243个日夜，我们共同绘制了2025年期货市场的运行图谱。 这一年，在与市场的同频共振里，我们怀抱期望，也学会坦然；历经挑战，也收获喜悦。每一次经历， 无论好坏，皆是成长的印记。 期货从业者敬业坚守：奔走田间厂矿感知产业冷暖，输出风控策略护航企业远行。 市场组织者务实果断：贴合产业优化制度规则，监测异动拨乱纠偏，打造高质量运行系统。 也因此，我们见证了市场发展与进步：资金总量突破2万亿元，有效客户数突破270万个，法人客户持仓 占比逾65%；上市公司参与度持续提升，保险机构加速入场，境外客户显著增长，交易者结构持续优 化。 面对不确定性，我们勇于创新突破，加速完善市场服务体系。2025年，期货和期权总数增至164个，成 熟期货品种基本实现期权全覆盖，系列期权、月均价期货增加市场厚度；程序化交易、互联网营销等管 理制度落地实施，市场更趋公平规范；行业加速数字化转型，投研、风险管理业务装上"智慧大脑"，服 务高效、策略精准。 2026年的篇章已悄然翻开，站在新的起点回望2025年，既有惊涛骇浪的考验，也有从容不迫的应对。 这一年，不确定性成为最鲜明的底色。从关税战的一波三折，到地缘局势的此消彼长，从去美元化的资 ...

243个日夜，我们共同绘制了2025年期货市场的运行图谱。 这一年，在与市场的同频共振里，我们怀抱期望，也学会坦然；历经挑战，也收获喜悦。每一次经历， 无论好坏，皆是成长的印记。 期货从业者敬业坚守：奔走田间厂矿感知产业冷暖，输出风控策略护航企业远行。 市场组织者务实果断：贴合产业优化制度规则，监测异动拨乱纠偏，打造高质量运行系统。 2026年的篇章已悄然翻开，站在新的起点回望2025年，既有惊涛骇浪的考验，也有从容不迫的应对。 这一年，不确定性成为最鲜明的底色。从关税战的一波三折，到地缘局势的此消彼长，从去美元化的资 本涌动，到主要央行政策的分歧与博弈，市场在多重变量中起伏，也在起伏中得到锤炼。 这一年，市场涨跌交错，不断见证历史。黄金价格屡创新高，白银后来居上，铜锡市场重回高位；"反 内卷"下强势回升，弱现实前理性回归……每一条行情曲线的延伸，都是供需、预期与情绪的角力。 波动既是挑战，也是机遇；既考验定力，也提升韧性。我们看到： 交易者越来越成熟：将止损、锁仓固化为纪律，用期权缓释风险，借技术赋能决策。 实体企业更积极主动：期货与现货、期货与期权、场内与场外相结合，将"不确定"转化为"可控"。 2026 ...

在期权工具应用方面，参与期权市场的企业普遍认为，期权是期货工具的重要补充，对企业精细化风险 管理具有重要意义。广州亿梵丰贸易总经理曾凡艺分享了PVC期权在库存保值、增强收益等方面的应用 经验，认为期权工具在风险控制上具有独特优势，可以显著提升企业风险管理的灵活性。广东永祥供应 链部门主管陈锡浩建议交易所联合期货公司开展分层分类培训，帮助企业不断提升期权工具应用能力。 据期货日报记者了解，作为华南地区化工品贸易与消费的核心区域，广州及周边地区产业企业对风险管 理工具的需求较为迫切。大商所相关业务负责人表示，下一步，大商所将持续优化品种合约规则，加强 月均价期货市场培育，丰富期权工具供给；继续强化华南市场服务力度，提升产业企业应用衍生工具的 能力，助力企业降本增效，为华南地区化工产业高质量发展注入期货动能。 在座谈交流环节，与会代表围绕生产经营中面临的市场痛点及衍生工具应用实践等话题展开深入交流， 对大商所月均价期货给予肯定。广州辰粤能化部负责人宁敏表示，PVC行业下游部分大型企业在采购中 以月均价作为参考指标来确定关键绩效指标（KPI），月均价期货与这一需求相契合，缓解了贸易商的 定价压力，提升了销售的灵活性。 ...

Core Viewpoint - The launch of monthly average price futures for LLDPE, PVC, and PP on October 28 has been smooth, with active participation from industry players, enhancing risk management tools in the sector [1] Group 1: Market Performance - On the first trading day, the monthly average price futures for LLDPE, PVC, and PP were listed with contracts for the months L2602, V2602, and PP2602, with a benchmark price based on the settlement price of the corresponding physical delivery futures on October 28 [1] - By the close on October 29, a total of 8,254 contracts were traded, amounting to 230 million yuan, with open interest at 2,468 contracts and 89.7% of the positions held by institutional clients, indicating strong industry participation [1] - The closing prices for the near-month contracts L2602F, V2602F, and PP2602F showed slight increases of 0.04%, 0.86%, and 0.10% respectively compared to the benchmark price [1] Group 2: Industry Participation - Leading companies such as Jingbo Petrochemical, Zhongtai International Trade, and Mingri Holdings actively participated in the first day of trading [2][3] - Jingbo Petrochemical, with an annual production capacity of 600,000 tons of polypropylene, utilized the PP2602F contract to lock in sales prices, aligning with their monthly sales and average settlement model to mitigate daily price fluctuations [2] - Zhongtai International Trade engaged in selling hedges for long-term orders through the V2602F contract, enhancing price risk management in the PVC industry [3] - Mingri Holdings completed multiple transactions on the first day, benefiting from the cash settlement mechanism of the monthly average price futures, which provides more options for physical enterprises [3] Group 3: Future Outlook - The Dalian Commodity Exchange plans to continuously optimize rules and improve market operation quality, facilitating industry client participation and enhancing the pricing influence of Chinese chemical products [4]

Group 1 - The core viewpoint of the article emphasizes the introduction of monthly average price futures for chemical products by Dalian Commodity Exchange (DCE) to meet the urgent demand from enterprises for price risk smoothing, thereby enhancing the futures market's service capability to the real economy [1][2] - The current trend in the spot market shows that average price trading has gained traction, with many companies using a pricing model based on "spot benchmark monthly average + premium/discount" to mitigate risks from price fluctuations in production, transportation, and consumption [1][2] - The demand for fair pricing tools has become increasingly urgent due to the continuous expansion of China's chemical production capacity and the growing export scale, particularly in the context of rising PVC and PP export volumes [2][3] Group 2 - The upcoming launch of plastic monthly average price futures is designed to align with industry needs, maintaining consistency with existing physical delivery futures in terms of contract rules [2] - The DCE has developed various arbitrage instructions, including cross-period and cross-product strategies, to support market participants in effectively utilizing this new tool [3] - Domestic upstream companies, especially listed firms, are particularly looking forward to the launch of monthly average price futures, as they prioritize stable profitability and have a strong demand for official fair pricing in the current market [3]

Core Viewpoint - The chemical industry in Shaanxi is at a critical juncture for transformation and upgrading, with a focus on risk management solutions through innovative financial tools in response to intensified competition and commodity price volatility [1][4]. Group 1: Industry Context - Shaanxi is a core region of China's energy and chemical industry, with a coal-based olefin industry chain that generates an annual output value exceeding 100 billion [2]. - The DCE is implementing three major initiatives to support the high-quality development of the chemical industry in Shaanxi, including expanding polyethylene delivery areas and innovating product designs [2]. Group 2: Financial Tools and Innovations - The DCE introduced three chemical monthly average price futures, which feature innovative pricing, lower annual volatility, and diverse strategies for risk management [2]. - Monthly average price futures provide enterprises with a smoother price curve, offering a reference for price trends with characteristics of gradual increases and decreases [2]. Group 3: Risk Management Practices - A framework for internal control of hedging was discussed, emphasizing a three-tier approval mechanism involving senior management, risk control, and the board of directors [3]. - Practical applications of futures derivatives in the industry were shared, highlighting how traders can optimize hedging effects and manage risks through various trading models [3]. Group 4: Training Outcomes - The successful training session marked a significant step for the Shaanxi chemical industry in risk management, with futures derivatives becoming essential tools for addressing market volatility [4]. - Innovative financial tools and models, such as monthly average price futures and basis trading, are transforming traditional business practices in the chemical sector [4].