期货行业应"以合规为基，以创新为翼" 9月12日，中国证监会发布修订后的《期货公司分类评价规定》（下称《规定》）。《规定》的出台， 旨在引导期货行业转向高质量发展。《规定》在指标设计上显著强化了对服务产业客户、服务国家战略 目标的引导。本次修订将标题由《期货公司分类监管规定》调整为《期货公司分类评价规定》，标志着 监管核心从刚性的外部约束转向科学的综合评价与正向激励，其目的是推动期货公司由"被动守规"的底 线思维转变为"主动争优"的价值创造思维，将监管要求内化为提升综合竞争力的自觉行动。 扣分机制更清晰、更合理。《规定》明确了扣分原则上以生效的监管措施等法律文件为依据，减少了主 观判断空间，使扣分标准更加客观、透明。同时，消除了重复扣分的情形，对于因同一违规事项分别对 期货公司和人员采取监管措施的，《规定》将"择其重者扣分"，而非叠加扣分。此外，还合理设置了扣 分梯度，并根据监管措施的轻重程度赋予不同分值。这些调整使得合规监管的标准更为统一，减轻了期 货公司的合规负担。 《规定》对加分体系进行了结构性重塑。其中，突出服务实体经济本源，显著增强了服务实体经济能力 的指标权重，特别是新增了"产业客户日均持仓"指标 ...

期货公司行业正在经历一次深度"体检"。9月12日，证监会正式发布了新版《期货公司分类评价规 定》，明确从2025年起实施。 净利润（这一项没变） 经纪业务净收入 期货交易咨询业务净收入 做市、衍生品交易业务指标 资管产品日均持仓保证金 这份新规不仅更名了，还彻底重构了评分体系，目的是为了更科学地衡量一家期货公司的综合实力。 过去大家可能更看重规模和利润，现在监管层更关注你是否真的在为实体经济服务，是否具备持续发展 的核心竞争力。 评分新逻辑，不再一刀切 这次新规最大的变化，就是把评分标准分得更细、更明确了。原来"市场竞争力"是一个大项，现在被细 化成三大类、9个小项，具体包括： 扣分规则更合理，加分项目更有导向 新规还对"扣分"机制做了优化。过去一个违规行为可能导致公司和高管都被扣分，但现在明确：不重复 扣分，只扣最重的一项。这样避免了"连坐式"处罚，让评分更加公平。 同时还新增了一项：如果期货公司的控股股东或实控人违规，这也会影响公司评分。目的就是把监管压 力传导到公司背后的"大人物"，让他们也必须合规守法。 而在加分方面，新规更注重"服务实体经济"的能力。例如： 增加"产业客户日均持仓"这一指标、调整"机 ...

Core Insights - Domestic futures companies are actively responding to market changes and policy requirements by accelerating international business strategies and risk management adjustments, aiming to build unique competitive advantages [1] - The futures and derivatives market plays an irreplaceable role in stabilizing enterprise operations and promoting high-quality development of the real economy [1] Group 1: Industry Trends - Futures companies in China are steadily transforming into comprehensive derivative service providers, entering a new phase of cooperation between spot and futures markets [2] - The role of risk management subsidiaries is becoming increasingly important in providing flexible and diverse services to industrial enterprises [2] Group 2: Risk Management Services - Risk management subsidiaries can offer comprehensive services for "going global" enterprises, including cross-border brokerage, OTC derivatives, risk management collaboration, and market-making services [3] - Specific examples include using OTC products for hedging commodity price fluctuations, such as utilizing CBOT soybean futures for pricing and settlement [3] Group 3: Financial Management - As futures companies expand their business scope, there is a pressing need to enhance financial processing capabilities to meet business development requirements [5] - Risk management subsidiaries must adhere to relevant accounting standards and guidelines, ensuring proper accounting recognition and measurement based on the nature of the business [5][6] Group 4: Regulatory Developments - The 2023 draft of the "Futures Company Supervision and Management Measures" allows futures companies to engage in new businesses such as margin financing and derivative trading [6] - Training sessions have provided insights into regulatory policies and financial processing points, aiding futures companies in strategic transformation and business structure adjustments [7]

Group 1 - The core point of the article is that Lutai Textile Co., Ltd. plans to engage in derivative trading to mitigate risks associated with exchange rate and interest rate fluctuations, with a total amount not exceeding 72,356 million USD during the period from July 1, 2025, to June 30, 2026 [1][3] - On May 23, 2023, Lutai A's stock closed at 6.29 yuan, down 1.26%, with a turnover rate of 0.93% and a trading volume of 54,500 shares, amounting to a transaction value of 34.62 million yuan [1] - The capital flow on May 23 showed a net outflow of 4.38 million yuan from main funds and 0.76 million yuan from speculative funds, while retail investors experienced a net inflow of 5.14 million yuan [1][3] Group 2 - The company has developed a feasibility analysis report for its derivative trading plan, which aims to address risks arising from its foreign sales primarily denominated in USD and operations in various currencies [1] - The company will utilize financial instruments such as forwards, futures, swaps, and options to manage these risks, and has established a management system for securities investment and derivative trading [1] - The company believes that this business is necessary and feasible, as it can reduce exchange losses, control operational risks, and enhance financial stability [1]