郑商所：四方面发挥期货市场功能

Core Viewpoint - The Chinese futures market has shown a steady recovery in 2025, with significant growth in total funds and increased participation from industrial clients, indicating a solid step towards high-quality development in the futures market [1][2]. Group 1: Market Performance - As of the end of July 2025, the total funds in the futures market reached approximately 1.82 trillion yuan, marking an 11.6% increase from the end of 2024 [1]. - The total client equity of futures companies was about 1.71 trillion yuan, which is an 11.2% increase compared to the end of 2024, with general corporate clients, including industrial clients, seeing an 18.5% growth [1]. Group 2: Product Development - A total of 152 futures and options products have been launched in China, covering key sectors such as agriculture, energy, chemicals, and finance, with Zhengzhou Commodity Exchange (ZCE) listing 47 products, over 80% of which were introduced after the 18th National Congress of the Communist Party [2]. - ZCE has developed multiple product segments, including polyester, coal chemicals, salt chemicals, oils and fats, soft commodities, and fruits, providing a comprehensive toolset for risk management for related industrial enterprises [2]. Group 3: Functionality and Innovation - ZCE has implemented various measures to enhance product functionality, such as improving contract rules, optimizing delivery layouts, activating near-month contracts, reducing trading costs, and innovating service models to better meet the actual needs of industries [2]. - Current futures prices for several products, including cotton and urea, have become important references for national macroeconomic policy formulation, with a significant percentage of key production enterprises utilizing the futures market for risk management [2].