Core Viewpoint - The "Action Plan" aims to strengthen the linkage between futures and spot markets, enhancing Shanghai's global resource allocation capability and pricing influence in the non-ferrous metal commodity sector [1] Group 1: Action Plan Overview - The "Action Plan" includes 18 specific measures to enhance the linkage between futures, spot, and derivative markets in the non-ferrous metal sector [1] - Shanghai has established a coordinated development pattern in the non-ferrous metal sector, leveraging its financial market and spot platform advantages [1] Group 2: Market Development Initiatives - The plan promotes the interconnection of the non-ferrous metal market, supporting communication between Shanghai Clearing House and Shanghai Futures Exchange for risk management [2] - It encourages local enterprises in sectors like automotive, construction, and home appliances to participate in futures and derivative markets for better price risk management [2] Group 3: Internationalization and Influence - The plan aims to enhance the internationalization of the non-ferrous metal commodity market and increase the influence of "Shanghai prices" [2] - It proposes expanding the openness of Shanghai's non-ferrous metal futures market and exploring cross-border delivery mechanisms [2] Group 4: Market Ecosystem Development - The plan focuses on cultivating competitive trading entities and fostering collaboration between commodity enterprises and upstream/downstream industries [3] - It encourages the application of blockchain technology in the non-ferrous metal sector to facilitate data sharing across platforms and regions [3]

Core Viewpoint - The "Action Plan" aims to enhance the linkage between the futures and spot markets for non-ferrous metals, increasing Shanghai's global pricing influence and market capability [1][2]. Group 1: Action Plan Overview - The "Action Plan" consists of 18 measures focused on strengthening the internationalization of the non-ferrous metals market and enhancing the influence of "Shanghai prices" [1]. - The plan emphasizes the systematic reinforcement of Shanghai's benchmark status in the futures market, extending its reach into the entire trade and risk management ecosystem [1][2]. Group 2: Internationalization and Market Participation - The plan seeks to expand the high-level institutional openness of Shanghai's non-ferrous metals futures market, allowing qualified products to be included in the specific categories for foreign participation [2]. - By attracting diverse participants such as foreign miners, traders, and investment institutions, the plan aims to ensure that "Shanghai prices" reflect global supply and demand, transitioning China from a passive price receiver to an active price influencer [2]. Group 3: Cross-Border Delivery and Market Synergy - The "Action Plan" encourages the exploration of cross-border delivery and the development of overseas storage and delivery models, aiming to enhance the international influence of China's non-ferrous metals [2][3]. - The opening of non-ferrous metals futures and options is expected to create strong synergistic effects with other pricing centers in Shanghai, attracting international resources and forming a complete industrial ecosystem [3]. Group 4: Current Market Status - As of now, the Shanghai Futures Exchange has listed 11 non-ferrous metal futures and 10 options, with some products already possessing pricing capabilities on a global or regional scale [3].

Core Viewpoint - China's economy is undergoing transformation, and the role of bulk commodities, particularly non-ferrous metals, is becoming increasingly significant due to the growth of strategic emerging industries such as new energy vehicles, aerospace, and semiconductors [1] Group 1: Action Plan Overview - The "Action Plan" was jointly released by multiple financial and regulatory bodies in Shanghai to enhance the trading capabilities of non-ferrous metal bulk commodities [2] - The plan identifies challenges such as the need for improved interaction between futures, spot, and derivatives markets, insufficient international pricing power, and a lack of leading international commodity traders [2] Group 2: Specific Measures - The Action Plan includes 18 specific measures aimed at promoting market connectivity and enhancing the development of futures, spot, and derivatives markets [2] - It supports the Shanghai Clearing House and Shanghai Futures Exchange in improving communication on clearing and risk management [2] - The plan encourages local enterprises in sectors like automotive, construction, and home appliances to engage in futures and derivatives markets for better price risk management [2] Group 3: Internationalization and Ecosystem Development - The Action Plan aims to enhance the internationalization of the non-ferrous metal market and increase the influence of "Shanghai prices" through high-level institutional openness [3] - It promotes the exploration of cross-border delivery mechanisms and the establishment of overseas warehouses to enhance international service capabilities [3] - The plan focuses on cultivating a competitive trading ecosystem by fostering collaboration between commodity companies and upstream/downstream enterprises [3] Group 4: Current Market Landscape - Shanghai has established a linked development pattern for futures, spot, and over-the-counter derivative markets in the non-ferrous metal sector, with 11 futures and 10 options products listed [5] - Some futures products have gained pricing capabilities on a global or regional scale, with "Shanghai copper" being a notable example [5] - The Shanghai Clearing House has been providing central counterparty clearing services for various non-ferrous metal products since 2013, enhancing risk management and supporting the development of the spot trading platform [5] Group 5: Future Developments - The Shanghai government has initiated a three-year action plan (2025-2027) to accelerate the transformation of bulk commodity trading [6] - The establishment of Guomao Holdings, a state-owned enterprise, aims to integrate port resources and enhance the logistics industry, focusing on international commodity trade and investment [6] - Guomao Holdings has a registered capital of 13 billion RMB and is positioned as a key player in Shanghai's international shipping center development [6]

Core Viewpoint - The Shanghai financial sector has introduced a significant policy initiative aimed at enhancing the market capabilities of non-ferrous metal commodities and increasing their global pricing influence through a comprehensive action plan consisting of 18 specific measures [1]. Group 1: Market Integration and Infrastructure - The action plan emphasizes "spot-futures linkage" and focuses on the interconnection of non-ferrous metal futures, spot, and derivative markets [2]. - It supports deep cooperation between the Shanghai Clearing House and the Shanghai Futures Exchange in clearing and risk management, promoting the application of "bulk commodity clearing" to improve transaction efficiency and security [2]. - The plan aims to enhance the breadth of services in the futures market by developing new products that cater to the needs of emerging industries such as new energy and new materials [2]. Group 2: Market Participation and Risk Management - The policy encourages various non-ferrous metal application enterprises, including those in automotive, construction, and home appliance manufacturing, to actively participate in futures and OTC derivative markets [2]. - It advocates for state-owned enterprises to use options to hedge risks and promotes a pricing model based on "futures price + premium" in trade settlements [2]. - These measures aim to break down barriers between the real economy and financial markets, allowing upstream and downstream enterprises in the supply chain to benefit from financial services [2]. Group 3: Internationalization and Pricing Influence - The plan seeks to enhance the internationalization of the market and increase the influence of "Shanghai prices" by expanding the high-level institutional opening of the futures market [3]. - It introduces an innovative "overseas warehousing and cross-border delivery" business model, allowing more non-ferrous metal varieties to be registered for delivery by foreign enterprises [4]. - This shift signifies a transition from "bringing in" to "going out," enabling "Shanghai prices" to reflect not only domestic supply and demand but also impact global trade [4]. Group 4: Market Ecosystem and Technological Integration - The action plan includes fostering a market ecosystem by cultivating trade leaders with supply chain service capabilities and exploring the establishment of a market maker system for OTC derivatives [4]. - It emphasizes the application of blockchain technology in the non-ferrous metal sector to promote cross-platform data sharing and establish corporate credit archives [4]. - The plan also aims to enhance the functionality of the national bulk commodity warehouse receipt registration center and explore legal enhancements for warehouse receipts to address issues related to rights confirmation and financing [4]. Group 5: Expert Evaluation and Strategic Implications - Analysts have praised the action plan for its depth and breadth, particularly highlighting the significance of "cross-border delivery" and "warehouse receipt legislation" in addressing industry pain points [4]. - The exploration of "overseas warehousing" is expected to significantly enhance the international representativeness of Chinese futures prices, attracting more foreign capital [4]. - The application of blockchain technology and the exploration of warehouse receipt legislation are seen as milestone developments in resolving trust issues in bulk commodity trade, potentially lowering risk management costs for financial institutions [5].

1月20日，中共上海市委金融委员会办公室、中国人民银行上海总部、国家金融监督管理总局上海监管 局、中国证券监督管理委员会上海监管局、上海市商务委员会联合印发《加强期现联动提升有色金属大 宗商品能级行动方案》（下称《方案》）。 全仓登相关负责人表示，目前已上线数字仓单登记系统，实现对铜、铝、铅、锌、锡、镍等基本有色金 属品种的现货仓单登记，同时已与商业银行合作落地仓单质押登记业务，并正在与上海清算所合作推进 仓单转让登记服务，持续拓展金融与贸易服务场景，旨在构建规范、可信的大宗商品仓单生态体系，助 力提升我国有色金属市场能级与产业链供应链协同发展。 从期货公司角度来看，混沌天成期货研究院院长李学智表示，《方案》为期货公司锚定了清晰的发展航 向，既能通过期—现—衍联动发展、新兴金属品种及指数衍生品研发，拓宽服务企业客户的深度与广 度，还能借助跨境交割、境外企业参与等制度开放，打开国际化业务的增量空间。此外，依靠区块链、 供应链金融等数字化基建赋能，期货公司可实现产品创新、客户拓展与全球化布局的协同推进，进而提 升自身的核心竞争力与市场影响力。 三是集聚市场主体，培育良好有色金属市场生态圈。培育具有综合竞争力的贸易 ...

Group 1 - The core viewpoint of the news is the release of the "Action Plan" aimed at enhancing the competitiveness and global pricing influence of the non-ferrous metal commodity market in Shanghai [1] - The "Action Plan" includes three main parts with 18 measures to promote market interconnectivity and the development of futures, spot, and derivatives markets [3][4] - The first part focuses on promoting the interconnection of the non-ferrous metal market and supporting enterprises in managing price risks through participation in futures and derivatives markets [3][5] Group 2 - The second part aims to enhance the internationalization of the non-ferrous metal commodity market and increase the influence of "Shanghai prices" through high-level institutional openness and cross-border delivery mechanisms [4][5] - The third part emphasizes the cultivation of a robust market ecosystem by fostering competitive trading entities and promoting collaboration across the supply chain [4][6] - The plan encourages the use of blockchain technology for data sharing and aims to establish a comprehensive credit archive for commodity trading enterprises [6]

张大伟 制图 ◎记者 陈佳怡 费天元 1月20日，上海市委金融办联合上海期货交易所、上海清算所、上海市商务委员会共同召开新闻发布 会，介绍《加强期现联动 提升有色金属大宗商品能级行动方案》（下称《行动方案》）相关情况。此 前，上海市委金融委员会办公室、中国人民银行上海总部、国家金融监督管理总局上海监管局、中国证 券监督管理委员会上海监管局、上海市商务委员会联合发布了《行动方案》。 作为改革开放的前沿城市，上海依托"五个中心"建设的联动优势，背靠长三角发达的制造业基础，充分 发挥在沪金融要素市场和现货交易平台聚集作用，在有色金属领域已形成期货、现货、场外衍生品市场 联动发展的格局。 在期货市场方面，上海期货交易所相关负责人介绍，上海期货交易所已上市铜、铝、锌、铅等11个有色 期货品种和10个有色期权品种，部分期货品种已在全球或区域具备了定价能力，如以"上海铜"为代表的 有色金属期货板块，已成为我国运行最成熟、产业参与度最高的商品期货序列之一，并跻身全球三大有 色金属定价中心行列。上海期货交易所坚持统筹发展与安全，持续完善风险动态研判与应对处置机制， 不断加强交易行为监管，深化期现联动风险防控。 在场外市场方面， ...

Core Viewpoint - The Shanghai Municipal Financial Office, in collaboration with various financial institutions, has introduced an action plan aimed at enhancing the linkage between the futures and spot markets for non-ferrous metals, thereby improving the international competitiveness and pricing influence of Shanghai's non-ferrous metal commodities [1][2]. Group 1: Action Plan Overview - The action plan includes 18 specific measures divided into three main parts, focusing on market interconnectivity, internationalization, and ecosystem development for non-ferrous metals [2]. - It aims to promote the use of futures prices in trade settlements and encourages financial institutions to utilize hedging tools to mitigate price volatility risks [2][3]. Group 2: Market Interconnectivity - The plan supports the establishment of efficient and secure settlement systems for non-ferrous metal spot markets through commodity clearing channels [2]. - It encourages the development of price indices by trading venues and index service providers, facilitating trade settlements based on these indices [2]. Group 3: Internationalization of the Market - The action plan emphasizes international cooperation, aiming to explore cross-border business and product innovations with foreign regulatory bodies and exchanges [2]. - It proposes expanding the openness of Shanghai's non-ferrous metal futures market and exploring cross-border delivery models [2]. Group 4: Ecosystem Development - The plan advocates for the application of blockchain technology in the non-ferrous metal sector to enhance data sharing across platforms and institutions [3]. - It aims to strengthen the functionality of national commodity warehouse registration centers and expand the coverage of warehouse receipt registration for key non-ferrous metal products [3]. Group 5: Importance of Non-Ferrous Metals - Non-ferrous metals are increasingly vital to the national economy, especially with the growth of strategic emerging industries such as new energy vehicles and aerospace [4]. - Shanghai has developed a comprehensive market structure for non-ferrous metals, integrating futures, spot, and over-the-counter derivatives markets [4]. Group 6: Futures and Derivatives Market - The Shanghai Futures Exchange has listed 11 non-ferrous metal futures and 10 options, with some products gaining global pricing capabilities, positioning Shanghai among the top three global pricing centers for non-ferrous metals [4]. - The Shanghai Clearing House has established a framework for over-the-counter commodity derivatives, providing central counterparty clearing services for various products [5][6].

2026.01. 20 本文字数：2393，阅读时长大约4分钟 作者 | 第一财经 陈君君 在推进制度型开放、增强"上海价格"全球影响力方面，上海正持续发力。 1月20日，上海市委金融办与上海期货交易所、上海清算所及上海市商务委共同召开新闻发布会，介 绍《加强期现联动 提升有色金属大宗商品能级行动方案》（下称《行动方案》）的相关情况。该方 案于2025年12月30日由上海市委金融办等多部门联合发布。 围绕关于有色金属期货市场国际化进展，上海期货交易所相关负责人对第一财经表示，近年来上期所 围绕服务实体经济和国家战略，通过完善产品体系、扩大对外开放、深化国际合作等举措，持续提升 有色金属期货市场的国际参与度和价格影响力。 "'上海价格'的公信力和国际认可度不断提升，已逐步应用于国际贸易定价和跨境交易结算。"该负责 人表示。 期货、现货及场外衍生品市场联动发展 在现货市场方面，上海有色网金属交易中心、上海有色金属交易中心等平台加快集聚发展。2025 年，上海还出台《上海市大宗商品贸易转型提升三年行动方案（2025-2027年）》，并成立国茂控 股，积极参与全球大宗商品资源配置。 上海市委金融办相关负责人表示，同时 ...

中国基金报记者 李智 1 月 20 日，中共上海市委金融委员会办公室、中国人民银行上海总部、国家金融监督管理总 局上海监管局、中国证券监督管理委员会上海监管局、上海市商务委员会联合发布《加强期 现联动 提升有色金属大宗商品能级行动方案》（以下简称《行动方案》），提升上海市有色 金属大宗商品能级和全球定价影响力。 【导读】上海发布 18 项措施，提升有色金属大宗商品能级和全球定价影响力 以下为全文： 加强期现联动提升有色金属大宗商品能级行动方案 为进一步加强期现联动，提升我市有色金属大宗商品能级，制定本行动方案。 一、推进有色金属市场互通，促进期 — 现 — 衍联动发展 《行动方案》主要包括三部分内容 18 项措施： 一是推进有色金属市场互通，促进期 — 现 — 衍联动发展。支持上海清算所、上海期货交易 所探索在清算、风险管理方面开展沟通交流。支持本市有色金属现货交易场所通过大宗商品 清算通开展资金清结算，提高现货市场结算效率和安全性。推动汽车生产、建筑、家电制造 等各类型有色金属应用类企业参与期货和场外衍生品市场，更好管理价格风险。《行动方 案》聚焦市场参与主体，从基础设施到实体企业，加强期 — 现 — 衍联 ...