FangQuant › Financial Futures
| Shanghai Futures | Shanghai | Dalian Commodity | Zhengzhou Commodity | Guangzhou Futures | China Financial Futures | |||||||
| Exchange | International | Exchange | Exchange | Exchange | Exchange | |||||||
| (SHFE) | Energy Exchange | (DCE) | (ZCE) | (GFE) | (CFFEX) | |||||||
| (INE) | ||||||||||||
| Location | Shanghai, China | Shanghai, China | Dalian, China | Zhengzhou, China | Guangzhou, China | Shanghai, China | ||||||
| Listing Varieties | 16 Futures, 5 Options | 4 Futures, 1 Option | 21 Futures, 11 Options | 23 Futures, 8 Options | 1 Futures, 1 Options | 7 Futures, 2 Options | ||||||
| QFI Tradable Species | 7 Futures | 4 Options | 4 Futures | 1 option | 7 Futures | 7 options | 5 Futures | 4 Options | 0 Futures | 0 Options | 4 Futures | 3 Options |
| - Gold | - Gold | - Crude Oil | - Crude Oil | - Yellow Soybean 1 | - Yellow Soybean 1 | - PTA | - PTA | - CSI 300 Index | - CSI 300 Index | |||
| - Silver | - Copper | - Gum No. 20 | - Yellow Soybean 2 | - Yellow Soybean 2 | - Methanol | - Methanol | - CSI 500 Index | - CSI 1000 Index | ||||
| - Copper | - Aluminium | -Low Sulphur Fuel Oil | - Soybean Meal | - Soybean Meal | - Sugar | - Sugar | - SSE 50 Index | - SSE 50 Index | ||||
| - Aluminium | - Zinc | - International Copper | - Soybean Oil | - Soybean Oil | - Rapeseed Oil | - Rapeseed Oil | - CSI 1000 Index | |||||
| - Zinc | - Palm Oil | - Palm Oil | - Staple Fiber | |||||||||
| - Rebar | - Iron Ore | - Iron Ore | ||||||||||
| - Hot rolled coils | -linear low density polyethylene | -linear low density polyethylene | ||||||||||
| On 2 Sep. 2022, China's major futures exchanges released the first batch of commodity futures and options that can be traded by Qualified Foreign Investors (QFIs). | ||||||||||||
| Notes: | ||||||||||||
| 1.Existing QFI clients should first update their investment plans and resubmit them to the CSRC. | ||||||||||||
| 2.QFIs can only trade in stock index futures and stock index options for hedging purposes. | ||||||||||||
| 3.QFIs clients are not allowed to participate in the delivery of commodity futures and can only apply for speculative trading code. | ||||||||||||
| 4.QFIs may invest directly in domestic fund products that are based on the above-mentioned tradable futures and options varieties. | ||||||||||||
| 5.Treasury bond futures and ETF options listed on the Shanghai Stock Exchange and Shenzhen Stock Exchange are not yet available to QFIs. | ||||||||||||
| 6. A QFI shall undertake that its trading of commodity futures, options and index options through QFI channel will not involve structured products business, nor involve any cross-border derivatives transactions entered into with local securities companies or related hedging transactions. | ||||||||||||
| Shanghai Futures | Shanghai | Dalian Commodity | Zhengzhou Commodity | Guangzhou Futures | China Financial Futures | |||||||
| Exchange | International | Exchange | Exchange | Exchange | Exchange | |||||||
| (SHFE) | Energy Exchange | (DCE) | (ZCE) | (GFE) | (CFFEX) | |||||||
| (INE) | ||||||||||||
| Location | Shanghai, China | Shanghai, China | Dalian, China | Zhengzhou, China | Guangzhou, China | Shanghai, China | ||||||
| Listing Varieties | 16 Futures, 5 Options | 4 Futures, 1 Option | 21 Futures, 11 Options | 23 Futures, 8 Options | 1 Futures, 1 Options | 7 Futures, 2 Options | ||||||
| FI | 0 Futures | 0 Options | 4 Futures | 0 option | 6 Futures | 6 options | 4 Futures | 3 Options | 0 Futures | 0 Options | 0 Futures | 0 Options |
| Tradable Specific Species | - Crude Oil | - Yellow Soybean 1 | - Yellow Soybean 1 | - PTA | - Rapeseed Oil | |||||||
| - Gum No. 20 | - Yellow Soybean 2 | - Yellow Soybean 2 | - Rapeseed Oil | - Rapeseed Meal | ||||||||
| -Low Sulphur Fuel Oil | - Soybean Meal | - Soybean Meal | - Rapeseed Meal | - Peanut Kernel | ||||||||
| - International Copper | - Soybean Oil | - Soybean Oil | - Peanut Kernel | |||||||||
| - Palm Oil | - Palm Oil | |||||||||||
| - Iron Ore | - Iron Ore | |||||||||||
| On 9 Jan. 2023, China's major futures exchanges updated the specific commodity futures and options that can be traded by Foreign Investors (FIs). | ||||||||||||
| QFI品种 | 交易所代码 | 名称 | 主要特征 | |
| Gold | AU | 黄金 | 避险需求；抗通胀；流动性高；美元周期影响大；美国10年国债实际利率可以算作黄金的机会成本。 | |
| Silver | AG | 白银 | 避险需求；抗通胀；流动性高；美元周期影响大；投机性强；工业需求影响比黄金大。 | |
| International Copper | BC | 国际铜 | 国际铜有做市商制度；国际铜的价格是净价，不含关税、增值税等；国际铜与LME铜和COMEX铜的价格差异能够更好的反映汇率和地区差价；上期所沪铜包括完税交割和保税交割，而国际铜只能通过保税交割。 | |
| Copper | CU | 铜 | 内外套交易；矿端在外，依赖度83%；精炼铜产量全球第一；全球一半的消费量在中国。 | |
| Aluminium | AL | 铝 | 内外套交易；中国铝土矿的产量仅仅占全球的16%，对外依存度较高（55%左右依赖进口）；铝产量占比全球第一达到60%；消费端：将近一半在中国。 | |
| Zinc | ZN | 锌 | 内外套交易；储量澳大利亚第一，中国第二（全球占比32%），对外依赖度40%以上；锌产量占全球一半；消费占比一半。 | |
| Rebar | RB | 螺纹钢 | 全球产量和需求最大；受国内地产和基建驱动，受国外影响比较小；净出口。 | |
| Hot rolled coils | HC | 热卷 | 全球产量和需求最大；只有国内有期货品种，受国内地产和基建驱动，受国外影响比较小；钢材中出口占比最高。 | |
| Iron Ore | I | 铁矿石 | 矿端对外依赖度80%；消费端：中国是世界最大的铁矿石进口国，主要以来进口，定价权在海外；粗钢产量在全球中的占比已超过50%。 | |
| Crude Oil | SC | 原油 | 进口已经超过美国成为第一大进口国，对外依赖度70%以上，中国是煤多气少油贫的能源结构；INE原油反映的是中质原油定价，包括中东可交割油品的运费价，brent和WTI反映的是重油和轻质原油定价。 | |
| Gum No. 20 | NR | 20号胶 | 中国消费占比40%以上；产量国内很少（占比1.6%），严重依靠进口，主产是印尼和泰国；主要用于轮胎生产；SGX 20号胶定价是全球主要的参照标准。 | |
| Low Sulphur Fuel Oil | LU | 低硫燃料油 | 国内对进口依赖度逐步降低，2022年低于30%；新加坡是船用油的最大消费地；新加坡低硫燃料油定价主要参照柴油；亚太地区已成为全球最大船用油消费市场：占比43%；低硫燃料油期货现已经被境外几家企业作为境外贸易的定价基准。 | |
| linear low density polyethylene | LU | 塑料 | 进口依存度50%左右；中国是最大进口国，第二大消费国；LLDPE进口国来源位于前三的分别是沙特、新加坡和泰国；期货成交量最大。 | |
| PTA | TA | PTA | 中国占全球产能70%左右，中国是最大的生产国和消费国，定价权在中国，但是原材料端原油对PTA影响很大，而原油的定价权不在中国。 | |
| Staple Fiber | PF | 短纤 | 产量全球最大，净出口；国内长期供大于求；亚洲产能占全球90%以上。 | |
| Methanol | MA | 甲醇 | 国内占全球产能占比60%，其中煤制醇为主，占比76%左右;下游需求主要是制烯烃，占比56%左右;影响的主要因素是成本端、需求端、库存以及MTO利润。 | |
| Sugar | SR | 白糖 | 生产端:前十大生产国分别是巴西、印度、欧盟、中国、美国、泰国、墨西哥、巴基斯坦、俄罗斯、澳大利亚，总产量占比76%。其中巴西占比23%，印度占比16%，欧盟占比8%。食糖整体产量相对集中;甘蓐糖占总糖供应的80%;消费端:前十大主要消费国为印度、欧盟、中国、美国、巴西、印尼、俄罗斯。巴基斯坦、墨西哥、总消费量占比62.8%。;中国很少出口，大多是进口;白糖受内外配额影响;白糖和淀粉糖存在替代效应;影响的主要因素在供给端和政策等因素。 | |
| Rapeseed Oil | OI | 菜籽油 | 第三大消费油品，目前全球油菜籽前五大主产地分别是加拿大、欧盟、中国、印度以及澳大利亚，其合计产量占比全球总产量的85%；行业集中度偏低。 | |
| Yellow Soybean 1 | A | 豆一 | 非转基因大豆，定价权在国内;定价包括包装物价格;主产在东北。 | |
| Yellow Soybean 2 | B | 豆二 | 包括转基因和非转基因大豆，国内基本不存在转基因大豆;定价权在美国，和美豆走势比较近;定价不包括包装物价格;主要生产国是美国、巴西、阿根廷，占比90%以上;价格受美国和巴西产量的影响更大。产量又主要受厄尔尼诺或者拉尼娜影响;中国是主要大豆需求国，进口占全球进口额度的65%以上。 | |
| Soybean Meal | M | 豆粕 | 油粕比套利;大豆榨油占比18%;90%以上用于饲料;受压榨利润、豆粕库存以及猪周期影响比较大。 | |
| Soybean Oil | Y | 豆油 | 油粕比套利;大豆榨粕占比80%;豆油主要的消费地是美国、中国、巴西和欧盟，中国是消费量最高的国家;主要受美豆价格影响;原油价格过高，会影响豆油向生物柴油的转化，进而影响豆油供需;季节性:夏淡冬旺;替代影响:棕榈油、菜籽油。 | |
| Palm Oil | P | 棕榈油 | 定价权在马来西亚，主产在印尼和马来西亚，全球油脂最大消费品，国内100%依赖进口;20%用于生物燃料生产，受原油价格影响。 | |
| CSI 300 Index | IF | 沪深300 | 套保和多头替代；大盘股；偏价值。 | |
| CSI 500 Index | IC | 中证500 | 套保和多头替代；小盘股；偏成长。 | |
| SSE 50 Index | IH | 上证50 | 套保和多头替代；大盘股；偏价值。 | |
| CSI 1000 Index | IM | 中证1000 | 套保和多头替代；小盘股；偏成长。 |
| QFI products | exchange code | Main features | |
| Gold | AU | the need for hedging; anti-inflation; High liquidity; Greatly affected by the dollar cycle; The real interest rate on 10-year US Treasury bonds can be counted as the opportunity cost of gold. | |
| Silver | AG |
the need for hedging; anti-inflation; High liquidity; Greatly affected by the dollar cycle; highly speculative; It is more affected by industrial demand than gold. |
|
| International Copper | BC |
Adopt a market maker system; The price of international copper is net and excludes customs duties, VAT, etc.; The price difference between international copper and LME copper/COMEX copper can better reflect exchange rates and regional price differences; Shanghai copper delivery methods include dutiable delivery and bonded delivery, while international copper can only be delivered through bonded delivery. |
|
| Copper | CU | Internal and external arbitrage trading; The external dependence of copper ore is about 83%; Domestic refined copper production ranks first in the world; Domestic copper consumption accounts for more than half of total global demand. | |
| Aluminium | AL |
Internal and external arbitrage trading; China's bauxite production accounts for only 16% of the world's total production, and it is highly dependent on foreign countries (about 55% depends on imports); Domestic aluminum production accounts for about 60% of global production; China's consumption accounts for more than half of global consumption. |
|
| Zinc | ZN | Internal and external arbitrage trading; Australia ranks first in zinc ore reserves and second in China (32% of the world); China's zinc ore dependence is more than 40%; China accounts for more than half of the world's zinc production; China accounts for more than half of the world's zinc consumption. | |
| Rebar | RB | China is the world's largest production and demand place; Driven by domestic real estate and infrastructure, it is less affected by foreign countries; Net exports. | |
| Hot rolled coils | HC | China is the world's largest production and demand place; Driven by domestic real estate and infrastructure, it is less affected by foreign countries; The highest proportion of exported steel. | |
| Iron Ore | I | Iron ore dependence is as high as 80%; China is the world's largest importer of iron ore; The pricing power of iron ore is overseas; Crude steel production accounts for more than 50% of global production. | |
| Crude Oil | SC | Imports have surpassed the United States to become the largest importer; external dependence of more than 70%; INE crude oil reflects the pricing of medium crude oil, which covers the freight price of deliverable oil products in the Middle East; Brent and WTI reflect the pricing of heavy and light crude. | |
| Gum No. 20 | NR | China's consumption accounts for more than 40%; Domestic production is very small (accounting for 1.6%), relying heavily on imports; The main production areas are Indonesia and Thailand; Mainly used in tire production; SGX's No. 20 pricing is the world's leading reference standard. | |
| Low Sulphur Fuel Oil | LU | Domestic dependence on imports has gradually decreased, and in 2022, import dependence has been less than 30%; Singapore is the largest consumer of marine oil; Singapore's low-sulphur fuel oil pricing is mainly based on diesel; The Asia-Pacific region has become the world's largest marine oil consumption market, accounting for 43% of the world's total consumption; Low-sulfur fuel oil futures have now been used as pricing benchmarks for overseas trade by several overseas companies. | |
| linear low density polyethylene | LU | China is the largest importer and the second largest consumer; LLDPE imports are mainly from Saudi Arabia, Singapore and Thailand; Import dependence is about 50%; Futures have the largest trading volume. | |
| PTA | TA | China accounts for about 70% of the global production capacity, China is the largest producer and consumer, and the pricing power is in China; The fluctuation of crude oil prices has a great impact on PTA, and the pricing power of crude oil is overseas. | |
| Staple Fiber | PF | China's production is the largest in the world; Net exports; Long-term domestic supply exceeds demand; Asia accounts for more than 90% of the world's production capacity. | |
| Methanol | MA | China accounts for 60% of global production capacity, of which coal-to-alcohol is the mainstay, accounting for about 76%; Downstream demand is mainly olefins, accounting for about 56%; The main influencing factors are the cost side, demand side, inventory and MTO profit. | |
| Sugar | SR | Production: The top ten producers are Brazil, India, the European Union, China, the United States, Thailand, Mexico, Pakistan, Russia, and Australia, accounting for 76% of the total output, of which Brazil accounts for 23%, India accounts for 16%, and the EU accounts for 8%. The overall sugar production is relatively concentrated; Glycomine accounts for 80% of the total sugar supply; Consumption: The top ten major consumer countries are India, the European Union, China, the United States, Brazil, Indonesia, Russia, Pakistan, Mexico, accounting for 62.8% of the total consumption; China rarely exports, mostly imports; White sugar is affected by internal and external quotas; There is a substitution effect between white sugar and starch sugar; The main influencing factors are on the supply side and policy factors. | |
| Rapeseed Oil | OI | The consumption of oil products ranks third in the world; The top five major producers of rapeseed in the world are Canada, the European Union, China, India and Australia, accounting for 85% of the world's total production. Industry concentration is low. | |
| Yellow Soybean 1 | A | non-GMO soybeans; Pricing power is domestic; Pricing includes the price of the packaging; The main production is in the northeast. | |
| Yellow Soybean 2 | B | Including GMO and non-GMO soybeans; The pricing power is in the United States; Pricing does not include packaging prices; The main producing countries are the United States, Brazil and Argentina, accounting for more than 90%; Prices are more affected by production in the United States and Brazil; Production is mainly influenced by El Niño or La Niña; China is the main demander, accounting for more than 65% of global imports. | |
| Soybean Meal | M | arbitrage of soybean oil and soybean meal; 30% of soybeans are used for oil extraction; More than 70% for feed; It is greatly affected by crushing profits, soybean meal stocks and pig cycles. | |
| Soybean Oil | Y | arbitrage of soybean oil and soybean meal; soybean meal accounted for 70%; The main consumption of soybean oil is the United States, China, Brazil and the European Union, and China is the country with the highest consumption; Mainly affected by the price of US soybeans; The high price of crude oil will affect the conversion of soybean oil to biodiesel, and then affect the supply and demand of soybean oil; The seasonal characteristics are obvious, summer is the demand off-season, winter is the demand season; Alternative impact varieties: palm oil, rapeseed oil. | |
| Palm Oil | P | pricing power in Malaysia; The main production is in Indonesia and Malaysia; The world's largest consumer product of oils and fats; Domestic is 100% dependent on imports; 10% of the world is used for biofuel production; 30% of Southeast Asia is used for biofuel production; Affected by crude oil prices. | |
| CSI 300 Index | IF | hedging; Used by WFOE and QFII customers for long replacement; large-cap stocks; Value stocks. | |
| CSI 500 Index | IC | hedging; Used by WFOE and QFII customers for long replacement; small-cap stocks; Growth stocks. | |
| SSE 50 Index | IH | hedging; Used by WFOE and QFII customers for long replacement; large-cap stocks; Value stocks. | |
| CSI 1000 Index | IM | hedging; Used by WFOE and QFII customers for long replacement; small-cap stocks; Growth stocks. |
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