来源：广期所 广期所公告，铂期货PT2610合约出现连续三个涨停板单边市，根据《广州期货交易所风险管理办法》 第二十条规定，交易所研究决定，12月24日结算时，铂期货PT2610合约的涨跌停板幅度保持为12%、交 易保证金标准保持为14%。 来源：广期所 广期所公告，铂期货PT2610合约出现连续三个涨停板单边市，根据《广州期货交易所风险管理办法》 第二十条规定，交易所研究决定，12月24日结算时，铂期货PT2610合约的涨跌停板幅度保持为12%、交 易保证金标准保持为14%。 新浪合作大平台期货开户 安全快捷有保障 责任编辑：何俊熹 新浪合作大平台期货开户 安全快捷有保障 责任编辑：何俊熹 ...

12月23日晚间，广州期货交易所发布一系列公告，对多个活跃期货品种的风险控制措施进行同步调整。 此次调整涉及铂、钯、碳酸锂及多晶硅等品种，通过上调交易手续费、保证金标准、涨跌停板幅度以及 收紧交易限额等方式，进一步强化市场风险管理。 根据广期所发布的公告，自2025年12月25日交易时起，铂期货PT2606合约、钯期货PD2606合约的交易 手续费标准将调整为成交金额的万分之二点五，日内平今仓交易手续费标准同样为万分之二点五。碳酸 锂期货LC2605合约的交易手续费标准则调整为成交金额的万分之三点二。同时，自12月25日结算时 起，铂、钯期货合约的涨跌停板幅度将调整为10%，交易保证金标准调整为12%。公告明确，如遇调整 后的标准与现行标准不同，将按两者中幅度大、标准高的执行。 广期所相关负责人表示，交易所已针对各品种不同的市场情况，建立了包括保证金、涨跌停板、持仓限 额、交易限额、大户报告等在内的完备风险控制制度。后续，交易所将密切跟踪多晶硅期、现货市场情 况，加强预研预判，采取针对性风控措施，以保障期货市场功能有效发挥。 声明：市场有风险，投资需谨慎。本文为AI基于第三方数据生成，仅供参考，不构成个人投资 ...

根据公告，经研究决定，对铂、钯、碳酸锂期货相关合约的交易手续费标准、涨跌停板幅度和交易保证 金标准作如下调整： 自2025年12月25日交易时起，铂期货PT2606合约、钯期货PD2606合约的交易手续费标准调整为成交金 额的万分之二点五，日内平今仓交易手续费标准调整为成交金额的万分之二点五；碳酸锂期货LC2605 合约的交易手续费标准调整为成交金额的万分之三点二，日内平今仓交易手续费标准调整为成交金额的 万分之三点二。 自2025年12月25日结算时起，铂、钯期货合约涨跌停板幅度调整为10%，交易保证金标准调整为12%。 如遇上述涨跌停板幅度、交易保证金标准与现行执行的涨跌停板幅度、交易保证金标准不同时，则按两 者中幅度大、标准高的执行。 广期所再出手，铂、钯、碳酸锂期货同步收紧风控。 12月23日晚间，广期所发布多项风控措施公告，涉及铂、钯、碳酸锂及多晶硅等多个活跃品种，通过上 调手续费、保证金、涨跌停板幅度及收紧交易限额等方式，进一步强化市场风险管理。 市场人士普遍认为，在部分品种价格波动显著放大的背景下，广期所密集出手，释放出"强监管、防风 险"的明确信号。 铂、钯、碳酸锂风控同步加码 12月12日， ...

Core Viewpoint - The Guangxi Futures Exchange has implemented multiple risk control measures for platinum, palladium, lithium carbonate, and polysilicon futures to strengthen market risk management amid significant price volatility [2][3]. Group 1: Risk Control Measures - Effective December 25, 2025, trading fees for platinum futures (PT2606) and palladium futures (PD2606) will be adjusted to 0.025% of the transaction amount, while lithium carbonate futures (LC2605) will have a trading fee of 0.032% [3]. - The daily price fluctuation limit for platinum and palladium futures will be set at 10%, with a trading margin requirement of 12% [3]. - For polysilicon futures, the daily opening position limit for non-futures company members or clients will be restricted to 200 lots starting December 25, 2025 [5]. Group 2: Market Reactions and Trends - As of December 23, 2023, platinum futures closed at a limit-up of 10%, reaching 619.95 yuan per gram, while palladium futures rose by 5.52% to 532.55 yuan per gram, and lithium carbonate surged by 5.67% to 120,360 yuan per ton [4]. - The trading sentiment in the polysilicon market has cooled, with the main contract closing down 0.91% at 59,225 yuan per ton, and trading volume and open interest declining for three consecutive days [7]. - The polysilicon spot price has rebounded from a low of approximately 35 yuan per kilogram earlier in the year to over 50 yuan per kilogram, reflecting the market's response to policy expectations and trading mechanisms [8].

Group 1 - The overall operating performance of the futures industry remains robust, with cumulative operating income of 341.79 billion yuan and net profit of 97.13 billion yuan for the first ten months of the year, both showing growth compared to the same period last year [1][2] - In October, the operating income and net profit of futures companies decreased by 7.05 billion yuan and 3.15 billion yuan year-on-year, primarily due to a decline in trading volume and a high base effect from the previous year [1][2] - The trading activity in the financial futures market saw a year-on-year increase of 108.94% in October 2024, while the trading volume returned to normal levels in October 2023, influenced by narrow fluctuations in commodity prices and the impact of the National Day and Mid-Autumn Festival holidays [1][2] Group 2 - The number of listed companies participating in futures hedging has continued to increase, indicating a growing willingness among industry and institutional clients to use the futures market for risk management [2] - Looking ahead to December, futures companies may face a mix of opportunities and challenges, with year-end hedging demand expected to rise, potentially boosting market trading volume [2] - The industry faces challenges such as tightening market liquidity at year-end and increased demands for professional research and international service capabilities due to global economic uncertainties [2] Group 3 - The long-term healthy development of the industry relies on serving the real economy, with a focus on meeting the hedging needs of real enterprises and enhancing professional service capabilities [3] - Effectively serving the real economy and managing risks will be decisive factors for futures companies in competing within the market [3]

Core Viewpoint - The article emphasizes the importance of risk management for companies in the face of volatile commodity prices and global economic uncertainties, highlighting how Ping An Futures supports industrial clients through professional derivative services [1]. Group 1: Policy Guidance - The issuance of the "Opinions" by the State Council marks a significant milestone in China's futures market, emphasizing the role of the futures market in macroeconomic management and risk management for the real economy [2]. - The document encourages futures companies to focus on their core business and provide precise and efficient risk management tools for real enterprises [2]. Group 2: Company Actions - Ping An Futures has organized multiple seminars to translate the policy's spirit into actionable guidelines, focusing on reducing hedging costs and providing comprehensive derivative services [3]. - The company has established a "three-pronged" service standard: customized solutions, close service, and refined risk control, ensuring effective implementation of national policies in frontline operations [3]. Group 3: Customized Solutions - A case study illustrates how a Guangdong aluminum processing company faced significant anxiety over fluctuating aluminum prices, prompting Ping An Futures to develop a tailored hedging plan to secure costs [4]. - The hedging strategy involved establishing long positions in the Shanghai aluminum futures market to protect against rising costs, demonstrating the effectiveness of customized risk management solutions [4]. Group 4: Practical Outcomes - In July, the aluminum price surged, but due to prior hedging actions, the company avoided an additional 5 million yuan in procurement costs and achieved a profit of 1 million yuan [5][6]. - This case exemplifies how effective use of futures tools can transform market risks into stable profits, reinforcing the idea that futures are not merely speculative but essential for maintaining profit margins [6]. Group 5: Service Upgrades - In response to the growing volatility in commodity prices, Ping An Futures has upgraded its service model to provide comprehensive solutions, including rights-based trading and futures-spot linkage [7]. - The company has served over a thousand industrial clients, enhancing their risk management capabilities through training and sharing insights on macroeconomics and hedging strategies [7].

Group 1 - The core viewpoint of the articles emphasizes the importance of integrating futures and options markets to enhance risk management capabilities for enterprises in the glass and soda ash industries [1][2] - The training event held in Wuhan aimed to improve the understanding and application of futures and options tools among industry enterprises, traders, and risk management companies [1][3] - Hubei province, being a major production area for glass and soda ash, accounts for approximately 10% of the national total production capacity, hosting leading companies in the industry [1][2] Group 2 - From January to August this year, the national futures market recorded a cumulative trading volume of 6 billion contracts and a trading value of 476 trillion yuan, reflecting a year-on-year growth of 22% and 23% respectively [2] - The futures market has played a significant role in supporting the real economy, with 27% of the positions held by industrial clients, and a high hedging rate of over 90% for 77% of futures varieties [2] - The training covered essential knowledge about futures and options, including basis trading, options systems, and practical applications in procurement, sales, and inventory management [3]

9月10日，胶版印刷纸期货及期权，燃料油、石油沥青和纸浆期权在上海期货交易所（下称"上期所"）正式挂牌交易。其中，胶版印刷纸期货，燃料 油、石油沥青和纸浆期权于上午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 交易范围。 中国造纸协会理事长赵伟表示，胶版印刷纸作为造纸工业的重要分支，广泛应用于文化传播、书写和印刷领域。我国是全球最大的文化用纸生产国和消 费国，市场规模超千亿元，胶版印刷纸的产量和消费量亦位居世界首位。纸浆期货自2018年上市以来，已逐步成为行业定价和风险管理的重要工具。此次新 增胶版印刷纸期货及期权、纸浆期权，将进一步健全和完善造纸产业链避险体系，为企业提供更灵活的风险对冲手段，具有重要的现实意义。 中国纸业投资有限公司总经理严肃表示，在产业全力推进绿色低碳技术改造和应用的进程中，有效管理原材料成本与产品价格波动风险，提升资源配置 效率和经营稳定性是一个非常重要的课题。胶版印刷纸期货及期权为企业提供了管理价格风险的工具，增强企业经营韧性。同时，期货市场提供的价格信 号，将助力企业不断优化和完善经营策略，引导企业将更多资源投向提升 ...

Core Viewpoint - The introduction of new futures and options for various commodities, including newsprint paper, fuel oil, asphalt, and pulp, marks a significant expansion in China's futures market, enhancing risk management tools for industries involved [1][2][3][4]. Group 1: New Listings and Market Impact - Five new futures and options products have been launched, bringing the total number of commodity futures options in China to 136 [2]. - The new listings aim to fill the gap in financial derivatives for cultural paper, providing tools for companies in the paper industry to manage price volatility effectively [3]. - China is the largest producer and consumer of newsprint paper globally, with a projected production of 9.48 million tons and apparent consumption of 8.71 million tons in 2024 [3]. Group 2: Risk Management Tools - The introduction of options for fuel oil, asphalt, and pulp enhances the risk management capabilities for companies in these sectors, allowing for more flexible strategies compared to futures alone [4]. - The integration of newsprint paper futures with existing pulp futures creates a comprehensive risk management chain for the paper industry, addressing cost fluctuations in raw materials and finished products [3][4]. Group 3: International Market Influence - The expansion of qualified foreign investor participation in commodity futures and options trading reflects the growing influence of "Chinese prices" in international trade [5][6]. - The Shanghai crude oil futures price has become a reference for oil trade in the Asia-Pacific region, indicating the increasing impact of China's futures market on global pricing [6]. - The ongoing efforts to enhance the product system and promote high-level openness in the futures market are aimed at stabilizing international market prices [6].

Core Insights - The launch of five new futures and options products, including gravure printing paper futures and options, fuel oil, asphalt, and pulp options, marks a significant expansion in the domestic commodity futures options market, bringing the total to 136 products [1][3] - The introduction of gravure printing paper futures and options aims to fill the gap in financial derivatives for cultural paper in China, providing tools for enterprises in the industry to manage price volatility effectively [3] Industry Overview - China is the largest producer and consumer of gravure printing paper globally, with a projected production of 9.48 million tons and apparent consumption of 8.71 million tons in 2024 [3] - The paper industry faces significant revenue growth pressures due to domestic and international market conditions, leading to a strong demand for risk management tools [3] Risk Management Tools - The new futures and options products will create an integrated risk management chain with existing pulp futures, helping companies manage raw material cost fluctuations and uncertainties in finished product prices [3] - Options are considered more flexible than futures for risk management, allowing companies to navigate complex risk scenarios more effectively [3] Market Development - The pace of launching futures and options products in China has accelerated, with new products covering both mature international market offerings and unique domestic products like iron ore and industrial silicon [3] - The Shanghai Futures Exchange (SHFE) has expanded the participation of qualified foreign institutional investors in commodity futures and options trading, with over 70% of listed products now open to foreign investors [3] Global Integration - The influence of "Chinese prices" in international trade pricing is increasing, with Shanghai crude oil futures becoming a pricing reference in the Asia-Pacific region and 40% of natural rubber imports linked to China's No. 20 rubber futures [3] - The launch of fuel oil, asphalt, and pulp options, along with their simultaneous opening to qualified foreign investors, reflects SHFE's commitment to enhancing its product system and promoting high-level openness in the futures market [3]