国投期货国投期货期市晨报-20250703

Report Summary 1. Report Industry Investment Rating No information provided. 2. Core Viewpoints No information provided. 3. Summary by Relevant Catalog 3.1. General Information of Offset Printing Paper Futures - The trading variety is offset printing paper with a trading unit of 20 tons per lot, a quotation unit of RMB per ton, a minimum price change of 2 RMB per ton, and a daily price limit of ±4% of the previous trading day's settlement price [6]. - The contract months are from January to December, and the trading hours are from 9:00 - 11:30 am and 13:30 - 15:00 pm, along with other trading hours specified by the exchange [6]. - The last trading day is the 15th of the contract month (subject to postponement for national legal holidays, and the exchange may make separate adjustments for months like the Spring Festival month), and the delivery date is two consecutive working days after the last trading day [7]. - The delivery grade includes double - sided offset printing paper with a basis weight of 65g/m², 70g/m², 75g/m², and 80g/m², meeting or exceeding the GB/T 30130 - 2023 "Offset Printing Paper" standard [7]. - The delivery location is the exchange - designated delivery location, the minimum trading margin is 5% of the contract value, the delivery method is physical delivery, the delivery unit is 20 tons, the trading code is OP, and the listing exchange is the Shanghai Futures Exchange [7]. 3.2. Offset Printing Paper Futures Option Contract Parameters - The contract underlying is an offset printing paper futures contract (20 tons), with contract types of call options and put options, a trading unit of 1 lot of offset printing paper futures contract, a quotation unit of RMB per ton, and a minimum price change of 1 RMB per ton [9]. - The daily price limit is the same as that of the underlying futures contract. The contract months include the nearest two consecutive - month contracts, and subsequent months are listed on the second trading day after the open interest of the underlying futures contract reaches a certain value after settlement (the specific value will be announced separately by the exchange) [9]. - The trading hours are from 9:00 - 11:30 am and 13:30 - 15:00 pm, along with other trading hours specified by the exchange. The last trading day is the fifth - to - last trading day of the month before the delivery month of the underlying futures contract (the exchange may adjust it according to national legal holidays), and the expiration date is the same as the last trading day [9]. - The exercise price covers a range that is 1.5 times the daily price limit of the previous trading day's settlement price of the underlying futures contract. For exercise prices ≤ 5000 RMB/ton, the exercise price interval is 50 RMB/ton; for 5000 RMB/ton < exercise price ≤ 10000 RMB/ton, the interval is 100 RMB/ton; for exercise prices > 10000 RMB/ton, the interval is 200 RMB/ton [9]. - The exercise method is American. The buyer can submit an exercise application during trading hours on any trading day before the expiration date and can submit an exercise or waiver application before 15:30 on the expiration date. The trading codes for call options are OP - contract month - C - exercise price, and for put options are OP - contract month - P - exercise price [10]. 3.3. Margin and Position Limits - The margin ratio for offset printing paper trading is 5% from the contract listing date, 10% from the first trading day of the month before the delivery month, 15% from the first trading day of the delivery month, and 20% from two trading days before the last trading day [17]. - For position limits, when the open interest of a futures contract of offset printing paper is > 50,000 lots, the position limit ratio for futures company members is 25%, for non - futures company members and clients is 10%, with a position limit of 1000 lots for non - futures company members and 200 lots for clients; when the open interest is < 50,000 lots, the position limit for futures company members is 5000 lots [20].