聚烯烃专题报告：月均价期货合约上市事项简析

Group 1: Report Overview - Report Title: Polyolefin Special Report - Analysis of the Listing of Monthly Average Price Futures Contracts [2][3] - Report Date: October 21, 2025 [2] - Research Institute: Guolian Futures Research Institute [4] Group 2: Industry Investment Rating - Not mentioned in the report Group 3: Core Viewpoints - The listing of monthly average price futures contracts for linear low - density polyethylene, polyvinyl chloride, and polypropylene fills the gap in domestic risk management tools, adheres to the trading pricing habits of physical enterprises, and promotes the in - depth application of risk management tools in the industrial chain [7]. - The innovative cash - delivery mechanism facilitates pricing by industrial chain enterprises and helps form a more representative industry reference price [7]. - The inclusion of these three varieties in the tradable scope of qualified overseas investors helps expand international trade cooperation, safeguard China's pricing rights in global trade, and enhance China's influence in the global commodity market [8]. Group 4: Contract Listing Background - On October 20, 2025, the Dalian Commodity Exchange (DCE) officially announced the listing of monthly average price futures contracts for linear low - density polyethylene, polyvinyl chloride, and polypropylene, which will start trading on the night of October 28, 2025 [7]. - Monthly average price futures contracts use the weighted average of daily settlement prices or quotes in a specific month as the final settlement price, which is more in line with the trading habits of physical enterprises [7]. - The application and promotion of these contracts can refer to the research project of Guolian Futures Research Institute, and their listing has epoch - making significance [7]. Group 5: Contract Listing Important Matters 5.1 Trading Time - The three chemical monthly average price futures will start trading at 21:00 on October 28, 2025 (with a pre - trading session from 20:55 - 21:00), and night trading will be available [9]. 5.2 Trading Contracts - The first - batch listed contracts start from the 2602 contract. For example, linear low - density polyethylene has L2602F, L2603F, L2604F; polyvinyl chloride has V2602F, V2603F, V2604F; and polypropylene has PP2602F, PP2603F, PP2604F. New contracts for the next month will be added after the last trading day of each month [9][10]. 5.3 Listing Benchmark Price - The listing benchmark price is the settlement price of the corresponding contract on October 28, 2025. Specific information can be queried on the DCE website [10]. 5.4 Margin Ratio and Price Limit - The trading margin ratio and price limit of the three chemical monthly average price futures contracts are the same as those of the corresponding contracts [10]. 5.5 Arbitrage Trading Instructions - Support for arbitrage trading instructions, including same - variety inter - period arbitrage, cross - variety arbitrage, and arbitrage between different delivery methods [11]. 5.6 Fees - The trading fee is 1 yuan per lot for normal trading and 0.5 yuan per lot for hedging. The delivery fee is 1 yuan per lot, and it will be waived before December 31, 2025, except for high - frequency traders recognized by the exchange [11]. 5.7 Declaration Fee - The declaration fee is charged daily, with different standards based on the amount of information and order - to - trade ratio (OTR) for different varieties [12]. 5.8 Portfolio Margin - The three chemical monthly average price futures contracts participate in portfolio margin discounts. Specific information can be queried on the DCE website [13]. 5.9 Position Information Publication - After daily settlement, the exchange will publish contract - related trading volume and open interest as required [13]. 5.10 Trading Limits - The trading limits for linear low - density polyethylene, polyvinyl chloride, and polypropylene monthly average price futures contracts are 8000 lots, 18000 lots, and 10000 lots respectively. Hedging and market - making trading are not subject to these limits [13][14]. 5.11 Position Limits - Position limits are implemented according to the "Dalian Commodity Exchange Risk Management Measures", with different limits in different time periods [14]. Group 6: Contract Content - The trading varieties are linear low - density polyethylene, polypropylene, and polyvinyl chloride, with a trading unit of 5 tons per lot, a quotation unit of yuan per ton, and a minimum price change of 1 yuan per ton [15]. - The price limit is 4% of the previous trading day's settlement price, and the contract months are from January to December [15]. - The trading time includes morning (9:00 - 11:30) and afternoon (13:30 - 15:00) sessions, and other trading times as stipulated by the exchange. The last trading day is the last trading day of the month before the contract month, and the delivery date is the same as the last trading day [15]. - The minimum trading margin is 5% of the contract value, and the delivery method is cash delivery. The trading codes are L + contract month + F, PP + contract month + F, V + contract month + F, and the listing exchange is the Dalian Commodity Exchange [15].