The futures industry is completely different from the spot. Spot is actually a tradable commodity. Futures are mainly not commodities, but standardized tradable contracts with some bulk products such as cotton, soybeans and oil and financial assets such as stocks and bonds as the targets. Therefore, the subject matter can be commodities (such as gold, crude oil and agricultural products) or financial instruments.

Investors can invest or speculate in futures. Most people think that improper speculation in futures, such as short selling without goods, will lead to financial market turmoil, which is not correct. Going long and shorting at the same time is a healthy and normal trading market.

Since Zhengzhou Grain Wholesale Market opened in June 1990 and introduced the futures trading mechanism, China's futures market has experienced more than 20 years of development. In the past 20 years, China futures market has experienced four stages: initial formation stage, rectification stage, standardized development stage and financial futures stage.

However, compared with mature foreign futures companies, the profit model of China futures companies is relatively simple. At present, the main business is brokerage agency, and commission income is the main source of income for futures companies, while foreign futures companies have a wider business scope, with various business functions such as brokerage, asset management, self-support and financing, and diversified profit channels.

According to the data of "Analysis Report on Business Model and Investment Opportunity of China Futures Industry from 2065438+05 to 2020" issued by Prospective Industry Research Institute, the operating profit of domestic futures companies mainly consists of brokerage business profit (fee income minus operating expenses), other business profit (other business income minus other business expenses), interest income and expenditure (financial expenses) and investment income. In 2007-20 13, the brokerage fee income of China's futures companies accounted for more than 60% of the operating income, up to 93.80%. In 20 13 years, the commission income of the futures industry accounted for 67.11%of the operating income; The proportion of net profit to operating income has increased in recent years, reaching 19.27% in 20 13 years.

In 20 13 years, 156 futures companies, * * 125 companies made profits, accounting for 80. 13%, among which 3 companies exceeded 15%, with the highest ROE reaching 65438+. Among them, * * * 3 1 company suffered losses, and the lowest return on equity was -34.4438+0%. Overall, the profitability of the futures industry has declined.