Futures delivery: there are generally two ways to close futures trading (that is, close futures), one is to hedge the position; The second is physical delivery. Physical delivery is to fulfill the responsibility of futures trading through physical delivery. Therefore, futures delivery refers to the behavior of buyers and sellers of futures trading to make physical delivery of their respective expired open contracts in accordance with the provisions of the exchange when the contracts expire and end their futures trading. Physical delivery accounts for a small proportion of the total futures contracts. However, it is the existence of the physical delivery mechanism that makes the futures price change synchronous with the related spot price change, and gradually approaches with the approaching of the contract expiration date. In essence, physical delivery is a kind of spot trading behavior, but it is the continuation of futures trading, at the junction of futures market and spot market, and it is the bridge and link between futures market and spot market. Therefore, physical delivery in futures trading is the basis of the existence of futures market and the root of its two major economic functions.

Futures is the financial innovation and reform of futures market and industry, which goes hand in hand in many aspects such as regulatory system reform, product expansion and business innovation. In the aspect of supervision system reform, it is mainly to promote the reform of charging, hedging, arbitrage, margin and position limit in futures market to improve market efficiency; In terms of product innovation, close to the needs of agriculture, countryside and farmers, develop more securities and futures products for agriculture and farmers, and develop financial products such as treasury bonds futures and stock options; In terms of business innovation, the CSRC supports the business innovation of futures companies, promotes the pilot of overseas brokerage business and customer asset management, promotes the pilot of specialized futures investment funds, and supports qualified futures companies to issue shares.

The golden section refers to the point where a line segment is divided into two parts, so that the ratio of the length of the original line segment to the longer part is the golden section. There are two such points on the line segment. The principle of the golden section is that the formula of the golden section can be deduced from a square. Divide the bottom of the square into two halves, take the midpoint X, make a circle with X as the center and line XY as the radius, and the intersection with the bottom is

Z point, thus expanding the square into a rectangle with a ratio of 5: 8, (Y' point is the "golden section point"), a: c = b: a = 5: 8. Fortunately, the ratio of 35MM film format is very close to this ratio of 5: 8 (24: 36 = 5: 7.5).

Let's give a simple example: there are many kinds of leaves in plants. Although the shape of leaves varies from species to species, its arrangement order on the stem (called leaf order) is very regular. Or human bones are also formed in the golden ratio.

The two cannot be confused, depending on the turmoil in the financial market.

I'm just a junior high school student. Please look at me if there is anything wrong. (See Da Vinci Code and Baidu Encyclopedia)