Core Viewpoint - The Shanghai Futures Exchange announced adjustments to the margin ratios and price limits for gold and silver futures contracts, effective from October 21, 2025, which may impact trading strategies and market dynamics [1]. Group 1: Margin Ratio Adjustments - The margin ratio for holding positions in gold and silver futures contracts will be adjusted to 15% for hedging positions and 16% for general positions [1]. Group 2: Price Limit Adjustments - The price limit for gold and silver futures contracts will be set at 14% [1]. Group 3: Risk Management Provisions - Adjustments to the margin ratios and price limits may be further modified based on the provisions outlined in Article 13 of the Shanghai Futures Exchange Risk Control Management Measures [1].

Group 1 - The Shanghai Futures Exchange announced the trading schedule for the National Day and Mid-Autumn Festival in 2025, indicating no night trading on September 30, 2025, and a market closure from October 1 to October 8, 2025 [1][2] - Trading will resume on October 9, 2025, with a collection auction for all futures and options contracts from 08:55 to 09:00 [2] Group 2 - Starting from the settlement on September 29, 2025, margin ratios and price fluctuation limits for various futures contracts will be adjusted, with specific percentages outlined for different commodities [2] - For example, the price fluctuation limit for aluminum alloy futures will be adjusted to 7%, while for gold and silver futures, it will be set at 15% [2] Group 3 - On October 9, 2025, after trading, the price fluctuation limits and margin ratios will revert to their original levels following the first trading day without a one-sided market [3] - Other matters regarding price fluctuation limits and margin ratios will be governed by the Shanghai Futures Exchange's risk control management regulations [4]