单品种看，1月30日，资金主要流入的商品期货（主连合约）品种有PVC、纸浆、玻璃、乙二醇和菜油，分别流入2.28 亿元、0.65 亿元、0.32 亿元、0.21 亿元和0.20 亿元；主要流出的品种有黄金、白银、铜、碳酸锂和铝，分别流出169.40 亿元、79.70 亿元、37.20 亿元、28.85 亿元和19.45 亿元。从主力合约看，有色金属、化工、农产品、黑色和金融板块均 呈流出状态。 整体上，商品期货（主连合约）资金呈巨幅流出状态。有色金属、化工和农产品板块资金大幅流出，重点关注流出较多 的黄金、白银、铜、碳酸锂、铝、铂、锡、橡胶、棉花和生猪，同时关注逆势流入的PVC、纸浆、玻璃和菜油。黑色板 块资金中幅流出，重点关注流出较多的焦煤、铁矿石和不锈钢，同时关注逆势流入的焦炭。金融板块关注中证500股指 期货和10年期国债期货。（徽商期货 方正） 图为板块资金流入额（亿元） 图为商品期货主连合约资金流向（亿元） 图为金融期货主连合约资金流向（亿元） 图为商品期货资金流入前十名（亿元） 图为商品期货资金流出前十名（亿元） ...

1月30日夜盘，豆粕、玉米系列期权正式在大商所挂牌交易，首批挂牌以M2607、C2607期货合约为标 的的系列期权合约。作为国内农产品期权市场的重要创新举措，系列期权为豆粕、玉米产业链企业提供 更灵活高效的套保选择，标志着我国商品期权市场在农产品领域的期限覆盖与功能适配迈上新台阶。 填补空白 精准匹配产业短期套保需求 "这一设计的精妙之处在于精准切中了产业企业的痛点。"永安期货期权部门主管邱宁表示，"此前常规 期权最长存续期近1年，权利金时间价值较高，难以匹配企业月度周期的原材料采购、产品销售头寸。 系列期权存续期短、Theta衰减快，同等条件下权利金更低，能显著降低企业套保资金占用，提高资金 使用效率。" 夜盘运行稳起步 市场有序参与 从1月30日夜盘表现来看，豆粕、玉米系列期权运行平稳，市场参与有序，隐含波动率与同月份的常规 期权基本一致。徽商期货研究所期权部经理李红霞表示，系列期权的流动性暂时不及常规期权成熟合 约，但做市商报价积极，买卖价差控制在合理区间。系列期权能起到管理短期风险的作用，随着市场认 知度提升，流动性将逐步改善。 丰富风险管理工具箱 服务粮食安全战略 作为关乎畜牧产业链稳定发展与国家粮 ...

Core Insights - The attractiveness of China's futures market is expected to continue increasing in 2025, with a steady growth in the client base and enhanced market vitality and resilience [1] Group 1: Client Growth - A total of 940,000 new futures clients were opened in 2025, showing significant growth compared to the previous year [1] - Special unit clients, particularly those representing medium to long-term funds, saw a 12% increase in new accounts compared to the previous year, highlighting a core improvement in client structure [1] Group 2: Market Development - The total number of effective clients in the market reached 2.78 million by the end of 2025, reflecting an 11% growth from the previous year [1] - The steady expansion of client scale and continuous optimization of structure indicate a broad recognition of the futures market's value in serving the real economy, moving towards standardized, healthy, and high-quality development [1]

本报讯 上期所1月30日发布通知，经研究决定，自2月3日收盘结算时起，白银期货AG2605、AG2606、 AG2607、AG2608、AG2609、AG2610、AG2611、AG2612、AG2701合约的涨跌停板幅度调整为17%， 套保持仓交易保证金比例调整为18%，一般持仓交易保证金比例调整为19%。 关于涨跌停板和交易保证金的其他事项按《上海期货交易所风险控制管理办法》及相关业务规则执行。 （齐宣） 如遇《上海期货交易所风险控制管理办法》第十三条规定情况，则在上述涨跌停板幅度、交易保证金比 例基础上调整。 ...

1月5日，大宗商品资源配置枢纽一体推进机制工作会议在杭州召开。会议在全面总结2025年重点工作的 基础上，系统谋划2026年任务、形成工作合力，深入推进"三基地两中心"建设。 1月8日，象屿股份与中铁铁龙集装箱物流股份有限公司在辽宁省营口市鲅鱼圈区签署战略合作协议，并 举行象屿铁龙库揭牌仪式。象屿铁龙库坐落于铁龙货场内，具有"铁路直达、铁水联动"的区位优势，将 为"北粮南运"提供高效稳定的物流基础设施。 1月20日，北京铁矿石交易中心与大连商品交易所举行座谈，双方围绕优化指数编制方法、拓展数据样 本来源、推动指数实际应用、促进期现市场协同发展、提升价格发现与风险管理功能等议题进行了深入 交流。 1月21日，新华指数研究院在青岛发布《全球海运物流通道发展指数报告（2025）》与《新华·山东港口 大宗商品指数运行报告（2025）》。 1月22日，天津交易集团有限公司正式成立，旨在建立统一的要素资源交易体系、服务体系、监管体 系，推动要素交易"一网通办"。该集团前身为天津产权交易中心有限公司。 1月29日，浙江国际大宗商品交易中心落地首笔有色金属现货仓单注册生成与转让业务。 1月10日，贵州省交易集团有限公司揭牌仪 ...

当前，地方两会正在紧锣密鼓召开。在多地的政府工作报告中，"大宗商品资源配置枢纽"成为高频关键 词。地方政府正积极部署，通过提升交易平台服务能级，推动要素资源高效配置，为全国统一大市场建 设注入新动能，勾勒出大宗商品市场高质量发展的清晰路径。 浙江：建设大宗商品期现一体化场外市场 2025年，浙江高能级开放强省建设蹄疾步稳。大宗商品资源配置枢纽"三基地两中心"建设开局顺利。为 提升现货交易规模和行业影响力，浙江省政府于2025年11月印发了《打造大宗商品期现一体化场外市场 推进大宗商品资源配置枢纽建设实施方案》，明确6大任务26条举措，包括建设统一现货交易平台、推 动交易增量、探索期现一体化等。计划到2027年末，现货交易规模稳步增长，研究发布一批大宗商品价 格指数；到2030年末，现货交易规模持续扩大，大宗商品价格指数影响力不断提升，期现结合模式更加 成熟。 2026年，浙江省政府工作报告围绕提升开放平台能级作出重要部署：加快推进大宗商品资源配置枢 纽"三基地两中心"建设，推动舟山港综保区扩区，打造大宗商品期现一体化场外市场。 在促进外经贸提质发展方面，大力发展"直播+平台+跨境电商+海外仓"，培育壮大市场采 ...

2021年2月1日，花生期货在郑商所正式挂牌交易，我国这一重要油料作物自此装上了"金融引擎"。五年 来，郑商所以产业需求为导向，持续推进交割布局优化、规则制度完善与衍生工具创新，构建起覆盖全 产业链的风险管理体系。数据显示，花生期货合约日均成交量由2021年的7.55万手增至2025年的11.02万 手，日均持仓量由7.91万手增至20.59万手。产业客户参与度逐年提升，期货工具已深度融入花生产业种 植、贸易、加工全链条，成为保障油脂油料供给安全、助力乡村振兴的重要力量。 打破区域壁垒 激活产业动能 "花生期货交割区域扩展至东北，相当于给当地产业打开发展新空间。"辽宁花生集团正业农业发展有限 公司（简称正业农业）总经理王梅的感慨，道出了交割布局调整给当地产业带来的深刻变革。作为我国 花生"北去西移"趋势下崛起的新兴主产区，辽宁、吉林等地长期面临业务模式单一、抗风险能力弱的困 境，期货交割区域的扩容彻底改变了这一现状。 五年来，郑商所逐步将花生期货交割区域从传统主产区扩展至东北核心产区，通过增设交割库、优化升 贴水设置，实现了现货市场与期货市场的精准对接。王梅介绍，东北花生产业经营者在期货工具的启发 下，从"看 ...

Core Viewpoint - PVC prices have been under significant pressure due to capacity expansion, hitting a record low in 2025, with prices dropping below 4500 yuan/ton, exacerbated by weak demand and the cancellation of export tax rebates [1][4][8] Group 1: Price Trends and Profitability - PVC prices have consistently declined in recent years, reaching new lows, with production costs not sufficiently supporting prices due to ongoing losses in the calcium carbide method, which exceeded 1500 yuan/ton [4] - The integrated chlor-alkali enterprises have been able to offset PVC losses with caustic soda profits, but as caustic soda prices fell in the second half of 2025, combined profits turned negative, leading to a reduction in PVC production [4] - As production cuts occur, PVC supply pressure eases, allowing for a slight price rebound and some recovery in PVC valuations [4][8] Group 2: Demand Dynamics - The real estate sector, which accounts for 80% of PVC demand, has been in a downturn, with significant declines in sales area (down 15.6%) and sales revenue (down 23.6%) reported in December 2025 [5] - Seasonal demand fluctuations are evident, with PVC demand typically slowing during winter and the Spring Festival, leading to near stagnation in demand as the holiday approaches [5] Group 3: Export Market Changes - Recent policy changes announced by the Ministry of Finance and the State Administration of Taxation will remove the VAT export rebate for PVC products starting April 1, 2026, increasing export costs by approximately 80 USD/ton [6][7] - Despite a significant increase in PVC exports in recent years, with 2024 exports exceeding 2.6 million tons and projected to reach 3.8 million tons in 2025, the cancellation of export rebates is expected to diminish price advantages and limit future export volumes [7][8] Group 4: Future Outlook - While PVC prices have temporarily rebounded, the long-term outlook remains constrained by weak demand and the impact of export rebate cancellations, which may exacerbate domestic supply-demand imbalances and limit price increases [8]

1月29日，在江苏省江都高新技术产业开发区内，江苏九龙汽车制造有限公司工人在生产线上作业。 临近月末，各地企业铆足干劲赶订单、忙生产，力争新年首月"开门红"。 ...

Core Viewpoint - The recent surge in copper prices has led to the emergence of "investment copper bars," which lack standardized quality certification and a reliable repurchase mechanism, raising concerns about their actual investment value [1][2][3]. Price Trends - Domestic copper prices increased by 6% on January 29, with futures prices surpassing 110,000 yuan/ton and overseas prices reaching 14,000 USD/ton. The price increase for copper in 2025 is projected at 33%, with a monthly increase of 11% in January [1]. Product Characteristics - "Investment copper bars" are marketed with labels such as "Cu99.9," "pure copper," and "sufficient copper," and weigh between 500 grams to 15 kilograms. However, they are sold at significant premiums compared to the market price of electrolytic copper [1][2]. Market Concerns - Analysts express skepticism about the investment attributes of these copper bars, suggesting they are more suitable for industrial use rather than as investment products. The risks include difficulties in liquidation and high storage costs [2][3]. Regulatory Issues - The promotion of copper bars as investment products raises compliance concerns, as their legal status in this context is unclear. Some vendors have faced restrictions in physical markets [3]. Investment Alternatives - For those interested in copper investments, there are established and regulated avenues such as copper ETFs, mining company stocks, and futures or options trading, which offer transparency and liquidity [3][4]. Investor Behavior - The emergence of "investment copper bars" reflects a growing interest in copper among investors, but caution is advised as the investment logic for industrial metals is complex and influenced by macroeconomic factors [4][5].