2026年1月26日，国际金价飙升至4986.5美元/盎司，国内基础金价报1124元/克，品牌足金零售价已突破1550元/克大关，市场消费逻辑发生显著转变：传统 按克计价模式因高昂单价面临挑战，强调工艺与文化属性的"一口价"黄金饰品反而逆势走俏。 一、金价与品牌零售行情 高纯度的足金999.9及古法金、5G黄金等工艺金报价在1275元/克左右，K金与铂金价格亦相对低廉，对于追求性价比的消费者而言，水贝模式剔除了高昂的 品牌运营成本，也设立了批发门槛，主要通过特定的商业综合体面向零售散客开放。 在金融衍生品端，国内黄金期货市场呈现出贴水或微幅波动的态势。沪金主力合约（如Au2606、Au2608等）价格集中在1036元至1047元/克区间，普遍低于 现货基础金价。这种期现价格倒挂或微幅折价的现象，可能暗示市场对未来远期金价的持续单边上涨持谨慎态度，也为专业投资者提供了套期保值的操作空 间。 三、黄金投资渠道的成本分析 针对以资产配置为目的的投资者，银行金条因溢价较低而成为优选，各大商业银行的投资金条价格主要在1120元至1153元/克之间浮动，平安银行、兴业银 行及中信银行报价较低，约在1120元至1123元/ ...

Core Insights - The article discusses how agricultural and chemical enterprises in Northwest China are actively engaging in futures and derivatives markets to manage price risks, transforming from passive to proactive risk management strategies [1][6]. Group 1: Price Risk Management - Companies have historically relied on spot markets for pricing, leading to issues such as high procurement costs and reduced sales revenue due to information asymmetry and delayed market predictions [2][3]. - The introduction of futures markets has provided companies with forward-looking pricing references, enabling them to make informed decisions and stabilize operations [2][3]. Group 2: Case Studies of Successful Implementation - Shaanxi Agricultural Development Oil Group has successfully hedged against price fluctuations by participating in the futures market, achieving cost locking and risk diversification, which has enhanced operational stability and market competitiveness [3][4]. - Shaanxi Agricultural Supply Chain Management Group utilized futures to mitigate risks in corn trading, achieving a profit of 205 yuan per ton through strategic hedging [3][4]. Group 3: Innovations in Chemical Trade - Longchang Petrochemical Group has adopted a dual approach to risk management by utilizing both spot and futures markets, effectively reducing inventory exposure and optimizing costs [4][5]. - The introduction of a "secondary price lock" service by Longchang Petrochemical allows downstream clients to manage costs more effectively while maintaining supply stability [5]. Group 4: Challenges and Opportunities - Despite the successful application of futures tools, there are still challenges in the Northwest region, including a shortage of skilled professionals and resistance to new pricing models [6][7]. - The ongoing development of the Silk Road Economic Belt presents opportunities for companies to expand their procurement strategies internationally, particularly in managing currency and price risks [7]. Group 5: Future Directions - The shift from simple spot trading to integrated futures strategies reflects a broader trend towards high-quality development in China's economy, particularly in the agricultural and energy sectors [7]. - The experiences of agricultural and chemical enterprises in the Northwest provide valuable insights for future collaboration between industry and finance, indicating a path for enhanced risk management practices [7].

丙烯日报 | 2026-01-27 供需支撑尚可，盘面延续走高 市场要闻与重要数据 丙烯方面：丙烯主力合约收盘价6320元/吨（+117），丙烯华东现货价6440元/吨（+90），丙烯华北现货价6350元/吨 （+175），丙烯华东基差120元/吨（-27），丙烯山东基差30元/吨（+58）。丙烯开工率71%（-4%），中国丙烯CFR- 日本石脑油CFR245美元/吨（+2），丙烯CFR-1.2丙烷CFR72美元/吨（+4），进口利润-402元/吨（+16），厂内库存38980 吨（-7290）。 丙烯下游方面：PP粉开工率31%（-0.84%），生产利润-250元/吨（-175）；环氧丙烷开工率73%（+1%），生产利润 -288元/吨（-4）；正丁醇开工率87%（+0%），生产利润751元/吨（-9）；辛醇开工率96%（+2%），生产利润856元/ 吨（+24）；丙烯酸开工率82%（-1%），生产利润178元/吨（-32）；丙烯腈开工率75%（-3%），生产利润-1175元/吨 （-6）；酚酮开工率86%（-4%），生产利润-803元/吨（+249）。 市场分析 供应端，PDH装置停车消息逐步兑现，巨正源 ...

1. Report Industry Investment Rating - Copper: Neutral - Arbitrage: Suspended - Options: Sell put options [8] 2. Core View of the Report In the context of strong precious metals, the non - ferrous sector is unlikely to experience a significant correction. Even at the end of the year with high inventories, copper prices mainly fluctuate strongly. As the Spring Festival approaches, inventory accumulation is expected to continue. For enterprises with hedging needs, if copper prices hover around 100,000 yuan/ton, it is recommended to conduct hedging operations on a two - week usage cycle and not to build excessive virtual inventories for now [8] 3. Summary by Relevant Catalogs 3.1 Market News and Important Data 3.1.1 Futures Quotes On January 26, 2026, the opening price of the main Shanghai copper contract was 102,800 yuan/ton, and the closing price was 101,880 yuan/ton, a 0.53% decrease from the previous trading day's close. The opening price of the main Shanghai copper contract in the night session was 103,260 yuan/ton, and the closing price was 103,460 yuan/ton, a 0.68% increase from the afternoon close [1] 3.1.2 Spot Situation The spot price of SMM 1 electrolytic copper was at a discount of 300 - 160 yuan/ton to the 2602 contract, with an average discount of 230 yuan, a 50 - yuan decrease from the previous day. The spot price ranged from 102,200 to 102,670 yuan/ton. It is expected that the spot discount will remain under pressure. If downstream purchasing willingness remains weak, the market may continue the pattern of deep discounts and low trading volumes [2] 3.1.3 Important Information Summary On Monday, the precious metals market fluctuated sharply. COMEX silver once soared by over 16%, and spot silver rose by nearly 14%, but then both fell back. COMEX gold and spot gold once broke through the 5000 - dollar and 5100 - dollar marks, and finally closed up 0.5%. Spot palladium once rose 7% but ended up falling over 3%. Geopolitically, the European Parliament has not decided whether to resume the approval process of the EU - US trade agreement. Economically, in November 2025, US durable goods orders increased by 5.3% month - on - month, far exceeding expectations [3] 3.2 Mining End On the evening of January 23, Zangge Mining announced that the second - phase project of Julong Copper Mine of its subsidiary was officially put into operation on January 23, 2026. After reaching production capacity, the annual ore mining and processing scale will increase from 45 million tons to 105 million tons, and the annual output of copper ore will increase from 190,000 tons in 2025 to about 300,000 - 350,000 tons [4] 3.3 Smelting and Import From the close of trading on January 28, 2026, the daily price limit range of listed international copper futures contracts will be adjusted to 9%, the trading margin ratio for hedging positions to 10%, and the general trading margin ratio to 11%. Last week, LME copper inventories accelerated accumulation, reaching 171,700 tons, the highest in eight months. SHFE copper inventories also continued to accumulate, reaching 225,937 tons, the highest in nine and a half months [5] 3.4 Consumption In the past week, the operating rate of domestic refined copper rod enterprises was 67.98%, a 10.51 - percentage - point increase from the previous week and a 16.03 - percentage - point increase year - on - year. The operating rate of copper cable enterprises was 58.71%, a 2.72 - percentage - point increase from the previous week and a 15.87 - percentage - point increase year - on - year. It is expected that next week, the operating rate of refined copper rod enterprises will rise to 71.20%, and that of copper cable enterprises to 60.23% [6][7] 3.5 Inventory and Warehouse Receipts LME warehouse receipts changed by 3450 tons to 170,525 tons, SHFE warehouse receipts changed by - 1479 tons to 145,314 tons. On January 26, the domestic electrolytic copper spot inventory was 324,500 tons, a decrease of 5700 tons from the previous week [7]

Group 1: Investment Management Plan - The company plans to utilize temporarily idle funds for entrusted wealth management to improve fund efficiency and increase investment returns [3][4] - The maximum daily balance for structured deposits is set at 30 billion yuan, while for bank wealth management products, income certificates, and asset management plans, it is capped at 20 billion yuan [2][4] - The board of directors approved the entrusted wealth management plan on January 26, 2026, and it falls within the decision-making authority of the board, thus not requiring shareholder approval [6] Group 2: Risk Analysis and Control Measures - The company will select wealth management products with a risk rating of R2 or below, but acknowledges that actual returns may be affected by market, policy, liquidity, and other risks [7] - A dedicated wealth management team will monitor the performance of purchased products and adjust investment strategies as necessary to mitigate risks [9][10] - The audit department has the authority to supervise and inspect the use of investment funds, and may hire professional institutions for auditing if necessary [10] Group 3: Impact on Company Operations - The entrusted wealth management will not affect the company's normal cash flow or the development of its main business, and is expected to enhance fund efficiency and increase company profits [11] - The company will account for the entrusted wealth management in accordance with relevant accounting standards, reflecting it in the balance sheet and income statement [11] Group 4: Foreign Exchange Derivative Trading - The company intends to engage in foreign exchange derivative trading for hedging purposes to manage risks associated with currency and interest rate fluctuations [15] - The maximum contract value held on any trading day is set at 600 million yuan, with the ability to roll over this limit [14][16] - All funds for the foreign exchange derivative trading will come from the company's own resources, without involving raised funds [17] Group 5: Risk Management in Foreign Exchange Trading - The company will adhere to a principle of legal, prudent, safe, and effective trading, avoiding speculative operations [20] - A management framework for foreign exchange derivative trading has been established to control risks and ensure compliance with internal procedures [22] - Transactions will only be conducted with qualified financial institutions, and strict internal approval processes will be followed for all trading operations [22][23]

证券日报网讯1月26日，中国船舶（600150）在互动平台回答投资者提问时表示，公司以管理风险为目 的开展金融衍生交易。针对汇率波动带来的影响，公司以真实贸易为背景开展套期保值业务，降低风险 敞口，固化收入与成本，一定程度上能规避汇率波动带来的风险。 ...

根据生产经营需要，公司及下属子公司于任一交易日持有的最高合约价值不超过60亿元人民币(或其他 等值货币)，该额度可循环滚动使用。 海螺水泥（600585）(00914)发布公告，为减少汇率及利率市场波动给公司经营产生不利影响，增强公 司经营业绩稳定性和可持续性，公司及下属子公司拟利用金融工具的套期保值功能，对涉及的外币结 算、外币负债等业务，开展外汇套期保值业务，以有效管理汇率、利率大幅波动的风险，增强公司财务 稳健性。 ...

Core Viewpoint - The company aims to enhance operational stability and sustainability by utilizing financial instruments for hedging against foreign exchange and interest rate fluctuations [1] Group 1: Hedging Strategy - The company and its subsidiaries plan to engage in foreign exchange hedging to manage risks associated with foreign currency settlements and liabilities [1] - The maximum contract value held by the company and its subsidiaries on any trading day will not exceed 6 billion RMB (or equivalent in other currencies), with the capacity for this limit to be rolled over [1]

"十四五"期间，"保险+期货"被写入省政府工作报告，贵州生猪期货交割库、鸡蛋期货交割库先后获批设立，期货交割库在"十 四五"期间取得"零"的突破。 为此，记者走进中信期货有限公司贵州分公司，就贵州期货市场的发展情况，对中信期货有限公司贵州分公司总经理都砚进行 采访，了解下从企业角度是怎样看待贵州期货市场的。 "从我们金融从业者的视角来看，当前贵州期货市场的发展机遇与挑战并存。"都砚说。 她介绍，贵州拥有坚实的特色产业基础，如铝产业、新能源产业、农产品等，为期货工具的应用提供了丰富的场景；同时，省 级层面如《推动资本市场高质量发展实施方案》等政策的出台，为市场发展营造了日益良好的外部环境。 都砚告诉记者，目前贵州期货市场的短板也需要重视。比如，高端复合型金融人才的严重短缺，直接限制了企业自身进行更多 元、精准的风险管理的能力。 市场参与主体方面，尤其是国有企业的参与度仍然偏低，许多企业对期货工具的认识仍停留在"高风险投机"的层面，风险管理 意识有待加强。 "对于贵州企业而言，运用期货工具实现'保价稳利'，核心在于主动学习和系统运用。"都砚说。 中信期货有限公司贵州分公司总经理都砚 "'十四五'以来，贵州期货市场 ...

Group 1 - 株冶集团触及涨停，涨停价为23.77元，涨幅为10%，总市值为255.02亿元，流通市值为178.71亿元，截止发稿，总成交额为12.32亿元 [1] - 公司公告显示，商品期货和外汇衍生品套期保值业务获股东会全票通过，有助于规避价格和汇率风险，增强了公司的风险管理能力，降低经营不确定性 [2] - 三季度业绩显著增长，净利润同比增长47.51%，经营现金流增长70.69%，良好的业绩表现为股价上涨提供了支撑 [2] Group 2 - 公司集铅锌等有色金属的采选、冶炼、销售为一体，主要产品包括锌及锌合金、铅及铅合金等 [2] - 近期有色金属市场可能存在价格波动和市场需求变化，若市场对有色金属的需求增加或价格上涨，将对公司业绩产生积极影响 [2] - 资金流向方面，1月26日该股超大单呈现净流入状态，表明有主力资金介入 [2]