With the growth of China's futures industry, China's futures companies have formed three business models: first, traditional professional futures companies, mainly concentrated in their provinces or regions, with high market share, good market reputation and industry visibility, are the leading futures companies in their provinces or regions. Second, large spot institutions also run futures business. These companies have a certain commodity trading background and are usually in close contact with spot producers and traders of this variety. These companies have professional advantages and information advantages in production, warehousing, transportation and trade, with a large transaction volume. Third, the brokerage department is a futures company, born out of the introduction of financial futures, and its main advantages are concentrated in financial resources, customer resources and research and development.

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In the medium term (25.40 +2.05%, buying), China holds about 20% of international futures, and the volume and amount of international futures transactions rank among the top in the industry, accounting for 258% of profit contribution. The company intends to purchase 80% equity of international futures from seven counterparties, including Interim Group, through non-public offering of shares. However, due to the shrinking main business, the demand for transformation is still strong, and it is recommended to continue to pay attention to the company's dynamics. Hongye (13.97 -3.66%, buy) holds the equity of Hongye Futures 16%, and the profit contribution ratio is 20%. Xiamen Guo Mao (7.02 -5.0 1%, buy) holds 0/00% equity of Guo Mao futures, and its net interest rate contributes about 4%. Real estate Zhong Da (12.40-1.59%, buy) holds 95% equity of Zhejiang Zhong Da Futures, and its net profit contributes about 2%.

In the short term, the hot futures market has ignited the investment enthusiasm of futures stocks.

The futures market is booming and futures stocks are highly sought after. China, Hongye and Xiamen International Trade went against the trend. In fact, the popularity of futures trading has limited contribution to the profits of futures companies. As far as the transaction fee rate is concerned, it is only 0. 1 1. As far as the income structure of futures companies is concerned, the contribution ratio of commission income has been declining, which is about 50% at present, while interest income, asset management income and other income from margin have gradually increased. As far as the futures market share is concerned, the futures market is scattered and the competition is fierce. Therefore, the contribution of short-term hot trading volume to the profits of futures companies may be lower than expected.