2025陆家嘴论坛已落下帷幕，作为我国金融改革发展的风向标，论坛期间的新举措、新议题、新理念才 刚进入"施工期"。与往年相比，密集政策、扩大开放、创新发展，则是今年业界关注的高频词。面对复 杂国际形势以及全球金融格局的重塑，上海国际金融中心建设再探新路、再启新程。 密集政策：上海国际金融中心建设再出发 对于上海国际金融中心建设，2025年注定被载入史册。"密集、重磅"是不少金融观察者的共识，也是跟 踪报道论坛记者的共同体会。 论坛期间，中央金融委员会印发《关于支持加快建设上海国际金融中心的意见》（以下简称《意 见》）。《意见》明确，经过五至十年的建设，上海国际金融中心能级全面提升，现代金融体系的适应 性、竞争力、普惠性显著提高，金融开放枢纽门户功能显著强化，人民币资产全球配置中心、风险管理 中心地位显著增强，基本建成与我国综合国力和国际影响力相匹配的国际金融中心。 在论坛上，人民银行、金融监管总局等重量级金融监管部门也宣布多项实质性举措。 其中，中国人民银行宣布将在上海实施八条金融开放举措，支持上海国际金融中心建设，包括设立银行 间市场交易报告库；设立数字人民币国际运营中心；设立个人征信机构；在上海临港新片区 ...

一国的货币也是一样，广泛的国际使用才是其实力的最大来源。当前，美元仍是无可争辩的唯一国际货 币，广泛用于贸易计价结算、国际投融资、储备货币管理、金融制裁等，是美国国际竞争力的重要组成 部分。但美国巨额国债和财政赤字已经到了难以为继的地步，国际金融市场担忧美元币值能否保持稳 定，特朗普政府朝令夕改的经济政策则使这种担忧雪上加霜。美国金融市场近期出现了"股债汇三杀"的 现象，这表明面临政治和经济不确定性时，国际投资者不再像以往那样在美国资产中寻找避风港，而是 选择抛弃部分美国资产，从美国撤出资金。这给欧元和人民币扩展国际使用提供了机会。欧央行行长拉 加德近日发表演讲，从地缘政治安全、法律架构完善、资本市场统一三个方面为欧元挑战美元指出了努 力方向。欧盟的经济总量与美国相差不大，但欧盟地缘政治安全存在较大不确定性，欧盟没有统一的财 政，欧元区资本市场分散难统一，且规模狭小，欧元挑战美元的国际地位恐怕力不从心。 我国地缘政治环境安全，经济增长稳健，兼有大规模的统一财政和金融市场优势，相较于欧元，人民币 更具有成为下一个被广泛使用的国际货币的条件。从2009年7月人民币跨境贸易结算试点算起，人民币 国际化已经走过了17 ...

2025海丝港口合作论坛之金融赋能与港城融合专题论坛近日举行。与会人士聚焦金融创新如何赋能港城 融合，探讨深化"港口+金融+产业"协同创新的路径，为港航金融发展和港城融合提供了有益的借鉴。 而在上海期货交易所党委委员、副总经理陆丰看来，完善航运指数期货产品体系，能够有效帮助企业规 避航运价格波动风险和稳定经营预期。 浙江省国资委党委委员、副主任董正泉表示，浙江作为共建"一带一路"重要枢纽和长三角一体化核心 区，正以建设"创新浙江"为引领，扎实推进世界一流强港和高能级开放强省建设。他表示，希望海丝港 口合作论坛能够成为理念创新的"策源地"、产融对接的"耦合器"、开放合作的"连心桥"。 世邦魏理仕中国区执行董事、产业地产负责人孙洁以全球化视角揭示了物流地产在区域经济协同发展中 的战略价值，提出现代物流地产正从单一仓储功能向"智慧枢纽+产业集群+城市配套"的复合型载体转 变。 上海交通大学上海高级金融学院(高金)副院长张湧表示，当前，我国正深化船籍港等政策改革以提升港 航服务业国际竞争力，高金将深耕船舶融资、航运保险及人民币集装箱运价指数期货等领域研究，为共 建"一带一路"与中国式现代化贡献专业力量。 中国工程院外 ...

Core Insights - The 2025 Maritime Silk Road Port Cooperation Forum held in Ningbo, Zhejiang, focused on "Green Sharing and Smart Connectivity," attracting over 900 institutions and more than a thousand guests from over 40 countries and regions [1] Shipping Industry Overview - The "2024 China Port Operation Analysis Report" indicates that the global shipping market's total capacity will reach 2.34 billion deadweight tons in 2024, a year-on-year increase of 3.4%, maintaining the same growth rate as 2023 [2] - China's foreign trade shipping volume accounts for 31.3% of the world's total in 2024, up by 1.0 percentage points from 2023, with significant increases in the shares of iron ore, coal, crude oil, and containers [2] Port Evaluation - The "World-Class Port Comprehensive Evaluation Report (2025)" categorizes top ports into "World Leading" and "World Frontline," with Singapore, Shanghai, and Ningbo-Zhoushan ports in the leading category, and Ningbo-Zhoushan port making significant progress [3] Collaborative Initiatives - A joint statement from over 40 countries emphasizes the need for the shipping industry to enhance resilience in logistics chains through high-quality development, innovation, and sustainable practices [3][4] Financial Services in Shipping - The "Financial Empowerment and Port-City Integration" forum discussed enhancing the shipping financial system and services, highlighting the importance of financial support for traditional industry transformation [5] - The Shanghai International Energy Exchange (INE) launched the container index futures, providing a tool for managing price risks for trade export enterprises [6][7] Future Directions - The INE aims to focus on risk prevention, market cultivation, and enriching the shipping derivatives system to enhance financial services for the shipping industry [8]

"我们在市场调研中关注到，航运产业上中下游对风险管理的需求正在不断显现，越来越多的外贸出口 企业、货代企业已经开始尝试使用期货进行保值避险，利用期货端的收益弥补了现货端的损失，平抑运 费波动风险对企业经营造成的不确定性，稳定了生产经营利润。"有机构人士称。 "上市以来，航运指数期货市场运行稳健，期现价格联动良好，市场参与积极，期现融合逐步显现，为 航运企业风险管理创造了良好的市场基础。"陆丰说。 陆丰介绍，一年多来，航运指数期货期现价格走势高度相关，目前已顺利完成7次现金交割，价格发现 合理，交割期现价差均在1%附近。 截至2025年4月底，航运指数期货运行410个交易日，累计成交量约5445万手，日均成交量约13万手，累 计成交金额约4.7万亿元，日均成交额约114亿元，期末持仓量8.73万手，日均持仓量8.35万手。据美国 期货业协会数据，2024年航运指数期货成交量约为同期全球其他交易所航运衍生品的6.2倍。 陆丰称，下一步，上期所将围绕三大方面来开展工作：一是始终把风险防控放在首位，切实履行市场监 管和风险防范职责，继续维护航运指数期货市场平稳运行；二是大力实施"启航工程"市场培育行动方 案，进一步提 ...

Core Viewpoint - The forum held on May 23, 2025, focused on promoting high-quality risk management development in the shipping industry, highlighting the importance of financial markets in supporting the growth and risk mitigation of the shipping sector [1][2]. Group 1: Development of Shanghai International Shipping Center - The healthy and stable development of the shipping industry is a crucial driver of global economic growth, with Shanghai's international shipping center progressing from "basically completed" to "fully completed" over the past two decades [2]. - Continuous efforts have led to the enhancement of Shanghai's sea and air hub capabilities, breakthroughs in the green and digital transformation of the shipping industry, and improvements in shipping service capabilities [2]. Group 2: Role of Futures Market - The introduction of the container shipping index (European line) futures has provided an efficient risk hedging tool for shipping companies, demonstrating its advantages during market fluctuations such as the Red Sea incident [2]. - As of April 30, 2025, the shipping index futures have operated smoothly for 410 trading days, with a cumulative trading volume of approximately 54.45 million contracts and a cumulative trading amount of about 4.7 trillion yuan [2]. - The trading volume of shipping index futures in 2024 was approximately 6.2 times that of other global exchanges' shipping derivatives during the same period, indicating significantly higher activity levels [2]. Group 3: Price Discovery and Risk Management - The price difference for the seven contracts of the container shipping index futures that have been delivered is controlled within 1%, showcasing the effectiveness of the price discovery and hedging functions of the index futures [3]. - A private foreign trade enterprise managed to offset shipping cost increases and reduce actual costs by participating in shipping index futures for hedging during tense situations in the Red Sea [3]. Group 4: Future Integration of Finance and Shipping - The deep integration of finance and shipping is expected to yield significant benefits, with ongoing collaboration between the China Shipowners' Association and Shanghai Futures Exchange to promote risk management capabilities in the industry [4]. - The Shanghai Shipping Exchange is enhancing its promotional efforts for indices and derivatives in major port cities, aiming to support the transition from traditional capacity competition to comprehensive risk management capability competition [4]. Group 5: Recommendations for Future Development - The China Shipowners' Association plans to continue acting as a bridge to help shipping companies understand and utilize futures tools effectively, while exploring innovative tools and service models [4][5]. - Suggestions include developing more regionally tailored derivative tools, enhancing industry training and market communication, and exploring integrated services that combine futures with logistics and insurance for comprehensive risk management [5].

Core Insights - The Shanghai Futures Exchange (SHFE) has reported that the trading volume of shipping index futures has reached approximately 54.45 million contracts as of April 30, 2024, with an average daily trading volume of about 130,000 contracts [1] - The total trading value of shipping index futures is around 4.7 trillion yuan, translating to an average daily trading value of approximately 11.4 billion yuan [1] - In 2024, the trading volume of shipping index futures is 6.2 times higher than that of similar shipping derivatives on other global exchanges, indicating significantly higher activity levels compared to foreign counterparts [1] Summary by Category Trading Volume and Activity - As of April 30, 2024, the cumulative trading volume of shipping index futures is approximately 54.45 million contracts [1] - The average daily trading volume stands at about 130,000 contracts [1] Trading Value - The cumulative trading value of shipping index futures is around 4.7 trillion yuan [1] - The average daily trading value is approximately 11.4 billion yuan [1] Comparative Analysis - The trading volume of shipping index futures in 2024 is reported to be 6.2 times that of similar products on other global exchanges, showcasing a much higher level of market activity [1]

Group 1 - The futures market is playing a crucial role in injecting new development momentum into the shipping industry, as stated by the Shanghai Futures Exchange's Deputy General Manager Li Hui during the forum on risk management in the shipping industry [1] - The launch of shipping index futures in August 2023 has filled a gap in China's shipping derivatives market, providing effective tools for price risk management for shipping companies [3] - As of April 30, 2025, shipping index futures have recorded a trading volume of approximately 54.45 million contracts, with an average daily trading volume of about 130,000 contracts and a cumulative trading amount of around 4.7 trillion yuan, indicating high market activity [3] Group 2 - The price discovery and risk management functions of shipping index futures are increasingly benefiting the high-quality development of the shipping industry, helping to stabilize market expectations and reflect changes in the shipping spot market [4] - The demand for risk management in the shipping industry is growing, with more foreign trade export companies and freight forwarding companies beginning to use futures for hedging, which helps mitigate operational risks and stabilize profit margins [4] - A private foreign trade company successfully used shipping index futures to hedge against rising shipping costs due to tensions in the Red Sea, demonstrating the effectiveness of futures in managing risks and stabilizing operational profits [4]

新华财经上海5月18日电 5月22日至23日，2025上海衍生品市场论坛（下称"上衍论坛"）将在上海举 行。从2004年第一届上衍论坛开始，加快推进开放，提升国际影响力都是与会者研讨的重点。 2023年，航运指数期货上市，填补了国内航运衍生品市场的空白，截至2025年4月，其日均成交量达 13.28万手，日均成交额达114.65亿元，成交量和活跃度远超境外同类产品，期现价格走势高度相关，正 逐步成为国内集运产业链企业应对运价剧烈波动的有效工具。2025年3月，航运指数期货等6个品种纳入 QFI可投资范围，进一步扩大了境外投资者参与渠道。 除了 "上海油""上海箱"，"上海胶"等一系列"上海价格"已越来越受国际市场关注。2025年1月，在纸浆 期货之后，上期所将天然橡胶期货交割结算价授权给大阪交易所，由其上市以上期所天然橡胶期货交割 结算价为基准进行现金结算的天然橡胶期货合约。 "以前，世界橡胶价格看东京，如今，上海市场正成为全球定价体系中的重要一环。"对此，全美橡胶相 关负责人坦言。 制度创新促进跨境联通 20多年来，从首个国际化品种原油期货上市，到航运指数期货等纳入合格境外投资者（QFI）可投资范 围；从纸 ...