证监会同意胶版印刷纸期货及期权等注册

Core Viewpoint - The China Securities Regulatory Commission (CSRC) has approved the launch of futures and options for coated printing paper, fuel oil, asphalt, and pulp at the Shanghai Futures Exchange (SHFE), marking the introduction of the world's first financial derivatives for cultural paper, which will enhance the product system of SHFE [1] Group 1: Market Context - The domestic and international market environment is complex and variable, leading to significant revenue growth pressure on China's paper industry, which has a high demand for risk hedging [1] - The introduction of coated printing paper futures and options will fill the gap in domestic financial derivatives for cultural paper, providing tools for enterprises in the cultural paper industry chain to manage price volatility risks effectively [1] Group 2: Industry Characteristics - The paper industry has strong circular economy characteristics, with a complete system for renewable raw materials, recyclable products, and recoverable waste already established in China [1] - The listing of coated printing paper futures and options will guide the industry to fully implement the green circular development concept through contract arrangements such as delivery grade selection and brand access certification [1] Group 3: Risk Management Tools - Fuel oil, asphalt, and pulp futures have gradually become important tools for enterprises to hedge risks, characterized by good market liquidity, contract continuity, and a mature investor structure [1] - The further introduction of options products will allow enterprises to use futures and options tools simultaneously for more refined hedging, thereby effectively enhancing their risk management capabilities [1]