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为重塑全球大宗商品交易格局,上海期货交易所(“上期所”)宣布自2025年9月10日起,其合格境外机构投资者(QFI)制度将新增四种可交易合约。此次扩容涵盖石油沥青期货与期权、燃料油期权及纸浆期权合约,标志着中国大宗商品市场国际化进程迈出关键一步。

通过向全球参与者开放这些核心合约,上期所不仅将进一步深化市场流动性,更为国际交易者开辟了多元机遇新纪元。

新合约·新机遇

此次新增的四类合约为国际参与者提供了全新工具,助其在全球最具活力的市场之一管理风险并实施多样化交易策略:

石油沥青期货与期权:作为基建与建筑领域的关键材料,石油沥青期货及期权合约的推出使石油炼化企业、建筑公司等关联方能够有效对冲价格波动。对于自营交易商而言,凭借中国巨大的消费与产量优势,这些合约尤其有望与其他交易所类似产品形成套利机会。

燃料油期权:作为广泛应用的工业商品,燃料油期权合约为市场提供了无需期货合约义务的灵活风险管理工具。航运公司、发电企业等大型消费者可通过该合约规避价格飙升风险,同时在价格出现有利波动时仍能获取收益。

纸浆期权:这一合约是全球造纸与包装行业发展的关键举措。它为生产者和消费者提供了精细化管理大宗商品风险的工具,同时为做市商和投机者创造了提供流动性、捕捉价差收益的新机遇。

全球交易者的入华通道

QFI制度的扩容极大简化了国际资本参与中国市场的流程—无需直接获取交易所会员资格或搭建本地基础设施,通过QFI认证经纪商即可交易。此举尤其利于:

  • 商业套保企业:供应链涉及中国的跨国集团可直接对冲关键原材料风险,降低运营波动并锁定利润空间
  • 自营交易机构:可凭借技术优势接入新流动性池,开展高频交易与套利策略
  • 资管与基金公司:新合约提供更多元化的配置工具,助力基金管理人构建复杂策略并分享中国经济增长红利

上期所此举明确释放出全球第二大经济体持续开放市场的信号。对于全球交易者而言,这不仅是直接参与中国大宗商品市场的新通道,更是与深耕该领域的专业经纪机构建立合作的战略契机。2025年9月10日起,QFI投资者即可正式交易这四类新合约。

东证期货国际(新加坡)简介

东证期货国际(新加坡)私人有限公司是上海东证期货有限公司的直属全资子公司,也是东方证券股份有限公司的间接控股子公司。作为持有新加坡金融管理局(MAS)颁发的《资本市场服务许可证》的机构,我司提供全方位资本市场服务,涵盖证券、场内衍生品、场外衍生品及杠杆外汇等多类产品。东证期货新加坡是亚太交易所、新加坡衍生品交易所以及洲际新加坡交易所的交易和清算会员,为客户提供覆盖国际市场的综合交易服务。

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