Core Viewpoint - China Bank announced adjustments to margin levels and price fluctuation limits for silver and gold deferred contracts to protect investor rights and mitigate market risks based on notifications from the Shanghai Gold Exchange [1] Group 1: Silver Deferred Contracts - Starting from the close on February 3, 2026, the margin ratio for silver deferred contracts on the Shanghai Gold Exchange will be adjusted from 26% to 23% [1] - The margin multiplier for China Bank's silver deferred contracts will change from 254% to 287%, resulting in a customer margin ratio adjustment from 66.04% to 66.01% [1] - The price fluctuation limit for silver deferred contracts will be reduced from 25% to 22% starting from February 3, 2026, at 20:00 [1] Group 2: Gold Deferred Contracts - Starting from the close on February 4, 2026, the margin ratio for gold deferred contracts on the Shanghai Gold Exchange will be adjusted from 16% to 17% [1] - The customer margin ratio for China Bank's gold deferred contracts will be adjusted from 42.24% to 44.88% [1] - The price fluctuation limit for gold deferred contracts will be increased from 15% to 16% starting from February 4, 2026, at 20:00 [1]

Core Viewpoint - The Shanghai International Energy Exchange has announced adjustments to the trading margin ratios and price fluctuation limits for international copper futures contracts, effective from January 22, 2026 [1] Group 1: Trading Margin Adjustments - The trading margin ratio for holding positions in international copper futures will be adjusted to 9% for hedging positions and 10% for general positions [1] - The price fluctuation limit for listed international copper futures contracts will be set at 8% [1] Group 2: Risk Management Provisions - Adjustments to the trading margin ratios and price fluctuation limits may occur based on the provisions outlined in Article 16 of the Shanghai International Energy Exchange Risk Control Management Rules [1] - Other matters regarding price fluctuation limits and trading margin ratios will be executed according to the relevant business rules and risk control management guidelines [1]

Market Closure Schedule - The A-share market will be closed from October 1 (Wednesday) to October 8 (Wednesday) for the National Day and Mid-Autumn Festival, resuming normal trading on October 9 (Thursday) [2] - The weekend closures include September 28 (Sunday) and October 11 (Saturday) [2] Hong Kong Stock Connect - The Shenzhen Stock Exchange announced that the Hong Kong Stock Connect service will not be available from October 1 (Wednesday) to October 8 (Wednesday), resuming on October 9 (Thursday) [5] - Weekend closures for the Hong Kong Stock Connect also include September 28 (Sunday) and October 11 (Saturday) [5] Future Trading Arrangements - The Shanghai International Energy Exchange has announced that there will be no night trading on September 30, 2025, and the market will be closed from October 1 (Wednesday) to October 8 (Wednesday) in 2025 [8][9] - On October 9, 2025, trading will resume with a collection auction from 08:55 to 09:00, followed by the restoration of night trading [10] Margin and Price Limit Adjustments - Starting from the closing settlement on September 29, 2025, margin ratios and price limit adjustments for various futures contracts will be implemented, including: - International copper futures: price limit adjusted to 9%, margin for holding positions at 10% [11] - Crude oil and low-sulfur fuel oil futures: price limit adjusted to 12%, margin for holding positions at 13% [11] - 20 rubber futures: price limit adjusted to 11%, margin for holding positions at 12% [11] - Shipping index (European line) futures: price limit adjusted to 20%, margin at 22% [11] Post-Adjustment Trading Conditions - After trading on October 9, 2025, the price limits and margin ratios for all futures contracts will revert to their original levels after the first trading day without a one-sided market [13]