Core Viewpoint - The introduction of polypropylene monthly average price futures with cash settlement enhances risk management tools for the industry by aligning with the common pricing practices in spot trade [1] Group 1: Cash Settlement Mechanism - Cash settlement means that upon contract expiration, the exchange completes profit and loss settlement through cash transfer rather than physical delivery of goods [1] - The settlement price for polypropylene monthly average price futures is the arithmetic average of the settlement prices of the corresponding physical delivery futures for all trading days in the month prior to the contract month [1] Group 2: Market Functionality - The monthly average price futures financialize the commonly used "monthly average" pricing benchmark in spot trade, filling a gap in the domestic futures market regarding average price management [1] - Plastic processing, modification, and trading companies can lock in or hedge against the average procurement costs of raw materials for future months, mitigating the impact of price volatility on production profits [1] - Upstream refining companies can sell the average price in advance, stabilizing their monthly sales revenue [1] Group 3: Liquidity and Participation - The cash settlement mechanism ensures contract liquidity by eliminating warehouse receipt pressure and delivery default risks, encouraging more financial institutions and quantitative funds to participate [1] - Increased participation enhances the depth and breadth of price discovery in the market [1]

周一亚市早盘，现货黄金高开高走，一度涨0.57%至4535.26美元/盎司，距12月26日历史高点4549.69美 元仅一步之遥，主因美伊地缘政治紧张急剧升级。特朗普政府对伊朗抗议活动强硬表态，称"子弹上 膛，随时待发"，计划讨论军事打击等选项，点燃市场避险情绪。美伊对峙升级信号频现：特朗普周二 将听取对伊全面选项简报，伊朗威胁攻击美中东基地，针锋相对加剧"擦枪走火"风险，资金撤离风险资 产转向黄金。此外，伊朗抗议持续两周致超500人死亡，叠加经济崩溃、互联网封锁，地缘风险溢价抬 升；美国周六对叙IS目标打击，进一步推升避险需求，支撑金价短期强势。 摘要周一亚市早盘，现货黄金高开高走，一度涨0.57%至4535.26美元/盎司，距12月26日历史高点 4549.69美元仅一步之遥，主因美伊地缘政治紧张急剧升级。 ...

Group 1 - London gold is currently trading above $4575.77, with a reported price of $4582.59 per ounce, reflecting a 1.60% increase, and has seen a high of $4600.33 and a low of $4508.56 during the session [1] - Bill Ackman, a prominent hedge fund manager, believes that the notion of the U.S. returning to a 2% inflation rate is "nonsense," predicting that the Federal Reserve will adjust its inflation target to a range of 2.5% to 3% [1] - Morgan Stanley has revised its expectations, no longer anticipating a rate cut by the Federal Reserve in 2026, and now expects a 25 basis point rate hike in the third quarter of 2027 [2] Group 2 - The daily moving average system for London gold maintains a steady upward trend, with a clear bullish arrangement in the short term, indicating strong technical indicators [3] - The price has found solid support at $4270 after breaking through high levels, suggesting a strong upward momentum and potential for further increases in the coming days [3] - Current price movements are completing a new ascending wedge pattern, indicating that prices may rise to higher levels by 2026 [4]

| 上期所指定交割金库 | 期货 | 增减 | | --- | --- | --- | | | 97653 | 0 | 特朗普再次威胁干涉伊朗，称准备提供"帮助"。伊朗议会议长警告美国，若遭攻击必将还击，目标包括 以色列本土及美军基地等。美媒：特朗普听取对伊打击方案的简报，但尚未作出最终决定，政府正考虑 多个干涉伊朗方案；特朗普将于周二讨论针对伊朗的潜在措施。 美国12月季调后非农就业人口增加5万人，预期6万人，美国10月和11月非农就业人数合计下修7.6万 人，12月失业率录得4.4%，预期4.5%。白宫证实，特朗普的社交媒体账户无意中泄露了汇总的就业数 据，正在审查有关经济数据发布的规程。 上海期货交易所指定交割仓库期货周一（1月12日）仓单日报显示，黄金期货总计97653千克，今日仓单 较上一日持平。 沪金主力盘内高位回落，周一（1月12日）黄金期货开盘价1004.48元/克，截至目前最高1031.30元/克， 最低1003.38元/克。截止发稿报1026.28元/克，涨幅2.57%，成交量为238327手，持仓为116450手，日持 仓减少2836手。 上海期货交易所黄金期货仓单日报(单位：千克) ...

【宏观消息】 【黄金期货行情表现】 1月12日，沪金主力暂报1026.28元/克，涨幅2.57%，今日沪金主力开盘价1004.48元/克，截至目前最高 1031.30元/克，最低1003.38元/克。 美国财长贝森特明确表示，希望降低利率，称利率是驱动未来经济增长的关键因素。美联储理事米兰表 示，预计在2026年降息约150个基点。此举有望创造约一百万个就业岗位，同时不会引发通货膨胀 【机构观点】 上周金价震荡上行，沪金再度站上1000元关口，纽约金站上4500美元关口。短期宏观氛围有所冷却，前 期涨幅较好的资产普遍回落，这一定程度上使黄金的避险需求上升，给予金价支撑。技术上，可持续关 注1000元关口支撑，以及纽约金4500美元支撑。 美国2025年12月ISM制造业指数从48.2小幅下降至47.9，已连续10个月低于50，并创下自2024年10月以 来新低。新订单已连续第四个月收缩，出口订单仍然疲弱。就业人数连续第11个月下降。美国2025年12 月ISM服务业PMI指数上升1.8点至54.4，为2024年10月以来的最高水平。新订单增幅创下自2024年9月 以来的最大水平。价格上涨速度降至九个月来的最慢 ...

欧元区通胀放缓，进一步降息预期不强，欧美利差预期收缩。 特朗普总统发动对委内瑞拉大规模军事行动、重启格陵兰岛获取计划、提高美国2027财年军费等，带来 地缘局势紧张，冲击西方阵营内部团结，短期避险情绪推高美元，中期则加速去美元化。 【黄金期货最新行情】 | 1月12日 | 收盘价（元/克） | 当日涨跌幅 | 成交量（手） | 持仓量（手） | | --- | --- | --- | --- | --- | | 沪金主力 | 1026.28 | 2.57% | 238327 | 116450 | 打开APP，查看更多高清行情>> 【基本面消息】 数据显示，1月12日上海黄金现货价格报价1023.32元/克，相较于期货主力价格（1026.28元/克）贴水 2.96元/克。 美国制造业前景疲软依旧，订单不足，就业继续萎缩，但服务业超预期扩张，国内外订单大增，就业重 新扩张；就业人数弱增长，岗位空缺数下降，失业者重返劳动力市场难度较大，但失业率意外下降，形 成数据上的背离，降息预期不增反减；美国财长贝森特希望降低利率，表示利率是驱动未来经济增长的 关键因素。 因此短期来看美联储降息预期不强、美国经济增长向好、欧美关 ...

Core Viewpoint - The recent surge in silver prices is driven by geopolitical tensions in the Middle East and concerns over U.S. monetary policy independence, leading to increased demand for precious metals as a low-risk alternative to the dollar [3]. Group 1: Market Data - As of January 12, 2026, the spot silver price is at $84.15 per ounce, with a trading range between $79.94 and $84.60 during the day [1][2]. - Other silver-related prices include silver T+D at 20,909 yuan per kilogram and paper silver at 18.897 yuan per gram [2]. Group 2: Fundamental Analysis - Key events driving the current market include ongoing unrest in Iran and potential U.S. intervention, which heightens geopolitical risks [3]. - Federal Reserve Chairman Jerome Powell is facing political pressure, raising concerns about the independence of U.S. monetary policy [3]. - KCM Trade's chief market analyst notes that in a low-interest-rate environment, the appeal of non-yielding precious metals like silver is increasing, with expectations of continued demand from central banks [3]. - Goldman Sachs has revised its forecast for Fed rate cuts to June and September 2026, indicating a significant delay from previous expectations [3]. - JPMorgan no longer anticipates a rate cut in January 2026, now predicting a rate hike in Q3 2027 [3]. Group 3: Trading Strategy - Technical analysis indicates that silver prices remain in an upward channel, suggesting a bullish outlook [4]. - The 14-day Relative Strength Index (RSI) is at 70.66, indicating overbought conditions and potential for short-term consolidation [4]. - Key resistance levels include the historical high of $85.87 and the upper boundary of the upward channel around $88.40 [4]. - Initial support is at the 9-day EMA of $77.94, followed by the lower boundary of the upward channel at approximately $76.40 [4].

Group 1 - The total silver futures in Shanghai Futures Exchange reached 649,643 kilograms, with an increase of 29,381 kilograms compared to the previous day [1][2] - The main silver futures maintained a fluctuating pattern, opening at 18,800 yuan per kilogram, reaching a high of 20,998 yuan per kilogram, a low of 18,743 yuan per kilogram, and closing at 20,945 yuan per kilogram, marking an increase of 14.42% [1] Group 2 - In Shanghai, the total warehouse inventory showed a net decrease of 3,997 kilograms at Zhongchu Wusong and a decrease of 7,490 kilograms at Waiyun Huadong Hongqiao, while there was an increase of 40,879 kilograms at Zhonggongmei Supply Chain, leading to a total of 603,136 kilograms in Shanghai [2] - In Guangdong, the Shenzhen Weibao warehouse reported a slight decrease of 11 kilograms, contributing to the overall total of 649,643 kilograms [2]

数据显示，1月12日上海白银现货价格报价20608元/千克，相较于期货主力价格（20945元/千克）贴水 337元/千克。 非农报告—①美国12月季调后非农就业人口增加5万人，美国10月和11月非农就业人数合计下修7.6万 人，12月失业率录得4.4%；2025年，非农就业人数增加了58.4万人。②非农公布后，互换市场认为美联 储1月降息概率为零。③白宫证实，特朗普的社交媒体账户无意中泄露了汇总的就业数据，正在审查有 关经济数据发布的规程。 美联储动态——①巴尔金：失业率下降值得欢迎。②博斯蒂克：需要"集中精力"降低通胀。③美联储任 命地区银行董事会主席和副主席。④摩根士丹利预计，美联储将在6月和9月各降息25个基点。⑤花旗预 计美联储将在3月、7月和9月各降息25个基点。 【白银期货最新行情】 【机构观点】 | 1月12日 | 收盘价（元/千克） | 当日涨跌幅 | 成交量（手） | 持仓量（手） | | --- | --- | --- | --- | --- | | 沪银主力 | 20945 | 14.42% | 1207195 | 325729 | 打开APP，查看更多高清行情>> 伊朗局势——①特朗普 ...

Core Insights - The event showcased a blend of traditional culture and modern technology, marking the first jewelry pop-up store to incorporate Mixed Reality (MR) technology in collaboration with the cultural IP "Tang Palace Night Banquet" [1][6] - The marketing strategy successfully engaged local social media influencers, creating a significant online and offline buzz, which resulted in increased foot traffic and sales performance [1][7] Group 1: MR Technology Application - The pop-up store utilized cutting-edge MR technology to enhance jewelry display and interaction, allowing consumers to experience a virtual interaction with Tang Dynasty characters [3][6] - This innovative approach transformed traditional static jewelry displays into dynamic experiences, elevating consumer engagement and purchase intent [6] Group 2: Localized Marketing Strategy - The brand strategically collaborated with influential local KOLs to create relatable and trustworthy content, ensuring effective communication with the target audience [7] - The online buzz generated by these collaborations led to trending topics on social media, significantly amplifying the event's reach across 21 cities in the Greater Bay Area [7] Group 3: Sales Performance - The pop-up store achieved a remarkable 220% year-on-year sales growth during the two-week event, demonstrating the effectiveness of the marketing campaign in enhancing brand visibility and driving sales [10] - The combination of innovative experiences, cultural depth, and quality service created a comprehensive consumer engagement loop, resulting in a successful conversion of online interest to offline sales [10] Group 4: Future Implications - The collaboration between the jewelry brand and the cultural IP exemplifies a new marketing model that integrates cultural elements, advanced technology, and localized social media strategies [16] - The success of this initiative serves as a reference for the jewelry industry to explore new marketing paradigms that focus on immersive consumer experiences and effective online-offline integration [16]