Group 1 - The total silver futures warehouse receipts in Shanghai reached 638,399 kilograms, with an increase of 9,703 kilograms compared to the previous day [1][2] - The main silver futures contract opened at 23,488 yuan per kilogram, peaked at 23,688 yuan, and closed at 22,665 yuan, reflecting a rise of 1.68% [1] - The increase in warehouse receipts was primarily driven by the performance of the Zhonggongmei Supply Chain warehouse, which saw an addition of 11,716 kilograms [2] Group 2 - In November, the U.S. retail sales month-on-month growth was recorded at 0.6%, exceeding market expectations of 0.4% [2] - The U.S. Producer Price Index (PPI) year-on-year was reported at 3%, higher than the anticipated 2.7% [2] - The increase in retail sales was attributed to a rebound in automobile sales and strong growth during the holiday shopping season, with 10 out of 13 categories showing growth [2]

【白银期货最新行情】 美联储——①卡什卡利：特朗普的威胁实际是货币政策问题，一月份没有降息的必要。②保尔森：今年 晚些时候小幅降息可能较为合适。③褐皮书：有八个地区的整体经济活动以小幅至温和的速度增长，三 个地区报告无变化，一个地区报告温和下降。④共和党人士：鲍威尔可能缺席一年两度的国会听证会。 ⑤博斯蒂克称控制通胀的挑战尚未取得胜利，需继续采取限制性政策。⑥米兰批评外国央行决策者为鲍 威尔辩护不恰当。 数据——美国11月PPI环比略微上涨；零售销售增长超出预期。去年三季度录得2023年第二季度以来最 小贸易逆差。 伊朗局势——①特朗普称已被告知伊朗的"杀戮"正在停止，也没有处决计划。②美国官员称美国正从中 东多个主要基地撤出人员。③英媒：特朗普政府已获50个伊朗高价值军事目标清单。④伊朗革命卫队称 已达最高战备状态，导弹库存已增加。⑤美侦察机沿伊朗边界飞行。⑥多国敦促其公民离开伊朗。 【机构观点】 A股融资保证金比例再提高，日内银价大幅波动，金属继续全面走高，银价继续大幅上涨。沪银溢价继 续扩大至2800元/克，国内情绪季度高涨。地缘担忧，情绪高涨，银价依旧偏强，但高位风险持续累 积，谨慎操作。沪银2604 ...

Group 1 - The domestic futures market for non-ferrous metals showed mixed results, with lead futures closing at 17,550.00 CNY/ton, a slight increase of 0.78% [1] - The supply of primary lead raw materials is tight, with TC remaining low, leading to a marginal reduction in supply [2] - The demand side faces pressure due to anti-dumping duties imposed by the Gulf Cooperation Council on Chinese lead-acid batteries, effective from January 13, resulting in increased tariffs of 25.8% to 74% on piston battery exports, which negatively impacts lead price trends [2] Group 2 - Domestic primary lead social inventory has reached historically low levels, with an increase of 2,800 tons last week [2] - The outlook for the market indicates that the supply tightness in lead ingots is easing due to increased raw material arrivals at recycled lead smelters, leading to a short-term rebound in lead prices [2]

News Summary Core Viewpoint - The soybean meal market is experiencing fluctuations in sales and pricing, with significant changes in import and export activities impacting the overall supply dynamics. Group 1: Market Transactions - On January 14, the total soybean meal transaction volume at major oil mills nationwide reached 928,200 tons, an increase of 580,000 tons compared to the previous trading day, with spot transactions accounting for 134,600 tons [1] - Coastal regions reported ordinary protein soybean meal basis quotes ranging from M2605-20 to M2605-60 yuan/ton, reflecting a decrease of 10 to 20 yuan/ton compared to the same period last week [1] Group 2: Export and Import Insights - Private exporters reported sales of 334,000 tons of soybeans to China, with cumulative purchases for the 2025/26 marketing year expected to be around 11.5 million tons, nearing the target of 12 million tons [2] - In December, China's soybean imports totaled 8.044 million tons, with total imports for the year reaching a record high of 111.833 million tons [3] Group 3: Production and Demand Trends - Domestic oil mills are increasing their operating rates, leading to a rise in soybean meal production, which is essential for feed and livestock enterprises preparing for peak season demand [3] - The USDA supply and demand report indicated that U.S. soybeans are experiencing weak fluctuations, with the market closely monitoring export conditions and potential weather impacts in South America [3]

2026年1月12日，深圳农商银行发布公告称，深圳农商银行于2026年1月16日起发行深圳农商银行2026年 1月2期稳利多6号、爱薪存共2个系列储蓄存款产品，现将产品发售信息公告如下： | 产品名称 | 产品代码 | 产品期 | 起点金 | 产品利 | 额度 | 币种 | 付息方 | 递增规则 | 发行截止 | | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | | | | 限 | 额 | 率 | | | 式 | | 日 | | 深农商2026年1月 | WA3M20260102 | 3个月 | 1万元 | 1.05% | 1.0亿 | 人民 | 到期付 | 1000元整 | 2026/1/31 | | 2期 | | | | | 元 | 币 | 息 | 数倍 | | | 稳利多6号A款 | WA6M20260102 | 6个月 | 1万元 | 1.25% | 1.0亿 | 人民 | 到期付 | 1000元整 | 2026/1/31 | | | | | | | 元 | 币 | 息 | 数倍 | | | | WA1Y20260102 | 1 ...

摘要周四(1月15日)欧市盘中，随着美国政府与美联储之间的紧张关系升级，黄金和白银价格已创下新 的纪录高点。然而，机构表示，黄金面临的风险比多年来更为双向，而铂族金属目前则最具强劲上涨潜 力。 周四(1月15日)欧市盘中，随着美国政府与美联储之间的紧张关系升级，黄金和白银价格已创下新的纪 录高点。然而，机构表示，黄金面临的风险比多年来更为双向，而铂族金属目前则最具强劲上涨潜力。 机构指出，尽管对美联储独立性的攻击令华尔街不安，但美国国债外国持有者并未恐慌——2年期美债 收益率、期限溢价及外汇市场均未明显波动，唯有贵金属价格显著起伏。在他看来，黄金是当前美元储 值功能减弱的最大受益者，这正是过去一年的核心逻辑。 不过，机构提醒，黄金市场动态正发生变化：从依赖央行需求支撑，转向基于持续的货币贬值交易，而 这一交易或接近拐点。他认为，对美联储的攻击反而可能让鲍威尔成为捍卫独立性的"白马骑士"，国会 亦卷入争议，美国机构信任虽动摇但未崩溃，博弈或转向有利机构的方向。 机构强调，即将开庭的最高法院案件(裁定特朗普能否迫使美联储理事丽莎.库克离职)是关键考验，其对 美元的影响可能远超此前事件。尽管道明证券认为金价上看50 ...

一句话总结：DMA让你直接把订单送到真正的市场里，看到真实的买卖盘，价格透明、成交直接。 DMA是Direct Market Access的缩写，中文叫直接市场接入。它是一种让交易者的订单直接进入交易所 或顶级流动性池，不经过交易商重新报价或干预的交易模式。 ...

消息面 市场化出清的政策导向对多晶硅形成利空，进而带动工业硅下跌，工业硅偏弱震荡，关注下方成本支撑。 广州期货： 盘面反弹主因煤价成本支撑，叠加北方开工率偏弱、川滇边际减产带来的供应收缩预期，但供需双弱核心格局未改，需求端多晶硅、有机硅排产 下滑导致耗硅量减少，社会库存仍处高位，下游节前备货情绪低迷、以按需成交为主。当前供应小幅宽松、需求端缺乏持续性增量，盘面以区间 震荡为主。后续需关注节前备货节奏、西北产区开工变化，主力合约Si2605参考区间(8500，8900)。 12月工业硅产量环比持稳，西南地区开炉数已降至同期低位，继续收缩空间不足。 机构观点 东海期货： 1月14日，工业硅前20名期货公司(全月份合约加总)多单持仓22.16万手，空单持仓24.80万手，多空比0.89。净持仓为-2.64万手，相较上日增加1.26 万手。 数据显示，1月15日工业硅(5530)现货价格报9500元/吨，与上一日持平；最近一周，工业硅(5530)价格累计0元/吨，幅度为0.00%；最近一个月，工 业硅(5530)价格累计上涨0元/吨，上涨幅度为0.00%。 ...

PTA期货主力跌近2%，对于后市行情如何，相关机构该如何评价？ 下游协同减产会议落实，头部表示将减产15%，对PTA或形成采购减量。近期PTA成交基差继续保 持-55，下游实际开工或已跌至88%，除去临近年前下游正常季节性检修外，当下下游利润反而在此轮 行情中被压制，导致近期下游多个厂家进行协同减产，原料产销将有所下行，PTA库存略有累积，加上 近期资金开始逐渐减仓，PTA回落。但短期持仓仍然较大，且原油支撑和今年PTA供需向好，大幅回调 概率有限。 1月15日盘中，PTA期货主力合约遭遇一波急速下挫，最低下探至5032.00元。截止发稿，PTA主力合约 报5050.00元，跌幅1.87%。 机构 核心观点 五矿期货 PTA中期关注逢低做多机会 东海期货 PTA大幅回调概率有限 宁证期货 PTA震荡过渡 五矿期货：PTA中期关注逢低做多机会 后续来看，供给端短期维持高检修，需求端聚酯化纤利润压力较大，且受制于淡季负荷将逐渐下降，甁 片由于库存压力和下游淡季甁片负荷难以上升，预期短期延续去库后PTA进入春节累库阶段。估值方 面，PTA加工费在意外降负和较强预期下修复至正常水平，PXN在强预期下同样大幅反弹，明年 ...

Core Viewpoint - Zinc futures on the Shanghai market showed a significant upward trend, with the main contract reaching 25,130.00 CNY/ton, an increase of 2.20% [1] Market Data Summary - As of January 14, LME zinc inventory stood at 106,725 tons, a decrease of 175 tons, with registered warrants at 97,875 tons and canceled warrants at 8,850 tons, representing 8.29% of the total [2] - On January 14, the top 20 futures companies in Shanghai held a total long position of 147,100 contracts and a short position of 141,800 contracts, resulting in a long-to-short ratio of 1.04. The net position increased by 477 contracts compared to the previous day, totaling 5,341 contracts [2] - Shanghai Futures Exchange recorded a zinc warehouse receipt of 33,262 tons on January 14, down 351 tons from the previous trading day. Over the past week, the total decline in warehouse receipts was 7,657 tons, a decrease of 18.71%, and over the past month, the decline was 17,441 tons, a decrease of 34.40% [2] Institutional Perspectives - Guangzhou Futures noted that macro sentiment impact is weakening, with upstream raw material supply tightening and zinc smelting supply reducing. As the holiday approaches, downstream zinc operating rates are gradually declining, leading to rigid consumption sentiment in the high-priced zinc market. The rebalancing of domestic and international inventories may reopen the import window, potentially supplementing domestic supply. The basic supply-demand reality is weak, suggesting a short-term high-level oscillation, with a reference price range for the main Shanghai zinc contract between 23,000 and 24,500 CNY/ton [4] - Nanhua Futures indicated that the TC in January continues to decline, with the core issue being the tight domestic raw material supply. However, due to rising by-product prices, zinc smelting can maintain production at lower processing fees, keeping January output at a high level. From a long-term perspective, supply is expected to be loose, with the import window likely to open as LME continues to deliver. High zinc prices are suppressing downstream terminal consumption. Domestic inventory reduction supports Shanghai zinc, while LME inventory has surpassed 100,000 tons. Looking ahead, while the fundamentals of Shanghai zinc have potential for bullish sentiment, there is significant hedging pressure above, maintaining a view of strong oscillation [4]