根据通知，自12月24日（即12月23日夜盘）交易起，非期货公司会员、境外特殊非经纪参与者、客户在 白银期货2602合约的日内开仓交易的最大数量为10000手。白银期货2602合约日内平今仓交易手续费调 整为成交金额的万分之二点五，白银期货2604合约日内平今仓交易手续费调整为成交金额的万分之零点 五。（鲍仁） 本报讯 12月22日，上期所发布通知，调整白银期货相关合约交易限额和交易手续费。 ...

【隔夜行情】 •周一（2025年12月22日），A股市场三大指数集体收涨，截至收盘，沪指报3917.36点，涨0.69%；深证 成指报13332.73点，涨1.47%；创业板指报3191.98点，涨2.23%。总体来看，个股涨多跌少，上涨个股 超2900只。沪深两市全天成交额1.86万亿元，较上个交易日放量1300亿元。 •周一（2025年12月22日），港股冲高回落，恒指及国指午后一度翻绿，恒科指数则表现最佳，盘中最 高涨超1%。截止收盘，恒生指数涨0.43%或111.24点，报25801.77点，全日成交额为1697.77亿港元；恒 生国企指数涨0.43%，报8939.68点；恒生科技指数涨0.87%，报5526.83点。 【商务部：自明日起 采取临时反补贴税保证金的形式对原产于欧盟的进口相关乳制品实施临时反补贴 措施】12月22日，商务部公告，调查机关初步认定，原产于欧盟的进口相关乳制品存在补贴，中国国内 相关乳制品产业受到实质损害，而且补贴与实质损害之间存在因果关系。国务院关税税则委员会根据商 务部的建议作出决定，自2025年12月23日起，采取临时反补贴税保证金的形式对原产于欧盟的进口相关 乳制品实 ...

（文章来源：期货日报网） 本报讯广期所12月19日发布通知，根据《广州期货交易所风险管理办法》，经研究决定，自2025年12月 23日交易时起，非期货公司会员或者客户在碳酸锂期货LC2602、LC2603、LC2604、LC2605合约上单 日开仓量分别不得超过800手，在碳酸锂期货LC2606、LC2607、LC2608、LC2609、LC2610、 LC2611、LC2612合约上单日开仓量分别不得超过2000手。（齐宣） ...

根据《广州期货交易所风险管理办法》，经研究决定，自2025年12月23日交易时起，非期货公司会员或 者客户在碳酸锂期货LC2602、LC2603、LC2604、LC2605合约上单日开仓量分别不得超过800手，在碳 酸锂期货LC2606、LC2607、LC2608、LC2609、LC2610、LC2611、LC2612合约上单日开仓量分别不得 超过2,000手。交易所将根据市场情况对交易限额进行调整。 ...

Core Viewpoint - The announcement from the Dalian Commodity Exchange regarding adjustments to the margin standards for polysilicon futures contracts indicates a regulatory shift aimed at managing speculative trading and ensuring market stability [1] Group 1: Margin Adjustments - Starting from December 3, 2025, the margin requirement for speculative trading on the polysilicon futures contract 2601 will be set at 13% [1] - The margin requirement for hedging transactions will be adjusted to 12% [1] Group 2: Trading Limits - Non-futures company members or clients will be restricted to a maximum daily opening position of 500 lots on the polysilicon futures PS2601 contract [1] - The daily opening position is defined as the total of buy and sell opening positions on a single contract for that day [1] - There are no restrictions on daily opening positions for hedging and market-making transactions [1] Group 3: Account Management - Accounts with actual control relationships will be managed as a single account for the purpose of these trading limits [1] - In cases where the new margin standards differ from the current standards, the higher of the two will be applied [1]

Core Points - The Guangzhou Futures Exchange announced adjustments to trading fees and limits for industrial silicon and polysilicon futures contracts effective September 11 [1] - The trading fee for the polysilicon futures contract PS2511 will be set at 0.15% of the transaction amount, with the same fee structure applied to intraday closing positions [1] - Non-futures company members or clients will have a daily opening position limit of 1,000 lots for both industrial silicon futures contract SI2511 and polysilicon futures contract PS2511, with exceptions for hedging and market-making transactions [1] Trading Fee Adjustments - The trading fee for polysilicon futures PS2511 is adjusted to 0.15% of the transaction amount [1] - The same fee applies to intraday closing positions for the same contract [1] Position Limits - Non-futures company members or clients are restricted to a daily opening position of 1,000 lots for industrial silicon futures SI2511 [1] - The same daily opening position limit of 1,000 lots applies to polysilicon futures PS2511 [1] - Hedging and market-making transactions are exempt from these position limits [1]

Group 1 - The Central Committee of the Communist Party of China will hold its fourth plenary session in October, emphasizing the need for macro policies to continue and enhance efforts to boost consumption and strengthen the domestic capital market [1] - The Ministry of Commerce of China expressed welcome for foreign investment, including from U.S. companies, to share development opportunities [2] - The National Development and Reform Commission has allocated a budget of 90 billion yuan for childcare subsidies, with applications opening in late August [3] Group 2 - The Hubei humanoid robot fund has launched with an initial investment of 5 billion yuan, focusing on the development of robotics technology [6] - The China Coking Industry Association has called for an increase in coke prices, with specific price adjustments announced for various types of coke effective July 31 [7] - The Dalian Commodity Exchange has adjusted trading limits for certain contracts related to industrial silicon and lithium carbonate [8] Group 3 - CATL reported a net profit of 30.5 billion yuan for the first half of the year, a year-on-year increase of 33.02%, and announced a cash dividend of 10.07 yuan per share [9] - Vanke A announced a loan of up to 869 million yuan from Shenzhen Metro Group [10] - Long River Power plans to invest approximately 26.6 billion yuan in the Gezhouba shipping capacity expansion project [10] Group 4 - Lide Man plans to acquire up to 70% of a tuberculosis diagnostic screening company, which is expected to constitute a major asset restructuring [11] - Dongxin Co. announced ongoing product optimization for its chip products, which have not yet generated revenue [12] - The stock of Hehua Co. is suspended due to plans for a change in control [13] Group 5 - The Federal Reserve maintained its target range for the federal funds rate at 4.25% to 4.50%, marking the fifth consecutive decision to keep rates unchanged [15] - The U.S. government announced a 50% tariff on imported semi-finished copper products effective August 1 [18] - The U.S. stock market showed mixed results, with the Dow Jones down 0.38% and the Nasdaq up 0.15% [21] Group 6 - Microsoft reported fourth-quarter revenue of $76.44 billion, a year-on-year increase of 18%, exceeding expectations [22] - Qualcomm's third-quarter adjusted revenue was $10.37 billion, a 10% increase year-on-year, with adjusted net income rising by 25% [23]

Core Viewpoint - The Dalian Commodity Exchange has adjusted the trading limits for futures contracts of industrial silicon, polysilicon, and lithium carbonate, imposing specific daily opening position limits for non-futures company members or clients [1] Group 1: Industrial Silicon - Non-futures company members or clients are limited to a daily opening position of 500 contracts for the industrial silicon futures contract SI2509 [1] - For the industrial silicon futures contracts SI2510, SI2511, SI2512, and SI2601, the daily opening position limit is set at 2000 contracts each [1] Group 2: Polysilicon - Non-futures company members or clients are restricted to a daily opening position of 500 contracts for the polysilicon futures contract PS2509 [1] - The daily opening position limit for polysilicon futures contracts PS2510, PS2511, PS2512, and PS2601 is also set at 2000 contracts each [1] Group 3: Lithium Carbonate - Non-futures company members or clients can only open a maximum of 500 contracts for the lithium carbonate futures contract LC2509 on a daily basis [1] - For the lithium carbonate futures contracts LC2510, LC2511, LC2512, and LC2601, the daily opening position limit is established at 2000 contracts each [1]

Group 1 - The Dalian Commodity Exchange (DCE) has announced new trading limits for non-futures company members or clients on coking coal futures contracts starting from July 29, 2025 [1] - The daily opening position limit for the JM2509 contract will be set at 500 lots, while for other coking coal futures contracts, it will be capped at 2,000 lots [1] - The daily opening position refers to the total number of buy and sell positions opened in a single contract by non-futures company members or clients [1] Group 2 - Hedging transactions and market-making transactions are exempt from the above-mentioned opening position limits [1] - Accounts with actual control relationships will be managed as a single account [1] - The exchange will adjust the trading limits based on market conditions [1]

Market Performance - On July 17, 2025, A-shares showed a strong performance with the Shanghai Composite Index rising by 0.37%, the Shenzhen Component Index increasing by 1.43%, and the ChiNext Index up by 1.76%. The total trading volume in the Shanghai and Shenzhen markets was approximately 15,393.75 billion yuan, an increase of about 973.32 million yuan compared to the previous trading day [1] - Hong Kong stocks had mixed results on the same day, with the Hang Seng Index falling by 0.08% to 24,498.95 points and a total trading volume of 2,364.12 billion HKD. The Hang Seng Tech Index, however, rose by 0.56% to 5,448.85 points [1] - In the U.S., all three major stock indices closed higher, with the S&P 500 reaching a new closing high at 6,297.36 points, up by 0.54%. The Nasdaq Composite Index increased by 0.75% to 20,885.65 points, and the Dow Jones Industrial Average rose by 0.52% to 44,484.49 points [1] Industry Regulations - The Guangzhou Futures Exchange announced new trading limits for polysilicon futures, effective from July 21, 2025. Non-futures company members or clients will have a daily opening position limit of 10,000 lots for polysilicon futures and 5,000 lots for industrial silicon futures (SI2509). These limits do not apply to hedging or market-making transactions [3] - The Ministry of Finance and the State Taxation Administration have adjusted the consumption tax threshold for super luxury cars to 900,000 yuan (excluding VAT). This change affects various types of vehicles, including electric and fuel cell cars, and aligns with previous regulations on consumption tax for imported super luxury cars [4]