回眸“十四五”：大商所五年精心呵护 服务能化产业高质量发展

Core Viewpoint - The Dalian Commodity Exchange (DCE) has made significant strides in enhancing the energy and chemical industry during the "14th Five-Year Plan" period, focusing on high-quality development and providing effective risk management tools and pricing references for enterprises in the energy and chemical sectors [1]. Product Development and Risk Management Tools - DCE has launched four futures and three options products in the energy and chemical sector, enhancing the risk management toolbox for enterprises [2]. - The introduction of ethylene glycol and styrene options has provided comprehensive coverage for physical delivery futures, improving risk management efficiency for enterprises [2]. - By 2025, the average daily trading volume for ethylene glycol options is projected to be 47,000 contracts, with a 75.4% share held by institutional clients, while styrene options are expected to have a daily trading volume of 212,000 contracts and a 51.8% institutional client share [2]. - The launch of pure benzene futures and options has introduced new risk management tools for the aromatic industry, helping to stabilize production profits and enhance China's influence in international trade [3]. Market Functionality and Optimization - DCE has expanded delivery locations and optimized pricing mechanisms to better serve the energy and chemical industries, enhancing the correlation between futures and spot prices [7]. - The introduction of average price futures for linear low-density polyethylene, polyvinyl chloride, and polypropylene has filled a gap in domestic risk management tools, facilitating long-term trade [5]. - By 2025, average daily trading volumes for these new futures are expected to be 4,674 contracts for linear low-density polyethylene, 4,538 for polyvinyl chloride, and 3,242 for polypropylene, with increasing open interest [6]. Enhancing Client Participation - DCE has implemented measures to reduce participation costs for enterprises, such as lowering margin requirements and eliminating inspection costs for over 97% of deliverable products [9][10]. - The exchange has developed a multi-layered service system to enhance industry participation in futures markets, promoting risk management practices among small and medium-sized enterprises [11]. Market Openness and Price Influence - DCE has included several futures and options in the Qualified Foreign Institutional Investor (QFII) trading scope, enhancing the price influence of these products [13]. - The exchange's efforts in promoting internationalization have led to increased recognition of China's futures market among foreign clients, facilitating export pricing based on futures prices [14][15].