期货市场赋能实体经济，助力打造“中国价格”新锚点

Core Viewpoint - The Chinese futures market is leveraging product innovation and institutional improvements to enhance its role in supporting the real economy and increasing the international influence of "Chinese prices" while facilitating the revaluation of Chinese assets. Group 1: Market Development and Institutional Participation - The China Financial Futures Exchange (CFFEX) aims to promote long-term capital entry into the market, enhancing market capacity and institutional participation [1][2] - In the first three quarters of 2025, CFFEX reported an average daily trading volume of 1.24 million contracts and an average open interest of 2.08 million contracts, representing year-on-year increases of 30% and 13% respectively [3] - Institutional participation has increased significantly, with various institutions actively engaging in the market, leading to improved market quality [4] Group 2: Policy Support and Long-term Capital - A joint implementation plan by six departments was issued in January 2025 to promote long-term capital entry into the market, establishing a policy foundation for futures market services [2] - CFFEX has implemented the "Long Wind Plan" for three consecutive years, effectively guiding and mobilizing member institutions in risk management [2] - The introduction of simplified processes for account opening and hedging applications has increased the willingness of long-term capital to enter the market [2] Group 3: Green Development and Industry Support - The Guangzhou Futures Exchange (GFEX) is focusing on supporting the green low-carbon transition and high-quality development through innovative financial services [5] - GFEX has launched various futures and options products related to industrial silicon, lithium carbonate, and polysilicon, establishing a domestic futures market for new energy metals [5] - As of October 2025, over 90 listed companies have announced hedging strategies involving new energy metal futures, indicating a growing trend in risk management [6] Group 4: Enhancing "Chinese Price" Influence - The dual empowerment of the futures market and the real economy is enhancing the international discourse power of "Chinese prices" and facilitating the revaluation of Chinese assets [7] - GFEX has successfully established a transparent pricing mechanism for related futures products, with lithium carbonate futures becoming the most traded and liquid lithium salt product globally [7] - CFFEX is guiding long-term capital into the market, which has led to a significant increase in the scale of index funds and corresponding futures positions, reflecting the value of assets aligned with national strategies [8]