本报讯（记者 张梦）为了进一步打造"期货期权、场内场外"联动贯通的市场格局，近日，郑商所携手 中国期货市场监控中心（下称监控中心）在湖北武汉成功举办玻璃和纯碱产业企业"期权+"专题培训活 动。据期货日报记者了解，本次培训选址玻璃、纯碱主产区，面向产业企业、期现贸易商及期货公司的 风险管理公司，旨在提升企业综合运用期货、期权工具及期现业务的能力与水平，满足企业在风险管理 和贸易模式转型升级中的多样化需求。 "期货市场在发挥功能的同时，因高杠杆、跨市场等特性也具有高风险特征，强化风险防控始终是期货 市场发展的重要任务。"上述监控中心相关负责人称，在现代市场经济条件下，金融市场的复杂性、技 术性特征日益突出，大家要充分了解和全面认识期货市场的总体特征和功能。本次培训正是基于此初衷 给玻璃和纯碱产业企业提供学习、交流和共享的平台，帮助大家充分了解期货市场的运作原理和运行机 制，掌握交易策略的基本规则和风险管理技能。 据记者了解，本次培训从当前宏观经济与大宗商品风险管理实际出发，涵盖玻璃、纯碱期货和期权基础 知识，以及基差贸易、期权体系、含权贸易、交割等内容，系统讲解了期货工具在企业采购、销售和库 存管理中的实际应用， ...

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海期货交易所（下称"上期所"）正式挂牌交易。其中，胶版印刷纸期货，燃料 油、石油沥青和纸浆期权于上午9时挂牌，胶版印刷纸期权于当日21时挂牌。同日起，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 交易范围。 中国造纸协会理事长赵伟表示，胶版印刷纸作为造纸工业的重要分支，广泛应用于文化传播、书写和印刷领域。我国是全球最大的文化用纸生产国和消 费国，市场规模超千亿元，胶版印刷纸的产量和消费量亦位居世界首位。纸浆期货自2018年上市以来，已逐步成为行业定价和风险管理的重要工具。此次新 增胶版印刷纸期货及期权、纸浆期权，将进一步健全和完善造纸产业链避险体系，为企业提供更灵活的风险对冲手段，具有重要的现实意义。 中国纸业投资有限公司总经理严肃表示，在产业全力推进绿色低碳技术改造和应用的进程中，有效管理原材料成本与产品价格波动风险，提升资源配置 效率和经营稳定性是一个非常重要的课题。胶版印刷纸期货及期权为企业提供了管理价格风险的工具，增强企业经营韧性。同时，期货市场提供的价格信 号，将助力企业不断优化和完善经营策略，引导企业将更多资源投向提升 ...

Core Viewpoint - The introduction of new futures and options for various commodities, including newsprint paper, fuel oil, asphalt, and pulp, marks a significant expansion in China's futures market, enhancing risk management tools for industries involved [1][2][3][4]. Group 1: New Listings and Market Impact - Five new futures and options products have been launched, bringing the total number of commodity futures options in China to 136 [2]. - The new listings aim to fill the gap in financial derivatives for cultural paper, providing tools for companies in the paper industry to manage price volatility effectively [3]. - China is the largest producer and consumer of newsprint paper globally, with a projected production of 9.48 million tons and apparent consumption of 8.71 million tons in 2024 [3]. Group 2: Risk Management Tools - The introduction of options for fuel oil, asphalt, and pulp enhances the risk management capabilities for companies in these sectors, allowing for more flexible strategies compared to futures alone [4]. - The integration of newsprint paper futures with existing pulp futures creates a comprehensive risk management chain for the paper industry, addressing cost fluctuations in raw materials and finished products [3][4]. Group 3: International Market Influence - The expansion of qualified foreign investor participation in commodity futures and options trading reflects the growing influence of "Chinese prices" in international trade [5][6]. - The Shanghai crude oil futures price has become a reference for oil trade in the Asia-Pacific region, indicating the increasing impact of China's futures market on global pricing [6]. - The ongoing efforts to enhance the product system and promote high-level openness in the futures market are aimed at stabilizing international market prices [6].

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上市仪式在上海期货交易所举行。新华社记者 方喆 摄此次"上新"品种的现货市场情况如 何？5个期货期权品种上市后又将为产业链带来哪些新变化？作为文化用纸的典型品种，胶版印刷纸广泛应用于图书、杂志、笔记本等领域。目前，我国是 全球最大的胶版印刷纸生产国和消费国。数据显示，2024年我国胶版印刷纸产量948万吨，表观消费量871万吨。据业内人士透露，近年来，受国内外市场环 境影响，造纸工业面临着较大营收增长压力，产业避险需求强烈。"推出胶版印刷纸期货及期权，将填补国内文化用纸金融衍生品的空白，为我国文化用纸 产业链企业提供精准管理价格波动风险的工具。"上期所副总经理杨柯表示，对于上游造纸企业，纸浆占胶版印刷纸生产成本的70%以上，而下游出版印刷 企业中，纸张费用最高可占营业成本的一半以上。此前，上海期货交易所已上市了纸浆期货。"胶版印刷纸品种上市后，将与现有纸浆期货形成'浆—纸'一 体化风险管理链条，有助于企业应对原材料成本波动和成品价格的不确定性。"中国造纸协会秘书长刘文龙称，期货市场公开透明的价格发现功能，也有助 于提升现货市场的定价效率，引导企业优化 ...

此次"上新"品种的现货市场情况如何？5个期货期权品种上市后又将为产业链带来哪些新变化？ 作为文化用纸的典型品种，胶版印刷纸广泛应用于图书、杂志、笔记本等领域。目前，我国是全球最大的胶版印刷纸生产国和消费国。数据 显示，2024年我国胶版印刷纸产量948万吨，表观消费量871万吨。 据业内人士透露，近年来，受国内外市场环境影响，造纸工业面临着较大营收增长压力，产业避险需求强烈。 "推出胶版印刷纸期货及期权，将填补国内文化用纸金融衍生品的空白，为我国文化用纸产业链企业提供精准管理价格波动风险的工具。"上 期所副总经理杨柯表示，对于上游造纸企业，纸浆占胶版印刷纸生产成本的70%以上，而下游出版印刷企业中，纸张费用最高可占营业成本的一 半以上。 9月10日，期货市场再迎大消息—— 当日，胶版印刷纸期货及期权，燃料油、石油沥青和纸浆期权在上海期货交易所上市交易。 随着此次5个期货期权品种挂牌交易，国内商品期货期权品种数量将达到136个。 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上市仪式在上海期货交易所举行。新华社记者 方喆 摄 此前，上海期货交易所已上市了纸浆期货。"胶版印刷纸品种上市后，将与现有纸 ...

Core Viewpoint - The training session "DCE·Industry Tour" held in Liaoning aims to enhance the risk management capabilities of the local chemical industry through the use of futures derivatives, addressing the challenges posed by global economic changes and price volatility in raw materials [1][2]. Group 1: Industry Context - Liaoning is a significant old industrial base in China, with the petrochemical and chemical industries playing a crucial role in its economic structure [1]. - The province is focusing on building a world-class petrochemical industry base, emphasizing the importance of risk management in the face of increasing market competition and price fluctuations [2]. - The chemical industry in Liaoning has a comprehensive range of sectors, high enterprise concentration, and strong technological foundation, particularly in petrochemicals, fine chemicals, and new materials [2]. Group 2: Futures Market Importance - The futures market is recognized as a vital component of the modern financial system, providing price discovery, risk management, and resource allocation functions essential for petrochemical enterprises [2]. - The Dalian Commodity Exchange (DCE) reports that by 2024, the average proportion of industry clients in its chemical sector will reach 38.2%, indicating a growing participation of chemical enterprises in utilizing futures tools for cost locking and risk avoidance [2]. Group 3: Training Content and Insights - The training covered macroeconomic analysis, basic knowledge of futures, and risk prevention strategies, with insights into the development prospects of bulk commodities [3]. - Experts emphasized the need for enterprises to establish a scientific hedging management system to effectively manage risks and price fluctuations [3][4]. - Successful practices in using futures tools for risk management were shared, highlighting the importance of a comprehensive risk control system and the transition from being price takers to price managers [4]. Group 4: Industry Transformation - There is a noticeable shift in the mindset of enterprises in Liaoning from fearing futures to actively embracing them as tools for risk management [5]. - The DCE's "Enterprise Risk Management Plan" has garnered significant attention among training participants, reflecting the growing recognition of futures derivatives as a stabilizing force for businesses [4][5].

Core Viewpoint - The futures market plays a crucial role in stabilizing the economy and managing risks amid increasing external uncertainties and commodity price volatility [1][2]. Group 1: Futures Market Development - The domestic futures market has established a multi-layered futures product system covering key sectors such as energy, metals, agricultural products, and finance, becoming an essential tool for enterprises to mitigate price volatility risks and optimize resource allocation [2]. - As of now, there are 131 listed commodity futures and options in China, reflecting a broad service capability across various sectors of the national economy [2]. - The participation of industrial clients in the futures market has been increasing, with a 12.2% year-on-year growth in daily trading volume for industrial clients in 2024, and the number of listed companies engaging in hedging has grown for 11 consecutive years [2]. Group 2: Risk Management Trends - Manufacturing companies are the main players in hedging activities, particularly in sectors like chemicals and agricultural processing, facilitating industrial upgrades and overseas expansion [3]. - There is a growing trend towards systematic, refined, and globalized risk management among listed companies, with an increasing awareness of the need for proactive risk avoidance [3]. Group 3: Importance of Risk Management - Risk management capabilities have shifted from being a supplementary aspect to a survival necessity for enterprises, as highlighted by industry representatives at the forum [4]. - Derivatives are increasingly utilized by commodity trading companies to manage various risks, including price fluctuations, thereby ensuring operational controllability [4]. Group 4: Future Directions for the Futures Market - The China Securities Regulatory Commission (CSRC) plans to enhance product offerings by promoting the listing of important energy products like liquefied natural gas and expanding the coverage of futures and derivative tools [7]. - The CSRC aims to facilitate high-level market openness by increasing the range of futures and options available for qualified foreign investors, enhancing their participation in the Chinese futures market [7]. - There will be a focus on improving the service environment for enterprises engaging in hedging, with an emphasis on personalized and refined services tailored to different types of enterprises [7]. Group 5: Zhengzhou Commodity Exchange Initiatives - The Zhengzhou Commodity Exchange (ZCE) is committed to enriching the variety of tools available in the market and enhancing service quality, particularly in sectors like energy and salt chemicals [8]. - ZCE plans to deepen research on reserve products and continue developing derivatives that meet the needs of the real economy [8].

Group 1: Industry Trends and Risk Management - The polyester industry is focusing on risk management as a vital aspect of modern enterprises, emphasizing the importance of a closed-loop management system that includes prevention, control, and hedging [1] - The Zhengzhou Commodity Exchange has developed a comprehensive futures market for polyester, providing industry players with a rich toolbox for risk management and enhancing operational resilience [1] - PTA (Purified Terephthalic Acid) is highlighted as the most established polyester chain futures product, with a hedging efficiency exceeding 98% [1] Group 2: Company Strategies and Innovations - Rongsheng Petrochemical has adapted its risk management strategies for PX (Para-Xylene) by dynamically adjusting product flows and managing PX inventory to mitigate risks [2] - New Fengming Group has established a comprehensive dynamic risk control system across its supply chain, utilizing futures markets to optimize procurement and hedge against price volatility [2] - Wan Kai New Materials Co., Ltd. benefits from the flexibility provided by futures tools to manage market risks associated with bottle sales, which often involve long-term orders and "pulse-like" sales patterns [3] Group 3: Market Developments and Future Outlook - The liquidity of PX futures is increasing, and the Zhengzhou Commodity Exchange is promoting the opening of related products, which will expand market participation opportunities for companies [3] - Trade merchants are playing a crucial role in managing inventory pressures within the polyester industry, especially during accumulation phases, leveraging financial tools for effective inventory management [3]

Core Viewpoint - The 2025 China (Zhengzhou) International Futures Forum focused on the role of the futures market in supporting national development and enhancing new productivity, emphasizing the need for the market to contribute to the construction of a strong nation [1] Group 1: Key Initiatives and Focus Areas - The China Securities Regulatory Commission (CSRC) highlighted five key areas for the futures market's development, including enriching product supply, promoting high-level openness, enhancing market services, improving institutional capabilities, and strengthening research-driven development [2][3] - The CSRC aims to launch important energy products like liquefied natural gas and expand the range of futures and options available to qualified foreign investors [2][3] Group 2: Market Integration and Development - The futures market is increasingly integrated into national development strategies, with ongoing research and development of derivatives that meet the needs of the real economy, such as sunflower seed oil and steel products [4] - As of the end of last year, new futures products like polysilicon and casting aluminum alloy have been introduced, broadening the market's service capabilities [4] Group 3: Participation and Engagement - The Zhengzhou Commodity Exchange (ZCE) has listed 47 products, providing a comprehensive toolset for risk management across various industries, with significant participation from companies in sectors like cotton and urea [5] - In 2024, 1,503 A-share listed companies issued hedging announcements, with a participation rate of 28.6%, indicating a growing trend in risk management among listed companies [6] Group 4: International Cooperation and Openness - The ZCE has opened 26 futures and options products to qualified foreign investors, with nearly 170 QFI clients from 12 countries and regions, enhancing domestic and international market linkages [7] - The ZCE plans to deepen international product development and expand the range of tradable products for QFIs, aiming to enhance its global pricing influence [8]

Group 1 - The 2025 China (Zhengzhou) International Futures Forum was held in Zhengzhou, focusing on risk management for industrial enterprises through futures markets [1] - Zhengzhou Commodity Exchange (ZCE) emphasizes the importance of a "standardized, transparent, open, vibrant, and resilient" futures market as a stabilizing anchor and a driving force for industrial enterprises to enhance market competitiveness [1] - As of now, ZCE has listed 47 varieties, forming multiple product sectors such as polyester, coal chemical, salt chemical, oilseeds, soft commodities, and fruits, providing a comprehensive tool system for risk management [1] Group 2 - ZCE adopts a market-first service philosophy, addressing the pain points of industrial enterprises in participating in the futures market by creating a "point-chain-surface" service matrix [2] - To facilitate enterprise participation, ZCE has conducted executive visits and customized training for over 4,000 enterprises, and implemented a five-year industrial development project [2] - ZCE collaborates with 167 leading enterprises to establish industrial-financial bases, conducts thousands of industry activities, and organizes executive training programs in partnership with universities to enhance risk management capabilities [2] - Since 2023, ZCE has conducted over a thousand nurturing activities benefiting tens of thousands of central enterprises, state-owned enterprises, listed companies, and small and medium-sized enterprises [2] - ZCE actively utilizes a big data platform for risk monitoring of key varieties, maintaining market stability and creating a favorable environment for enterprises [2]