluctuations [4] - Companies can lock in costs and revenues through futures contracts, ensuring supply chain stability and reducing regional shortages or surpluses [4] - The application of futures tools fosters collaboration among upstream and downstream enterprises, improving overall efficiency in the industrial chain [5] Group 3: Optimizing Resource Allocation - The futures market guides the flow of capital, technology, and data to high-value sectors, promoting a transition from low-level expansion to high-quality development [6] - The market's investment attractiveness directs social capital towards efficient industries, reducing resource misallocation [6] - The integration of standardization and digital transformation in the futures market supports the construction of a national unified market [6] Group 4: Institutional Innovation - The development of the futures market must align with the institutional design of the national unified market, providing a model for market governance [7] - The standardization of futures market practices can accelerate the integration of market rules nationwide, reducing local protectionism [7] - The futures market is becoming a testing ground for aligning domestic and international regulatory frameworks, facilitating the integration of global value chains [7] Group 5: Future Directions - The futures market can further enhance its role in the national unified market by developing strategic product systems and promoting innovative futures products [10] - The "insurance + futures" model can bridge the gap between urban and rural market participation, enhancing the resilience of small farmers [11] - Strengthening cross-regional regulatory collaboration and establishing a unified risk prevention network are essential for market stability [12] - Promoting the dual opening of the futures market and aligning with international rules can enhance the global influence of Chinese pricing [12]

Macro Dynamics - The People's Bank of China and the Ministry of Agriculture and Rural Affairs issued an opinion to expand merger and acquisition loan scales to support market-oriented mergers and reorganizations of leading agricultural technology enterprises [1] - The focus is on enhancing financial services for agricultural innovation, including long-term, low-cost R&D loans and differentiated credit assessment systems for technology innovation enterprises in agriculture [1] Financial Institutions - The first batch of 26 new floating rate funds has been established, raising over 25.8 billion yuan, with the largest fund raising 2.08 billion yuan [7] - Zheshang Securities reported a 18.60% year-on-year decline in revenue for the first half of 2025, while net profit increased by 46.54% [8] Market Data - The Shanghai Composite Index rose by 0.65%, surpassing 3600 points, with strong performances in sectors like Hainan Free Trade Port and rare metals [9] - The total margin financing balance increased by 2.647 billion yuan, reaching 19.16 billion yuan across both exchanges [10] Company Dynamics - Tmall Supermarket, in collaboration with the Zhejiang Provincial Department of Commerce, launched a 50 million yuan consumption coupon initiative, attracting over 700 million visits on the first day [13] - Huawei launched a new tablet, the HUAWEI MatePad Pro 12.2 inches, featuring HarmonyOS 5 and supporting various AI functionalities [14]