近日，大连商品交易所（以下简称"大商所"）正式发布关于线型低密度聚乙烯（LLDPE）、聚氯乙 烯（PVC）、聚丙烯（PP）月均价期货上市交易有关事项的通知，三个化工品月均价期货将于10月28 日21时起挂牌交易。 作为境内商品期货市场首批针对均价贸易场景设计的期货品种，三个化工品月均价期货的上市不仅 填补了境内均价风险管理工具的空白，更以创新的现金交割机制，便利化工产业开展长周期贸易，标志 着我国化工衍生品市场服务实体经济的能力迈上新台阶。 交割方式方面，月均价期货突破性采用现金交割方式，由交易所根据交割结算价直接划付持仓双方 盈亏，与实物交割期货形成合力，为产业客户提供更多元的解决方案。 根据上市通知及前期已发布的业务细则，三个化工品月均价期货合约的交易单位为5吨/手，报价单 位为元（人民币）/吨，最小变动价位为1元/吨，合约月份为1至12月，与对应实物交割期货合约完全一 致，便于市场参与者理解。交易代码分别为"L合约月份F""V合约月份F""PP合约月份F"，例如， PP2602F即代表合约月份为2026年2月的聚丙烯月均价期货合约。 风控体系方面，月均价期货延续市场成熟框架并优化细节，交易保证金比例、涨 ...

Report Industry Investment Rating No relevant content provided. Core Viewpoints of the Report - The listing of the three chemical monthly average price futures fills the gap in domestic average price risk management tools, and its cash - settlement mechanism facilitates long - term trade in the chemical industry, marking a new stage in the ability of China's chemical derivatives market to serve the real economy [10]. - These futures can meet the more refined and diversified risk management needs of industrial enterprises, provide a smoother price reference for the industry, enrich the futures market tool system, and enhance China's influence in plastic pricing [6]. - They will form a "complementary and progressive" pattern with existing physical delivery futures, jointly build a more complete chemical derivatives ecosystem, and further enhance China's international influence on chemical prices [7]. Summary According to the Table of Contents Preface - On October 20, 2025, DCE officially announced the listing of linear low - density polyethylene (LLDPE), polyvinyl chloride (PVC), and polypropylene (PP) monthly average price futures, which will be listed for trading at 21:00 on October 28, 2025. This listing fills the gap in domestic average price risk management tools and marks a new level in the ability of China's chemical derivatives market to serve the real economy [10]. Chapter 1: Futures Product Background and Strategic Significance - As the marketization of the chemical industry increases, the demand for price risk management from upstream and downstream enterprises in the industrial chain becomes more refined. Traditional futures contracts cannot precisely match the actual demand of some enterprises using "monthly average price" for spot trade settlement. - DCE launched monthly average price futures to provide more accurate and efficient hedging tools for enterprises using the average price model for trade. These contracts use a cash - settlement mechanism, which greatly improves the efficiency and accuracy of risk management and helps enhance China's voice in the international chemical pricing system [11]. Chapter 2: Introduction to the Three Chemical Monthly Average Price Futures Products - The three chemical monthly average price futures are based on the monthly average settlement price of the corresponding physical delivery futures contracts and use a cash - settlement mechanism at maturity. They rely on the fair prices of existing physical delivery futures to provide risk management tools suitable for the monthly "average price trade" model. - In 2024, China's polyethylene, polyvinyl chloride, and polypropylene production capacities were 3571000 tons, 2754000 tons, and 4676000 tons respectively. China's plastic exports have been increasing year by year. Internationally, monthly average price futures have become an important tool in major international futures exchanges [12][14]. Chapter 3: Core Elements of the Three Chemical Monthly Average Price Futures Contract Design - **Contract Basic Parameters**: The trading unit is 5 tons/lot, the quotation unit is yuan (RMB)/ton, the minimum price change is 1 yuan/ton, the contract months are from January to December, and the trading code uses the format of "variety code + contract month + F" [16][17]. - **Listing Time and Listing Arrangement**: They will be listed for trading at 21:00 on October 28, 2025, with night trading. The first - listed contracts are announced, and a "rolling listing" mechanism is adopted to cover six near - month contracts [18][21]. - **Listing Benchmark Price**: The listing benchmark price is the settlement price of the corresponding contract on October 28, 2025 [23]. - **Combined Margin**: The contracts participate in combined margin discounts [23]. - **Position Information Publication**: The exchange will publish relevant trading volume and position information after daily settlement [24]. Chapter 4: Innovation in Delivery Mechanism and Settlement Logic - **Cash - Settlement Method**: There is no physical delivery. The profit and loss of both parties are directly transferred by the exchange according to the final delivery settlement price, which is the arithmetic average of the settlement prices of the corresponding physical delivery futures contracts in the "month before the contract month" [26]. - **Last Trading Day and Delivery Day**: They are the same day, which is the last trading day of the "month before the contract month" [27]. - **Settlement Price Pricing Mechanism**: DCE uses a "phased calculation" model. Before the "month before the contract month", the daily settlement price is directly linked to the daily settlement price of the corresponding physical delivery futures contract. After entering the "month before the contract month", it switches to the "average mode" [29]. Chapter 5: Risk Control System and Trading Rules - **Margin and Price Limit**: The trading margin ratio and price limit range are the same as those of the corresponding physical delivery futures contracts and are adjusted synchronously [31]. - **Handling Fee Standard**: The trading handling fee is 1 yuan/lot (one - way), the hedging trading handling fee is 0.5 yuan/lot (one - way), and the delivery handling fee is 1 yuan/lot. Before December 31, 2025, the delivery handling fee is waived (except for high - frequency traders) [32][33]. - **Trading Limit**: The daily opening limit for LLDPE monthly average price futures is 8000 lots/contract, 18000 lots/contract for PVC, and 10000 lots/contract for PP. Hedging and market - making trades are not subject to this limit [34][35][36]. - **Position Limit**: The position limit is more strictly managed in phases. Before the 14th trading day of the "month before the contract month", if the unilateral position is ≤ 200000 lots, the limit for non - futures company members and customers is 4000 lots; if > 200000 lots, it is 2% of the unilateral position. From the 15th trading day of the "month before the contract month", it is uniformly adjusted to 1000 lots [38][39]. Chapter 6: Trading Instructions and Market Function Expansion - The three chemical monthly average price futures support three types of arbitrage trading instructions: same - variety inter - period arbitrage, cross - variety arbitrage, and different delivery method arbitrage. - Starting from the night session on October 28, 2025, they will be included in the list of tradable products for qualified foreign institutional investors (QFIs) [39][40][41]. Chapter 7: Summary - In the context of overall over - capacity and increasing exports in the plastic industry, these futures can meet the risk management needs of enterprises, enrich the pricing strategies of spot trade, and enhance China's influence on international plastic prices. - DCE will continue to track market operations, optimize contract rules, and explore launching similar products for more varieties to improve China's commodity futures product system and serve the high - quality development of the real economy [42][43].

Core Viewpoint - The launch of monthly average price futures for LLDPE, PVC, and PP at Dalian Commodity Exchange aims to enhance liquidity and provide a pricing tool that aligns with the purchasing and sales practices of enterprises in the chemical industry [1][2][3]. Group 1: Launch Details - The first three chemical monthly average price futures will be listed on October 28, with contracts for the months of February, March, and April 2026 [1][3]. - The trading unit for these contracts is set at 5 tons per lot, with a minimum price fluctuation of 1 RMB per ton [2][3]. - The contracts will be included in the range of tradable products for qualified foreign institutional investors starting from the night session on October 28 [1]. Group 2: Pricing Mechanism - The pricing mechanism for the monthly average price futures will utilize a "phased calculation" model to ensure price fairness and mitigate market manipulation risks [3]. - During the month prior to the contract month, the daily settlement price will be directly linked to the corresponding physical delivery futures contract's settlement price [3]. - Once in the contract month, the settlement price will be calculated as an arithmetic average of the actual settlement prices and estimated values, reflecting the "monthly average" pricing logic more accurately [3]. Group 3: Industry Impact - The introduction of monthly average price futures is expected to enrich enterprises' pricing strategies in spot trading, providing a fair average price signal and enabling more diverse risk management strategies [5]. - The launch is seen as a significant step for the plastic industry, enhancing China's pricing influence in the international market and supporting high-quality industrial development [5]. - The Dalian Commodity Exchange aims to create a complementary relationship between the new monthly average price futures and existing physical delivery futures, enhancing the overall ecosystem of chemical derivatives [5].

基础概念 编者按：线型低密度聚乙烯（LLDPE）、聚氯乙烯（PVC）、聚丙烯（PP）月均价期货将于10月28日 当晚在大商所上市交易，此举将进一步丰富化工产业风险管理"工具箱"，对维护供应链稳定、赋能企业 高质量发展、提升我国塑料价格影响力具有积极意义。自即日起，本报特推出"月均价期货你问我答20 讲"专栏，对其进行全方位解读，敬请关注。 1.什么是线型低密度聚乙烯（LLDPE）、聚氯乙烯（PVC）、聚丙烯（PP）月均价期货（下称三个化工 品月均价期货）？ 三个化工品月均价期货合约，是以对应实物交割期货合约的月均结算价为交割结算依据，到期时采用现 金交割了结持仓的期货合约。其核心是依托现有三个化工品实物交割期货的公允价格，为产业提供适配 月度"均价贸易"模式的风险管理工具。 2.我国聚乙烯、聚氯乙烯、聚丙烯的供需情况如何？ 我国是全球最大的塑料生产国和消费国。2024年，我国聚乙烯、聚氯乙烯、聚丙烯的产能分别为3571万 吨、2754万吨、4676万吨，产量分别为2791万吨、2344万吨、3476万吨，消费量分别为4094万吨、2089 万吨、3573万吨。 值得一提的是，随着近些年我国塑料产能的持续扩张， ...

10月20日，大连商品交易所(下称大商所)发布关于线型低密度聚乙烯(LLDPE)、聚氯乙烯(PVC)、聚丙烯(PP)月均价期货上市交易有关事项的通知，三个化 工品月均价期货将于10月28日(周二)21:00起挂牌交易。 作为境内商品期货市场首批针对均价贸易场景设计的期货品种，三个化工品月均价期货的上市不仅填补了境内均价风险管理工具的空白，更以创新的现金 交割机制，便利化工产业开展长周期贸易，标志着我国化工衍生品市场服务实体经济的能力迈上新台阶。 根据上市通知及前期已发布的业务细则，三个化工品月均价期货合约的交易单位为5吨/手，报价单位为元/吨，最小变动价位为1元/吨，合约月份为1—12 月，与对应实物交割期货合约完全一致，便于市场参与者理解。交易代码分别为"L合约月份F""V合约月份F""PP合约月份F"。例如，PP2602F即代表合约 月份为2026年2月的聚丙烯月均价期货合约。 为进一步聚焦流动性，月均价期货上市首日将挂牌2602、2603、2604三个月份的合约，挂牌基准价为对应实物交割期货合约在10月28日的结算价。例如， L2602F合约的挂牌基准价为L2602合约在10月28日的结算价。 随后，每 ...

Core Insights - The China Securities Regulatory Commission has approved the registration of monthly average price futures for linear low-density polyethylene, polyvinyl chloride, and polypropylene at the Dalian Commodity Exchange, marking the first cash-settled futures in this category in the domestic commodity futures market [1][3] Group 1 - The newly launched monthly average price futures will be based on the arithmetic average of the settlement prices of the corresponding futures contracts, providing a cash settlement mechanism for expiring open contracts [3] - The introduction of these futures is expected to enhance market dynamics and innovation potential, offering more diversified and precise pricing information and risk management tools [3] - The three chemical products are central to the plastics and chemicals sector, with their market fluctuations closely tied to macroeconomic conditions, supply-demand dynamics, and policy directions [3] Group 2 - The monthly average price futures will improve the accuracy of hedging strategies for spot manufacturers, thereby enhancing their risk management capabilities and operational stability [3] - The Dalian Commodity Exchange aims to enrich the product structure of China's futures market and expand the supply of derivatives through these new contracts [3]

Group 1 - The China Securities Regulatory Commission has approved the registration of monthly average price futures for linear low-density polyethylene, polyvinyl chloride, and polypropylene at the Dalian Commodity Exchange, marking the first cash-settled futures in the domestic commodity futures market [1][3] - Monthly average price futures are based on the arithmetic average price of the underlying asset over a month, providing a new risk management tool for industries that require stable long-term procurement prices [3][4] - The design of the contract rules for these futures meets the industry's need for risk management while considering market risk prevention, enhancing price fairness and stability [3][4] Group 2 - The introduction of these futures is significant for improving the product structure of China's futures market, enriching derivative supply, and enhancing the resilience of supply chains [4] - The three chemical products are crucial in the plastic chemical industry, with China being a major producer and consumer, facing frequent price fluctuations due to various market factors [4] - Companies have expressed a need for more stable pricing mechanisms, as current point pricing methods are less effective in managing risks associated with price volatility [4][5] Group 3 - The launch of monthly average price futures will provide a more direct and precise risk management tool for companies engaged in average price trading, improving overall risk control strategies and operational stability [5]

Group 1 - The China Securities Regulatory Commission has approved the registration of monthly average price futures for linear low-density polyethylene, polyvinyl chloride, and polypropylene at the Dalian Commodity Exchange, marking the first cash-settled futures in the domestic commodity futures market [1][4] - Monthly average price futures are based on the arithmetic average price of the underlying asset over a month, providing a new risk management tool for industries that require stable long-term procurement prices [4][5] - The design of the contract rules for these futures meets the industry's need for risk management while considering market risk prevention, enhancing price fairness and stability [4][5] Group 2 - The introduction of these futures is expected to enrich the product structure of China's futures market, stimulate market vitality and innovation potential, and improve the resilience of supply chains [5] - The three chemical products are significant in the plastic chemical industry, with China being a major producer and consumer, facing frequent price fluctuations due to various market factors [5] - Companies have expressed a need for more stable pricing mechanisms, as current point pricing methods are cumbersome and less effective for managing risks associated with price volatility [6][7]

Group 1 - The China Securities Regulatory Commission has approved the registration of monthly average price futures for linear low-density polyethylene, polyvinyl chloride, and polypropylene at the Dalian Commodity Exchange, marking the first cash-settled futures in the domestic commodity futures market [1] - The newly introduced monthly average price futures will use the arithmetic average price of the underlying assets over a month as the settlement basis, providing a risk management tool for industries that require stable long-term procurement prices [2][3] - The contract rules for these futures are designed to meet the industry's need for monthly average price trading while considering market risk prevention, enhancing price stability and fairness [2][3] Group 2 - The introduction of these futures is expected to enrich the product structure of China's futures market, stimulate market vitality and innovation potential, and improve the resilience of supply chains in the industry [3] - The three chemical products are significant in the plastic chemical sector, with China being a major producer and consumer, facing frequent price fluctuations due to various market factors [3] - Companies have expressed that the monthly average price feature will provide a more direct and precise risk management tool for average price trading, enhancing overall risk control strategies and operational stability [4]

Group 1: Policy and Market News - The State Council executive meeting deployed measures to gradually implement free preschool education, requiring local governments to refine work plans and allocate subsidy funds [2] - In the first half of the year, the national fiscal revenue was 11.56 trillion yuan, and tax revenue increased year - on - year for three consecutive months. Fiscal expenditure was 14.13 trillion yuan, a 3.4% year - on - year increase. The third batch of 6.9 billion yuan in trade - in subsidy funds has been issued, and the remaining 6.9 billion yuan will be issued in October [2] - The CSRC approved the registration of linear low - density polyethylene, polyvinyl chloride, and polypropylene monthly average price futures on the DCE, which will be the first cash - settled futures on the DCE and the first monthly average price futures in the domestic commodity futures market [2] - The DCE restricted the daily opening positions of non - futures company members or clients in certain coking coal futures contracts from July 29, and the GIE restricted the daily opening positions in the lithium carbonate futures LC2509 contract from July 28 [2] - The GIE is promoting the R & D of photovoltaic module futures with a brand delivery system and is also working on the R & D and listing of platinum, palladium, and lithium hydroxide futures, which are expected to be listed this year [2] Group 2: Commodity Market Performance - Key commodities to focus on include urea, coking coal, PVC, asphalt, and soybean meal [2] - In the night session, different commodity futures had various price changes and position - increasing ratios [2] - In terms of sector performance, precious metals had a 28.07% increase, followed by non - ferrous metals (19.63%), coal - coking - steel - ore (15.62%), etc. [5] Group 3: Asset Performance - For major stock indices, the Shanghai Composite Index had a daily decline of 0.33%, a monthly increase of 4.33%, and an annual increase of 7.22%. Other indices like the S&P 500, Hang Seng Index, etc., also had different performance [7][8] - In the fixed - income category, 10 - year, 5 - year, and 2 - year treasury bond futures had different price changes [8] - In the commodity category, the CRB commodity index, WTI crude oil, London spot gold, etc., had their respective daily, monthly, and annual price changes [8] - Other assets such as the US dollar index and CBOE volatility also showed different trends [8]