With the acceleration of China's market opening and the improvement of internationalization, the external business environment of enterprises is becoming more and more complicated, and the competition between industries and enterprises is gradually escalating. In particular, the risk industries with advanced forms of market economy such as futures and securities are facing more brutal competition, and their performance rankings are often changeable. During the rapid development of China futures industry in recent two years, there are many discussions about the core competitiveness of futures companies in the industry, among which there are many insights. During the ten-year development of Datong Futures, from small local companies to large national companies, I deeply feel that the core competitiveness of different futures companies has different contents, and the core competitiveness of the same company is also a dynamic concept. At different time points, its connotation and requirements are different, and the long-term success of enterprises must rely on the constantly updated core competitiveness. Although theoretical research can divide the core competitiveness of enterprises with different contents into academic concepts such as innovation ability, strategic decision-making ability, corporate reputation and management ability, and can also be quantified as market share, anti-risk ability, R&D ability, asset profitability and corporate goodwill, as operators of futures companies, we are more concerned about the actual content behind these dazzling concepts and indicators. Core competitiveness is actually a concept corresponding to basic competitiveness. The basic competitiveness of futures companies refers to the ability of futures companies to perform their most basic "trading runway" functions and maintain the safety of customers' deposits. The former mainly refers to the rapidity, convenience and troubleshooting ability of the trading system and the convenience of customer funds settlement, access and transfer; The latter refers to the risk control ability and risk tolerance of futures companies, which can be measured by registered capital, solvency and other indicators. The risks of futures companies are divided into management risks and trading risks. Management risk is mainly formed in contract text management, seal management and optimization management of hardware and other business environments, which is closely related to the internal control system of enterprises. The characteristics of the futures industry determine that the risks of futures companies come more from trading risks, that is, futures companies prompt and control the trading risks of customers, which in turn depends on the company's service level to a great extent. Therefore, the basic competitiveness is the most fundamental requirement of the futures industry for futures companies. The core competitiveness of futures companies should be based on basic competitiveness, and the core ability to attract customer resources is the ability to maintain sustainable development, which is different from other companies and is reflected in the operation based on the company's essential resources. In short, the core of a futures company is the customer, and the core competitiveness of a futures company is the ability to win the favor of customers. When Datong Futures was still a small regional company in Northeast China, the core competitiveness of the company was "being familiar with the spot market in Northeast agricultural products producing areas, having the research and development ability to provide comprehensive spot information for local agricultural enterprises and provide hedging schemes for spot production enterprises such as farms". When Datong Futures develops into a large-scale futures company with business outlets all over the country, the core competitiveness of the enterprise is not only based on the superior resources of the producing areas, but also the unique advantage of the company's "foothold in the northeast, facing the whole country, playing a bridge between the producing areas and the sales areas and communicating the north and the south". At present, the competition among futures companies in the domestic futures market is still homogeneous and low-level. However, in the increasingly international financial market, it has become a market choice for enterprises to establish their positioning in differentiated competition according to their own resource advantages. However, due to the restrictions of external laws and regulations, the competitive positioning strategy of enterprises in the competition is greatly limited, and the low-level redundant construction in the industry is also very serious. The fundamental way to break through the restrictions of laws and regulations and realize the differentiated competitive strategy of futures companies lies in "financial innovation". Looking back at the history of the international futures market, we can find that the motivation of "financial innovation" is not from the needs of "competition" in the industry to a large extent, but to break through the restrictions of "law". The fundamental way out for the development of China's futures industry and futures companies can only come from "financial innovation". "Financial innovation" includes two aspects: technological innovation and institutional innovation. No matter what kind of innovation, its ultimate goal is to improve the service level to customers and meet their multi-level needs. However, customers do not care about the company's technological innovation and institutional innovation, but directly face the company's products. Therefore, as the institutional innovation and technological innovation of the company's internal management, if they want to provide services to customers directly, they must achieve it through the medium of the company's "products", and what customers see and experience is also the innovation of the company's "products". The futures industry is essentially a "financial service industry", and the products provided by futures companies are also "financial service products", which are invisible and intangible. Whether futures companies build a "big financial integration service platform" with other financial institutions through technological innovation or "one-stop hedging service" with spot enterprises through institutional innovation, the market can regard it as a product launched by the company. Whether the products provided by the company through "financial innovation" are successful, that is, whether the products can be recognized by customers, depends on the following two aspects: first, the degree to which the products themselves meet the needs of customers, that is, the quality of the products; The second is the marketing level and strength of the "service products" launched by the company. In short, the "core competitiveness" of futures companies can be regarded as the ability to win customers' favor through differentiated management and product innovation and product marketing as the main means. This ability is the organic integration and high integration of various skills, assets and operating mechanisms. It is based on the development of modern management theory and conforms to the latest understanding of a series of basic concepts such as organization, environment, people, system, competition, reform, products and services in modern management. 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