Core Viewpoint - The Dalian Commodity Exchange (DCE) is committed to serving the real economy by implementing practical measures to enhance the efficiency of the futures market and support high-quality industrial development [1] Group 1: Innovation in Guarantee Mechanisms - DCE introduced an innovative mechanism allowing warehouse enterprises to use bank acceptance bills as collateral, simplifying the process and improving capital efficiency [2] - This change reduces the financial costs associated with collateral and enhances the flexibility of capital allocation for enterprises [2] Group 2: Optimization of Delivery Rules - DCE adjusted the registration time limit for standard warehouse receipts of polyvinyl chloride (PVC) futures from 120 days to 180 days, accommodating the actual logistics and sales cycles of enterprises [3] - Since the implementation, 4,052 PVC warehouse receipts exceeding 120 days have been registered, accounting for 16% of the total PVC warehouse receipts during the same period [3] Group 3: Enhancing Delivery Services - DCE has expanded its delivery service network in Shanxi by adding two coal warehouses and one coke warehouse, increasing the participation of local enterprises in the futures market [5] - The delivery volume from Shanxi increased from 16% to 24% compared to the previous year, with a 2.7-fold increase in delivery volume [5] Group 4: Upgrading "Silver Futures Insurance" Service Model - The "Silver Futures Insurance" model has been upgraded to include a comprehensive risk-sharing mechanism, extending its service to five provinces and enhancing support for agricultural producers [7][8] - In Xinjiang, a new corn "Silver Futures Insurance" project was launched, covering 30,000 acres with an insurance amount of 48 million yuan, providing low-interest loans to farmers [7] Group 5: Digital Transformation and Monitoring - DCE launched the second phase of the digital warehouse receipt system, enhancing real-time monitoring capabilities for delivery warehouses and quality inspection institutions [9] - The system has supported over 530 delivery warehouses in completing nearly 1,500 business operations, improving regulatory efficiency and risk management [9] Group 6: Commitment to Service Improvement - Since the initiation of the "I Serve the People" initiative, DCE has completed 184 practical projects aimed at enhancing service quality for the real economy [10] - DCE plans to continue expanding the scope and depth of its service initiatives to address market challenges and meet expectations [10]

Group 1: Report Investment Rating - No information provided Group 2: Core Viewpoints - The listing of the monthly average price futures of three chemical products fills the gap in domestic average price risk management tools. The prices of polyethylene and polypropylene are in a bearish pattern, showing a trend of rising first and then falling, and the monthly average price will also show the same trend. PVC monthly average price futures are expected to operate in the bottom range [1][6][8] Group 3: Summary by Directory 1. New Product Listing - The monthly average price futures of linear low - density polyethylene, polyvinyl chloride, and polypropylene will be listed for trading starting at 21:00 on October 28, 2025, with night trading. The listing benchmark price is the settlement price of the corresponding contract on that day [1] 2. Continuation of the Bearish Pattern in Plastics and Polypropylene - The decline in plastic and polypropylene futures prices is driven by three factors: weak cost support, new supply capacity release, and insufficient demand. The prices have been in a downward trend since late November and early December 2024, with a short - term rebound in the middle. In the fourth quarter, the supply - demand pressure of polyethylene and polypropylene is difficult to ease, and the prices are expected to rise first and then fall. The recommended strategies include short - selling at high levels, inter - period arbitrage (long L2602F and short L2604F; long PP2602F and short PP2604F), and different delivery method arbitrage (long L2602F and short L2602; long PP2602F and short PP2602) [3][4][6] 3. PVC Monthly Average Price Futures May Operate in the Bottom Range - PVC is in a pattern of high supply and low demand, with continuous inventory accumulation and high social inventory. The supply pressure is still large, and the production is expected to increase in the fourth quarter. The domestic demand is insufficient, and the export may face pressure due to anti - dumping policies. It is expected that the monthly average price futures will operate in the bottom range [7][8]

Core Viewpoint - The Dalian Commodity Exchange (DCE) has reported changes in chemical product warehouse receipts as of October 23, indicating fluctuations in various futures contracts [1] Group 1: Warehouse Receipts Changes - Polyethylene futures warehouse receipts stand at 12,958 lots, a decrease of 6 lots compared to the previous period [1] - Polyvinyl chloride futures warehouse receipts are at 121,448 lots, down by 333 lots from the last report [1] - Polypropylene futures warehouse receipts remain unchanged at 14,586 lots [1] - Styrene futures warehouse receipts total 858 lots, reflecting a decrease of 249 lots [1] - Ethylene glycol futures warehouse receipts are stable at 7,945 lots [1] - Liquefied petroleum gas futures warehouse receipts have increased to 2,416 lots, up by 116 lots [1]

Core Insights - The Dalian Commodity Exchange released data on chemical product warehouse receipts on October 23, indicating various changes in futures warehouse receipts for different chemicals [1] Group 1: Warehouse Receipt Data - Polyethylene futures warehouse receipts totaled 12,958 lots, a decrease of 6 lots compared to the previous period [1] - Polyvinyl chloride futures warehouse receipts amounted to 121,448 lots, down by 333 lots from the previous period [1] - Polypropylene futures warehouse receipts remained stable at 14,586 lots, showing no change [1] - Styrene futures warehouse receipts were recorded at 858 lots, reflecting a decrease of 249 lots [1] - Ethylene glycol futures warehouse receipts stood at 7,945 lots, with no change [1] - Liquefied petroleum gas futures warehouse receipts increased to 2,416 lots, up by 116 lots [1]

Group 1 - The core point of the article highlights the performance of China's futures market in September, showing a decrease in trading volume but an increase in trading value year-on-year [1] - In September, the national futures market recorded a trading volume of 770.21 million contracts and a trading value of 71.5 trillion yuan, representing a year-on-year decrease of 3.03% in volume but an increase of 33.16% in value [1] - From January to September, the cumulative trading volume reached 6.74 billion contracts, with a cumulative trading value of 547.62 trillion yuan, reflecting a year-on-year growth of 18.29% in volume and 24.11% in value [1] Group 2 - The top three futures products by trading value are gold, silver, and copper from the Shanghai Futures Exchange, glass, soda ash, and caustic soda from the Zhengzhou Commodity Exchange, and coking coal, palm oil, and soybean meal from the Dalian Commodity Exchange [1] - By trading volume, the leading products include rebar, silver, and hot-rolled coil from the Shanghai Futures Exchange, glass, soda ash, and PTA from the Zhengzhou Commodity Exchange, and coking coal, soybean meal, and PVC from the Dalian Commodity Exchange [1] - The China Financial Futures Exchange reported a trading volume of 35.15 million contracts for financial futures options, accounting for 4.56% of the national market, with a trading value of 29.62 trillion yuan, representing 41.42% of the national market [1] Group 3 - As of September 2025, there are a total of 157 listed futures and options products in China [2]

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]