中国证监会官方发布 同意上海期货交易所 胶版印刷纸期货和期权注册 标志着上海期货交易所即将上市 全球首个文化用纸金融衍生品 8月15日 8月18日 上海期货交易所官网 发布胶版印刷纸期权上市交易有关事项 宣布胶版印刷纸期权 自2025年9月10日（周三） 晚上21:00起上市交易 胶版印刷纸上市 对出版印刷文化用纸影响几何 供给端方面，期货价格信号将引导造纸企业更合理地安排生产计划。当期货价格显示未来供应偏紧时，企业或考虑提前开工；反之，价格预示供大于求风 险时，则可以适当控制产量，减少生产资源浪费。同时，期货市场的套期保值功能使企业能够在锁定利润的前提下扩大生产规模，从而提升行业整体供给 稳定性。但结合胶版印刷纸供应过剩的行业现状来看，此影响逻辑短期内或难有较明显的体现。另外，胶版印刷纸期货交割标准要求符合或者优于国家标 准《胶版印刷纸》中优等品规定，将加速市场落后产能出清，推动行业向绿色环保方向发展。 从需求端来看，胶版印刷纸期货为贸易商和终端企业提供了成本管理工具。印刷企业、出版社可以通过买入期货合约来明确未来的原料成本，避免因纸价 上涨而压缩利润空间。这种成本的确定性将增强下游企业的接单灵活性和市场竞 ...

策略报告 | 投资策略 防空转，稳信贷 证券研究报告 政策与大类资产配置周观察 海内外政策要闻 习近平总书记在《求是》发文促进民营经济健康发展。近日《求是》杂志发表了 中共中央总书记、国家主席、中央军委主席习近平的重要文章《促进民营经济健 康发展、高质量发展》。文章强调，民营企业是伴随改革开放伟大历程蓬勃发展起 来的。几十年来，关于对民营经济在改革开放和社会主义现代化建设事业中地位 和作用的认识、党和国家对民营经济发展的方针政策，我们党理论和实践是一脉 相承、与时俱进的。 2025年全国生态日主场活动举办。8月15日，中共中央政治局常委、国务院总理 李强在京出席2025年全国生态日主场活动开幕式暨践行绿水青山就是金山银山 理念座谈会，他强调，要坚持以习近平新时代中国特色社会主义思想为指导，深 入贯彻习近平生态文明思想，牢固树立和践行绿水青山就是金山银山理念，以更 大力度把绿水青山建得更美，以绿色发展方式把金山银山做得更大，奋力谱写新 时代生态文明建设新篇章。 美俄元首会晤后举行新闻发布会。当地时间8月15日，美国总统特朗普与俄罗斯 总统普京在美国阿拉斯加州安克雷奇举行会晤。双方在很多问题上达成一致，遗 留待解 ...

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中国证监会15日同意上海期货交易所 胶版印刷纸期货和期权、燃料油、石油沥青和纸浆期权注册，标志着上期所即将上市全球首个文化用纸金融衍生 品，同时加速实现成熟期货品种期权覆盖，上期所产品体系进一步丰富。 我国是全球最大的胶版印刷纸生产国和消费国。2024年我国胶版印刷纸产量948万吨，表观消费量871万吨。近年来，国内外市场环境复杂多变，我国造纸 工业面临着较大营收增长压力，产业避险需求较高。推出胶版印刷纸期货和期权，将填补国内文化用纸金融衍生品的空白，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，加快形成公开透明公允的市场价格。同时，与纸浆期货形成协同效应，打造"纸浆-胶版印刷纸"的完整风险管理链条， 加强上下游企业对从原材料到产成品敞口风险的闭环管理，完善浆纸产业全周期风险管理体系，提升商品期货市场服务实体经济质效。 此外，上期所燃料油、石油沥青和纸浆期货经过多年培育，已经逐步成为企业套期保值的重要工具，具备市场流动性和合约连续性好、投资者结构成熟等 特点，进一步推出期权产品，企业可以同步使用期货、期权工具开展更精细化套保，从而有效增强风险管理能力。 来源：证监会网站、上期所发布 监制：韩霁 审 ...

Core Viewpoint - The China Securities Regulatory Commission has approved the registration of futures and options for newsprint paper on the Shanghai Futures Exchange, marking the launch of the world's first financial derivatives for cultural paper [1]. Industry Overview - China is the largest producer and consumer of newsprint paper globally, with a market size approaching 50 billion yuan [1]. - The domestic paper industry faces significant revenue growth pressure due to complex market conditions, leading to a high demand for risk management solutions [1]. Market Dynamics - The price of newsprint paper is influenced by upstream pulp costs and the supply-demand dynamics of downstream industries such as publishing and stationery [2]. - Since 2022, the paper industry has experienced continuous capacity expansion, resulting in price declines and sales sluggishness for producers and distributors [2]. - While lower paper prices can reduce procurement costs for end-users, they may also lead to issues with paper quality, negatively impacting stable operations [2]. Risk Management Solutions - The introduction of newsprint paper futures and options is expected to serve as a stabilizing mechanism and price anchor for the industry, enhancing pricing efficiency and guiding production planning [1][2]. - The Shanghai Futures Exchange has adopted a "warehouse + factory warehouse" delivery model to ensure product quality and better adapt to current market characteristics [2]. - The new derivatives fill a gap in the financial derivatives market for cultural paper, creating a risk management chain that integrates pulp and paper [2]. Strategic Implications - The addition of newsprint paper futures is anticipated to enhance the risk management capabilities of paper companies, allowing for flexible cross-hedging strategies across the supply chain [3]. - The price signals generated by the futures market are characterized by transparency and fairness, which can help establish a fair pricing system and serve as a reference for domestic and international trade [3].

（文章来源：证券时报） 近日，中国证监会同意上海期货交易所胶版印刷纸期货和期权注册，以及燃料油、石油沥青、纸浆期权 注册。证监会表示，将督促上海期货交易所做好各项准备工作，确保胶版印刷纸期货和期权、燃料油、 石油沥青、纸浆期权的平稳推出和稳健运行。 ...

Core Viewpoint - The China Securities Regulatory Commission (CSRC) has approved the launch of futures and options for coated printing paper, fuel oil, asphalt, and pulp on the Shanghai Futures Exchange (SHFE), marking the introduction of the world's first financial derivatives for cultural paper and enhancing the product matrix of SHFE [1][2][8]. Group 1: Industry Context - The paper industry is a crucial basic raw material sector closely linked to national economic development and people's lives, with coated printing paper being a typical representative used in books, magazines, and notebooks [8]. - China is the largest producer and consumer of coated printing paper globally, with a production volume of 9.48 million tons and apparent consumption of 8.71 million tons projected for 2024 [8][11]. - The domestic paper industry faces significant revenue growth pressures due to a complex market environment, leading to a high demand for risk management tools [8]. Group 2: Product Launch Significance - The introduction of coated printing paper futures and options fills a gap in the domestic financial derivatives market for cultural paper, providing tools for enterprises in the paper industry to manage price volatility effectively [8][11]. - The new products will create a complete risk management chain in collaboration with existing pulp futures, enhancing the ability of upstream and downstream enterprises to manage exposure risks throughout the production cycle [8][12]. Group 3: Environmental and Economic Impact - The paper industry is characterized by strong circular economy features, with a complete system for raw material recycling, product reuse, and waste recovery already established in China [9]. - The launch of these financial instruments is expected to promote green and low-carbon transformation in the paper industry, aligning with national strategies for sustainable development [9][11]. - The SHFE aims to guide the industry towards environmentally friendly practices through contract arrangements that prioritize companies with green certifications during the delivery process [9]. Group 4: Market Dynamics - The coated printing paper market is valued at nearly 50 billion yuan, and the new futures and options are expected to meet the core needs of industry chain enterprises for hedging against price fluctuations and securing operating profits [11]. - The introduction of these financial tools will enhance the pricing efficiency of the industry, acting as a "benchmark" for price discovery and helping enterprises optimize production plans [11][12].

Group 1 - The China Securities Regulatory Commission (CSRC) has approved the registration of futures and options for coated printing paper on the Shanghai Futures Exchange [2] - The CSRC will supervise the Shanghai Futures Exchange to ensure the smooth launch and stable operation of the coated printing paper futures and options [2]