"探索开展人民币外汇期货交易试点"是上海"十五五"规划明确的重点任务，也是期货行业服务实体经济、推动金融开放的关键抓手，标志着人民币外汇期 货试点正式纳入地方乃至国家金融发展顶层规划，进入稳步推进的关键阶段。 "十四五"圆满收官，"十五五"昂首出发。过去五年，上海期货行业借力我国期货市场法治建设、品种创新、结构优化的历史性跨越，持续赋能实体经济， 行稳致远，奠定坚实基础。 2026年，是"十五五"开局起步的关键之年，上海立足国际金融中心、国际贸易中心、国际航运中心建设全局，围绕期货及衍生品市场发展作出系列部署， 明确重点任务，划定发展路径、指明前进方向。 展望新征程，依托国际金融中心建设的深厚积淀，上海期货行业正迎来定位升级、功能强化、开放深化的全新机遇，肩负起更为重要的时代使命。 | | 核心 "上海价格" | 矩阵 | | --- | --- | --- | | 代表价格 | 所属市场 | 核心作用 | | 上海金(SHAU) | 上海黄金交易所 | 全球首个以人民币计价的黄金基准价格,是国际黄金市场的重要参考。 | | 上海铜、上海铝、上海镍 | 上海期货交易所 | 全球有色金属市场的重要定价基准,反映 ...

Core Viewpoint - The Shanghai Municipal Government has launched an action plan to enhance the linkage between futures and spot markets for non-ferrous metals, aiming to improve the global pricing influence and commodity trading capacity of Shanghai by December 2025 [1][3]. Group 1: Current Market Landscape - Shanghai has developed a linked market structure for non-ferrous metals, including futures, spot, and over-the-counter derivatives, leveraging its financial market advantages and manufacturing base in the Yangtze River Delta [2]. - The Shanghai Futures Exchange (SHFE) has listed 11 non-ferrous metal futures and 10 options, with "Shanghai Copper" recognized as one of the three major global pricing centers for non-ferrous metals [2]. - The Shanghai Clearing House has been providing central counterparty clearing services for 20 swap and forward products across six industries since 2013, enhancing the risk management framework for non-ferrous metals [2]. Group 2: Challenges and Action Plan - The non-ferrous metals trade in Shanghai faces challenges such as insufficient linkage between futures, spot, and derivatives markets, limited international pricing power, and a lack of major international commodity traders [3]. - The action plan includes 18 specific measures across three main areas: enhancing market connectivity, increasing internationalization of the non-ferrous metals market, and fostering a supportive ecosystem for market participants [3]. - Proposed measures include improving settlement efficiency through the Commodity Clearing Link, exploring cross-border transactions, and establishing a market maker system for over-the-counter derivatives [3]. Group 3: Future Steps - The Shanghai Municipal Government and relevant departments will expedite the implementation of the action plan to strengthen market linkages and support the high-quality development of the non-ferrous metals industry [4]. - The goal is to create a collaborative policy environment that enhances Shanghai's resource allocation capabilities and global pricing influence in the non-ferrous metals sector [4].

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 - 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].

Group 1 - Shanghai has introduced 18 measures to enhance the competitiveness of non-ferrous metal commodities, aiming for improved market interconnectivity and internationalization by December 30, 2025 [1] - The average return of quantitative index enhancement strategies for 2025 is reported to be 45.08%, with nearly 90% of products achieving positive excess returns [4][21] - Over 500 A-share companies have disclosed their 2025 performance forecasts, with many in the technology sector expected to see robust growth due to AI advancements [9][26] Group 2 - The stock price of Kailong High-Tech (300912) was reported at 19.85 yuan per share, with a total market capitalization of 2.28 billion yuan, as it plans a major asset restructuring [5][22] - Yihualu (300212) announced the termination of several projects due to low input-output ratios, reallocating approximately 355 million yuan of remaining funds to enhance liquidity [6][23] - The securities sector has shown signs of recovery, with a slight increase of 0.42% after a previous decline of over 4% [7][24] Group 3 - The A-share market is experiencing a high-volume consolidation, with traditional sectors like non-ferrous metals and AI applications showing strong performance [8][25] - QDII fund total assets have reached 970 billion yuan, marking a 59% increase from the previous year, indicating a growing demand for global asset allocation [14][32] - The South China East Ying South China Index ETF has been listed on the Singapore Exchange, reflecting China's ongoing efforts to enhance its capital market's global influence [15][33]

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 ...

Core Viewpoint - The Shanghai government has launched an action plan to strengthen the linkage between futures and spot markets in the non-ferrous metals sector, aiming to enhance the global pricing influence of these commodities [1]. Group 1: Action Plan Overview - The action plan consists of three main parts and 18 measures aimed at promoting market connectivity and the development of futures, spot, and OTC derivatives markets in the non-ferrous metals sector [1]. - Key objectives include enhancing the internationalization of the non-ferrous metals commodity market and increasing the influence of "Shanghai prices" [1]. Group 2: Market Development Goals - The initiative seeks to gather market participants and cultivate a favorable ecosystem for the non-ferrous metals market [1]. - Future efforts will focus on creating a robust ecological system that fosters policy collaboration to improve resource allocation capabilities and global pricing influence for non-ferrous metal commodities in Shanghai [1].