本报讯 上期所7日发布公告显示，2025年12月，上期所处理异常交易行为73起，其中自成交超限43起， 频繁报撤单超限28起，日内开仓量超限2起，交易所均通过会员单位对上述达到异常交易处理标准的客 户进行提示，对1个客户和2个实际控制关系账户组采取限制开仓的监管措施并进行全市场公告。 实际控制关系账户认定与协查方面，上期所对262组721个客户进行实际控制关系认定，对91组247个客 户进行实际控制关系协查。 另外，郑商所处理违反交易所自律规则案件4起，其中违反持仓管理规定案件3起，对敲转移资金类案件 1起，交易所对涉案的5名客户给予暂停开仓交易、没收违规所得的纪律处分，并记入证券期货市场诚信 档案数据库。（齐宣） 同日，郑商所发布自律监管统计信息。2025年12月，郑商所处理异常交易行为17起，其中自成交15起， 频繁报撤单1起，大额报撤单1起。交易所通过会员单位已对上述达到异常交易处理标准的客户进行监管 提示。 ...

Core Insights - The article highlights significant inflows into commodity futures, particularly in lithium carbonate, rebar, aluminum oxide, asphalt, and iron ore, with inflows of 2.025 billion, 0.455 billion, 0.421 billion, 0.376 billion, and 0.375 billion respectively [1] - Conversely, there were notable outflows in gold, copper, aluminum, polysilicon, and apples, with outflows of 0.595 billion, 0.317 billion, 0.226 billion, 0.142 billion, and 0.074 billion respectively [1] - Overall, the commodity futures market experienced a substantial inflow, particularly in non-ferrous metals and black metals, while the financial sector saw outflows [1] Commodity Futures Inflows - Major inflows were observed in non-ferrous metals and black metal sectors, with a focus on lithium carbonate, rebar, aluminum oxide, iron ore, and silver [1] - The chemical and agricultural sectors also saw slight inflows, particularly in asphalt, soybean meal, and soybean oil [1] Commodity Futures Outflows - Key commodities experiencing outflows included gold, copper, aluminum, and stainless steel, indicating a potential shift in investor sentiment [1] - Apples and LPG also faced outflows, suggesting a cautious approach from investors in these areas [1] Financial Sector Insights - The financial sector, particularly the CSI 300 index futures and 30-year treasury futures, is highlighted as a focus area due to observed outflows [1]

上期所1月7日发布关于做好市场风险控制工作的通知。通知称，近期国际形势复杂多变，金属品种波动 较大，请各有关单位采取相应措施，提示投资者做好风险防范工作，理性投资，共同维护市场平稳运 行。 ...

上期所1月7日发布通知，根据《上海期货交易所风险控制管理办法》的有关规定，经研究决定，自2026 年1月9日（即1月8日夜盘）交易起，非期货公司会员、境外特殊非经纪参与者、客户在白银期货各合约 的日内开仓交易的最大数量为7000手。实际控制关系账户组日内开仓交易的最大数量按照单个客户执 行。套期保值交易和做市交易的开仓数量不受此限制。 ...

近日，由中信期货有限公司资助的"信兴农·童期声"公益项目在河南省兰考县东坝头镇张庄小学顺利完成。该项目精准响应了张庄小学提升素质教育资源的 需求，向学校捐赠了500册优质教辅及课外图书，惠及全校227名学生，以实际行动支持乡村教育发展。 张庄小学由中国证监会援建，在乡村振兴持续推进的背景下，仍面临教学资源补充的需求。中信期货积极响应兰考县东坝头镇张庄村村民委员会的资助申 请，专项拨款10,000元支持图书购置。项目自2025年11月启动后高效透明推进，于12月上旬完成善款划拨与图书采购，并于12月中旬成功举办捐赠仪式，将 图书交付学校。 此次捐赠的图书包括300册学科教辅和200册课外读物，内容涵盖文学、科普等多个领域。学校已同步建立图书角并制定了每周阅读计划。这批图书有效充实 了学校的教学资源，人均新增2.2册图书，弥补了阅读资源缺口。通过定期读书会等活动，将有助于培养学生的逻辑思维能力和专注力。 兰考县东坝头镇张庄村村民委员会表示，这批图书如同冬日暖阳，为孩子们打开了认知世界的窗口，并特别感谢中信期货对乡村振兴的持续投入，让知识的 甘泉滋润黄河岸边的幼苗。 中信期货始终将社会责任融入企业基因，未来将持续关 ...

期货日报网讯（记者 姚宜兵）大连商品交易所昨日发布通知，将于1月9日下午线上开展焦煤期权合约 及业务规则相关主题培训。 关于组织焦煤期货期权合约规则培训的通知 各相关单位： 为帮助市场了解大商所焦煤期货期权合约及相关规则，助力合约平稳上市，我所将于1月9日下午线上开 展焦煤期权合约及业务规则相关主题培训。欢迎各单位积极参加，具体安排通知如下： 一、会议日程 培训时间：2026年1月9日（周五）15:30-16:30 2026年01月06日 二、参会方式 请提前注册账号，手机端扫描二维码或PC端点击链接参会。 1. PC客户端登录地址：https://3c.wind.com.cn/l/cDuF?shareUserSign=HFs 2. 手机客户端登录：扫描以下二维码即可进入会议。 技术支持：万得信息技术股份有限公司 客服电话：025-68673555 大连商品交易所 培训主题：焦煤期货期权合约设计及业务规则介绍 主讲部门：期货衍生品部 ...

Core Insights - Indonesia's electrolytic aluminum industry is rapidly growing as a reflection of the country's "downstream strategy," aimed at ending primary resource export and retaining value-added processing, jobs, and tax revenue domestically [2][3] - The government has implemented policies to encourage domestic processing, including a revised mining law that prioritizes companies investing in processing facilities [2][3] - The market expectation is clear: bauxite must be converted into higher-value products within Indonesia, attracting international investors, particularly from China [3] Industry Overview - The electrolytic aluminum projects in Indonesia are primarily driven by two entities: the state-owned Inalum and foreign investors, mainly from China [4] - Inalum plans to increase its total capacity from 250,000-300,000 tons/year to 1.5 million tons by 2030, but faces infrastructure bottlenecks, particularly in power supply [5] Investment Landscape - Chinese enterprises are the most active investors in Indonesia's electrolytic aluminum expansion, following an integrated layout model from bauxite to alumina to electrolytic aluminum [6] - Major projects include Nanshan Aluminum's 1 million tons/year electrolytic aluminum project in Bintan Industrial Park, with an investment of approximately 6.063 billion yuan [6] Project Developments - Significant progress has been made in various projects, such as the collaboration between Xinfeng Group and Qingshan Holding in North Maluku Province, which plans to utilize advanced technology and has secured power supply agreements [7] - Other notable projects include Huaying Aluminum's 50,000 tons/year expansion in Central Sulawesi and a green industrial project by Minmetals in North Kalimantan with a planned capacity of 1.5 million tons/year [7][8] Capacity Projections - Indonesia's electrolytic aluminum production is expected to grow from approximately 880,000 tons in 2025 to 3.6 million tons by 2030, with a compound annual growth rate of about 32.5% [10] Challenges and Constraints - The Indonesian power supply is unstable and lacks cost advantages, with a fragmented grid and regional mismatches between bauxite resources and power supply centers [12][13] - High capital expenditures and long payback periods pose significant economic challenges for new projects, with costs estimated at 9,000-11,000 yuan/ton compared to 4,000-5,000 yuan in China [15] Environmental and Regulatory Pressures - The expansion of Indonesia's aluminum industry faces external pressures from global green finance and decarbonization requirements, as most projects rely on coal-fired self-supply power plants [16] - The Indonesian government is considering extending electricity subsidies to the aluminum industry to mitigate costs, but energy transition will take time [16] Global Market Impact - Indonesia's expansion in alumina production is expected to significantly alter the global cost curve, with production projected to increase from under 3 million tons to 18.3 million tons between 2025 and 2030 [19] - The release of new capacities may lead to a restructuring of global pricing and profit distribution in the alumina market [19] Future Outlook - The pace of capacity release in Indonesia may be slower than market expectations due to power supply issues, with potential reductions in future supply if aluminum prices fall below $2,800/ton [21] - Indonesia's role in the global aluminum supply chain is critical, and its slow production ramp-up could support long-term high aluminum prices [21]

Group 1 - China's foreign exchange reserves and gold reserves data for December 2025 will be released on January 7 at 16:00 [1] - The Eurozone's preliminary CPI for December 2025 is expected to be 2.0%, slightly down from the previous value of 2.1% [1] - The Eurozone's core harmonized CPI for December 2025 is expected to remain stable at 2.4% [1] Group 2 - The ADP employment change for the US in December 2025 is anticipated to show an increase of 50,000 jobs, a recovery from the previous decrease of 32,000 jobs [2] - If the ADP employment figures exceed expectations, it may positively impact the prices of non-ferrous metals and crude oil [2] Group 3 - The Eurozone's unemployment rate for November 2025 is expected to remain unchanged at 6.4% [2] Group 4 - The US initial jobless claims for the week ending January 3, 2025, are projected to be 195,000, slightly down from 199,000 [3] - A lower than expected jobless claims figure may support non-ferrous metals and crude oil prices [3] Group 5 - China's CPI for December 2025 is expected to grow by 0.90%, up from the previous 0.70%, while the PPI is expected to decline by 2.05%, a slight improvement from the previous decline of 2.20% [4] - A higher CPI and a lower PPI could positively influence industrial product futures while potentially suppressing stock index and government bond futures [4] Group 6 - The US non-farm payroll report for December 2025 is expected to show a seasonally adjusted increase of 53,000 jobs, down from 64,000 [5] - The unemployment rate is projected to decrease to 4.5% from 4.6%, and average hourly earnings are expected to rise by 3.6% year-on-year [5] - A lower non-farm payroll figure could reduce expectations for a Federal Reserve rate cut in January 2026 [5] Group 7 - The preliminary consumer confidence index for January 2026 from the University of Michigan is expected to be 53.2, slightly up from 52.9 [5] - A higher consumer confidence index may support non-ferrous metals and crude oil prices while potentially suppressing precious metals prices [5]

不过，上述两位分析师普遍认为，地缘因素对油价上涨的提振作用有限。 戴田东表示，欧洲及南美等地缘局势整体可控。此外，美国处于石油消费淡季且石油库存压力较大。预 计未来国际油价或呈现出弱势下跌走势。 1月6日24时，今年首轮成品油调价窗口开启。据国家发展改革委消息，按现行国内成品油价格机制测 算，本轮成品油调价周期（2025年12月22日—2026年1月5日）调价金额每吨不足50元，本次汽、柴油价 格不作调整，未调金额纳入下次调价时累加或冲抵。 对此，多家机构分析称，由于本轮成品油调价周期内国际原油价格整体震荡偏弱运行，未对成品油零售 价形成趋势性指向。这意味着未来约半个月内（1月20日24时之前），居民驾车出行及物流运输的燃油 成本将维持稳定。 卓创资讯成品油分析师戴田东接受期货日报记者采访时表示，本轮成品油调价周期内国际原油市场虽受 地缘局势紧张的因素支撑，但供需错配持续影响市场，下游交易心态较为谨慎，国际油价整体呈现震荡 偏弱走势，波动幅度有限。受此影响，我国参考的原油变化率在正值区间内持续回落。 回顾近期油价表现，中信期货研究所能源化工组分析师李云旭对记者表示，原油基本面依然承压，虽然 Kpler数据显示 ...

九年前，当赵万隆从东南大学化学系毕业，手握理学学位踏入完全陌生的金融行业时，他大概不会想 到，自己的人生轨迹会与千里沃野上农民的收成紧密相连。那时，他对期货的认识几乎是一张白纸。而 九年后，作为东证润和资本管理有限公司场外衍生品业务部的一位业务专家，他已深度参与了上百 个"保险+期货"项目，足迹遍布全国，成为连接金融衍生品与农业风险管理的"翻译官"与实干家。 跨界"小白"初识"保险+期货" 2016年，赵万隆的职业生涯始于期货公司的综合部。"我不是科班出身，大学学的是化学专业，真的是 零基础踏入了期货行业。"他的路径朴实无华，甚至有些"笨拙"——从写材料（案例、发言稿、总结报 告）开始，在字斟句酌中对期货业务有了初步理解和认识。 这种学术派的严谨与刻苦，贯穿于赵万隆早期的职业成长。回忆起那段时光，他坦言："白天写材料， 晚上加班学习期货、期权知识，看了几十本专业书籍，还网上买课、看大佬答疑解惑，一切能提升专业 水平的方式，我都尝试了。"他既感激那几年公司领导和同事的帮助，也珍惜每一次与产业客户接触的 机会。渐渐地，他更加直观地感受到了期货、期权工具在应对价格波动风险中的作用，也窥见了实体产 业尤其是农业领域迫 ...