Group 1 - The forum focused on how the futures market can assist the oilseed and oil industry in responding to trade changes, emphasizing the importance of oilseed safety as a critical component of food security in China [1][2] - The China Zhengzhou Commodity Exchange (CZCE) aims to provide a high-quality risk management system for the industry, adapting to the current global economic adjustments and increasing trade uncertainties [1][2] - The oilseed and oil market in China plays a significant role globally, being the second-largest importer and the largest consumer of rapeseed oil and meal, as well as the largest importer and consumer of peanuts [2] Group 2 - COFCO Oils has been actively using futures and derivative tools to mitigate price volatility risks, ensuring stable operations within the industry [3] - The oilseed and oil sector has developed a relatively complete derivative system, which serves as a valuable risk management tool for the industry [3] - Discussions at the forum included topics such as changes in global oilseed trade patterns, challenges and opportunities for import and processing enterprises, and the use of futures derivatives to support stable operations and national oil supply security [3]

Core Viewpoint - The 2025 China (Zhengzhou) International Futures Forum, co-hosted by Zhengzhou Commodity Exchange and Chicago Mercantile Exchange, aims to enhance the internationalization of China's futures market, focusing on high-level openness and attracting global financial institutions and enterprises [1][5]. Group 1: Market Opening and Internationalization - Since the implementation of the Futures and Derivatives Law, the legal foundation for the opening of China's futures market has become increasingly solid, with clear cross-border regulatory cooperation mechanisms [1]. - The internationalization of China's futures market is a composite product of the country's opening-up strategy, the real needs of the实体经济, and financial market institutional innovation [1][4]. - The current internationalization paths are complementary, with specific products enhancing pricing influence and QFII/RQFII improving market liquidity [1][2]. Group 2: Benefits of International Participation - The gradual and controlled opening model allows for the introduction of mature futures products, ensuring stable market operation while balancing the "bringing in" and "going out" strategies [2][4]. - The introduction of foreign traders enhances market liquidity and improves pricing capabilities, providing favorable conditions for enterprises' hedging and spot business [4]. - The participation of foreign investors in RMB-denominated internationalized products indirectly promotes the use of RMB in global commodity trade, extending the internationalization of the currency [2][5]. Group 3: Impact on Enterprises - The internationalization of the futures market significantly improves operational efficiency for enterprises, with simplified approval processes for foreign traders and enhanced cross-border trading efficiency [4]. - The demand for international risk management tools from China's实体经济 creates substantial opportunities for collaboration between foreign institutions and Chinese enterprises [5]. - The forum will showcase various case studies on the integration of production and finance, highlighting the practical applications of futures in cross-border trade [3][5]. Group 4: Future Prospects and Innovations - The forum is expected to facilitate discussions on optimizing the high-level opening paths of the domestic futures market and enhancing the global pricing influence of "Zhengzhou prices" [5][6]. - There is a focus on strengthening cooperation with foreign exchanges and clearinghouses, as well as leveraging technological innovations to upgrade cross-border trading systems [6]. - The expansion of QFII and RQFII tradable futures and options products indicates a favorable environment for further opening of China's futures market [6].

交易咨询资格号： 证监许可[2012]112 晨会纪要 2025 年 5 月 9 日 联系人：王竣冬 期货从业资格：F3024685 交易咨询从业证书号：Z0013759 研究咨询电话： 0531-81678626 客服电话： 400-618-6767 公司网址： www.ztqh.com [Table_QuotePic] 中泰微投研小程序 | 2025/5/9 | | 基于基本面研判 | | | | --- | --- | --- | --- | --- | | 趋势空头 | 農荡偏空 | 農药 | 農荡偏多 | 趋势多头 | | | 氧化铝 | 二债 | 铝 | | | | 棉花 | 五债 | 上证50股指期货 | | | | 棉纱 | 尿素 | 中证500股指期货 | | | | 铁矿石 | 原油 | 沪深300股指期货 | | | | 工业硅 | 三十债 | 烧碱 | | | | 豆粕 | 十债 | 中证1000指数期货 | | | | 棕櫚油 | 液化石油气 | 燃油 | | | | 鸡蛋 | 纯碱 | | | | | 焦煤 | 短纤 | | | | | 焦炭 | 白糖 | | | | | 塑料 | ...