Core Viewpoint - Zhengzhou Commodity Exchange has drafted the "Delivery Guidelines for Red Date Futures (Draft for Public Consultation)" to adapt to new market changes and facilitate industry clients' participation, publicly soliciting opinions on October 20 [1] Group 1: Market Development - The red date spot market has rapidly developed in recent years, presenting new situations and changes that necessitate the revision of futures business rules [1] - The exchange aims to align futures standards more closely with the actual conditions of the spot industry to enhance the functionality of the product [1] Group 2: Guidelines Structure - The "Delivery Guidelines" consist of six chapters: General Principles, Delivery Service Institutions, Delivery Process, Re-inspection Process, Supervision and Management, and Supplementary Provisions, totaling twenty-nine articles [1] - The guidelines are designed to clarify the rights and obligations of delivery participants, strengthen the responsibilities of delivery service institutions and members, and detail the delivery process for better understanding and execution by all parties involved [1]

Core Points - The Shanghai Futures Exchange has established new rules for alumina futures, specifically regarding the expiration and renewal of warehouse receipts [1][2] - The effective period for standard warehouse receipts is set at 180 days from the production date, with a requirement to register within 60 days post-production [1] - Once a warehouse receipt exceeds its validity period, it will be automatically canceled and cannot be used for delivery or renewal [1] Summary by Sections Warehouse Receipt Validity - Standard warehouse receipts for alumina are valid for 180 days from the production date and must be registered within 60 days after production [1] - Expired warehouse receipts will be automatically canceled and cannot be renewed or used for delivery [1] Renewal Operations - The term "renewal" refers to the process of closing positions in near-month contracts and transferring them to far-month contracts before the expiration of the futures contract [1] - Warehouse receipts themselves cannot be renewed; they must be canceled or re-registered if continued delivery is required [1] Delivery Month Position Limits - During the delivery month, positions must be in multiples of 15 lots, and all deliveries or closures must be completed by the last trading day [1] - There is no allowance for indefinite renewal or rolling over the same warehouse receipt [1] Natural Person Restrictions - Individual clients are restricted from participating in the delivery month and must close positions or renew in advance [2] Market Impact - Concentrated renewals may lead to a reduction in short-term supply, potentially driving up futures prices, as evidenced by a 2% increase in the AO2509 contract following the June 2025 alumina warehouse receipt renewal [2]

Group 1 - The Shanghai Futures Exchange has approved the first batch of designated delivery warehouses for newsprint futures, with Jiangsu Binpeng Paper Storage and Transportation Project being one of the approved warehouses, having a delivery capacity of 10,000 tons [1] - The introduction of newsprint futures provides an effective risk management tool for companies in the paper industry chain, allowing them to hedge against fluctuations in raw material prices and profit volatility, while also helping to form a transparent pricing mechanism and improve pricing efficiency in spot trading [1] Group 2 - The approval of the newsprint delivery warehouse marks a significant step for Hai'an in the paper industry chain, creating an important platform to serve local enterprises and reduce overall logistics costs in society [3] - This initiative will strongly promote Hai'an's development of a complete industrial chain system that integrates high-end paper raw material supply, manufacturing, and warehousing, attracting quality upstream and downstream enterprises and forming an industrial cluster effect [3] Group 3 - As a cooperative operator of the newsprint delivery warehouse, Xiamen Jianfa Storage plans to further collaborate with Jiangsu Binpeng Supply Chain Management Co., Ltd. to establish Hai'an as the most influential paper trading and distribution center in East China and actively apply for more futures varieties [5] - The park has already gathered delivery warehouses and spot delivery warehouses for 12 futures varieties, including those from the Shanghai Futures Exchange, Dalian Commodity Exchange, and Zhengzhou Commodity Exchange, expanding the scale of "futures to spot" business [5] - The annual trade volume in the park reaches 1.5 million tons, with a trade scale exceeding 30 billion yuan, significantly reducing the comprehensive logistics costs for society by over 150 million yuan [5]

Core Points - Shandong Sun Paper Industry Co., Ltd. and its subsidiary Guangxi Sun Paper have been approved as the first delivery warehouses for the futures of offset printing paper, with the company's "Tianyang" brand selected as one of the first deliverable commodity brands [1][2][3] - This approval reflects the company's comprehensive strength in the domestic cultural paper sector, which is expected to enhance asset utilization efficiency, increase industry visibility and influence, and facilitate the organic integration of the spot and futures markets [1] - The move is anticipated to strengthen the company's risk resistance capabilities and market competitiveness [1]

Core Viewpoint - The company, Shandong Huatai Paper Industry Co., Ltd., and its subsidiary, Guangdong Huatai Paper Industry Co., Ltd., have been approved as the first delivery warehouses for the futures of coated printing paper, marking a significant milestone in the company's business development and industry influence [1]. Group 1 - The Shanghai Futures Exchange has announced the approval of the first delivery warehouses and deliverable brands for coated printing paper futures, with the company's "Huatai Peony" brand included as a deliverable product [1]. - This approval reflects the company's comprehensive strength in the coated printing paper sector and is a key breakthrough for its business development [1]. - The move is expected to enhance the company's core competitiveness and industry influence, optimize resource allocation, and better meet customer needs [1]. Group 2 - The company will adhere to the relevant regulations and requirements set by the Shanghai Futures Exchange, strengthening its internal management system and ensuring the safe and efficient operation of delivery warehouse and brand-related processes [2].

Core Viewpoint - The announcement by Sun Paper Industry (002078.SZ) regarding its qualification as a delivery warehouse for the first batch of offset printing paper futures is a significant milestone, reflecting the company's comprehensive strength in the domestic cultural paper sector and enhancing its market competitiveness [1] Group 1 - The Shanghai Futures Exchange approved Sun Paper and its wholly-owned subsidiary, Guangxi Sun Paper Industry Co., Ltd., to become delivery warehouses for the first batch of offset printing paper futures [1] - The "Tianyang" brand under the company has been selected as one of the first deliverable product brands for offset printing paper futures [1] - This qualification is expected to improve the company's asset utilization efficiency, increase its industry visibility and influence, and facilitate the organic integration of the spot and futures markets [1] Group 2 - The development is anticipated to enhance the company's risk resistance capabilities and overall market competitiveness [1]

Core Viewpoint - Huatai Co., Ltd. has been approved by the Shanghai Futures Exchange to become one of the first delivery warehouses for gravure printing paper futures, marking a significant milestone in the company's development in this sector [1] Group 1: Company Developments - Huatai Paper Industry Co., Ltd. and its subsidiary Guangdong Huatai Paper Industry Co., Ltd. have been granted the qualification to serve as delivery warehouses for gravure printing paper futures [1] - The "Huatai Peony" brand has been selected as one of the first deliverable product brands for gravure printing paper futures [1] Group 2: Industry Impact - This approval reflects the comprehensive strength of the company in the gravure printing paper field and represents a key breakthrough in its business development [1] - The move is expected to help the company expand its business boundaries, enhance its core competitiveness and industry influence in the gravure printing paper market [1] - It will positively contribute to optimizing resource allocation efficiency, improving industrial chain strategic layout, and more accurately meeting customer needs and market development [1]

Core Viewpoint - Huatai Co., Ltd. has been approved to become a delivery warehouse for the first batch of newsprint futures, marking a significant breakthrough in its business development and enhancing its competitiveness in the market [1] Group 1 - The Shanghai Futures Exchange announced the approval of Huatai Co., Ltd. and its subsidiary Guangdong Huatai Paper Industry Co., Ltd. as delivery warehouses for newsprint futures [1] - The "Huatai Peony" brand has been selected as one of the first deliverable brands for newsprint futures, showcasing the company's comprehensive strength in the newsprint sector [1] - This approval is expected to broaden the company's business boundaries and strengthen its core competitiveness and industry influence in the newsprint market [1] Group 2 - The move will positively impact the company's resource allocation efficiency, strategic layout of the industry chain, and ability to meet customer needs more precisely [1]

Delivery Warehouses - The Shanghai Futures Exchange (SHFE) has approved several companies as the first batch of delivery warehouses for the newsprint futures, including Xiamen Jianfa Warehousing Co., Qingdao China Foreign Trade Supply Chain Management Co., and others [1] - The SHFE will adjust the delivery warehouse capacity based on market development and will gradually expand the delivery warehouse layout [1] Delivery Factories - The SHFE has designated multiple companies as the first batch of delivery factories for newsprint futures, including Yueyang Forest & Paper Co., Shandong Bohui Paper Industry Co., and others [2] - Delivery factories are required to prepare for the futures delivery business according to the approved capacity and ensure compliance with relevant regulations [2] Deliverable Products - The first batch of deliverable products for newsprint futures includes 13 brands, such as "Yueyang Tower" produced by Yueyang Forest & Paper Co. and "Galaxy Ru Yi" produced by Shandong Galaxy Ruixue Paper Industry Co., all subject to standard pricing [2] - The SHFE will monitor changes in the newsprint market and may adjust the list of deliverable products accordingly [2] Designated Inspection Institutions - The SHFE has approved several institutions as designated inspection agencies for newsprint futures, including China Light Industry Paper Products Inspection and Certification Co. and Shanghai Customs Industrial Products and Raw Materials Testing Technology Center [3] - These institutions are required to conduct inspection services according to the relevant regulations and ensure orderly operations [3] - A set of inspection guidelines for newsprint futures has been jointly developed and filed by the designated inspection agencies [3]

Core Viewpoint - The Shanghai Futures Exchange has approved several companies as the first delivery warehouses for the futures of offset printing paper, indicating a significant development in the paper industry and futures trading [1] Group 1: Approved Companies - The following companies have been approved as delivery warehouses: Yueyang Forest & Paper Co., Ltd., Shandong Bohui Paper Industry Co., Ltd., Shandong Sun Paper Industry Co., Ltd., Guangxi Sun Paper Industry Co., Ltd., Shandong Huatai Paper Industry Co., Ltd., Guangdong Huatai Paper Industry Co., Ltd., Nine Dragons Global (China) Investment Group Co., Ltd., Liansheng Pulp and Paper (Zhangzhou) Co., Ltd., Xiamen Jianfa Pulp and Paper Group Co., Ltd., and Xiamen Guomao Paper Industry Co., Ltd. [1] Group 2: Operational Guidelines - From the date of the announcement, all approved delivery warehouses must prepare for the offset printing paper futures delivery operations according to the approved warehouse capacity, strictly adhering to relevant regulations and enhancing management to ensure orderly operations [1] Group 3: Future Developments - The standard warehouse receipt generation for offset printing paper futures will commence on November 20, 2025, with the Shanghai Futures Exchange planning to adjust warehouse capacity and expand the delivery warehouse layout based on market development [1]