全链“护航”，郑商所化工品种织密产业安全网

Core Viewpoint - The chemical industry chain in China is increasingly relying on futures markets for risk management, with the Zhengzhou Commodity Exchange (ZCE) playing a crucial role in providing various futures products to help companies navigate price volatility and enhance operational stability [1][2][3]. Group 1: Development of Futures Products - The annual production capacity of PTA in China has increased from approximately 49 million tons in 2020 to over 86 million tons in 2024, with net exports rising from 230,000 tons to 440,000 tons during the same period [2]. - ZCE has launched multiple futures products, including PTA, short fibers, PX, and propylene, creating a comprehensive futures product system that covers the polyester industry chain [2][3]. - The introduction of propylene futures and options has further enriched the futures product offerings, enhancing the risk management tools available to industry players [3]. Group 2: Internationalization and Pricing Influence - ZCE has deepened its international engagement by allowing qualified foreign institutional investors to participate in eight polyester-related futures products, making PTA futures a significant pricing reference in international trade [4][5]. - As of the end of 2024, over 700 foreign traders from more than 30 countries and regions have opened accounts on ZCE, indicating a growing international interest in Chinese futures markets [4][6]. - The establishment of an export-oriented delivery system has reduced participation costs for foreign enterprises, facilitating smoother international trade and enhancing the global influence of Chinese pricing [5][6]. Group 3: Support for the Real Economy - ZCE continues to optimize market services by enhancing the variety of derivative tools available, allowing companies to better manage risks and meet diverse needs [8]. - The introduction of standardized futures contracts provides continuous and authoritative price signals, reducing information gaps in traditional pricing models [9]. - Companies like WanKai New Materials have successfully utilized futures tools to lock in processing profits and manage costs, demonstrating the effectiveness of these instruments in stabilizing operations and expanding market reach [9][10].