新华社上海9月10日电（记者刘羽佳、陈云富）9月10日，胶版印刷纸期货及期权，燃料油、石油沥 青和纸浆期权等5个期货期权品种在上海期货交易所上市交易。 近年来，我国期货期权品种上市步伐加快。随着此次5个期货期权品种挂牌交易，国内商品期货期 权品种数量将达到136个。 据悉，9月10日，上期所继续扩大合格境外投资者参与商品期货、期权交易的范围，新增开放石油 沥青期货以及燃料油、石油沥青和纸浆期权合约。目前共有32个在上期所上市的期货期权品种允许合格 境外投资者参与交易，占上期所全部上市品种的70%以上。 【纠错】 【责任编辑:焦鹏】 业内人士称，推出胶版印刷纸期货及期权，将填补国内文化用纸金融衍生品的空白，为我国文化用 纸产业链企业提供精准管理价格波动风险的工具。燃料油、石油沥青和纸浆期权的上市，也将进一步丰 富相关行业企业的风险管理工具。 其中，胶版印刷纸期货，燃料油、石油沥青和纸浆期权当日9时挂牌上市，胶版印刷纸期权将于当 日21时挂牌上市。 ...

Core Viewpoint - The Shanghai Futures Exchange will launch futures and options for coated printing paper and related products on September 10, 2025, aiming to provide tools for price risk management in the cultural paper industry [1][2]. Industry Overview - Coated printing paper is a significant type of cultural and printing paper, primarily made from bleached wood pulp, widely used in books and notebooks, characterized by a large market size, high standardization, and significant price volatility [1]. - China is the largest producer and consumer of coated printing paper globally, with a production volume of 9.48 million tons and apparent consumption of 8.71 million tons in 2024 [1]. Market Demand and Impact - The introduction of coated printing paper futures and options aligns with the core needs of industry chain enterprises to hedge against price fluctuations and secure operating profits [2]. - The new financial derivatives will fill a gap in the cultural paper market, creating a "pulp-paper" integrated risk management chain, helping companies manage raw material cost fluctuations and product price uncertainties [2]. Pricing Mechanism - The transparent price discovery function of the new products is expected to serve as an "anchor" for the industry, enhancing the efficiency of spot pricing and guiding companies in optimizing production plans [2]. - The market size for coated printing paper in China is nearly 50 billion yuan [2]. Trading Specifications - The trading unit for coated printing paper futures has been adjusted from 20 tons to 40 tons per contract to better match the purchasing habits of downstream printing plants and mainstream transportation methods in spot trading [3]. - The delivery unit will also be standardized to 40 tons per warehouse receipt, aligning with the new trading unit [3].

Core Viewpoint - The listing of propylene futures and options on the Zhengzhou Commodity Exchange enhances the variety of the domestic futures market and provides significant changes for the propylene industry chain [1][2]. Industry Overview - Propylene is a crucial basic chemical product and the largest olefin variety in China, with a projected apparent consumption of 55.36 million tons and a market size of approximately 384.5 billion yuan in 2024 [1]. - The propylene industry is characterized by active trade, convenient storage, and broad demand, making the futures and options market essential for various stakeholders [2]. Market Dynamics - The listing of propylene futures and options will improve market liquidity, allowing upstream producers to lock in production profits through selling hedges, while downstream companies can secure low raw material prices through buying hedges [2]. - The industry faces challenges such as upstream capacity expansion and insufficient downstream demand, leading to a strong need for risk management tools [2]. Risk Management Tools - The introduction of propylene futures and options will provide robust inventory valuation tools and processing range hedging tools for companies along the propylene industry chain, promoting healthy development [4]. - Compared to futures, options offer a more refined risk management tool, catering to the diverse and personalized risk management needs of enterprises [4]. International Trade Implications - Domestic propylene companies are actively expanding into international markets, but often rely on less representative and transparent foreign pricing sources [4]. - The new futures and options are expected to enhance the international influence of Chinese propylene prices, improving trade efficiency for domestic enterprises [4].