Group 1: Hot News - Trump said the war between the US and Iran may end soon and the progress is much faster than expected. He also considered taking over the Strait of Hormuz [2] - G7 finance ministers discussed how to deal with the soaring oil prices caused by the war between the US, Israel and Iran and decided not to release strategic oil reserves for the time being [2] - China's CPI in February increased by 1.3% year-on-year, the highest in nearly three years, and the core CPI increased by 1.8%. The PPI decreased by 0.9% year-on-year, with the decline narrowing for three consecutive months [2] - The Shanghai Futures Exchange adjusted trading limits and transaction fees for fuel oil futures, and adjusted the daily price limits and trading margins for petroleum asphalt and butadiene rubber futures. The Shanghai International Energy Exchange also adjusted trading limits, daily price limits, trading margins and transaction fees for crude oil and low-sulfur fuel oil futures [3] - Four Chinese nickel processing plants in Indonesia announced temporary shutdowns after a fatal landslide at a nickel waste yard in February [3] Group 2: Sector Performance - Key sectors to focus on: urea, lithium carbonate, fuel oil, PP, PVC [4] - Night session performance: Non-metallic building materials rose 2.05%, precious metals rose 30.46%, oilseeds rose 8.01%, coal, coke and steel ore rose 9.18%, energy rose 6.43%, chemicals rose 12.22%, grains rose 1.11%, agricultural and sideline products rose 2.75%, soft commodities rose 2.70%, and non-ferrous metals rose 25.08% [4][5] Group 3: Sector Positions - The chart shows the changes in commodity futures sector positions in the past five days [6] Group 4: Performance of Major Asset Classes - Equity: The Shanghai Composite Index fell 0.67% daily, 1.59% monthly, and rose 3.22% annually. Other major indices also showed different trends [7] - Fixed income: 10-year, 5-year and 2-year treasury bond futures showed different changes in daily, monthly and annual terms [7] - Commodities: The CRB commodity index, WTI crude oil, London spot gold, LME copper and Wind commodity index showed different trends [7] - Others: The US dollar index and CBOE volatility showed different changes [7] Group 5: Stock Market Risk Preference and Commodity Trends - The chart shows the trends of major commodities such as the Baltic Dry Index, CRB spot index, WTI crude oil, London spot gold, London spot silver, LME copper, etc. [8]

1. Report Industry Investment Rating - No relevant information provided in the report. 2. Core Viewpoint of the Report - As the Chinese Spring Festival approaches, China's futures exchanges will be closed, and adjustments will be made to margin requirements and price limit ranges. Investors are advised to take note [1]. 3. Summary According to the Table of Contents 3.1 CFFEX (China Financial Futures Exchange) - The trading margin rate and the price limit remain unchanged for Spring Festival 2026 [14]. 3.2 SHFE (Shanghai Futures Exchange) - From the settlement of February 12, 2026, the trading margin rate and the price limit will be adjusted to the corresponding level. After the holiday, they will be adjusted to the corresponding level as from the settlement of the first non - one - direction trading day since February 24, 2026 [11]. - The report provides a table showing the current standard, holiday - period standard, and post - holiday standard of price limits and trading margin rates for various futures contracts such as copper, aluminum, etc. [15]. 3.3 INE (Shanghai International Energy Exchange) - The report provides a table showing the current standard, holiday - period standard, and post - holiday standard of price limits and trading margin rates for various futures contracts such as bonded copper, crude oil, etc. [17]. 3.4 GFEX (Guangzhou Futures Exchange) - The report provides a table showing the current standard, holiday - period standard, and post - holiday standard of price limits and trading margin rates for various futures contracts such as silicon metal, poly - silicon, etc. [18]. 3.5 ZCE (Zhengzhou Commodity Exchange) - From the settlement on February 9, 2026, margins and price limits of Methanol, Paraxylene, Purified Terephthalic Acid, Polyester Staple Fiber and Polyethylene Terephthalate Resin For Bottles futures will be adjusted to 10% and 9% respectively. From the settlement of February 12, 2026, the trading margin rate and the price limit of other futures contracts will be adjusted to the corresponding level. After the holiday, they will be adjusted to the corresponding level as from the settlement of the first trading day on which limit - locked market does not occur on the contract with the largest open interest of such product since February 24, 2026 [12][13]. - The report provides a table showing the present, February 9th, February 12th, and post - February 24th margin and price limit adjustments for various futures contracts [19]. 3.6 DCE (Dalian Commodity Exchange) - The report provides a table showing the present, holiday - period, and post - holiday price limits and trading margins for various products such as iron ore, coke, etc. [21]. 3.7 CITIC Futures International Research Reports - Regular reports include China Futures Annual Outlook, China Futures Monthly Report, etc. - Special topic reports cover various fields such as finance, commodities, emerging industries, policy reading, etc. [23][24]

Group 1 - The U.S. stock market will be closed on January 19 due to Martin Luther King Jr. Day holiday [1] - Trading for CME's precious metals and U.S. crude oil futures contracts will end early at 03:30 Beijing time on January 20 [1] - Trading for U.S. Treasury bonds and stock index futures contracts will conclude early at 02:00 Beijing time on January 20 [1] Group 2 - ICE and CBOT agricultural product-related trading will also be closed for one day [1]

Core Viewpoint - The Shanghai Futures Exchange has announced adjustments to the trading margin ratio, price fluctuation limits, and trading limits for tin futures due to increased volatility in non-ferrous metal futures [2][4]. Group 1: Margin and Price Limits Adjustments - Starting from the settlement on January 15, 2026, the price fluctuation limit for tin futures contracts will be adjusted to 11%, with the margin ratio for hedging positions set at 12% and for general positions at 13% [5][7]. - The maximum number of contracts for non-futures company members and special non-broker participants for intraday opening in tin futures will be limited to 800 contracts, effective from January 16, 2026 [7][8]. Group 2: Market Conditions and Price Trends - Tin prices have been on the rise, with the main tin futures contract on the Shanghai Futures Exchange reaching historical highs [8]. - Despite expectations for the Wa State region to lift the ban on tin mining, the actual recovery progress has not met market expectations, leading to tight supply conditions and low processing fees for tin ore [10][11]. - The demand from high-tech products remains relatively insensitive to tin price fluctuations, while capital expenditures from leading U.S. tech companies continue to expand rapidly, supporting a stable overall market for tin [11].

Group 1 - The Shanghai Futures Exchange announced adjustments to silver futures contracts, effective from January 9, 2026, including a price limit of 16% and margin requirements of 17% for hedging and 18% for general positions [1] - The maximum number of contracts for non-futures company members and special overseas participants for intraday opening trades in silver futures will be set at 7,000 lots starting January 9, 2026 [1] - Transaction fees for intraday closing trades for silver futures contract 2604 will be adjusted to 0.025% of the transaction amount, while for tin futures contract 2602, the fee will be set at 15 yuan per lot [1] Group 2 - The Shanghai Futures Exchange highlighted the recent volatility in metal prices due to complex international situations, urging relevant parties to take measures for risk prevention and to maintain market stability [1]

Group 1 - The Shanghai Futures Exchange (SHFE) has issued multiple notices regarding the recent volatility in metal prices due to complex international situations, urging relevant parties to take measures for risk prevention and to maintain market stability [1] - Starting from January 9, 2026, the maximum number of contracts for intraday opening trades in silver futures for non-futures company members and certain foreign participants will be limited to 7,000 contracts, with specific rules for related accounts [1] - The margin requirements and price fluctuation limits for silver futures contracts AG2601, AG2602, AG2603, and AG2604 will be adjusted, with the price fluctuation limit set at 16%, and the margin for hedging and general trading set at 17% and 18% respectively [1] Group 2 - The SHFE has also adjusted the trading fees for silver and other futures contracts, effective from January 9, 2026, with the fee for intraday closing trades in silver futures AG2604 set at 0.025% of the transaction amount, and for tin futures SN2602 at 15 yuan per contract [2]

Economic Information - The Shanghai Futures Exchange has adjusted the trading fees for silver futures contracts, effective from December 24, 2025. The trading fee for the AG2602 contract will be 0.025% of the transaction amount, while the AG2604 contract will be 0.005% [2] - The average price of second-hand residential properties in 100 cities in November was 13,143 yuan per square meter, a month-on-month decrease of 0.94% and a year-on-year decrease of 7.95%. The average price of new residential properties was 17,036 yuan per square meter, with a month-on-month increase of 0.37% and a year-on-year increase of 2.68% [2] Company Alerts - Chuangshi Technology's controlling shareholder and actual controller has been placed under detention [5] - Xiangyuan Cultural Tourism's actual controller, Yu Faxiang, has been subjected to criminal coercive measures due to suspected criminal activity [5] - Jiao Jian Co., Ltd.'s actual controller, Yu Faxiang, has also been subjected to criminal coercive measures [5] - Hongqi Chain's shareholder Yonghui Supermarket plans to reduce its holdings by no more than 3% [5] - Yuehai Feed's shareholders plan to reduce their holdings by no more than 3% [5] - *ST Dongtong has received a decision for stock delisting, with the last trading date expected to be January 21, 2026 [5] - Tianji Technology and related responsible persons are facing litigation for suspected collusion in bidding [5] Overseas Alerts - The Japanese government is increasingly likely to intervene in the foreign exchange market as the yen continues to depreciate following the recent interest rate hike by the Bank of Japan [7] - A report from a German economic research institute indicates that Germany's exports to the U.S. have significantly declined by 7.8% in the first three quarters of this year due to increased tariffs [7]