Core Insights - The China Securities Regulatory Commission has approved the Shanghai Futures Exchange to register futures and options for newsprint, fuel oil, asphalt, and pulp, marking the launch of the world's first financial derivatives for cultural paper [1][3] - The introduction of newsprint futures and options will fill a gap in the domestic market for financial derivatives related to cultural paper, providing tools for companies in the cultural paper industry to manage price volatility [3] Industry Overview - The paper industry is a crucial basic raw material sector closely linked to national economic development and people's daily lives, with paper types categorized into cultural, packaging, household, and specialty papers [1] - China is the largest producer and consumer of newsprint globally, with a projected production of 9.48 million tons and apparent consumption of 8.71 million tons in 2024 [3] Market Dynamics - The domestic paper industry faces significant revenue growth pressures due to complex and changing market conditions, leading to a high demand for risk management tools [3] - The launch of newsprint futures and options is expected to create a complete risk management chain in collaboration with pulp futures, enhancing the management of exposure risks from raw materials to finished products [3] Product Development - The Shanghai Futures Exchange has developed futures for fuel oil, asphalt, and pulp over several years, which have become important hedging tools for enterprises, characterized by good market liquidity and mature investor structure [3] - The introduction of options products will allow companies to utilize both futures and options for more refined hedging strategies, thereby improving their risk management capabilities [3]

Core Viewpoint - The approval of futures and options for coated printing paper by the China Securities Regulatory Commission marks a significant step in enriching the product system of the Shanghai Futures Exchange and filling the gap in financial derivatives for cultural paper [1][2]. Industry Overview - The coated printing paper is a typical representative of cultural and printing paper, primarily made from bleached wood pulp, widely used in books, magazines, and notebooks, characterized by a large market size, high standardization, and significant price volatility [1]. - China is the largest producer and consumer of coated printing paper globally, with a projected production of 9.48 million tons and apparent consumption of 8.71 million tons in 2024 [1]. Market Dynamics - The recent concentration of domestic cultural paper production capacity has led to increased price volatility in the coated printing paper market, affecting the entire industry chain [2]. - The introduction of futures and options for coated printing paper is expected to provide precise tools for managing price volatility risks, facilitating the formation of a transparent market price [2]. Risk Management - The new financial instruments will create a complete risk management chain between pulp and coated printing paper, enhancing the closed-loop management of exposure risks from raw materials to finished products [2][3]. - The integration of these new products with existing pulp futures will allow companies to implement cross-commodity hedging strategies, improving overall resource allocation efficiency in the industry [3]. Environmental Considerations - The listing of coated printing paper futures and options will promote green and circular development in the industry, with contract arrangements prioritizing companies with relevant green certifications [3]. - The paper industry is undergoing a transformation towards green and low-carbon practices, aligning with national strategies for sustainable development [2][3].

Core Viewpoint - The audit report indicates that China Electronic Finance Co., Ltd. has effectively established and implemented a risk management system related to its financial statements, including funding, credit, investment, auditing, and information management as of June 30, 2025 [1][33]. Company Overview - China Electronic Finance Co., Ltd. was established as a national non-bank financial institution and began operations in 2001, with a registered capital of 1.901 billion RMB, which was later increased to 2.5 billion RMB after a capital increase [5][6]. - The company underwent a merger with Zhuhua Group Finance Co., Ltd. and opened a branch in Guizhou in May 2023 [5][6]. Risk Management System - The company has developed a comprehensive risk management system, including internal control measures and risk assessment procedures, to ensure effective governance and operational integrity [9][10]. - The internal control structure is designed to separate responsibilities among various governance bodies, including the shareholders' meeting, board of directors, and supervisory board [9]. Financial Performance - As of June 30, 2025, the company reported bank deposits of 18.666 billion RMB, net interest income of 257 million RMB, and a net profit of 161 million RMB [20][33]. - The company maintains a capital adequacy ratio of 12.75%, which exceeds the regulatory minimum requirement [20]. Compliance with Regulatory Requirements - The company adheres to the regulatory requirements set forth by the China Banking and Insurance Regulatory Commission, including maintaining liquidity ratios and limits on loan balances relative to deposits [20][21]. - The company has established various internal policies and procedures to ensure compliance with financial regulations and effective risk management [30][31].

Group 1 - The financial company, Jiangsu Yueda Group Financial Co., Ltd., was established on December 23, 2015, with a registered capital of 1.1 billion RMB, and is primarily engaged in providing financial services to its parent group [1][2] - The ownership structure of the financial company includes Jiangsu Yueda Group Co., Ltd. (51%), Jiangsu Yueda Investment Co., Ltd. (25%), and Yueda Capital Co., Ltd. (24%) [1] - The financial company has established a comprehensive internal control system, including a board of directors, a supervisory board, and a risk management committee to ensure effective governance and risk management [2][4] Group 2 - As of June 30, 2025, the financial company reported total assets of 4.966 billion RMB, with loans and advances amounting to 3.129 billion RMB and interbank deposits of 1.025 billion RMB [12] - The financial company has implemented a robust risk management framework to identify and assess credit risk, liquidity risk, and operational risk, ensuring a balanced approach to risk and return [4][6][7] - The financial company has established a credit rating system for clients, categorizing them into six credit levels (AAA to B) based on various financial and non-financial indicators [5] Group 3 - The financial company has developed a liquidity risk management policy that emphasizes both risk control and pursuit of benefits, ensuring that liquidity risks are maintained within manageable limits [6][10] - The internal audit department operates independently to oversee compliance and effectiveness of internal controls, providing recommendations for improvement based on audit findings [11] - As of June 30, 2025, the financial company has met all regulatory requirements set forth by the relevant financial authorities, indicating a sound financial position and effective risk management practices [15]

来源：上海证券报·中国证券网 上证报中国证券网讯（记者 费天元）8月15日，中国证监会发布通知，同意上海期货交易所胶版印刷纸 期货及期权，燃料油、石油沥青和纸浆期权注册。这标志着上期所即将上市全球首个文化用纸金融衍生 品，同时加速实现成熟期货品种期权覆盖。证监会要求上期所做好各项准备工作，保障相关品种平稳推 出和稳健运行。 造纸产业还具有较强的循环经济特征。目前我国造纸产业已经基本形成完整的原料可再生、产品可循 环、废弃可回收的生产、流通和消费体系。记者了解到，胶版印刷纸期货和期权上市后，将通过交割品 级选择设置、交割认证品牌准入等合约制度安排，引导行业全面贯彻绿色循环发展理念。例如，将在交 割认证品牌遴选时优先考虑具备相关绿色认证资质的企业，引导生产企业推行环保工艺，以市场化手段 推动造纸产业绿色低碳转型，为实现"双碳"目标和绿色发展贡献力量。 刘文龙表示，自2020年以来，中国造纸协会与上期所就胶版印刷纸期货、期权合约及规则开展了大量的 调研和论证，并在推动造纸行业绿色低碳转型、促进高质量发展方面进行了深入的研究。希望该品种上 市后能够通过市场化的手段，有效推动产业实现绿色低碳转型。 上期所燃料油、石油沥 ...

Core Viewpoint - The Shanghai Futures Exchange (SHFE) has received approval from the China Securities Regulatory Commission to launch futures and options for coated printing paper, fuel oil, asphalt, and pulp, marking the introduction of the world's first financial derivatives for cultural paper, which will enhance the product system of SHFE and provide tools for price risk management in the paper industry [1][2]. Group 1: Industry Overview - The paper industry is a crucial basic raw material industry closely related to national economic development and people's lives, with various applications including cultural paper, packaging paper, and specialty paper [1]. - China is the largest producer and consumer of coated printing paper globally, with a projected production of 9.48 million tons and apparent consumption of 8.71 million tons in 2024 [2]. Group 2: Market Dynamics - The introduction of coated printing paper futures and options will fill the gap in domestic financial derivatives for cultural paper, providing enterprises in the cultural paper industry chain with precise tools to manage price volatility risks [2]. - The futures and options will create a complete risk management chain from "pulp to coated printing paper," enhancing the closed-loop management of exposure risks for upstream and downstream enterprises [2]. Group 3: Environmental Considerations - The paper industry has strong circular economy characteristics, with a complete system for renewable raw materials, recyclable products, and recoverable waste already established in China [2]. - The listing of coated printing paper futures and options will promote green and circular development in the industry by prioritizing brands with green certifications during delivery certification [2].

Core Viewpoint - The approval of futures and options for coated printing paper, fuel oil, asphalt, and pulp by the China Securities Regulatory Commission (CSRC) marks a significant step in enriching the product matrix of the Shanghai Futures Exchange (SHFE) and introduces the world's first financial derivatives for cultural paper [1][2]. Group 1: Market Context - The paper industry is a crucial basic raw material sector closely linked to national economic development and people's lives, with coated printing paper being a typical representative used in books, magazines, and notebooks [7]. - China is the largest producer and consumer of coated printing paper globally, with a production volume of 9.48 million tons and apparent consumption of 8.71 million tons projected for 2024 [7]. - The domestic paper industry faces significant revenue growth pressures due to complex market conditions, leading to a high demand for risk management tools [7]. Group 2: Product Launch Implications - The introduction of coated printing paper futures and options fills a gap in the domestic financial derivatives market for cultural paper, providing tools for enterprises to manage price volatility and enhance risk management capabilities [7][10]. - The new products will create a complete risk management chain in collaboration with existing pulp futures, allowing for comprehensive risk management from raw materials to finished products [7][10]. Group 3: Environmental and Economic Impact - The paper industry is characterized by strong circular economy features, with a complete system for raw material recycling and product reuse already established in China [8]. - The launch of these financial instruments is expected to promote green and low-carbon transformation in the paper industry, aligning with national strategies for sustainable development [8][10]. - The futures and options will guide the industry towards environmentally friendly practices by prioritizing companies with green certifications during the delivery process [8]. Group 4: Industry Expert Insights - Industry experts highlight that the new futures and options will enhance the risk resilience of the paper industry, which has been facing price and sales pressures since 2022 [11]. - The introduction of these financial tools allows for more precise hedging strategies, enabling companies to manage profits effectively across the entire supply chain [11].

Core Viewpoint - The launch of the first recycled metal derivatives, specifically casting aluminum alloy futures and options, marks a significant advancement in China's green finance market, providing a new perspective for risk management and supporting the development of the circular economy [2][4][8]. Summary by Sections Launch of Recycled Metal Derivatives - The Shanghai Futures Exchange has officially listed casting aluminum alloy futures and options, filling a gap in the domestic futures market for recycled metals [2][5]. - On the first trading day, the main contract closed at 19,190 yuan/ton, up 825 yuan/ton, a 4.49% increase from the listing price, with a total trading volume of 57,300 contracts and a transaction value of 11.01 billion yuan [5]. Industry Overview - Casting aluminum alloy, primarily made from scrap aluminum, is a key pathway for low-carbon transition, with energy consumption only 3%-5% of that of traditional electrolytic aluminum production [6]. - The carbon emissions from producing one ton of casting aluminum alloy are approximately 3.6% of those from electrolytic aluminum, saving 3.4 tons of standard coal and 22 tons of water [6]. - China's recycled aluminum production is expected to exceed 10 million tons in 2024 and reach over 18 million tons by 2030, with the new derivatives promoting standardized development in the industry [6]. Complete Aluminum Industry Chain - The introduction of casting aluminum alloy futures and options completes the risk hedging system for the aluminum industry, covering the entire supply chain from bauxite to recycled aluminum [7]. - Companies can now use these derivatives to manage risks associated with raw material costs and product price fluctuations, enhancing the resilience of the entire aluminum industry chain [7]. Green Finance and Risk Management - The emergence of casting aluminum alloy derivatives signifies a new phase in green finance, moving beyond traditional credit and bond products to include market-based pricing and risk hedging mechanisms [8][10]. - These derivatives allow companies to lock in costs for recycled materials and manage price volatility, thus enhancing operational efficiency and competitiveness in the low-carbon economy [8][10]. Innovation in Green Financial Products - The derivatives market introduces innovative functions for green finance, transitioning from single financing tools to comprehensive risk management platforms [11]. - The development of structured financial products that combine futures with green indicators, such as carbon emissions and recycling rates, is encouraged [16]. Recommendations for Financial Institutions - Financial institutions are advised to expand their green finance product offerings and enhance competitive differentiation, particularly in the carbon market, where China's trading volume is significantly lower than that of the EU [16][18]. - Collaboration between banks and futures exchanges is essential to create a comprehensive risk management system that supports the green transition of the real economy [15][18].

造纸工业是与国民经济发展和人民生活息息相关的重要基础原材料产业，从应用领域来看，纸可以分为 文化用纸、包装用纸、生活用纸、特种纸等。胶版印刷纸是文化、印刷用纸的典型代表纸种，主要以漂 白木浆为原料制成，广泛应用于图书、杂志、笔记本等领域，同时具有市场体量大、标准化程度高、价 格波动大等特点。 新华财经北京8月15日电中国证监会近日同意上海期货交易所（下称上期所）胶版印刷纸期货及期权， 燃料油、石油沥青和纸浆期权注册，标志着上期所即将上市全球首个文化用纸金融衍生品，同时加速实 现成熟期货品种期权覆盖，上期所产品体系进一步丰富。证监会要求上期所做好各项准备工作，保障相 关品种平稳推出和稳健运行。 下一步，上期所将在中国证监会的统一部署下，落实"四早"风险防范化解要求，强化全过程监管，持续 加强与国家相关部委、行业协会沟通联动，维护市场平稳运行，促进功能有效发挥。 （文章来源：新华财经） 我国是全球最大的胶版印刷纸生产国和消费国。2024年我国胶版印刷纸产量948万吨，表观消费量871万 吨。近年来，国内外市场环境复杂多变，我国造纸工业面临着较大营收增长压力，产业避险需求较高。 推出胶版印刷纸期货和期权，将填补国内 ...

近期，财政部会计司发布了标准仓单交易相关会计处理实施问答，明确规定将频繁买卖标准仓单获取价 差的行为视为金融工具核算，不再确认为销售收入，差额计入投资收益。去年，中期协发布的《期货风 险管理公司大宗商品风险管理业务管理规则》（下称《管理规则》），已于今年1月1日起实施。 从财政部会计司和中期协的相关规定来看，一个侧重会计准则的适用性，另一个侧重业务合规框架的构 建，但其监管逻辑高度一致，共同指向"穿透业务实质，杜绝监管套利"的核心监管目标。对此，笔者将 深入分析财政部新规和《管理规则》在仓单业务上的协同效应，探讨相关企业的应对策略。 财政部新规与《管理规则》的协同效应 监管逻辑同源——实质重于形式，两项规定均以"经济实质优先于法律形式"为底层逻辑，直击行业痛 点。 针对同一类套利行为，《管理规则》将以库存风险管理为目的的约定购回、解决资金需求的代理交割等 业务模式，进一步细化条款表述，明确归类为"资金类业务"，指出其本质是融资而非贸易，要求以净额 法确认收入，压实收入规模，且要求资金类业务也应伴随货物的真实流转，业务期间应当取得货物的所 有权。财政部新规将频繁买卖仓单不提取实物的行为定性为金融投机，直接剔除该 ...