王兵 ◎记者 费天元 "坚持对外开放，推动多领域合作共赢"是中央经济工作会议确定的重点任务。王兵表示，近年来我国期 货市场对外开放步伐稳健，部分品种的国际影响力日益增强。展望未来，期货行业可以且应当在共 建"一带一路"高质量发展、扩大"中国价格"影响力等方面发挥多重作用： "中央经济工作会议深入分析了当前经济形势，系统部署了2026年经济工作，同时也为期货行业指明了 前进方向、提供了根本遵循。期货行业必须胸怀'国之大者'，聚焦主责主业，持续提升专业服务能力和 一方面，期货市场要推动更多与共建"一带一路"相关的大宗商品期货实现国际化，吸引共建"一带一 路"国家的产业客户深度参与，逐步形成以人民币计价的、反映区域供需关系的权威价格；另一方面， 期货公司可以通过在境外设立、收购子公司或深化与境外机构合作，为"走出去"的中资企业和境外投资 者提供跨市场的风险管理解决方案。 风险防控水平，更好服务国家战略和实体经济。"近日，中国国际期货总经理王兵在接受上海证券报记 者专访时如是表示。 精准发挥期货市场功能 三是深化"期货+物流仓储"服务。期货公司可依托期货交割库体系，探索标准仓单与非标仓单的融资、 调剂服务，帮助实体企 ...

在全球经济格局深度调整、国内产业结构加速转型的背景下，我国期货市场正以品种创新为引擎、以制 度完善为支撑，不仅为实体企业筑起抵御价格波动的"安全网"，也为"中国价格"的国际影响力提升与中 国资产的价值重估注入核心动能。 近日，在广州举办的南方财经论坛2025年会上，中国金融期货交易所（下称"中金所"）党委委员、副总 经理蔡向辉表示，近年来，中金所以"期货入市服务现货入市"为目标，加力推动中长期资金入市，金融 期货市场展现出新气象，市场承载力、机构化程度与机构参与积极性均有显著提升。 广州期货交易所（下称"广期所"）党委委员、副总经理李慕春详细介绍了广期所发展历程、产品体系建 设以及服务实体经济和绿色低碳发展的最新成果成效。 中金所以金融期货引导长期资金入市，广期所通过绿色期货护航产业转型，二者的发展路径共同诠释了 期货市场如何通过与实体经济的双向赋能，为高质量发展提供坚实金融支撑。 服务资本市场和实体经济良性循环 资本市场与实体经济的良性循环，离不开长期稳定资金的赋能。2025年1月，六部门联合印发《关于推 动中长期资金入市工作的实施方案》，明确了资金入市的"任务单""时间表"和"路线图"，为期货市场服 务实 ...

Core Insights - The Chinese futures market is reshaping global commodity pricing logic and increasingly integrating into global industrial risk management [1] - The number of tradable products for qualified foreign investors has exceeded 100, enhancing the influence of "Chinese prices" in global markets [2] Group 1: Expansion of Market Access - The number of futures and options products available for qualified foreign investors reached 107 by the end of October 2023, with 24 internationalized products [2] - The Shanghai Futures Exchange has opened 6 specific products to foreign investors, with over 70% of listed products now accessible [2] - The Dalian Commodity Exchange has increased its tradable products for qualified foreign investors to 27, with nearly 400 foreign clients participating in trading [3] Group 2: International Influence of "Chinese Prices" - "Chinese prices" are becoming essential references in international commodity markets, with Shanghai copper and oil futures recognized as significant pricing benchmarks [6][9] - The introduction of settlement price authorization for futures contracts, such as the Shanghai natural rubber futures listed on the Osaka Exchange, enhances the international pricing influence of Chinese commodities [7] Group 3: Innovation in Cross-Border Services - Futures companies are innovating business strategies to meet the needs of both domestic and international clients, effectively translating the advantages of the open market into tangible benefits for the real economy [10] - Companies like UBS Futures and Nanhua Futures are expanding their international business, providing tailored risk management solutions for cross-border trade [11][12] Group 4: Future Development Plans - The Shanghai Futures Exchange plans to expand the range of specific products and increase the number of tradable products for qualified foreign investors [13] - The Zhengzhou Commodity Exchange aims to enhance its service quality and expand its product offerings to better serve the modern economy [14] - The Guangxi Futures Exchange is focused on building a green futures market aligned with low-carbon transformation goals [15]

从区域探索迈向全球布局，中国期货市场正以开放姿态重塑全球大宗商品定价逻辑，也日益深度融入全 球产业风险管理的图谱。 "十四五"时期，随着合格境外投资者可交易品种数量破百，"中国价格"的影响力正跨越地缘边界，扩大 至全球市场。这场品种扩容、规则对接的开放进程，不仅让"中国价格"成为跨境贸易的参考坐标，更催 生出适配全球产业的新型风险管理生态。当"中国价格"在国际市场获得更多定价共鸣时，中国期货市场 正以"定价之锚"的姿态，推动风险管理工具从虚拟数字走向产业实践，成为全球产业链稳健运行的温暖 护航者。 郑商所已有7个品种引入境外交易者，实现油脂油料全品种链条对外开放；合格境外投资者可交易范围 包含26个期货和期权品种，涵盖聚酯、油脂油料、化工等多个品种板块。截至2025年11月，共有来自33 个国家和地区的787个特定品种境外客户，以及来自12个国家和地区的186个合格境外投资者客户在郑商 所开户。 2025年10月28日夜盘交易时起，大商所将线型低密度聚乙烯、聚氯乙烯和聚丙烯月均价期货合约纳入合 格境外投资者可交易品种。至此，大商所以合格境外投资者模式对外开放的品种数量累计达到27个，以 特定品种模式对外开放的 ...

Core Viewpoint - The launch of platinum and palladium futures and options by the Guangzhou Futures Exchange in late 2025 will provide new opportunities for the clean energy transition in China, addressing the current reliance on foreign markets for price hedging and risk management [3][5][10]. Group 1: Market Context - Platinum and palladium are essential in various clean energy applications, including hydrogen energy catalysis and automotive exhaust purification, but their high prices and volatility pose risks to industry players [3][5]. - China’s domestic production of platinum and palladium is minimal, with only 4.9 tons expected in 2024, while imports are projected at 91.1 tons, accounting for 70.9% of domestic supply [5][6]. - The reliance on imports exposes Chinese companies to international price fluctuations and supply chain vulnerabilities, with over 85% dependency on foreign sources [6][11]. Group 2: Price Volatility and Risk Management - The price volatility of platinum and palladium has exceeded 20% annually over the past five years, with significant fluctuations recorded in both metals [6][10]. - The introduction of futures and options will enhance risk management capabilities for domestic companies, allowing them to hedge against price risks more effectively [10][11]. - The new contracts will be denominated in RMB, eliminating currency risk and aligning with domestic industry needs [11]. Group 3: Demand Growth and Industry Development - The demand for platinum and palladium is expected to rise significantly due to China's "dual carbon" goals, with projections indicating that platinum demand in the hydrogen economy could exceed 25 tons by 2039 [12][14]. - The futures and options market will facilitate the sharing of market information across the entire supply chain, from import to production and recycling, fostering collaborative development [14]. - The establishment of a complete industrial ecosystem through these financial instruments will enhance China's influence in the global clean energy transition [14].

Core Viewpoint - The approval of platinum and palladium futures and options by the China Securities Regulatory Commission signifies the introduction of four new futures and options products, increasing the total number of products in the market to 164, which is expected to enhance risk management for related industries [1][2]. Group 1: Impact on the Economy - The launch of platinum and palladium futures and options will provide precise risk management tools for enterprises, allowing them to lock in procurement costs or sales prices, thereby stabilizing operational expectations [1]. - The introduction of these products will enhance the international influence of "Chinese prices," as the futures and options will reflect domestic supply and demand more accurately, helping Chinese companies gain pricing power in international trade [1]. - By utilizing the futures market for risk management, enterprises can reduce dependence on foreign markets, allowing them to focus more on technological research and production, thus improving the stability and risk resilience of the entire industry chain [1]. Group 2: Market Dynamics and Opportunities - As a significant consumer of platinum and palladium, China will benefit from the establishment of a transparent and authoritative price reflecting domestic supply and demand, aiding upstream and downstream enterprises in market trend assessment [2]. - The volatility in precious metal prices due to global macroeconomic instability has increased the demand for risk management tools among related production enterprises, enabling them to stabilize financial performance [2]. - The introduction of new products presents an opportunity for futures companies to serve the real economy and increase business revenue, necessitating proactive promotion and research efforts to explore potential collaborations with enterprises [2][3]. Group 3: Business Model Innovation - The listing of platinum and palladium futures and options is expected to inspire new business models and enrich market trading strategies [3]. - Futures companies are encouraged to establish specialized teams for "futures + spot" services, providing precise risk management and asset management services to industry chain enterprises and individual investors [3]. - Collaboration among various business departments is essential to offer comprehensive services for enterprises engaged in cross-border trading of platinum and palladium, including arbitrage and risk management [3].

Core Viewpoint - The article emphasizes the shift in China's trade development focus from scale expansion to quality and efficiency improvement, highlighting the importance of establishing a self-controlled pricing system to enhance China's influence in international trade [1]. Group 1: Trade Development Strategy - The 20th National Congress of the Communist Party of China has decided to accelerate the construction of a trade power, shifting the focus of trade development to improving quality and efficiency [1]. - The current global environment, characterized by significant commodity price fluctuations and geopolitical risks, necessitates a move away from reliance on overseas pricing models [1]. Group 2: Company Overview - Zhongzhe Commodity Group, established in January 2017, focuses on wholesale and retail of bulk commodities, including agricultural products and energy chemicals [2]. - The company entered the lithium ore trade in Australia in September 2023, initially engaging in simple spot trading before expanding into international trade by the end of 2024 [2]. Group 3: Challenges and Innovations - Zhongzhe Metal faced challenges in resource channels and pricing models, struggling with traditional pricing methods that lacked flexibility and transparency [3]. - The company recognized the need to innovate its trading model to establish a foothold in the Australian lithium market, leading to the exploration of a new pricing model based on carbon lithium futures [3][4]. Group 4: Successful Implementation - In March 2025, Zhongzhe Metal developed a pricing system using carbon lithium futures as a core anchor, which allowed for a transparent and dynamic pricing solution [4]. - The first successful trade in May 2025 demonstrated the effectiveness of this new pricing model, resulting in a 3% lower price for a Jiangxi lithium salt factory compared to overseas platforms [5]. Group 5: Market Transformation - The success of the initial trade shifted the attitude of Australian mining companies towards futures pricing, leading to direct cooperation with Zhongzhe Metal by July 2025 [6]. - By the third quarter of 2025, Zhongzhe Metal had established direct communication with multiple Australian mining companies, with lithium trade volume exceeding 60,000 tons, accounting for 20% of the total trade volume [7]. Group 6: Industry Support and Training - The rapid growth of Zhongzhe Metal in the lithium market was supported by training and resources provided by the Guangxi Futures Exchange, which has conducted over 1,000 training sessions nationwide [8][9]. - The "Green to New" industry service plan initiated by the Guangxi Futures Exchange aims to enhance risk management capabilities and promote the use of futures tools among new energy enterprises [10].

Core Viewpoint - The article emphasizes the shift in China's trade development focus from scale expansion to quality and efficiency improvement, highlighting the importance of establishing a self-controlled pricing system to enhance China's influence in international trade [1]. Group 1: Company Overview - Zhongzhe Commodity Group, established in January 2017, operates as a trading platform for bulk commodities, including agricultural products, energy chemicals, and metals [2]. - The company entered the lithium market in September 2023, shortly after the launch of lithium carbonate futures on the Guangxi Futures Exchange [2]. Group 2: Challenges and Innovations - Initially, Zhongzhe faced challenges in international lithium trade due to a lack of resources and reliance on traditional pricing models, which led to difficulties in negotiations with Australian miners [3][4]. - The company recognized the need to innovate its trading model and sought to establish a new pricing system based on Guangxi Futures Exchange's lithium carbonate futures [4][5]. Group 3: Successful Implementation - In March 2025, Zhongzhe successfully created a pricing system using the "LC2507 contract price - fixed basis" model, which allowed for a transparent and adaptable pricing mechanism [4][5]. - The first successful trade in May 2025 involved purchasing lithium ore from Australia at a price 3% lower than that of overseas platforms, demonstrating the effectiveness of the new pricing model [5][6]. Group 4: Market Impact and Growth - Following the initial success, Zhongzhe established direct communication with multiple Australian mining companies, significantly increasing its trade volume in lithium [6][7]. - By the third quarter of 2025, Zhongzhe's lithium trade volume exceeded 60,000 tons, accounting for 20% of its total trade volume [7]. Group 5: Industry Support and Training - The Guangxi Futures Exchange has played a crucial role in supporting companies like Zhongzhe through extensive training programs, enhancing their understanding and application of futures tools [8][9]. - Over 1,000 training sessions have been conducted nationwide, benefiting over 200,000 participants, which has helped companies integrate into the lithium industry ecosystem [9]. Group 6: Future Outlook - Zhongzhe aims to deepen cooperation with overseas mining companies and promote the use of Guangxi Futures Exchange's lithium carbonate futures as a pricing benchmark, contributing to the establishment of "Chinese prices" in the international market [7][10]. - The Guangxi Futures Exchange plans to continue enhancing its market service capabilities and support for various industries, ensuring that the futures market becomes a strong backing for companies in the lithium battery sector [10].

Group 1 - The core viewpoint of the article emphasizes the introduction of monthly average price futures for chemical products by Dalian Commodity Exchange (DCE) to meet the urgent demand from enterprises for price risk smoothing, thereby enhancing the futures market's service capability to the real economy [1][2] - The current trend in the spot market shows that average price trading has gained traction, with many companies using a pricing model based on "spot benchmark monthly average + premium/discount" to mitigate risks from price fluctuations in production, transportation, and consumption [1][2] - The demand for fair pricing tools has become increasingly urgent due to the continuous expansion of China's chemical production capacity and the growing export scale, particularly in the context of rising PVC and PP export volumes [2][3] Group 2 - The upcoming launch of plastic monthly average price futures is designed to align with industry needs, maintaining consistency with existing physical delivery futures in terms of contract rules [2] - The DCE has developed various arbitrage instructions, including cross-period and cross-product strategies, to support market participants in effectively utilizing this new tool [3] - Domestic upstream companies, especially listed firms, are particularly looking forward to the launch of monthly average price futures, as they prioritize stable profitability and have a strong demand for official fair pricing in the current market [3]

Core Insights - China's futures market is becoming a significant global player, with its crude oil futures market ranking among the top three worldwide and serving as a crucial pricing reference in the Asia-Pacific region [1][2] - The market is experiencing a dual approach of "bringing in" and "going out," with a notable increase in foreign participation and the establishment of overseas subsidiaries by Chinese futures companies [2][4] - The integration of Chinese futures prices into global trade is enhancing the pricing power of Chinese enterprises, allowing them to optimize international trade experiences [4][5] Market Scale and Internationalization - China's commodity futures trading volume accounts for over 60% of the global total, with 16 out of the 20 largest agricultural futures contracts being Chinese [2][6] - The number of new clients in the futures market increased by 410,000 in the first half of the year, with active traders from 39 countries and regions [2][6] - The China Securities Regulatory Commission has removed foreign ownership limits for futures companies, creating a more transparent and stable environment for foreign investors [2][6] Pricing Influence and Risk Management - Chinese futures prices are increasingly being used as benchmarks in international trade, with significant products like PTA and rubber being referenced globally [6][7] - Companies are leveraging futures pricing to enhance their bargaining power, stabilize raw material costs, and improve the efficiency of international deliveries [4][5] - The introduction of risk management tools and pricing mechanisms has allowed companies to expand into emerging markets with greater confidence [5][7] Future Outlook - The Chinese futures market is expected to continue expanding its product offerings and reducing institutional costs for foreign investors, while enhancing cross-border trading efficiency [8] - Technological advancements will play a key role in improving risk management and transaction efficiency in cross-border trading [8]