商品期权赋能实体经济高质量发展

Core Insights - The event "DCE·Industry Action" focused on the role of commodity options in empowering the high-quality development of the real economy in Anhui, attracting over 50 representatives from industry enterprises and futures professionals [1] Group 1: Commodity Options Development - Since the launch of the first domestic commodity option, soybean meal options, on March 31, 2017, the Dalian Commodity Exchange (DCE) has continuously enriched its variety system and optimized contract rules [1] - As of October 2025, DCE has listed 18 option varieties, with 12 of them open to external trading [1] - In the first ten months of 2025, the average daily trading volume of DCE options reached 1.73 million contracts, and the average daily open interest was 3.02 million contracts, representing year-on-year increases of 51% and 28% respectively [1] - Among the various sectors, agricultural product options showed remarkable performance, with an average daily trading volume of 980,000 contracts, accounting for 57% of the total trading volume of DCE options [1] Group 2: Market Quality Improvement - To better serve the real economy, DCE has implemented a series of rule optimization measures in the past two years, including the "near dense, far sparse" listing rule, which has led to a 25% reduction in the number of option contracts while improving the quality of far-month contracts [2] - Starting from December 2024, DCE will extend the last trading day for options from the 5th trading day before the delivery month to the 12th trading day, allowing options to cover the futures contract cycle for a longer period [2] - This measure has resulted in an average daily increase of about 2% in open interest during the extended trading period [2] Group 3: Risk Management Strategies - The application of option strategies for precise risk management was highlighted, with examples shared by industry professionals on how to utilize options to protect inventory and manage price risks effectively [3][4] - The concept of "含权贸易" (option-inclusive trade) was introduced, allowing upstream companies to lock in minimum sales prices while managing risks associated with price fluctuations [3] - Downstream companies can also use option-inclusive contracts to cap procurement costs, demonstrating the versatility of options in managing price risks across the supply chain [4] Group 4: Future Developments - DCE plans to continue enriching its option varieties and tools, with a focus on the upcoming launch of coking coal options and preparations for the listing of soybean meal and corn series options [5] - The exchange will also keep optimizing option contract rules and enhancing market cultivation and promotion to better fulfill the functions of the options market [5]