Economic Overview - The GDP for the first three quarters of the year reached 10,150.36 billion yuan, with a year-on-year growth of 5.2% [1] - The first industry added value was 580.61 billion yuan, growing by 3.8%, the second industry added value was 3,640.20 billion yuan, increasing by 4.9%, and the third industry added value was 5,929.55 billion yuan, rising by 5.4% [1] - The GDP growth rates for the first, second, and third quarters were 5.4%, 5.2%, and 4.8% respectively, with a quarter-on-quarter growth of 1.1% in the third quarter [1] Real Estate Market - In September, the sales prices of new commercial residential properties in first-tier cities decreased by 0.3% month-on-month, with the decline rate expanding by 0.2 percentage points compared to the previous month [1] - Beijing and Shanghai saw price increases of 0.2% and 0.3% respectively, while Guangzhou and Shenzhen experienced declines of 0.6% and 1.0% [1] - Second-tier cities' new residential property prices fell by 0.4%, and third-tier cities also saw a 0.4% decrease, with the latter's decline rate remaining unchanged from the previous month [1] Employment Data - The average urban survey unemployment rate for the first three quarters was 5.2%, with September's rate also at 5.2%, showing a decrease of 0.1 percentage points from the previous month [1] Financial Market - The People's Bank of China announced that the Loan Prime Rate (LPR) for one year is 3.0% and for five years and above is 3.5% as of October 20, 2025 [2] - The number of railway passengers sent nationwide reached 3.54 billion, marking a year-on-year increase of 6%, setting a new historical high for the same period [2] Real Estate Transactions - In Shanghai, a land parcel for ordinary commercial housing was successfully auctioned, with a starting total price of 4,059 million yuan and a final transaction price of 4,465 million yuan, resulting in a premium rate of 10% [2] Market Indices - The Shanghai Composite Index closed at 3,863.89, up by 0.63% [5] - The Shenzhen Component Index reached 12,813.21, increasing by 0.98% [5] - The ChiNext Index rose to 2,993.45, with a growth of 1.98% [5]

经济观察网10月20日，大连商品交易所发布通知，经中国证监会同意，自2025年10月28日晚夜盘交易时 起，大连商品交易所将扩大合格境外机构投资者和人民币合格境外机构投资者(统称"合格境外投资者") 可交易品种范围，新增开放线型低密度聚乙烯、聚氯乙烯和聚丙烯月均价期货合约。三个化工品月均价 期货自2025年10月28日(周二)晚上21:00起上市交易(当日20:55-21:00集合竞价)。三个化工品月均价期货 开展夜盘交易。 ...

Group 1 - The trading variety is polypropylene [1] - The trading unit is tons per hand [1] - The quotation unit is RMB per ton [1] Group 2 - The minimum price fluctuation is 1 RMB per ton [1] - The price limit for daily trading is 4% of the previous trading day's settlement price [1] - The contract months available for trading are from January to December [1] Group 3 - Trading hours are from 9:00 to 11:30 in the morning and 13:30 to 15:00 in the afternoon, along with other specified trading times [1] - The last trading day is the last trading day of the month prior to the contract month [1] - The delivery date coincides with the last trading day [1] Group 4 - The minimum trading margin is 5% of the contract value [1] - The delivery method is cash settlement [1] - The trading code is PP contract month F [1] Group 5 - The trading exchange is Dalian Commodity Exchange [1]

Core Viewpoint - The Dalian Commodity Exchange (DCE) is advancing product innovation in futures and options, recently seeking market feedback on monthly average price futures contracts for linear low-density polyethylene (LLDPE), polyvinyl chloride (PVC), and polypropylene (PP) [1][2] Group 1: Monthly Average Price Futures Contracts - The newly proposed monthly average price futures contracts will be cash-settled, marking DCE's first introduction of cash-settled futures contracts [2] - The contracts will have the same trading unit, trading time, fees, margin, and price limits as the corresponding physical delivery futures contracts [1][2] - The average price futures contracts are designed to enhance the efficiency of the futures market in serving real enterprises and meeting diverse risk management needs [1][2] Group 2: Market Context and Historical Data - LLDPE, PVC, and PP are core products in the plastic chemical sector, with their market fluctuations closely tied to macroeconomic conditions, supply-demand dynamics, and policy directions [2] - The daily average trading volumes for these futures in 2024 are reported as 340,000 contracts for LLDPE, 1,060,000 contracts for PVC, and 340,000 contracts for PP, with average open interest at 510,000, 1,120,000, and 520,000 contracts respectively [2] - The participation rates of institutional clients in these futures trading are significant, with holdings accounting for 71% in LLDPE, 59% in PVC, and 72% in PP [2] Group 3: Future Developments - DCE has completed the rule design for the monthly average price futures contracts after extensive market research and feedback collection [3] - The exchange plans to refine the contracts and rules based on stakeholder feedback to ensure a smooth launch and operation of the new futures [3] Group 4: Broader Market Trends - The introduction of short-term commodity options in March 2023 has expanded the application scenarios for commodity options, with a total of 52 commodity options listed across various sectors [4] - The growth of the commodity options market has been steady since the launch of the first commodity option, soybean meal option, in March 2017, indicating increasing recognition of their value in risk management and investment [4] - Institutional investors are increasingly favoring commodity options for their flexibility and diverse trading strategies [4]