新品种上市 国际贸易中采用月均价作为定价基准,主要是为了平滑价格波动、匹配贸易周期、降低定价争议,并更好 地服务于企业的风险管理和长期合作需求。三个化工品月均价期货的上市填补了境内均价风险管理工具的空 白。 安如泰山 信守承诺 三个化工品种月均价期货上市策略前瞻 塑料期货主力合约今年以来呈现震荡下行的走势,导致塑料和聚丙烯期货价格下跌的驱动来自三个方面, 成本端支撑下滑,供应端新产能释放,需求端开工不足。 本轮的下跌是从2024年11月底12月初开始的,春节期间企业大幅度累库,春节后伴随去库周期，加之油价 持续下行,价格呈现震荡下行走势,4月初关税战导致大宗商品普跌，塑料和聚丙烯期货合约跳空下行,到5月 份价格止跌。之后油价反弹，也带动塑料和聚丙烯期货价格同步反弹，但4月初透留的跳空缺口上沿形成明显的 技术压力,价格在压力位下方震荡整理。8月底价格再度转入下跌趋势。 聚乙烯方面来看，扩产带来的国产量快速增长压力贯穿全年。10月是农膜传统需求旺季，包装膜行业因电 商节等因素需求有支撑，但供需压力难以缓解。进入11、12月份由于新增产能释放，供应端压力增加，加之需 求进入淡季,价格或承压加重。 聚丙烯方面来看，1 ...

本文由 AI 算法生成，仅作参考，不涉投资建议，使用风险自担 【10月23日大商所化工品仓单有变动】10月23日公布大商所化工品仓单及变化数据。聚乙烯期货仓单 12958手，环比减少6手。聚氯乙烯期货仓单121448手，环比减少333手。聚丙烯期货仓单14586手，环比 持平。苯乙烯期货仓单858手，环比减少249手。乙二醇期货仓单7945手，环比持平。液化石油气期货仓 单2416手，环比增加116手。 ...

【10月23日大商所化工品仓单数据公布】10月23日，大商所发布化工品仓单及变化数据。聚乙烯期货仓 单12958手，环比减少6手；聚氯乙烯期货仓单121448手，环比减少333手。聚丙烯期货仓单14586手，环 比持平；苯乙烯期货仓单858手，环比减少249手。乙二醇期货仓单7945手，环比持平；液化石油气期货 仓单2416手，环比增加116手。 本文由 AI 算法生成，仅作参考，不涉投资建议，使用风险自担 ...

截至2025年9月底，我国共上市期货期权品种157个。 其中，按照成交额统计，排名各商品期货交易所前三的品种分别为上期所的黄金、白银、铜，郑商所的 玻璃、纯碱、烧碱，大商所的焦煤、棕榈油、豆粕，广期所的多晶硅期货、碳酸锂期货、工业硅期货； 按照成交量统计，排名各交易所前三的品种分别为上期所的螺纹钢、白银、热轧卷板，郑商所的玻璃、 纯碱、PTA，大商所的焦煤、豆粕、聚氯乙烯，广期所的碳酸锂期货、工业硅期货、多晶硅期货。 中国金融期货交易所的金融期货期权成交量为3,514.76万手，占全国市场的4.56%；成交额为29.62万亿 元，占全国市场的41.42%。成交金额排名前三的品种分别是中证1000股指期货、中证500股指期货、沪 深300股指期货。 中国期货业协会最新统计资料表明，以单边计算，9月全国期货市场成交量为7.7亿手(770,214,190手),成 交额为71.5万亿元(714,958.35亿元)，同比分别下降3.03%和增长33.16%。1-9月全国期货市场累计成交量 为67.44亿手(6,744,160,193手)，累计成交额为547.62万亿元(5,476,154.30亿元)，同比分别增长18. ...

Summary of Key Points Core Viewpoint - The Dalian Commodity Exchange (DCE) has reported changes in various futures warehouse receipts as of August 20, indicating fluctuations in inventory levels across multiple commodities [1]. Inventory Changes - Styrene futures warehouse receipts remain unchanged at 637 contracts [1] - Soybean No. 1 futures warehouse receipts decreased by 100 contracts to 12,397 contracts [1] - Soybean No. 2 futures warehouse receipts decreased by 300 contracts to 2,300 contracts [1] - Polyvinyl chloride (PVC) futures warehouse receipts increased by 1,233 contracts to 82,031 contracts [1] - Liquefied petroleum gas (LPG) futures warehouse receipts decreased by 20 contracts to 13,298 contracts [1] - Soybean meal futures warehouse receipts remained unchanged at 10,925 contracts [1] - Corn starch futures warehouse receipts remained unchanged at 7,450 contracts [1] - Coking coal futures warehouse receipts remained unchanged at 0 contracts [1] - Palm oil futures warehouse receipts decreased by 16 contracts to 1,404 contracts [1] - Egg futures warehouse receipts remained unchanged at 0 contracts [1] - Corn futures warehouse receipts decreased by 2,706 contracts to 110,775 contracts [1] - Iron ore futures warehouse receipts decreased by 500 contracts to 2,000 contracts [1] - Ethylene glycol futures warehouse receipts increased by 20 contracts to 2,092 contracts [1] - Polyethylene futures warehouse receipts decreased by 40 contracts to 7,684 contracts [1] - Polypropylene futures warehouse receipts decreased by 100 contracts to 13,940 contracts [1] - Soybean oil futures warehouse receipts remained unchanged at 15,310 contracts [1] - Coking futures warehouse receipts remained unchanged at 820 contracts [1] - Live pig futures warehouse receipts remained unchanged at 430 contracts [1]

Group 1 - The core viewpoint of the news highlights the significant growth in China's futures market, with June's trading volume reaching 740 million contracts and a trading value of 5.279 trillion yuan, marking year-on-year increases of 28.91% and 17.25% respectively [1] - For the first half of 2023, the cumulative trading volume in the futures market was 4.076 billion contracts, with a total trading value of 33.973 trillion yuan, reflecting year-on-year growth of 17.82% and 20.68% [1] - The top three futures products by trading value include gold, crude oil, and silver from the Shanghai Futures Exchange, while the Zhengzhou Commodity Exchange leads with canola oil, PTA, and methanol [1] Group 2 - The financial futures options trading volume at the China Financial Futures Exchange reached 18.379 million contracts, accounting for 2.49% of the national market, with a trading value of 1.494 trillion yuan, representing 28.29% of the national market [1] - As of June 2025, there will be a total of 148 listed futures and options products in China [2]

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]

Core Insights - The futures market in China experienced significant growth in July, with a trading volume of 1.059 billion contracts and a turnover of 71.31 trillion yuan, marking year-on-year increases of 48.89% and 36.03% respectively [1] - Cumulative trading volume from January to July reached 5.135 billion contracts and a turnover of 411.04 trillion yuan, both showing year-on-year growth of approximately 23% [1] - The total open interest in the futures market at the end of July increased by 3.98% compared to the previous month [1] Trading Volume and Value by Exchange - The Shanghai Futures Exchange (SHFE) saw a year-on-year increase in trading volume and turnover of 13.23% and 2.19% respectively in July [1] - The Zhengzhou Commodity Exchange (ZCE) reported a significant increase in trading volume and turnover of 58.46% and 23.26% respectively [1] - The Dalian Commodity Exchange (DCE) experienced growth of 33.24% in trading volume and 33.18% in turnover [1] - The China Financial Futures Exchange (CFFEX) had a notable increase in trading volume and turnover of 35.11% and 64.79% respectively [1] - The Guangxi Futures Exchange (GFE) reported extraordinary growth with trading volume and turnover increasing by 513.26% and 597.73% respectively [1] Leading Futures Products - The top three futures products by turnover on the SHFE were gold, silver, and crude oil [1] - The leading products on the ZCE included soda ash, glass, and caustic soda [1] - The DCE's top products were coking coal, palm oil, and soybean meal [1] - The GFE's leading products were polysilicon, lithium carbonate, and industrial silicon [1] Market Activity and Trends - The overall activity in the futures market increased, with significant contributions from various sectors, particularly black metals and building materials, which saw trading volume growth of 97.6% and turnover growth of 94.6% month-on-month [3] - The non-ferrous metals sector also showed strong performance with trading volume and turnover increasing by 70.5% and 52.8% respectively [3] - The energy and chemical sectors reported month-on-month trading volume growth of 21.7% and 22.1%, with turnover growth of 8.5% and 23.8% respectively [3] - Agricultural products, particularly feed and soft commodities, also contributed positively with trading volume growth of 21.8% and 32.8% respectively [3] - The financial futures market followed the recovery of the A-shares, with trading volume and turnover increasing by 36.9% and 38.2% respectively [3] Price Trends and Future Outlook - The price levels in the domestic commodity futures market generally increased in July, influenced by the "anti-involution" policy which reshaped supply and demand expectations [4] - Analysts expect that the "anti-involution" policy and the anticipated interest rate cuts by the Federal Reserve in September will continue to drive the commodity market [4] - The trading volume in August is projected to remain high, estimated between 900 million to 1 billion contracts, with turnover around 60 trillion yuan [4]

Core Insights - The futures market in China experienced significant growth in July, with trading volume reaching 1.059 billion contracts and trading value at 7.131 trillion yuan, marking year-on-year increases of 48.89% and 36.03% respectively [1] - Cumulative trading volume for the first seven months of the year was 5.135 billion contracts, with a total trading value of 41.104 trillion yuan, both showing year-on-year growth of approximately 23% [1] - The total open interest in the futures market at the end of July increased by 3.98% compared to the previous month [1] Trading Performance by Exchange - Shanghai Futures Exchange (SHFE) saw a year-on-year increase in trading volume and value of 13.23% and 2.19% respectively [1] - Dalian Commodity Exchange (DCE) reported a trading volume and value increase of 33.24% and 33.18% respectively [1] - Zhengzhou Commodity Exchange (ZCE) experienced a significant rise in trading volume and value, with increases of 58.46% and 23.26% respectively [1] - The China Financial Futures Exchange (CFFEX) had a notable increase in trading volume and value of 35.11% and 64.79% respectively [1] - Guangxi Futures Exchange (GFE) reported extraordinary growth, with trading volume and value increasing by 513.26% and 597.73% respectively [1] Leading Products by Trading Volume and Value - The top three products by trading volume on SHFE were rebar futures, silver futures, and hot-rolled coil futures [2] - ZCE's leading products included glass futures, soda ash futures, and PTA futures [2] - DCE's top products were coking coal futures, soybean meal futures, and PVC futures [2] - CFFEX's leading products by trading value were CSI 1000 index futures, 30-year treasury bond futures, and CSI 300 index futures [2] Market Trends and Future Outlook - The overall activity in the futures market increased in July, providing strong support for financial market stability and economic development [2] - Significant growth was observed in various sectors, particularly in black metals and building materials, which saw trading volume increase by 97.6% and trading value by 94.6% month-on-month [2] - Analysts expect continued high trading activity in August, with projected trading volume between 900 million to 1 billion contracts and trading value around 6 trillion yuan [3] - The "anti-involution" policy and expectations of a Federal Reserve rate cut in September are anticipated to be key factors influencing commodity prices [3]

Group 1: Domestic Policy Developments - The State Council has initiated measures to gradually implement free preschool education, emphasizing its importance for long-term development and the well-being of families [10][11][12] - The 2025 World Artificial Intelligence Conference highlighted the rapid development of AI technologies and the need for policy support and talent cultivation to enhance product safety and reliability [12][13] - The People's Bank of China and other departments released guidelines to strengthen financial services for rural reforms, aiming to promote comprehensive rural revitalization [24][27] Group 2: International Policy Developments - The 25th China-EU Leaders' Meeting resulted in a joint declaration on climate change, showcasing the commitment to cooperation in addressing global challenges [18][19][20] - The upcoming third round of trade talks between China and the US is set to take place in Sweden, focusing on mutual economic concerns and cooperation [21][22][23] Group 3: Market Analysis - A-shares have shown a slight upward trend, with the CSI 500 and ChiNext indices rising by 3.28% and 2.76% respectively, influenced by positive economic growth and policy encouragement for long-term capital inflow [25][26] - The MSCI China A-share index increased by 2.07% during the last week of July, reflecting a stable market environment [25] - The premium index for AH shares has decreased to below 124 points, indicating a shift in market dynamics [25]