Core Viewpoint - The China Securities Regulatory Commission has approved the registration of monthly average price futures for linear low-density polyethylene, polyvinyl chloride, and polypropylene by the Dalian Commodity Exchange, marking the first cash-settled futures in China's commodity futures market [1] Group 1: Market Impact - The introduction of these monthly average price futures will provide more diversified and refined pricing information and risk management tools, enhancing the resilience of supply chains and industrial chains in China [1] - The futures will be based on the arithmetic average of the settlement prices of corresponding physical delivery futures, which will help stabilize long-term procurement prices for the industry [2] Group 2: Industry Context - Polyethylene, polyvinyl chloride, and polypropylene are the three major universal resin products globally, with China being a leading producer and consumer, with projected domestic production in 2024 of 27.91 million tons, 23.44 million tons, and 34.76 million tons respectively [2] - The industry is experiencing increased demand for stable long-term pricing mechanisms due to frequent price fluctuations influenced by domestic and international market conditions [2] Group 3: Risk Management - The contract design of the monthly average price futures addresses the industry's need for risk management while considering market risk prevention, with a holding limit set at one-fifth of the corresponding physical delivery futures [2] - The introduction of these futures is expected to enhance the pricing fairness and rationality, ensuring smooth operation post-launch [2] Group 4: Business Strategy - Companies are increasingly looking to use monthly average prices as a reference for trade pricing, but previously lacked adequate risk management tools, making the new futures a significant addition to their trading strategies [3] - The listing of these futures will provide a more direct and precise risk management tool for average price trading, improving overall risk management strategies and operational stability for companies [3]

近来，证监会同意大连商品买卖所（以下简称"大商所"）线型低密度聚乙烯、聚氯乙烯、聚丙烯月均价 期货注册，大商所同步发布三个化工品月均价期货合约及相关规矩。 光控资本表明，月均价具有"少涨少跌""慢涨慢跌"的特点。在相应什物交割期货的基础上，三个化工品 月均价期货将为商场提供更多元、更精密的价格信息与危险管理工具，对完善我国期货商场产品结构、 继续丰富衍生品供应、激起商场生机与创新潜力、助力提高产业链供应链耐性具有重要意义。华联期货 也表明，上述三个化工品作为塑料化工范畴的中心种类，其商场动摇与宏观经济、产业链供需及政策导 向密切相关。月均价期货的上市将为现货厂商的均价交易提供更直接、更精准的危险管理工具，然后进 一步完善套期保值策略的精确度，提高企业的危险控制能力与经营稳定性。 据悉，这将是大商所上市的第一批现金交割期货，也将是境内商品期货商场的第一批月均价期货。据大 商所发布的规矩，三个化工品月均价期货是以线型低密度聚乙烯期货、聚氯乙烯期货和聚丙烯期货结算 价的月算术平均值为交割结算依据，通过现金交割了结到期未平仓合约的期货种类，买卖单位、买卖时 刻、手续费、保证金、涨跌停板等方面与对应的三个化工品什物交割 ...

Group 1 - The China Securities Regulatory Commission has approved the registration of monthly average price futures for linear low-density polyethylene, polyvinyl chloride, and polypropylene at the Dalian Commodity Exchange, marking the first cash-settled futures in the domestic commodity futures market [1][3] - Monthly average price futures are based on the arithmetic average price of the underlying asset over a month, providing a new risk management tool for industries that require stable long-term procurement prices [3][4] - The design of the contract rules for these futures meets the industry's need for risk management while considering market risk prevention, enhancing price fairness and stability [3][4] Group 2 - The introduction of these futures is significant for improving the product structure of China's futures market, enriching derivative supply, and enhancing the resilience of supply chains [4] - The three chemical products are crucial in the plastic chemical industry, with China being a major producer and consumer, facing frequent price fluctuations due to various market factors [4] - Companies have expressed a need for more stable pricing mechanisms, as current point pricing methods are less effective in managing risks associated with price volatility [4][5] Group 3 - The launch of monthly average price futures will provide a more direct and precise risk management tool for companies engaged in average price trading, improving overall risk control strategies and operational stability [5]

近日，中国证监会同意大连商品交易所线型低密度聚乙烯、聚氯乙烯、聚丙烯月均价期货注册。大商所同日发布三个化工品月均价期货合约 及相关规则。 据了解，此次证监会同意注册的三个化工品月均价期货，将是大商所上市的首批现金交割期货，也将是境内商品期货市场的首批月均价期 货。 多位市场人士指出，大商所三个化工品月均价期货的合约规则设计既满足了产业对于月均价贸易的风险管理需要，又在防范市场风险方面做 了针对性考虑。 比如，三个化工品月均价期货合约在保持手续费、保证金、涨跌停板等风控要求与实物交割期货合约一致的基础上，持仓限额为对应实物交 割期货合约当前持仓限额的五分之一，且当日结算价、交割结算价均由对应实物交割期货合约的结算价计算而得。上述设计增强了三个化工品月 均价期货价格的抗操纵性以及公允性、合理性，能够有效保障其上市后平稳运行。 谈及推出这类期货衍生品的意义，业内人士称，在相应实物交割期货的基础上，三个化工品月均价期货将为市场提供更多元更精细的价格信 息与风险管理工具，对于完善我国期货市场产品结构，持续丰富衍生品供给，激发市场活力与创新潜力，助力提升产业链供应链韧性具有重要意 义。 据了解，线型低密度聚乙烯、聚氯乙烯 ...

即将上市的这三个化工品月均价期货，即以线型低密度聚乙烯期货、聚氯乙烯期货和聚丙烯期货结算价 的月算术平均值为交割结算依据，通过现金交割了结到期未平仓合约的期货品种。交易单位、交易时 间、手续费、保证金、涨跌停板等方面与对应的三个化工品实物交割期货合约保持一致。 多位市场人士指出，大商所三个化工品月均价期货的合约规则设计既满足了产业对于月均价贸易的风险 管理需要，又在防范市场风险方面做了针对性考虑。 比如，三个化工品月均价期货合约在保持手续费、保证金、涨跌停板等风控要求与实物交割期货合约一 致的基础上，持仓限额为对应实物交割期货合约当前持仓限额的五分之一，且当日结算价、交割结算价 均由对应实物交割期货合约的结算价计算而得。上述设计增强了三个化工品月均价期货价格的抗操纵性 以及公允性、合理性，能够有效保障其上市后平稳运行。 谈及推出这类期货衍生品的意义，业内人士称，在相应实物交割期货的基础上，三个化工品月均价期货 将为市场提供更多元更精细的价格信息与风险管理工具，对于完善我国期货市场产品结构，持续丰富衍 生品供给，激发市场活力与创新潜力，助力提升产业链供应链韧性具有重要意义。 近日，中国证监会同意大连商品交易所线 ...

Key Points - China will continue to expand high-level opening-up and further reduce the negative list for foreign investment, enhancing intellectual property protection and fair competition [1] - The Chinese government has initiated the establishment of a World Artificial Intelligence Cooperation Organization, with the headquarters tentatively planned to be in Shanghai [4] - The Ministry of Agriculture and Rural Affairs, along with ten other departments, has released a plan to promote agricultural product consumption, indicating a proactive approach to stimulate domestic demand [8] - The National Development and Reform Commission is focusing on improving the collaborative development between state-owned and private enterprises, aiming to enhance economic vitality and industrial competitiveness [3] - The third batch of funds for the consumption upgrade program has been allocated, amounting to 69 billion yuan [4] - The overall public budget revenue for the first half of the year was 115,566 billion yuan, showing a slight year-on-year decrease of 0.3%, while expenditures reached 141,271 billion yuan, an increase of 3.4% [4]

当下最火爆的两个期货品种——焦煤、碳酸锂，7月25日都迎来了交易限额要求。 7月25日，根据交易所通知，焦煤期货主力2509合约单日开仓量不得超过500手，在焦煤期货其他合约上单日开仓量不得超过2000手；碳酸锂期货LC2509合 约上单日开仓量不得超过3000手。 焦煤、碳酸锂都要求交易限额 7月25日，大商所调整焦煤期货主力2509合约交易限额。大商所公告，经研究决定，自2025年7月29日交易时(即7月28日夜盘交易小节时)起，非期货公司会 员或者客户在焦煤期货JM2509合约上单日开仓量不得超过500手，在焦煤期货其他合约上单日开仓量不得超过2000手。 该单日开仓量是指非期货公司会员或者客户当日在单个合约上的买开仓数量与卖开仓数量之和。套期保值交易和做市交易的开仓数量不受上述标准限制。具 有实际控制关系的账户按照一个账户管理。交易所将根据市场情况对交易限额进行调整。 除了焦煤限额之外，广期所也当天发布公告称，自2025年7月28日交易时起，非期货公司会员或者客户在碳酸锂期货LC2509合约上单日开仓量不得超过3000 手。该单日开仓量是指非期货公司会员或者客户当日在单个合约上的买开仓数量与卖开仓数量 ...

近日，证监会同意大连商品交易所线型低密度聚乙烯、聚氯乙烯、聚丙烯月均价 期货注册。证监会将督促大连商品交易所做好各项准备工作，确保线型低密度聚乙 烯、聚氯乙烯、聚丙烯月均价期货的平稳推出和稳健运行。 ...

证监会近日同意大连商品交易所线型低密度聚乙烯、聚氯乙烯、聚丙烯月均价期货注册。证监会将督促 大连商品交易所做好各项准备工作，确保线型低密度聚乙烯、聚氯乙烯、聚丙烯月均价期货的平稳推出 和稳健运行。 ...