中国人民财产保险股份有限公司应按照有关规定及时办理变更及许可证换领事宜。 同意中国人民财产保险股份有限公司乌苏支公司八十四户乡营销服务部将营业场所变更为：新疆维吾尔 自治区塔城地区乌苏市重庆路467号。 2026年1月29日，塔城金融监管分局发布批复称，《关于中国人民财产保险股份有限公司乌苏支公司八 十四户乡营销服务部变更营业场所的请示》(塔人保财险发〔2025〕116号)收悉。经审核，批复如下： ...

Core Viewpoint - The Canadian dollar (CAD) is experiencing fluctuations influenced by multiple macroeconomic factors and market sentiment, with its performance closely tied to international oil prices, the US-Canada interest rate differential, trade relations, and economic fundamentals [1][2]. Group 1: Oil Prices and CAD Correlation - The CAD is highly correlated with international oil prices, which have recently reached near four-month highs due to improved supply-demand dynamics and expectations of global economic recovery, benefiting Canada's trade surplus and capital inflows [1]. - A previous drop in oil prices to $60 per barrel, combined with a weak Canadian economy, led to the CAD depreciating against the USD, hitting a sixteen-month low [1]. Group 2: Monetary Policy Impact - Divergence in monetary policy between the US and Canada is affecting CAD movements, with the Federal Reserve maintaining interest rates and the market pricing in two rate cuts in 2026, which has led to a weaker USD and supported the CAD [1]. - The Bank of Canada also kept rates unchanged, causing the CAD to be more sensitive to oil price fluctuations rather than USD volatility [1]. Group 3: Trade Relations and Market Sentiment - Trade tensions between the US and Canada, particularly the proposed 50% tariff on Canadian aircraft imports, have raised market concerns and led to a short-term rebound of the USD against the CAD [2]. - Ongoing negotiations in the steel and aluminum sectors, as well as the review of the mainland free trade agreement, will further influence CAD movements [2]. Group 4: Technical Analysis and Short-term Outlook - The USD/CAD exchange rate is in a downward channel, having broken below the 1.36 mark, with technical indicators showing mixed signals for short-term direction [2]. - The CAD is expected to be influenced by oil prices, US-Canada trade developments, and US economic data, with the USD/CAD likely to fluctuate between 1.3450 and 1.3700 [2]. Group 5: Medium to Long-term Considerations - The medium to long-term trajectory of the CAD will depend on the stability of oil prices, changes in the US-Canada interest rate differential, and the strength of the Canadian economic recovery [2]. - While Canadian manufacturing shows signs of recovery, volatility in consumer spending may limit CAD appreciation [2].

【黄金期货行情表现】 卡塔尔外交部1月31日发表声明，强烈谴责以色列在加沙地带一再违反停火协议。声明说，以方有关行 为已造成多人伤亡，是危险的升级举动，可能进一步激化局势，并削弱本地区和国际社会为恢复加沙地 带稳定所作的努力。声明强调，持续违反停火协议的行为对正在推进的政治进程构成直接威胁。以色列 必须全面遵守停火协议，并落实联合国安理会相关决议。 【机构观点】 逻辑：美元反弹叠加杠杆资金出逃，美国制造业数据向好，短期受消息面和资金情绪影响大。数据：国 际金价跌 4.21% 报 4659.35 美元 / 盎司，一度跌至 4403 美元，抹去 1 月全部涨幅。观点：关注 60 日均 线支撑，企稳后可择机配置平值或浅虚值看涨期权。 2月3日，沪金主力暂报1093.78元/克，涨幅0.63%，今日沪金主力开盘价1068.46元/克，截至目前最高 1098.30元/克，最低1033.50元/克。 【宏观消息】 美国1月标普全球制造业PMI初值 51.9，预期52，前值51.8。 美国1月标普全球综合PMI初值 52.8，预期 53，前值52.7。 美国1月标普全球服务业PMI初值 52.5，预期52.8，前值52.5 ...

| 上期所指定交割金库 | 期货 | 增减 | | --- | --- | --- | | | 103032 | 3 | "沃什交易"短期或被放大，恐慌情绪释放后市场有望回归理性。沃什的提名难以对贵金属造成趋势性利 空，缩表带来的长端利率抬升，以及对基本面的负向冲击是经济"不可承受之重"，且可能加剧2025年四 季度以来美国货币市场流动性偏紧的现状，增加"钱荒"风险，落地较为困难，美债也对此反应平平。1 月上旬Polymarket曾显示沃什胜率一度跃升至最高，但市场反应有限，进一步佐证本次大跌更多是市场 情绪过热下，踩踏效应的放大。 上海期货交易所指定交割仓库期货周二（2月3日）仓单日报显示，黄金期货总计103032千克，今日仓单 较上一日增加3千克。 沪金主力盘内大幅回调，周二（2月3日）黄金期货开盘价1068.46元/克，截至目前最高1098.30元/克， 最低1033.50元/克。截止发稿报1093.78元/克，涨幅0.63%，成交量为726056手，持仓为179295手，日持 仓增加894手。 上海期货交易所黄金期货仓单日报(单位：千克) ...

Core Viewpoint - The nomination of Kevin Warsh as the next Federal Reserve Chairman by President Trump has led to significant shifts in the gold and precious metals market, with expectations of tighter monetary policy impacting prices [1][3]. Market Data - On February 3, the closing price of Shanghai gold futures was 1093.78 yuan per gram, reflecting a daily increase of 0.63% with a trading volume of 726,056 lots and an open interest of 179,295 lots [1]. - The spot price of gold in Shanghai was quoted at 1097.00 yuan per gram, indicating a premium of 3.22 yuan per gram over the futures price [1]. Political Context - Trump's nomination of Warsh has faced resistance within the Republican Party, with Senator Thom Tillis stating opposition to any Fed nominee until the investigation into Powell is resolved [2]. - Senator Scott, chair of the Senate Banking Committee, has indicated a desire for a careful and timely confirmation process for Warsh [2]. - Senator Warren has criticized the nomination as part of Trump's broader strategy to exert control over the Federal Reserve [2]. Market Reaction - The precious metals market experienced a significant downturn following the announcement of Warsh's nomination, with a notable shift in market sentiment driven by macroeconomic expectations and technical corrections [3]. - Warsh is known for his "hawkish" stance, advocating for a combination of interest rate cuts and balance sheet reduction, which has heightened expectations for tighter monetary policy and strengthened the dollar [3]. - The rapid price decline in precious metals was exacerbated by leveraged positions being liquidated and algorithmic trading, prompting exchanges to raise margin requirements as a risk management measure [3]. - Despite short-term pressures, structural factors supporting the long-term outlook for precious metals remain intact, suggesting a complex consolidation phase ahead [3].

(2月3日)全国沥青价格一 | | | 览表 | | | | | | | --- | --- | --- | --- | --- | --- | --- | --- | | 商品名 | | 规格 | 品牌/产 | 报价 | 报价类 | 交货地 | 交易商 | | 称 | | | 地 | | 型 | | | | 沥青 | 科力70 | | 科力 | 3080元/ | 市场价 | 山东省 | 东营科力集团 | | | | | | 吨 | | | | | 沥青 | 鑫海70# | | 鑫海 | 3100元/ | 市场价 | 山东省 | 山东广润化工有限公司 | | | | | | 吨 | | | | | 沥青 | 京博70 | | 京博 | 3280元/ | 市场价 | 山东省/滨州 | 山东韩联能源有限公司 | | | | | | 吨 | | 市 | | | 沥青 | 京博70 | | 京博 | 3280元/ | 市场价 | 山东省/滨州 | 山东齐邦能源有限公司 | | | | | | 吨 | | 市 | | | 沥青 | 京博70 | | 京博 | 3280元/ | 市场价 | 山东省/滨州 | 齐鲁物产(淄 ...

上海黄金交易所：经研究决定，拟对黄金部分合约交易保证金水平和涨跌停板比例进行调整。现将相关 事项通知如下：自2026年2月4日(星期三)收盘清算时起，Au(T+D)、mAu(T+D)、Au(T+N1)、 Au(T+N2)、NYAuTN06、NYAuTN12等合约的保证金比例从16%调整为17%，下一交易日起涨跌幅度限 制从15%调整为16%；CAu99.99合约保证金每手120,000元调整至每手150,000元。 2月2日芝加哥商业交易所(CME)：黄金期货成交量为447704手，较上个交易日减少138224手。未平仓合 约为415310手，较上个交易日减少10206手。 分析观点： 信达期货研报：短期内黄金受到获利回吐以及事件利空，或仍将维持高波动、强事件驱动的运行特征。 特朗普相关表态、地缘局势演变以及美联储人事与政策预期，仍是影响市场情绪的核心变量。在缺乏新 的实质性风险升级或明确政策转向之前，高位震荡与反复拉锯或成为常态。但从中期视角看，政策不确 定性、地缘风险常态化以及美元体系内在矛盾并未彻底消除，黄金作为非信用资产的配置价值仍具韧 性。若后续继续因情绪退潮或预期修正引发进一步回调，更多可能体现为 ...

Group 1 - The total silver futures in Shanghai Futures Exchange is 449,653 kilograms, with a decrease of 12,970 kilograms compared to the previous day [1][2] - The main silver futures contract opened at 22,000 yuan per kilogram, reached a high of 22,300 yuan, a low of 20,600 yuan, and closed at 21,446 yuan, reflecting a decline of 16.71% [1] Group 2 - In the Shanghai warehouses, the total silver futures showed a decrease across various locations, with the largest drop occurring at Zhonggongmei Supply Chain, which fell by 5,996 kilograms [2] - The ISM manufacturing index in the US rose to 52.6 in January, significantly exceeding expectations and reaching the highest level since February 2022, driven by strong growth in new orders and production [2] - The US government shutdown has delayed the release of key economic data, including the December JOLTS job openings report and the non-farm payroll report, which are now rescheduled for later publication [2]

Group 1 - The silver futures market experienced a significant decline, with the main contract closing at 21,446 yuan per kilogram, reflecting a drop of 16.71% on the day [1] - The trading volume for silver futures reached 931,055 contracts, while the open interest stood at 226,336 contracts, indicating active market participation despite the price drop [1] - The sentiment in the domestic silver market has cooled, with the premium for silver in Shanghai narrowing to 2,300 yuan per kilogram, although the premium rate remains above 10% [5] Group 2 - The ISM Manufacturing PMI in the U.S. rose to 52.6, marking the first expansion in manufacturing in a year and the highest level since August 2022, after being in contraction for ten consecutive months [1] - Former President Trump announced a trade agreement with India, which includes reducing tariffs from 25% to 18% and commitments from India to purchase over $500 billion worth of U.S. products [1] - The silver price volatility remains high, with expectations of a rebound despite recent declines, suggesting a cautious approach to trading in the silver market [5]

近日，随着智谱AI与MiniMax先后递交招股书，两家国内头部大模型公司的财务细节与商业模式首次完 整呈现在公众面前。尽管同样身处收入高速增长、研发高投入、尚未盈利的行业共性阶段，两者在"如 何赚钱"这一根本问题上，却走出了风格迥异的路径——一个深耕企业服务，一个发力消费应用，呈现 出中国大模型产业商业化的双轨实验。 值得玩味的是，两者在招股书中引用的市场排名亦反映出路径分野：智谱AI强调其在国内大语言模型 开发平台市场的份额，而MiniMax则突出自身在全球基于模型收入排名中的位置。口径虽有不同，却共 同指向一个现实——在阿里、百度等巨头因业务综合而难以单独核算大模型收入的背景下，独立大模型 公司正在各自认定的赛道中卡位争先。 上市只是它们面临的第一道关口。接下来，智谱AI需证明其平台化服务能否在保持一定利润水平的前 提下实现规模化增长;MiniMax则需向市场展示其C端应用如何跨越盈利门槛，并建立起可持续的产品矩 阵。两者的每一步，不仅关乎自身命运，也将为后来者描摹出大模型商业化更清晰的路线图。 从收入结构看，智谱AI更倾向于"技术驱动"，其业务重心明确放在B端市场。公司收入主要来源于两方 面：一是面向大 ...