来源：环球网 12月10日晚，上海期货交易所（下称"上期所"）发布通知，调整白银期货相关合约的交易保证金比例及 涨跌停板幅度，以应对近期市场波动并强化风险防控。 在此背景下，上期所实施"提保+扩板"双重调控。有分析人士认为，此举旨在预防市场过度投机及潜在 逼空行情，更好服务实体产业链的风险管理需求。交易所调控意图明确，即引导市场理性交易，防范短 期价格过度波动。 据悉，当前全球主要白银库存均处历史低位。截至2025年12月5日，上期所白银库存量为688吨，年内累 计减幅过半；伦敦金属交易所白银库存较2019年峰值下降约75%，流动性风险有所加剧；纽约COMEX 库存因跨境运输瓶颈未能有效缓解，现货短缺问题较为突出。 上海期货交易所 根据通知，自2025年12月12日（星期五）收盘结算时起，白银期货AG2602合约的涨跌停板幅度由现行 的14%上调至15%；套保持仓交易保证金比例由15%上调至16%；一般持仓交易保证金比例由16%上调 至17%。 此前，上期所已于12月8日发布提示称，近期国际形势复杂多变，贵金属市场波动较大，要求各有关单 位采取相应措施，提示投资者做好风险防范，理性参与交易，共同维护市场平稳运 ...

Core Insights - The silver market has experienced significant volatility, with silver prices reaching a high of $53.51 per ounce on October 16, marking an over 80% increase in 2023, surpassing gold's performance [1][3][4] - Many investors, like Mr. Wei, who have been "stuck" in paper silver investments for over a decade, are now seeing profits but still feel regret due to the opportunity cost compared to other investments like real estate [1][6][8] Market Performance - The current surge in silver prices is attributed to various factors, including the overall bullish trend in precious metals, with silver's year-to-date increase outpacing that of gold [3][4] - Historical context shows that silver prices were significantly influenced by the Federal Reserve's quantitative easing measures from 2009 to 2011, leading to a peak in 2011, followed by a prolonged bear market [4][8] Investor Sentiment - Many long-term paper silver investors are sharing their experiences on social media, highlighting the challenges they faced during the prolonged downturn and the recent price recovery [6][7] - Despite the current profits, investors like Mr. Wei express that the investment still feels like a loss when compared to other potential returns from different asset classes [1][6] Banking Sector Response - Banks have largely withdrawn from offering paper silver trading due to increased risk management measures following incidents like the "Oil Treasure" event, which highlighted the risks associated with leveraged trading [7][8] - The discontinuation of paper silver services is also attributed to the complexities of silver's supply and demand dynamics compared to gold, making it less suitable for stable investment offerings [8][9] Recommendations for Investors - Experts suggest that current paper silver holders should recognize the high volatility of silver investments and consider strategies such as gradual profit-taking to lock in gains [8][9] - Investors are advised to avoid using leverage in their trading strategies to mitigate risks associated with market fluctuations [8][9]

Core Viewpoint - The China Securities Regulatory Commission (CSRC) emphasizes the need for stability and reform in the capital market amidst complex internal and external challenges, while highlighting the certainty of high-quality economic development and asset valuation recovery as foundations for a stable market [1][2]. Group 1: Market Stability and Reform - The CSRC aims to consolidate the market's recovery by enhancing market monitoring and risk response mechanisms, as well as improving expectation guidance [1]. - There is a focus on deepening reforms to stimulate the vitality of multi-level markets, including the implementation of reforms for the Sci-Tech Innovation Board and a comprehensive package of measures for the Growth Enterprise Market [1][2]. Group 2: Enhancing Corporate Value and Governance - The CSRC promotes the enhancement of investment value for listed companies, emphasizing the implementation of merger and acquisition guidelines and major asset restructuring management while preventing conflicts of interest and financial fraud [2]. - There is a push to cultivate long-term and patient capital, encouraging the entry of medium to long-term funds into the market and advancing public fund reforms [2]. Group 3: Regulatory Effectiveness and Risk Control - The CSRC aims to improve regulatory enforcement effectiveness by focusing on significant violations and enhancing collaborative regulation, while also increasing technological regulatory capabilities [2]. - Precise risk prevention measures are to be implemented in key areas of the capital market, including addressing real estate company bond defaults and illegal activities in private equity and securities [2]. Group 4: Open Capital Market - The CSRC plans to systematically research and improve the overall layout and implementation path for capital market openness, promoting coordinated development between onshore and offshore markets [2][3].