大商所线型低密度聚乙烯（LLDPE）、聚氯乙烯（PVC）、聚丙烯（PP）月均价期货上市已满一个 月。作为契合产业月度定价需求的创新衍生工具，三个化工品月均价期货上市以来，运行平稳有序，价 格走势贴合基本面，产业参与积极性持续提升，套期保值功能初步显现，为化工产业链企业提供了精准 的月度价格风险管理解决方案，得到市场的广泛认可。 大商所数据显示，截至11月28日收盘，三个化工品月均价期货累计运行23个交易日，市场规模稳步增 长。其中，聚丙烯月均价期货表现最为亮眼，累计成交量9.45万手、成交额30.53亿元，日均成交量4108 手，期末持仓量达7499手；线型低密度聚乙烯月均价期货累计成交量7.58万手、成交额25.92亿元，日均 成交量3296手，期末持仓5897手；聚氯乙烯月均价期货累计成交量7.34万手、成交额17.32亿元，日均成 交量3192手，期末持仓6635手。三个化工品月均价期货合约持仓量均呈现逐日递增态势。 期货日报记者在采访中了解到，明日控股也尝试利用月均价期货开展套保操作，比如针对远期交付的 PP共聚品种，通过PP2602F空单来保护。"PP2602F合约今年12月底之前，主要参考PP26 ...

随后，金元期货能化研究员陈婧分享了当前反内卷的格局下的PVC基本面情况以及未来发展方向，PVC新投产能如期而至，检修处于低位， 库存压力较高，房地产行业持续低迷，整个基本面压力较大，但明后年随着未来新投产能压力减轻，且出口至印度、东南亚、中亚、中东、 非洲等地区需求上升，从宏观角度当前政府逐步向市场注入流动性，促进消费等措施，PVC的价格仍未来可期。 "当前，树脂产业链正面临复杂多变的市场环境，价格波动加剧，风险管理需求日益凸显。期货工具与实体经济的深度融合，是提升产业链 韧性和稳定性的关键路径。"金元期货总经理助理金建涛致辞表示，本次会议旨在为产业链上下游企业搭建一个高规格的交流平台，共同探 讨如何运用月均结算价等创新衍生品工具，管理价格风险、优化经营模式，以此来助力产业企业把握市场脉搏，凝聚行业共识，共同构筑一 条更具竞争力和抗风险能力的树脂产业链。 日前，线型低密度聚乙烯、聚氯乙烯、聚丙烯月均价期货（下称"三个化工品月均价期货"已在大连商品交易所上市。这是大商所上市的首批 现金交割期货，也是境内商品期货市场的首批月均价期货。会议期间，大商所专家就刚上市的线型低密度聚乙烯、聚氯乙烯和聚丙烯月均价 合约进行 ...

期货日报网讯(记者刘威魁)在全球经济下行与产能过剩的双重压力持续深化的背景下，化工企业面临价格波动剧烈、贸易壁垒升级、资金链 紧张等多重挑战。如何在转型浪潮中行稳致远，成为摆在石油化工行业面前的现实课题。11月27日，由金元期货股份有限公司主办、期货日 报、产业服务联盟、广东蓝航塑胶有限公司、广州汇诚化工有限公司、佛山市顺德区塑料协会协办、大连商品交易所支持的"DCE.产业行 ——聚焦月均新工具，共筑树脂产业链"会议在广州成功举办，吸引了来自雄塑集团、浙江中菁、钢联能化、蓝航塑胶、汇诚化工87家产业 企业及机构的近200名业内人士参与。众多与会嘉宾围绕当前行业变动、产业企业如何通过期货工具构建更具韧性的经营防线等重点议题展 开讨论，彰显期货市场在服务实体经济等方面的重要作用。 紧接着，广州国际贸易集团有限公司董事长张毅介绍了塑料的产业史是如何从量的跃迁到失衡的，分析了当前低毛利与需求有天花板的产业 困局，介绍了东南亚地区在家电行业对塑料的需求、拉美、非洲对汽车塑料的需求等全球产能与需求错配以及全球范围内出海机会。 等嘉宾围绕当前市场低迷的原因以及下游生产型企业的转型方案，行业高供应、高库存与弱需求的博弈中应如 ...

Core Viewpoint - The launch of monthly average price futures for LLDPE, PVC, and PP on October 28 marks a significant development in China's chemical industry, providing new risk management tools for enterprises and enhancing market participation [1][2]. Group 1: Market Participation and Performance - The first day of trading for the three chemical products saw a total of 8,254 contracts traded, amounting to 230 million yuan, with a position of 2,468 contracts, indicating strong participation from industry players [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 listing benchmark price [1]. Group 2: Industry Insights and Applications - Major companies such as Jingbo Petrochemical, Zhongtai International Trade, and Mingri Holdings actively participated in the first day of trading, utilizing the new futures for price hedging and risk management [2][3]. - Jingbo Petrochemical plans to use the monthly average settlement price for spot trading, which aligns with their monthly sales and average settlement model, helping to mitigate daily price fluctuations [2]. - Zhongtai International Trade employed the V2602F contract for long-term order hedging, enhancing stability in the PVC industry [3]. Group 3: Future Developments and Recommendations - The Dalian Commodity Exchange aims to optimize rules and improve market quality, making it easier for industry clients to participate and enhancing the pricing influence of Chinese chemical products [4]. - Market experts suggest that companies familiarize themselves with this innovative product, as it can significantly aid in business operations, especially in long-cycle average trading scenarios [3].

Group 1 - The "14th Five-Year Plan" emphasizes the promotion of emerging industries such as quantum technology, biomanufacturing, hydrogen energy, nuclear fusion, brain-computer interfaces, embodied intelligence, and sixth-generation mobile communication as new economic growth points [2] - The revised Cybersecurity Law will take effect on January 1, 2026, supporting AI development and enhancing risk assessment and regulation [2] - The Financial Regulatory Bureau supports domestic insurance companies to issue "catastrophe bonds" in the Hong Kong market, which are linked to natural disaster risks [2] Group 2 - The People's Bank of China reported that it will implement a moderately loose monetary policy to support economic recovery, ensuring that social financing and money supply growth align with economic growth targets [2] - The latest tax data shows a 229.8% year-on-year increase in the number of outbound travelers claiming tax refunds from January to September, with a 97.4% increase in refund amounts [2] - The digital RMB ecosystem has been preliminarily established, with a cumulative transaction amount of 14.2 trillion yuan by the end of September 2025 [2] Group 3 - Ganfeng Lithium reported a third-quarter revenue of 6.249 billion yuan, a year-on-year increase of 44.10%, and a net profit of 557 million yuan, a year-on-year increase of 364.02% [3][8] - The public fund industry saw significant growth in the third quarter, with an increase of 2.23 trillion yuan, bringing the total scale to over 35 trillion yuan [3][8] - The China-ASEAN Free Trade Area 3.0 upgrade covers nine areas, including digital economy and green economy [2]

Core Insights - The Dalian Commodity Exchange has officially listed monthly average futures for linear low-density polyethylene, polyvinyl chloride, and polypropylene as of October 28, increasing the total number of futures tools to 26, with 10 in the chemical sector [1][3] Group 1 - Monthly average futures are contracts settled based on the average price of the underlying asset over a month [3] - The introduction of these three chemical monthly average futures meets the growing market demand for refined risk management tools due to frequent price fluctuations in plastic chemical products [3] - This listing marks a historic breakthrough in the construction of the Dalian Commodity Exchange's chemical derivatives system, enhancing its ability to serve the real economy [3]

Core Viewpoint - The launch of monthly average futures for linear low-density polyethylene, polyvinyl chloride, and polypropylene at Dalian Commodity Exchange marks a significant development in China's petrochemical industry, providing diversified risk management tools and enhancing the integration of the industry with the futures market [1][2][6]. Industry Insights - The introduction of monthly average futures is expected to address the increasing demand for flexible and efficient pricing tools in the petrochemical sector, which is crucial for managing price volatility and supporting high-quality industry development [4][5]. - The new futures products will help establish a transparent and fair monthly average pricing signal system, aligning with international pricing practices and enhancing China's influence in global plastic trade [5][6]. Market Development - The Dalian Commodity Exchange has expanded its futures offerings to 26 products, with 10 specifically in the chemical sector, reflecting a robust development of its derivatives system and an enhanced capacity to serve the real economy [6]. - The launch of these futures is seen as a strategic move to improve the competitiveness of Chinese enterprises in the market economy and to foster deeper cooperation between the exchange and the petrochemical industry [2][3].

Core Insights - The launch of the first monthly average price futures for linear low-density polyethylene, polyvinyl chloride, and polypropylene marks a significant development in China's commodity futures market [1][2] - These products are essential in the petrochemical industry, with China being a major producer and consumer, projected to produce 27.91 million tons, 23.44 million tons, and 34.76 million tons respectively in 2024 [1] - The introduction of these futures aims to provide more stable long-term procurement prices to mitigate frequent price fluctuations in the plastic chemical sector [1] Industry Impact - The listing of these monthly average price futures offers diversified and refined risk management tools for the petrochemical industry [2] - It is expected to strengthen the integration of the industry with the futures market, contributing to the healthy and stable development of the petrochemical sector [2]

Group 1: Domestic Policy Developments - The Fourth Plenary Session of the 20th Central Committee of the Communist Party of China concluded, marking the beginning of the "15th Five-Year Plan" phase with a focus on high-quality development and significant improvements in technological self-reliance [11][12][14] - The session emphasized the need to stabilize employment, enterprises, markets, and expectations, aligning with the "Four Stabilities" approach to maintain economic stability [12][14] - The session proposed twelve specific goals for the "15th Five-Year Plan," including modernizing industries, enhancing technological independence, and expanding the domestic market [12][14][15] Group 2: Financial Market Analysis - The A-share market saw a collective rise in major indices, with the ChiNext Index increasing by over 8% and the CSI 100 rising by 3.57% during the week [4] - The central bank conducted a net fund injection of 198.1 billion yuan, maintaining stable liquidity in the market [5] - The issuance of new policy financial tools has exceeded half of the planned total, indicating a proactive approach to financial support [5][18] Group 3: Commodity Market Insights - The post-holiday period saw a rebound in non-ferrous metals, while crude oil prices experienced a slight recovery [5] - The China Nonferrous Metals Industry Association emphasized the need for industry self-discipline amid fluctuating commodity prices [5] - The Fourth Plenary Session's focus on promoting high-quality development in real estate is expected to influence commodity markets positively [5][12] Group 4: International Trade and Relations - The fifth round of trade talks between China and the U.S. commenced in Malaysia, with both sides expressing constructive dialogue on key issues such as rare earths and agricultural products [22][23] - The ongoing discussions are seen as a step towards stabilizing the economic relationship between the two countries, with potential agreements anticipated during the upcoming APEC meeting [23]

Core Viewpoint - The upcoming launch of monthly average futures for linear low-density polyethylene, polyvinyl chloride, and polypropylene is expected to provide more precise hedging tools for companies, addressing pricing and hedging misalignments, and promoting a more stable and resilient plastic industry in China, especially amid significant growth in production capacity and exports [1] Market Application and Demand - The average pricing model has established a foundation in the plastic industry, particularly in long-term trade agreements and stable supply chain collaborations, with increasing adoption [2] - The global plastic industry has a pressing need to smooth price volatility risks and stabilize trade costs, leading to the widespread use of average pricing models in international trade [2][3] - The demand for stable pricing models has intensified due to geopolitical factors, oil price fluctuations, and supply-demand structure adjustments, making the launch of monthly average futures timely [3][5] Risk Management and Pricing Stability - Monthly average futures can alleviate the impact of daily price volatility, allowing companies to focus on long-term production planning and cost control, which is a pressing need for the industry [4] - The introduction of monthly average futures is expected to complement existing pricing models, enabling production companies to manage price risks more accurately and enhancing China's role in shaping international trade pricing rules [4][8] Export Growth and International Trade - China's polypropylene export volume has significantly increased from 430,000 tons in 2020 to an expected 2.35 million tons in 2024, indicating a sustained growth trend [5] - The expansion of China's plastic export scale highlights the potential application of monthly average futures in cross-border trade, facilitating a transition from "price following" to "price setting" [5][6] - The combination of monthly average futures with hedging tools can create a comprehensive risk management solution for companies facing price and exchange rate fluctuations in export markets [6][7] Global Pricing Influence - The launch of monthly average futures is seen as a key to establishing a fair pricing benchmark that aligns with international average trade practices, enhancing the efficiency of cross-border transactions [7][8] - If widely adopted, monthly average futures could lead to the formation of a new international pricing node based on "China's monthly average futures," significantly enhancing China's international pricing power in the plastic industry [8]