Core Viewpoint - The announcement by the National Grain and Material Reserve Bureau and the Ministry of Finance regarding the rotation of 500,000 tons of Xinjiang cotton is expected to positively influence cotton prices, although current demand from the downstream cotton textile industry remains weak and inventory levels are high [1][6]. Group 1: Cotton Market Reaction - Following the announcement, there was strong bullish sentiment in the domestic cotton market, with some market participants anticipating a significant rise in cotton futures prices [1]. - Despite the initial positive sentiment, the main cotton futures contracts experienced only slight increases and stabilized, indicating that the market had already priced in some of the positive effects of the announcement [1][6]. - The rotation of 500,000 tons of Xinjiang cotton is seen as a measure to prevent large price fluctuations and complicate market speculation [1]. Group 2: Rotation Details - The rotation period for the Xinjiang cotton is set from December 2, 2019, to March 31, 2020, with approximately 7,000 tons available for bidding each day [1]. - The maximum bidding price for the rotation will be dynamically determined based on domestic cotton spot prices, with adjustments made weekly [2]. - The quality requirements for the Xinjiang cotton include specific grades and standards, ensuring that only high-quality cotton is included in the reserves [3]. Group 3: Market Conditions - The domestic cotton market is currently facing high inventory levels, and the new cotton harvest is being released, which may limit the immediate impact of the reserve rotation on prices [6]. - The recent increase in cotton prices has been significant, with main contracts rising over 1,000 yuan per ton since October, indicating that the market may have already absorbed some of the positive news [6]. - The textile industry is not expected to recover to normal export levels in the short term, which may dampen the positive effects of the reserve rotation on cotton prices [6]. Group 4: Xinjiang Cotton Procurement - The procurement of Xinjiang seed cotton is nearing completion, with stable prices for cotton lint being reported [7]. - The average purchase price for machine-harvested seed cotton is between 5.2 to 5.3 yuan per kilogram, while hand-picked cotton is around 6 yuan per kilogram [7]. - As of November 14, the processing volume of Xinjiang cotton lint was reported at 6.48 million tons, slightly lower than the previous year's figures [7].

中国人民银行副行长陆磊日前撰文介绍，根据制度安排，客户在商业银行钱包中的数字人民币是以账户 为基础的商业银行负债，标志着数字人民币由现金型1.0版进入存款货币型2.0版。 行动方案明确，银行机构为客户实名数字人民币钱包余额计付利息，遵守存款利率定价自律约定。银行 可以对数字人民币钱包余额自主开展资产负债经营管理，由存款保险依法提供与存款同等的安全保障。 对非银行支付机构而言，数字人民币保证金与非银行支付机构客户备付金无差异。 为进一步明确运营机构责任和权利对称关系，行动方案还规范了数字人民币计量框架，将银行类数字人 民币业务运营机构的数字人民币纳入准备金制度框架管理，其开立的数字人民币钱包余额统一计入存款 准备金交存基数。参与数字人民币运营的非银行支付机构实施100%的数字人民币保证金。 党的二十届四中全会审议通过的《中共中央关于制定国民经济和社会发展第十五个五年规划的建议》提 出"加快建设金融强国""稳步发展数字人民币"，为今后一个时期数字人民币发展和完善提供了行动指 南。 当前，境内和跨境数字人民币试验推广取得积极成效，在批发零售、餐饮文旅、教育医疗、公共服务、 社会治理、乡村振兴、跨境结算等领域形成了覆 ...

当日，上期所还宣布，上期标准仓单交易平台将于2020年9月22日上线报价专区，报价品种为螺纹钢、 线材、热轧卷板、不锈钢等黑色金属品种。该业务的上线，将进一步深化上期所和宝武集团的战略合 作，共同打造黑色产业链一体化服务平台。 上期所新闻发言人表示，我国是世界上最大的黑色金属生产国和消费国，黑色金属期货上市以来，市场 运行平稳，功能有效发挥，已逐步发展成为全球最大的商品期货系列之一，但期货标准化与实体经济需 求多样化存在一定的不匹配。上期标准仓单交易平台上线黑色金属品种标准仓单交易业务和报价专区业 务，将进一步完善黑色金属期货的功能，促进价格发现、规避风险和套期保值功能有效发挥，形成天天 交易、日日交收，形成不同地区、品牌和等级价格升贴水，助力黑色金属企业复工复产、提质增效;也 有利于完善上期标准仓单交易平台的品种和功能，促进仓单资源优化配置，满足产业链企业个性化、差 异化的需求，更好地服务实体经济发展。 9月15日，上期所发布通知称，上期标准仓单交易平台将于2020年9月22日上午9时上线黑色金属品种标 准仓单交易，包括螺纹钢、线材、热轧卷板、不锈钢，交易的仓单类型包括仓库标准仓单和厂库标准仓 单。 通知对 ...

这只跨境铁矿石期货ETF上市已有5个多月，上市初时，美元柜台和港币柜台的开盘价分别为0.97美元 和7.52港元，而截至9月14日，该ETF的单位净值均累计增长近60%。 对此，山证国际资产管理有限公司董事兼负责人章海默这样解释：一方面，受铁矿石市场供需格局影 响，铁矿石期货市场自身交投相对活跃;另一方面，该基金在4月上旬和8月初分别进行了移仓换月操 作，推动了基金净值增长。 据记者了解，该ETF主要跟踪的标的是大商所铁矿石期货价格指数，而大商所铁矿石期货价格指数与铁 矿石期货主力合约的走势并非完全一致。"虽然该基金跟踪的是大商所铁矿石期货价格指数，但组合当 中实际持有的是期货合约，以期货合约作为资产标的本身就避免不了移仓换月。通常当主力合约出现换 月，我们就会择机进行切换，同时我们也有设置强制切换条款，如在持有的合约到期前一个月首个交易 日前还没移仓换月，我们就会根据相关条款强制切换到下一个主力合约上。"章海默说。 据介绍，铁矿石期货ETF的移仓换月之所以能带来收益，与铁矿石期现货市场结构有关。铁矿石期货市 场长期存在贴水的情况，使得铁矿石期货ETF在移仓换月过程中不仅获得了铁矿石期货价格上涨带来的 收益， ...

据期货日报记者统计，今年1—11月，期货公司累计营业收入370.97亿元，累计净利润103.16亿元，均已 超过去年同期水平。去年前11个月，期货公司营业收入累计为364.91亿元，净利润累计为87.67亿元。此 外值得注意的是，今年前11个月期货公司累计净利润也已超过2024年全年水平(94.71亿元)。 期货日报网讯中期协12月29日公布的数据显示，11月，全国150家期货公司营业收入29.18亿元，净利润 6.03亿元。 ...

Group 1: Silver Price Dynamics - Since December 22, silver prices have increased by over 25%, driven by expectations of interest rate cuts and balance sheet expansion by the Federal Reserve, ongoing global debt accumulation, geopolitical risks, and high rental rates for silver in London [1] - As of December 26, the total outstanding debt of major global countries reached $84.2 trillion, an increase of $237.65 billion from the previous week, indicating a trend towards fiscal expansion that could enhance the financial attributes of silver [3] Group 2: Geopolitical Risks - Multiple geopolitical conflicts have erupted, including tensions between Russia and Ukraine, and U.S. military actions in Nigeria and Venezuela, which could impact global markets and commodity prices [4] Group 3: Supply and Demand Outlook - By 2025, global silver demand is projected to be approximately 35,716 tons, while supply is expected to be around 32,056 tons, resulting in a supply gap of about 3,660 tons, or 10% of total demand [5] - China's recent policy changes regarding silver exports, including the transition to export license management, may exacerbate structural supply shortages in the silver market [5] - The long-term outlook for silver prices remains bullish due to persistent supply gaps, although short-term caution is advised as the New Year holiday approaches [5]

今年以来，金、银热度持续攀升，且价格在年末创出新高。截至目前，国际金价年内涨幅超过70%，国 际银价涨幅超过170%。这"史诗级"行情的背后，引发了交易者的一系列疑问：应该如何看待当前的市 场表现？是否过度计价推涨因素？当前位置是配置机遇还是风险区域？带着上述问题，记者采访到多位 市场专家。 金瑞期货贵金属研究员吴梓杰表示，本轮金银"牛市"最核心的宏观催化来自"全球实际利率下行预期+风 险溢价抬升"的组合。而这背后，折射出两大市场逻辑：第一，市场持续将未来政策利率下行、通胀韧 性与财政扩张这三大因素并置定价，由此压低长期实际贴现率，并推高对无信用风险资产的配置需求； 第二，在地缘与金融不确定性上升的背景下，官方部门与私人部门共同推进资产与储备多元化，进而形 成更具"结构性"特征的买盘。 对白银而言，在上述宏观定价逻辑的基础上，还存在新能源与电气化领域相关工业需求的大幅增长，这 已导致市场连续多年出现供应缺口。在现货市场，目前白银库存下降至低位，其成为行情的"放大器"， 推动白银价格走出更强劲的上涨态势。 免责声明：Mysteel发布的原创及转载内容，仅供客户参考，不作为决策建议。原创内容版权归Mysteel所 ...

Group 1 - The core viewpoint of the articles highlights the impact of economic data and geopolitical tensions on market trends, particularly in gold prices and interest rate expectations [1][2][3]. Group 2 - On December 27, the Shanghai Gold Futures rose by 0.17% to 1018.10 yuan per gram, with a weekly increase of 3.68%. COMEX gold price increased by 3.98% to 4562 USD per ounce [1]. - Initial jobless claims in the U.S. decreased to 214,000, lower than expected, indicating a stronger labor market. However, the consumer confidence index fell to 89.1, below previous values [1]. - The market anticipates two potential interest rate cuts by the Federal Reserve in 2026, with probabilities of 61.0% for a 25 basis point cut by March and 67.7% for a 50 basis point cut by July [2]. - U.S. Treasury Secretary hinted at possible significant adjustments to the Fed's policy framework, including a shift to an inflation range target and the potential cancellation of the interest rate dot plot [2]. - Geopolitical tensions, particularly involving Venezuela and Iran, are increasing risk aversion in the market, supporting higher gold prices amid expectations of continued monetary easing from the Fed [3].

Core Insights - The core viewpoint of the article is that China's cotton production is projected to increase in 2025, driven by an increase in both planting area and yield [1] Production Data - In 2025, the total cotton production in China is expected to reach 6.641 million tons, an increase of 477,000 tons or 7.7% compared to the previous year [1] - The cotton planting area is projected to be 44.687 million acres, which is an increase of 2.113 million acres or 5.0% year-on-year [1] - The cotton yield is expected to be 148.6 kg per acre, an increase of 3.8 kg per acre or 2.6% from the previous year, marking six consecutive years of growth [1] Regional Analysis - In Xinjiang, cotton production is expected to reach 6.165 million tons, an increase of 479,000 tons or 8.4% compared to the previous year [1] - In the Yangtze River basin, cotton production is projected to be 220,000 tons, a decrease of 2,000 tons or 0.7% year-on-year [1] - In the Yellow River basin, cotton production is expected to be 203,000 tons, a decrease of 3,000 tons or 1.5% compared to the previous year [1]

Group 1: Strategic Cooperation and Financial Infrastructure - Hainan International Clearing House signed a strategic cooperation framework agreement with Singapore's Asia-Pacific Exchange and Clearing House, marking the first cross-border financial cooperation agreement after Hainan's free trade port closure [1] - The cooperation focuses on cross-border clearing in the bulk commodity spot and OTC derivatives sectors, aiming to create a transparent and robust financial infrastructure for domestic and foreign investors [1][2] - This initiative reflects Hainan's commitment to integrating into the international financial system and enhancing its role in global financial governance [1] Group 2: Development of Bulk Commodity Market - The bulk commodity spot market is at a pivotal point of digital transformation and industrial change, influenced by AI integration, geopolitical tensions, and global supply chain restructuring [3] - Policies encouraging the development of bulk commodity trading platforms have been strengthened, with local governments supporting innovative trading models that align with the needs of the real economy [4] - The organizational structure and business logic of trading platforms have evolved, leading to a more diversified market participation and the emergence of replicable business models [4][5] Group 3: Technological Integration and Market Innovation - The integration of AI, blockchain, and big data technologies is enhancing the operational efficiency and liquidity of the bulk commodity spot market [5][6] - The market is witnessing a shift towards a more standardized and transparent trading environment, driven by regulatory support and technological advancements [6][13] - The future of the bulk commodity trading platforms is expected to focus on comprehensive service capabilities, with an emphasis on risk management and market analysis through advanced technologies [12]