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1、2023上期能源完成香港自動化交易服務（ATS）注冊。原油期貨作為中國首個國際化商品期貨上市。國內首船期貨原油卸至大連中石油國際儲運有限公司指定交割庫。獲得新加坡金融管理局（MAS）批準，成為認可的市場經營者（RMO）。發布原油價格指數。增加中石化海南原油期貨交割存放點，核定庫容 100 萬立方米，啟用 40 萬立方米。0增加大連北方油品儲運有限公司作為原油期貨指定交割倉庫，增加大連中石油國際儲運有限公司國際儲備庫作為原油期貨指定交割倉庫存放點。增加中化弘潤石油儲運（濰坊）有限公司作為原油期貨指定交割倉庫。達上市以來最高持倉量 18.84 萬手。增加中國石化集團石油商業儲備有限公司廣東省湛江市

2、臨港工業園興港大道湛江商儲分公司、河北省唐山市曹妃甸工業區曹妃甸商儲分公司作為原油期貨指定交割倉庫存放點。達上市以來最高成交量 49.48 萬手。上期所和上期能源被納入歐洲證券及市場管理局（ESMA）的第三國交易場所交易后透明度評估正面清單。達上市以來單月最大交割量 1385.9 萬桶。增加大連中石油國際儲運有限公司廣西中石油國際儲備庫作為原油期貨指定交割倉庫存放點。推出原油期貨結算價交易指令（TAS），發布日中交易參考價（Marker Price）。穆爾班原油被列入上海原油期貨的可交割油種之中。自 2021 年 6 月 1 日起，穆爾班原油可入庫生成標準倉單，并用于期貨交割。增加大鼎油儲有限

3、公司位于浙江省舟山市定海區臨城街道岙山東路油庫成為原油期貨存放點。同意青島海業摩科瑞倉儲有限公司位于山東省青島市黃島區董家口港區港潤大道油庫成為原油期貨存放點。原油期權在上期能源正式掛牌交易。20182018.03.152018.03.262018.06.202018.11.1520192019.03.262019.10.3020202020.04.16 2020.04.172020.04.202020.04.242020.05.192020.06.032020.08.012020.09.072020.10.122020.12.0120212021.02.032021.02.092021.06

4、.21發布原油期貨月均結算價。同意國投（洋浦）油氣儲運有限公司位于海南省洋浦經濟開發區化學工業園區園一路北側的油庫成為我中心原油期貨存放點。巴士拉中質原油和圖皮原油被列為上海原油期貨的可交割油種。自 2022 年 11 月1 日起，巴士拉中質原油、圖皮原油可生成標準倉單，并用于期貨交割。達上市以來最高成交量 51.6 萬手。QFI 可參與原油期貨、期權等品種交易。境外參與者涵蓋 6 大洲（亞洲、非洲、歐洲、北美洲、大洋洲、南美洲）近 30個國家和地區。2022.05.102022.06.212022.06.242022.07.062022.09.022022.12.31待續20222018IN

5、E completed the registration for Hong Kong Automated Trading Services(ATS).Shanghai crude oil futures debuted as China s first commodity futures product open to international investors.The first ship of deliverable crude oil futures was unloaded into the designated deliv-ery storage facility of Dali

6、an PetroChina International Warehousing&Transportation Co.,Ltd.INE was approved by the Monetary Authority of Singapore(MAS)as a Recognized Market Operator(RMO).INE launched the crude oil price index.Sinopec Hainan company became a storage site of crude oil futures delivery,with an approved capacity

7、of 1,000,000 cubic meters and an active capacity of 400,000 cubic meters.Dalian North Oil Petroleum Logistics Co.,Ltd.became a designated delivery storage facility,and Dalian PetroChina International Warehousing&Transportation Co.,Ltd.became a storage site of designated delivery storage facility.Sin

8、ochem-Hongrun Oil Staging(Weifang)Co.,Ltd.was approved as a designated delivery storage facility for crude oil futures.The open interest hit a new high of 188,400 lots.Sinopec Petroleum Reserve Co.,Ltd.Zhanjiang Branch at Lingang Industrial Zone,Xinggang Avenue,Zhanjiang,Guangdong Province,and Sinop

9、ec Petroleum Reserve Co.,Ltd.Caofeidian Branch at Caofeidian Industrial Zone,Tangshan,Hebei Province became the storage points for designated delivery storage facility.The trading volume hit a new high of 494,800 lots.SHFE and INE were added to ESMA s positive list for post-trade transparency as thi

10、rd-country trading venues.The monthly delivery quantity hit a new high of 13.859 million barrels.Guangxi PetroChina International Reserve Depot of Dalian PetroChina International Warehousing&Transportation Co.,Ltd.became a storage site of designated delivery storage facility.INE launched TAS order a

11、nd released the Marker Price.Murban crude oil was added as another deliverable crude oil,eligible to be loaded in for the issuance of standard warrants and futures delivery from June 1,2021.20182018.03.152018.03.26 2018.06.20 2018.11.15 20192019.03.262019.10.30 20202020.04.162020.04.17 2020.04.20202

12、0.04.242020.05.192020.06.032020.08.012020.09.07 2020.10.122020.12.01The depot of Dading Petroleum Logistics Co.,Ltd.(located at Aoshan East Road,Lincheng Sub-District,Dinghai District,Zhoushan,Zhejiang)was approved as a physi-cals storage location for crude oil futures.The depot of Qingdao Haiye Mer

13、curia Oil Terminal Co.,Ltd.(located at Gangrun Avenue,Dongjiakou Port,Huangdao District,Qingdao,Shandong)was approved as a physicals storage location for crude oil futures.Crude oil options were listed on INE.INE released the Monthly Average Settlement Price(MASP)for crude oil futures.The depot of S

14、DIC Oil&Gas Terminal Yangpu Co.,Ltd.located to the north of Park Road No.1,Chemical Industry Park,Yangpu Economic Development Zone,Hainan Province,was approved as a storage facility of the deliverables for INE crude oil futures.Basrah Medium and Tupi were included as deliverable crudes for the Shang

15、hai crude oil futures.As of November 1,2022,the Basrah Medium crude oil and Tupi crude oil can be applied for standard warrants issuance and futures delivery.The trading volume of INE crude oil futures hit the record high of 516,000 lots since its listing.QFI was approved to trade crude oil futures

16、and options products.INE posted participation of overseas traders from nearly 30 countries and regions across 6 continents(Asia,Africa,Europe,North America,Oceania,and South America).To be continued20222022.05.102022.06.212022.06.242022.07.062022.09.022022.12.31 20212021.02.032021.02.092021.06.21獲獎情

17、況2022 年 12 月,全球投資者集團旗下期貨期權世界（FOW）主辦的 2022 年度亞洲資本市場獎頒獎典禮（The Asia Capital Markets Awards 2022）上，上海期貨交易所（簡稱上期所）及其子公司上海國際能源交易中心（簡稱上期能源，INE）榮獲“年度最佳中國交易所獎”。在 2022 年亞洲能源風險獎（Energy Risk Asia 2022 Awards）頒獎典禮上，上期能源的原油期權合約獲得“年度最佳創新獎”。HonorsIn December 2022,the Shanghai Futures Exchange(“SHFE”)and its subsidi

18、ary Shanghai International Energy Exchange(“INE”)won“Chinese Exchange of the Year”by the Futures and Options World(FOW)of the Global Investor Group at the Asia Capital Markets Awards 2022.INE crude oil options won“Innovation of the Year”at the Energy Risk Asia 2022 Awards.2022 年，受國際地緣政治因素和疫情的影響，以及美歐

19、各國通脹高企并實施超預期加息，全球經濟下行壓力明顯，國際油價波動加劇，呈現出快速大幅上升后震蕩下跌的特點。期間，上海原油期貨（品種代碼：SC）價格總體與境外油價高度聯動、有效反映區域現貨市場變化，實現了成交規模的大幅增長。一、上海原油期貨價格與境外市場高度聯動，同時較好地反映了區域現貨基本面變化特點（一）價格總體呈現先漲后跌、高位寬幅波動態勢2022 年，國際原油價格整體呈現先漲后跌、高位寬幅波動態勢。上半年，俄烏局勢持續升級，在歐美多國對俄羅斯實施多方面制裁下，俄羅斯石油出口受限。全球原油低庫存疊加供給的不確定性推動國際油價快速大幅上漲并維持高位震蕩。上海原油期貨突破 820 元/桶，創上市

20、 5 年來新高。下半年，俄羅斯石油供應從沖擊中逐步恢復，全球經濟高通脹、美聯儲大幅加息、美元升值、美債長短期利率倒掛推動大類資產價格下跌，油價震蕩下行。截至 12月 30 日，上海原油期貨主力合約收于 562.8 元/桶（約合 80.81 美元/桶），較 2021 年底上漲 12.79%；ICE Brent 原油期貨收于 85.91 美元/桶，CME WTI 原油期貨收于 80.26 美元/桶，較 2021 年底分別上漲 8.31%和 4.25%。圖1 上海原油期貨運行概況數據來源：上海國際能源交易中心2023 年上海原油期貨和期權市場發展報告 020406080100120010020030

21、04005006007008009002018/3/262018/6/262018/9/262018/12/262019/3/262019/6/262019/9/262019/12/262020/3/262020/6/262020/9/262020/12/262021/3/262021/6/262021/9/262021/12/262022/3/262022/6/262022/9/262022/12/26元/桶成交量持倉量主力合約收盤價（二）境內外價差反映現貨基本面差異，期貨倉單量反映市場自身特點上海原油期貨價格代表了中國乃至亞洲這一全球原油重要消費地和集散地價格。從長期看，上海原油期貨價格走

22、勢與境外原油價格總體趨勢保持一致，但從短期看，也能更快、更有效地反映出區域市場供需關系的變化。與境外主要原油期、現貨價格相比，人民幣計價和結算的上海原油期貨價格中包含了不同油種間價差、油輪運費、人民幣兌美元匯率等多重因素。2022 年俄烏沖突加劇的情況下，亞洲的原油進口需求產生結構性改變，同時，在運費大幅上漲、美元大幅升值等因素的共同作用下，上海原油期貨價格與境外原油期貨價差波動加劇。圖2 上海原油期貨與境外原油期貨價差數據來源：上海國際能源交易中心、路透圖3 境內外價差與運費數據來源：上海國際能源交易中心、普氏01002003004005006007008009002021年2022年-10

23、0-50050100150元/桶元/桶SC首行-BRENT首行SC首行Brent首行（￥）WTI首行（￥）00.511.522.533.54-120-100-80-60-40-20020406080美元/桶元/桶SC二行-Platts Dubai/Oman(￥)運費(美元/桶)1月4日1月21日2月9日3月5日3月24日4月13日4月30日5月24日6月10日6月30日7月19日8月5日8月24日9月10日10月8日10月27日11月15日12月2日12月21日1月10日1月27日2月22日3月11日3月30日4月20日5月12日5月31日6月20日7月7日7月26日8月12日8月31日9月2

24、0日10月14日11月2日11月21日12月8日12月27日2021年2022年1月 4日1月 22 日2月 18 日3月 10 日3月 30 日4月 20 日5月 13 日6月 2日6月 23 日7月 13 日8月 2日8月 20 日9月 9日10 月 8日10 月 28 日11 月 17 日12 月 7日12 月 27 日1月 17 日2月 11 日3月 3日3月 23 日4月 14 日5月 9日5月 27 日6月 17 日7月 7日7月 27 日8月 16 日9月 5日9月 26 日10 月 21 日11 月 10 日11 月 30 日12 月 20 日供需基本面對大宗商品價格具有主導性

25、作用。歐美多國對俄羅斯石油實施制裁以來，國際原油貿易格局發生了深遠變化。俄羅斯與歐洲的原油貿易量大幅萎縮，原本出口歐洲的俄羅斯原油更多流向亞洲，而中東原油則流向歐洲彌補供應缺口。根據 Kpler 數據顯示，2022年俄羅斯對亞洲的原油出口量為 233.6 萬桶/日，較 2021 年的 143.9 萬桶每日上漲 62.3%。俄羅斯出口至遠東地區的原油主要為 ESPO，是中東原油的重要替代。2022 年 4 月以來，ESPO 價格較中東原油深度貼水。ESPO 與中東原油的價差變化直接影響了亞洲市場對不同油種的進口需求，并推動原油貿易流向產生變化。上海原油期貨價格間接地反映了這一變化。具體看，202

26、2 年 4-6 月，ESPO 對中東原油貼水 20-30 美元/桶，亞洲對于 ESPO 進口量大幅上升，替代了對中東原油的部分需求。同期，中國境內疫情快速擴散，各地加強對社會活動限制，境內成品油消費顯著下降。受上述因素影響，以中東原油為主要交割油種的上海原油期貨出庫需求大幅減弱，拖累近月合約價格，使得上海原油期貨較中東原油理論到岸價的貼水逐步擴大。境內外原油市場價差波動對境內外套利帶來新的交易機會。隨著境內外價差的持續走低，上海原油期貨指定交割庫弘潤倉庫的 85 萬桶原油注銷出庫，并反輸至青島港復運出境。7-8 月，隨著亞洲對 ESPO 進口量的增加，ESPO 價格逐步回升，對中東原油價格貼水

27、逐步收窄至 5 美元/桶左右。同期，中東原油進口需求明顯回升，上海原油期貨倉單陸續注銷出庫達 411.3 萬桶，庫存降至 197 萬桶歷史低位，帶動上海原油期貨價格快速走強并對中東原油理論到岸價小幅升水。9-12 月，ESPO 與中東原油價差持續收窄至 2 美元/桶左右，在上海原油期貨價格較中東原油理論到岸價升水情況下，819.6 萬桶原油入庫生成倉單。截至 2022 年底，上海原油期貨庫存上升至 1016.6 萬桶的年內高位。圖4 境內外價差與人民幣匯率數據來源：上海國際能源交易中心、路透6.00006.20006.40006.60006.80007.00007.20007.4000-90.

28、00-40.0010.0060.00110.002018-03-262018-05-192018-07-122018-09-042018-10-282018-12-212019-02-132019-04-082019-06-012019-07-252019-09-172019-11-102020-01-032020-02-262020-04-202020-06-132020-08-062020-09-292020-11-222021-01-152021-03-102021-05-032021-06-262021-08-192021-10-122021-12-052022-01-282022-0

29、3-232022-05-162022-07-092022-09-012022-10-25元/桶SC-Brent價差美元兌人民幣匯率（右軸）圖5 境內外價差與期貨庫存數據來源：上海國際能源交易中心、路透二、上海原油期貨、期權實現聯動發展（一）原油期貨市場規模持續擴大，市場結構進一步優化隨著國際油價波動加劇，境內外原油期貨市場紛紛上調保證金比例。為防范市場風險，2022 年 3 月 9 日，上海原油期貨保證金上調至 15%。在此情況下，市場避險和投資需求依然推動了原油期貨市場成交規?？焖偕仙?。2022 年，原油期貨總成交 5358.08 萬手，成交金額34.91 萬億元。日均成交量 22.14 萬

30、手，較 2021 年增長 25.60%；日均持倉量 6.93 萬手（合6930 萬桶，約為中國日消費量的 5 倍左右），較 2021 年下降 8.09%。交割方面，截至 2022 年底，原油期貨指定交割倉庫總啟用庫容達 6841.5 萬桶，全年共交割 2407.1 萬桶（含期轉現）。交割出庫的原油以報關進口為主，也有部分原油轉運出境韓國、緬甸等國家和地區。此外，為滿足現貨市場變化和發展需要，上海國際能源交易中心于 2022年 10 月引入了伊拉克巴士拉中質原油和巴西圖皮原油作為可交割油種。0.005,000,000.0010,000,000.0015,000,000.0020,000,000.

31、0025,000,000.0030,000,000.0035,000,000.0040,000,000.0045,000,000.0050,000,000.00-100.00-50.000.0050.00100.00150.002018-03-262019-03-262020-03-262021-03-262022-03-26桶元/桶原油期貨庫存（右軸）SC-Brent價差圖6 境內外原油期貨成交量對比1 數據來源：上海國際能源交易中心、路透圖7 境內外原油期貨持倉量對比2 數據來源：上海國際能源交易中心、路透1圖中境內外市場日均成交量均按上海原油期貨交易日對應的成交量進行統計。2圖中境內外市

32、場日均持倉量均按上海原油期貨交易日對應的持倉量進行統計。2018年2019年2020年2021年2022年SC日均成交140,260141,985171,135175,495221,408Brent日均成交865,658810,347839,422890,284864,916WTI日均成交1,186,9921,157,2251,083,534981,963825,463-200,000 400,000 600,000 800,000 1,000,000 1,200,000 1,400,000手19,80828,796118,90975,40969,3122,355,8922,371,6712,

33、543,0402,415,2631,932,8162,336,7492,075,8672,124,2662,261,3611,668,919-500,000 1,000,000 1,500,000 2,000,000 2,500,000 3,000,000手2018年2019年2020年2021年2022年SC日均持倉Brent日均持倉WTI日均持倉市場參與者結構方面，一般法人和特殊法人等機構參與者日均成交占比約 5 成，日均持倉占比超過 7 成。機構交易者的交易、持倉和套期保值比例位居境內已上市期貨品種前列。境外交易者日均成交占全市場日均成交量約 1/4,日均持倉占比超過 3 成。2022

34、年 9 月，在當前特定品種的對外開放路徑基礎上，原油期貨也開始允許 QFII 和 RQFII 直接參與交易，對外開放路徑、境外交易者類型更加多元化。目前，跨國石油公司、貿易商、投資銀行、基金和資產管理公司中的標桿性企業均參與了上海原油期貨交易。境外交易者覆蓋了六大洲近 30 個國家和地區。境外特殊參與者共 3 家，備案的境外中介機構達 78 家。（二）原油期權市場影響初步顯現自 2021 年上市以來，原油期權成交持倉規?？焖僭鲩L，期權定價合理，與標的市場聯動緊密，產業客戶參與積極，市場影響正在顯現。2022 年，原油期權累計成交量 660.08 萬手，累計成交額 635.91 億元，日均成交量

35、 2.73 萬手，日均成交額 2.63 億元，日均持倉量 2.18 萬手。日均成交量、日均成交額和日均持倉量同比分別上漲 132.17%、232.17%和 56.64%，呈現快速上升趨勢。原油期權逐步得到國際市場的認可。在全球大宗商品行業權威媒體 Risk.Net組織的 2022 年亞洲能源風險獎（Energy Risk Asia 2022 Awards）頒獎典禮上，原油期權合約獲得“年度最佳創新獎”的殊榮。價格方面，2022 年原油期權定價合理，主力系列隱含波動率基本處于 40%80%的區間，走勢總體與標的期貨的歷史波動率一致，較好地反映出預期波動情況。數據來源：上海國際能源交易中心圖8 原

36、油期貨合約交割量050100150200250300350400450500萬桶到期交割（萬桶）EFP（萬桶）原油期權和標的期貨的成交量呈現良好聯動。當標的期貨成交量大幅變化時，期權的成交量也相應變化，期權、期貨共同管理價格風險的特征明顯。數據來源：上海國際能源交易中心圖9 2022年原油期權隱含波動率和歷史波動率情況數據來源：上海國際能源交易中心圖10 2022年原油期權和標的期貨成交量情況01000020000300004000050000600007000080000900001000000100000200000300000400000500000600000手手期貨成交量（左軸）期權

37、成交量（右軸）0%20%40%60%80%100%120%2022-01-042022-03-042022-05-042022-07-042022-09-042022-11-04隱含波動率30日歷史波動率三、原油期貨、期權助力產業健康發展近年來，上海期貨交易所深入推進原油期貨、期權市場培育和服務實體經濟工作，助力產業健康發展。期貨方面，為了給企業提供更好的價格參考，上海國際能源交易中心在 2022 年 5 月 10日推出了原油期貨月均結算價。此外，為拓展原油期貨價格運用場景，還推出了“助實體、穩發展”項目，引導鼓勵企業在原油、成品油和天然氣等現貨貿易中參考上海原油期貨計價。期權方面，自 202

38、1 年啟動期權“走進企業 服務實體”試點實踐活動以來，支持產業企業利用場內期權管理風險，助力企業穩健運行。在支持原油產業客戶方面，2022 年 15 家企業參與活動，利用原油期權管理風險，覆蓋 300 萬桶左右原油現貨。2021 年上期所還啟動了“期貨穩價訂單”試點項目，為企業“保供穩價”。能化品種方面，2022 年共落地 11 筆“期貨穩價訂單”業務，保障現貨數量 27900 噸，涉及期權權利金 271 萬元，參與的企業 5 家，均為原油行業內有較大影響力的企業。原油期權服務實體經濟的功能正在顯現。歷經 5 年發展，上海原油期貨在市場規模日益上升的同時，規則制度和交易機制日趨完善，境內外交易

39、者數量和類型日益豐富，反映中國市場供需更加直接和高效。為了更好滿足市場交易需求，上海國際能源交易中心正加快推進天然氣期貨上市工作和成品油系列產品研發，建立完善產品體系和生態圈，切實服務實體經濟風險管理需求。境內外研究成果Yang 等（2020）使用協整檢驗、線性和非線性因果關系檢驗研究 2018 年 3 月至 2019 年 2 月期間 INE 原油期貨的定價效率。文章發現，INE 原油期貨價格是 Oman 原油現貨價格的格蘭杰原因，而 WTI 和 Brent 現貨價格是 INE 原油期貨價格的格蘭杰原因。文章從而得出結論：盡管INE 原油期貨市場的定價效率仍然低于 WTI 和 Brent 現貨

40、市場，但其在亞太地區已經變得有效。參考文獻：Yang,C.,Lv,F.,Fang,L.,&Shang,X.(2020).The pricing efficiency of crude oil futures in the Shanghai International Exchange.Finance Research Letters,36,101329.https:/doi.org/10.1016/j.frl.2019.101329Yang 和 Zhou（2020）使用 5 分鐘頻度日內數據研究 INE 原油期貨上市后首 3 個月內，其與WTI、Brent 和 Oman 原油期貨之間的關系。通

41、過 VECM-MGARCH 模型，文章發現，原油期貨之間存在協整關系，并且在受到負面價格沖擊時，INE 原油期貨與國際原油期貨市場之間的非對稱相關性更強。文章還指出，INE 原油期貨與主要原油期貨（WTI 和 Brent）之間的聯系比Oman 原油期貨更強，尤其是在其夜盤交易時段。參考文獻：Yang,J.,&Zhou,Y.(2020).Return and volatility transmission between Chinas and international crude oil futures markets:A first look.The Journal of Futures M

42、arkets,40(6),860884.https:/doi.org/10.1002/fut.22103Zhang 和 Ma（2020）采用 2018 年 3 月至 10 月期間的 15 分鐘頻度日內數據，使用Hasbrouck（1995）信息份額和 Garbade-Silber 模型研究 INE 原油期貨相較于 Brent 原油期貨的價格發現情況，并且使用 Diebold 和 Yilmaz（2012）模型研究 INE、WTI 和 Brent 原油期貨之間的風險轉移和溢出情況。文章發現，INE 原油期貨貢獻了 48%的信息份額，而 Brent 原油期貨貢獻了 52%，并且 INE 市場是三個原

43、油市場中波動性溢出的最大傳遞者。參考文獻：Zhang,Y.J.,&Ma,S.J.(2021).Exploring the dynamic price discovery,risk transfer and spillover among INE,WTI and Brent crude oil futures markets:Evidence from the highfrequency data.International Journal of Finance&Economics,26(2),2414-2435.Yang 等（2021）從風險溢出角度出發，通過數個 GARCH 模型獲得風險值（

44、VaR）的連接網絡。文章發現，2018 年 3 月至 2020 年 4 月期間，國際原油期貨市場高度互聯互通，并且 INE 原油期貨一直是 Brent 和 WTI 原油期貨的凈風險接受者，尤其是在 Covid-19 爆發之后。參考文獻：Yang,Y.,Ma,Y.-R.,Hu,M.,Zhang,D.,&Ji,Q.(2021).Extreme risk spillover between Chinese and global crude oil futures.Finance Research Letters,40,101743101743.https:/doi.org/10.1016/j.frl

45、.2020.101743Li，Huang 和 Li（2021）研究了 INE 原油期貨與 Oman 原油和 OPEC 參考的一攬子原油現貨之間的價格相關性，以及 INE 原油期貨的對沖效果。采用 GO-GARCH 模型分析 2018 年 3 月至2019 年 6 月期間的每日價格，研究發現，相較于 WTI 和 Brent 原油期貨，INE 原油期貨與現貨市場之間的價格相關性更高，且 INE 對現貨的對沖有效性也更高。參考文獻：LI,J.,HUANG,L.,&LI,P.(2021).Are Chinese crude oil futures good hedging tools?Finance

46、Research Letters,38,101514.https:/doi.org/10.1016/j.frl.2020.101514Lv，Yang 和 Fang（2020）研究 INE 原油期貨與 Brent 和 WTI 原油期貨相比，是否可以更好地幫助投資者對沖中國石油化工相關股票的風險。采用 2018 年至 2019 年數據以及 DCC、DECO和 Block DECO 模型，研究發現，INE 原油期貨在對沖風險和分散投資組合方面比 WTI 原油期貨表現更好，但與 Brent 原油期貨相比則不然。參考文獻：Lv,F.,Yang,C.,&Fang,L.(2020).Do the crude

47、 oil futures of the Shanghai Interna-tional Energy Exchange improve asset allocation of Chinese petrochemical-related stocks?International Review of Financial Analysis,71,101537.https:/doi.org/10.1016/j.ir-fa.2020.101537Yi，Yang 和 Li（2021）重點研究了 2018 年 3 月至 2020 年 6 月期間宏觀經濟不確定性對 INE原油期貨的解釋和預測能力。作者使用 C

48、ARCH-MIDAS 模型解決數據頻率差異的問題，發現在主要原油消費國美國、中國和日本，以及主要原油出口國英國、加拿大和俄羅斯的地緣政治風險、經濟政策不確定性和傳染病大流行等因素中，英國和日本的因素在預測 INE 原油期貨波動中發揮的作用更大。參考文獻：Yi,A.,Yang,M.,&Li,Y.(2021).Macroeconomic Uncertainty and Crude Oil Futures VolatilityEvidence from China Crude Oil Futures Market.Frontiers in Environmental Science,9.https:

49、/doi.org/10.3389/fenvs.2021.636903Yu，Yang 和 Webb 用量化方法檢驗了 2018 年 3 月-2022 年 3 月期間 INE 原油期貨對 19 種亞洲原油現貨價格的價格發現情況。研究表示，INE 原油期貨對可交割和一些非可交割油種都具有價格發現能力；INE 原油期貨對沙特的阿拉伯中質原油、科威特的科威特原油和伊朗的富魯贊原油三種非可交割油種也具有類似于可交割油種的價格發現功能。參考文獻：Yu,Z.,Yang,J.,&Webb,R.(2022).Price Discovery in Chinas Crude Oil futures Markets:A

50、n Emerging Asian Benchmark?Journal of Futures Markets.https:/onlineli- Development Report of Shanghai Crude Oil Futures and Options MarketOver 2022,the global economic downturn became more pronounced under the whammy of international geopolitical crisis,the lingering Covid-19 pandemic,and the U.S.an

51、d Europe s aggressive interest rate hike in response to accelerating inflations.This added volatility to the global oil market,with oil prices surging sharply followed by a downtrend.Against this context,Shanghai crude oil futures(produce code:SC)showed significant growth in trading volume and maint

52、ained a high price correlation with overseas oil prices,offering an accurate picture of the supply-demand dynamics of the regional spot market.1.High price correlation between Shanghai crude oil futures and over-seas markets to better reflect the supply-demand dynamics of the regional spot market（1）

53、Sharp price surge before downtrend and wide fluctuations at a high levelOver 2022,the global crude oil price peaked before it took a downturn,and fluctuated within a wide range at a high level.In the first half of the year,oil prices soared due to low inventory and high uncertainties in oil supply a

54、s the USA and European countries sanc-tioned Russian oil export amid the Russia-Ukraine crisis.Shanghai crude oil futures exceed-ed RMB 820/barrel and hit a record high since its listing five years ago.In the second half of 2022,oil prices spiraled down as Russia gradually restore its oil export and

55、 the price of major asset classes are dropping due to the plaguing high inflation,Fed s interest rate hikes,strong USD,and inverted USD yield curve.As of December 30,the active contracts of the Shanghai crude oil futures closed at RMB562.8/barrel(US$80.81/barrel),up 12.79%from 2021.ICE Brent rose 8.

56、31%year-on-year to US$85.91/barrel,and CME WTI 4.25%to US$80.26/barrel.0100200300400500600700800900/bblLots Trading volumeOpen interestClosing price of active contractsSource:INEFigure 1:Shanghai Crude Oil Futures,2018-2022020406080100120(2)Domestic-overseas price spread indicating supply-demand dyn

57、amics of the spot market and futures warrants indicating the market characteristicsSC futures price represents the crude oil price in China and even Asia,an important crude oil consumption and distribution hub.The trends of SC futures and overseas markets are similar in the long-run,but the short-ru

58、n discrepancies can better and more effectively reflected the movements in the supply and demand of the regional market.Compared with the prices of the major crude oil futures and spots in overseas markets,the price of the RMB-denominated and settled SC futures is influenced by multiple factors,incl

59、uding the price spread of different crudes,freight rates,and RMB/USD exchange rate.In 2022,the spread between SC futures and overseas crude oil futures became more volatile amid the worsening Russia-Ukraine crisis,the structural change in Asia s crude oil import demand,the soaring freight rates,and

60、the US dollar appreciation.Figure 2:Spread between SC Futures and Overseas Crude Oil FuturesSource:INE and ReutersFigure 3:Price Spread v.Freight RatesSource:INE and Platts0100200300400500600700800900-50050100150/bbl/bblSC 1st Line Brent 1st LineSC 1st LineBrent 1st Line(￥)WTI 1st Line(￥)00.511.522.

61、533.54-120-100-80-60-40-20020406080US$/bbl/bblSC 2nd Line Platts Dubai/Oman(￥)Freight rates(US$/barrel)202120222021-01-042021-01-212021-02-092021-03-052021-03-242021-04-132021-04-302021-05-242021-06-102021-06-302021-07-192021-08-052021-08-242021-09-102021-10-082021-10-272021-11-152021-12-022021-12-2

62、12022-01-102022-01-272022-02-222022-03-112022-03-302022-04-202022-05-122022-05-312022-06-202022-07-072022-07-262022-08-122022-08-312022-09-202022-10-142022-11-022022-11-212022-12-082022-12-27202120222021-01-042021-01-222021-02-182021-03-092021-03-292021-04-202021-05-132021-06-022021-06-232021-07-132

63、021-08-022021-08-202021-09-092021-10-082021-10-282021-11-272021-12-072021-12-272022-01-172022-02-112022-03-032022-03-222022-04-142022-05-092022-05-272022-06-172022-07-072022-07-272022-08-162022-09-052022-09-262022-10-212022-11-102022-11-302022-12-20The supply-demand fundamentals determine the commod

64、ity prices.The international crude oil trade has seen profound changes since the European Union and the U.S.an-nounced sanctions on Russian crude.Russian crude export to Europe shrank dramatically and Asian countries imported more Russian crude,while the Middle East has been export-ing more crude oi

65、l to Europe to fill the gap.Kpler statistics show that Russia exported 2.336 million barrels per day to Asia in 2022,up 62.3%from 1.439 million barrels per day in 2021.ESPO,an important substitute of Middle Eastern crude,is the primary crude that Russia exports to the Far East.Since April 2022,ESPO

66、has been sold at a large discount com-pared with the Middle East crude.The spread between ESPO and Middle Eastern crude has a direct impact on the import demands of the Asian markets for different crudes,thus changing the crude oil trading direction.This change has been indirectly reflected by the S

67、C futures price.Specifically,from April to June 2022,as ESPO was sold at$20 to$30 discount per barrel compared with the crude imported from the Middle East,Asian imports of ESPO increased considerably,partially replacing the middle eastern crude.During this period,China s do-mestic consumption of re

68、fined oil plunged as social distancing rules were implemented to curb Covid-19 spread.These factors weakened the demand for load-out of middle east-ern crude as the deliverable for SC contracts,dragging down the prices of near-month contracts and widening the discount of SC contracts compared with t

69、he theoretical CIF price of the Middle Eastern crude.The spread fluctuation between the domestic and overseas crude oil markets created new opportunities for arbitrage.As the spread wid-ened,warrants of 850,000 barrels of crude oil stored in Hongrun,a designated delivery storage facility for crude o

70、il,were de-registered,and the underlying oil loaded out and transported to Qingdao Port for re-export.In July and August,ESPO prices rebounded and the spread between the ESPO and the crude imported from the Middle East narrowed to US$5 per barrel as Asian import of ESPO climbed.China s demands for t

71、he crude imported from the Middle East also recovered notably.As a total of 4.113 million barrels of crude oil warrants were deregis-tered and loaded out,the inventory fell to a historical low of 1.97 million barrels,driving a rapid uptick in the price of SC futures and making it slightly above the

72、CIF price of the Middle Eastern crude.Figure 4:Price Spread v.RMB-USD Exchange RateSource:INE and Reuters6.00006.20006.40006.60006.80007.00007.20007.4000-90.00-40.0010.0060.00110.002018-03-262018-05-192018-07-122018-09-042018-10-282018-12-212019-02-132019-04-082019-06-012019-07-252019-09-172019-11-1

73、02020-01-032020-02-262020-04-202020-06-132020-08-062020-09-292020-11-222021-01-152021-03-102021-05-032021-06-262021-08-192021-10-122021-12-052022-01-282022-03-232022-05-162022-07-092022-09-012022-10-25/bblSC Brent spreadRMB-USD exchange rate(right)2.Development of Shanghai crude oil futures and opti

74、ons markets in synergy（1）Further expansion of the crude oil futures market with improving market structureCrude oil futures markets at home and abroad have marked up their margin require-ments in the face of an increasingly volatile oil price.On March 9,2022,the margin requirement for SC contracts w

75、as raised to 15%to prevent market risks.Despite the margin rise,demand for hedging and investment has pushed up the trading volume of crude oil futures.In 2022,the cumulative trading volume of SC futures stood at 53,580,800 lots and the cumulative turnover amount to RMB34.91 trillion.The average dai

76、ly trading volume posted a 25.6%increase from 2021 to 221,400 lots,and the average daily open interest an 8.09%fall to 693,000 lots(equivalent to 69.3 million barrels,five times of the China s daily consumption).In terms of delivery,as of the end of 2022,the total active capacity of the designated t

77、er-minals for crude oil futures reached 68.415 million barrels,and 24.071 million barrels(in-cluding EFP)were delivered over the year.Most of the crude oil delivered was imported through customs declaration,and a portion was re-shipped to South Korea,Myanmar,and other countries and regions.To addres

78、s the changes and development needs of the spot market,the Shanghai International Energy Exchange(“INE”)admitted the Iraqi Basrah Medium and Brazilian Tupi crude oil as the deliverables for SC futures in October 2022.Figure 5:Price Spread and InventorySource:INE and Reuters0.005,000,000.0010,000,000

79、.0015,000,000.0020,000,000.0025,000,000.0030,000,000.0035,000,000.0040,000,000.0045,000,000.0050,000,000.00-100.00-50.000.0050.00100.00150.002018-03-262019-03-262020-03-262021-03-262022-03-26bbl/bblCrude oil futures inventory(right)SC Brent spreadFrom September to December,the spread between ESPO an

80、d the crude imported from the Middle East further narrowed to$2 per barrel.As the SC futures maintained a premi-um over the CIF of the Middle Eastern crude,8.196 million barrels were loaded in and registered for warrant creation.By the year-end of 2022,the inventory for SC futures hit a year high of

81、 10.166 million barrels.Figure 6:Daily Trading Volume of Domestic&Overseas Crude Oil FuturesSource:INE and Reuters20182019202020212022SC140,260141,985171,135175,495221,408Brent865,658810,347839,422890,284864,916WTI1,186,9921,157,2251,083,534981,963825,463-200,000 400,000 600,000 800,000 1,000,000 1,

82、200,000 1,400,000LotsFigure 7:Daily Open Interest of Domestic&Overseas Crude Oil FuturesSource:INE and Reuters19,80828,796118,90975,40969,3122,355,8922,371,6712,543,0402,415,2631,932,8162,336,7492,075,8672,124,2662,261,3611,668,919-500,000 1,000,000 1,500,000 2,000,000 2,500,000 3,000,00020182019202

83、020212022SCBrentWTILotsSource:INE and ReutersFigure 8:Delivery of SC Futures Contracts05010015020025030035040045050010,000 barrelsDelivery at maturity(10,000 barrels)EFP(10,000 barrels)In terms of the participant structure,institutional participants including general corpo-rate clients and special c

84、orporate clients have accounted for about 50%of the average daily trading volume and over 70%of the average daily open interest.SC futures has taken the lead in trading volume,open interest,and hedging percentage by institutional traders among the futures products listed in the domestic market.Overs

85、eas traders have accounted for about a quarter of the average daily trading volume and over 30%of the average daily open interest.In September 2022,SC futures became accessible to QFII and RQFII which were approved as direct traders.This arrangement further diversifies the channels of opening up the

86、 China s futures market and the types of overseas investors.By now,almost all the benchmark multinational oil producers,traders,investment banks,funds and asset management companies have traded in the SC futures market.The SC has welcomed overseas participants from nearly 30 countries and regions ac

87、ross 6 continents,as well as 3 overseas special participants,and 78 overseas intermediaries.(2)Preliminary achievements of the crude oil options market Since its launch in 2021,Shanghai crude oil options have seen rapid growth in both the trading volume and the open interest.Featuring fair pricing,c

88、lose connection with the underlying market,and active participation of industry clients,the market is growing influential.In 2022,the cumulative trading volume of crude oil options stood at 6,600,800 lots with a total turnover of RMB63.591 billion.The market grew rapidly with the average daily tradi

89、ng volume up 132.17%to 27,300 lots,the average daily turnover up 232.17%to RMB263 million,and the average daily open interest up 56.64%to 21,800 lots.Shanghai crude oil options have progressively won recognition in the global markets.It was hon-ored with“Innovation of the Year”by Risk.Net,an authori

90、tative media outlet of global commodities,at the Energy Risk Asia 2022 Awards.In terms of pricing,crude oil options were fairly priced throughout 2022.The implied vola-tility of the active contracts stayed between 40%and 80%,with the trend in alignment with the historical volatility of the underlyin

91、g futures contracts,offering a reliable refer-ence for the expected volatility.Source:INEFigure 10:Trading Volumes of Crude Oil Options and Futures over 202201000020000300004000050000600007000080000900001000000100000200000300000400000500000600000lotslotsFutures trading Volume(left)Options trading Vo

92、lume(right)Source:INEFigure 9:Implied Volatility and Historical Volatility of Crude Oil Options over 20220%20%40%60%80%100%120%2022-01-042022-03-042022-05-042022-07-042022-09-042022-11-04Implied volatility30-day historical volatilityThe crude oil options and their underlying futures are highly corre

93、lated in trading volume.The trading volume of the underlying futures fluctuates with that of the underly-ing futures contracts,indicating the synergy of crude oil futures and options in price risk management.3、Crude oil futures and options in support of the healthy development of the industryOver th

94、e years,the Shanghai Futures Exchange(“SHFE”)has been promoting the devel-opment of crude oil futures and options markets and offering support for the real econo-my,to bolster the healthy development of the industry.To provide companies with more reliable price references,the INE introduced the Mont

95、h-ly Average Settlement Price(MASP)for Shanghai crude oil futures on May 10,2022.It also launched a special program called“Supporting the Enterprises and Stabilizing the Industrial Development”,to expand the application scenarios of the futures prices and encourage enterprises to use the price of th

96、e SC as a reference during the spot trading in crude oil,refined oils,and natural gas.In 2021,a pilot program of“Introducing Options to Enterprises and Serving the Real Economy”was launched to help industry companies manage risks with in-exchange options trading and operate in a robust manner.Under

97、the program,15 oil related compa-nies properly managed the risks relating to 3 million barrels of physicals through options trading.In 2021,SHFE s pilot option promotion program of“Stable Price and Orders for SC Futures”helped assure oil supply and price stability for oil enterprises.In 2022,11 tran

98、sactions were executed under the“Stable Price and Orders for SC Futures”program,in which 5 influential crude oil companies traded 27,900 metric tons of physi-cals,with the premium amounting to RMB2.71 million.Crude oil options have played a prominent role in serving the real economy.Over the past fi

99、ve years,Shanghai crude oil futures has witnessed a growing market and progressively improving rules and trading mechanism.With the increasing participation of different types of domestic and overseas traders,the market has served as a direct and effective indicator of the supply-demand dynamics of

100、Shanghai crude oil market.To better address the trading needs of the market,the INE is stepping up the efforts in devel-oping and launching natural gas futures and refined oil products,with a view to building a well-structured product line and ecosystem and supporting the real economy in risk manage

101、ment.Yang et al.(2020)investigated the pricing efficiency of INE crude oil futures for the period from March 2018 to February 2019 with cointegration and Granger causality tests.They found that the INE futures price was the Granger cause of the Oman spot price,and the WTI and Brent spot prices were

102、in turn the Granger cause of the INE futures price.The paper thus concludes that although the INE crude oil futures market still shows lower pricing efficiency than the WTI and Brent spot markets,it is efficient in the Asia-Pacific region.Reference:Yang,C.,Lv,F.,Fang,L.,&Shang,X.(2020).The pricing e

103、fficiency of crude oil futures in the Shanghai International Exchange.Finance Research Letters,36,101329-.https:/-doi.org/10.1016/j.frl.2019.101329Yang and Zhou(2020)examined the relationship between INE crude oil futures(SC)and WTI,Brent,and Oman crude oil futures within the first three months of t

104、he listing of SC using intraday data at 5-minute intervals.With the help of the VECM-MGARCH model,the paper found a cointegrating relationship between these futures products,and that follow-ing a negative price shock,the asymmetric volatilities and correlations between SC and international crude oil

105、 futures markets became stronger.The paper also found that SC showed stronger linkage with WTI and Brent futures than Oman futures did,especially in the night trading hours.Reference:Yang,J.,&Zhou,Y.(2020).Return and volatility transmission between Chinas and international crude oil futures markets:

106、A first look.the Journal of Futures Markets,40(6),860-884.https:/doi.org/10.1002/fut.22103Zhang and Ma(2020)built the Hasbrouck(1995)information share model and Garbade-Sil-ber model with the 15-minute interval intraday data from March to October 2018 to study the price discovery function of INE cru

107、de oil futures compared with Brent crude futures,and used the Diebold-Yilmaz model to measure the risk transfer and spillover effect among INE,WTI,and Brent futures markets.The results show that the INE crude oil futures contrib-uted 48%of the information share,compared with the 52%share of Brent cr

108、ude futures,and that the INE market was the largest transmitter of volatility spillover among the three markets.Reference:Zhang,Y.J.,&Ma,S.J.(2021).Exploring the dynamic price discovery,risk transfer and spillover among INE,WTI and Brent crude oil futures markets:Evidence from the highfrequency data

109、.International Journal of Finance&Economics,26(2),2414-2435.Yang et al.(2021)built several GARCH models to obtain the value at risk(VaR)connected-ness networks.They found that,between March 2018 and April 2020,the international oil markets were highly connected,with the INE crude oil futures persist

110、ently acted as a net receiver of the risks from Brent and WTI,especially following the Covid-19 outbreak.Reference:Yang,Y.,Ma,Y.-R.,Hu,M.,Zhang,D.,&Ji,Q.(2021).Extreme risk spillover between Chinese and global crude oil futures.Finance Research Letters,40,101743-101743.https:/doi.org/10.1016/j.frl.2

111、020.101743 Domestic and Overseas Studies on INE Crude Oil FuturesLi,Huang,and Li(2021)investigated the price correlations between the INE crude oil futures and the spot prices of Oman and the OPEC Basket,as well as the hedging effective-ness of the INE product.They analyzed the intraday prices from

112、March 2018 to June 2019 with a GO-GARCH model and found that compared with WTI and Brent crude futures,INE crude oil futures showed higher price correlation with the spot markets and was a more effective hedging tool.Reference:Li,J.,Huang,L.,&Li,P.(2021).Are Chinese crude oil futures good hedging to

113、ols?Finance Research Letters,38,101514-.https:/doi.org/10.1016/j.frl.2020.101514Lv,Yang,and Fang(2020)looked at whether investors can better hedge against the risks of Chinese petrochemical stocks with the INE crude oil futures compared with the Brent and WTI crude futures.By constructing the DCC,DE

114、CO,and Block DECO models based on the data from 2018 to 2019,they found that the INE futures provided superior hedging and portfolio diversification results versus WTI,but inferior results versus Brent.Reference:Lv,F.,Yang,C.,&Fang,L.(2020).Do the crude oil futures of the Shanghai Interna-tional Ene

115、rgy Exchange improve asset allocation of Chinese petrochemical-related stocks?International Review of Financial Analysis,71,101537-.https:/doi.org/10.1016/j.ir-fa.2020.101537Yi,Yang,and Li(2021)investigated whether the macroeconomic uncertainty factors can explain and forecast the INE crude oil futu

116、res markets volatility for the period from March 2018 to June 2020.The authors used the GARCH-MIDAS model to address the differences in data frequency and found that among the major oil consumers(the United States,China,and Japan)and the major oil exporters(the United Kingdom,Canada,and Russia),the

117、geopolitical risk,economic policy uncertainty,and pandemics situation in the United King-dom and Japan had greater predictive power for the volatility of the INE crude futures.Reference:Yi,A.,Yang,M.,&Li,Y.(2021).Macroeconomic Uncertainty and Crude Oil Futures Volatility-Evidence from China Crude Oi

118、l Futures Market.Frontiers in Environmental Science,9.https:/doi.org/10.3389/fenvs.2021.636903Yu,Yang,and Webb examined the price discovery performance of INE crude oil futures for the spot prices of 19 types of Asian crude oil from March 2018 to March 2022 using a quanti-tative approach.The study s

119、howed evidence of the price discovery function of INE crude oil futures for deliverable and some non-deliverable crudes.INE crude oil futures performs price discovery function for Saudi Arabian Medium crude,Kuwait crude,and Iran s Forozan crude in the way similar to other deliverable crudes.Referenc

120、e:Yu,Z.,Yang,J.,&Webb,R.(2022).Price Discovery in Chinas Crude Oil futures Markets:An Emerging Asian Benchmark?Journal of Futures Markets.https:/onlineli- papers cited above represent the personal views of their authors only.They are solely provided for reference use and do not represent the views o

121、f INE.INE is not legally liable for any copyright issues that may arise from these papers.2022 Figures of Shanghai Crude Oil FuturesTable 1:Price PerformanceOpening PriceHighest PriceLowestPriceClosingPrice494.8823.6491.0562.86.631.893.4744.32-93.65-14.30HighestLowestAverageHighestLowestAverage30-Da

122、y Volatility(%)Basis(/barrel)Table 2:Trading5,358.0834.9122.141,442.5651.6032.586.938.96Cumulative trading volume(10,000 lots)Cumulative turnover(RMB trillion)Average daily volume(10,000 lots)Average daily turnover(RMB 100 million)Highest daily volume(10,000 lots)Proportion of trading volume in the

123、daytime trading session(%)Average daily open interest(10,000 lots)Highest daily open interest(10,000 lots)TradingOpen InterestTable 3:Delivery2,407.1157.9SC2212456.6Basrah Light1,147.5Hongrun11.3Cumulative delivery quantity(10,000 bbl,including EFPs)Cumulative delivery amount(RMB 100 million)Contrac

124、t with the highest delivery quantityHighest monthly delivery quantity(10,000 bbl)Most delivered Crude StreamDelivery volume of the most delivered crude stream(10,000 bbl)Storage facility with the highest delivery quantityHighest delivery quantity by storage facility(10,000 bbl)EFP volume(10,000 bbl)

125、970.5上海國際能源交易中心優秀分析師優秀原油產業服務團隊獎方正中期期貨研究院能源化工研究中心國投安信期貨能源團隊光大期貨能源研究團隊中銀期貨能源產業服務組 中泰期貨濟南分公司原油產業團隊優秀原油分析師獎2022年原油期貨交易量排名前二十會員名單申萬期貨 董 超海通期貨 楊 安方正中期 隋曉影光大期貨 鐘美燕國泰君安 黃柳楠恒力期貨 賀 涵建信期貨 李 捷中信期貨 桂晨曦華泰期貨 潘 翔東證期貨 安紫薇中銀期貨 陸 茗浙商期貨有限公司申銀萬國期貨有限公司新湖期貨股份有限公司徽商期貨有限公司方正中期期貨有限公司光大期貨有限公司東吳期貨有限公司中信建投期貨有限公司中輝期貨有限公司華安期貨有限公司

126、華泰期貨有限公司中信期貨有限公司東證期貨有限公司中泰期貨股份有限公司國信期貨有限責任公司國富期貨有限公司國泰君安有限公司銀河期貨有限公司海通期貨股份有限公司華聞期貨有限公司2022年原油期貨交易量排名前二十境外中介機構名單亮點國際期貨有限公司Straits Financial Services Pte.Ltd.J.P.Morgan Securities plcGoldman Sachs International群益期貨(香港)有限公司Orient Futures International(Singapore)Pte.Ltd.橫華國際期貨有限公司亮點國際金融（新加坡）有限公司Societe

127、Generale International LimitedKGI Securities(Singapore)Pte.Ltd.直達國際金融服務有限公司ABN AMRO Clearing Bank N.V.中一期貨有限公司中國新永安期貨有限公司ADMIS Singapore Pte.Limited元大期貨(香港)有限公司Nanhua Singapore Pte.Ltd.DBS Bank Ltd.Phillip Nova Pte.Ltd.Macquarie Futures(Singapore)Pte.Ltd.Outstanding AnalystsOutstanding Industry Serv

128、ice Team AwardInvestment&Consulting Department,Founder CIFCO Futures Energy and Chemical Engineering Research Group Energy Division,SDIC Essence FuturesEnergy Research Team,Everbright FuturesEnergy Industry Service Team,BOCI FuturesCrude Oil Industry Team,Zhongtai Futures Jinan BranchOutstanding Ana

129、lyst AwardTop 20 Members by Crude Oil Futures Trading Volume in 2022Shenwan Futures,Dong ChaoHaitong Futures,Yang AnFounder CIFCO Futures,Sui XiaoyingEverbright Futures,Zhong MeiyanGuotai Junan Futures,Huang LiunanHengli Futures,He HanCCB Futures,Li JieCITIC Futures,Gui ChenxiHuatai Futures,Pan Xian

130、gOrient Futures,An ZiweiBOCI Futures,Lu MingHuatai Futures Co.,Ltd.CITIC Futures Co.,Ltd.Orient Futures Co.,Ltd.Zhongtai Futures Co.,Ltd.Guoxin Futures Co.,Ltd.Guofu Futures Co.,Ltd.Guotai Junan Co.,Ltd.Galaxy Futures Co.,Ltd.Haitong Futures Co.,Ltd.Huawen Futures Co.,Ltd.Zheshang Futures Co.,Ltd.Sh

131、enyin&Wanguo Futures Co.,Ltd.Xinhu Futures Co.,Ltd.Huishang Futures Co.,Ltd.Founder CIFCO Futures Co.,Ltd.Everbright Futures Co.,Ltd.Soochow Futures Co.,Ltd.China Securities Futures Co.,Ltd.Zhonghui Futures Co.,Ltd.Huaan Futures Co.,Ltd.Top 20 Overseas Intermediaries by Crude Oil Futures Trading Vol

132、ume in 2022Bright Point International Futures LimitedStraits Financial Services Pte.Ltd.J.P.Morgan Securities plcGoldman Sachs InternationalCapital CSC Futures(Hong Kong)LimitedOrient Futures International(Singapore)Pte.Ltd.HGNH International Futures Co.,Ltd.Bright Point International Financial(SG)P

133、te.Ltd.Societe Generale International Ltd.KGI Securities(Singapore)Pte.Ltd.DA International Financial Service LimitedABN AMRO Clearing Bank N.V.Zhongyi Futures Ltd.China Xin Yongan Futures Co.,Ltd.ADMIS Singapore Pte.LimitedYuanta Futures(Hong Kong)Co.,Ltd.Nanhua Singapore Pte.Ltd.DBS Bank Ltd.Phillip Nova Pte.Ltd.Macquarie Futures（Singapore）Pte.Limited