2026年2月3日，"十五五"开局之年的中央一号文件——《中共中央 国务院关于锚定农业农村现代化 扎实推进乡村全面振兴的意见》正式发布，明 确提出"加强农产品期货市场建设"。农产品期货作为资本市场服务农业的核心载体，其发展水平直接关联农业生产稳定性、农民增收可持续性和 农业产业竞争力。因此，这一部署是立足农业农村现代化全局、衔接金融强国建设目标，破解农业发展痛点、夯实乡村振兴根基的重要布局，既 是对过往农产品期货服务"三农"实践的总结升华，也是"十五五"时期健全农业支持保护体系、提升农业抗风险能力的关键抓手，契合农业强国与 金融强国建设的双重导向。 第三，深化期现联动，拓宽农业赋能渠道。立足农业产业实际，推动期货市场与现货市场深度联动，让期货功能真正在田间地头落地。一是深 化"保险+期货"模式的推广，扩大试点范围，覆盖更多主粮和特色农产品，优化保费补贴政策，形成"政府+交易所+保险+期货"多方共担的保费机 制，降低农户和企业参与成本。二是推广期现结合模式，支持农业企业开展基差贸易，以期货价格为基准确定现货交易价格，锁定经营利润，同 时推动期货交割库与农产品仓储、冷链物流体系融合，提升交割效率，完善"交易—交割 ...

Group 1: Market Trends and Dynamics - The trade environment is characterized by a shift towards "short orders and quick responses," with companies adopting strategies like "sales-driven procurement" to enhance efficiency and reduce inventory pressure [3] - The overall market is experiencing a "stable volume and rising prices" trend, with a cautious approach to year-end stocking due to previous inventory devaluation experiences [4] - Downstream clients are exhibiting a more conservative approach to inventory, with many opting to reduce raw material purchases and extend downtime, reflecting a cautious sentiment in the face of rising raw material prices [7] Group 2: Company Strategies and Operations - 嘉悦物产 has optimized client visit routes and implemented cross-validation for data checks, leading to a more organized year-end process compared to previous years [2] - 中基集团 has enhanced operational efficiency through digital tools, allowing for synchronized processes in invoicing, inventory checks, and logistics coordination [4] - 明日控股 is focusing on strategic client relationship management and risk management, emphasizing the importance of embedding services into clients' future production plans [9][10] Group 3: Financial Management and Risk Control - Companies are proactively managing credit risks by optimizing credit policies and strengthening dynamic risk controls, which has led to a reduction in accounts receivable [2][3] - The average accounts receivable turnover days are increasing, indicating a growing challenge in cash flow management, particularly for clients with tight financial situations [9] - 正大玻璃 is adopting a strategy centered on risk reduction and capital stability, focusing on minimizing market risks through inventory management and cash flow optimization [12]

Core Viewpoint - Guotou Ruijin Fund has announced its commitment to actively address investor concerns regarding the valuation adjustment of the Silver LOF fund, emphasizing investor rights protection and transparency in the process [1] Group 1: Company Actions - On February 6, Guotou Ruijin Fund released an announcement regarding its proactive approach to resolving investor claims related to the Silver LOF fund [1] - The company has established a working group to develop relevant action plans to facilitate investor claims through mediation, arbitration, and other legal channels [1] - Guotou Ruijin Fund aims to ensure the effective execution of resolutions and has the capability to safeguard investors' legal rights [1]

Group 1 - The core viewpoint of the article indicates a significant outflow of funds from commodity futures, particularly in the non-ferrous metals and chemical sectors, while some specific commodities like short fiber and caustic soda saw inflows [1] - The main commodities with inflows included short fiber (363 million), rebar (247 million), caustic soda (164 million), industrial silicon (164 million), and the shipping index (52 million) [1] - Major commodities experiencing outflows were silver (6.37 billion), gold (4.71 billion), lithium carbonate (2.39 billion), copper (2.06 billion), and platinum (1.02 billion) [1] Group 2 - The overall trend shows a substantial outflow from commodity futures, with a focus on the significant outflows from silver, gold, lithium carbonate, copper, crude oil, tin, rubber, and nickel, while short fiber and caustic soda are noted for their contrary inflows [1] - The black and agricultural product sectors experienced moderate outflows, with particular attention to the outflows from coking coal and palm oil, while meal and iron ore saw inflows [1] - In the financial sector, the focus is on the CSI 300 stock index futures and 30-year treasury futures [1]

Core Insights - The Chinese futures market is expected to experience rapid growth, with total funds reaching approximately 2.15 trillion yuan by the end of 2025, representing a 32% increase from the end of 2024 [1] - Client equity in futures companies is projected to reach 2 trillion yuan by the end of 2025, marking a 31% growth compared to the previous year [1] - By the end of January 2026, total funds in the futures market are anticipated to rise to about 2.57 trillion yuan, reflecting a 20% increase from the end of 2025 [1] - Client equity in futures companies is expected to grow to approximately 2.39 trillion yuan by January 2026, indicating a 19% increase from the end of 2025 [1] Industry Development - The Chinese futures market has maintained a trajectory of high-quality development, with stable operations and an improved variety system [1] - There is broad participation from various types of clients, enhancing the effectiveness of services to the real economy [1] - The steady development of the futures market is providing strong support for a good start to the 14th Five-Year Plan [1]

Core Viewpoint - The Zhengzhou Commodity Exchange has announced adjustments to margin standards and price fluctuation limits for various futures contracts ahead of the 2026 Spring Festival [1][2]. Group 1: Margin Standards and Price Limits - From February 9, 2026, the margin standard for methanol, paraxylene, PTA, short fiber, and bottle chip futures contracts will be set at 10%, with a price fluctuation limit of 9% [1]. - Starting February 12, 2026, the margin standard for glass, soda ash, apple, and red date futures contracts will be 12%, with a price fluctuation limit of 10% [1]. - For futures contracts of rapeseed oil, rapeseed meal, peanuts, cotton, caustic soda, silicon iron, manganese silicon, urea, and propylene, the margin standard will be 10% and the price fluctuation limit will be 9% [1]. - Sugar and cotton yarn futures contracts will have a margin standard of 8% and a price fluctuation limit of 7% [1]. Group 2: Post-Resumption Trading Adjustments - After trading resumes on February 24, 2026, the price fluctuation limit for methanol futures contract 2603 will be set at 8%, while contracts 2604 and 2605 will have a margin standard of 9% and a price fluctuation limit of 8% [2]. - The price fluctuation limit for paraxylene futures contract 2603 will be 7%, with contracts 2604 and 2605 having a margin standard of 8% and a price fluctuation limit of 7% [2]. - For PTA futures contract 2603, the price fluctuation limit will be 7%, with contracts 2604 and 2605 having a margin standard of 8% and a price fluctuation limit of 7% [2]. - Other futures contracts will revert to their pre-adjustment margin standards and price fluctuation limits [2].

谈及近期鸡蛋现货价格走强、期货贴水的核心原因，中信建投期货研究员邓昊然表示，本轮分化主要源 于"现货定价现实，期货定价预期"的博弈。 近期，鸡蛋期货主力2603合约总体呈现贴水结构。以河北馆陶为代表的产区现货价格走强，而2603合约 期货价格持续低迷，两者基差一度走扩至500～600点，引发市场关注。期货日报记者采访了解到，这种 分化格局的主要原因是：现货市场短期受季节性需求提振影响，期货市场则提前对春节后的淡季定价。 记者注意到，随着春节备货步入尾声，鸡蛋现货价格逐步回落，鸡蛋期现基差也随之收敛。2月5日，鸡 蛋主力2603合约价格已小幅升水河北地区鸡蛋的现货价格。 "期货价格反映的是期货交割库所在地的现货供需情况，最直接的现货价格基准应来自主要交割地的主 流交割品价格。近年来，河北、山西和四川地区的鸡蛋成为全国主要的交割区域。综合考虑交割量、区 域升贴水以及最优价格等因素，一般选择河北馆陶鸡蛋市场价作为现货价格参考基准。"邓昊然说，只 有当现货基准选取正确时，基差才能真实反映现货市场与期货市场的价格关系。 谈及春节前后鸡蛋市场的供需演变及鸡蛋期货2603合约的期现回归路径，上述受访者均认为现货价格大 概率 ...

2025年深秋，青岛市平度市田庄镇种植大户李洪元看着手机里的赔付款到账信息，脸上露出了欣慰的笑 容。作为青岛廉家粮油专业合作社负责人，他种植花生多年，曾长期被"看天吃饭""丰产不丰收"的问题 困扰。当花生"保险+期货"收入险项目落地，他的忧虑也随之消散。 "现在有这份收入险作保障，我想明年再扩种200亩。"李洪元自信地说。 李洪元的这份自信，源于花生期货与乡村振兴战略深度融合结出的硕果。2021年花生期货上市后，青岛 市西海岸新区便在郑商所的帮助下，开展了山东省规模最大的政策性农业保险——花生"保险+期货"项 目，覆盖海青镇4731户种植户，初步验证了该项目的可行性。 2023—2025年，由郑商所支持，青岛市财政局、农业农村局统筹协调的国内最大的花生收入险县域覆盖 项目落地青岛，银河期货与太平洋保险青岛分公司深入乡镇宣讲，将保障范围扩展至青岛市西海岸新 区、平度市、莱西市和胶州市四个区县的111个镇街。"仅用1个月时间，便能收齐农户的自缴保费部 分，参保热情超出预期。"银河期货青岛营业部总经理庞大为告诉期货日报记者，该项目累计覆盖93036 户农户，不仅破解了传统农业"看天吃饭"的困境，更激发了产业发展活力 ...

格林大华期货副总经理、首席专家王骏在接受记者采访时也表示，三个核心因素驱动期货市场有效客户 数量增长。一是商品价格波动加剧，风险管理刚需凸显。地缘冲突加剧、供应链重构等多重因素交织， 实体企业面临前所未有的经营不确定性，通过期货市场进行套期保值成为稳定经营的必然选择。二是政 策持续引领，服务体系升级。期货和衍生品法落地施行，为产业客户参与期货市场提供了明确的法律保 障；期货交易所与期货公司联合开展产业培育计划，不断提升实体企业运用期货和衍生品能力。三是工 具供给丰富，满足多样化避险需求。期货市场品种与工具持续扩容，为产业链各环节精准管理风险提供 了更多选择。 据了解，2025年，期货市场活跃度显著提升，参与者结构趋于多元化。恒泰期货首席经济学家魏刚告诉 记者，2025年A股市场呈现"慢牛"格局，中国权益资产吸引力显著增强，特殊法人客户通过股指期货进 行风险对冲的需求大增。此外，黄金、白银等贵金属以及铜、铝、碳酸锂等工业金属表现亮眼，由于这 些品种与传统资产的相关性较低，成为机构投资者大类资产配置的重要选择。宏观对冲基金、CTA基金 良好的表现，也吸引了市场更多的关注。 中国期货市场监控中心近日发布数据显示，截 ...

据新华社电中国机械工业联合会5日发布数据显示，2025年，我国机械工业经济运行呈高位趋缓、稳中 有进态势。机械工业规模以上企业增加值同比增长8.2%，增速高于全国工业和制造业2.3个和1.8个百分 点。 "十四五"期间，机械工业加强创新体系建设，基本形成覆盖关键领域的行业创新网络。截至2025年年 末，机械行业已拥有制造业单项冠军企业超500家、专精特新"小巨人"企业超5000家、专精特新中小企 业超4万家，三类企业数量均占全国总数的30%以上。关键基础材料、核心零部件、基础制造工艺等自 主化不断取得新突破，产业链供应链韧性稳步提升。 数据显示，2025年，在"两重""两新"等政策带动下，机械工业产销形势整体好于上年。重点监测的122 种主要机械产品中，85种产品产量同比增长，较上年增加13种。其中，汽车产销量创历史新高，连续17 年稳居全球第一；发电机组产量3.7亿千瓦，同比增长37.6%；工业机器人产量创新高，达77.3万套，同 比增长28%。 营收和利润方面，2025年，机械工业规模以上企业实现营业收入33.2万亿元，总量创新高，同比增长 6%，增速高于全国工业4.9个百分点；实现利润总额1.7万亿元， ...