文：南华期货董事长 罗旭峰 2025年中央经济工作会议的召开，为我们擘画了新一年的发展蓝图。坚持稳中求进工作总基调，要求我 们必须"立"起服务新质生产力的全新模式，"破"除同质化竞争的陈旧藩篱，以行业自身的高质量发展， 为中国经济的行稳致远保驾护航。当此历史交汇点，我们必须将思想和行动统一到中央的重大决策部署 上来，以发展新质生产力为核心引擎，加快推动一场深刻的服务创新变革，为"十五五"开好局贡献坚实 的期货力量。 立足新方位： 深刻领会战略意图，勇担金融服务实体时代使命 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"的功能与之天然契 合。我们必须超越传统通道服务的局限，将自身发展深度融入国家发展大局。 服务半径要从"重点企业"向"全产业链"拓展。风险管理需求已不再是大型企业的"专利"，而是覆盖跨国 公司、民营企业、大型国企乃至广大中小型企业的普遍刚需。我们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。 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 ...

Core Insights - The article discusses the achievements and future directions of China's futures market as it transitions from the "14th Five-Year Plan" to the "15th Five-Year Plan," emphasizing the need for high-quality development and alignment with national strategies [1][10]. Regulatory Framework - The regulatory framework of China's futures market has been significantly enhanced during the "14th Five-Year Plan," with the establishment of a comprehensive legal system that defines the market's role in serving the real economy [2]. - The China Securities Regulatory Commission and other departments have issued guidelines to strengthen regulation and prevent risks, ensuring a balance between innovation and systemic risk prevention [2]. Product Innovation - A total of 61 new futures and options products were launched during the "14th Five-Year Plan," covering key sectors such as agriculture, energy, chemicals, and metals, thereby enhancing the market's ability to serve the real economy [2]. - The innovation in product offerings has transformed futures tools from optional to essential for enterprises, providing diverse hedging options to meet various industry needs [2]. Shortcomings and Upgrading Directions - The futures market still faces challenges, including gaps in product structure, particularly in strategic areas like green electricity and carbon trading, which have yet to be fully developed [3]. - Regulatory collaboration is hindered by inefficiencies in data sharing and risk identification, which need to be improved to meet the requirements of comprehensive development and safety [3]. - The level of internationalization remains at a basic stage, with low participation from foreign investors despite the growth in the number of internationalized products [3]. Strategic Upgrades - The focus should shift from merely providing tools to empowering strategic initiatives, aligning product innovation with national priorities [4]. - A proactive risk management approach is necessary, moving from compliance-based regulation to risk prediction and early intervention [4]. - The market should transition from product openness to institutional openness, optimizing mechanisms for cross-border transactions and investor management [4]. Future Outlook - The "15th Five-Year Plan" will prioritize product innovation in strategic areas, particularly in supporting green and low-carbon transitions, such as the introduction of carbon trading futures [5]. - Enhancements in the financial derivatives system will include the development of foreign exchange futures and the expansion of stock index futures and options [5]. - The futures market should also focus on developing region-specific agricultural products and commodity index derivatives to meet diverse investor needs [6]. Risk Management - A modern risk management system is essential, integrating technology to enhance monitoring and response capabilities [7]. - The use of big data and AI in regulatory practices will improve the precision and efficiency of risk management [7]. - Establishing a regulatory sandbox for innovative financial products can balance innovation incentives with risk control [7]. High-Level Openness - The futures market should evolve from a one-way opening to a dual-direction integration, enhancing both inbound and outbound investment opportunities [8]. - Optimizing participation mechanisms for foreign investors and establishing cross-border clearing systems will facilitate greater international engagement [8]. - A comprehensive monitoring system for cross-border funds is necessary to ensure a balanced approach to openness and risk management [8]. Ecosystem Development - The development of the futures market should move from isolated growth to collaborative ecosystems, emphasizing technology integration and talent development [9]. - Building a digital delivery platform and enhancing transparency in transactions will strengthen market trust [9]. - There is a need for cultivating versatile talent capable of navigating the complexities of an open and innovative market environment [9].