1月7日晚间，白银价格加速下跌，截至发稿时，现货白银（伦敦银现）、COMEX白银均跌逾4%；沪银期货主力合约跌逾3%。 1月7日夜盘交易开盘前，上海期货交易所（简称"上期所"）连发4条公告通知，包括提示做好市场风险控制工作，并调整白银期货相关合约交易保 证金比例和涨跌停板幅度、交易限额、交易手续费等。 上期所表示， 近期国际形势复杂多变，金属品种波动较大，请各有关单位采取相应措施，提示投资者做好风险防范工作，理性投资，共同维护市 场平稳运行。 与此同时，自2026年1月9日（星期五）收盘结算时起，上期所调整白银期货交易保证金比例和涨跌停板幅度。 具体安排包括：白银期货AG2601、AG2602、AG2603、AG2604合约的涨跌停板幅度调整为16%，套保持仓交易保证金比例调整为17%，一般持仓 交易保证金比例调整为18%。 | 合纪 | | 现行标准(%) | | | 调整后标准(%) | | | --- | --- | --- | --- | --- | --- | --- | | | 涨跌 | 交易保证金 | | 涨跌 | 交易保证金 | | | | 停板 | 套保持仓 一般持仓 | | 停板 | 套保 ...

Core Points - The Shanghai Futures Exchange announced adjustments to margin requirements and price limits for gold and silver futures contracts effective from October 21, 2025 [1][3] Summary by Category Price Limits - The price limit for gold and silver futures contracts will be adjusted to 14% [2] Margin Requirements - The margin requirement for hedging positions in gold and silver futures will be set at 15% [2] - The margin requirement for general positions in gold and silver futures will be set at 16% [2]

Market Closure Announcement - The major exchanges have announced the market closure schedule for the National Day and Mid-Autumn Festival in 2025, which will be from October 1 (Wednesday) to October 8 (Wednesday), with regular trading resuming on October 9 (Thursday) [2][4][5] - Additionally, weekends on September 28 (Sunday) and October 11 (Saturday) will also be non-trading days [2][4][5] Clearing and Settlement Arrangements - During the holiday period, clearing and settlement will be conducted according to the arrangements of China Securities Depository and Clearing Corporation Limited [2][4][5] - The Shenzhen Stock Exchange and Shanghai Stock Exchange have reiterated the importance of participants arranging their work accordingly [3][4][5] Hong Kong Stock Connect Services - The Shenzhen Stock Exchange has indicated that the Hong Kong Stock Connect services will not be available from October 1 to October 8, with services resuming on October 9 [7] - The clearing and settlement for Hong Kong Stock Connect transactions will also follow the arrangements of China Securities Depository and Clearing Corporation Limited [7] Trading System Testing - To ensure normal trading after the holiday, the Shanghai Stock Exchange will conduct a trading system joint debugging test on October 8 (Wednesday) from 9:15 to 12:00 [5]

Core Viewpoint - The Shanghai Futures Exchange has set the trading margin for aluminum alloy futures at 9% of the contract value, with a lower margin of 8% for hedging transactions, and established a price fluctuation limit of ±7%, which is doubled on the first trading day [1] Summary by Category - **Trading Margin** - The trading margin for aluminum alloy futures is established at 9% of the contract value [1] - For hedging transactions, the margin is set at 8% of the contract value [1] - **Price Fluctuation Limits** - The price fluctuation limit for aluminum alloy futures is ±7% [1] - On the first trading day, the price fluctuation limit is doubled [1]