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化工产品种类繁多,对于很多市值较大、价格波动明显、对行业影响较大的一些大宗化工产品,一旦进入到合约标的标准化设计环节,经常会遇到因该品种自然属性中的某些特殊属性难以标准化,或者标准化后标的物市场份额明显降低等问题,导致难以上市。本文尝试改变传统的划分标准,利用某类含有相同养分元素的化学肥料的单位有效养分含量的价格,即每吨实物量化肥含有单位有效养分价格(简称“当量养分价格”),作为该类肥料的合约标的进行研究。以尿素、氯化铵、磷酸一铵、磷酸二铵为例,从4种肥料的当量有效养分价格的相关性分析入手,研究开发肥料当量养分价格指数的可行性,以期为开发此类期货衍生品提供一些尝试和参考。
For a large variety of chemical products, for some large chemical products with large market value, obvious price fluctuations and great impact on the industry, some large-scale chemical products often encounter some special properties in the natural properties of the varieties as soon as they enter the standardized design of the contract. Difficult to standardize, or markedly reduce the market share of the subject matter after standardization and other issues, resulting in difficult to market. This paper attempts to change the traditional classification criteria, the use of certain types of chemical fertilizers containing the same nutrients per unit of the effective nutrient content of the price, that is, per ton of physical fertilizer contains unit effective nutrient price (“equivalent nutrient price”), as the Type of fertilizer contract subject to study. Taking urea, ammonium chloride, monoammonium phosphate and diammonium phosphate as examples, this paper starts with the correlation analysis of the equivalent effective nutrients of four kinds of fertilizers, and studies the feasibility of developing fertilizer equivalent nutrient price index, Products provide some try and reference.