近日，遂宁铸造铝合金期货交割库完成首批120吨货物仓单注册。刘作鹏 摄 近日，遂宁高新区西部铁路物流园内，一辆满载30吨铝合金材料的货车驶入遂宁铸造铝合金期货交割库，等 待入库。这一四川唯一的铸造铝合金期货交割库日前完成首批货物仓单注册正式运行。 与铸造铝合金期货交割库相隔几百米，由广州期货交易所在遂宁设立的碳酸锂期货交割库已经运行两年。今 年以来，该库累计完成碳酸锂仓单注册1.15万吨，期现货出入库总量达13.2万吨，交易额约96亿元。 当前，遂宁正布局碳酸锂、铸造铝合金等多元化交割业务，加快打造期货交割库集群，不断提升在全国大宗 商品市场的影响力。 为何建库？ 适配产业需求，优势叠加共振 今年6月，遂宁天诚高新物流有限公司（以下简称天诚公司）获批成为上海期货交易所铸造铝合金期货指定交 割仓库运营单位。"自11月14日完成首批120吨货物仓单注册以来，陆续有产品从湖北武汉运抵，12月初仓单总量 将达到420吨。"公司交易结算部副部长杨堃彬介绍。 在期货市场，交割库意义重大。一方面，交割库为卖方提供了规范、安全的货物存放和交割场所，降低了交 割风险。另一方面，交割库保证了买方所接收货物的质量和数量，增强买方对 ...

上期所相关工作人员介绍，上期所和上期能源已推出6个国际化特定品种以及32个合格境外投资者可交 易品种，覆盖金属、能源、化工等多个板块。目前SC原油期货已成为全球第三大原油期货市场，20号 胶期货、集运指数（欧线）期货等品种的成交规模远超境外同类产品。在极端市场环境下，上期所展现 出较强的风险抵御能力和价格引导作用，得到了国际市场的广泛认可。 上期所在成都开展期货公司能力提升培训 与此同时，上期所和上期能源在境外品牌注册、跨境交收等方面成果斐然。目前，已有128个境外品牌 注册，包括42个共建"一带一路"国家的境外品牌。上期所通过"制定标准"和"输出标准"，引导境外品牌 厂商在生产工艺、质量标准等环节向中国企业的需求不断倾斜，助力中国企业更好利用"两个市 场"和"两种资源"。 近日，由上期所主办的"上期大学堂——从业人员强化班"期货公司提升服务实体经济能力专班（第二 期）在成都举行。 作为中西部地区重要城市，成都正以创新之力构建金融发展新格局，推动成渝共建西部金融中心走向纵 深阶段。《四川省贯彻〈成渝共建西部金融中心规划〉实施方案》提出，"加强信贷、保险、期货、担 保等金融工具综合应用""支持符合条件的证券期货 ...

Core Viewpoint - The aluminum industry is exploring high-quality development through the integration of futures and spot markets, addressing challenges such as market price fluctuations and rising costs while seizing strategic opportunities for transformation and upgrading [1][2][3]. Industry Overview - The global aluminum industry is facing structural adjustments in the supply chain, with challenges including price volatility and increased costs due to geopolitical tensions and a shift towards "safety and controllability" in economic development [2]. - The integration of futures tools with spot production is seen as a key driver for the industry, helping companies manage costs and inventory effectively, thereby stabilizing profits [3][4]. Risk Management - The complexity of risks faced by upstream and downstream enterprises in the aluminum industry is increasing, necessitating a focus on external uncertainties and shocks [2][4]. - There is a need for enhanced collaboration between futures companies and the aluminum industry to improve risk management capabilities, including the establishment of training alliances and digital service platforms [4][9]. Market Dynamics - The domestic electrolytic aluminum industry is currently in a high prosperity cycle, with profits leading among non-ferrous metals, supported by structural reforms and resilient demand from new economies [5][6]. - The supply side is nearing capacity limits, while demand from traditional sectors and emerging industries is expected to maintain a growth rate of around 2% annually [6][8]. Futures Market Development - The establishment of a complete risk hedging system in the domestic futures market, covering alumina, electrolytic aluminum, and casting aluminum alloys, is crucial for the high-quality development of the aluminum industry [8]. - The participation of enterprises in futures trading in Henan province has seen a growth rate of 23% over the past three years, with significant risk mitigation achieved through futures tools [8][9]. Strategic Recommendations - Companies are encouraged to adopt a proactive risk management approach, utilizing futures for hedging and opportunity capture rather than relying solely on directional bets [7][9]. - The development of a tiered risk control system is recommended, focusing on traditional futures integration, expanding the use of options, and fostering collaboration with futures companies for data sharing and operational efficiency [9].

Core Insights - The Chinese recycled aluminum industry is entering a rapid development phase, with production expected to exceed 10 million tons in 2024, accounting for 19.3% of total aluminum supply, and projected to reach 11.5 million tons by 2025 and over 18 million tons by 2030 [1][2] - The introduction of casting aluminum alloy futures and options on June 10 has filled a gap in the recycled metal derivatives market, providing a transparent and authoritative pricing and hedging platform for enterprises [1] - Companies are encouraged to adopt a comprehensive risk control system through four key strategies: locking in raw material costs, product sales hedging, optimizing inventory financing, and enhancing quality and brand [2] Industry Developments - The demand for recycled aluminum is expected to grow due to emerging sectors such as new energy vehicles, photovoltaics, and energy storage, while challenges include tight scrap aluminum supply and price volatility [1] - The trading volume of the newly launched futures reached 205,700 contracts by July 9, equivalent to 102,000 tons of spot aluminum, representing approximately 27% of domestic monthly consumption, indicating increasing market activity [1] Practical Applications - Various derivative tools such as futures-options combinations, basis trading, cross-commodity hedging, and rights-inclusive trading are being utilized in procurement, sales, inventory, and financial management by companies [2] - Differentiated tool matching suggestions are provided for companies of different sizes, with large enterprises advised to use futures-options combinations or cross-commodity hedging, while medium and small enterprises should consider futures hedging and single-direction hedging respectively [2] Strategic Recommendations - Companies are advised to maintain a focus on hedging, distinguish between hedging and speculation, dynamically track market changes, and establish delivery brands and data systems early to gain future pricing and financing advantages [2]

Core Viewpoint - Shanghai Futures Exchange is actively transforming its "dual carbon" strategy into market language, facilitating the green and low-carbon transition of industries through the development of new products, price indices, and international cooperation [1][2]. Group 1: Development of Green Products - The Shanghai Futures Exchange has launched green products such as casting aluminum alloy futures and options, and newsprint futures and options, contributing to the low-carbon transition of industries [2]. - The first recycled commodity, casting aluminum alloy futures and options, will officially trade in June 2025, playing a key role in the recycling of waste aluminum and significantly achieving energy conservation and emission reduction [2]. - The exchange is enhancing institutional design in delivery standards and brand certification to promote high-quality industry development and resource utilization efficiency [2]. Group 2: Price Risk Management Tools - Several entities are actively participating in and applying trading models based on casting aluminum alloy futures prices, filling a gap in the recycled metal derivatives market and providing hedging tools for recycled aluminum enterprises [2]. - The launch of newsprint futures and options in September 2025 aims to help companies manage raw material costs and product price volatility, enhancing operational resilience [3]. Group 3: Hydrogen Price Index System - The Shanghai Futures Exchange, in collaboration with other institutions, launched the "China Hydrogen Price Index System" in 2022, which serves as a reference for market monitoring and investment analysis [4]. - The "China Green Hydrogen Price Index" will be added in 2024 to further support the green and low-carbon transition of industries [4][5]. Group 4: International Cooperation and Sustainable Development - The Shanghai Futures Exchange and Shanghai Futures Energy have joined the United Nations Sustainable Stock Exchanges (UNSSE) initiative, enhancing international cooperation and promoting sustainable finance [6]. - This initiative aligns with the central financial work conference's emphasis on green finance and aims to improve the international influence of China's futures market [6].

Core Viewpoint - Shanghai Futures Exchange is actively transforming its "dual carbon" strategy into market language, facilitating the green and low-carbon transition of industries through the development of new products and price indices [1][4]. Group 1: Development of Green Products - The Shanghai Futures Exchange has launched green products such as casting aluminum alloy futures and options, and newsprint futures and options, to support the low-carbon transition of industries [1][2]. - The first trading of casting aluminum alloy futures and options is set for June 2025, which plays a crucial role in recycling waste aluminum and significantly reduces energy consumption and emissions [1][2]. - The exchange emphasizes enhancing delivery standards and brand certification to promote high-quality development and resource efficiency in the aluminum industry [1]. Group 2: Market Participation and Impact - Several entities in the industry are actively engaging with the casting aluminum alloy futures pricing model, which fills a gap in the recycled metal derivatives market and provides hedging tools for recycled aluminum companies [2]. - The introduction of newsprint futures and options in September 2025 aims to manage raw material costs and price volatility, enhancing operational stability for companies in the paper industry [2]. Group 3: Hydrogen Price Index System - The "China Hydrogen Price Index System," launched in September 2022, serves as a benchmark for monitoring the hydrogen market and aids in establishing a national hydrogen trading system [3]. - The release of the "China Green Hydrogen Price Index" in September 2024 further supports the green and low-carbon transition of industries [3]. Group 4: International Cooperation and Sustainable Development - The Shanghai Futures Exchange and Shanghai International Energy Exchange joined the United Nations Sustainable Stock Exchanges (UNSSE) initiative in May 2025, marking a significant step in enhancing international cooperation in green finance [4][5]. - This initiative aligns with the central government's emphasis on advancing green finance and sustainable development goals, contributing to the exchange's long-term growth and global influence [4][5]. Group 5: Future Outlook - The Shanghai Futures Exchange plans to continue developing green products and services, focusing on market-driven approaches to promote green standards and facilitate resource allocation towards low-carbon sectors [5].

Core Viewpoint - The Shanghai Futures Exchange (SHFE) is innovating green financial products to support the low-carbon transformation of traditional industries, specifically focusing on the aluminum and paper sectors [1][8]. Group 1: Aluminum Industry - The SHFE launched the first domestic recycled commodity futures and options for casting aluminum alloy on June 10, 2025, filling a gap in the financial derivatives market for recycled aluminum [3]. - China is the largest producer and consumer of casting aluminum alloys, with a production capacity of approximately 13 million tons and a consumption of about 6.73 million tons in 2024 [2]. - The carbon emissions from producing one ton of casting aluminum alloy are only 3.6% of those from traditional electrolytic aluminum, aligning with the goal of producing over 15 million tons of recycled aluminum by 2027 [2]. - As of September 19, 2025, the trading volume for casting aluminum alloy futures reached 361,200 contracts, with a total transaction value of 71.52 billion yuan, indicating strong market engagement [3]. - Major companies in the aluminum sector are actively using the casting aluminum alloy futures for hedging, improving resource utilization and risk management [4]. Group 2: Paper Industry - The SHFE introduced the world's first financial derivatives for cultural paper, specifically for offset printing paper, on September 10, 2025, to facilitate the green transformation of the paper industry [5][6]. - In 2024, China is projected to produce 9.48 million tons of offset printing paper, with a market size nearing 50 billion yuan [6]. - The introduction of offset printing paper futures allows upstream paper manufacturers to hedge against price fluctuations in raw materials, thus enhancing product quality and reducing price wars [6][7]. - The contract design for offset printing paper incorporates green principles, prioritizing "green factories" for delivery and setting strict quality standards to promote environmental sustainability [7][8]. Group 3: Future Outlook - The SHFE aims to continue developing green financial products and optimizing services to support the low-carbon transition of industries, positioning these tools as stabilizers and accelerators for high-quality economic development [8].

Core Viewpoint - The Shanghai Futures Exchange (SHFE) is actively promoting green transformation in industries through the development of green financial products and standards, aligning with China's dual carbon goals to combat climate change and enhance ecological protection [1][6]. Group 1: Green Product Development - SHFE has launched various green derivatives, including aluminum alloy futures and options, which significantly reduce carbon emissions compared to traditional methods, aligning with national recycling and sustainability goals [2][3]. - The introduction of the world's first cultural paper financial derivatives, specifically for offset printing paper, aims to promote the green transformation of the paper industry by prioritizing certified green factories [2][3]. Group 2: Energy Sector Initiatives - SHFE is accelerating the development of liquefied natural gas (LNG) futures and options, recognizing LNG as a crucial low-carbon energy source that can help manage price volatility and promote clean energy adoption [3]. - The exchange has also established a hydrogen price index system to support the hydrogen energy sector, with plans to introduce a green hydrogen price index in 2024 [3]. Group 3: Shipping Industry Support - In response to global shipping industry's green transition, SHFE has launched low-sulfur fuel oil futures to provide risk management tools and support the clean energy transformation of the shipping sector [4][5]. - The low-sulfur fuel oil futures have gained traction and are becoming a key pricing reference for related products in both domestic and international markets [5]. Group 4: International Collaboration - SHFE has joined the United Nations Sustainable Stock Exchanges (UNSSE) initiative, enhancing its international influence in green finance and aligning with global best practices for sustainable development [6]. - The exchange aims to continue improving its green product offerings and services, leveraging market mechanisms to guide resources towards low-carbon industries and support high-quality economic development [6].

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]