境内外交易所同步强化风险管控

Group 1 - The core viewpoint is that precious metal prices have experienced significant volatility due to geopolitical risks, central bank gold purchases, expectations of Federal Reserve interest rate cuts, and tight physical supply [1][2] - From December 1, 2025, to January 14, 2026, COMEX silver rose nearly 52%, while Shanghai silver futures increased by about 82%, with London silver spot prices exceeding $91 per ounce on January 14 [1] - Gold prices also saw increases, with COMEX gold and Shanghai gold futures rising approximately 8% and 9.5% respectively during the same period, while London gold spot prices hovered around $4630 per ounce [1] Group 2 - In response to the volatility in precious metal prices, exchanges such as the Shanghai Gold Exchange and CME have implemented various risk management measures, including adjusting margin ratios and expanding price limits [1][2] - The CME has made multiple adjustments to precious metal contract margins, including a recent shift from a "fixed" to a "floating" margin model to enhance market resilience [2] - The introduction of a new 100-ounce silver futures contract by CME on February 9, 2026, is expected to diversify the silver futures product system and attract more participation from small and medium investors [2] Group 3 - Futures companies are actively cooperating with exchanges to control market risks by raising trading margins and optimizing customer risk assessment rules [3] - Analysts suggest that the demand from new energy and AI applications, along with the depreciation of the US dollar, could lead to further increases in precious metal valuations, despite current prices being at historical highs [3] - Recommendations for risk control include avoiding excessive leverage and ensuring adequate risk exposure management for both industrial clients and financial institutions [3][4] Group 4 - For industries, the focus should be on dynamic hedging and cash flow management, utilizing futures to lock in core profits and options to protect inventory and costs [4] - Financial institutions are advised to upgrade risk controls, increase margin safety buffers, and promote low-leverage tools while enhancing customer risk assessments [4] - Small and medium investors should adhere to strict position control, set stop-loss limits, and maintain sufficient capital safety buffers while dynamically adjusting their trading strategies [4]