Core Viewpoint - The launch of futures and options for coated printing paper, fuel oil, asphalt, and pulp options on the Shanghai Futures Exchange marks the introduction of the world's first financial derivatives for cultural paper, significantly enhancing risk management capabilities in the paper industry [1][2][5] Group 1: Industry Significance - The introduction of coated printing paper futures and options fills a gap in domestic cultural paper derivatives, providing tools for precise management of price volatility risks for enterprises in the cultural paper industry [1][2] - The launch is timely as the paper industry seeks high-quality development and aims to become a strong player in the global market, enhancing the industry's resilience against risks and supporting the prosperity of cultural dissemination [2][3] Group 2: Market Dynamics - The first day of trading saw the listing of eight contracts for coated printing paper futures at a benchmark price of 4218 yuan per ton, with a total transaction volume of 21,900 contracts and a transaction value of 3.703 billion yuan [4] - The market attracted funds from other products, particularly from the pulp futures market, indicating a familiarity with the paper industry and a potential for cross-product arbitrage strategies [4][5] Group 3: Regulatory and Developmental Aspects - The Shanghai Futures Exchange has implemented multiple preventive measures to ensure a stable launch and operation of the new products, including contract design, risk monitoring, and investor training [3][5] - The launch of these products represents a significant step towards a collaborative development of futures and options, enhancing the overall product system and meeting the diverse needs of enterprises [5]

Core Insights - The launch of the futures and options for coated printing paper, fuel oil, asphalt, and pulp options on September 10 marks the introduction of the world's first financial derivatives for cultural paper, enhancing risk management capabilities in the paper industry [1][5] - This initiative is seen as a significant step in enriching and perfecting the multi-layered derivative system in the industry, catering to the refined and diversified needs of enterprises [1][4] Industry Impact - The introduction of coated printing paper futures and options fills a gap in domestic cultural paper derivatives, providing tools for enterprises in the cultural paper industry to manage price volatility risks effectively [1][2] - The coated printing paper is a crucial branch of the paper industry, widely used in cultural dissemination, writing, and printing [2] Financial Tools and Market Dynamics - The new financial instruments are expected to enhance the risk management capabilities of upstream and downstream enterprises in the cultural paper sector, laying a foundation for the prosperity of cultural dissemination [2][5] - The first day of trading saw a total of 21,000 contracts traded, with a transaction value of 3.703 billion yuan, indicating strong market interest [4] Regulatory and Market Structure - The Shanghai Futures Exchange has implemented multiple preventive measures to ensure a stable launch and operation of the new products, including contract design, risk monitoring, and investor training [3][4] - The introduction of these products is part of a broader strategy to enhance the international competitiveness of China's paper industry and attract global investment [2][5]

经中国证监会同意，今天（10日）上午9时，胶版印刷纸期货在上海期货交易所挂牌交易。胶版印刷纸期权将于今晚9时挂牌交易，这标志着全 球首个文化用纸期货、期权正式上市。 胶版印刷纸是一种主要以漂白木浆为原料，供胶版印刷使用的纸张，广泛应用于教育、文化、商业等各个领域。教辅教材是胶版印刷纸需求的 大头，社会图书、期刊、杂志等出版物也都离不开胶版印刷纸。 目前，市面上绝大多数胶版印刷纸都是双面胶版印刷纸，因此也被称作双胶纸。我国是全球最大的胶版印刷纸生产国和消费国，生产量和消费 量占到全球20%以上。2024年我国胶版印刷纸表观消费量约900万吨。 上海期货交易所副总经理 杨柯：过去，行业仅能利用纸浆期货进行成本对冲，但纸浆价格波动并不能完全反映成品纸的市场供需变化。胶版 印刷纸期货及期权的推出，能更精准地反映行业实际运行情况，提升整个产业链的抗风险能力。 （总台央视记者 赵曙光 蒋勇 刘世军 白廷俊 杨敦煌） ...

Group 1: General Information - On August 15, 2025, the China Securities Regulatory Commission approved the Shanghai Futures Exchange to launch the world's first financial derivatives for cultural paper - offset printing paper futures and options, which will be officially listed for trading on September 10 [2] Group 2: Product Introduction - Offset printing paper is a type of cultural paper, mainly used in teaching materials, books, periodicals, flyers, etc. Most of the offset printing paper on the market is double - coated paper, and the futures of offset printing paper listed on the Shanghai Futures Exchange is also referred to as double - coated paper futures [3] - Double - coated paper is a variant of offset paper, with glue coated on both sides, which has better printability [4] - In terms of production cost, wood pulp accounts for about 60 - 70% of the cost, chemical additives account for 10 - 25%, energy cost accounts for about 10%, and other costs account for about 10% [5] Group 3: Product Classification - Double - coated paper is mainly distinguished by quantitative, brightness and other quality indicators. The most common quantitative is between 60 - 90g/m², and it can be classified by size, quantitative, brightness and calendering grade [12] - By size, there are positive degree (787mmx1092mm) and large degree (889mmx1194mm); by quantitative, it ranges from 60 - 180g/㎡, with different quantitatives suitable for different printing fields; by brightness, it can be divided into high - white, natural - white, elegant - white, off - white, etc.; by calendering grade, it can be divided into super - calendered and ordinary - calendered [12][13][14] Group 4: Delivery Standards - For physical delivery, the offset printing paper should be double - coated paper with a quantitative of 65g/m², 70g/m², 75g/m², 80g/m², and meet relevant technical indicators in GB/T 30130 - 2023 [18] - The delivery double - coated paper is reel paper with a width of 780mm, 787mm, 880mm, 889mm, and the size deviation should not exceed ±3mm [18] Group 5: Packaging, Storage and Logistics - The mainstream packaging methods are reel packaging and flat - plate packaging. Reel packaging uses multi - layer high - quantitative materials for protection, and flat - plate packaging has two forms: ream packaging and piece packaging [19] - The storage and logistics system of double - coated paper is highly stable. There are professional storage facilities in each link, and large paper mills generally use intensive distribution, while small and medium - sized enterprises prefer self - pick - up. Road transport is the mainstream, and multi - modal transport such as water and rail is also used for medium - and long - distance transport [20]

Report Industry Investment Rating - Not provided in the given content Core Viewpoints of the Report - The listing of offset printing paper futures and options on September 10, 2025, will fill the gap in domestic cultural paper financial derivatives, providing tools for price risk management in the cultural paper industry chain, and promoting the sustainable development of the industry [4][5]. - The new products will help form a fair market price, improve spot pricing efficiency, and guide enterprises to optimize production plans, matching their risk - control needs and hedging goals [5]. - They will also contribute to the green development of the paper - making industry and enhance China's international pricing influence in the global cultural paper industry [147]. Summary by Directory 1. Product Introduction - Offset printing paper is typically made from bleached wood pulp, with characteristics such as low stretch, uniform ink absorption, good smoothness, and high water resistance. Most of it is double - sided offset printing paper (double - gum paper), accounting for over half of the domestic consumption of uncoated printing and writing paper and about 40% of domestic cultural paper consumption [10][11]. - Its production process includes a stock preparation stage and a paper - making stage. After a series of treatments and processes, the pulp is made into paper rolls or flat paper and then packaged [12]. - It is widely used in books, periodicals, commercial prints, and office supplies. Based on quantitative and brightness, it can be classified into different types [13][16]. - It has weak substitutability with writing paper, lightweight paper, and electrostatic copy paper due to differences in raw materials, performance, and demand scenarios, but strong substitutability with copperplate paper and lightly coated paper because of similar production processes, raw materials, and overlapping demand scenarios [17][18][21]. 2. Industry Chain Overview - **Upstream**: It highly depends on imported wood pulp, with a domestic self - sufficiency rate of less than 40%, and is significantly affected by international pulp futures, exchange rates, and shipping costs. The equipment technology has a high threshold, with key equipment relying on imports [28]. - **Midstream**: It is capital - and technology - intensive, with high investment thresholds. Production is regionally concentrated in East, South, and Central China, bringing cluster and logistics advantages. Future competition will focus on green and high - end products, and the production process has strict technical requirements and high environmental protection costs [31][33][34]. - **Downstream**: Demand is clearly differentiated among high - end, mid - end, and low - end markets. It has strong seasonal fluctuations, with peaks during the textbook printing season (Q2 - Q3) and commercial promotion season (Q4). The low - end market faces pressure from digital substitution [37][39]. 3. Supply and Demand Conditions - **Price Influencing Factors - Raw Material Costs**: Pulp price fluctuations, affected by international pulp prices, domestic pulp mill capacity, and Shanghai Futures Exchange pulp futures prices, directly impact the production cost of offset printing paper [42][43]. - **Price Influencing Factors - Production Capacity and Output**: In 2025, several companies have new production capacity plans. Over the past decade, the domestic output of double - gum paper has generally increased, with significant growth starting in 2021. China is the world's largest producer of double - gum paper, and production capacity is concentrated in East, South, and Central China [46][47][58]. - **Price Influencing Factors - Inventory**: In recent years, the inventory of double - gum paper producers has generally increased. In 2021, imports impacted the domestic market, and in 2024, over - supply led to a significant increase in inventory [60][61]. - **Price Influencing Factors - Imports and Exports**: From 2017 - 2024, China's double - gum paper trade was generally a net exporter, but there was a reversal in 2020 - 2021. The main import sources are Indonesia, Japan, and Russia, and exports cover over 170 countries and regions [63][67]. - **Price Influencing Factors - Demand**: Double - gum paper demand comes from various fields, with textbook demand being the most stable, having strong seasonality. China's double - gum paper consumption shows a slow and unstable growth trend, and the long - term demand may be affected by无纸化办公 and a declining birth rate [68][69][74]. 4. Spot Market Price - From 2020 to 2024, the domestic double - gum paper market experienced two significant price fluctuation cycles. The price was affected by factors such as demand changes, raw material costs, policies, and market supply - demand relationships. Currently, the price is in a low - level oscillation, and the industry has a strong demand for hedging tools [87]. 5. Futures and Options Introduction - **Futures Contract**: The trading unit is 40 tons per lot, with a minimum price change of 2 yuan/ton, a daily price limit of ±4%, and a trading time from 9:00 - 11:30 and 13:30 - 15:00. The delivery grade is double - gum paper with specific quantitative values, and the delivery method is physical delivery [91]. - **Options Contract**: The underlying is the offset printing paper futures contract. It includes call and put options, with a trading unit of 1 lot of the futures contract. The exercise style is American, and the trading time is similar to that of the futures contract [92]. - **Other Trading Matters**: The futures will be listed on September 10, 2025, with specific trading times, listed contracts, and trading rules. The options will be listed on the same day at 21:00, also with corresponding trading regulations [94][103]. 6. Delivery - Related Regulations and Processes - **Fees and Standards**: Delivery fees, warehouse and factory storage rents, and in - and out - of - warehouse fees are specified, with some fees waived until December 31, 2025, for non - high - frequency traders [122]. - **Deliverable Goods and Enterprises**: Deliverable offset printing paper must be a certified brand on the Shanghai Futures Exchange, and specific enterprise information is provided [124]. - **Delivery Warehouses and Premiums**: Delivery warehouses are planned to be set up in major consumption and logistics areas, and delivery premiums are determined by the exchange [125]. - **Inspection Institutions**: Designated inspection institutions are to be announced by the exchange [126]. - **Delivery Methods**: They include futures - to - spot, warehouse delivery, and factory delivery, with specific regulations for each method, such as inspection requirements, quality dispute handling, and delivery time limits [134][143].

Core Viewpoint - The Shanghai Futures Exchange will launch futures and options for newsprint paper, fuel oil, asphalt, and pulp on September 10, 2025, to provide risk management tools and support the green development of the paper industry [1][2][3]. Group 1: Reasons for Launching Newsprint Paper Futures and Options - The launch aims to provide risk management tools for the cultural paper market, addressing the high demand for hedging in the face of complex market conditions [2]. - It seeks to enhance the risk management system across the entire pulp and paper industry, allowing companies to manage price risks from raw materials to finished products [2][3]. - The initiative supports the green development of the paper industry by promoting environmentally friendly practices through contract design [3]. - It aims to strengthen China's position in the global cultural paper industry by leveraging its status as the largest producer and consumer of cultural paper [3]. Group 2: Highlights of Contract and Business Rules - The trading unit for newsprint paper futures has been set at 40 tons per contract, aligning with industry practices and enhancing market participation [4]. - The delivery quality standards for newsprint paper have been established to ensure product quality and promote health considerations [4]. - The design of the newsprint paper options is based on existing successful models, with a minimum price fluctuation set at 1 yuan per ton [5]. Group 3: Delivery Method and Risk Prevention - The delivery method for newsprint paper futures will combine warehouse and factory delivery to meet diverse customer needs and reduce delivery costs [6][7]. - The exchange has implemented various risk prevention measures, including setting appropriate margin requirements and monitoring price deviations [8]. - The selection of deliverable resources focuses on commonly used paper weights to ensure compatibility with market demand [9]. - Continuous market training and investor education will be conducted to familiarize participants with the new products and their characteristics [10]. Group 4: Future Plans and Market Maintenance - The exchange will maintain strict regulatory oversight and monitor the market to ensure smooth operation of the new products [11]. - Ongoing collaboration with member units will enhance market promotion, research, and investor education efforts [11].

Core Insights - The China Securities Regulatory Commission has approved the launch of futures and options for newsprint paper, fuel oil, asphalt, and pulp on the Shanghai Futures Exchange, marking the introduction of the world's first financial derivatives for cultural paper [1] - The introduction of newsprint paper futures and options will fill a gap in the financial derivatives market for cultural paper, creating a "pulp-paper" integrated risk management chain that helps companies hedge against raw material cost fluctuations and product price uncertainties [1][2] Industry Overview - The paper industry is a crucial basic raw material sector closely linked to national economic development and people's livelihoods, with paper types categorized into cultural, packaging, household, and specialty papers [1] - Newsprint paper, a typical representative of cultural and printing paper, is primarily made from bleached wood pulp and is widely used in books, magazines, and notebooks, characterized by a large market size, high standardization, and significant price volatility [1] Market Dynamics - China is the largest producer and consumer of newsprint paper globally, with a projected production of 9.48 million tons and apparent consumption of 8.71 million tons in 2024 [1] - The domestic paper industry faces significant revenue growth pressures due to complex and changing market conditions, leading to a high demand for risk management solutions [1] Price Volatility and Risk Management - The concentration of domestic cultural paper production capacity has led to increased price volatility in the newsprint paper market, affecting the entire industry chain [2] - The introduction of newsprint paper futures and options will provide tools for precise management of price volatility risks, facilitating the formation of a transparent and fair market price [2] Environmental Considerations - The futures and options contracts will incorporate mechanisms to promote green and circular development, prioritizing companies with relevant green certifications during the delivery certification process [2] - This initiative aims to support the green and low-carbon transformation of the paper industry, contributing to national carbon neutrality and green development goals [2] Risk Management Strategies - The simultaneous launch of newsprint paper futures and options offers the paper industry an additional tool for hedging, aligning better with companies' risk control needs and hedging objectives [3] - The addition of newsprint paper futures will enable paper companies to employ cross-commodity hedging strategies, enhancing profit management across the entire supply chain from raw material procurement to finished product sales [3]

Core Viewpoint - The China Securities Regulatory Commission has approved the registration of futures and options for newsprint paper on the Shanghai Futures Exchange, marking the launch of the world's first financial derivatives for cultural paper [1]. Industry Overview - China is the largest producer and consumer of newsprint paper globally, with a market size approaching 50 billion yuan [1]. - The domestic paper industry faces significant revenue growth pressure due to complex market conditions, leading to a high demand for risk management solutions [1]. Market Dynamics - The price of newsprint paper is influenced by upstream pulp costs and the supply-demand dynamics of downstream industries such as publishing and stationery [2]. - Since 2022, the paper industry has experienced continuous capacity expansion, resulting in price declines and sales sluggishness for producers and distributors [2]. - While lower paper prices can reduce procurement costs for end-users, they may also lead to issues with paper quality, negatively impacting stable operations [2]. Risk Management Solutions - The introduction of newsprint paper futures and options is expected to serve as a stabilizing mechanism and price anchor for the industry, enhancing pricing efficiency and guiding production planning [1][2]. - The Shanghai Futures Exchange has adopted a "warehouse + factory warehouse" delivery model to ensure product quality and better adapt to current market characteristics [2]. - The new derivatives fill a gap in the financial derivatives market for cultural paper, creating a risk management chain that integrates pulp and paper [2]. Strategic Implications - The addition of newsprint paper futures is anticipated to enhance the risk management capabilities of paper companies, allowing for flexible cross-hedging strategies across the supply chain [3]. - The price signals generated by the futures market are characterized by transparency and fairness, which can help establish a fair pricing system and serve as a reference for domestic and international trade [3].