【上期所】上期所就胶版印刷纸期货及期权，燃料油、石油沥青和纸浆期权上市相关问题答记者问

Core Viewpoint - The Shanghai Futures Exchange (SHFE) will launch futures and options for coated printing paper, fuel oil, petroleum asphalt, and pulp on September 10, 2025, to enhance risk management tools in the paper industry and support sustainable development [2][3]. Group 1: Reasons for Launching Coated Printing Paper Futures and Options - The coated printing paper industry in China is undergoing rapid upgrades, with a production volume of 9.48 million tons and apparent consumption of 8.71 million tons expected in 2024, indicating a high demand for risk management tools due to market volatility [3]. - The introduction of these financial derivatives aims to fill the gap in the domestic cultural paper financial products market, providing enterprises with tools to manage price volatility effectively [6]. - The launch will help establish a comprehensive risk management system for the pulp and paper industry, allowing companies to control costs and stabilize revenues from raw materials to finished products [6]. Group 2: Highlights of Contract and Business Rules - The design of the futures and options contracts incorporates successful experiences from existing products while focusing on risk prevention and market development to ensure transparency and fairness [4]. - The minimum price fluctuation for coated printing paper options is set at 1 yuan/ton, reflecting the typical trading behavior of option traders [4]. Group 3: Delivery Method and Risk Management - The coated printing paper futures will utilize a combined delivery method involving both warehouses and factory storage, catering to the diverse specifications required by downstream users [5]. - This dual delivery approach aims to reduce delivery costs and meet customized demands while ensuring market stability and mitigating delivery risks [5]. Group 4: Risk Prevention Measures - The SHFE plans to implement strict regulatory measures and enhance monitoring to ensure the smooth operation of the new products [7]. - The exchange will conduct market training and investor education to familiarize participants with the new futures and options, ensuring effective market engagement [9].