"除了历年来的中央一号文件十分给力外，新疆棉花产业的发展还离不开金融'活水'的辛勤浇灌。"孙涛 告诉记者，在当前我国特色优势农业高质量发展与乡村全面振兴的时代浪潮中，农产品期货正在悄然重 塑我国农业发展格局。 "目标价格政策确定延续，给棉农、加工企业及产业链上下游主体吃下了一颗'定心丸'，这将有效激发 棉农的种植热情。"闫奎说。 值得注意的是，今年的中央一号文件将"提升农业综合生产能力和质量效益"摆在首要位置，强调"大力 发展科技农业，因地制宜发展农业新质生产力，推动科技创新与产业创新深度融合"。这与新疆棉花产 业从"规模扩张"向"质量提升、绿色转型、产业链延伸"的发展高度契合。 与此同时，在科技赋能方面，今年的中央一号文件提出"加快选育和推广突破性品种，推进生物育种产 业化"。对此，市场人士表示，新疆地域辽阔，机械化、智能化水平提升空间巨大，这些政策举措有望 推动新疆棉花在品种改良、精准水肥管理、机械化采收等领域的技术突破，助力解决长期以来部分区域 品种混杂、品质参差不齐等问题，推动棉花种植向标准化、精细化转型。 "今年的中央一号文件对各类特色农产品产业发展作出了系统性部署，其中提出推动棉花、糖料、天然 橡 ...

Core Viewpoint - The Chinese steel industry has shown significant profit improvement in 2025, driven by multiple factors including raw material cost reductions and strategic adjustments by companies [1][2][6]. Group 1: Profit Improvement - The total operating profit of the steel industry in 2025 reached 109.8 billion yuan, indicating an overall improvement [1]. - Among 23 listed steel companies that announced 2025 performance forecasts, 12 reported profits while 11 incurred losses, with notable profit-makers including Hualing Steel and Shougang [1]. - The improvement in profitability is attributed to a combination of factors, including effective risk management through the use of futures and derivatives [1][2]. Group 2: Raw Material Market Dynamics - The primary reason for profit improvement is the decline in raw material costs, particularly iron ore and coking coal, which saw significant price drops [2]. - Steel prices have not decreased as sharply as raw material prices, allowing steel mills to expand their profit margins [2]. Group 3: Industry Structure and Demand - The "anti-involution" policy introduced last year has positively impacted industry valuations and steel mill profitability [3]. - The demand for steel in traditional construction has declined, but high-end manufacturing and emerging industries, particularly in electric vehicles, have seen robust demand growth [3]. - Regional disparities are evident, with eastern coastal steel companies benefiting from product structure adjustments, while central and western companies face more challenges due to reduced demand [3]. Group 4: Risk Management through Financial Tools - The use of financial derivatives for risk management has become a core competitive advantage for large steel companies [4][5]. - Baosteel exemplifies this approach by integrating futures into its operations to lock in raw material costs and stabilize profits [4]. Group 5: Future Outlook for 2026 - The steel industry is expected to continue its high-quality development trajectory, with overall profitability likely to improve but without significant changes [6]. - Profit totals for the industry in 2026 could reach or exceed 150 billion yuan, driven by recovering domestic demand and strong export performance [7]. - The competition will increasingly focus on cost control and high-end product competitiveness, with a shift towards optimizing structure and efficiency [8].

期货日报网讯（记者 杨美） 2月10日，在中国证监会指导下，中国期货业协会发布《期货公司交易结算 系统压力测试管理细则（试行）（征求意见稿）》（以下简称《管理细则》），面向行业及社会公开征 求意见。 此外，《管理细则》还要求期货公司按照准备测试环境、构造场景数据、明确测试指标，应当参照《证 券期货业交易结算系统压力测试指南》基础合规场景有关内容，确保相关指标符合通过标准，这将增强 行业自律规则的协同性。田冰表示，《管理细则》将与《证券期货业交易结算系统压力测试指南》形成 合力，推动基础合规与扩展增强、推荐补充场景测试相结合，助力行业向主动风险管理转变，为期货市 场高质量发展夯实技术基础。 值得关注的是，《管理细则》设置了刚性性能门槛，要求确保系统性能容量不低于历史峰值的两倍，重 点测试交易结算系统的订单接收有效率、订单处理正确率、客户登录成功率、业务查询成功率及结算耗 时等指标。 田冰指出，《管理细则》的出台为行业提供了统一的测试标准与操作框架，具有多重积极意义。一方面 将推动管理机制标准化，通过统一测试周期、场景与指标，促使期货公司建立制度化、规范化的压力测 试体系，提升测试的科学性与行业可比性；另一方面将 ...

Core Insights - The article highlights the role of the futures market in supporting agriculture and rural development, showcasing the commitment of practitioners in the sector to assist farmers through innovative financial solutions [1] Group 1: Futures Market Impact - The futures market is portrayed as a vital tool for risk management, providing a "double insurance" mechanism that helps livestock farmers secure their livelihoods [1] - The article emphasizes the importance of translating complex financial terms into understandable language for farmers, ensuring they can effectively utilize futures contracts [1] Group 2: Agricultural Support Stories - Two specific narratives are presented: one from Sichuan, where futures practitioners have dedicated three years to support pig farmers, and another from Heilongjiang, where they address the needs of grain producers [1] - These stories reflect the dedication and responsibility of futures professionals in serving the agricultural community, demonstrating the tangible benefits of the "insurance + futures" model [1] Group 3: Collaboration and Community - The article underscores the collaborative efforts among various stakeholders in the agricultural sector, highlighting the warmth and strength derived from these partnerships [1] - It illustrates how the futures market acts as a bridge, transforming theoretical financial solutions into practical support for farmers, thereby enhancing their confidence and stability [1]

2017年，国家级贫困县黑龙江省林甸县开展了玉米收入险项目，该项目是全国首批九个收入险项目试点 之一，作为期货公司项目负责人的我由此与"保险+期货"结下不解之缘。这些年来，我既是这一金融支 农创新模式的亲历者，又是相关产业蜕变的见证者，其中林甸县试点项目的那些鲜活细节，始终是这段 历程中最珍贵的记忆。 2017年，黑龙江省林甸县仍在脱贫路上跋涉。该县地处黄金玉米种植带，2016年全县164万亩玉米地共 计产出14.5亿斤玉米，卖粮收入是农户赖以为生的"钱袋子"。那年春天，我和同事们第一次踏上这片黑 土地，就感受到了农户的忧虑。一位老农蹲在刚翻耕的田垄上，手掌抚过湿润的黑土，语气里满是无 奈："临储一取消，粮价就跟坐'过山车'似的没个准头。去年种了5垧地，起早贪黑忙一年，到头来差点 儿亏本儿。" 既要守护黄金产区的耕耘成果，又要为贫困县农户筑牢收入防线，在交易所的支持引导下，我们与中华 财险携手，决心将"保险+期货"这把"惠农伞"架到林甸县的田间地头。 从实地调研的泥土沾衣，到条款设计的字斟句酌，再到与农户沟通的耐心解释，2017年7月25日，林甸 县两家合作社的负责人郑重签下投保协议，2.5万亩玉米地被正式纳 ...

"曹经理，猪饲料又涨价了，咱们养猪难啊！"我第一次见到养殖户老陈，他正蹲在自家漏雨的猪舍墙 边，手里捏着半截湿漉漉的烟，烟头的红光在雨帘里忽明忽暗。账本被他塞进怀里，用塑料袋裹了一层 又一层，仿佛那是比命根子还金贵的东西。 我蹲下身，用伞替他挡雨："陈大爷，我们这次来，就是想用'保险+期货'给乡亲们的猪饲料成本价格兜 个底。""'保险+期货'？"老陈操着川北口音的四川话对我说，"听不懂你在说啥子。" 巴山夜雨，总是来得又急又密。2020年5月，天空飘着雨，我在四川省巴中市去往通江县的高速公路 上，车一次次钻入隧道，忽明忽暗的隧道灯光，就像是散落在大巴山里零星的灯火——那是老陈家的猪 舍。灯光昏黄，像一盏随时会被山风吹灭的油灯，也像老陈心里那团"猪饲料价格噌噌涨"的焦虑。 立夏·雨脚如麻，心事如麻 下午3点，最后一笔对冲成交，交易员靠着椅背抻了抻胳膊。西晒的阳光微微透过窗帘洒到桌面，像替 我松了口气。自身对冲模型优化了多次，市场的流动性也够优秀，完美转移了价格风险。 随我一起调研的保险公司许经理用四川话帮我解释："这个项目保费不用你们掏，期货公司和银行帮你 们付保费咯。你们只管安心养猪，猪饲料价格涨了，保险赔； ...

Core Insights - The Chinese futures market experienced significant growth in January, with trading volume reaching 912 million contracts and turnover at 100.26 trillion yuan, marking year-on-year increases of 65.09% and 105.14% respectively [1] Group 1: Market Performance - The top traded futures by turnover included silver, gold, and copper from the Shanghai Futures Exchange, PTA, cotton, and caustic soda from the Zhengzhou Commodity Exchange, and coking coal, palm oil, and PVC from the Dalian Commodity Exchange [1] - Despite the year-on-year growth, there was a slight decline in trading volume month-on-month, while turnover remained high due to price increases in certain commodities [1] Group 2: Factors Driving Growth - The surge in trading activity was driven by significant price volatility in commodities, with precious metals and non-ferrous metals rising by 41.8% and 14.2% respectively, and lithium carbonate prices also experiencing over 20% growth [2] - Continuous inflow of new capital into the futures market, particularly from long-term funds such as insurance companies, has contributed to the market's resilience [2] - The expansion and enhancement of the futures market's capacity to serve the real economy have also played a role in the increased trading activity [2] Group 3: Future Outlook - Analysts expect a potential slowdown in the rapid growth of trading volume and turnover in February, influenced by the upcoming Spring Festival and a general reduction in trading enthusiasm [3] - There are still structural opportunities in the market, particularly in the non-ferrous sector, with commodities like aluminum, lithium carbonate, copper, and nickel being highlighted for potential investment [3] - The demand for precious and non-ferrous metals is expected to remain strong due to ongoing investment needs and geopolitical supply concerns, while the energy and chemical sectors may see a rebound driven by seasonal demand post-holiday [3]

本报讯 2月9日，广期所发布公告，明确多晶硅期货2702合约、碳酸锂期货2702合约、铂期货2702合 约、钯期货2702合约有关事项。 铂期货2702合约交易指令每次最小下单数量中的每次最小开仓下单数量为2手、每次最小平仓下单数量 为1手，非期货公司会员或者客户单日开仓量不得超过300手。 钯期货2702交易指令每次最小下单数量中的每次最小开仓下单数量为2手、每次最小平仓下单数量为1 手，非期货公司会员或者客户单日开仓量不得超过300手。 根据公告，多晶硅期货2702合约交易手续费标准为成交金额的万分之五、日内平今仓交易手续费标准为 成交金额的万分之五，交易指令每次最小下单数量中的每次最小开仓下单数量为10手、每次最小平仓下 单数量为1手，非期货公司会员或者客户单日开仓量不得超过50手。 （文章来源：期货日报网） 碳酸锂期货2702合约交易手续费标准为成交金额的万分之三点二、日内平今仓交易手续费标准为成交金 额的万分之三点二，交易指令每次最小下单数量中的每次最小开仓下单数量为5手、每次最小平仓下单 数量为1手，非期货公司会员或者客户单日开仓量不得超过400手。 ...

Core Viewpoint - The Shanghai Futures Exchange, Shanghai International Energy Exchange, and Guangzhou Futures Exchange have announced adjustments to the price limits and margin requirements for various futures contracts ahead of the 2026 Spring Festival [1] Group 1: Adjustments by Shanghai Futures Exchange - Starting from the settlement on February 12, 2026, the price limit for copper, aluminum, zinc, lead, and alumina futures will be adjusted to 13%, with margin requirements set at 14% for hedging and 15% for general positions [2] - Nickel and tin futures will have a price limit of 15%, with margin requirements of 16% for hedging and 17% for general positions [2] - Futures for casting aluminum alloy, wire rod, and stainless steel will see a price limit of 11%, with margin requirements of 12% for hedging and 13% for general positions [2] - Gold futures will have a price limit of 20%, with margin requirements of 21% for hedging and 22% for general positions [2] - Silver futures will have a price limit of 25%, with margin requirements of 26% for hedging and 27% for general positions [2] - Futures for rebar, hot-rolled coils, pulp, and printing paper will have a price limit of 10%, with margin requirements of 11% for hedging and 12% for general positions [2] - Futures for fuel oil, petroleum asphalt, butadiene rubber, and natural rubber will have a price limit of 12%, with margin requirements of 13% for hedging and 14% for general positions [2] Group 2: Adjustments by Shanghai International Energy Exchange - From February 12, 2026, the price limit for international copper futures will be set at 13%, with margin requirements of 14% for hedging and 15% for general positions [3] - Crude oil, low-sulfur fuel oil, and No. 20 rubber futures will have a price limit of 12%, with margin requirements of 13% for hedging and 14% for general positions [3] - The shipping index (European line) futures will have a price limit of 18%, with a margin requirement of 20% [3] Group 3: Adjustments by Guangzhou Futures Exchange - Starting from February 12, 2026, the price limit for industrial silicon futures will be adjusted to 11%, with speculative margin requirements set at 13% and hedging margin requirements at 12% [3] - The price limit for polysilicon futures will be adjusted to 12%, with margin requirements remaining unchanged for both speculative and hedging positions [3] - The price limit for lithium carbonate futures will be adjusted to 15%, with speculative margin requirements set at 17% and hedging margin requirements at 16% [3] - The price limit for platinum and palladium futures will be adjusted to 24%, with both speculative and hedging margin requirements set at 26% [3] Group 4: Resumption of Trading - Trading will resume on February 24, 2026, and the price limits and margin requirements for industrial silicon, polysilicon, platinum, and palladium futures will revert to pre-adjustment levels on the first trading day without price limits and continuous quotes [4] - The price limit for lithium carbonate futures will be adjusted to 13%, with speculative margin requirements set at 15% and hedging margin requirements at 14% [4]

本报讯 2月9日，上期所发布公告称，1月处理异常交易行为125起，其中自成交超限44起，频繁报撤单 超限41起，大额报撤单超限2起，日内开仓量超限38起，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。上期所对1个客户和39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。（齐宣） （文章来源：期货日报网） ...