该网站旨在打造集信息披露、业务服务和国际交流于一体的综合性英文信息平台。网站首页采用国际通 行的分屏设计，便于投资者获取品种数据与最新动态，内容涵盖品种/指数、行情数据、新闻/公告、业 务/服务、法规/规则、关于我所等7个一级栏目，为全球用户提供便捷、权威的一站式信息服务。 期货日报网讯（记者 刘威魁）为进一步扩大对外开放，更好服务全球投资者，广期所英文官方网站 （http://www.gfex.com.cn/en/index.shtml）1月12日正式上线运行。 自2021年4月19日挂牌成立以来，广期所主动作为，积极服务绿色发展、服务粤港澳大湾区、服务"一带 一路"倡议，坚持创新型、市场化、国际化的发展方向，稳步推进对外开放并取得积极进展。2025年3 月，广期所引入合格境外机构投资者（QFI）参与工业硅、碳酸锂、多晶硅期货及期权交易。下一步， 还将有序推动上述品种分别纳入特定品种，探索对境外交易所结算价授权，进一步提高对外开放水平。 "我们诚挚欢迎广大投资者访问广期所英文网站。"广期所相关负责人表示，未来，广期所将持续优化网 站功能与内容，努力构建内容丰富、功能完备的国际化传播窗口，切实提升广大投资者的 ...

简单来讲，这一过程让国债变成了可以撬动新投资的"担保物"。境外投资者无须卖出其持有的国债来获取现金保证金，从而显著提升 了存量债券资产的利用效率和投资组合的灵活性。 汇丰中国副行长兼资本市场及证券服务部联席总监张劲秋表示，境外投资者首次通过QFI渠道以国债作为商品期货保证金开展交易，是 债市与期市基础设施互联互通的最新实践，为更多境外投资者参与境内商品期货市场提供了可复制的路径。国债作为商品期货保证 金，不仅为境外投资者提供了更高效的资金运用渠道，还能通过跨市场协同进一步丰富国债的使用场景。 近年来，期货市场向境外机构开放的步伐稳步提速。从品种来看，以原油期货为起点，相继推出铁矿石、PTA、20号胶、低硫燃料油、 国际铜、棕榈油等面向境外交易者直接开放的特定品种。境外投资者可通过境内期货公司或境外经纪机构参与交易，实现与全球市场 的价格联动。自2020年中国证监会允许QFI参与商品期货期权交易以来，截至目前，各商品期货交易所已向QFI陆续开放91个商品期货 期权品种合约。 机制方面，形成了结算价授权、交易所境外注册、跨境商品ETF等多元化开放路径。这种"组合拳"模式持续推动我国期货市场与国际接 轨。 中国民族 ...

Core Insights - The Chinese futures market has reached a milestone with total funds exceeding 2 trillion yuan, reflecting a 24% increase from the end of 2024 [1] - There has been a significant increase in new account openings, driven by interest in precious metals and stock index futures [1] - The overall performance of the futures industry is recovering, with net profits for the first eight months of 2025 reaching 76.5 billion yuan, a new high in recent years [7] Market Growth - As of September 2025, the number of effective clients in the market has surpassed 2.7 million, a 14% increase year-on-year, with 650,000 new clients added in the first three quarters [2] - Institutional clients have shown steady growth of 3%, while overseas clients have increased by 11%, with traders distributed across 40 countries and regions [2] Client Segmentation - Industrial clients and overseas clients are identified as key growth drivers in the domestic futures market, with industrial clients focusing on risk management and strategic planning [3][5] - A record 1,583 A-share listed companies have issued hedging announcements this year, surpassing the total for 2024, indicating a growing engagement in risk management [3] Service Enhancement - Futures companies are enhancing the service capabilities of frontline staff to meet the increasing demands of industrial and institutional clients [4] - Staff are required to possess in-depth knowledge of industry structures, market dynamics, and risk points, along with strong communication skills to effectively address client needs [4] International Engagement - The acceleration of the Chinese futures market's opening has led to significant interest from overseas clients, with many potential clients ready to participate actively [6] - Feedback from European client interactions indicates a strong familiarity with market entry rules and a readiness to engage in trading [6] Financial Performance - As of August 2025, the total trading volume reached 65.23 trillion yuan, with a net profit of 12.34 billion yuan for the period [7] - There is a notable performance disparity among futures companies, with profits concentrated in a few firms, while traditional brokerage competition remains intense [7] - Specific A-share listed futures companies have shown varied performance, with some experiencing significant profit increases while others have reported losses [7][8]

Core Viewpoint - The article highlights the significant progress made in China's futures market over the past year, driven by the implementation of the regulatory opinions aimed at enhancing risk management and supporting high-quality development in the sector [1]. Group 1: Market Development and Structure - The number of futures varieties has reached 157, with a more comprehensive product system that includes active green futures like industrial silicon and lithium carbonate, directly serving the risk management needs of the new energy industry [2]. - The approach to risk management among enterprises has evolved from simple hedging to a more sophisticated model that integrates futures, options, and basis trading, enhancing stability and risk resilience [2]. - The degree of openness in the futures market has increased, with qualified foreign investors able to trade 104 varieties, including 95 listed futures products, thereby enhancing the international influence of Chinese pricing [2]. Group 2: Company Initiatives and Strategies - The company has focused on strengthening its service capabilities to better support the real economy, emphasizing a proactive approach to client engagement and enhancing service quality [3]. - The company is actively promoting financial futures and derivative hedging transactions to support the stable growth of medium- and long-term funds, facilitating their entry into the market [4]. - The company has been expanding its international presence, leveraging existing licenses to provide tailored risk management solutions and attract foreign investors to domestic markets [5]. Group 3: Future Outlook and Industry Trends - The company aims to transition from traditional futures services to a comprehensive model that includes domestic brokerage, international business, risk management, and wealth management, focusing on customer-centric value creation [6]. - The futures industry is undergoing a profound transformation, with its role evolving from a mere facilitator of transactions to a comprehensive risk management service provider, driven by policy, technology, and market forces [7]. - The industry is expected to experience a Matthew effect, leading to a clearer tiered structure where leading firms become comprehensive service providers, while smaller firms may need to specialize or face consolidation [7].

Group 1 - The 2025 Asia Trading Conference, hosted by Futures and Options World (FOW), took place in Hong Kong, with the Shanghai Futures Exchange (SHFE) making its debut as an exhibitor, highlighting the recent developments in China's futures market [1] - The conference covered topics such as opportunities and challenges in the Asian derivatives market, macroeconomic outlook, development of the Asian options market, and the introduction of derivatives markets in China and India, attracting over 300 participants from nearly 20 countries and regions [1] - SHFE received the "Best New Contract Award" for successfully launching options for lead, nickel, tin, and alumina, enhancing its options variety and providing comprehensive risk management tools for the non-ferrous metal industry [1] Group 2 - China's futures market has gradually opened up, with over 100 futures and options products available for Qualified Foreign Institutional Investors (QFI), and the number of open products exceeding 70% among domestic exchanges [2] - In 2025's first half, trading volume for QFI clients at SHFE increased by over 40% year-on-year, with average open positions rising by over 80% and the number of clients growing by over 50% [2] - The SHFE aims to continue its orderly opening strategy, expanding product offerings and enhancing functionality to better serve global traders [3] Group 3 - A roundtable discussion featured representatives from SHFE and various financial institutions, focusing on the achievements of China's futures market opening and its role in helping market participants manage risks amid global uncertainties [3] - The participants acknowledged the rich variety and good liquidity of China's futures market, which has effectively responded to significant fluctuations in the international commodity market [3] - The SHFE plans to maintain a steady approach to further opening, enriching its product lineup and optimizing its offerings to meet the needs of global investors [3]

Group 1: Market Opening and Expansion - China's futures market has steadily advanced its opening to the outside world, expanding the range of commodity futures available for foreign traders, with 7 products now accessible on the Zhengzhou Commodity Exchange (ZCE) [1] - The Qualified Foreign Institutional Investor (QFI) trading range has been expanded to 26 futures and options products, indicating a significant increase in foreign participation [1] Group 2: Diversified Hedging Demand - There has been a surge in cross-border hedging demand from domestic and foreign clients due to various international macroeconomic factors, which has raised the bar for the professional services provided by futures companies [2] - The trend of using "Chinese prices" as a benchmark by foreign industrial clients is becoming increasingly evident, particularly in the case of overseas vegetable oil trade [2] Group 3: Localized Services and Support - Futures companies are leveraging their domestic and international branches to provide localized services while also utilizing their research capabilities to assist clients in navigating the futures market [3] - A bilingual team familiar with international capital markets has been established to support cross-border business, ensuring comprehensive assistance for foreign clients in risk management [3] Group 4: Strategic Development and Global Integration - Dongzheng Futures has identified "internationalization" as a strategic development goal since 2012, with its Singapore subsidiary now holding clearing qualifications from the three major international exchanges [4] - Nanhua Futures is focusing on creating a localized intermediary service network in key global commodity trading areas to address the pain points of cross-border industrial clients [4] Group 5: Competitive Advantages of Foreign Firms - UBS Futures has established a first-mover advantage in talent development, platform construction, and client cultivation, focusing on serving international investors entering the Chinese market [5] - The firm has developed an internationally leading risk management framework and advanced trading settlement technology solutions, providing customized services that align with domestic market requirements while incorporating international best practices [6] Group 6: Future Outlook and Commitment - There is a growing call for the establishment of a world-class futures exchange and the enhancement of the influence of "Chinese prices," with ZCE continuously expanding its range of foreign investment products and deepening cross-border cooperation [6] - UBS Futures is committed to bridging foreign clients with the Chinese futures market and enhancing its service model through financial technology and research capabilities [6][7]

Core Insights - The Shanghai Futures Exchange (SHFE) is focusing on expanding its international presence and increasing the participation of foreign investors, aiming to promote "Chinese pricing" globally [1][3][10] Group 1: Expansion of Foreign Participation - The number of foreign investors is growing at a double-digit rate annually, with specific pathways for participation including foreign-owned enterprises and qualified foreign institutional investors (QFIs) [8][3] - As of 2024, the number of foreign clients under the specific product pathway has increased by approximately 20%, while QFI clients have surged by about 60%, both exceeding the national average growth rate of 17% [8][3] Group 2: Product Offerings and Internationalization - SHFE has listed 25 futures and 18 options products, with five futures and one options product directly accessible to foreign investors, while 32 products are available for QFI trading [5][8] - The exchange has been actively exploring cross-border cooperation and has introduced an international version of its business rules to facilitate the inclusion of foreign participants [3][2] Group 3: "Shanghai Price" Globalization - The application of "Shanghai pricing" is expanding, with products like crude oil and international copper being used for hedging and pricing in international trade [9][10] - A notable initiative includes the authorization of the settlement price for natural rubber futures to the Osaka Exchange, allowing for direct pricing in RMB, which enhances the international influence of "Chinese pricing" [10][11] Group 4: Future Plans and Collaborations - SHFE plans to steadily increase the number of products available for foreign participation and enhance its cross-border services and international cooperation [2][3] - The exchange is also pursuing partnerships with foreign exchanges to broaden its regulatory reach and facilitate trading for foreign investors [13]

Core Viewpoint - The expansion of the trading scope for Qualified Foreign Institutional Investors (QFI) in China's futures market is expected to attract more foreign investors, enhancing the international influence of Chinese pricing and contributing positively to the goal of building a strong financial nation [3]. Group 1: Recent Developments - On September 1, the Shanghai Futures Exchange announced the addition of new trading varieties for QFI, including futures contracts for petroleum asphalt and options for fuel oil, petroleum asphalt, and pulp [1]. - Starting from September 10, QFI will have access to these new trading varieties, which is part of a broader initiative to increase foreign participation in China's futures market [1][2]. Group 2: Regulatory Framework - The Shanghai Futures Exchange emphasized the importance of trading permission management and rule interpretation for futures companies, ensuring that QFI are adequately informed about trading and settlement processes [2]. - The exchange also provided a list of banks authorized to handle margin deposits for QFI, indicating a structured approach to facilitate foreign participation [2]. Group 3: Historical Context - The pace of opening up the futures market to QFI has accelerated in recent years, with significant milestones including the introduction of financial derivatives trading in October 2021 and the addition of 41 new trading varieties in September 2022 [2]. - As of now, the total number of futures and options varieties available for QFI participation has reached 100, reflecting a continuous effort to enhance market accessibility [2].

Core Viewpoint - The 2025 China (Zhengzhou) International Futures Forum emphasized "openness" and "risk management," highlighting the importance of high-level opening of China's futures market and its integration with the real economy [1][2]. Group 1: Achievements in Opening Up - Since the launch of the first foreign-opened futures product, crude oil futures, in 2018, there are now 24 specific futures products available, covering energy, metals, agricultural products, and shipping as of July 2025 [3]. - Domestic futures companies have established 22 first-level subsidiaries, 39 second-level subsidiaries, and 6 third-level subsidiaries overseas, with locations including Hong Kong, Singapore, the UK, and the US [3]. - The Zhengzhou Commodity Exchange (ZCE) aims to enhance cross-border cooperation and optimize the regulatory environment to better serve domestic and foreign enterprises in risk management and pricing services [3]. Group 2: International Participation and Product Innovation - The ZCE has introduced specific products for international trade, such as rapeseed meal, rapeseed oil, and peanut futures, which have shifted pricing models from traditional methods to ZCE-based pricing [4]. - Companies like Jia Li Gao have utilized futures for hedging against price fluctuations, indicating a growing trend of international entities engaging with the ZCE for risk management solutions [4]. - The forum showcased the increasing recognition of "Chinese prices" in global commodity markets, with more enterprises using ZCE prices for international trade [7][11]. Group 3: Regulatory Support and Future Directions - Regulatory bodies signaled intentions to expand the range of futures and options products available to qualified foreign investors, enhancing their participation in China's futures market [6]. - The ZCE plans to steadily expand its offerings and improve its global pricing influence, including the introduction of bonded delivery for PTA futures [7]. - The forum highlighted the importance of collaboration between government and enterprises, establishing a complete cycle of policy guidance, forum facilitation, and practical implementation [12][14]. Group 4: Forum Impact and Industry Recognition - The forum has become a significant platform for industry exchange, with increasing participation from international suppliers and clients, reflecting its growing influence [8][10]. - Participants noted the practical value of the forum in providing actionable insights and solutions for enterprises, indicating a shift towards more hands-on approaches in futures services [9][10]. - The event has been recognized for its role in enhancing the international competitiveness of Chinese industries and improving the global discourse on commodity pricing [11].

Group 1 - The core viewpoint emphasizes the acceleration of China's futures market internationalization and its role in enhancing global supply chain stability through higher levels of openness [1][2][3] - The China Futures Market has seen a significant increase in trading volume, accounting for over 60% of the global total, indicating its leading position in the world [2][3] - The Zhengzhou Commodity Exchange (ZCE) is committed to promoting cross-border cooperation and optimizing its regulatory framework to better serve the real economy [1][2] Group 2 - The ZCE has successfully opened its polyester and oilseed futures to international traders, establishing a new pricing model based on domestic prices [4][5] - The "Zhengzhou Plan" has emerged as a model for institutional openness, enhancing the international influence of Zhengzhou prices [5][7] - The ZCE's initiatives have led to a 63% increase in foreign clients participating in the futures market compared to the same period in 2022 [3] Group 3 - The ZCE's approach to opening up includes optimizing delivery rules and expanding the range of products available to qualified foreign investors [6][5] - The integration of imported commodities into the delivery framework has significantly supported the stability of related supply chains [6] - The demand for effective risk management tools among domestic and international enterprises is increasing, highlighting the importance of the futures market in cross-border trade [3][8] Group 4 - The ongoing internationalization of the ZCE is seen as a critical component in reshaping global trade dynamics, particularly in the context of the Belt and Road Initiative [8][12] - The ZCE's efforts to enhance its pricing influence are viewed as a strategic opportunity for China to assert its role in the global commodities market [8][12] - The participation of foreign institutions in China's futures market is expected to grow, driven by the increasing demand for risk management tools and the easing of regulatory barriers [12][14]