On August 11, data released by the China Futures Market Monitoring Center showed that as of the end of last year, out of 5,470 listed companies in China, 551 participated in on-exchange futures and options trading, an increase of 22 companies compared to the end of 2024. Among them, 528 companies traded commodity futures and options, while 122 traded financial futures and options.

Wan Changwang, deputy general manager of the marketing management headquarters at Minmetals Futures, told the newspaper that the increase in listed companies participating in on-exchange derivatives trading last year was mainly due to three factors. First, significant fluctuations in commodity prices have heightened the demand for hedging among physical enterprises. Listed companies primarily engage in on-exchange derivatives trading to lock in costs and maximize profits. Second, there has been a shift in the business philosophy of physical enterprises. Many listed companies have now established mature integrated models combining spot and futures, deeply embedding derivative tools into their procurement, sales, and inventory management operations. Third, the supply of products has become more abundant. Currently, the on-exchange derivatives market offers a wide range of tools, with increased activity in certain sectors like new energy and new materials. This has attracted relevant listed companies to enter the market, optimizing the participant structure.

Data shows that as of the end of last year, 46 listed companies participated in over-the-counter derivatives trading, with the number of companies trading commodity-type products surpassing those trading other types for the first time. In response, Bian Shuyang, senior director of the research institute at Nanhua Futures, told the newspaper that this is mainly due to the significant role of OTC derivatives in serving the real economy. Specifically, commodity-type OTC derivatives are more favored in serving the trade activities of the real economy, continuously performing functions such as refined risk management, price discovery, and risk diversification. "Some on-exchange commodity derivatives have limitations and cannot meet the diverse risk management needs of enterprises. Futures risk management subsidiaries tailor OTC derivative tools for various physical enterprises, expanding from traditional fields to new industries, which further attracts industrial clients to participate."

The China Futures Market Monitoring Center indicated that listed companies' participation in derivatives trading last year exhibited several characteristics. The willingness and stickiness of listed companies to participate have continuously increased, with trading behavior becoming more stable. In 2025, the number of listed companies engaging in commodity futures and options trading accounted for 9.7% of the total, with their market capitalization share reaching 31.6%. The participation structure of listed companies has been optimized, with risk management needs spreading across the entire industrial chain. A batch of midstream and downstream, small and medium-sized listed companies, particularly in the new energy and consumer sectors, have entered the market, enhancing the resilience of the industrial chain against risks.