业内人士表示，我国期货市场品种创新已具备良好基础，在政策引导、需求驱动基础支撑下，建议优先 推出契合经济高质量转型和产业链稳定发展的急缺品种。同时强化监管，实现创新发展与风险控制的平 衡，以进一步提升服务实体经济和国家战略的能力。 ● 本报记者马爽 近年来，我国期货市场呈现蓬勃发展态势，品种门类持续增多，体系不断完善，不仅覆盖国民经济多个 主要领域，还在对外开放、服务国家发展大局等方面取得积极进展。然而，与海外成熟市场相比，我国 期货市场在绿色品种、科技类衍生品、外汇期货等方面仍需进一步完善。 品种创新驶入快车道 据中国证券报记者统计，截至2025年9月12日，我国已上市的期货及期权品种达157个，覆盖农产品、金 属、能源、化工、建材、航运、金融等国民经济主要领域。 与此同时，品种创新力度也在不断提升。9月10日，胶版印刷纸期货及期权挂牌交易，标志着全球首个 文化用纸金融衍生品工具落地。6月10日，我国期货市场首个再生商品品种——铸造铝合金期货及期权 挂牌交易。 此外，还有多个品种已获得中国证监会同意注册或在积极推动上市中。例如，7月25日，中国证监会发 布通知，同意线型低密度聚乙烯、聚氯乙烯、聚丙烯月均价期 ...

Core Insights - The Chinese futures market is experiencing robust growth, with an increasing variety of products and a more comprehensive system, covering major sectors of the national economy [1][2] - There is a need for further development in areas such as green products, technology-related derivatives, and foreign exchange futures compared to mature overseas markets [1][6] - The introduction of innovative futures products is essential for supporting high-quality economic transformation and stabilizing industrial chains [1][3] Product Innovation - As of September 12, 2025, there are 157 listed futures and options products in China, spanning agriculture, metals, energy, chemicals, construction materials, shipping, and finance [1] - Recent innovations include the launch of the world's first cultural paper financial derivatives and the first futures and options for recycled aluminum alloy [1][2] - The China Securities Regulatory Commission has approved several new products, including monthly average price futures for various plastics, indicating a growing diversity in the futures market [2] Strategic Development - The launch of strategic futures products enhances the market's ability to support national development strategies, helping enterprises hedge market risks and stabilize operations [3][4] - The futures market is increasingly integrated into national development goals, contributing to food security and rural revitalization through innovative models like "insurance + futures" [3][4] - The market's openness has expanded, with over 90 futures and options products available for qualified foreign investors [3] Policy and Regulatory Support - The rapid development of the futures market is supported by strong policy backing and collaboration among various stakeholders [4][6] - The State Council's guidelines emphasize the core functions of the futures market in serving the real economy and national strategies, providing a framework for innovation [4][6] - The recognition of the importance of futures tools for risk management among enterprises is growing, laying a solid foundation for further innovation [4] Internationalization and Global Trends - The internationalization of the futures market is progressing, with an increasing number of products covering energy, metals, and agriculture [6] - The cancellation of foreign ownership limits for futures companies has allowed for greater foreign investment [6] - Observing global trends, there is a push for the development of green and technology-related futures products in China, inspired by successful models in overseas markets [7][8] Future Directions - Recommendations for future product development include focusing on green electricity futures, carbon emission rights futures, and derivatives related to new energy and high-value products [8][9] - The need for a more diverse range of risk management tools is emphasized, particularly in light of the evolving macroeconomic landscape [4][6] - The importance of balancing innovation with regulatory oversight is highlighted, ensuring that the futures market can effectively manage risks while fostering growth [9]

今年以来，我国资本市场一批标志性改革取得突破——推动中长期资金入市、公募基金改革、科创 板"1+6"政策措施、上市公司并购重组…… 近日，我国资本市场再次释放持续深化改革的信号。7月24日，中国证监会召开证监会系统党的建设暨 2025年年中工作会议，在部署下一阶段重点任务时，提出深化改革激发多层次市场活力。推动科创板改 革举措落地，推出深化创业板改革的一揽子举措，持续推进债券、期货产品和服务创新。 中国银河（601881）证券研究团队认为，随着资本市场改革持续深化，资本市场"筑基行稳"将具备更坚 实的支撑。新兴产业变革与制度创新正成为驱动市场价值重构的核心力量。 "两创板"改革聚焦支持科技创新 近一段时间，科创板、创业板一系列改革举措落地，资本市场通过深化改革，支持科技创新与新质生产 力发展。 在科创板方面，6月18日，中国证监会发布《关于在科创板设置科创成长层增强制度包容性适应性的意 见》，"1+6"改革方案落地。其中，"1"是在科创板设置科创成长层，"6"是在科创板推出6项改革措施， 包括试点IPO预先审阅机制，第五套上市标准适用范围扩大至人工智能、商业航天、低空经济行业以及 第五套上市标准企业试点引入资 ...

Group 1 - The core viewpoint of the news highlights the significant growth and activity in China's futures market, with a total trading volume of 4.076 billion contracts and a trading value of 339.73 trillion yuan in the first half of the year, representing year-on-year increases of 17.82% and 20.68% respectively, indicating a rising awareness of risk management in the real economy [1] Group 2 - As of June 30, 2023, there are 148 listed futures and options varieties in China, with the top three products by trading value being gold, crude oil, and silver from the Shanghai Futures Exchange, and by trading volume being rebar, fuel oil, and silver [2] - The financial futures and options trading volume at the China Financial Futures Exchange reached 18.379 million contracts, accounting for 2.49% of the national market, with a trading value of 14.94 trillion yuan, representing 28.29% of the national market [2] - Precious metals remain the most active products in the futures market, with their trading value accounting for 17.61% of the national market, driven by increased demand for safe-haven assets due to rising U.S. Treasury risks and global trade tensions [2] Group 3 - The market structure shows a dual-driven characteristic, with institutional investors leading the market and the asset management scale of futures companies increasing by 15% year-on-year, while the proportion of industry clients' positions continues to rise, indicating a significant increase in corporate hedging demand [3] - The total funds settled in the commodity futures market reached 434.083 billion yuan, growing by 15%, reflecting the trend of institutionalization and industrialization in the futures market [3] Group 4 - The internationalization of China's futures market is accelerating, with the recent listing of the Shanghai natural rubber futures contract on the Osaka Exchange marking a significant milestone in Sino-Japanese capital market cooperation [4] - The China Securities Regulatory Commission plans to expand the number of futures and options varieties available for foreign investors to 100, with recent announcements adding 16 new varieties, bringing the total to 91 [4] - The number of foreign clients in the futures market is expected to grow by 17% year-on-year by the end of 2024, with a 28% increase in positions, indicating a growing interest from foreign institutional investors [4] Group 5 - The futures market is increasingly seen as a necessary tool for ensuring stable operations of enterprises and promoting industrial upgrades amid changing external environments [6] Group 6 - The newly listed casting aluminum alloy futures have shown stable operation and increasing market participation, providing a transparent pricing benchmark for the recycling aluminum industry, helping companies manage costs and optimize inventory [7] - Over 60% of the spot trading in soybean oil futures adopts the basis point pricing model, establishing a pricing benchmark for the domestic and international soybean oil industry chain [7] - In 2024, the number of A-share listed companies participating in hedging reached 1,503, with a participation rate of 28.6%, reflecting the growing ability of the futures market to serve the real economy [7]