上海证券报｜胶版印刷纸期货及期权上市在即 推动造纸产业绿色低碳转型

Core Viewpoint - The China Securities Regulatory Commission has approved the launch of futures and options for coated printing paper, marking the introduction of the world's first financial derivatives for cultural paper, which will enhance risk management tools for the paper industry [2][3]. Group 1: Market Context - The coated printing paper market in China is nearly 50 billion yuan, with the introduction of futures and options aligning with the core needs of industry chain enterprises to hedge against price fluctuations and secure operating profits [3]. - China is the largest producer and consumer of coated printing paper globally, with a projected production of 9.48 million tons and apparent consumption of 8.71 million tons in 2024 [2]. Group 2: Industry Dynamics - The paper industry faces significant revenue growth pressures due to complex domestic and international market conditions, increasing the demand for risk management tools [2][3]. - The introduction of futures and options will create a "pulp-paper" integrated risk management chain, assisting companies in managing raw material cost fluctuations and uncertainties in finished product pricing [3]. Group 3: Environmental Considerations - The coated printing paper futures and options will promote a green circular economy by prioritizing companies with relevant green certifications during the delivery certification process [4]. - The industry aims to achieve a low-carbon transition and contribute to the dual carbon goals through market-driven mechanisms [4]. Group 4: Regulatory and Operational Framework - The Shanghai Futures Exchange will enhance risk prevention and control measures, ensuring smooth market operations and effective functionality [5].