来源：期权时代 01 今年6月，中国证监会发布公告称，将从2025年10月9日起允许合格境外投资者参与场内ETF期权交易，交易目的限于套期保值。 9月30日晚间，上交所通知，即日起开始受理合格境外投资者参与股票期权交易的业务办理申请，深交所也通知称，自10月9日起开始受理合格境外投资者 参与股票期权交易的业务办理申请。中国结算也同日发布通知各结算参与人做好业务技术准备。 今年以来，中国证监会先后放宽合格境外投资者参与境内商品期货、商品期权和ETF期权等产品的限制。此举旨在持续拓展合格境外投资者可投资范围， 发挥合格境外投资者制度的优势和吸引力，便利境外机构投资者特别是配置型资金运用适配的风险管理工具，有利于提升外资机构投资行为的稳定性，促 进其对A股的长期投资。 02 合格境外投资者参与ETF期权交易将于国庆假期后A股市场第一个交易日起（10月9日）正式实施。 9月30日，上交所、深交所分别发布《关于合格境外机构投资者和人民币合格境外机构投资者参与股票期权交易有关事项的通知》。 《通知》称，合格境外投资者可以参与在沪深交易所上市的交易型开放式指数基金期权（ETF期权）交易，交易目的限于套期保值。 合格境外投资 ...

增强外资对A股市场信心 今年以来，合格境外投资者可投资品种范围持续拓宽。2月份，上海期货交易所（以下简称"上期所"） 及其子公司上海国际能源交易中心、郑州商品交易所（以下简称"郑商所"）、大连商品交易所（以下简 称"大商所"）、广州期货交易所发布公告，合计向合格境外投资者新增开放29个商品期货期权品种；6 月份，上期所、郑商所、大商所再次向合格境外投资者新增开放16个商品期货期权品种；9月份，上期 所向合格境外投资者新增开放4个期货期权品种。 截至今年9月底，合格境外投资者可以参与交易的期货期权品种达到95个，包括88个商品期货期权品种 合约和7个股指期货期权品种合约。 据中国证监会公告，10月9日起，合格境外机构投资者（QFII）和人民币合格境外机构投资者 （RQFII）（以下合称"合格境外投资者"）可以参与场内ETF期权（即交易型开放式指数基金期权）交 易，交易目的限于套期保值。至此，合格境外投资者可参与境内期货期权品种达到104个。 业内人士表示，ETF期权是境内运行成熟的风险管理工具，合格境外投资者利用ETF期权进行风险管 理，有助于降低其投资组合波动，提升投资积极性，稳步增加对A股的长期投资。未来， ...

Group 1 - The core viewpoint of the article is that qualified foreign institutional investors (QFIIs) are now allowed to participate in ETF options trading starting from October 9, 2023, which is expected to enhance foreign investment in the A-share market [1][3][4] - The China Securities Regulatory Commission (CSRC) has progressively relaxed restrictions on QFIIs' participation in domestic commodity futures, options, and ETF options, aiming to expand their investment scope and improve the stability of foreign investment behavior [1][6] - The Shanghai and Shenzhen Stock Exchanges have issued notifications to accept applications from QFIIs for stock options trading, with specific requirements for hedging purposes [3][4] Group 2 - QFIIs can apply for long and short hedging positions and must report their A-share accounts through authorized options operating institutions before opening corresponding derivative accounts [3][4] - The introduction of ETF options is seen as a significant tool for risk management, which is expected to attract more long-term capital into the A-share market [6][7] - The article highlights that major foreign institutions have been actively investing in ETFs, with Barclays Bank holding over 19.2 billion yuan in listed funds, indicating a growing trend of foreign capital entering the Chinese market through ETFs [7][8]

Group 1 - The internationalization of the futures market in China is being enhanced, with plans to expand the number of futures and options products available for foreign investors to 100 [1] - Three futures exchanges in China have announced the addition of 16 new futures and options products for qualified foreign institutional investors (QFII) [1][2] - The total number of futures and options products available for QFII has increased from 46 to 75 in the first quarter of this year, covering major sectors of the economy [2] Group 2 - After the addition of 16 new products, the total number of futures and options available for qualified foreign investors has reached 91, laying a solid foundation for further market opening [3] - The expansion of products available for foreign investors is expected to enhance China's influence in the global commodity market and provide better price signals for industrial enterprises [3] - Starting from October 9, 2025, qualified foreign investors will be allowed to participate in on-exchange ETF options trading, limited to hedging purposes [3]

今年以来，中国证监会先后放宽合格境外投资者参与境内商品期货、商品期权和ETF期权等产品的 限制，旨在持续拓展合格境外投资者可投资范围，发挥合格境外投资者制度的优势和吸引力，便利境外 机构投资者特别是配置型资金运用适配的风险管理工具，有利于提升外资机构投资行为的稳定性，促进 外资机构对A股的长期投资。 责任编辑：袁浩 本报讯 记者张弛报道 中国证监会近日发布公告表示，经商中国人民银行、国家外汇局，将自2025 年10月9日起，允许合格境外投资者参与在国务院或中国证监会批准设立的交易场所上市交易的交易型 开放式指数基金期权（ETF期权）交易，交易目的限于套期保值。 这是中国证监会落实党的二十届三中全会"优化合格境外投资者制度"决策部署的具体举措之一。 ...

Group 1 - The liquidity easing may not be sustainable, with a gradual entry into semi-annual funding assessments starting in late June, leading to weaker fluctuations in on-site liquidity [1][14] - The U.S. stock market showed mixed results, with the Dow Jones Industrial Average down 44.14 points, or 0.10%, while the Nasdaq rose by 0.13% [4] - The Nasdaq China Golden Dragon Index fell by 0.8%, with notable declines in major Chinese tech stocks such as JD.com, Baidu, Alibaba, and NetEase [5] Group 2 - The Federal Reserve maintained the federal funds rate range at 4.25%-4.50%, aligning with market expectations, while also lowering economic growth forecasts and raising inflation predictions [6] - The Central Financial Committee issued opinions to support the construction of Shanghai as an international financial center, focusing on high-quality development of multi-level equity markets and enhancing the competitiveness of the Shanghai financial center [7] - The China Securities Regulatory Commission announced that starting from October 9, 2025, qualified foreign investors will be allowed to participate in on-site ETF options trading, aimed at expanding investment opportunities for foreign institutions [9] Group 3 - Yinstar plans to invest 650 million yuan in a rare earth permanent magnet materials integrated application project in Baotou, which will enhance the company's market position in various motor applications [11][12] - Dazhong Mining intends to invest 1 billion yuan in a project to produce 3,000 tons of lithium battery materials annually, aligning with the trends in the new energy industry [13] - Wolong Electric Drive is planning to issue shares and list on the Hong Kong Stock Exchange to enhance its global strategy and competitiveness, with specific details yet to be determined [14]

Core Viewpoint - China's futures market is undergoing a new round of opening, allowing qualified foreign institutional investors (QFII/RQFII) to expand their investment scope, particularly in ETF options trading starting from October 9, 2025, aimed at hedging purposes [1][2]. Group 1: Policy Changes and Market Expansion - The China Securities Regulatory Commission (CSRC) announced that from October 9, 2025, qualified foreign investors will be allowed to participate in on-exchange ETF options trading, with a focus on hedging [1]. - The CSRC plans to introduce more reforms to optimize the QFII system, enhancing the attractiveness and convenience for foreign institutional investors [1][3]. - Following the announcement, domestic futures exchanges quickly responded by expanding the range of products available for qualified foreign investors, effective from June 20, 2025 [1][2]. Group 2: Increased Product Offerings - A total of 16 new commodity futures and options contracts have been added, increasing the number of tradable products for qualified foreign investors from 75 to 91, which now represents over 60% of the total listed futures and options products in China [2][4]. - The CSRC aims to expand the total number of tradable futures and options for QFII to 100, reflecting a strong commitment to opening up the capital market [2][4]. Group 3: Historical Context and Future Outlook - The opening of the futures market to foreign investors has been a gradual process, with significant policy changes occurring since September 2020, allowing for broader participation in financial futures, commodity futures, and options [3][4]. - The number of foreign clients participating in the futures market has steadily increased, with a 17% year-on-year growth in effective foreign clients and a 28% increase in foreign client positions by the end of 2024 [4][5]. - Experts believe that the recent policy changes signify a new phase of diversification in tools and refined risk management in China's futures and derivatives market, potentially positioning it as a global pricing center [5].

Group 1 - The China Securities Regulatory Commission (CSRC) announced that starting from October 9, 2025, qualified foreign institutional investors (QFIIs) will be allowed to participate in on-exchange ETF options trading, with the purpose limited to hedging [1] - This initiative is part of the CSRC's efforts to implement the decisions made during the 20th National Congress of the Communist Party of China, aimed at optimizing the QFII system [1] - The CSRC has already relaxed restrictions for QFIIs in participating in domestic commodity futures and options earlier this year, aiming to expand the investment scope for foreign investors and enhance the stability of their investment behavior in A-shares [1] Group 2 - The Zhengzhou Commodity Exchange announced that starting from June 20, 2025, it will expand the range of tradable products for QFIIs to include futures and options contracts for glass, soda ash, and silicon manganese [2] - The Shanghai Futures Exchange will also expand its tradable products for QFIIs from June 20, 2025, adding futures and options contracts for natural rubber, lead, and tin [2] - The Dalian Commodity Exchange will similarly expand its offerings for QFIIs from June 20, 2025, to include futures and options contracts for ethylene glycol and liquefied petroleum gas [2]

Group 1 - The China Securities Regulatory Commission (CSRC) is accelerating the implementation of key measures for capital market opening by optimizing the Qualified Foreign Institutional Investor (QFII) system, including expanding the number of tradable futures and options to 100 [1] - Starting from October 9, 2025, QFIIs will be allowed to participate in on-exchange ETF options trading, limited to hedging purposes, as part of the CSRC's efforts to enhance the QFII system [1] - The CSRC has already relaxed restrictions for QFIIs on participating in domestic commodity futures and options this year, aiming to broaden the investment scope for foreign institutional investors [1] Group 2 - Domestic private equity firms are increasingly looking overseas for growth opportunities due to intensified competition in the domestic market, with firms like KeyStone Capital obtaining QFII qualifications to expand their services [2] - The approval of the QFII qualification for Hong Kong Yangtze River Asset Management allows KeyStone Capital to provide asset management services to overseas investors, enhancing their operational capabilities [2] - The shift towards overseas markets is driven by several factors, including strong performance in the Hong Kong capital market and the interest of foreign investors in the Chinese market [3] Group 3 - Cool River Venture HK Limited, founded by ByteDance co-founder Zhang Yiming, has obtained a Hong Kong asset management license, indicating a trend of private equity firms diversifying their investment strategies [3] - The move to international markets is seen as a way for private equity firms to attract long-term capital from sovereign funds, pensions, and funds of funds, aligning with their current need for stable, long-term investments [3] - The anticipated reforms in the QFII system are expected to attract more foreign capital into the A-share market, providing new opportunities for private equity firms to expand their operations abroad [3]

Group 1 - The China Securities Regulatory Commission (CSRC) announced that starting from October 9, 2025, qualified foreign institutional investors (QFIIs) will be allowed to participate in on-exchange ETF options trading, with the purpose limited to hedging [1] - This initiative is part of the CSRC's implementation of the decision made during the 20th National Congress of the Communist Party of China to optimize the QFII system [1] - In 2023, the CSRC has already relaxed restrictions on QFIIs participating in domestic commodity futures, commodity options, and ETF options, aiming to expand the investment scope for QFIIs [1] Group 2 - The move is intended to enhance the attractiveness and advantages of the QFII system, facilitating the use of risk management tools by foreign institutional investors, particularly those with allocation-focused capital [1] - It is expected to improve the stability of foreign institutional investment behavior and promote long-term investment in A-shares [1] - The CSRC plans to introduce more reform measures to further optimize the QFII system, advancing the high-level institutional opening of the capital market [1]