Core Viewpoint - The article highlights the progress made in achieving China's "dual carbon" goals over the past five years, emphasizing the significant advancements in renewable energy capacity and the acceleration of low-carbon industrial processes [1] Energy Sector - China's cumulative installed capacity for wind and solar power has reached 1.68 billion kilowatts, more than three times the capacity in 2020, achieving the international commitment six years ahead of schedule [1] - Energy is identified as a critical area for advancing carbon peak and carbon neutrality goals, underscoring its importance in the national economy [1] Economic Transformation - From 2021 to 2024, the cumulative decline rate of energy consumption per unit of GDP is projected to be 11.6%, meeting the progress requirements of the 14th Five-Year Plan [1] - The "three new" economy, which includes new industries, new business formats, and new models, accounts for over 18% of GDP [1] Industrial Development - The process of industrial low-carbonization is accelerating, with over 150 million tons of outdated steel production capacity eliminated [1] - By the end of 2024, a total of 6,430 national-level green factories will be cultivated, contributing approximately 20% to the total output value of the manufacturing industry [1] - There are 491 green industrial parks at the national level, with energy consumption per unit of industrial added value being only two-thirds of the national average [1] - In the first half of this year, the added value of high-tech manufacturing accounted for 16.4% of the total industrial output above designated size [1]

在"双碳"目标引领下，上期所以绿色品种创新为抓手，聚焦再生资源与传统产业绿色升级需求，推出铸 造铝合金期货及期权、胶版印刷纸期货及期权等标志性产品，为铝产业、造纸产业低碳转型搭建起专业 化风险管理平台，同时持续推动原有期货品种的低碳化发展，为实体经济注入绿色金融动能。 激活铝产业循环经济 作为铝工业大国，我国已建成"铝土矿—氧化铝—电解铝—铝加工—铝应用—再生铝"的完整产业链。随 着我国铝积蓄量逐年增加，相关机构预计2025年废铝资源为1177万吨。铸造铝合金作为全球铝工业低碳 转型的重要产品，在我国同样发展迅速。中国有色金属工业协会数据显示，2024年，我国铸造铝合金 （再生）产能约为1300万吨，产量约为620万吨，表观消费量约为673万吨。我国已成为全球最大的铸造 铝合金生产国和消费国。 作为废铝循环利用的核心途径，铸造铝合金的绿色属性尤为突出。中国有色金属工业协会数据显示，生 产1吨铸造铝合金的碳排放量仅为火电电解铝的3.6%，可节约3.4吨标准煤与22吨水，顺应《铝产业高质 量发展实施方案（2025—2027年）》中"再生铝产量在1500万吨以上"的低碳发展目标。 然而，近年来，废铝等原材料价格逐渐 ...

Group 1 - The core point of the article is the registration of the first batch of casting aluminum alloy futures standard warehouse receipts by Guoyuan Investment Management (Shanghai) Co., Ltd., a subsidiary of Guoyuan Futures, which consists of 13 receipts totaling 390 tons, accounting for 10% of the national first batch of warehouse receipts [1] - The casting aluminum alloy is identified as a key material in the automotive lightweighting and high-end equipment manufacturing sectors, highlighting its significance in the industry [1] - The listing of casting aluminum alloy futures is expected to enhance the futures product system of the aluminum industry chain and support the green and low-carbon transformation of China's non-ferrous metal industry [1] Group 2 - Guoyuan Futures conducted the delivery report for the warehouse receipts, which were inspected by Zhejiang Jianfeng Supply Chain Co., Ltd. and approved by the Shanghai Futures Exchange [1] - The Anhui region is noted for its active development of the new energy vehicle industry, attracting numerous main engine manufacturers and parts companies [1]

Core Insights - The Chinese capital market has achieved steady quantitative growth and effective qualitative improvement during the "14th Five-Year Plan" period, laying a solid foundation for high-quality development in the "15th Five-Year Plan" [1] Market Development - The regulatory framework has been significantly enhanced, with the establishment of a comprehensive legal system for the capital market, including the implementation of the Futures and Derivatives Law and Private Fund Supervision Regulations [3] - The A-share market's total market value surpassed 100 trillion yuan for the first time in August, indicating a more complete multi-level and widely covered market system [3] - The market for public REITs, Sci-Tech bonds, and asset securitization has accelerated, with a total of 157 futures and options products covering major sectors of the national economy [3] Investment and Financing Coordination - The capital market has increasingly supported technological innovation, with the market capitalization of the A-share technology sector exceeding 25% [4] - Over the past five years, listed companies have returned a total of 10.6 trillion yuan to investors through dividends and buybacks, representing an increase of over 80% compared to the "13th Five-Year Plan" [4] Risk Management and Regulation - The A-share market's resilience and risk resistance have improved, with the annualized volatility of the Shanghai Composite Index decreasing by 2.8 percentage points to 15.9% [5] - The regulatory environment has become more transparent, with a significant increase in administrative penalties for financial fraud and market manipulation, totaling 2,214 cases and 41.4 billion yuan in fines [5] Reform and Opening-up - The reform to attract long-term capital has shown significant results, with various types of long-term funds holding approximately 21.4 trillion yuan of A-share market value, a 32% increase from the end of the "13th Five-Year Plan" [6] - The stock issuance registration system has been fully implemented, and the mechanisms for promoting high-quality development of listed companies have been continuously improved [7] Future Outlook - The China Securities Regulatory Commission (CSRC) aims to enhance the adaptability and inclusiveness of the capital market, supporting high-quality enterprises across various sectors [10] - There is a focus on increasing the role of long-term funds as stabilizers in the market, encouraging more global capital to invest in China [11] - Continuous efforts will be made to improve the quality and investment value of listed companies, ensuring a stable and vibrant market foundation [12]

近日，国家标准化管理委员会发布《硅多晶和锗单位产品能源消耗限额》等3项强制性国家标准（征求 意见稿），对多晶硅单位产品能耗标准进行修订，分别设定一级、二级、三级能耗限值为≤5kgce/kg、 5.5kgce/kg、6.4kgce/kg，对应三氯氢硅法约40.7kWh/kg-Si、48.8kWh/kg-Si、52.1kWh/kg-Si。 对此，中国有色金属工业协会硅业分会发文称，该标准正式实施后，多晶硅单位产品能耗不达基准值要 求（6.4kgce/kg）的企业将被限期整改，逾期未改或整改后未达准入值（5.5kgce/kg）的企业将被关停。 根据初步统计，现有产能结构有序调整后，国内多晶硅有效产能将降至约240万吨/年，较2024年底下降 16.4%，与已建成的装置产能相比减少31.4%。 同时，当前"反内卷"预期仍在，市场情绪有所反复。"前期，市场关于'反内卷'的消息较多，包括产能出 清、收储等问题都已在盘面有所定价，且当前价格已经给予了企业较为可观的生产利润，因此价格上行 空间较为有限。"李祥英认为，尽管当前光伏行业仍未有实质性政策落地，但能耗新标准的发布，也从 侧面说明了多晶硅产能出清并非短期之事，而会是一 ...

潘功胜表示，中国的货币政策坚持以我为主，兼顾内外均衡。当前中国的货币政策立场是支持性的，实 施适度宽松的货币政策，这一政策立场为我国经济的持续回升向好和金融市场的稳定运行创造了良好的 货币金融环境。 期货日报记者网讯9月22日，国务院新闻办公室举行"高质量完成'十四五'规划"系列主题新闻发布会， 介绍"十四五"时期金融业发展成就。会上，中国人民银行行长潘功胜就美联储降息后我国下一步的货币 政策如何考虑进行了回应。他表示，几天前，美联储降息，全球金融市场对美联储这次降息有充分预 期，市场反应相对平稳。美元指数基本维持在97的区间附近，国际资本市场总体上行，大宗商品市场振 荡下行，我国股、债、汇市场保持平稳运行。 "根据宏观经济的数据判断，确定是不是要作出货币政策调整，在方法论上，国际很多央行是相同 的。"潘功胜表示，我们也是如此，根据宏观经济运行情况和形势变化，综合运用多种货币政策工具， 保证流动性充裕，促进社会综合融资成本下降，支持提振消费、扩大有效投资，巩固和增强经济回升向 好态势，维护金融市场的稳定运行，保持人民币汇率在合理均衡水平上的基本稳定。 ...

期货日报网讯(记者曲德辉见习记者肖佳煊)中国人民银行授权全国银行间同业拆借中心公布，2025年9 月22日贷款市场报价利率(LPR)为：1年期LPR为3.0%，5年期以上LPR为3.5%。均与前值持平。以上 LPR在下一次发布LPR之前有效。 商业银行净息差仍处低位，缺乏主动下调LPR报价加点的动力。招联首席研究员董希淼认为，2025年二 季度末商业银行净息差已降至1.42%，较去年四季度末下降了10个基点。若LPR下降过快，银行息差加 快收窄，不利于保持银行体系稳健性和服务实体经济持续性。 消息面上，9月19日，中国人民银行公开市场业务公告称，各公开市场业务一级交易商：为保持银行体 系流动性充裕，更好满足不同参与机构差异化资金需求，即日起，公开市场14天期逆回购操作调整为固 定数量、利率招标、多重价位中标，操作时间和规模将根据流动性管理需要确定。 东方金诚首席宏观分析师王青表示，9月以来政策利率(央行7天逆回购利率)保持稳定，意味着当月LPR 的定价基础没有发生变化，已在很大程度上预示9月LPR会保持不动。 往后看，LPR仍有下行空间。董希淼表示，未来一段时间LPR的变动需要兼顾短期与长期、内部与外部 等因 ...

距离调价窗口开启还有1个工作日，卓创资讯预计，地缘扰动虽有支撑，但美国石油需求转淡以及全球 油市供应过剩前景，将持续施压，油价存在趋弱可能，因此，本轮（9月23日24时）国内成品油调价搁 浅概率较大。 本计价周期以来（2025年9月9日24时至2025年9月23日24时），国际原油价格呈偏强区间波动，受此影 响，国内参考的原油变化率由负转正但低位运行，第9个工作日计算后的调整幅度在25元/吨，未达国家 发改委50元/吨的调价红线。距离调价窗口还有一个工作日，预计明日（9月23日）24时，国内成品油调 价搁浅概率较大。 本计价周期内，国际原油整体呈现震荡偏强走势，均价水平稍有上移。虽然欧佩克+会议决定10月份继 续增产，且美国石油库存增加，市场对于供应过剩压力预期依然较高，导致国际油价冲高乏力，但由于 期间中东地缘冲突再起，引发国际原油阶段反弹走高，从整体看本周期原油价格呈现震荡上涨走势，国 内参考的原油变化率由负转正但保持正值低位运行。据卓创资讯测算，截至9月19日收盘，国内第9个工 作日参考原油变化率0.59%，预计汽柴油上调25元/吨，未达成品油零售限价50元/吨的调价红线。 若本次调价以搁浅落地，成品油 ...

Core Viewpoint - The current pig industry is facing a dilemma of high production capacity and low prices, prompting discussions on capacity regulation and market outlook at a recent industry seminar [1][3]. Group 1: Industry Challenges - The pig industry is caught in a "production-loss" cycle, with high sow productivity and improved farming efficiency leading to oversupply and sustained pressure on prices [3]. - Despite efforts to reduce market supply through measures like lowering slaughter weights, the overall goal of capacity reduction has not been achieved due to high breeding sow inventory and quick recovery of production by large enterprises after cutbacks [3]. Group 2: Risk Management Strategies - Many leading companies plan to maintain current production levels and utilize hedging strategies to manage market risks and lock in profits, indicating a shift towards using financial derivatives for risk management [3][4]. - Companies like Guangxi Shennong emphasize a balanced approach to hedging, focusing on risk prevention while maintaining competitive advantage, viewing hedging as a long-term strategic tool rather than mere speculation [4]. Group 3: Market Outlook - Industry representatives predict that the domestic pig market will exhibit new characteristics, including improved disease prevention capabilities post-African swine fever, a likely long-term saturation of production capacity, and a potential reduction in the amplitude of price fluctuations [5]. - The cyclical nature of the pig market is expected to persist, but future cycles may be shorter compared to the historical average of four years, with factors like hoarding and secondary fattening potentially causing price volatility [5].

Group 1 - The conference focused on the core raw materials of the new energy sector, including polysilicon and lithium carbonate, and aimed to explore new models of integration between futures and spot markets, as well as innovations in green financial tools [1][5] - Industry experts from various associations and companies provided insights on the outlook of the polysilicon industry, the lithium carbonate market, and the integration strategies of new energy futures and options [1][3] - The event served as a high-level dialogue platform for upstream and downstream enterprises, promoting consensus and resource sharing within the new energy sector [5] Group 2 - The chairman of Galaxy Futures highlighted that China's new energy industry has established a complete layout from basic raw materials to core industrial chains, positioning it as a global leader in scale, technological innovation, and market share [3] - Galaxy Futures aims to integrate its development with the strategic layout of the new energy industry, emphasizing the importance of financial services in supporting sustainable energy development [3][5] - Participants agreed that the deep integration of financial tools with actual industry needs will inject new momentum into the sustainable development of the sector [5]