上期所同日上新5个期货期权产品，双胶纸期货上市首日成交额37.03亿元，为何成交活跃？

Core Viewpoint - The launch of five futures and options products on the Shanghai Futures Exchange (SHFE) marks a significant development in the derivatives market, particularly for cultural paper products, enhancing risk management capabilities in the paper industry [1][7]. Group 1: Market Activity - On the first trading day, the main contract for胶版印刷纸 (coated printing paper) opened at 4150 CNY/ton and closed at 4208 CNY/ton, a decrease of 10 CNY/ton or 0.24% from the listing benchmark price [3]. - The total trading volume for胶版印刷纸 futures reached 21,900 contracts, with a transaction value of 3.703 billion CNY and an open interest of 2,900 contracts, resulting in a trading-to-open interest ratio of 7.42 [3]. - The trading activity was characterized by a significant influx of industry participants, including major paper manufacturers and trading companies, indicating strong market demand [4][5]. Group 2: Pricing and Demand Factors - The benchmark price of 4218 CNY/ton was set slightly below the current spot market price of approximately 4400 CNY/ton, creating a balanced trading environment that attracted both long and short positions [5]. - The demand for胶版印刷纸 is driven by its importance in the cultural paper sector, with industry players actively seeking hedging tools to manage price volatility [4][6]. Group 3: Industry Context - The introduction of胶版印刷纸 futures fills a gap in the cultural paper derivatives market, supporting the green and low-carbon transformation of the paper industry in China [7]. - China is the world's largest producer and consumer of cultural paper, with an expected production of 136 million tons in 2024, maintaining its leading position in the global paper industry [7]. - The new futures and options products are expected to enhance the risk management framework for the paper industry, providing more flexible hedging options for companies [7][9]. Group 4: Future Outlook - Despite the positive developments, the long-term outlook for胶版印刷纸 indicates a persistent oversupply situation, with new production capacity continuing to come online and insufficient demand growth [8]. - The SHFE plans to continue expanding its product offerings and enhancing interaction between finance and industry to support high-quality economic development [10].