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]

Core Viewpoint - The launch of futures and options for various commodities, including offset printing paper, fuel oil, asphalt, and pulp, on the Shanghai Futures Exchange marks a significant development in providing risk management tools for the related industries and enhancing market participation from both domestic and foreign investors [1][2][5]. Group 1: Market Performance - On September 10, the first trading day for the newly listed offset printing paper futures saw a total of 21,900 contracts traded, amounting to 3.703 billion yuan, with an open interest of 2,900 contracts [3]. - The benchmark price for the offset printing paper futures was set at 4,218 yuan/ton, with the main contract closing at 4,208 yuan/ton, reflecting a slight decrease of 10 yuan/ton or 0.24% from the benchmark [3]. - Other newly listed options, including fuel oil, asphalt, and pulp, also demonstrated strong trading performance on their first day, with notable volumes and open interest across various contracts [3]. Group 2: Participation from Industry and Foreign Investors - The new products attracted participation from a diverse range of industry clients and foreign institutions, including major paper producers and trading companies [4]. - Notable participants included Shandong Huatai Paper Co., Ltd. and Xiamen Jianfa Pulp and Paper Group, along with several foreign market makers, indicating a robust interest in the new derivatives [4]. Group 3: Empowering the Real Economy - The introduction of these new futures and options is seen as a timely move to provide essential financial tools for the paper industry, which is a critical component of China's light industry [5]. - The expected production of paper and paperboard in 2024 is projected to reach 136 million tons, maintaining China's position as the world's largest producer and consumer of paper [5]. - The launch is anticipated to enhance the risk management capabilities of companies in the cultural paper sector, promote green transformation, and improve the international competitiveness of China's paper industry [5][6].

9月10日，5个期货期权品种正式挂牌交易。其中，胶版印刷纸期货和燃料油、石油沥青、纸浆期权于上 午9时挂牌，胶版印刷纸期权于当日21时挂牌。 同日起，石油沥青期货以及燃料油、石油沥青和纸浆期权纳入合格境外投资者（QFI）交易范围。 上期所理事长田向阳说，作为全球首个文化用纸金融衍生品，胶版印刷纸期货及期权的推出，是提升浆 纸产业链风险管理水平的又一关键举措。同时，燃料油、石油沥青和纸浆期权上市，并与石油沥青期货 同步向合格境外投资者开放，是上期所持续完善产品体系、加快推进成熟期货品种期权全覆盖、助力推 进期货市场高水平对外开放的具体行动。 第一财经获悉，上述品种上市首日，多数生产企业、贸易企业、消费企业、期货公司风险子公司等，参 与了胶版印刷纸期货以及燃料油、石油沥青、纸浆期权的交易。多位企业人士称，将用好期货期权工 具，及时对冲价格波动带来的风险，以让企业走得更稳健。 截至9月10日收盘，胶版印刷纸期货首批上市交易8个合约，主力OP2601合约收盘价4208元/吨，较挂牌 基准价下跌10元/吨，跌幅0.24%；次主力合约OP2603收报4218元/吨，较主力合约升水10元/吨。当日， 胶版印刷纸期货合约全天 ...