将对我国期货市场发展产生积极影响 随着我国期货市场国际化进程推进，外资独资控股期货公司的发展也在不断取得新进展。日前，中国证 监会官网披露的《关于核准乾坤期货有限公司变更股权、实际控制人的批复》显示，核准乾坤期货实际 控制人变更为高盛集团有限公司（The Goldman Sachs Group, Inc.）。变更后，其由高盛（中国）证券有 限责任公司（下称高盛中国）全资持有，出资额为3.17亿元。至此，境内有4家外资全资控股期货公司 （设立或获批），分别是乾坤期货、摩根大通期货、摩根士丹利期货和瑞银期货。 西安交大客座教授景川认为，外资独资控股期货公司具有广泛的国际客户基础与跨境服务经验，能够吸 引更多海外机构投资者参与中国期货市场，提升我国期货市场的国际参与度和影响力。此外，外资机构 熟悉国际规则，有助于推动我国期货市场制度与国际接轨，提高我国期货市场的透明度和规范性。 "外资独资控股期货公司通常服务大型机构客户，其进入我国期货市场，将引入更多元化的交易主体和 投资策略，有助于提高我国期货市场交易活跃度和流动性，提升发现价格功能的效率。同时，其在全球 大宗商品业务方面的布局，也有助于我国期货品种在国际市场形 ...

随着我国期货市场国际化进程推进，外资独资控股期货公司的发展也在不断取得新进展。日前，中国证 监会官网披露的《关于核准乾坤期货有限公司变更股权、实际控制人的批复》显示，核准乾坤期货实际 控制人变更为高盛集团有限公司（The Goldman Sachs Group, Inc.）。变更后，其由高盛（中国）证券有 限责任公司（下称高盛中国）全资持有，出资额为3.17亿元。至此，境内有4家外资全资控股期货公司 （设立或获批），分别是乾坤期货、摩根大通期货、摩根士丹利期货和瑞银期货。 "外资独资控股期货公司通常服务大型机构客户，其进入我国期货市场，将引入更多元化的交易主体和 投资策略，有助于提高我国期货市场交易活跃度和流动性，提升发现价格功能的效率。同时，其在全球 大宗商品业务方面的布局，也有助于我国期货品种在国际市场形成更具代表性的价格基准。此外，还有 助于提高以人民币计价的期货品种在国际市场的接受度，增强人民币在全球大宗商品定价中的影响力。 整体来看，通过吸引外资，聚集高端技术和人才，有助于提升我国期货市场的综合竞争力，符合建设金 融强国的战略目标。"景川进一步表示。 中国（香港）金融衍生品投资研究院院长王红英同样认 ...

新浪合作大平台期货开户 安全快捷有保障 对外开放是中国式现代化的鲜明标识，也是金融业改革发展的重要动力。期货行业作为连接实体与金融 的关键纽带，在中国金融市场的开放进程中，也在不断加快国际化的步伐。在此背景下，9月26日，陆 家嘴金融沙龙第29期在上海浦东举行。本次沙龙以"期货市场国际化发展中的机遇与挑战"为主题，特邀 多位来自期货领域的专家，共同探讨了我国期货市场如何向高水平进一步迈进。 ...

多位来自期货领域的专家，共同探讨我国期货市场如何向高水平进一步迈进。 对外开放是中国式现代化的鲜明标识，也是金融业改革发展的重要动力。期货行业作为连接实体与金融的关键纽带，在中国金融市场的开放进程中，也在 不断加快国际化的步伐。 在此背景下，陆家嘴金融沙龙第29期将于9月26日在上海浦东举行。本次沙龙以"期货市场国际化发展中的机遇与挑战"为主题，特邀多位来自期货领域的 专家，共同探讨我国期货市场如何向高水平进一步迈进。 一方面，期货市场的国际化发展，有利于充分利用国内国际两个市场、两种资源提升大宗商品价格影响力，为国际市场提供更多的期货和期权产品供给， 优化国内市场规则制度体系，吸引更多境外客户参与，完善期货市场的参与者结构。 另一方面，期货市场国际化也是服务产业企业"走出去"的重要抓手。随着对外开放的不断深化，境内外产业链企业对风险管理、定价服务等方面的需求日 益强烈，一个更加开放的期货市场，能够为境内外企业提供更多有效的避险工具，为跨境贸易提供更加公平的价格基准，有助于全球产业链供应链的安全 稳定。 为此，推动期货市场国际化进程意义重大。 作为本次活动主嘉宾，新湖期货股份有限公司总经理金玉卫将率先发表主旨 ...

Core Insights - The LSEG China Energy Futures Seminar highlighted the internationalization of China's energy derivatives market and the investment opportunities and market dynamics associated with it [1][3]. Group 1: Global Energy Market Dynamics - LSEG's commodity research team provided insights into global energy market trends, noting that China's Strategic Petroleum Reserve (SPR) is opportunistically replenishing during periods of soft oil prices [5]. - The strong export of WTI crude oil from the U.S. is expected to continue influencing the North Sea spot market [5]. - The impact of U.S. tariff policies on the Asian petrochemical industry was discussed, emphasizing the need for companies to adjust capacity and cost strategies in response to excess capacity and declining profit margins [5]. Group 2: Growth and Innovation in China's Energy Futures Market - The Shanghai Futures Exchange (SHFE) reported robust growth in China's futures market, with a total trading volume of 7.7 billion contracts and a turnover exceeding 619 trillion RMB in 2024 [7]. - Energy contracts, particularly Shanghai crude oil futures, are highlighted for their high liquidity and relevance to the Chinese market fundamentals, serving as a regional pricing benchmark [7]. - Future plans include the introduction of new contracts such as liquefied natural gas (LNG) and continued efforts to enhance international cooperation and investor services [7]. Group 3: Empowering Industries through DCE's Petrochemical Products - The Dalian Commodity Exchange (DCE) emphasized its role in empowering industries through innovative product offerings and services, showcasing successful case studies [9]. - DCE's futures prices have become significant benchmarks in various sectors, helping domestic and international enterprises hedge against price volatility [9]. - Future initiatives aim to build a world-class futures exchange with comprehensive products and global price influence [9]. Group 4: ZCE's Opening-Up and Product Features - The Zhengzhou Commodity Exchange (ZCE) reviewed its development over the past 30 years and outlined pathways for foreign investors to participate in China's futures market [11]. - Key products like PTA and methanol are highlighted for their market impact and openness to international participation [11]. - ZCE plans to enhance its offerings and optimize market rules to attract more foreign clients and increase the international influence of Chinese commodity prices [11]. Group 5: Global Opportunities in China's Futures Market - A panel discussion led by CITIC Futures explored China's unique advantages and global opportunities in the futures market, emphasizing its status as a major consumer of many commodities [12]. - The Chinese futures market provides good liquidity for paper traders and unique contracts for hedging physical price risks [15]. - China has opened over 50 futures contracts to international investors, offering additional cross-border arbitrage and industry chain hedging opportunities [15].

炒股就看金麒麟分析师研报，权威，专业，及时，全面，助您挖掘潜力主题机会！ 智通财经记者 | 韩理 自2018年上海期货交易所（以下简称"上期所"）推出了中国第一个国际化品种——原油期货之后，低硫燃料油、20号胶、国际铜、原油和集运指数（欧线） 等国际化品种期货期权也陆续上市。近日智通财经记者跟随"活力中国调研行"走进上期交所，近距离感受中国期货市场对外开放的澎湃动力。 在上期所的交易大厅内，电子屏幕上不断跳动的数字，不仅牵动着国内产业链企业的神经，也吸引着来自全球30多个国家和投资者的目光。从这里诞生 的"上海价格"，正以前所未有的影响力参与全球大宗商品定价。 上海期货交易所交易大厅 智通财经记者 韩理摄 1999年成立以来，上期所始终坚守服务实体经济初心。特别是在2023年11月习近平总书记亲临考察后，交易所更是以建设世界一流交易所为目标，加快推进 国际化战略布局。据介绍，截至目前已上市25个期货品种和18个期权品种，其中原油、国际铜、20号胶等5个品种直接对境外投资者开放，32个品种允许合 格境外投资者参与交易，形成了多层次、宽领域的对外开放产品体系。境外客户遍布全球30多个国家和地区，涵盖产业链境内外上 ...

Core Insights - China's futures market is becoming a significant global player, with its crude oil futures market ranking among the top three worldwide and serving as a crucial pricing reference in the Asia-Pacific region [1][2] - The market is experiencing a dual approach of "bringing in" and "going out," with a notable increase in foreign participation and the establishment of overseas subsidiaries by Chinese futures companies [2][4] - The integration of Chinese futures prices into global trade is enhancing the pricing power of Chinese enterprises, allowing them to optimize international trade experiences [4][5] Market Scale and Internationalization - China's commodity futures trading volume accounts for over 60% of the global total, with 16 out of the 20 largest agricultural futures contracts being Chinese [2][6] - The number of new clients in the futures market increased by 410,000 in the first half of the year, with active traders from 39 countries and regions [2][6] - The China Securities Regulatory Commission has removed foreign ownership limits for futures companies, creating a more transparent and stable environment for foreign investors [2][6] Pricing Influence and Risk Management - Chinese futures prices are increasingly being used as benchmarks in international trade, with significant products like PTA and rubber being referenced globally [6][7] - Companies are leveraging futures pricing to enhance their bargaining power, stabilize raw material costs, and improve the efficiency of international deliveries [4][5] - The introduction of risk management tools and pricing mechanisms has allowed companies to expand into emerging markets with greater confidence [5][7] Future Outlook - The Chinese futures market is expected to continue expanding its product offerings and reducing institutional costs for foreign investors, while enhancing cross-border trading efficiency [8] - Technological advancements will play a key role in improving risk management and transaction efficiency in cross-border trading [8]

(活力中国调研行)上海期货交易所打造价格影响力高地 中新社上海9月12日电 (范宇斌)12日，在上海期货交易所(下称"上期所")交易大厅，两块巨大的显示屏实 时显示着上市交易的各类期货、期权产品的行情，不断跳动的数字彰显着这个市场的活力。在交易大厅 中央，展示着上期所挂牌交易的黄金、白银、燃料油等品种交割样品。 近年来，越来越多的期货品种从中国走向国际，辐射范围逐渐拓展，正在逐步成为国际大宗商品市场不 可或缺的价格参考，"上海价格"的影响力不断扩大。例如，以"上海铜"为代表的上期所有色金属期货， 是中国运行最为成熟、产业参与度最高的商品期货板块，已成为全球三大有色金属定价中心之一。 9月10日，胶版印刷纸期货及期权，燃料油、石油沥青和纸浆期权在上期所挂牌交易。当日起，石油沥 青期货以及燃料油、石油沥青和纸浆期权纳入合格境外投资者(QFI)交易范围。 目前，上期所(含上期能源)已上市25个期货品种、18个期权品种。其中，5个期货品种和原油期权直接 对境外投资者开放，32个期货、期权品种允许合格境外投资者参与交易。上期所境外客户遍布全球30多 个国家和地区，涵盖产业链境内外上下游、跨国贸易公司、投资银行、基金和资 ...

Core Viewpoint - The 2025 China (Zhengzhou) International Futures Forum highlighted the role of the futures market in supporting the internationalization of the polyester industry, emphasizing the positive impact of government policies on market openness and participation from global clients [1][2]. Group 1: Policy and Market Development - The Central Committee of the Communist Party and the State Council issued a policy in April 2025 to enhance the strategic implementation of free trade zones, focusing on the opening of specific futures varieties and exploring diversified pathways for internationalization [1]. - As of July 2025, over 760 overseas clients from more than 30 countries and regions have opened accounts in the Chinese futures market, indicating strong trust from global industry players [1]. Group 2: Industry Impact and Future Outlook - The use of Chinese polyester futures and options tools has effectively optimized storage and logistics costs for exports, enhancing the global market share and international pricing power of Chinese polyester products [1]. - Looking ahead, the integration of China's petrochemical industry is expected to further enhance the pricing capabilities of bulk commodities, supporting the global development of Chinese enterprises [2].

Core Viewpoint - The futures market is increasingly integrated into the national development framework, enhancing its role as a professional risk management platform amid global economic uncertainties [2][3]. Group 1: Futures Market Development - The futures market's ability to serve the real economy is continuously improving, with a diverse range of products being introduced, including polysilicon and aluminum alloy futures [2]. - As of now, there are 131 listed commodity futures and options, expanding the market's reach across various sectors of the national economy [2]. - The daily trading volume of industrial clients increased by 12.2% year-on-year in 2024, with the total holding of 48 major products equivalent to over 200 million tons in the spot market [2]. Group 2: Price Influence and Application - The influence of futures prices is on the rise, with various hedging and arbitrage strategies being widely adopted in response to external uncertainties [3]. - Futures prices are becoming a reference for international trade pricing, with the number of foreign investors participating in domestic futures options expanding to 91 [3]. Group 3: Support for National Strategies - The futures market is contributing to rural revitalization and food security through initiatives like "insurance + futures" to stabilize farmers' incomes [3]. - The market is also supporting high-quality development in the manufacturing sector, with 84 of the listed products being industrial goods, accounting for 64% of the total [3]. Group 4: Future Directions for Zhengzhou Futures Exchange - Zhengzhou Futures Exchange aims to enhance its service capabilities by diversifying product offerings, including the development of sunflower seed oil futures and other commodities [4][5]. - The exchange plans to improve market operation and service quality, focusing on tailored strategies for individual products and enterprises [5]. - There is a commitment to expand international cooperation and enhance the global pricing influence of the Zhengzhou futures market [5][6]. Group 5: Regulatory and Institutional Support - The China Securities Regulatory Commission (CSRC) emphasizes the need for high-level market openness and plans to introduce more products to meet risk management needs [6][7]. - The CSRC will enhance service models for industries, guiding enterprises in utilizing the futures market for stable operations [6]. - There is a focus on improving research capabilities to support the futures market's development in alignment with national strategies [7].