Promote the combination of industry and finance to promote the coal industry

On December 4, the "2020 national coal trade fair" hosted by China Coal Industry Association and organized by China Coal Marketing Association was held in Rizhao, Shandong Province. Relevant leaders of national development and Reform Commission, national energy administration, National Coal Mine Safety Supervision Bureau, National Railway Group, Shandong provincial government and Rizhao Municipal government attended the meeting. Xi Zhiyong, general manager of Dalian Commodity Exchange (hereinafter referred to as "GSE"), was invited to attend the meeting and delivered a speech at the meeting. He said that the realization of mutual benefit and win-win in the industrial chain and the construction of harmonious relations are the basis and premise for the realization of high-quality development of the coal industry. In the face of the transformation of the coal power linkage mechanism and the promotion of energy reform, the construction of long-term stable upstream and downstream industrial relations based on the futures market may become the final choice of the coal industry.

According to Xi Zhiyong, coal is "the grain of industry" and the most important basic energy to support the development of China's national economy. At present, China's economy is changing from a stage of high-speed growth to a stage of high-quality development, which puts forward new requirements for the transformation of China's energy structure and gives a new mission to the development of the capital market. For a long time, Dashang has always adhered to the original intention and mission of serving the real economy, made great efforts to improve the quality and efficiency of market operation, and constantly improved its ability to serve the real economy. According to the introduction, at present, Dashang has listed 19 futures and 2 options, including coke and coking coal, covering six major sectors including grain, oil and grease, wood, animal husbandry, chemical industry and energy minerals. Gas coal, which can be used for both coking and fuel, has been approved for research and listing in 2018.

Two strategic varieties, container capacity and liquefied petroleum gas, have been approved for approval this year. As these products are listed and traded in succession, the product tools of the real economy that Dashang serves will continue to expand and improve. In terms of the continuous improvement of the ability and quality of the service industry, after years of cultivation and development, GSE has become the largest coal futures market in the world. After years of cultivation, coke and coking coal futures have gradually become an important production and risk management tool for the coal and coking industry. In the first half of 2019, the daily average unilateral trading volume of coke and coking coal futures was 248000 and 113500 respectively, equivalent to 24.8 million tons and 6.81 million tons of spot goods, accounting for 32.7% and 39.9% of legal person positions respectively. In July 2018, the modification of delivery quality standard of coking coal futures greatly improved the representativeness and stability of futures price. In August this year, the rolling delivery system implemented on coal char effectively eased the delivery pressure of port storage capacity shortage.

At the same time, the optimization of delivery place of coke futures is also advancing steadily. In recent years, the coal industry has made gratifying achievements in promoting the transformation and upgrading of China's energy structure. According to the relevant deployment, next year we will bid farewell to the coal power linkage mechanism that has been implemented for 15 years. How to achieve mutual benefit and win-win in the industrial chain and build a harmonious industrial relationship will be the primary challenge we are facing, and also the foundation and premise for the coal industry to achieve high-quality development. In the face of the transformation of coal power linkage mechanism and the promotion of energy reform, it will be a beneficial choice for the coal industry to build a long-term stable and harmonious upstream and downstream industrial relationship based on the futures market. According to Xi Zhiyong, the core factor affecting the harmonious relationship between the upstream and downstream of the industrial chain is pricing.

The reason why futures prices are easy to be accepted by buyers and sellers is that the formation of futures prices has a high degree of socialization, which can widely reflect the real supply and demand relationship of the industry; the second reason is that the price formation process is open and transparent, and the transaction is real and reliable, and futures traders conduct open transactions according to their own judgment under the unified rule system; the third reason is that futures markets have a complete set of proven effective Regulatory system to ensure fair transactions between all parties. What's more, the basis trade mode based on futures price not only solves the problems of fair pricing and pricing efficiency, but also provides choices for buyers and sellers to find a reasonable price equilibrium point. According to Xi Zhiyong, the next step is to provide high-quality products and services for the coal industry in close combination with the new needs of the development of the coal industry: first, promote the listing of coking coal and coke options as soon as possible and accelerate the listing of gas and coal futures in accordance with the development goal of "making full futures, options, swap derivatives, opening up futures spot, domestic and overseas" Cheng, expand the pilot project of industrial product insurance + futures and the pilot project of basis trading, and strive to provide more risk management tools for the industry; second, continue to do a good job in market supervision, strive to promote the innovation of rules and systems, and continue to improve the efficiency of market operation in accordance with the principle of "seeking progress in stability", and strive to build a high-quality futures market; third, strengthen exchanges and cooperation with industry associations and entity enterprises, and work together Build an industry finance cooperation platform, deepen consensus, eliminate doubts, strengthen cooperation and achieve win-win results.