全仓登与浙商银行上海分行的仓单质押产品可为出质人提供流贷、银票、国内证等多种形式的融资支 持，满足借款主体"短、频、快"的融资需求，助力破解"融资难、融资贵"的行业困局。其中，流贷可实 现日内放款，按天计息。此外，浙商银行创新打造"仓单池"融资模式，有助于增强仓单置换灵活度。在 本次合作中，双方已成功落地首单现货仓单质押融资业务。上海某有色金属有限公司以电解铜电子仓单 作为质押标的，获得浙商银行上海分行融资支持，业务办理过程方便、快捷。 中新网上海2月9日电 (高志苗)记者9日从全国性大宗商品仓单注册登记中心(下称全仓登)获悉，全仓登 近日与浙商银行上海分行正式合作上线仓单质押融资产品，并完成首单放款。该业务依托全仓登现货仓 单登记系统，以大宗商品电子仓单为质押标的，探索形成以全仓登仓单为核心的标准化融资服务模式， 为实体企业提供更加便捷、高效的融资支持。 上海市近期发布《中共上海市委关于制定上海市国民经济和社会发展第十五个五年规划的建议》《加强 期现联动 提升有色金属大宗商品能级行动方案》等文件，提出支持全仓登建设，并要求逐步实现仓单 登记关键有色金属产品的全覆盖，稳步拓展仓单质押、贸易、交易等应用场景。此 ...

马炜还建议，由市地方金融监管局牵头，建立"政府+上期所+行业协会+实体企业"四方协同机制，动态 优化服务内容。落实上海自贸试验区期现联动政策，支持平台对接区块链城市数字基础设施，实现交易 存证、电子仓单等数据跨部门共享，形成"制度保障+市场驱动+服务升级"的良性循环。 "希望能让我们的产融服务真正地沉下去、帮到位，既筑牢上海实体经济的根基，也为上海加快国际金 融中心建设添一份力。"马炜表示，期待金融机构能够在未来为上海的实体经济发展提供更多的赋能。 （文章来源：国际金融报） 期货市场不仅是实体经济风险管理的核心平台，更是上海国际金融中心与全球资产管理中心建设的重要 支撑。 上海市人大代表、国泰君安期货有限公司计划财务部总经理助理马炜在今年上海两会现场告诉《国际金 融报》记者，上海期货市场一直扎根实体经济，产融服务基地在去年数量达到120多家，还通过系统升 级、机制优化帮助企业降成本，上海自贸试验区也为"期现联动"提供了政策支持。 但马炜认为，当前服务仍存在精准匹配不足、数字化协同不深等问题，比如，对新能源、高端制造这些 重点产业的定制化服务还不够；期现数据没能全部打通；中小微企业想做套期保值、风险管理的门槛较 ...

印尼煤炭减产消息点评 供政策尚未退出,市场化交易的总量有限。如果印尼低卡煤 减量,动力煤市场重心会指高,但能否突破831的政策上沿, 自动力煤期货暂停,焦煤期货在2023年基准地转移到山西后, 参与者逐步从蒙煤贸易商,期现商扩展至山西地区交割库、 山西地区贸易商,甚至动力煤贸易商。同时焦炭限仓,关于 煤炭,从政策到期股联动,再期现联动的情绪化炒作,只能 全部宣泄与焦煤期货这一个品种。2025年炒作煤炭行业反内 卷,也是买消息卖现实的操作,政策对于煤价永远是红线。 数据来源:海关总署、印尼国家统计局、中国煤炭经济研究会、煤炭经济网、格林大华期货研究院整理 格林大华期货研究院 证监许可【2011】1288号 研究员：侯建 从业资格 F03126001 交易咨询：Z0023671 联系电话： (010)56711796 | | 中国进口印尼煤全口径 | | | | 印尼煤产量与出口 | 1. | 作为资源出口国,印尼原煤产量在2025年有所下降,出口量 | | --- | --- | --- | --- | --- | --- | --- | --- | | | | | | | | | 也同步回落。但参考过去几年印 ...

在新能源汽车、航空航天、半导体等战略性新兴产业加速发展的背景下，有色金属正从传统工业的基础 材料逐步升级为支撑新质生产力的重要战略资源。近日，上海发布《加强期现联动提升有色金属大宗商 品能级行动方案》，通过期货、现货和衍生品市场协同发力，促进有色金属大宗商品能级跃升。这一方 案的出台，是上海加快构建国际大宗商品定价中心的重要一步。 方案着眼于"期—现—衍"全链条，系统提升期货服务实体经济的可达性和有效性。通过推动现货交易场 所接入大宗商品清算通、开发价格指数，支持金融基础设施为基于价格指数的场外衍生品提供集中清算 及风险管理服务，降低企业参与期货和衍生品市场的制度成本和操作门槛。 方案还明确提出，推动汽车、建筑、家电等有色金属应用类企业参与期货和场外衍生品市场，鼓励国有 企业运用商品期权工具管理价格风险。这反映出期货市场服务重心将从上游生产企业向加工制造和终端 应用领域延伸，从而提升整个产业链的抗风险能力和运行稳定性。 方案还将期货、期权、场外衍生品、价格指数、仓单交易等均纳入政策"工具箱"，为不同规模、不同风 险偏好的企业提供差异化选择。特别是鼓励使用期货价格或现货价格指数作为贸易基准价，有助于降低 现货交 ...

1月20日，上海市多部门联合发布《加强期现联动 提升有色金属大宗商品能级行动方案》（下称 《行动方案》）。 傅小燕进一步分析，期现联动是基础与核心，打通期现货和场外市场，让期货价格真实反映实体供 需，为国际投资者提供可靠的价格信号和套保工具；国际化提升是关键杠杆，让更多的人了解和使 用"上海价格"；生态培育是系统保障，吸引并留住全球产业链核心企业、金融机构和专业服务机构，形 成良性循环。 格林大华期货首席专家王骏认为，《行动方案》出台，标志着上海建设全球有色金属区域定价中心 由规划阶段迈入系统协同实施阶段。 依托独特优势，上海在有色金属领域已形成期货、现货、场外衍生品市场联动发展的格局。《行动 方案》以三方面18项举措再提能级：推进市场互通，促进期—现—衍联动发展；提升国际化水平， 使"上海价格"更具国际影响力；集聚市场主体，培育良好生态圈。 "期现联动、国际化提升、生态培育三大方向不孤立，而是构成了一个彼此驱动、循环增强的协同 系统，共同服务于资源配置与定价影响力两个核心目标。"南华期货研究院高级总监傅小燕表示。 傅小燕补充，此时推出《行动方案》，正是对接国家战略：一方面依托金融开放与大宗商品保供稳 价，助 ...

Core Viewpoint - The Shanghai Futures Exchange (SHFE) announced adjustments to the trading rules for nickel, lead, and zinc futures, effective January 27, 2026, which includes changes to price limits and margin requirements [1][4]. Group 1: Adjustments to Futures Contracts - Nickel futures will have a price limit adjustment to 10%, with the margin for hedging positions set at 11% and for general positions at 12% [4][5]. - Aluminum, lead, and zinc futures will see their price limit adjusted to 8%, with hedging margin at 9% and general margin at 10% [4][5]. - Stainless steel futures will have a price limit of 6%, with hedging margin at 7% and general margin at 8% [4][5]. Group 2: Market Reactions and Implications - Following the announcement, nickel prices surged nearly 4% in the afternoon session, influenced by Indonesia's potential approval of a significant nickel ore production quota of approximately 260 million tons by 2026 [5][7]. - Nickel has been notably absent from the recent bull market in non-ferrous metals, with only a 3% increase since the beginning of 2024, contrasting sharply with gains in precious metals and other industrial metals [7]. - The cancellation of export tax rebates for certain lithium battery materials starting April 1, 2026, is prompting companies in the ternary materials sector to adjust production schedules, anticipating a surge in exports in the first quarter [7]. Group 3: Strategic Developments in Trading Rules - The adjustments to trading rules are part of a broader initiative to enhance the linkage between spot and futures markets, aiming to align SHFE's regulations more closely with international exchanges like LME and CME [8]. - The increase in price limits is intended to provide more room for market sentiment while the higher margin requirements are expected to raise speculative costs, potentially leading to a shift of short-term funds towards industrial clients and professional institutions [8].

【导读】上期所调整镍等期货合约涨跌停板和交易保证金比例 来源：中国基金报 记者 莫琳 继金、银、铜、铝之后，上期所又出手了！ 1月23日，上海期货交易所（以下简称上期所）发布通知称，自2026年1月27日（星期二）收盘结算时 起，调整镍、铅、锌等期货相关合约涨跌停板幅度和交易保证金。 相关调整如下：镍期货已上市合约的涨跌停板幅度调整为10%，套保持仓交易保证金比例调整为11%， 一般持仓交易保证金比例调整为12%；氧化铝、铅、锌期货已上市合约的涨跌停板幅度调整为8%，套 保持仓交易保证金比例调整为9%，一般持仓交易保证金比例调整为10%；不锈钢期货已上市合约的涨 跌停板幅度调整为6%，套保持仓交易保证金比例调整为7%，一般持仓交易保证金比例调整为8%。 | | | | 现行标准(%) 交易保证金 | | | 调整后标准(%) 交易保证金 | | | --- | --- | --- | --- | --- | --- | --- | --- | | 品种 | 合约 | 涨跌 | | | 涨跌 | | | | | | 停板 | 套保 | 一般 | 停板 | 套保 | 一般 | | | | | 持仓 | 持仓 | ...

中邮证券指出，镍是有色金属中少有的缺席 2024 年至今有色牛市的品种。截至 2026 年 1 月 5 日， 2024 年开始，镍涨幅仅有 3% ，相较于贵金属、铜铝锌等工业金属，以及钴和碳 酸锂等能源金属的涨幅都相差较大，一旦印尼政策使得品种出现供需缺口，或存在一定的高 弹性补涨的可能性。 继金、银、铜、铝之后，上期所又出手了！ 1 月 23 日，上海期货交易所（以下简称上期所）发布通知称，自 2026 年 1 月 27 日（星 期二）收盘结算时起，调整镍、铅、锌等期货相关合约涨跌停板幅度和交易保证金。 相关调整如下：镍期货已上市合约的涨跌停板幅度调整为 10% ，套保持仓交易保证金比例调 整为 11% ，一般持仓交易保证金比例调整为 12% ；氧化铝、铅、锌期货已上市合约的涨跌 停板幅度调整为 8% ，套保持仓交易保证金比例调整为 9% ，一般持仓交易保证金比例调整 为 10% ；不锈钢期货已上市合约的涨跌停板幅度调整为 6% ，套保持仓交易保证金比例调 整为 7% ，一般持仓交易保证金比例调整为 8% 。 | 品种 | 导科 | 涨跌 | 现行标准(%) | | 涨跌 | 调整后标准(%) | | | ...

Core Viewpoint - The Shanghai Futures Exchange (SHFE) has made significant adjustments to margin ratios and price limits for gold, silver, and other futures contracts in response to the extreme volatility in global commodity prices, particularly in early 2026 [2][3]. Group 1: Adjustments and Rationale - On January 22, 2026, SHFE adjusted the margin ratios and price limits for various futures contracts, which was seen as a quick response to the action plan released by Shanghai to enhance the linkage between spot and futures markets for non-ferrous metals [2][5]. - The adjustments aim to increase market liquidity and improve price discovery efficiency while strengthening risk management measures [3][5]. - The volatility in commodity prices has intensified, particularly for precious metals and some non-ferrous metals, leading to increased risk management pressures for market participants, especially those in the physical industry [3][10]. Group 2: Specific Changes in Margin and Price Limits - For gold futures contracts nearing delivery, the price limit was expanded to 16%, with margin ratios raised to 17% for hedging and 18% for speculative trading [5]. - Silver futures saw even larger adjustments, with price limits increased to 17% and margin ratios set at 18% for hedging and 19% for speculation [5]. - Non-ferrous metals like copper and aluminum had their price limits unified at 8%, with margin ratios adjusted to 9% for hedging and 10% for speculation [6]. Group 3: Market Implications and Future Outlook - The adjustments are viewed as a necessary measure to prevent extreme market conditions and ensure liquidity, especially for entities holding significant positions [11][12]. - The changes reflect a more mature market, allowing for greater price fluctuations to better reflect supply and demand dynamics [6][12]. - Future risk management may involve more dynamic and differentiated approaches, potentially including complex margin models that consider volatility and correlation [14][17]. Group 4: Industry Response and Innovations - Companies are evolving their risk management strategies, seeking more sophisticated tools beyond traditional futures hedging, such as options and customized risk management solutions [16]. - The Shanghai Clearing House is expanding its services to enhance transparency and reduce counterparty credit risk in the over-the-counter market [16]. - There is a growing expectation for the development of supply chain financial products that leverage the authoritative pricing and standardized warehouse receipt systems of the Shanghai futures market [16].

Core Viewpoint - The Shanghai Municipal Government has launched an action plan to enhance the linkage between futures and spot markets for non-ferrous metals, aiming to improve the global pricing influence and commodity trading capacity of Shanghai by December 2025 [1][3]. Group 1: Current Market Landscape - Shanghai has developed a linked market structure for non-ferrous metals, including futures, spot, and over-the-counter derivatives, leveraging its financial market advantages and manufacturing base in the Yangtze River Delta [2]. - The Shanghai Futures Exchange (SHFE) has listed 11 non-ferrous metal futures and 10 options, with "Shanghai Copper" recognized as one of the three major global pricing centers for non-ferrous metals [2]. - The Shanghai Clearing House has been providing central counterparty clearing services for 20 swap and forward products across six industries since 2013, enhancing the risk management framework for non-ferrous metals [2]. Group 2: Challenges and Action Plan - The non-ferrous metals trade in Shanghai faces challenges such as insufficient linkage between futures, spot, and derivatives markets, limited international pricing power, and a lack of major international commodity traders [3]. - The action plan includes 18 specific measures across three main areas: enhancing market connectivity, increasing internationalization of the non-ferrous metals market, and fostering a supportive ecosystem for market participants [3]. - Proposed measures include improving settlement efficiency through the Commodity Clearing Link, exploring cross-border transactions, and establishing a market maker system for over-the-counter derivatives [3]. Group 3: Future Steps - The Shanghai Municipal Government and relevant departments will expedite the implementation of the action plan to strengthen market linkages and support the high-quality development of the non-ferrous metals industry [4]. - The goal is to create a collaborative policy environment that enhances Shanghai's resource allocation capabilities and global pricing influence in the non-ferrous metals sector [4].