Core Viewpoint - The introduction of 14 new futures and options products for specific domestic trading marks a significant step in accelerating the inclusion of foreign traders in China's futures market, reflecting the country's commitment to deepening and enhancing the openness of its capital markets [1][2]. Group 1: Market Expansion - The expansion of the futures market is a result of years of experience in opening up, establishing a solid practical foundation for this initiative [1]. - Since 2018, the inclusion of crude oil, iron ore, and PTA futures has initiated the internationalization of China's futures market, with 24 products now open to foreign participation [1]. - The establishment of a pricing ecosystem represented by "China prices" has been facilitated by the participation of global clients, which supports the introduction of new products for foreign traders [1]. Group 2: Risk Management and Resource Allocation - The core of deepening futures market openness is to enhance its functions in risk management and resource allocation, ultimately benefiting the real economy and linking it to global markets [2]. - China's position as a major consumer and producer of commodities necessitates a stronger international pricing influence for its futures products, which the recent expansion aims to achieve [2]. - The China Securities Regulatory Commission emphasizes the importance of risk prevention measures to ensure a stable and orderly introduction of the new products for foreign traders [2]. Group 3: Comprehensive Market Coverage - The newly added products cover multiple industrial chains and include both futures and options, achieving full coverage of the polyester sector, thereby further expanding and deepening the "full-chain openness" of China's futures market [2]. - The transition from a single-point breakthrough with crude oil futures to a multi-product, full-chain opening signifies a broader commitment to linking global resources and empowering the real economy [3].

Core Viewpoint - The recent adjustment of export tax rebates for photovoltaic and battery industries marks a significant turning point in the sector, transitioning from "universal subsidies" to "high-quality guidance" in China's new energy industry support logic [1] Group 1: Policy Impact - The policy adjustment reflects a dual embodiment of national industrial development strategy and optimization of fiscal resource allocation, as the export tax rebate system has supported the rapid establishment of a leading global photovoltaic and lithium battery industry chain since 2013 [1] - China's global production share of photovoltaic polysilicon, battery cells, and modules exceeds 85%, with leading lithium battery companies holding nearly 70% of the global market share, indicating a shift in the environment for high export tax rebates [1] Group 2: Industry Challenges - The adjustment directly addresses the core issue of "internal competition externalization," where the increase in volume and decrease in price of photovoltaic products have led to a situation where domestic fiscal subsidies are used to compete in overseas markets, resulting in profit loss for companies and increased international trade friction [2] - The policy aims to cut reliance on low-price competition, forcing the industry to return to value-based competition, which is a necessary choice for building a healthy industrial ecosystem [2] Group 3: Short-term Effects - In the short term, the 2-3 month rebate window has triggered a noticeable "export rush," with some previously halted photovoltaic companies resuming production and battery companies accelerating order deliveries, leading to a potential increase in demand for upstream raw materials like lithium carbonate [2] - However, there is a risk of a phase of demand decline following the "export rush," particularly in the mid and downstream segments of the photovoltaic industry, where competition pressure may intensify due to temporary overcapacity [2] Group 4: Long-term Structural Changes - The policy is expected to drive three structural changes in the industry: 1. The competition logic will shift from "price competition" to "capability competition," leading to the exit of smaller companies with weak cost control and technology, concentrating resources in leading firms [3] 2. The industrial layout will evolve from "product output" to "global layout," with leading companies accelerating overseas capacity establishment to mitigate trade barriers and cost pressures [3] 3. The development motivation will transition from "policy-driven" to "innovation-driven," as companies increase R&D investments in high-efficiency battery technology, energy storage applications, and green manufacturing [3] Group 5: Industry Transition - The export tax rebate policy adjustment represents a necessary "coming of age" for the new energy industry, which must now rely on core technological strength rather than short-term policy benefits to compete globally [4] - Companies should seize the transitional window to accelerate technological upgrades and global layouts, while the market should focus on the long-term value of industrial structure optimization amidst short-term fluctuations [4]

Core Viewpoint - The China Securities Regulatory Commission (CSRC) has added 14 futures and options products as specific varieties for domestic trading, marking a significant step in the internationalization of China's futures market [1][2][6] Group 1: New Products and Market Impact - The newly added products include nickel futures and options, xylene futures and options, short fiber futures and options, lithium carbonate futures and options, and others, which are expected to enhance the pricing influence of Chinese commodities globally [1][2] - Nickel futures have become the first directly open taxable non-ferrous metal futures product on the Shanghai Futures Exchange (SHFE), indicating a key advancement in SHFE's internationalization process [1][2] - The introduction of these products aligns with the long-standing requests from industry chain enterprises and associations, aiming to improve risk management levels in China's non-ferrous metal industry [2][3] Group 2: Strategic Importance of Nickel - Nickel is a critical strategic metal in industrial development and is essential for emerging industries, with China being the largest consumer and importer of nickel globally [2] - Since its launch in 2015, nickel futures have effectively served as a pricing reference for domestic spot trade and have been widely used by industry chain enterprises for risk management [2] Group 3: Polyester Industry and Internationalization - China's polyester industry is the largest globally, with a projected capacity of 89.035 million tons by 2025, accounting for 60%-70% of the global total [4] - The introduction of PTA futures has established a stable pricing mechanism, with nearly 100% of PTA spot trades priced based on "futures price + premium/discount" [4] - The internationalization of the polyester sector is expected to enhance the global pricing system and better meet the risk management needs of domestic and foreign enterprises [4][5] Group 4: Future Developments and Market Readiness - The SHFE is preparing for the internationalization of nickel futures and options, as well as other products, to attract various domestic and foreign participants [3] - The CSRC's new rules for international business will be implemented by August 2025, providing a robust institutional framework for high-level opening of the futures market [2] - The Zhengzhou Commodity Exchange (ZCE) has already opened accounts for nearly 800 foreign clients from 33 countries and regions, facilitating the internationalization of the polyester sector [5]

本报讯上期所1月23日发布通知，经研究决定，自2026年1月27日收盘结算时起，镍期货已上市合约的涨 跌停板幅度调整为10%，套保持仓交易保证金比例调整为11%，一般持仓交易保证金比例调整为12%； 氧化铝、铅、锌期货已上市合约的涨跌停板幅度调整为8%，套保持仓交易保证金比例调整为9%，一般 持仓交易保证金比例调整为10%；不锈钢期货已上市合约的涨跌停板幅度调整为6%，套保持仓交易保 证金比例调整为7%，一般持仓交易保证金比例调整为8%。 （文章来源：期货日报网） 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。 （齐宣） ...

Core Viewpoint - The China Securities Regulatory Commission (CSRC) has approved the registration of options contracts for 20 rubber, low-sulfur fuel oil, and cathode copper, which are significant commodities in China, aimed at enhancing risk management tools for enterprises in the supply chain [1] Group 1: Regulatory Approval and Market Preparation - The CSRC will supervise the Shanghai International Energy Exchange (INE) to ensure the smooth launch and stable operation of the new options contracts [1] - The INE has drafted options contracts for 20 rubber, low-sulfur fuel oil, and cathode copper and is seeking public feedback [1] Group 2: Importance of New Contracts - The introduction of options for these commodities is expected to provide effective risk management tools for upstream and downstream enterprises, addressing the increasing demand for refined risk management due to significant price fluctuations in international commodity markets [1] - The existing futures contracts for these commodities have developed a certain market scale, good liquidity, and a reasonable investor structure, gradually serving the real economy [1] Group 3: Contract Specifications - The 20 rubber options contract is based on the 20 rubber futures contract, with a trading unit of 1 lot and a minimum price fluctuation of 1 yuan/ton [2] - The low-sulfur fuel oil options contract is based on the low-sulfur fuel oil futures contract, with a trading unit of 1 lot and a minimum price fluctuation of 0.5 yuan/ton [2] - The cathode copper options contract is based on the cathode copper futures contract, with a trading unit of 1 lot and a minimum price fluctuation of 2 yuan/ton [3]

Core Insights - The China Securities Regulatory Commission has announced the designation of nickel futures and options as specific domestic varieties, marking a significant step in the Shanghai Futures Exchange's (SHFE) internationalization process [1][2] - Nickel, as the first specific variety on SHFE, plays a crucial role in industrial development and is essential for emerging industries, with China being the largest consumer and importer of nickel globally [2][3] Group 1 - Nickel futures have been effectively utilized in the domestic market since their launch in 2015, serving as an important pricing reference for spot trade and widely adopted by industry chain enterprises for risk management [2] - The opening of the nickel futures and options market aligns with long-standing calls from industry chain enterprises and associations, enhancing risk management capabilities in China's non-ferrous metal industry [2][3] - The introduction of options products will enrich risk management tools for enterprises, facilitating more refined and personalized hedging strategies, thereby improving operational stability and development capacity [3] Group 2 - The SHFE is set to implement a comprehensive international business rule system by August 8, 2025, focusing on strong regulation, risk prevention, and high-quality development [3] - Since 2019, the SHFE has gradually opened specific varieties such as 20 rubber, low-sulfur fuel oil, and international copper futures to foreign investors, which have become important hedging tools for related industry chain enterprises [3][4] - The SHFE aims to enhance the quality of market operations and promote the functionality of the futures market through various measures, including optimizing business rules and strengthening market cultivation [4]

前期，中国证监会就《指引》向社会公开征求意见，社会各方总体对《指引》表示赞同认可，并提出具 体修改建议。中国证监会逐条研究反馈意见，认真吸收采纳，并对《指引》作出修改完善。后续，中国 证监会将做好《指引》实施工作。 期货日报网讯（记者 杨美）为落实《推动公募基金高质量发展行动方案》，坚持以投资者为本，规范 公募基金业绩比较基准的选取和使用，切实发挥业绩比较基准表征产品投资风格、约束投资和衡量业绩 等方面的功能作用，督促基金管理人完善内部控制和管理机制，保护投资者合法权益，中国证监会制定 了《公开募集证券投资基金业绩比较基准指引》（以下简称《指引》），自2026年3月1日起施行。 《指引》共六章二十一条，主要内容包括：一是突出业绩比较基准的表征作用，强调业绩比较基准运用 的严肃性和稳定性。明确业绩比较基准应当与基金合同约定的核心要素和产品投资风格相匹配，一经选 定不得随意变更。二是强化基金管理人的内部控制和管理。明确业绩比较基准应当由公司管理层决策确 定，基金管理人应当建立健全内控机制和管理体系，加强对基金经理、基金产品投资风格稳定性的持续 管理。三是加强对业绩比较基准的外部约束。明确基金托管人的监督职责，规范 ...

Core Viewpoint - The Zhengzhou Commodity Exchange has revised the business rules for silicon iron and manganese silicon futures to better meet the needs of industrial enterprises and align with changes in the spot market, thereby supporting the high-quality development of the real economy [1] Group 1: Delivery Process Optimization - The delivery location determination for standard warehouse receipts has been changed to allow the warehouse to select a provincial area during registration, with the specific delivery warehouse chosen by the buyer within that area [2] - This change aims to enhance the functionality of warehouse receipts and improve the overall delivery process [2] Group 2: Quality Inspection Improvements - The revised rules allow for the warehouse to conduct particle size and elemental inspections, which can lower inspection costs and improve efficiency [3] - The implementation of video surveillance and random sampling tools will ensure the fairness and compliance of the inspection process [3] Group 3: Compensation Scheme Enhancement - The compensation scheme for oversized particles in silicon iron has been optimized, increasing the compensation amount for non-compliant delivery goods [4] - The new compensation calculation method is designed to cover buyers' additional costs related to handling powdered silicon iron, thereby reducing delivery concerns and enhancing product quality [4] Group 4: Alignment with Market Standards - The revisions to the manganese silicon business rules include updates to the national standard numbers and specified grades to reflect changes in the spot market and industry requirements [4] - The revisions are set to take effect in 2027, with specific timelines for silicon iron and manganese silicon adjustments [5] Group 5: Stakeholder Engagement - The Zhengzhou Commodity Exchange engaged with various market participants through field visits, online surveys, and specialized meetings to gather feedback on the revisions [5] - The revisions have received approval from industry enterprises, delivery warehouses, and inspection agencies, indicating alignment with current market conditions [5]

报告说，投资正日益集中于少数战略性、资本密集型行业。在对人工智能基础设施和数字网络的需求驱 动下，去年数据中心占全球绿地项目投资总额的比重超过五分之一，已公布投资额超2700亿美元。半导 体项目投资额增长35%。纺织、电子和机械等易受关税影响、全球价值链密集的行业，投资项目数量大 幅下降。 报告预测，若融资环境持续宽松、跨境并购复苏，2026年外国直接投资或可温和增长。但受地缘政治紧 张局势、政策不确定性和经济碎片化等因素影响，实际投资活动可能继续低迷。 据新华社电 联合国贸易和发展会议（贸发会议）日前发布报告说，2025年全球外国直接投资在经历两 年低迷后出现反弹，较上年增长14%，达到1.6万亿美元。 报告指出，增长的全球外国直接投资中，超过1400亿美元来自全球金融中心资金流动的提升。若不计入 这些"管道流动"，全球外国直接投资仅增长约5%，显示实际投资活动复苏仍较为有限。 ...

Core Viewpoint - The Ministry of Finance, the People's Bank of China, and the Financial Regulatory Administration have announced an extension of the personal consumption loan interest subsidy policy until the end of 2026, which now includes credit card installment payments [1] Group 1: Policy Changes - The implementation period for the personal consumption loan interest subsidy policy has been extended to December 31, 2026 [1] - The scope of support has been expanded to include credit card installment payment services [1] - The subsidy field has been broadened by removing the restriction on single transactions of 50,000 yuan and above [1] Group 2: Subsidy Standards - The subsidy standard has been improved by eliminating the cap of 500 yuan on the subsidy amount for single transactions [1] - The previous limit of 1,000 yuan on the total subsidy for each borrower at a single institution for transactions below 50,000 yuan has been removed [1] Group 3: Existing Agreements - For loans that have already signed the "Personal Consumption Loan Interest Subsidy Service Agreement," any consumption occurring after January 1, 2026, will automatically apply the latest interest subsidy policy without the need to re-sign the agreement [1]