Core Insights - The recent announcement by the Shanghai Futures Exchange regarding the results of the 2025 "Futures and Financial Derivatives" essay competition highlights the recognition of Donghai Futures' research capabilities, particularly for their work on the relationship between industrial product price differentials and macroeconomic cycles [1][3] Group 1: Research and Recognition - Donghai Futures won the second prize for their essay titled "Seeing the Subtle - Empirical Analysis Based on Industrial Product Price Differentials to Assist Macroeconomic Judgments," showcasing their in-depth research [1][3] - The award serves as a validation of Donghai Futures' ongoing efforts to explore the price discovery function of the futures market, which is essential for better risk management for real economy enterprises [3] Group 2: Economic Implications - The futures market is closely linked to the real economy, providing forward-looking indicators for future supply and demand conditions, which are crucial for observing economic cycles and analyzing structural changes [3] - The awarded research elaborates on the economic significance of various price ratios, including the rebar-asphalt ratio, gold-oil ratio, copper-oil ratio, and Shanghai-London ratio, and their roles in identifying economic cycles and informing economic policy [3]