Report Summary 1. Report Industry Investment Rating There is no information about the industry investment rating in the report. 2. Core Viewpoints - The offset printing paper futures will be listed on the Shanghai Futures Exchange on September 10, 2025. The initial trading contracts are OP2601 - OP2608. The trading margin is 8% of the contract value (7% for hedging), and the daily price limit is ±6%, with the limit on the first trading day being twice that amount [1][12]. - The futures use a (production - type + trading - type) warehouse + depot delivery method, which is more suitable for the spot trading habits and can meet customized needs. The delivery rules may be more favorable to sellers [2][24][33]. 3. Summary by Directory 3.1. Interpretation of Offset Printing Paper Futures Contract Parameters - The futures will be listed on September 10, 2025, with an opening call auction from 08:55 - 09:00 and trading starting at 09:00. The initial contracts are OP2601 - OP2608. The trading margin is 8% (7% for hedging), and the daily price limit is ±6% (12% on the first day) [1][12]. - The trading unit is 40 tons/hand, the quotation unit is RMB/ton, and other contract details are provided. When conducting cross - variety arbitrage, attention should be paid to the contract ratio. The contract value is at a medium - to - high level in the futures market, which helps optimize the trader structure [13][16]. 3.2. Offset Printing Paper Futures Delivery Rules and Interpretation - **Delivery Unit**: The trading unit is 40 tons/hand, and the delivery unit is 40 tons per standard warehouse receipt, with delivery in integer multiples of the standard warehouse receipt. This setting matches downstream procurement habits and mainstream transportation methods [17][18]. - **Delivery Standards**: The paper should have specific quantitative, thickness, whiteness, width, and quality requirements, and meet or exceed relevant national standards. The delivery brand should be an exchange - certified product. The initial registered brands are expected to be mainly from large manufacturers [19][20][23]. - **Delivery Method**: It uses a combination of warehouse and depot delivery. Depot delivery is more in line with spot trading habits and can meet customized needs, while warehouse delivery ensures smooth delivery [24][25][29]. - **Delivery - related Fees**: The delivery fee is 1 RMB/ton, and it is waived until December 31, 2025 (except for high - frequency traders). Warehouse storage rent is 1 RMB/ton·day, and in - and out - of - warehouse fees are 20 RMB/ton. Depot storage rent is 0.9 RMB/ton·day, and the out - of - warehouse fee is 20 RMB/ton [31][32][33]. 3.3. Offset Printing Paper Futures Delivery Rules May Favor Sellers - For sellers, it is not difficult to meet the quality requirements, and they can increase sales channels and lock in profits through selling delivery. Depot delivery is more flexible and reduces capital and resource occupation [33][34]. - For buyers, it is difficult to participate directly in buying delivery due to issues such as the inability of some delivery product standards to meet requirements, the existing procurement model of publishers, and concerns about after - sales service [34]. 3.4. Risk Management of Offset Printing Paper Futures - **Trading Margin**: The minimum margin is 5% of the contract value, and different margins are charged at different stages of the contract's operation [35]. - **Position Limit System**: There is a position limit system, and hedging positions are subject to approval and not restricted by the limit. Different limits apply to different types of members and clients at different times [35][36]. 3.5. Offset Printing Paper Futures Options Contract - The Shanghai Futures Exchange has launched offset printing paper futures options contracts. They use the American exercise method, with a trading unit of 1 hand of the futures contract, a minimum price change of 1 RMB/ton, and a price limit the same as that of the underlying futures contract. The strike price range and intervals are designed to adapt to market fluctuations [38][39][42].

Core Viewpoint - The article outlines the conditions and rules regarding the return of the deposit for industrial silicon futures delivery forecasts, emphasizing the importance of timely execution for deposit refunds [1] Summary by Relevant Sections Deposit Return Conditions - The delivery forecast deposit is refundable under specific conditions, including a validity period of 30 calendar days from the date of application [1] - Full execution of the delivery forecast within the validity period results in a full refund of the deposit, while partial execution leads to a proportional refund based on the actual delivered quantity [1] - If the delivery forecast is not executed within the validity period, the deposit will be forfeited and given to the designated delivery warehouse [1] Deposit Standard and Purpose - The standard for the industrial silicon futures delivery forecast deposit is set at 200 yuan per ton, serving as a guarantee for the fulfillment of the delivery forecast [1] Delivery Rules - Delivery methods include spot delivery, rolling delivery, and one-time delivery, with each contract corresponding to 5 tons of industrial silicon [1] - The delivery products must meet quality standards such as S5530 or S14210 [1] - The margin ratio is adjusted based on the contract month, with a 5% margin for non-delivery months and an increase to 20% during delivery months to mitigate default risks [1]

Report Summary 1. Report Industry Investment Rating No investment rating was provided in the report. 2. Core Viewpoints The report provides a detailed interpretation of the draft contracts for platinum and palladium futures on the Guangzhou Futures Exchange (GFEX), covering contract specifications, trading rules, margin systems, position limits, delivery methods, and quality standards. It highlights the innovative features of the GFEX's contract design, such as the inclusion of sponge and powder forms in delivery and the introduction of the factory warehouse system, which aim to better serve industrial enterprises and enhance the function of futures in serving the real economy [3][11]. 3. Summary by Related Catalogs Contract Specifications - **Trading Variety**: Platinum and palladium [3] - **Trading Unit**: 1,000 grams per lot [3] - **Delivery Unit**: 1,000 grams [3] - **Quotation Unit**: Yuan (Renminbi) per gram [3] - **Minimum Price Fluctuation**: 0.05 yuan per gram [3] - **Daily Price Limit**: 4% for general months and 6% for delivery months (subject to exchange announcements) [3][4][5] - **Contract Delivery Months**: February, April, June, August, October, and December [3] - **Trading Hours**: Monday to Friday, 9:00 - 11:30 AM and 13:30 - 15:00 PM, plus other trading hours specified by the exchange [3] - **Last Trading Day**: The 10th trading day of the contract month [3] - **Last Delivery Day**: The third trading day after the last trading day [3] - **Delivery Grade**: As specified in the "Detailed Rules for Platinum and Palladium Futures and Options Business of the Guangzhou Futures Exchange" [3] - **Delivery Location**: Designated delivery warehouses by the exchange [3] - **Minimum Trading Margin**: 5% of the contract value [3] - **Delivery Method**: Physical delivery [3] - **Trading Codes**: Platinum - PT; Palladium - PD [3] - **Listing Exchange**: Guangzhou Futures Exchange [3] Margin System - **Three - stage Gradient Margin**: 5% from contract listing to the 10th trading day before the month preceding the delivery month, 10% from the 10th trading day to the last trading day of the month preceding the delivery month, and 20% in the delivery month [6][7] Position Limits - **Three - stage Position Limits**: Different limits are set for general months, the period starting from the 15th trading day of the month preceding the delivery month, and the delivery month. For example, for non - futures company members, etc., in general months, if N > 6000 lots, it's 10%×N lots; if N ≤ 6000 lots, it's 600 lots [8][9][10] Delivery - **Delivery Forms**: In addition to ingots, sponge and powder forms of platinum and palladium are included in delivery. Sponge can be delivered through the factory warehouse system [11] - **Delivery Quality Standards**: The purity of platinum and palladium delivery items should be no less than 99.95%. Different impurity element requirements are set for domestic and imported products, as well as for different forms [16][17][18] - **Delivery Methods**: Rolling delivery and one - time delivery are available [21] Options - **Contract Specifications**: Similar to futures contracts in terms of trading unit, quotation unit, etc. The last trading day is the 5th trading day of the month preceding the delivery month of the underlying futures contract [25] - **Strike Price**: Covers a range of 1.5 times the daily price limit of the previous trading day's settlement price of the underlying futures contract, with different strike price intervals for different price ranges [27] - **Exercise Style**: American style [27] - **Position Limits**: Non - futures company members, etc., have a limit of 600 lots for the sum of long call and short put positions, and long put and short call positions in a certain month's option contracts [29]