央广网北京4月19日消息 2024年4月17日-19日，由中国造纸协会主办的2024中国造纸协会年会系列 会议在杭州举办。本届会议以"析供需，稳产业，促高质量发展"为主题，上海期货交易所（下称上期 所）副总经理李辉出席会议并致辞。 下一步，上期所将结合纸浆期货运行情况以及造纸行业生产、贸易、消费特点，持续扩大优质可供 交割资源范围，不断优化交割库布局，密切关注市场动向，稳定市场预期，鼓励企业充分运用期货市场 管理价格波动风险。同时，抓紧推进胶版印刷纸和瓦楞原纸期货及期权上市，稳步研发纸浆期权，有序 深化纸浆期货国际化，向行业提供更加精准、更加高效的风险管理工具，助力造纸产业高质量发展。 造纸业是国家重要基础原材料产业，在国民经济各领域发挥着重要作用。2018年，上期所纸浆期货 挂牌上市，标志着期货服务造纸产业迈出先行一步。纸浆期货上市近六年来总体运行平稳，发现价格、 管理风险和配置资源功能初显成效，为造纸行业的稳定持续健康发展贡献了期货力量。市场规模方面， 2023年纸浆期货成交1.3亿手，同比增加55.0%，成交金额7.2万亿元，同比增加29.8%，日均持仓44.1万 手，同比增加32.6%。交割服务方面， ...

● 本报记者林倩 从铸造铝合金期货及期权，再到胶版印刷纸期货及期权，从"中国氢价指数体系"，再到"中国绿氢价格 指数"……上海期货交易所正把"双碳"战略转化为市场语言，切实助力产业绿色低碳转型。 在业内人士看来，上期所通过积极研发布局新品种、推出价格指数、加强国际交流和合作，充分发挥价 格发现与风险管理功能，引导产业资源加速向低碳领域集聚，扎实做好金融"五篇大文章"，为实体经济 高质量发展注入持续动能。 积极研发布局绿色品种 多年来，上期所积极研发布局绿色品种，包括铸造铝合金期货及期权、胶版印刷纸期货及期权等，助力 产业绿色低碳转型。 中国纸业投资有限公司总经理严肃表示，在产业全力推进绿色低碳技术改造和应用的进程中，有效管理 原材料成本与产品价格波动风险，提升资源配置效率和经营稳定性是一个非常重要的课题。胶版印刷纸 期货及期权为企业提供了管理价格风险的工具，增强企业经营韧性。 后续，越来越多的绿色品种有望相继上市。据上期所相关负责人透露，上期所目前正在加快推进液化天 然气期货及期权、瓦楞原纸期货及期权的研发上市工作，聚焦服务"双碳"和绿色发展战略目标。 发布并完善"中国氢价指数体系" 除了研发绿色品种，上期所 ...

2025年9月，胶版印刷纸期货及期权，燃料油、石油沥青和纸浆期权在上期所正式挂牌交易。上期所在 遴选胶版印刷纸期货交割认证品牌时，优先考虑具有工信部公示的"绿色工厂"等资质的生产企业，以市 场化手段推动造纸产业绿色低碳转型。 中国纸业投资有限公司总经理严肃表示，在产业全力推进绿色低碳技术改造和应用的进程中，有效管理 原材料成本与产品价格波动风险，提升资源配置效率和经营稳定性是一个非常重要的课题。胶版印刷纸 期货及期权为企业提供了管理价格风险的工具，增强企业经营韧性。 ● 本报记者 林倩 从铸造铝合金期货及期权，再到胶版印刷纸期货及期权，从"中国氢价指数体系"，再到"中国绿氢价格 指数"……上海期货交易所正把"双碳"战略转化为市场语言，切实助力产业绿色低碳转型。 在业内人士看来，上期所通过积极研发布局新品种、推出价格指数、加强国际交流和合作，充分发挥价 格发现与风险管理功能，引导产业资源加速向低碳领域集聚，扎实做好金融"五篇大文章"，为实体经济 高质量发展注入持续动能。 积极研发布局绿色品种 多年来，上期所积极研发布局绿色品种，包括铸造铝合金期货及期权、胶版印刷纸期货及期权等，助力 产业绿色低碳转型。 具体来看 ...

在"双碳"目标引领下，上期所以绿色品种创新为抓手，聚焦再生资源与传统产业绿色升级需求，推出铸 造铝合金期货及期权、胶版印刷纸期货及期权等标志性产品，为铝产业、造纸产业低碳转型搭建起专业 化风险管理平台，同时持续推动原有期货品种的低碳化发展，为实体经济注入绿色金融动能。 激活铝产业循环经济 作为铝工业大国，我国已建成"铝土矿—氧化铝—电解铝—铝加工—铝应用—再生铝"的完整产业链。随 着我国铝积蓄量逐年增加，相关机构预计2025年废铝资源为1177万吨。铸造铝合金作为全球铝工业低碳 转型的重要产品，在我国同样发展迅速。中国有色金属工业协会数据显示，2024年，我国铸造铝合金 （再生）产能约为1300万吨，产量约为620万吨，表观消费量约为673万吨。我国已成为全球最大的铸造 铝合金生产国和消费国。 作为废铝循环利用的核心途径，铸造铝合金的绿色属性尤为突出。中国有色金属工业协会数据显示，生 产1吨铸造铝合金的碳排放量仅为火电电解铝的3.6%，可节约3.4吨标准煤与22吨水，顺应《铝产业高质 量发展实施方案（2025—2027年）》中"再生铝产量在1500万吨以上"的低碳发展目标。 然而，近年来，废铝等原材料价格逐渐 ...

编者按："双碳"目标下，绿色转型不仅需要政策引导，更需市场之手助力。近年来，上期所通过研发上 市绿色品种、发布氢价指数、加入国际权威倡议等多个举措，提升绿色要素定价透明度，引导资源优化 配置，为产业绿色低碳转型注入了坚实的市场动力。即日起，本报推出"向绿向新，助力高质量发展"系 列报道，讲述上期所为助力产业绿色低碳转型做出的努力。 近年来，气候变化日益严峻，全球气温上升、极端天气频发，对人类生存和发展构成了威胁。为应对气 候变化带来的问题，我国作为全球最大的碳排放国之一，提出"双碳"目标，旨在通过减排措施应对气候 变化，保护地球生态环境。 在"双碳"目标引领与实体经济绿色转型需求的双重驱动下，上期所紧扣金融"五篇大文章"中的绿色金融 主题，从绿色品种研发、绿色标准推广、国际交流合作三大维度持续发力，以期货市场功能为支点，引 导产业资源向低碳领域集聚，为产业绿色低碳转型注入金融动能。 助力船运市场低碳转型 随着全球航运业绿色转型步伐加快，为适应全球船用燃料油市场发展新趋势，上期所以低硫燃料油衍生 品为突破口，推出低硫燃料油期货，在为船燃产业链提供相关风险管理工具的同时，为助推全球航运能 源结构清洁化转型贡献力量 ...

Core Insights - The Chinese futures market is experiencing robust growth with an increasing variety of products and a more comprehensive system, covering major sectors of the national economy and making progress in areas like international openness and national development [1][3][4] - There is a need for further improvement in areas such as green products, technology-related derivatives, and foreign exchange futures compared to mature overseas markets [1][7] Product Innovation - As of September 12, 2025, there are 157 listed futures and options in China, covering various sectors including agriculture, metals, energy, chemicals, construction materials, shipping, and finance [1] - Recent innovations include the launch of the world's first cultural paper financial derivative, the futures and options for coated printing paper, and the first recycled commodity futures and options for casting aluminum alloy [1][2] - The China Securities Regulatory Commission has approved several new products, including monthly average price futures for linear low-density polyethylene, polyvinyl chloride, and polypropylene, marking a significant expansion in the domestic commodity futures market [2] Strategic Development - The introduction of strategic futures products enhances the market's ability to serve national development strategies, helping enterprises hedge market risks and stabilize operations [3][4] - The futures market is increasingly integrated into national development goals, contributing to food security and rural revitalization through innovative models like "insurance + futures" [3][4] Market Structure and Internationalization - The structure of the futures market is becoming more diverse, effectively meeting the personalized needs of various enterprises, especially in the context of complex macro trade situations [4][6] - The number of futures and options available to qualified foreign investors has expanded to over 90, indicating a growing internationalization of the market [3][6] Policy and Regulatory Support - The rapid development of the futures market is supported by strong policy backing and precise guidance, with the State Council's 2024 opinions providing a framework for high-quality development [6][7] - The market's depth and breadth are continuously improving, with increasing recognition among enterprises of the importance of using futures tools for risk management [6] Future Directions - There is a call for the introduction of futures products that align with high-quality economic transformation, particularly in green energy, carbon emissions, and digital economy sectors [9][10] - The market is expected to play a crucial role in managing financial risks and supporting the internationalization of the RMB, with hopes for the quick launch of RMB foreign exchange futures [10]

Core Insights - The Chinese futures market is experiencing robust growth, with an increasing variety of products and a more comprehensive system, covering major sectors of the national economy [1][2] - There is a need for further development in areas such as green products, technology-related derivatives, and foreign exchange futures compared to mature overseas markets [1][6] - The introduction of innovative futures products is essential for supporting high-quality economic transformation and stabilizing industrial chains [1][3] Product Innovation - As of September 12, 2025, there are 157 listed futures and options products in China, spanning agriculture, metals, energy, chemicals, construction materials, shipping, and finance [1] - Recent innovations include the launch of the world's first cultural paper financial derivatives and the first futures and options for recycled aluminum alloy [1][2] - The China Securities Regulatory Commission has approved several new products, including monthly average price futures for various plastics, indicating a growing diversity in the futures market [2] Strategic Development - The launch of strategic futures products enhances the market's ability to support national development strategies, helping enterprises hedge market risks and stabilize operations [3][4] - The futures market is increasingly integrated into national development goals, contributing to food security and rural revitalization through innovative models like "insurance + futures" [3][4] - The market's openness has expanded, with over 90 futures and options products available for qualified foreign investors [3] Policy and Regulatory Support - The rapid development of the futures market is supported by strong policy backing and collaboration among various stakeholders [4][6] - The State Council's guidelines emphasize the core functions of the futures market in serving the real economy and national strategies, providing a framework for innovation [4][6] - The recognition of the importance of futures tools for risk management among enterprises is growing, laying a solid foundation for further innovation [4] Internationalization and Global Trends - The internationalization of the futures market is progressing, with an increasing number of products covering energy, metals, and agriculture [6] - The cancellation of foreign ownership limits for futures companies has allowed for greater foreign investment [6] - Observing global trends, there is a push for the development of green and technology-related futures products in China, inspired by successful models in overseas markets [7][8] Future Directions - Recommendations for future product development include focusing on green electricity futures, carbon emission rights futures, and derivatives related to new energy and high-value products [8][9] - The need for a more diverse range of risk management tools is emphasized, particularly in light of the evolving macroeconomic landscape [4][6] - The importance of balancing innovation with regulatory oversight is highlighted, ensuring that the futures market can effectively manage risks while fostering growth [9]

Group 1 - The "Vibrant China Research Tour" event highlighted the Shanghai Futures Exchange (SHFE) as it showcased new futures and options products, including printing paper futures and options, fuel oil, asphalt, and pulp options, indicating the expanding influence of "Shanghai pricing" [1] - SHFE has listed a total of 25 futures and 18 options products, with five futures and oil options directly open to foreign investors, allowing qualified foreign investors to participate in trading for 32 futures and options products [6] - The SHFE has established a comprehensive and effective trading operation, self-regulation, and risk control system, supporting a safe and efficient market operation, and has launched various brand projects to enhance market services [7] Group 2 - The number of overseas clients at SHFE has been steadily increasing, with growing participation and enhanced international recognition, as evidenced by the listing of Shanghai rubber futures on the Osaka Exchange [7] - In 2024, SHFE achieved a trading volume of 2.401 billion contracts and a transaction value of 233.95 trillion yuan, maintaining the highest trading amount among domestic exchanges for five consecutive years [7]

Core Viewpoint - The launch of futures and options for newsprint paper, fuel oil, asphalt, and pulp at the Shanghai Futures Exchange marks a significant step in enhancing risk management tools for the paper industry and promoting sustainable development [1][2][3]. Group 1: Industry Significance - The paper industry is a crucial part of China's light industry, with a production and consumption volume of 136 million tons in 2024, maintaining its position as the world's largest producer and consumer for 16 consecutive years [1]. - The introduction of newsprint paper futures and options is timely, providing essential financial instruments for upstream and downstream enterprises, thereby strengthening the industry's risk resilience [1][2]. - The new products are expected to stimulate green transformation in the paper industry and enhance international competitiveness, contributing to the establishment of "China prices" and attracting global resources [1][2]. Group 2: Market Development - The launch of these new futures and options is part of a broader strategy to enrich and improve the multi-layered derivative system in the market, catering to the refined and diversified needs of enterprises [2]. - The futures market has demonstrated effective risk management capabilities during market volatility, indicating a mature investor structure and strong contract continuity [2]. - The addition of newsprint paper and pulp options will further enhance the risk management framework within the paper industry, providing companies with more flexible hedging tools [2][3]. Group 3: Strategic Implications - The introduction of newsprint paper futures and options is seen as a milestone in supporting the green and low-carbon transformation of the paper industry, enhancing the risk management level across the pulp and paper supply chain [3]. - The Shanghai Futures Exchange aims to continuously expand its product offerings and improve efficiency, thereby supporting high-quality development in the real economy [3].

Report Industry Investment Rating No relevant content provided. Core Viewpoints - Considering the export downside risk and the weakening fiscal contribution, it is expected that the downward pressure on the domestic economy may increase after September, and the fundamental demand for monetary easing will rise. If the Fed cuts interest rates again, the domestic monetary policy may follow [23]. - In the context of the continuous decline in deposit interest rates, funds are gradually flowing from deposits to the wealth - management market. It is expected that the scale of listed companies' deposit - to - wealth - management conversion will reach hundreds of billions in the next year. Overseas wealth management has also become an important direction for corporate asset allocation [24]. - The new regulations on public fund sales fees mainly affect public bond funds and the bond market through the increase in redemption fees. Bond ETFs may see further incremental capital inflows [24]. - The core driving forces for the market in the fourth quarter may come from three aspects: the continuous decline in the risk - free interest rate, the "anti - involution" policy and the expected improvement of PPI data, and technological breakthroughs and policy support in the technology field [30]. Summary by Directory 1. Macro Data Overview - In Q2 2025, GDP at constant prices increased by 5.2% year - on - year, slightly lower than the previous quarter's 5.4% but higher than the same period last year's 4.7% [1]. - In August 2025, the manufacturing PMI was 49.4%, up from 49.3% in the previous month and 49.1% in the same period last year; the non - manufacturing PMI for business activities was 50.3%, up from 50.1% in the previous month and the same as the same period last year [1]. - In July 2025, M0, M1, and M2 increased by 11.8%, 5.6%, and 8.8% year - on - year respectively, with M1 and M2 accelerating compared to the previous month [1]. - In August 2025, CPI decreased by 0.4% year - on - year, and PPI decreased by 2.9% year - on - year, with the decline of PPI narrowing by 0.7 percentage points compared to the previous month [1][2][11]. - In August 2025, exports increased by 4.4% year - on - year, and imports increased by 1.3% year - on - year, both showing a slowdown compared to the previous month [1]. 2. Commodity Investment Reference Comprehensive - In August, the CPI was flat month - on - month and decreased by 0.4% year - on - year, while the core CPI increased by 0.9% year - on - year. The PPI was flat month - on - month and decreased by 2.9% year - on - year, with the decline narrowing [2]. - Five futures and options products were listed on the Shanghai Futures Exchange on September 10, and some products were included in the QFII trading scope [2]. - Canada is reviewing the current tariff rates on imported products from China and may relax the tariffs on Chinese electric vehicles [3]. - The probability of the Fed cutting interest rates by 25 basis points in September is 92%, and the probability of cutting by 50 basis points is 8% [3]. Metals - Since late August, the international gold price has risen, with a year - to - date increase approaching 40%. The recent jump is related to the market's "front - running" of the Fed's September rate cut and the rise in long - term bond yields in many countries [4][5]. - On September 9, the inventories of some metals on the London Metal Exchange changed, with tin and nickel inventories increasing, and lead and zinc inventories decreasing [5]. - Many banks have adjusted the starting amount of gold accumulation due to the large fluctuations in the gold price [5]. Coal, Coke, Steel, and Minerals - China has made major breakthroughs in oil, gas, and uranium exploration, with oil production stable at 200 million tons and natural gas production exceeding 240 billion cubic meters [6]. - Anhui Province publicly auctioned 5 strategic mineral exploration rights, with a total exploration area of 16.9256 square kilometers [6]. - As of September 10, the prices of black tungsten concentrate and ammonium paratungstate have increased significantly compared to the beginning of the year [6]. Energy and Chemicals - On September 10, the main contract of US crude oil rose, driven by the tense geopolitical situation in the Middle East and OPEC+'s decision to limit production increase [7][8]. - Six departments regulated the photovoltaic industry, and the industry association called for self - discipline [8]. - Russia's seaborne crude oil exports increased, and the oil exports from its western ports in September were raised by 11% [8]. - The US EIA crude oil inventory increased, and the total inventory of crude oil and refined oil reached the highest level since 2023 [8]. Agricultural Products - The Ministry of Agriculture and Rural Affairs and the National Development and Reform Commission will hold a symposium on pig production capacity regulation [9]. - In August, US coffee imports from Brazil decreased significantly, and Germany became the largest overseas market for Brazilian coffee [9]. - The Buenos Aires Grain Exchange expects Argentina's soybean planting area in the 2025/2026 season to decrease by 4.3% year - on - year [9]. 3. Financial News Compilation Open Market - On September 10, the central bank conducted 304 billion yuan of 7 - day reverse repurchase operations, with a net investment of 74.9 billion yuan [10]. Important News - In August, China's CPI decreased year - on - year, and the decline of PPI narrowed [11]. - The National Development and Reform Commission proposed to do a good job in the second - half economic work and promote the domestic and international dual - cycle [11]. - The Ministry of Finance will implement a more proactive fiscal policy, promote consumption, and encourage private investment [12]. - China will expand high - level opening - up and promote the high - quality development of service trade [12][13]. - The market regulator solicited opinions on measures to promote the development of the private economy [13]. - Many bond funds' net values declined, and the redemption pressure increased [14]. - The auction of small and medium - sized bank equity was cold, and some government investment funds had problems such as idle funds [14]. - Some local governments and individuals are prepaying loans to save on interest [15]. - Japan will conduct a 5 - year treasury bond auction, and investors expect moderate demand [15]. - The US 8 - month PPI inflation unexpectedly declined, providing support for the Fed to cut interest rates [16]. - Some companies had bond - related events, and some overseas credit ratings were adjusted [16]. Bond Market Summary - The bond market weakened, with yields of major interest - rate bonds rising and bond futures falling [17]. - The money market interest rates mostly rose, and the yields of some bonds were determined through auctions [18][19][20]. - European and US bond yields mostly declined [20][21]. Foreign Exchange Market - The on - shore RMB against the US dollar rose, and the US dollar index rose slightly [22]. Research Report Highlights - CICC Fixed Income expects the domestic economy to face greater downward pressure after September and believes that the domestic monetary policy may follow the Fed's rate cut [23]. - CITIC Securities expects the scale of listed companies' deposit - to - wealth - management conversion to reach hundreds of billions in the next year [24]. - Xingzheng Fixed Income believes that the new regulations on public fund sales fees will increase the trading cost of public bond funds, and bond ETFs may attract more capital [24]. - Yangtze River Fixed Income analyzes the capital situation, government bond payment, and inter - bank bond market leverage [24]. - Yangtze River Fixed Income also provides information on the disclosure of special new special bonds [25]. - Xingzheng Fixed Income points out that the yields and credit spreads of bank Tier 2 and perpetual bonds have declined [26]. Today's Reminders - On September 11, 235 bonds will be listed, 127 bonds will be issued, 90 bonds will be paid, and 200 bonds will pay principal and interest [26][27]. 4. Stock Market News - The A - share market rebounded with reduced trading volume, with the AI industry chain rising and some sectors falling. The trading volume reached a one - month low [28]. - The Hong Kong stock market rose, with the Hang Seng Index up 1.01%. Southbound funds had a net purchase of HK$75.66 billion [28]. - A person suggested that Hong Kong should cut or cancel the stock stamp duty in three stages and set up differentiated listing standards for the GEM [28]. - The margin trading business is booming, and a securities firm increased its credit business scale [29]. - Multiple public funds held autumn strategy meetings, believing that the market may be driven by factors such as the decline in the risk - free interest rate, policy promotion, and technological breakthroughs [30].