● 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]

我国是全球最大的铸造铝合金生产与消费国。据中国有色金属工业协会统计，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。预计到2030年再生铝产 量将达到1800万吨以上。业内普遍认为，推出铸造铝合金期货及期权，是做好金融"五篇大文章"中"绿 色金融"的有力举措，有助于促进我国铝产业绿色低碳发展，进一步完善废铝循环利用的市场和标准， 助力构建绿色低碳循环经济体系。 6月10日，我国期货市场首个再生商品品种——铸造铝合金期货及期权在上海期货交易所挂牌交 易，这也是期货市场首个再生金属品种。截至6月10日下午收盘，铸造铝合金期货品种成交5.73万手 （单边），成交金额110.11亿元，持仓1.15万手。上市铸造铝合金期货及期权，通过发挥期货市场的价 格发现功能，有助于形成规范、透明、高效的铸造铝合金定价机制，还与上海期货交易所已有的氧化 铝、电解铝期货及期权形成协同效应，提升铝产业链企业风险管理能力，为铝产业绿色低碳高质量发展 注入新动力。 首个再生金属品种 我国是世界铝工业大国，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。铸造铝合金 ...

Core Insights - The launch of the AD12.1 aluminum alloy futures and options marks a historic moment for China's futures market, enabling full industry chain coverage for non-ferrous metal futures and supporting the low-carbon transition of the global aluminum industry [1][8] Group 1: Industry Transformation - The pricing mechanism innovation through the AD12.1 futures contract enhances transparency in the recycled aluminum industry, shifting pricing from regional negotiations to a national benchmark [3][4] - The AD12.1 futures provide precise hedging tools for companies, allowing them to lock in raw material procurement and product sales prices, thus creating a closed-loop risk management system [4][6] - Strict quality standards for delivery under the AD12.1 contract will drive industry consolidation, with expectations that leading companies will increase their market share to over 40% in the next three years [5][6] Group 2: Opportunities for Leading Companies - Anhui Lixing Aluminum Industry Co., Ltd. benefits from being one of the first delivery companies, enhancing its brand value and market position in high-end sectors like automotive parts and photovoltaic supports [6][7] - The company is investing in quality control upgrades, achieving a product qualification rate increase from 92% to 98.5% through improved processes, which solidifies its market position in the Yangtze River Delta [7][8] Group 3: Future Outlook - The establishment of the AD12.1 futures is a critical step for China to transition from an aluminum production powerhouse to a pricing leader in the global market [8][9] - The expected growth in recycled aluminum investment by 30% post-launch and projected production exceeding 18 million tons by 2030 will significantly contribute to carbon reduction efforts [9]

Report Summary Industry Investment Rating No investment rating for the industry is provided in the report. Core Views - **Copper**: Copper prices stabilized and rebounded today with a continuous decline in open interest. The domestic macro - atmosphere improved, but the announcement of a 50% import tariff on copper by Trump put pressure on copper prices. The market may worry about the closure of the US import window and a potential decline in non - US copper demand. Technically, there is strong support at the June price center [5]. - **Aluminum**: Aluminum prices increased with open interest last night and the main contract price fluctuated narrowly around 20,700 yuan today. The domestic macro - atmosphere improved, and the rise in the black and production - cut sectors was beneficial to aluminum prices. On July 10th, the electrolytic aluminum inventory decreased by 10,000 tons to 455,000 tons. With improved domestic macro - expectations, downstream industries' willingness to replenish inventory increased. Technically, attention should be paid to the pressure at the June high, and the price is expected to remain strong [6]. - **Nickel**: Nickel prices increased with open interest in the afternoon and the main contract price stood above 121,000 yuan. The domestic macro - atmosphere improved. Upstream mines were stable, downstream expectations improved, stainless steel strengthened, and downstream demand might improve, supporting nickel prices. Technically, the price stood above 120,000 yuan again and is expected to remain strong driven by the macro - environment [7]. Industry Dynamics - **Copper**: Trump announced on July 9th that a 50% tariff on all imported copper to the US would be imposed starting from August 1st. In Q2 2025, the I, II, and III phase concentrators of Kamoa - Kakula processed 3.62 million tons of ore, producing 112,000 tons of copper, a year - on - year increase of 11%. In the first half of 2025, it produced 245,000 tons of copper [9]. - **Aluminum**: The Shanghai Futures Exchange listed the first recycled metal variety, cast aluminum alloy futures and options, on June 10th. As of July 9th, after 22 trading days, the cast aluminum alloy futures had a cumulative trading volume of 205,700 lots, with a post - market open interest of 10,200 lots, equivalent to 102,000 tons of spot, accounting for about 27% of the domestic monthly consumption of cast aluminum alloy. The cast aluminum alloy options had a cumulative trading volume of 41,500 lots and a post - market open interest of 6,000 lots [9]. - **Nickel**: On July 10th, the mainstream reference contract for refined nickel in the Shanghai market was the SHFE nickel 2508 contract. The mainstream premium of Jinchuan electrolytic nickel was + 2050 yuan/ton at a price of 121,740 yuan/ton; that of Russian nickel was + 550 yuan/ton at 120,240 yuan/ton; that of Norwegian nickel was + 2750 yuan/ton at 122,440 yuan/ton; and that of nickel beans was - 900 yuan/ton at 118,790 yuan/ton [9]. Related Charts - **Copper**: Charts include copper basis, copper monthly spread, domestic visible inventory of electrolytic copper, overseas copper exchange inventory, LME copper cancelled warrant ratio, and SHFE warrant inventory [10][12][13] - **Aluminum**: Charts cover aluminum basis, aluminum monthly spread, domestic social inventory of electrolytic aluminum, overseas exchange inventory of electrolytic aluminum, alumina trend, and alumina inventory [24][26][28] - **Nickel**: Charts involve nickel basis, nickel monthly spread, LME inventory, SHFE inventory, LME nickel trend, and nickel ore port inventory [35][37][39]

Group 1 - The domestic commodity futures market is set to introduce multiple new varieties this year to meet the diverse and refined risk management needs of enterprises, aiding them in hedging against risks [1] - The internationalization of China's futures market has been enhanced, with 16 new tradable futures and options products available for qualified foreign institutional investors (QFII and RQFII) starting June 20 [1] - As of now, the number of tradable products for qualified foreign investors in China's futures market has increased to 91 [1] Group 2 - New futures products are being accelerated, including cash-settled monthly average futures contracts for linear low-density polyethylene (LLDPE), polyvinyl chloride (PVC), and polypropylene (PP) announced by Dalian Commodity Exchange [2] - The Zhengzhou Commodity Exchange is preparing to launch futures and options contracts for propylene, which is the largest olefin product in China [2] - The Guangzhou Futures Exchange aims to develop a green futures trading platform, focusing on new energy and materials, with plans to introduce platinum and palladium by 2025 [2] Group 3 - The trading activity in China's futures market has remained robust, with a cumulative trading volume of 3.337 billion contracts and a trading value of 28.693 trillion yuan in the first five months of the year, reflecting year-on-year increases of 15.61% and 21.33% respectively [3]