3、交割月持仓限制：进入交割月后，持仓必须为15手的整数倍，且最后交易日前需完成交割或平仓， 不允许无限期展期或滚动使用同一仓单。 注意事项： 1、自然人限制：自然人客户无法参与交割月，需提前平仓或展期。 1、仓单有效期限制：氧化铝标准仓单的有效期为自生产日期起180天内，且需在生产后60天内入库制 单。仓单一旦超过有效期，将自动注销，无法再用于交割或展期。 2、展期操作的实质：所谓"展期"通常指在期货合约到期前，将持仓从近月合约平仓并转移至远月合 约，但仓单本身不能"展期"，只能注销或重新注册。若需继续交割，必须重新生成新的有效仓单。 根据《上海期货交易所氧化铝期货业务细则（2025年8月版）》，氧化铝期货仓单展期后不能再次展 期。具体依据如下： 2、市场影响：集中展期可能减少短期供应，推高期货价格（如2025年6月氧化铝仓单展期导致AO2509 合约上涨2%）。 ...

Group 1 - The Shanghai Futures Exchange has approved the first batch of designated delivery warehouses for newsprint futures, with Jiangsu Binpeng Paper Storage and Transportation Project being one of the approved warehouses, having a delivery capacity of 10,000 tons [1] - The introduction of newsprint futures provides an effective risk management tool for companies in the paper industry chain, allowing them to hedge against fluctuations in raw material prices and profit volatility, while also helping to form a transparent pricing mechanism and improve pricing efficiency in spot trading [1] Group 2 - The approval of the newsprint delivery warehouse marks a significant step for Hai'an in the paper industry chain, creating an important platform to serve local enterprises and reduce overall logistics costs in society [3] - This initiative will strongly promote Hai'an's development of a complete industrial chain system that integrates high-end paper raw material supply, manufacturing, and warehousing, attracting quality upstream and downstream enterprises and forming an industrial cluster effect [3] Group 3 - As a cooperative operator of the newsprint delivery warehouse, Xiamen Jianfa Storage plans to further collaborate with Jiangsu Binpeng Supply Chain Management Co., Ltd. to establish Hai'an as the most influential paper trading and distribution center in East China and actively apply for more futures varieties [5] - The park has already gathered delivery warehouses and spot delivery warehouses for 12 futures varieties, including those from the Shanghai Futures Exchange, Dalian Commodity Exchange, and Zhengzhou Commodity Exchange, expanding the scale of "futures to spot" business [5] - The annual trade volume in the park reaches 1.5 million tons, with a trade scale exceeding 30 billion yuan, significantly reducing the comprehensive logistics costs for society by over 150 million yuan [5]

Core Points - Shandong Sun Paper Industry Co., Ltd. and its subsidiary Guangxi Sun Paper have been approved as the first delivery warehouses for the futures of offset printing paper, with the company's "Tianyang" brand selected as one of the first deliverable commodity brands [1][2][3] - This approval reflects the company's comprehensive strength in the domestic cultural paper sector, which is expected to enhance asset utilization efficiency, increase industry visibility and influence, and facilitate the organic integration of the spot and futures markets [1] - The move is anticipated to strengthen the company's risk resistance capabilities and market competitiveness [1]

Core Viewpoint - The company, Shandong Huatai Paper Industry Co., Ltd., and its subsidiary, Guangdong Huatai Paper Industry Co., Ltd., have been approved as the first delivery warehouses for the futures of coated printing paper, marking a significant milestone in the company's business development and industry influence [1]. Group 1 - The Shanghai Futures Exchange has announced the approval of the first delivery warehouses and deliverable brands for coated printing paper futures, with the company's "Huatai Peony" brand included as a deliverable product [1]. - This approval reflects the company's comprehensive strength in the coated printing paper sector and is a key breakthrough for its business development [1]. - The move is expected to enhance the company's core competitiveness and industry influence, optimize resource allocation, and better meet customer needs [1]. Group 2 - The company will adhere to the relevant regulations and requirements set by the Shanghai Futures Exchange, strengthening its internal management system and ensuring the safe and efficient operation of delivery warehouse and brand-related processes [2].

Core Viewpoint - The announcement by Sun Paper Industry (002078.SZ) regarding its qualification as a delivery warehouse for the first batch of offset printing paper futures is a significant milestone, reflecting the company's comprehensive strength in the domestic cultural paper sector and enhancing its market competitiveness [1] Group 1 - The Shanghai Futures Exchange approved Sun Paper and its wholly-owned subsidiary, Guangxi Sun Paper Industry Co., Ltd., to become delivery warehouses for the first batch of offset printing paper futures [1] - The "Tianyang" brand under the company has been selected as one of the first deliverable product brands for offset printing paper futures [1] - This qualification is expected to improve the company's asset utilization efficiency, increase its industry visibility and influence, and facilitate the organic integration of the spot and futures markets [1] Group 2 - The development is anticipated to enhance the company's risk resistance capabilities and overall market competitiveness [1]

此次公司及广东华泰获得胶版印刷纸期货交割厂库资质、"华泰牡丹"品牌成为首批可交割商品品牌，是 公司在胶版印刷纸领域综合实力的重要体现，亦是业务发展的关键突破。此举有利于公司进一步拓宽业 务边界，增强在胶版印刷纸市场的核心竞争力与行业影响力；对公司优化资源配置效率、完善产业链战 略布局，以及更精准地满足客户需求、服务市场发展均具有积极促进作用。 格隆汇9月4日丨华泰股份(600308.SH)公布，上海期货交易所（简称"上期所"）发布《关于同意胶版印 刷纸期货首批交割厂库的公告》及《关于同意胶版印刷纸期货首批可交割商品的公告》。根据上述公 告，山东华泰纸业股份有限公司及控股子公司广东华泰纸业有限公司（简称"广东华泰"）均获准成为胶 版印刷纸期货首批交割厂库，公司旗下"华泰牡丹"品牌入选胶版印刷纸期货首批可交割商品品牌。 ...

Core Viewpoint - Huatai Co., Ltd. has been approved to become a delivery warehouse for the first batch of newsprint futures, marking a significant breakthrough in its business development and enhancing its competitiveness in the market [1] Group 1 - The Shanghai Futures Exchange announced the approval of Huatai Co., Ltd. and its subsidiary Guangdong Huatai Paper Industry Co., Ltd. as delivery warehouses for newsprint futures [1] - The "Huatai Peony" brand has been selected as one of the first deliverable brands for newsprint futures, showcasing the company's comprehensive strength in the newsprint sector [1] - This approval is expected to broaden the company's business boundaries and strengthen its core competitiveness and industry influence in the newsprint market [1] Group 2 - The move will positively impact the company's resource allocation efficiency, strategic layout of the industry chain, and ability to meet customer needs more precisely [1]

Delivery Warehouses - The Shanghai Futures Exchange (SHFE) has approved several companies as the first batch of delivery warehouses for the newsprint futures, including Xiamen Jianfa Warehousing Co., Qingdao China Foreign Trade Supply Chain Management Co., and others [1] - The SHFE will adjust the delivery warehouse capacity based on market development and will gradually expand the delivery warehouse layout [1] Delivery Factories - The SHFE has designated multiple companies as the first batch of delivery factories for newsprint futures, including Yueyang Forest & Paper Co., Shandong Bohui Paper Industry Co., and others [2] - Delivery factories are required to prepare for the futures delivery business according to the approved capacity and ensure compliance with relevant regulations [2] Deliverable Products - The first batch of deliverable products for newsprint futures includes 13 brands, such as "Yueyang Tower" produced by Yueyang Forest & Paper Co. and "Galaxy Ru Yi" produced by Shandong Galaxy Ruixue Paper Industry Co., all subject to standard pricing [2] - The SHFE will monitor changes in the newsprint market and may adjust the list of deliverable products accordingly [2] Designated Inspection Institutions - The SHFE has approved several institutions as designated inspection agencies for newsprint futures, including China Light Industry Paper Products Inspection and Certification Co. and Shanghai Customs Industrial Products and Raw Materials Testing Technology Center [3] - These institutions are required to conduct inspection services according to the relevant regulations and ensure orderly operations [3] - A set of inspection guidelines for newsprint futures has been jointly developed and filed by the designated inspection agencies [3]

Core Viewpoint - The Shanghai Futures Exchange has approved several companies as the first delivery warehouses for the futures of offset printing paper, indicating a significant development in the paper industry and futures trading [1] Group 1: Approved Companies - The following companies have been approved as delivery warehouses: Yueyang Forest & Paper Co., Ltd., Shandong Bohui Paper Industry Co., Ltd., Shandong Sun Paper Industry Co., Ltd., Guangxi Sun Paper Industry Co., Ltd., Shandong Huatai Paper Industry Co., Ltd., Guangdong Huatai Paper Industry Co., Ltd., Nine Dragons Global (China) Investment Group Co., Ltd., Liansheng Pulp and Paper (Zhangzhou) Co., Ltd., Xiamen Jianfa Pulp and Paper Group Co., Ltd., and Xiamen Guomao Paper Industry Co., Ltd. [1] Group 2: Operational Guidelines - From the date of the announcement, all approved delivery warehouses must prepare for the offset printing paper futures delivery operations according to the approved warehouse capacity, strictly adhering to relevant regulations and enhancing management to ensure orderly operations [1] Group 3: Future Developments - The standard warehouse receipt generation for offset printing paper futures will commence on November 20, 2025, with the Shanghai Futures Exchange planning to adjust warehouse capacity and expand the delivery warehouse layout based on market development [1]

Core Viewpoint - The establishment of the hot-rolled coil futures delivery warehouse at the China Storage Development Co., Ltd. Xi'an Logistics Center marks a significant turning point for the steel industry in Northwest China, enhancing risk management and marketing possibilities for local enterprises [1][4]. Group 1: Market Characteristics - The steel market in Northwest China faces unique challenges, including high transportation costs and significant price volatility due to geographical distance and seasonal demand fluctuations [2][3]. - Local steel mills experience dual pressures from high raw material costs and oversupply in the central and western regions, leading to increased operational risks [2][3]. Group 2: Infrastructure Development - The approval and establishment of the hot-rolled coil futures delivery warehouse fill a critical gap in the local delivery infrastructure, facilitating easier participation in hedging activities for local steel companies [3][4]. - The logistics center integrates logistics, warehousing, processing, and supply chain finance, promoting industrial clustering and enhancing regional economic competitiveness [4][5]. Group 3: Economic Impact - The successful delivery of the first standard warehouse receipt for hot-rolled coils serves as a model for other companies, encouraging participation in futures trading and risk management [6]. - The development of the steel industry in Northwest China is expected to create more job opportunities and stimulate the growth of related industries, contributing to the overall economic stability of the region [6]. Group 4: Strategic Significance - The Xi'an hot-rolled coil futures delivery warehouse is positioned as a key node in the "Belt and Road" initiative, enhancing China's pricing power for bulk commodities and supporting infrastructure projects along the route [6][7]. - The establishment of this facility is anticipated to facilitate the transformation and upgrading of the local steel industry, improving trading efficiency in the Northwest region [7].