Group 1 - The Shanghai Municipal Party Committee has approved the proposal for the 15th Five-Year Plan, emphasizing the enhancement of the international financial center's competitiveness and influence, with specific deployments for building a global RMB asset allocation center and risk management center [1] - The Shanghai financial system work meeting highlighted the importance of party organization coverage in the financial sector and shared progress on the coverage of non-public financial enterprises [2] - The "Action Plan to Enhance the Commodity Level of Nonferrous Metals" was released, aiming to strengthen the linkage between futures and spot markets [3] Group 2 - The Shanghai Financial Regulatory Bureau issued the "Action Plan for High-Quality Development of Pension Finance," proposing 20 measures to build a pension management system with Shanghai characteristics [5] - The first delivery of the futures contract for coated printing paper was successfully completed, with a total delivery volume of 1,840 tons and a delivery amount of nearly 7.6 million yuan [6] - The Shanghai Asset Management Association announced ten major initiatives for building a global asset management center by 2025, reflecting innovative achievements in the sector [8] Group 3 - The Shanghai Futures Exchange announced adjustments to the margin ratios and price limits for copper, aluminum, gold, and silver futures, effective from January 22, 2026 [9] - The Shanghai International Energy Exchange is seeking public opinion on revising its risk control management rules, with feedback due by January 28, 2026 [10] - HSBC China has launched its first local public fund custody business, providing custody services for a fund managed by E Fund Management [11] Group 4 - The launch of the "Intelligent Reporting and Review Project for Ship Insurance Certificates" by PICC Shanghai and the Shanghai Maritime Bureau marks a shift towards online and intelligent processes in insurance certificate review [12] - The Construction Bank has introduced a new RMB structured deposit product in the free trade zone, successfully facilitating two offshore enterprises in managing their funds [13] - The first batch of technology innovation convertible bonds was successfully issued, providing low-cost long-term funding for tech enterprises [14] Group 5 - Shanghai Securities has received approval for its sponsorship business qualification, marking a significant breakthrough in its core business license layout [15] - The successful implementation of the first domestic credit certificate electronic document submission business by the Bank of Communications Shanghai branch represents a new financial service breakthrough [16] - Three branches of Shanghai Rural Commercial Bank have been recognized as the first batch of green branches in Shanghai, promoting sustainable finance [17] Group 6 - The People's Bank of China is focusing on creating a favorable monetary and financial environment to support high-quality economic development [19] - The minimum down payment ratio for commercial property loans has been adjusted to no less than 30% to adapt to changes in the real estate market [20] - The State Administration of Financial Supervision has issued new regulations to standardize the administrative licensing process for financial institutions [24] Group 7 - The China Securities Regulatory Commission has expanded the range of futures market products available for foreign investors, adding 14 new futures options [29] - The CSRC has approved the registration of options for 20 rubber, low-sulfur fuel oil, and international copper, ensuring a smooth launch and operation of these products [30] - Longqi Technology has completed its "A+H" listing, marking a significant milestone in its capital market strategy [31]

1月19日，上海期货交易所（下称"上期所"）胶版印刷纸期货首个合约OP2601顺利完成交割，交割 量46手合计1840吨，交割金额近760万元。 自2025年9月10日，胶版印刷纸期货上市以来，交易运行平稳，企业参与度持续提升，各业务流程 衔接顺畅，市场功能逐步发挥。截至2026年1月15日，累计成交30.95万手，总成交金额513.87亿元。 2025年11月16日，上期所在浙江嘉兴举办胶版印刷纸期货交割业务培训会并进行交割仓库操作规范 模拟演练，为首次交割夯实了基础。 厦门国贸纸业有限公司相关负责人表示，胶版印刷纸期现货市场联动良好，期货价格充分反映了市 场供需及其预期变化，胶版印刷纸现货流转多采用生产企业或贸易商直接送到消费者地点，厂库仓单交 割灵活更符合胶版印刷纸产业运行规律。胶版印刷纸期货首个OP2601合约的交割结算价真实反映了国 内现货价格，将有助于促进期现市场有效对接和风险管理工具的运用，将进一步健全和完善造纸产业链 避险体系，与纸浆期货一起为企业风险对冲提供更灵活的手段。 作为首批可交割品牌的生产企业和首批交割厂库之一，山东华泰纸业股份有限公司相关负责人表 示，公司积极参与胶版印刷纸期货市场 ...

中经记者 郝亚娟 夏欣 上海、北京报道 2026年1月19日，上海期货交易所（以下简称"上期所"）胶版印刷纸期货首个合约OP2601顺利完成 交割，交割量46手，合计1840吨，交割金额近760万元。 自2025年9月10日，胶版印刷纸期货上市以来，交易运行平稳，企业参与度持续提升，各业务流程 衔接顺畅，市场功能逐步发挥。截至2026年1月15日，累计成交30.95万手，总成交金额513.87亿元。 截至2026年1月15日，胶版印刷纸期货厂库仓单重量合计2840吨。 上期所相关负责人表示，将继续以服务实体经济为使命，以高度的责任感，加强统筹协调，切实履 行市场监管和风险防范的职责，同时密切关注市场声音，不断优化交割流程，持续提升期现市场的贴合 度，确保胶版印刷纸期货的稳健运行和功能发挥。 (责任编辑：康博) ...

Core Viewpoint - The Shanghai Futures Exchange successfully completed the first delivery of the胶版印刷纸 (offset printing paper) futures contract OP2601, indicating a stable market operation and increasing participation from enterprises since its launch in September 2025 [1]. Group 1: Market Performance - The first delivery on January 19, 2026, involved 46 contracts, totaling 1,840 tons and a delivery value of nearly 7.6 million yuan [1]. - As of January 15, 2026, the cumulative trading volume reached 309,500 contracts, with a total transaction value of 51.387 billion yuan [1]. - The total weight of warehouse receipts for胶版印刷纸 futures amounted to 2,840 tons by January 15, 2026 [1]. Group 2: Future Outlook - The Shanghai Futures Exchange aims to enhance its service to the real economy, emphasizing responsibility in market regulation and risk prevention [1]. - The exchange plans to continuously optimize the delivery process and improve the alignment of futures and spot markets to ensure the stable operation and functionality of胶版印刷纸 futures [1].

上期所相关负责人表示，将继续以服务实体经济为使命，以高度的责任感，加强统筹协调，切实履行市 场监管和风险防范的职责，同时密切关注市场声音，不断优化交割流程，持续提升期现市场的贴合度， 确保胶版印刷纸期货的稳健运行和功能发挥。(完) 上期所：胶版印刷纸期货首次交割完成 交割金额近760万元 中新网上海1月19日电 (高志苗)19日，上海期货交易所(以下简称上期所)胶版印刷纸期货首个合约 OP2601顺利完成交割，交割量46手合计1840吨，交割金额近760万元。自2025年9月10日，胶版印刷纸 期货上市以来，交易运行平稳，企业参与度持续提升，各业务流程衔接顺畅，市场功能逐步发挥。截至 2026年1月15日，累计成交30.95万手，总成交金额513.87亿元。 厦门国贸纸业有限公司相关负责人表示，胶版印刷纸期现货市场联动良好，期货价格充分反映了市场供 需及其预期变化，胶版印刷纸现货流转多采用生产企业或贸易商直接送到消费者所在地，厂库仓单交割 灵活更符合胶版印刷纸产业运行规律。胶版印刷纸期货首个OP2601合约的交割结算价真实反映了国内 现货价格，将有助于促进期现市场有效对接和风险管理工具的运用，将进一步健全和完 ...

每经AI快讯，1月19日，上海期货交易所胶版印刷纸期货首个合约OP2601完成交割，交割量46手合计 1840吨，交割金额近760万元。 ...

1月19日，上海期货交易所胶版印刷纸期货首个合约OP2601顺利完成交割，交割量46手合计1840吨，交 割金额近760万元。 自2025年9月10日，胶版印刷纸期货上市以来，交易运行平稳，企业参与度持续提升，各业务流程衔接 顺畅，市场功能逐步发挥。截至2026年1月15日，累计成交30.95万手，总成交金额513.87亿元。2025年 11月16日上期所在浙江嘉兴举办胶版印刷纸期货交割业务培训会并进行交割仓库操作规范模拟演练，为 首次交割夯实了基础。 作为本次交割的期货服务商之一，银河期货相关负责人表示，上期所始终秉持服务实体经济的责任担 当，持续通过各项精细化服务，全力保障胶版印刷纸期货稳健运行。银河期货运用多种形式，协助实体 企业顺利完成了胶版印刷纸期货首次交割的各项工作。2026年1月15日上期所上线胶版印刷纸交割厂库 协商提货升贴水指导价报价，可以有效满足实体企业对胶版印刷纸不同定量、亮度以及非认证品牌的需 求，为我国文化用纸产业链企业提供精准管理价格波动风险的工具。 作为本次期转现业务的期货服务商，中信期货相关负责人表示，相较于合约到期集中交割，期转现业务 在时间安排、数量规模、交货地点及品质标准 ...

1月9日盘中，胶版印刷纸期货主力合约弱势震荡，最低下探至4182.00元。截止发稿，胶版印刷纸主力 合约报4226.00元，跌幅0.56%。 胶版印刷纸期货主力小幅下跌0.56%，对于后市行情如何，相关机构该如何评价？ 机构 核心观点 瑞达期货 胶版印刷纸区间操作 银河期货 双胶纸估值处于低位 瑞达期货：胶版印刷纸区间操作 供应端，本期(20260102-0108)双胶纸产量20.4万吨，较上期增加0.1万吨，增幅0.5%，产能利用率 52.2%，较上期上升0.1%。库存端，截至2026年1月8日，本期双胶纸生产企业库存139.7万吨，环比增幅 0.4%。OP2602合约建议下方关注4100附近支撑，上方4400附近压力，区间操作。 银河期货：双胶纸估值处于低位 双胶纸估值处于低位，环比持平，木浆价格上涨推升成本，理论单吨亏损扩大，盈利承压明显，纸企发 布1月提价通知，但社会需求疲软制约涨价落地，部分区域成交让利。短期供需弱平衡格局难破，估值 缺乏持续大幅上涨驱动。 ...

Core Viewpoint - The Chinese futures market is experiencing significant growth and transformation in 2025, marked by a historic increase in funding and client equity, innovative business models, and a shift towards high-quality development [1][3]. Funding Growth - In 2025, the total funding in the futures market surpassed 2 trillion yuan, with client equity also exceeding this milestone, reflecting a growth of over 30% compared to the end of 2024 [3]. - The trading volume reached 8.117 billion contracts and a turnover of 67.545 trillion yuan, with year-on-year increases of 14.74% and 20.19% respectively [3]. Product Expansion - The futures market has expanded its product offerings, with a total of 164 futures and options listed by the end of November 2025, including 18 new products such as aluminum alloy and pure benzene [5]. - New products have filled gaps in risk management tools for key raw materials, enhancing the market's service to the real economy [4][5]. Value Creation and Competition - The concept of "anti-involution" has emerged as a key theme, promoting healthy competition focused on value creation rather than price wars [7]. - New regulations have been introduced to curb unfair competition practices, fostering a shift towards service quality and professional value [7]. Industry Integration - The futures industry is increasingly integrating with the real economy, with a record number of companies announcing hedging strategies, indicating a shift from basic hedging to more complex risk management approaches [9][10]. - The demand for price risk management has risen significantly, leading to a transformation in the role of futures companies from mere brokers to comprehensive risk management service providers [10]. Rise of Proprietary and Asset Management - The overall profit of the futures industry increased, with proprietary trading and asset management becoming significant growth drivers, contributing to a net profit of 10.316 billion yuan, a 17.67% increase year-on-year [12][13]. - The scale of private asset management products reached 375.548 billion yuan, marking a 19.48% growth compared to the end of 2024 [12]. Internationalization - The futures market is advancing in internationalization, with the number of futures and options available to qualified foreign institutional investors expanding to 107 [16]. - The market has seen a 14% increase in effective clients, with notable growth in foreign clients, indicating a deeper integration into the global financial system [16]. Technological Empowerment - The industry is embracing advanced technologies such as big data and AI, enhancing its core competitiveness and service capabilities [18][19]. - AI is transforming trading execution and client services, making professional services more accessible and efficient [19]. Capital Increase Wave - A significant capital increase wave has occurred in the futures industry, with major brokerages leading the way, reflecting a restructuring of the industry landscape [21][22]. - The capital advantages of leading firms have been further enhanced, with top companies accounting for over 60% of net capital in the industry [22]. Market Differentiation - The futures market in 2025 has shown significant differentiation, with stark contrasts in performance across various commodity sectors, influenced by geopolitical factors and market dynamics [24]. - The performance of precious metals has been particularly strong, while traditional sectors like black commodities and agriculture have lagged, highlighting the need for refined risk management strategies [24]. Regulatory Improvements - The regulatory framework for the futures industry has been strengthened with new rules addressing various aspects such as internet marketing and risk management, promoting a more standardized development [26][27]. - Enhanced regulations aim to facilitate quality development in the industry, ensuring a safer and more effective market environment [27].

Core Viewpoint - The Chinese futures market is experiencing significant growth and transformation in 2025, marked by a historic increase in funding and client equity, innovative business models, and a shift towards high-quality development [1][2]. Funding Scale - In 2025, the total funding in the Chinese futures market surpassed 2 trillion yuan, with client equity also exceeding this milestone, marking a historical high. By December 8, 2025, client equity had increased by over 30% compared to the end of 2024 [3]. - The trading activity in the futures market saw a cumulative volume of 8.117 billion contracts and a transaction value of 67.545 trillion yuan in the first 11 months of 2025, reflecting year-on-year growth of 14.74% and 20.19% respectively [3]. Product Expansion - Continuous product innovation is a key driver for the expansion and quality improvement of the futures market in 2025, with a total of 164 futures and options products listed by the end of November 2025, including 18 new products [4]. - New products such as pure benzene and propylene futures have filled gaps in risk management tools for the petrochemical industry, while green transition products like aluminum alloy futures have been introduced to support low-carbon initiatives [4]. Value Creation and Competition - The concept of "anti-involution" has emerged as a significant theme in the high-quality development of the futures industry, promoting a shift towards value creation and healthy competition [5][6]. - New regulations have been introduced to curb unfair competition practices, encouraging firms to focus on service quality and professional value creation rather than price wars [6]. Industry Integration - The futures industry is increasingly integrating with the real economy, with a record number of 1,782 listed companies announcing hedging-related activities in the first 11 months of 2025, an increase of 18.6% from the previous year [7]. - The role of futures companies is evolving from mere brokers to risk management service providers deeply embedded in the industrial chain [7]. Rise of Proprietary and Asset Management - The overall profit of the futures industry increased in 2025, with proprietary trading and asset management businesses becoming significant contributors to profit growth, achieving a net profit of 10.316 billion yuan, up 17.67% year-on-year [8][9]. - The scale of private asset management products reached 375.548 billion yuan by the end of November 2025, marking a 19.48% increase from the end of 2024 [8]. Internationalization - The Chinese futures market is advancing in internationalization, with the number of futures and options products available to qualified foreign institutional investors expanding to 107 [10][11]. - By September 2025, the number of effective clients in the market exceeded 2.7 million, with a notable 11% increase in foreign clients [11]. Technological Empowerment - The futures industry is increasingly leveraging advanced technologies such as big data and AI to enhance service quality and operational efficiency [12][13]. - AI is transforming trading execution, customer service, and risk management, enabling a shift from traditional methods to data-driven decision-making [13]. Capital Increase Wave - A significant capital increase wave is observed in the futures industry, with major brokerage firms leading the charge to enhance their capital base and expand their business scope [14]. - The top 20 futures companies now account for over 60% of net capital, further consolidating their market position [14]. Market Differentiation - The futures market in 2025 exhibited pronounced differentiation, with stark contrasts in performance across various commodity sectors, influenced by factors such as geopolitical risks and demand shifts [15][16]. - The performance of precious metals has been particularly strong, while traditional sectors like black metals and agricultural products have shown weaker results [16]. Regulatory Improvements - In 2025, multiple regulations were introduced to enhance the standardization of the futures industry, focusing on areas such as internet marketing and risk management [17][18]. - The regulatory framework aims to facilitate quality development in the futures market, ensuring a safer and more effective operational environment [18].