专题：2025可持续全球领导者大会&首届绿色产业与可持续消费博览会 2025可持续全球领导者大会于10月16日-18日在上海市黄浦区世博园区召开。在展区刚进门处，广州期 货交易所（下称"广期所"）展台映入眼帘，展台前人潮涌动，与会嘉宾和参会观众正在广期所工作人员 的介绍下了解"新能源金属期货板块"。 台） 责任编辑：李铁民 广期所已先后上市工业硅、碳酸锂和多晶硅期货和期权，构建了新能源金属期货板块雏形，为相关产业 链提供了公开、连续、客观的价格信号。自上市以来，上述品种总体运行平稳，功能发挥稳步提升，产 业客户积极参与，价格国际影响力初步显现。以碳酸锂期货和期权为例，碳酸锂期货上市以后，有效助 推锂矿定价模式转变，从参考历史价格的长单定价模式转变为参考碳酸锂期货价格倒推定价的模式，锂 矿定价更加贴近市场实际，大幅节约了生产企业进口锂矿石的成本，扭转了在产品价格下降周期采购即 亏损的局面，增强了我国锂电产业链供应链发展韧性。2024年9月25日，新加坡 "交易新加坡" 会议上， 《期货期权世界》杂志颁布亚洲资本市场奖项。广期所碳酸锂期货和期权获 "年度新合约"奖项，评审 团认为"锂期货即未来，广期所居行业之冠， ...

Core Viewpoint - Guangzhou Futures Exchange is seeking public opinions on the futures and options contracts for platinum and palladium, highlighting the urgent demand for hedging in the industry due to significant price fluctuations in recent years [1][3]. Group 1: Contract Details - The contracts for platinum and palladium will have trading codes PT and PD respectively, with a trading unit of 1000 grams per contract and a minimum price fluctuation of 0.05 yuan per gram [3][4]. - The price limit for both platinum and palladium contracts will be set at 4% of the previous trading day's settlement price, with a minimum trading margin of 5% of the contract value [3][5]. - The delivery method will be physical delivery, with a delivery unit of 1000 grams (net weight) and specific quality standards based on national and international benchmarks [3][4]. Group 2: Delivery and Trading Mechanisms - The delivery methods will include spot-to-futures, rolling delivery, and one-time delivery, with both warehouse and factory delivery options available [4]. - A brand delivery system will be implemented, requiring delivery items to be registered brands published by the exchange [4]. Group 3: Risk Control and Position Limits - The position limits for platinum contracts will vary based on the total open interest, with specific limits set for different trading volumes [5]. - For palladium contracts, similar position limits will apply, with adjustments made as the delivery month approaches [5]. Group 4: Options Design - The options contracts for platinum and palladium will be based on their respective futures contracts, with a trading unit of 1 contract (1000 grams) and similar price fluctuation limits [6]. - The exercise price will be designed to cover a range based on the previous trading day's settlement price, with a segmented approach to price intervals [6].

Report Overview - The report is based on the content of the new energy metal theme report meeting held by Antaike on April 29, 2025, focusing on the silicon-based spot and futures markets [1] Group 1: Guangzhou Futures Exchange - **Industrial Silicon Futures Market**: The market is advancing steadily with daily average trading volume reaching 237,700 lots and daily average open interest at 222,000 lots. The proportion of legal entity clients has reached 66%. The correlation between futures and spot prices is 0.99. Over 20,000 industrial clients and 105 production enterprises are involved in hedging, and 14 listed companies have announced industrial silicon hedging. China's influence on global new energy prices has increased [2] - **Polysilicon Futures Market**: After its listing, it has been operating stably with daily average trading volume of 43,100 lots and daily average open interest of 46,300 lots. In April 2025, the proportion of legal entity clients' open interest increased from 35% at the initial stage to 59%. Leading enterprises such as Tongwei Co., Ltd., JinkoSolar Holding Co., Ltd., Hongyuan Green Energy Co., Ltd., and TBEA Co., Ltd. have announced polysilicon futures hedging business [2] - **Polysilicon Futures Delivery Methods**: There are three methods: exchange for physicals, one - time delivery, and rolling delivery. For the PS2506 contract, the exchange - for - physicals period is from the contract listing date to May 28, the rolling delivery period is from June 3 to June 13, and the one - time delivery period is three trading days after June 16 [3] - **New Product Listing Plan**: The exchange will accelerate the listing of new energy metal futures such as manganese, nickel, lithium hydroxide, and photovoltaic modules, and plan strategically for carbon emission rights, electricity, green certificates, etc., and explore derivatives of wind, solar, hydro, and gas meteorological indices [3] Group 2: Antaike - **Q1 2025 Silicon Industry Characteristics**: Prices are at a low level with industrial silicon down 12% and polysilicon basically flat. Supply has decreased significantly, with industrial silicon down 1.1% and polysilicon down 44.7%. Domestic demand has continued to decline, with industrial silicon demand down 16.8% year - on - year and polysilicon demand down 44.6% year - on - year. In terms of imports and exports, industrial silicon exports are down 7.9% year - on - year, and polysilicon exports are less than imports. The industry is in full - scale loss and has broken through the strong support of cash cost. Inventories remain high, with 950,000 tons of industrial silicon and 400,000 tons of polysilicon [4] - **2025 Silicon Energy Industry Concerns**: The impact of industrial policies on the market, the commissioning of new projects in each link, the impact of the China - US tariff war on the industry, the impact of the futures market on the industry, and the supply - demand balance and inventory changes in each link [4] - **Silicon Industry Chain Situation**: Currently, supply in each link is sufficient, but demand growth is lower than expected. High inventories, falling prices, and losses in each link are present. The market supply - demand expectation is deteriorating, and the industry is looking forward to a turnaround [6] - **Impact of Industrial Policies on the PV Market**: Currently, demand has exploded, production capacity is tight, component prices have skyrocketed, and the entire industrial chain has seen price increases. In the short - term, demand will decrease, prices will fall, inventories will rise, leading to industry consolidation and highlighting the advantages of leading enterprises [6] - **Impact of US "Reciprocal Tariff" Policy on PV Industry**: In the short - term, it significantly impacts the PV industry. It suppresses US domestic PV installation demand, hits the Southeast Asian PV supply chain led by China, and North Africa and the Middle East will become new investment areas for PV exports to the US. In the long - term, it forces the industry to transform, and Chinese enterprises need to focus on optimizing overseas production capacity, independent technological innovation, and market diversification [6] - **China's Industrial Silicon Supply - Demand Outlook**: Antaike expects that in 2025, the total output of primary silicon and recycled silicon - supplemented industrial silicon may reach 4.6 million tons. The output of organic silicon will be about 2.5 million tons, and polysilicon output will be about 1.32 million tons. The total demand for industrial silicon will be about 3.85 million tons, including about 900,000 tons for aluminum alloy, about 1.25 million tons for organic silicon, about 1.6 million tons for polysilicon, and about 100,000 tons for other materials. Industrial silicon exports will be about 700,000 tons. The oversupply situation will continue [7]