近来，证监会同意大连商品买卖所（以下简称"大商所"）线型低密度聚乙烯、聚氯乙烯、聚丙烯月均价 期货注册，大商所同步发布三个化工品月均价期货合约及相关规矩。 光控资本表明，月均价具有"少涨少跌""慢涨慢跌"的特点。在相应什物交割期货的基础上，三个化工品 月均价期货将为商场提供更多元、更精密的价格信息与危险管理工具，对完善我国期货商场产品结构、 继续丰富衍生品供应、激起商场生机与创新潜力、助力提高产业链供应链耐性具有重要意义。华联期货 也表明，上述三个化工品作为塑料化工范畴的中心种类，其商场动摇与宏观经济、产业链供需及政策导 向密切相关。月均价期货的上市将为现货厂商的均价交易提供更直接、更精准的危险管理工具，然后进 一步完善套期保值策略的精确度，提高企业的危险控制能力与经营稳定性。 据悉，这将是大商所上市的第一批现金交割期货，也将是境内商品期货商场的第一批月均价期货。据大 商所发布的规矩，三个化工品月均价期货是以线型低密度聚乙烯期货、聚氯乙烯期货和聚丙烯期货结算 价的月算术平均值为交割结算依据，通过现金交割了结到期未平仓合约的期货种类，买卖单位、买卖时 刻、手续费、保证金、涨跌停板等方面与对应的三个化工品什物交割 ...

Group 1 - The China Securities Regulatory Commission has approved the registration of monthly average price futures for linear low-density polyethylene, polyvinyl chloride, and polypropylene at the Dalian Commodity Exchange, marking the first cash-settled futures in the domestic commodity futures market [1][3] - Monthly average price futures are based on the arithmetic average price of the underlying asset over a month, providing a new risk management tool for industries that require stable long-term procurement prices [3][4] - The design of the contract rules for these futures meets the industry's need for risk management while considering market risk prevention, enhancing price fairness and stability [3][4] Group 2 - The introduction of these futures is significant for improving the product structure of China's futures market, enriching derivative supply, and enhancing the resilience of supply chains [4] - The three chemical products are crucial in the plastic chemical industry, with China being a major producer and consumer, facing frequent price fluctuations due to various market factors [4] - Companies have expressed a need for more stable pricing mechanisms, as current point pricing methods are less effective in managing risks associated with price volatility [4][5] Group 3 - The launch of monthly average price futures will provide a more direct and precise risk management tool for companies engaged in average price trading, improving overall risk control strategies and operational stability [5]

近日，中国证监会同意大连商品交易所线型低密度聚乙烯、聚氯乙烯、聚丙烯月均价期货注册。大商所同日发布三个化工品月均价期货合约 及相关规则。 据了解，此次证监会同意注册的三个化工品月均价期货，将是大商所上市的首批现金交割期货，也将是境内商品期货市场的首批月均价期 货。 多位市场人士指出，大商所三个化工品月均价期货的合约规则设计既满足了产业对于月均价贸易的风险管理需要，又在防范市场风险方面做 了针对性考虑。 比如，三个化工品月均价期货合约在保持手续费、保证金、涨跌停板等风控要求与实物交割期货合约一致的基础上，持仓限额为对应实物交 割期货合约当前持仓限额的五分之一，且当日结算价、交割结算价均由对应实物交割期货合约的结算价计算而得。上述设计增强了三个化工品月 均价期货价格的抗操纵性以及公允性、合理性，能够有效保障其上市后平稳运行。 谈及推出这类期货衍生品的意义，业内人士称，在相应实物交割期货的基础上，三个化工品月均价期货将为市场提供更多元更精细的价格信 息与风险管理工具，对于完善我国期货市场产品结构，持续丰富衍生品供给，激发市场活力与创新潜力，助力提升产业链供应链韧性具有重要意 义。 据了解，线型低密度聚乙烯、聚氯乙烯 ...

即将上市的这三个化工品月均价期货，即以线型低密度聚乙烯期货、聚氯乙烯期货和聚丙烯期货结算价 的月算术平均值为交割结算依据，通过现金交割了结到期未平仓合约的期货品种。交易单位、交易时 间、手续费、保证金、涨跌停板等方面与对应的三个化工品实物交割期货合约保持一致。 多位市场人士指出，大商所三个化工品月均价期货的合约规则设计既满足了产业对于月均价贸易的风险 管理需要，又在防范市场风险方面做了针对性考虑。 比如，三个化工品月均价期货合约在保持手续费、保证金、涨跌停板等风控要求与实物交割期货合约一 致的基础上，持仓限额为对应实物交割期货合约当前持仓限额的五分之一，且当日结算价、交割结算价 均由对应实物交割期货合约的结算价计算而得。上述设计增强了三个化工品月均价期货价格的抗操纵性 以及公允性、合理性，能够有效保障其上市后平稳运行。 谈及推出这类期货衍生品的意义，业内人士称，在相应实物交割期货的基础上，三个化工品月均价期货 将为市场提供更多元更精细的价格信息与风险管理工具，对于完善我国期货市场产品结构，持续丰富衍 生品供给，激发市场活力与创新潜力，助力提升产业链供应链韧性具有重要意义。 近日，中国证监会同意大连商品交易所线 ...

Group 1: Policy and Market News - The State Council executive meeting deployed measures to gradually implement free preschool education, requiring local governments to refine work plans and allocate subsidy funds [2] - In the first half of the year, the national fiscal revenue was 11.56 trillion yuan, and tax revenue increased year - on - year for three consecutive months. Fiscal expenditure was 14.13 trillion yuan, a 3.4% year - on - year increase. The third batch of 6.9 billion yuan in trade - in subsidy funds has been issued, and the remaining 6.9 billion yuan will be issued in October [2] - The CSRC approved the registration of linear low - density polyethylene, polyvinyl chloride, and polypropylene monthly average price futures on the DCE, which will be the first cash - settled futures on the DCE and the first monthly average price futures in the domestic commodity futures market [2] - The DCE restricted the daily opening positions of non - futures company members or clients in certain coking coal futures contracts from July 29, and the GIE restricted the daily opening positions in the lithium carbonate futures LC2509 contract from July 28 [2] - The GIE is promoting the R & D of photovoltaic module futures with a brand delivery system and is also working on the R & D and listing of platinum, palladium, and lithium hydroxide futures, which are expected to be listed this year [2] Group 2: Commodity Market Performance - Key commodities to focus on include urea, coking coal, PVC, asphalt, and soybean meal [2] - In the night session, different commodity futures had various price changes and position - increasing ratios [2] - In terms of sector performance, precious metals had a 28.07% increase, followed by non - ferrous metals (19.63%), coal - coking - steel - ore (15.62%), etc. [5] Group 3: Asset Performance - For major stock indices, the Shanghai Composite Index had a daily decline of 0.33%, a monthly increase of 4.33%, and an annual increase of 7.22%. Other indices like the S&P 500, Hang Seng Index, etc., also had different performance [7][8] - In the fixed - income category, 10 - year, 5 - year, and 2 - year treasury bond futures had different price changes [8] - In the commodity category, the CRB commodity index, WTI crude oil, London spot gold, etc., had their respective daily, monthly, and annual price changes [8] - Other assets such as the US dollar index and CBOE volatility also showed different trends [8]

1. Report's Industry Investment Rating No information provided. 2. Core Viewpoints of the Report - In commodity trading, price volatility is the core risk affecting market stability and corporate operations. The Dalian Commodity Exchange recently solicited opinions on monthly average price futures contracts for three major chemical products, aiming to enhance the efficiency of the futures market in serving the real economy and meet the risk management needs of enterprises [2][8]. - Monthly average price futures contracts are innovative financial derivatives that help smooth price fluctuations caused by short - term changes in market supply and demand, and have unique significance in risk management, market pricing, and industrial chain stability [3][18][22]. 3. Summary by Relevant Catalogues 3.1 Monthly Average Price Futures Contract Preface - Price fluctuations in commodity trading significantly amplify corporate operating risks. The Dalian Commodity Exchange's solicitation of opinions on monthly average price futures contracts for LLDPE, PP, and PVC aims to serve the real economy and meet enterprises' risk management needs [2][8]. 3.2 Design Key Points of Polyolefin Monthly Average Price Futures Contract Rules - Monthly average price futures are contracts settled based on the average price of the underlying asset within a month. The contract codes for polyethylene and polypropylene monthly average price futures are "L contract month F" and "PP contract month F" respectively [3][9]. - The trading unit, trading time, handling fees, margin, price limit, etc. of polyolefin monthly average price futures contracts are consistent with physical delivery futures contracts. The main differences are the cash delivery method, the number of contracts, and the last trading day [3][12][13]. - The trading limit for polyolefin monthly average price futures and physical delivery futures is set separately, with the total trading limit not exceeding that of existing varieties [13]. 3.3 Calculation of Polyolefin Monthly Average Price Futures Contract Settlement Price - Before the month before the contract month, the settlement price of the physical delivery futures contract is exactly the same as that of the monthly average price futures contract. In the month before the contract month, there are differences in the trends [16][17][18]. - During price increases, the settlement price center of monthly average price futures is lower than that of physical delivery futures, while during price decreases, it is higher, which helps smooth price fluctuations [17][18]. 3.4 Significance of Polyolefin Monthly Average Price Futures Contracts - Monthly average price futures contracts can smooth monthly price fluctuations, provide relatively stable price information, and avoid budget deviations caused by single - day price fluctuations [22][25]. - They can improve the price discovery function by integrating daily price signals and reflecting the medium - term supply - demand balance more truly [25]. - They can enhance market liquidity by attracting more financial institutions to participate in trading [25].