Core Viewpoint - The Chinese futures market has experienced rapid growth, with total funds reaching approximately 2.57 trillion yuan by the end of January this year, marking a 20% increase from the previous year-end, and the government aims to strengthen the agricultural futures market as part of its broader agricultural modernization strategy [1][2]. Group 1: Market Growth and Development - The total funds in the futures market reached about 2.15 trillion yuan by the end of last year, reflecting a year-on-year growth of approximately 32% [1]. - As of the end of January this year, the total funds in the futures market further increased to around 2.57 trillion yuan, representing a 20% growth compared to the end of last year [1]. - The futures market is continuing its high-quality development, with stable operations and a diverse range of participants, enhancing its service to the real economy [1]. Group 2: Policy Support and Agricultural Futures - The Central Document No. 1 released this year emphasizes the need to strengthen the agricultural futures market, aligning with key tasks such as improving agricultural production capacity and ensuring stable farmer income [2]. - The agricultural futures market provides authoritative signals for decision-making in industries like grain, cotton, oil, and sugar, offering transparent forward pricing that reflects market expectations [2]. - The futures market serves as a safety net for industries by providing hedging tools to mitigate price volatility risks, complementing policies aimed at supporting farmers' income [2][3]. Group 3: Industry Upgrading and Efficiency - The futures market promotes industry upgrades and enhances quality and efficiency through standardized contract designs, which guide the agricultural sector in improving standards and optimizing product structures [3]. - The introduction of quality premium rules in futures contracts encourages farmers to cultivate higher-grade varieties, thus achieving better pricing for quality products [3]. - The continuous improvement of the agricultural futures product system has established a solid foundation for serving the agricultural sector, although challenges such as insufficient liquidity and uneven regional service coverage remain [3]. Group 4: Future Outlook and Strategic Focus - To implement the Central Document No. 1's requirements, there is a need to enhance the agricultural futures product system, focusing on key agricultural products and improving contract designs [4]. - Increasing market cultivation efforts through training and case promotion is essential to encourage more farmers and agricultural enterprises to participate in the futures market [4]. - Innovations in the "insurance + futures" model should be deepened to expand coverage and enhance protection levels, aligning with agricultural subsidies and credit policies to support agricultural development [4][5].

Group 1: Agricultural Policy and Market Dynamics - The central government's first document of the year emphasizes the development of the agricultural sector, particularly focusing on grain and oil industries, and the construction of agricultural product futures markets [1] - Policies are aimed at consolidating and enhancing grain production capacity, ensuring smooth production and sales connections, and providing multi-faceted support for agricultural products [7][10] - The integration of agricultural futures markets into the agricultural supply chain enhances price discovery and risk management, contributing to the stable operation of the grain and oil industries [1][4] Group 2: Grain Production and Farmer Support - Farmers express increased confidence in grain production due to government policies such as minimum purchase prices and insurance against natural disasters [2][3] - The implementation of producer subsidies and insurance policies has significantly improved farmers' income security, particularly in major grain-producing regions [3][9] - The current state of the grain market reflects a positive outlook with ample supply and stable prices, attributed to effective agricultural policies [4][5] Group 3: Soybean Industry Development - The central document highlights the importance of the soybean industry for agricultural development and food security, focusing on capacity enhancement and smooth production-sales connections [7][10] - Policies are designed to stabilize subsidies and upgrade insurance, which directly benefits soybean farmers and enhances their income potential [9][10] - The development of the soybean industry is seen as crucial for ensuring national oil security and supporting rural revitalization [9][10][11] Group 4: Peanut Industry Growth - The peanut industry is recognized as a vital sector for farmers' income and rural revitalization, with government policies aimed at expanding production and enhancing value chains [12][13] - The establishment of a complete peanut industry chain, supported by futures markets, has led to significant economic development in key production areas [14][15] - The potential for expanding peanut cultivation is substantial, driven by favorable policies and market conditions, positioning peanuts as a key player in agricultural modernization [15]

Core Viewpoint - The State Council, led by Premier Li Qiang, emphasizes the importance of formulating a high-quality government work report and the 14th Five-Year Plan outline to boost confidence and promote development in the new year [1][2] Group 1: Government Work Report and Planning - The government work report and the 14th Five-Year Plan outline are crucial for aligning consensus and addressing public concerns, reflecting high-quality development requirements [1] - The government aims to integrate the needs of development with public expectations, ensuring that the documents are well-prepared [1] Group 2: Economic Policy and Implementation - Macro policies will be proactive, with fiscal funds arranged in advance to enhance coordination between fund allocation and project construction [1] - Key tasks will be expedited, with early implementation of projects that are ready, focusing on policy support and reform innovation to stimulate market vitality and explore new growth points in domestic demand [1][2] Group 3: Long-term Goals and Immediate Actions - There is a need to connect annual work with long-term goals, emphasizing the importance of planning and significant breakthroughs in areas like new productive forces and domestic circulation [2] - The government will prioritize safety production, transportation during the Spring Festival, and the resolution of wage arrears to ensure a safe and harmonious holiday for the public [2]

编者按：2025年，我国农业综合生产能力迈上新台阶，脱贫攻坚成果持续巩固拓展，农民生活水平显著 提高，乡村全面振兴取得明显成效。大商所继续深耕服务"三农"，积极开展"农民收入保障计划"，通 过"保险+期货"项目，帮助广大农户抵御风险、稳收增收，过一个踏实开心的新年。在春节的脚步渐行 渐近之际，本报推出"农保计划有保障种养主体过好年"系列报道，敬请关注。 台下议论纷纷。种了一辈子地的庄稼汉，头一回听说"既保收成，又保价跌"的保险。在他们看来，减产 了有赔付天经地义，但价格波动是市场的事，怎么能得到保障？ "乡亲们，打个比方。"华安期货大连分公司负责人张维元把专业术语掰开揉碎，"种地就像赌行情，风 调雨顺价高，您就赚了，但万一遇上天灾或者价跌，可能就白忙活了。这个保险就是给您买个'保底承 诺'。到了秋天，要是因为受灾减产或者市场价下跌，导致您的收入低于约定的目标，保险公司会把差 额部分赔付给您。要是行情好，您该赚多少赚多少。" 为了把这件事说透，工作人员举了最实在的例子：假设一亩大豆的目标收入是725元。秋收时，如果实 际亩产跌到0.15吨，价格跌到4200元/吨，那么实际收入就只有630元/亩，保险公司将赔付9 ...

升贴水结算业务方面，大商所期货品种升贴水主要包括非基准交割仓库与基准交割仓库升贴水（简称区 域升贴水）、质量升贴水和品牌升贴水，个别品种还有产品升贴水。目前，区域升贴水纳入交割货款由 交易所统一结算，质量升贴水、品牌升贴水和产品升贴水由货主与指定交割仓库自行结算。在自行结算 升贴水时，部分指定交割仓库存在红字发票开具困难等问题。为解决该问题，也为向指定交割仓库提供 更为多元的升贴水结算服务，大商所拟根据指定交割仓库类型、管理需要和企业意愿等采取不同的升贴 水结算方式。该方面规则修改主要涉及《大连商品交易所结算管理办法》《大连商品交易所交割管理办 法》《大连商品交易所标准仓单管理办法》和各实物交割品种期货业务细则相关规定。 大商所2月6日发布公告，为进一步增强期货市场服务实体经济的能力和水平，大商所根据市场需求，拟 修改《大连商品交易所结算管理办法》《大连商品交易所标准仓单管理办法》《大连商品交易所交割管 理办法》及实物交割品种的期货业务细则，对升贴水和集团交割库费用结算业务进行调整，向社会公开 征求意见。 第三，根据标准仓单标注内容，相应调整货物出库质量争议检验结果对比标准与指定厂库未按时完成发 货时返还货款 ...

本报讯大商所2月6日发布公告，根据《大连商品交易所铁矿石期货业务细则》第五条，对铁矿石期货可 交割品牌及相关升贴水进行调整。具体来看，取消可交割品牌杨迪粉和本钢精粉；卡粉品牌升贴水由15 元/吨调整至5元/吨，IOC6品牌升贴水由0元/吨调整至-10元/吨。 （文章来源：期货日报网） 调整后的可交割品牌及升贴水适用于I2704及以后合约。2027年4月第1个交易日起，大商所将按照调整 后的可交割品牌及升贴水办理铁矿石期货标准仓单注册和注销。（齐宣） ...

本报讯 2月6日，郑商所通报2026年1月自律监管统计信息。2026年1月，郑商所处理异常交易行为9起， 其中自成交7起、频繁报撤单2起，通过会员单位对上述达到异常交易处理标准的客户进行监管提示。 （鲍仁） （文章来源：期货日报网） ...

本报讯国家外汇管理局2月7日公布的数据显示，截至2026年1月末，我国外汇储备规模为33991亿美元， 较2025年12月末上升412亿美元，升幅为1.23%。（鲍仁） （文章来源：期货日报网） ...

市场回归理性后，广期所并未加码监管，这份"沉默"是监管智慧的另一重体现：当市场定价功能正常发 挥时，充分尊重市场规律，这也是维护市场平稳有序运行的应有之义。 随着市场情绪降温，此前持续上涨的碳酸锂价格开始转向震荡回落态势。在此轮行情切换中，广期所的 强监管举措成为市场的关注焦点。 整体来看，广期所坚持露头就打、从严追责、一严到底的监管导向：严管过度投机，不干预合理价格， 以精准监管守护期货市场服务实体经济本源。 交易所的监管从来不是干预价格涨跌，而是纠偏情绪、遏制过度投机。广期所针对碳酸锂期货的系列举 措，精准直击过度投机核心：上调手续费，提高短线交易成本；最小开仓下单数量从1手提至5手，直指 过度投机交易行为；将投机交易、套期保值交易保证金分别调整为13%、12%，差异化保证金制度实现 了对过度投机行为的精准约束。 这种精准施策的监管方式，正是严监管的智慧核心：对非理性投机，始终"紧"字当头；对实体套保需求 畅通渠道，培养正确认识，让风险管理工具真正为产业所用。 期货市场的立身之本是服务实体经济，这是期货市场发展的初心，也是监管的重要立足点。碳酸锂作为 新能源产业链核心原料，其价格稳定关乎上下游企业的经营稳 ...

八部门联合发文 近日，中国人民银行、国家发展改革委、工业和信息化部、公安部、国家市场监管总局、国家金融监管 总局、中国证监会、国家外汇局等八部门联合印发《关于进一步防范和处置虚拟货币等相关风险的通 知》（简称《通知》）。 《通知》重申虚拟货币不具有与法定货币等同的法律地位，虚拟货币相关业务活动属于非法金融活动， 境外单位和个人不得以任何形式非法向境内主体提供虚拟货币相关服务。 中国人民银行、中国证监会有关负责人在回答记者提问时表示，近期，受多种因素影响，虚拟货币、现 实世界资产代币化相关投机炒作活动时有发生，风险防控面临新形势、新挑战。《通知》旨在进一步完 善监管政策，防范和处置虚拟货币、现实世界资产代币化相关风险，切实维护国家安全和社会稳定。 针对现实世界资产代币化，《通知》强调，在境内开展现实世界资产代币化活动，以及提供有关中介、 信息技术服务等，涉嫌非法发售代币票券、擅自公开发行证券、非法经营证券期货业务、非法集资等非 法金融活动，应予以禁止；经业务主管部门依法依规同意，依托特定金融基础设施开展的相关业务活动 除外。境外单位和个人不得以任何形式非法向境内主体提供现实世界资产代币化相关服务。 "虚拟货币相 ...