承载着服务养殖产业稳健发展的使命，2021年1月8日，我国首个活体交割期货品种——生猪期货在大商所上市。 生猪期货上市五年来，市场运行平稳、流动性稳步提升、产业参与不断深化，已成为行业抗周期、稳经营的重要工具。 大商所官网截图 大商所数据显示，2021年，生猪期货日均成交量2.5万手、日均持仓量6.0万手。而2025年，生猪期货总成交量已达1799.3万手、日均成交量7.4万手、日均持 仓量21.3万手，特别是2025年11月以来日均持仓量一直维持在30万手以上，生猪期货流动性稳步提升。 2021年以来，我国生猪产业结构不断调整，规模化集约化程度持续提升，降本增效成为行业共识，猪价下行周期的延长考验着养殖企业经营韧性。 生猪期货作为行业应对价格波动的"利器"，上市以来持续吸引相关企业参与交易。截至目前，已有3000余家产业企业参与生猪期货交易，出栏量达到百万头 的32家猪企中有24家参与过生猪期货交易、交割或成为生猪期货交割库。 四川德康农牧食品集团股份有限公司是我国西南地区生猪产业链龙头企业，从生猪期货上市首日起便积极参与套期保值。公司董事会秘书曾民告诉记者，套 期保值已成为公司常态化经营手段，帮助公司锁定 ...

承载着服务养殖产业稳健发展的使命，2021年1月8日，我国首个活体交割期货品种——生猪期货在大商所上市。 生猪期货上市五年来，市场运行平稳、流动性稳步提升、产业参与不断深化，已成为行业抗周期、稳经营的重要工具。 大商所官网截图 大商所数据显示，2021年，生猪期货日均成交量2.5万手、日均持仓量6.0万手。而2025年，生猪期货总成交量已达1799.3万手、日均成交量7.4 万手、日均持仓量21.3万手，特别是2025年11月以来日均持仓量一直维持在30万手以上，生猪期货流动性稳步提升。 2021年以来，我国生猪产业结构不断调整，规模化集约化程度持续提升，降本增效成为行业共识，猪价下行周期的延长考验着养殖企业经营 韧性。 生猪期货作为行业应对价格波动的"利器"，上市以来持续吸引相关企业参与交易。截至目前，已有3000余家产业企业参与生猪期货交易，出 栏量达到百万头的32家猪企中有24家参与过生猪期货交易、交割或成为生猪期货交割库。 四川德康农牧食品集团股份有限公司是我国西南地区生猪产业链龙头企业，从生猪期货上市首日起便积极参与套期保值。公司董事会秘书曾 民告诉记者，套期保值已成为公司常态化经营手段，帮助公司锁 ...

价格发现方面，生猪期货也为宏观管理部门研判产业走势和制定宏观政策、为养殖企业制定生产计划提 供参考。宏观管理部门出台相关政策后，其影响也在期货市场价格上得到快速反映，通过价格发现功能 传导宏观政策意图、引导市场预期。 猪粮安天下。2021年以来，我国生猪产业结构调整，规模化程度持续提升，降本增效成为行业共识，猪 价下行周期的延长考验着养殖企业经营韧性，生猪期货已成为规模化企业应对价格波动的"利器"。 四川德康农牧食品集团股份有限公司是我国西南地区生猪产业链龙头企业，从生猪期货上市首日起便积 极参与套期保值，同时也是生猪期货首批交割库。该公司董事会秘书曾民表示，五年来，随着公司生猪 养殖规模的增长，生猪期货套期保值规模也在不断提升，并且参与了生猪场内外期权。目前，套期保值 已成为公司常态化经营手段，帮助公司锁定了养殖利润，同时生猪期货价格已成为公司在仔猪补栏、商 品猪出栏等环节的重要参考依据。对整个行业来说，生猪期货也有助于避免"追涨杀跌"式的产能调整， 推动行业供需格局趋于稳定。 位于西北地区的陕西石羊农业科技股份有限公司是一家生猪全产业链企业，近年来利用生猪期货等手段 实现了经营业绩的稳定，该公司董事长乔冰 ...

Core Insights - The Chinese futures market has shown significant growth in 2023, with a cumulative trading volume of 8.117 billion contracts and a trading value of 67.545 trillion yuan from January to November, representing year-on-year increases of 14.74% and 20.19% respectively [1] Group 1 - The futures market has played a crucial role in enhancing the resilience and security of industrial and supply chains, supporting the high-quality development of the real economy through its price discovery and risk management functions [1] - Trading volumes for futures contracts related to new energy metals such as lithium carbonate, polysilicon, and industrial silicon have continued to expand, actively supporting the transition to a green and low-carbon economy as well as the construction of a modern industrial system [1] Group 2 - As of November 2025, a total of 164 futures and options products have been listed in China, indicating a diverse and growing market [1]

Core Viewpoint - The listing of platinum and palladium futures and options on the Guangzhou Futures Exchange marks a significant step in enhancing China's risk management tools and international pricing power in the platinum group metals industry [1][3][4]. Industry Overview - Platinum and palladium are critical raw materials for automotive catalytic converters and play a significant role in green industries. Platinum is also essential in hydrogen energy applications, while palladium's use in emerging fields is being explored [2][3]. - China is one of the largest consumers of platinum and palladium, with a high dependence on imports due to limited domestic resources. The industry is primarily driven by recycling [2][3]. - Price volatility of platinum and palladium has been significant, with annual fluctuations exceeding 20% in the past five years, impacting the entire supply chain [2][3]. Market Functions - The futures market provides three core functions: price discovery, risk management, and resource allocation, which are crucial for stabilizing operational expectations for businesses [3][4]. - The introduction of platinum and palladium futures and options fills a long-standing gap in domestic risk management tools, enabling companies to hedge against price fluctuations effectively [3][4]. Impact on Companies - The listing of platinum and palladium futures and options is expected to enhance the risk management capabilities of companies in the industry, allowing them to stabilize operational performance by locking in prices [5][6]. - Companies like Jinchuan Group and Yunnan Precious Metals Group recognize the positive implications of these futures for managing price volatility and improving decision-making in production and risk management [5][6]. Strategic Considerations - Companies are encouraged to integrate futures tools into their overall business strategies and risk management frameworks to enhance their operational resilience [7][8]. - Understanding the delivery rules and pricing logic specific to platinum and palladium is essential for companies to effectively utilize these futures contracts [8][9].

Core Insights - The optimization and launch of the RMB iron ore swap central counterparty clearing business is significant for the high-quality development of the iron ore industry [1][2] Group 1: Business Operations - On the first day of operation, the Shanghai Clearing House processed 22 RMB iron ore swap transactions, totaling a clearing amount of 315 million RMB, covering agreements until February 2026 [1] - The participating institutions included major companies such as China Securities, Guotai Junan Securities, and Huatai Securities, with services provided by SPDB and CCB for agency clearing [1] Group 2: Industry Impact - The new clearing service enriches risk management tools, providing comprehensive coverage for the risk management needs of iron ore products [2] - It enhances price discovery and strengthens pricing power by increasing the influence of the RMB spot price index and providing forward pricing for 12 months [2] - The professional risk management system aims to help iron ore enterprises manage potential credit and market risks effectively [2] Group 3: Future Plans - The Shanghai Clearing House plans to continue focusing on serving the real economy, aiming to become a major centralized clearing institution for OTC bulk commodity trading [2] - Ongoing efforts will include product development, service optimization, and platform construction, while also addressing potential regional or systemic risks [2]

Core Viewpoint - The polyester industry in China plays a crucial role in providing 70% of textile raw materials and is closely linked to daily life, with the Zhengzhou Commodity Exchange (ZCE) developing a comprehensive risk management system for the polyester supply chain since the launch of PTA futures in 2006 [1][2]. Group 1: Risk Management Development - The ZCE has focused on addressing industry pain points by establishing a robust risk management framework for the polyester supply chain, starting with the launch of PTA futures in December 2006 [2]. - The introduction of PTA options in 2019 and short fiber futures in 2020 expanded the risk management tools available to the polyester industry, with further developments in 2023 including PX futures and options [2][3]. Group 2: Functional Impact on the Polyester Industry - The ZCE's polyester futures have significantly transformed trade practices, enhancing supply chain resilience and supporting high-quality development in the polyester sector [4]. - Since 2010, PTA futures have become a key reference for spot pricing, with nearly 100% of PTA spot trades now priced based on "futures price + premium/discount" [4][5]. Group 3: Internationalization and Price Influence - The ZCE is actively working to enhance the international pricing influence of polyester futures, allowing foreign investors to participate in trading since 2018 and hosting international forums to promote these products [6][7]. - The integration of PTA futures into international trade has improved negotiation efficiency and solidified supply chain relationships, exemplified by companies like Hengyi Petrochemical using PTA futures as a pricing benchmark in contracts [7][8]. Group 4: Future Directions - The ZCE aims to refine existing products, expand international outreach, and strengthen regulatory measures to continue supporting the manufacturing sector and contribute to new industrialization efforts [8].

Core Viewpoint - The launch of platinum and palladium futures on the Guangzhou Futures Exchange is expected to enhance risk management for the industry, improve market efficiency, and strengthen China's influence in the global platinum group metals market [3][4]. Group 1: Market Performance - On November 27, platinum and palladium futures were officially listed, with initial trading showing significant price increases of over 11%, before settling at 430.30 CNY/gram for platinum and 370.60 CNY/gram for palladium, representing gains of 6.25% and 1.53% respectively [2]. - The total trading volume for platinum futures reached 66,700 contracts with a turnover of 29.231 billion CNY, while palladium futures saw 34,200 contracts traded, totaling 13.049 billion CNY [2]. Group 2: Industry Impact - The introduction of platinum and palladium futures is seen as beneficial for upstream and downstream enterprises in the platinum group metals industry, aiding in risk management and stabilizing operations amid market volatility [3][4]. - The application of platinum and palladium in green development sectors is significant, with approximately 60% and 80% of their usage in automotive emissions control and renewable energy, respectively [3]. Group 3: Risk Management Tools - The futures and options products provide flexible and effective risk management tools for industry players, allowing them to hedge against price volatility and stabilize costs or profits [4][5]. - The launch is expected to attract interest from leading enterprises in the industry, with a gradual increase in participation from smaller companies and institutional investors as market awareness grows [4][5]. Group 4: Future Prospects - The successful listing of these futures is anticipated to improve liquidity in the physical platinum and palladium markets, reduce trading discrepancies, and establish a pricing benchmark in RMB [6][8]. - The futures market is expected to enhance the operational efficiency of small and medium-sized enterprises, promoting a more rational resource allocation and supporting the development of a professional and scalable industry [8].

Core Viewpoint - The launch of the Hang Seng Biotechnology Index futures on November 28 will provide essential risk management tools for the highly volatile biotechnology sector in Hong Kong, which is influenced by uncertainties in clinical trial results and regulatory approvals [1] Group 1: Market Dynamics - The biotechnology sector is characterized by its inherent volatility due to fundamental uncertainties such as clinical trial outcomes and regulatory approvals [1] - The introduction of the Hang Seng Biotechnology Index futures will facilitate better risk management for investors in this sector [1] Group 2: Valuation Challenges - Traditional valuation methods struggle to effectively assess the prospects of biotechnology companies, which are primarily driven by their research and development pipelines [1] - The futures market's price discovery function is expected to guide more reasonable value assessments for the biotechnology sector [1] Group 3: Global Market Expansion - In recent years, domestic biotechnology companies have actively expanded into global markets through intensive collaborations with large international pharmaceutical firms [1] - By 2025, approximately one-quarter of global drug licensing transactions will involve Chinese companies, indicating the growing recognition of Chinese innovative pharmaceutical firms within the global supply chain [1] - The continuous growth of the biotechnology ecosystem in the Hong Kong stock market is highlighted by these developments [1]

Core Insights - The introduction of platinum and palladium futures and options on the Guangxi Futures Exchange meets the urgent demand for risk management tools in the industry, marking an expansion of the exchange's new energy metal sector [1][5] Price Volatility - Platinum and palladium prices have experienced significant fluctuations, with annual price volatility exceeding 20% over the past five years. For instance, platinum prices dropped to a five-year low of 154.04 yuan per gram in early 2020, followed by a recovery to an average of 228.97 yuan per gram in 2024 [2] - Palladium prices also showed high volatility, peaking at 761 yuan per gram in early 2022 and averaging 260.49 yuan per gram in 2024. The price fluctuations for palladium from 2020 to 2024 were 51.77%, 83.73%, 77.39%, 87.40%, and 40.79% respectively [2] Supply Chain Challenges - Global supply constraints, particularly due to issues in South Africa's electricity supply and mining safety incidents, have led to a tight supply of platinum and palladium despite price declines. This has increased the urgency for domestic enterprises to adopt more mature market mechanisms for price stabilization [3] Risk Management Needs - Companies like Jinchuan Group, which produce platinum and palladium, face significant operational impacts due to price volatility and lack of effective risk management tools. The absence of authoritative pricing mechanisms complicates their ability to make informed operational decisions [4] - The introduction of futures contracts is expected to provide transparent and fair pricing, filling the gap in risk management tools for the industry [5] Market Impact - The listing of platinum and palladium futures is anticipated to enhance price discovery and hedging capabilities, allowing Chinese enterprises to engage in transactions in RMB and attract international market participants [5][6] - The futures market is expected to improve the operational efficiency of enterprises by allowing them to manage price risks more effectively, thus stabilizing the domestic industrial chain [6] Industry Preparedness - Market participants are preparing for the launch of platinum and palladium futures by familiarizing themselves with contract rules and risk management mechanisms. This includes outreach efforts to educate industry players on the benefits of these new financial instruments [7][8]