When futures expire, the month in which traders hand over or accept securities according to the contract. According to Baidu Encyclopedia, the delivery month refers to the month when the futures contract expires and the securities are handed over or accepted according to the contract. The first trading day of the delivery month is designated as the first notice day, and the buyer will receive the delivery notice. The buyer will pay the contract price after receiving the notice. Some exchanges allow buyers and sellers to deliver on any day of the delivery month.