ITG(SH:600755) Qi Huo Ri Bao·2025-08-18 12:03Core Viewpoint - The Shanghai Futures Exchange will launch futures and options for offset printing paper and other commodities on September 10, 2025, to provide risk management tools for the cultural paper market and enhance China's position in the global cultural paper industry [1][2]. Group 1: Market Needs and Industry Context - The introduction of offset printing paper futures and options aims to fill the gap in domestic cultural paper derivatives and provide precise tools for managing price volatility for companies in the cultural paper industry [2][3]. - China's paper industry is undergoing rapid upgrades, with an expected production of 9.48 million tons of offset printing paper and a consumption of 8.71 million tons in 2024, indicating a high demand for risk management tools due to complex market conditions [2][3]. Group 2: Contract Specifications - The offset printing paper futures contract will have a trading unit of 40 tons per lot, with a minimum price fluctuation of 2 RMB per ton and a daily price limit of ±4% based on the previous day's settlement price [4]. - The delivery method will combine warehouse and factory delivery to meet diverse downstream requirements, ensuring smooth delivery and reducing costs for enterprises [6]. Group 3: Risk Management and Market Efficiency - The introduction of futures will enhance the risk management framework for companies facing price volatility and long-term order pricing challenges, allowing for more flexible hedging strategies [3][6]. - The establishment of a transparent pricing benchmark through the futures market is expected to reflect the true supply and demand dynamics, improving overall market efficiency [2][3]. Group 4: Environmental Considerations - The delivery specifications for offset printing paper will prioritize environmentally friendly production practices, with a focus on suppliers recognized as "green factories" to promote sustainable development in the paper industry [7]. Group 5: Future Plans and Regulatory Measures - The Shanghai Futures Exchange will implement strict regulatory measures to ensure the smooth operation of the new products, including early identification and management of risks, and will engage in market promotion and investor education [8].