期货市场国际化

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期市提升中国聚酯产品的国际定价能力和竞争力
Qi Huo Ri Bao Wang· 2025-08-21 00:51
展望未来,刘德伟表示,随着中国石化产业一体化逐步深入,中国期货市场将进一步助力大宗商品定价 能力的提升,为中国企业全球化发展保驾护航。 "通过期货市场搭建虚拟瓶片加工厂为海外客户提供二次定价机会的案例,证明了使用中国聚酯品种的 期货及期权工具辅助出口报价,能够有效优化了中国聚酯产品的仓储和物流成本。在和海外客户共赢的 同时,中国聚酯产品的全球占有率也得到了保证,还提升了中国聚酯产品的国际定价能力和竞争 力。"刘德伟说。 8月20日,由郑州商品交易所、芝加哥商业交易所集团主办,期货日报承办的2025中国(郑州)国际期 货论坛正式举行。在当天下午主题为"期货市场助力聚酯产业走向国际"的工业品(聚酯)论坛上,厦门 国贸石化总经理刘德伟表示,2025年4月,中共中央、国务院印发《关于实施自由贸易试验区提升战略 的意见》,提出推进以境内期货特定品种为主的期货市场开放,扩大特定品种范围,探索多元化开放路 径,为期货市场国际化奠定了政策基础。在国家政策大力支持下,截至2025年7月底,共有来自30多个 国家和地区的760个海外客户在中国期货市场开户,部分全球顶尖的能化行业现货贸易商以境内子公司 深度参与了PTA等期货市场, ...
期货市场多维赋能 助力实体经济高质量发展
Zhong Guo Zheng Quan Bao· 2025-08-20 20:17
随着期货市场服务能力的不断增强,期货价格影响力也在持续提升。王颖表示,国内应用场景不断拓 展。在复杂多变的外部环境下,套期保值、期现套利、含权贸易等多种形式被广泛采用,期货价格深度 嵌入现货企业经营管理各环节中;同时,我国期货价格逐步成为国际贸易定价参考。期货市场对外开放 路径不断丰富,豆油、橡胶等品种期货结算价授权业务接续"走出去",合格境外投资者参与境内期货期 权品种数量扩容至91个。 王颖还表示,期货市场日益融入国家发展大局。一是持续助力乡村振兴。"商储无忧"助力保障粮食安 全,"保险+期货"助力农户稳收增收,创新探索了多种"保险+期货"与其他业态协同融合的助农新模式。 二是深入服务制造业高质量发展。已上市的商品期货和期权中有84个工业品,占比64%,在当前不确定 因素显著增多的市场环境下,为制造业相关经营主体稳定经营、提升产业链供应链安全性提供了坚实保 障。 厚植根基 力促郑商所迈向一流期货交易所 河南作为新中国期货市场的发源地,在期货市场发展进程中占据着举足轻重的地位。多年来,当地政府 部门高度重视期货市场建设工作,出台一系列政策措施,持续推动期货市场实现高质量发展。 8月19日至20日,"2025 ...
重磅发布会!就在上午10时;中印外长会谈达成10项成果;个人养老金新增3种领取情形
第一财经· 2025-08-20 00:51
Group 1 - The Ministry of Human Resources and Social Security announced new regulations for personal pension withdrawals, adding three new scenarios for eligibility starting September 1 [3] - The Ministry of Finance reported that the national general public budget revenue for the first seven months of the year reached 135,839 billion yuan, showing a year-on-year growth of 0.1% [5] - The Ministry of Industry and Information Technology held a meeting to discuss the photovoltaic industry, emphasizing the need for regulatory measures to ensure healthy competition and product quality [6] Group 2 - The Chinese Futures Association highlighted that the trading volume of China's commodity futures market accounts for over 60% of the global total, with 24 specific products available for international trading as of July 2025 [8] - Shanghai's government released a plan to accelerate the integration of AI and manufacturing, aiming to enhance the level of intelligent development in the manufacturing sector over the next three years [9] - Guangdong province introduced policies to support the high-quality development of commercial aerospace, encouraging companies to apply for various certifications [10] Group 3 - The National Sports Administration announced measures to address issues in sports development, particularly in football and chess, focusing on governance and legal frameworks [7] - New Oriental Education responded to rumors regarding regulatory investigations into its CEO, stating that the claims are false and have harmed the individual's rights [26] - The stock market saw significant institutional activity, with institutions net buying shares in companies like Tenglong Co., which rose by 10.02% [28][29]
电力期货大消息!广州,重磅出手!商品期货交割中心也明确
券商中国· 2025-08-12 23:31
电力期货的研发和上市又有新进展! 8月12日,广州市人民政府公开了《关于贯彻落实金融支持广州南沙深化面向世界的粤港澳全面合作的意见实 施方案》。 方案提出,将支持广州期货交易所积极研究电力期货,争取国家发改委、中国证监会等部门支持,探索适时推 出电力期货,并探索推出更多新能源期货品种。这一表述意味着广期所在能源品种布局上将再进一步,有望在 电力及新能源领域实现新突破。 适时推出电力期货 电力期货在国内期货市场中尚属空白品种,业内长期呼吁推出以服务电力现货市场改革和绿色能源交易需求。 广期所自成立以来,在绿色能源等方向动作频频,已先后推出工业硅、碳酸锂、多晶硅等与新能源产业链相关 的期货品种。 此次《实施方案》明确提出"探索适时推出电力期货",不仅补齐国内能源衍生品的品种短板,也有助于为新能 源发电企业、电力用户提供价格风险管理工具,稳定长期购销合同价格预期。 在国际市场上,电力期货已发展多年,主要集中在美国、日本、欧洲等成熟电力现货市场。例如,美国芝加哥 商品交易所(CME)和洲际交易所(ICE)均有基于不同电力交易区域的期货合约,帮助发电商、电力零售 商和大型工业用户对冲电价波动风险。业界已基本达成共识,电 ...
再创历史新高!期货市场有效客户总量升至261万个
券商中国· 2025-08-09 02:15
Core Viewpoint - The Chinese futures market has reached a historical high in the number of effective clients, with significant growth in overseas clients, indicating a robust internationalization process and enhanced market influence [1][2]. Group 1: Market Growth and Client Structure - In the first half of 2025, the total number of new futures clients reached 410,000, a 2.5% increase year-on-year, bringing the total effective clients to 2.61 million, a 12% year-on-year growth [1]. - The number of institutional clients has surged by 43% compared to the same period in 2022, while overseas clients have increased by 63% [1]. - Clients from 39 countries and regions are now participating in the Chinese futures market, reflecting a steady progress in the internationalization of the market [1]. Group 2: Regulatory and Product Expansion - The China Securities Regulatory Commission (CSRC) plans to accelerate the implementation of key measures for capital market opening, aiming to expand the number of futures and options products available to qualified foreign institutional investors (QFII and RQFII) to 100 [2]. - As of mid-2025, the number of tradable products for QFII and RQFII has reached 91, with a significant increase of 45 new futures and options products added this year, nearly doubling the previous total [2]. Group 3: Market Activity and Economic Impact - In the first seven months of this year, the trading volume in the Chinese futures market reached 5.135 billion contracts, with a total transaction value of 411.04 trillion yuan, reflecting a year-on-year increase of 23.11% and 23.09% respectively [3]. - The internationalization of futures products is crucial for providing precise price signals to industrial enterprises, enhancing their ability to manage risks and optimize resource allocation [3].
宝城期货资讯早班车-20250806
Bao Cheng Qi Huo· 2025-08-06 02:02
1. Macro Data Overview - GDP in Q2 2025 grew 5.2% year-on-year, slightly lower than the previous quarter's 5.4% but higher than the same period last year's 4.7% [1] - In July 2025, the Manufacturing PMI was 49.3%, down from 49.7% in the previous month and 49.4% in the same period last year [1] - The non-manufacturing PMI for business activities in July 2025 was 50.1%, lower than the previous month's 50.5% but similar to the same period last year's 50.2% [1] - In June 2025, the year-on-year growth rates of M0, M1, and M2 were 12.0%, 4.6%, and 8.3% respectively, with M1 showing a significant increase compared to the previous month and the same period last year [1] - In June 2025, the year-on-year growth rates of exports and imports were 5.9% and 1.1% respectively, with exports accelerating and imports turning positive [1] 2. Commodity Investment Reference 2.1 Comprehensive - In July 2025, the national futures market volume was 1.059 billion lots, with a turnover of 71.31 trillion yuan, up 48.89% and 36.03% year-on-year respectively [2] - In H1 2025, the number of new futures customers in the market was 410,000, a 2.5% increase from the same period last year. By the end of June 2025, the total number of effective customers reached 2.61 million, a record high [2] - The China Futures Association is seeking public comments on the "Management Rules for Unfair Competition in Futures Company Brokerage Business" [2] 2.2 Metals - As the Fed's rate cut expectations rise, gold has regained institutional favor. Citi raised its three - month gold price forecast to $3,500 per ounce [4] - On August 4, copper inventory reached a two - month high, zinc inventory hit an 18 - month low, and nickel inventory reached a four - year high [5] - Trump excluded refined copper from the 50% tariff list, leading to a surge in LME copper inventory [6] 2.3 Coal, Coke, Steel, and Minerals - Hebei steel mills raised the purchase price of coke by 50 - 55 yuan/ton [7] - Brazilian iron ore exports in H1 2025 were 185.9 million tons, a 3.8% increase year - on - year [7] - Zhangyuan Tungsten Industry announced its procurement prices for the first half of August, with increases for various products [8] 2.4 Energy and Chemicals - The NDRC and the National Energy Administration issued a guidance on improving the natural gas pipeline transportation price mechanism [9] - The China Chamber of Commerce for Import and Export of Machinery and Electronic Products issued a photovoltaic industry initiative to resist unfair competition [9] - Non - OPEC oil supply growth is expected to peak in early 2026, while demand remains strong [10] 2.5 Agricultural Products - The Ministry of Finance and the Ministry of Agriculture and Rural Affairs allocated 455 million yuan for agricultural disaster relief [12] - The State Administration of Grain and Material Reserves approved the launch of the minimum purchase price plan for wheat in Jiangsu [12] - Japan plans to shift its rice policy from production suppression to production increase in fiscal year 2027 [12] 3. Financial News Compilation 3.1 Open Market - On August 5, the central bank conducted 160.7 billion yuan of 7 - day reverse repurchase operations, with a net withdrawal of 288.5 billion yuan [14] 3.2 Key News - The State Council executive meeting proposed consumer loan and service industry business loan discount policies [15] - Seven departments including the central bank issued a guidance on financial support for new industrialization [15] - The National Association of Financial Market Institutional Investors required enterprises to disclose semi - annual reports by August 31 [15] - Inner Mongolia has exited the list of high - risk debt regions, and Ningxia and Jilin are also working on exiting [16] - In the past seven months, the top 100 real estate developers' land acquisition amount increased by over 30% year - on - year [16] 3.3 Bond Market Summary - After the short - term shock of VAT resumption, the bond market showed a narrow - range and slightly bullish trend [19] - The central bank's liquidity injection is expected to remain reasonable and abundant, and the money market interest rates are likely to stay at low levels [24] - European and US bond yields showed mixed trends [22] 3.4 Foreign Exchange Market - The on - shore RMB against the US dollar closed at 7.1876 on August 5, down 110 basis points from the previous trading day [23] - The US dollar index rose 0.01% in New York trading, and most non - US currencies rose [23] 3.5 Research Report Highlights - Xingzheng Fixed Income recommends focusing on the participation value of secondary capital bonds and perpetual bonds of some regional city and rural commercial banks [24] - Xingzheng Fixed Income believes that the convertible bond market has the potential to break through, and the low - price convertible bond strategy space has narrowed [24] - Yangtze River Fixed Income expects the central bank to continue to support the money market in August [24] 3.6 Today's Reminders - On August 6, 179 bonds will be listed, 146 bonds will be issued, 104 bonds will be paid, and 108 bonds will pay principal and interest [27] 4. Stock Market Key News - The regulatory authorities are cracking down on third - party companies that provide substantial fraud services for listed companies [28] - On August 5, the A - share market rose, with the Shanghai Composite Index hitting a new high for the year [29] - The Hong Kong stock market also rose, and southbound funds had a large - scale net purchase [29] - Chinese assets are attracting foreign capital inflows, and the number of QFII - held stocks and their market value have increased [29] - In July, the number of private securities funds filed for registration reached a new high in nearly 27 months [30]
我国期货市场有效客户数量升至261万
Qi Huo Ri Bao Wang· 2025-08-05 16:11
Core Insights - The domestic futures market in China added 410,000 new clients in the first half of 2025, representing a 2.5% increase compared to the same period last year [1] - As of the end of June 2025, the total number of effective clients in the market reached 2.61 million, marking a historical high with a year-on-year growth of 12% [1] Client Structure Improvement - The number of institutional clients increased by 43% compared to the same period in 2022 [1] - The growth of overseas clients was even more pronounced, with a 63% increase compared to 2022 [1] - Traders from 39 countries or regions are currently participating in China's futures market, indicating a steady progress in the internationalization of the market [1] Market Influence and Development - The influence of China's futures market has been continuously rising, playing a unique role in serving national strategies and the real economy [1] - The number of futures account openings has maintained steady growth, and the effective client scale continues to expand, injecting new momentum into the stable and healthy development of the futures market [1]
期货和衍生品法实施三周年 期货服务实体经济能力不断增强
Zheng Quan Ri Bao· 2025-08-01 16:12
Core Viewpoint - The implementation of the Futures and Derivatives Law has significantly enhanced the stability, innovation, and international appeal of China's futures market over the past three years [1][2][3]. Group 1: Market Development - The Futures and Derivatives Law has filled a legal gap in China's futures and derivatives sector, providing essential institutional support for high-quality market development [2]. - A total of 50 new futures and options products have been launched in the past three years, bringing the total number of products in the futures market to 152 [2]. - The expansion of futures and options products has improved risk management tools for enterprises and contributed to the transformation and upgrading of industries [2][8]. Group 2: Internationalization - The law has established a solid legal foundation for the internationalization of the futures market, promoting broader and deeper international engagement [3]. - As of mid-2023, the number of tradable products for Qualified Foreign Institutional Investors (QFII) and Renminbi Qualified Foreign Institutional Investors (RQFII) has reached 91, with a significant increase in the number of new products [3]. - The active trading of internationalized products reflects global recognition and trust in China's futures market [4]. Group 3: Service to the Real Economy - The futures market has actively served the real economy, with a total of 2.54 million effective clients as of the first quarter of 2023, marking a 1.8% quarter-on-quarter increase [6]. - The "insurance + futures" projects have expanded significantly, providing risk protection for farmers and supporting local agricultural products [7]. - The diversification of the futures market has led to an increase in the proportion of industry clients' positions in key products, enhancing China's pricing power in global commodity trade [8].
上半年150家期货公司合计净利润同比增长32%
Zheng Quan Ri Bao· 2025-07-29 16:02
Core Insights - The overall performance of the futures industry in China has shown significant improvement in the first half of the year, with a total revenue of 18.68 billion yuan and a net profit of 5.07 billion yuan, marking a 32% increase compared to the same period last year [1][2] Group 1: Financial Performance - In June, 150 futures companies achieved a total revenue of 3.43 billion yuan and a net profit of 990 million yuan, both showing increases compared to previous months [1] - Monthly net profit from January to June for the 150 futures companies was as follows: 563 million yuan, 499 million yuan, 1.42 billion yuan, 785 million yuan, 820 million yuan, and 990 million yuan, with most months showing year-on-year growth [2] Group 2: Market Dynamics - The increase in net profit is attributed to several factors: a recovery in market trading, rising demand for risk management from real enterprises, favorable trends in certain commodity and financial futures, and the introduction of new futures and options products [2][3] - The total trading volume in the national futures market reached 4.08 billion contracts and a trading value of 339.73 trillion yuan in the first half of the year, representing year-on-year growth of 17.82% and 20.68% respectively [4] Group 3: Future Outlook - The futures industry is expected to continue its positive trajectory in the second half of the year, with a focus on business transformation and internationalization, as well as the development of risk management services [4][5] - There is an anticipation of improved competition dynamics in the brokerage business, with ongoing product and service innovations expected to attract more capital into the futures market [4][5]
★上期所就业务规则国际化草案公开征求意见
Zheng Quan Shi Bao· 2025-07-03 01:56
Core Viewpoint - The Shanghai Futures Exchange (SHFE) is seeking public opinion on a draft for the internationalization of its business rules, aiming to enhance its role in the global market and support China's high-level opening-up strategy [1] Group 1: Internationalization Objectives - The SHFE's internationalization initiative focuses on enhancing regulatory oversight, risk prevention, and promoting high-quality development of the futures market [1] - The plan aims to create a safe, standardized, transparent, open, and predictable institutional framework that aligns with the internationalization of the SHFE platform [1] Group 2: Key Areas of Reform - The internationalization reform will involve the formulation and revision of 34 secondary-level business rules [2] - Market access rules will define the conditions, rights, and obligations for foreign participants in domestic futures trading [2] - Trading rules will be updated to facilitate the full participation of foreign participants in the trading process [2] - Risk control measures will be refined to manage risks associated with foreign participants in domestic futures trading [2] - The settlement system will establish the Renminbi as the settlement currency and allow foreign exchange as a margin asset, with mandatory currency exchange provisions [2] - Delivery rules will be improved to manage non-deliverable positions and enhance the overall management of the futures trading process [2]