业内人士分析，当前期货市场监管既紧扣证监会"防风险、强监管、促高质量发展"的工作主线，又兼顾 市场开放与创新需求，监管已从"事后处罚"向"事前预防、事中管控"全面延伸，有望推动市场持续高质 量发展。 券商中国记者梳理发现，上期所、郑商所、中金所、广期所等国内期货交易所近期持续强化监管，密集 开出罚单，形成强力震慑。 上期所以异常交易和实控账户监管为核心，出手最为密集。今年1月，上期所处理异常交易行为125起， 其中自成交超限44起，频繁报撤单超限41起，大额报撤单超限2起，日内开仓量超限38起。对1个客户和 39个实际控制关系账户组采取限制开仓的监管措施并进行全市场公告。此外，上期所1月共对395组899 个客户进行实际控制关系认定，对19组70个客户进行实际控制关系协查。 从具体处罚案例看，1月27日，上期所对3组未申报实控关系的锡、白银期货客户，实施限制开仓1个月 加限制出金的双重处罚，监管力度近年罕见。进入2月，上期所继续加码，先后9次发布相关处罚公告， 共有33组实控账户因日内开仓超限被采取限制开仓措施，监管力度丝毫不减。 郑商所重点打击约定交易、持仓超限等违规行为。今年1月，郑商所处理异常交易行为9 ...

Core Viewpoint - The recent fluctuations in lithium carbonate prices are attributed to a cooling market sentiment, with the Guangxi Futures Exchange's stringent regulatory measures being a focal point of attention [1][2]. Group 1: Regulatory Measures - Guangxi Futures Exchange emphasizes strict regulation to curb excessive speculation while not interfering with reasonable pricing, aiming to protect the futures market's service to the real economy [1][2]. - Specific measures include raising transaction fees, increasing the minimum opening order quantity from 1 to 5 contracts, and adjusting margin requirements for speculative and hedging trades to 13% and 12% respectively, targeting excessive speculative behavior [1][2]. - The exchange's approach is characterized by a focus on maintaining order rather than price intervention, ensuring that the market returns to a rational state following a period of excessive optimism [2][3]. Group 2: Market Dynamics - The recent price decline in lithium carbonate is seen as a correction of previous overly optimistic sentiments, with the market returning to fundamentals after curbing speculative tendencies [2]. - The rapid price increase was driven by unrealistic expectations regarding storage demand and supply constraints, which lacked sustainability, highlighting the importance of regulatory measures in stabilizing market emotions [2][3]. - The exchange's regulatory actions have allowed the market to realign with supply and demand dynamics, reinforcing the core functions of the futures market [2][3]. Group 3: Future Outlook - The Guangxi Futures Exchange will maintain a strict regulatory stance against violations such as exceeding position limits and failing to report actual control relationships, ensuring a fair and transparent trading environment [3]. - The exchange's role is to act as a "gatekeeper" for the market, balancing the need to prevent excessive speculation while facilitating risk management for real entities [3][4]. - The future of the futures market is expected to be robust under careful regulatory oversight, contributing significantly to the high-quality development of the real economy [4].

市场回归理性后，广期所并未加码监管，这份"沉默"是监管智慧的另一重体现：当市场定价功能正常发 挥时，充分尊重市场规律，这也是维护市场平稳有序运行的应有之义。 随着市场情绪降温，此前持续上涨的碳酸锂价格开始转向震荡回落态势。在此轮行情切换中，广期所的 强监管举措成为市场的关注焦点。 整体来看，广期所坚持露头就打、从严追责、一严到底的监管导向：严管过度投机，不干预合理价格， 以精准监管守护期货市场服务实体经济本源。 交易所的监管从来不是干预价格涨跌，而是纠偏情绪、遏制过度投机。广期所针对碳酸锂期货的系列举 措，精准直击过度投机核心：上调手续费，提高短线交易成本；最小开仓下单数量从1手提至5手，直指 过度投机交易行为；将投机交易、套期保值交易保证金分别调整为13%、12%，差异化保证金制度实现 了对过度投机行为的精准约束。 这种精准施策的监管方式，正是严监管的智慧核心：对非理性投机，始终"紧"字当头；对实体套保需求 畅通渠道，培养正确认识，让风险管理工具真正为产业所用。 期货市场的立身之本是服务实体经济，这是期货市场发展的初心，也是监管的重要立足点。碳酸锂作为 新能源产业链核心原料，其价格稳定关乎上下游企业的经营稳 ...

上期所再次对黄金、白银等期货品种提保扩板。 2月5日晚间，上海期货交易所（以下简称"上期所"）发布通知，自2026年2月9日（星期一）收盘结算时起，对铜、铝、铅、锌、氧化铝、铸造铝合金、线 材、不锈钢、镍、锡、黄金、白银等期货已上市合约的涨跌停板幅度及交易保证金比例进行调整。 沪银期货涨跌停板扩大至20% 具体来看，黄金期货已上市合约的涨跌停板幅度调整为17%，套保持仓交易保证金比例调整为18%，一般持仓交易保证金比例调整为19%；白银期货已上 市合约的涨跌停板幅度调整为20%，套保持仓交易保证金比例调整为21%，一般持仓交易保证金比例调整为22%。 在有色金属方面，铜、铝、铅、锌、氧化铝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%；铸造铝合金、线材、不锈钢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%；镍、锡期货已上市合约的涨跌停板幅度调整为12%，套保持仓交易保证金比例调整为13%，一般持仓交易保证金比例调整为14%。 | | | | 现行标准(%)e | | | 调整后标 ...

来源：智通财经 上期所再次对黄金、白银等期货品种提保扩板。 2月5日晚间，上海期货交易所（以下简称"上期所"）发布通知，自2026年2月9日（星期一）收盘结算时 起，对铜、铝、铅、锌、氧化铝、铸造铝合金、线材、不锈钢、镍、锡、黄金、白银等期货已上市合约 的涨跌停板幅度及交易保证金比例进行调整。 沪银期货涨跌停板扩大至20% 现货白银盘中一度跌逾17% 2月5日日间，国内商品期货收盘时，贵金属和基本金属多数下跌。沪银跌逾10%，铂、沪锡跌逾7%， 沪铜、国际铜等跌超3%，工业硅、沪铝等跌超2%。 2月5日夜盘开盘，国内商品期货仍旧多数下跌，沪银跌逾13%，沪锡跌逾4%，沪铜、沪金跌逾2%，沪 镍、沪锌、焦煤、烧碱、国际铜跌逾1%。 国际贵金属价格在2月5日也持续调整，现货白银盘中跌幅一度超过17%，现货黄金盘中跌幅一度超过 3%。截至发稿，现货白银跌14.34%，现货黄金跌2.89%。 贝莱德建信理财副总经理、首席投资官刘睿指出，从长期看，黄金配置逻辑依然坚实，去全球化趋势、 美元走弱、全球央行持续增持等因素构成结构性支撑，这些驱动因素伴随全球环境的阶段性发展而产 生，具有不可逆性。因此，黄金依然具备长期配置价 ...

Core Viewpoint - The Shanghai Futures Exchange (SHFE) has announced an adjustment to the price limits and margin requirements for various futures contracts, including gold and silver, effective from February 9, 2026, in response to extreme market conditions [1][4]. Group 1: Adjustments to Futures Contracts - The price limit for gold futures contracts has been adjusted to 17%, with the margin requirement for hedging positions set at 18% and for general positions at 19% [2][3]. - The price limit for silver futures contracts has been increased to 20%, with the margin requirement for hedging positions at 21% and for general positions at 22% [2][3]. - For non-ferrous metals, the price limit for copper, aluminum, lead, and zinc has been set at 10%, with corresponding margin requirements of 11% for hedging and 12% for general positions [2][3]. - The price limit for aluminum alloy, wire, and stainless steel has been adjusted to 8%, with margin requirements of 9% for hedging and 10% for general positions [2][3]. - Nickel and tin futures contracts have a price limit of 12%, with margin requirements of 13% for hedging and 14% for general positions [2][3]. Group 2: Market Response and Implications - Industry experts indicate that the SHFE's decision to raise price limits and margin requirements is a timely and necessary measure to address current extreme market conditions, aiming to alleviate market pressure and reduce risks associated with high-leverage speculation [4]. - The adjustments are seen as a preventive measure to maintain overall market stability and to prevent risks from overseas market fluctuations, particularly in the context of heightened market sentiment in international precious metals [4]. - The measures reflect China's regulatory approach to prioritize stability in the commodity futures market, especially as the Spring Festival approaches and uncertainties in overseas markets increase [4]. Group 3: Market Performance - On February 5, domestic commodity futures saw significant declines, with silver dropping over 10% and other metals like copper and aluminum also experiencing declines of more than 2% [5]. - International precious metal prices continued to adjust, with spot silver experiencing a drop of over 17% at one point, and spot gold down by nearly 3% [5].

Core Viewpoint - The Shanghai Futures Exchange has announced regulatory measures against a client for violating trading rules, highlighting the need for compliance and risk awareness in the current volatile market environment [1] Group 1: Regulatory Actions - A client executed a self-trade for the third time, violating Article 12 of the Shanghai Futures Exchange's regulations, leading to restrictions on opening positions in relevant contracts [1] - A group of accounts under common control exceeded the daily trading volume limits, violating Article 16 of the same regulations, resulting in similar restrictions on opening positions [1] Group 2: Market Conditions - The exchange noted that the international situation is complex and unpredictable, contributing to increased market volatility [1] - In light of the upcoming Spring Festival, the exchange urged relevant parties to enhance compliance management and advised investors to improve risk awareness and invest rationally to maintain market stability [1]

上海期货交易所(以下简称"上期所")连续出手。 1月28日，上期所再次发布关于对部分客户采取限制开仓监管措施的公告。公告称，1月28日，12组实际 控制关系账户在相关合约上账户组日内开仓交易量超限达到交易所处理标准。上述客户交易行为违反 《上海期货交易所异常交易行为管理办法》第16条之规定，交易所决定对相关客户在相应合约上采取限 制开仓的监管措施。 同时，上期所调整镍、黄金、白银等多个期货相关合约涨跌停板幅度和交易保证金比例。 公告称，经研究决定，自1月30日(星期五)收盘结算时起，涨跌停板幅度和交易保证金比例调整如下： 镍期货已上市合约的涨跌停板幅度调整为11%，套保持仓交易保证金比例调整为12%，一般持仓交易保 证金比例调整为13%； 氧化铝、铅、锌期货已上市合约的涨跌停板幅度调整为9%，套保持仓交易保证金比例调整为10%，一 般持仓交易保证金比例调整为11%； 不锈钢、铸造铝合金、螺纹钢、热轧卷板期货已上市合约的涨跌停板幅度调整为7%，套保持仓交易保 证金比例调整为8%，一般持仓交易保证金比例调整为9%； 白银期货AG2605、AG2606、AG2607、AG2608、AG2609、AG2610、AG2 ...

Core Viewpoint - The Shanghai Futures Exchange (SHFE) has implemented regulatory measures in response to significant market volatility in precious and non-ferrous metals, aiming to maintain trading order and protect investors' rights [4][6]. Group 1: Regulatory Actions - On January 27, SHFE announced that nine groups of accounts exceeded trading limits, leading to restrictions on opening new positions for these accounts and withdrawal limitations for 18 clients suspected of failing to declare actual control relationships [1]. - Between January 26 and 27, SHFE issued four regulatory announcements and two notifications regarding upgraded risk control measures due to increased trading risks influenced by fluctuating U.S. tariff policies and geopolitical conflicts [4]. - SHFE has publicly released ten regulatory announcements as of January 27, with a focus on monitoring trading behaviors and verifying actual control relationships to combat market manipulation [6]. Group 2: Market Conditions - From December 2022 to January 2023, prices for gold, silver, copper, and tin reached historical highs, with gold futures surpassing 1,100 yuan per gram and silver futures exceeding 30,000 yuan per kilogram [4]. - Market analysts attribute the surge in precious and non-ferrous metal prices to a combination of macroeconomic and fundamental factors, although the rapid price increases have raised concerns about potential risks, particularly from high-leverage funds and irrational buying behavior [4]. Group 3: Risk Control Measures - SHFE has upgraded its risk control measures, including adjustments to trading margins and fees to increase trading thresholds and curb high-leverage and short-term speculative behaviors [5]. - The exchange has modified the price fluctuation limits for various metals, with silver's limit set at 16% and tin's at 11%, to mitigate extreme market conditions [5]. - Daily opening limits have been established, such as an 800-hand limit for silver and a 200-hand limit for tin, to prevent concentrated capital inflows that could lead to abnormal price fluctuations [5].

1月27日，上期所连发两则公告。公告显示，有9组实际控制关系账户在相关合约上账户组日内开仓交易量超限达到交易所处理标准，另有3组18名客户在 锡、白银期货品种交易中涉嫌未申报实际控制关系，交易所决定对相关客户采取限制开仓的监管措施，并对上述涉嫌未申报实际控制关系的18名客户采取 限制出金的监管措施。 自去年12月至今年1月，黄金、白银、铜、锡等品种价格相继刷新历史高位。沪金期货价格先后突破1000元/克、1100元/克整数关口，沪银期货价格先后 突破20000元/千克、30000元/千克整数关口。与此同时，沪铜期货价格站上100000元/吨，沪锡期货价格一度突破460000元/吨。 对此，市场人士认为，本轮贵金属、有色金属价格大涨，由宏观面和基本面利多因素共同推动，但短期价格快速拉升也令潜在风险上升，尤其是高杠杆资 金与非理性追涨行为可能会对市场稳健运行造成影响。 记者注意到，面对市场担忧，上期所打出风控和监管"组合拳"，通过多轮风控措施，平抑市场过度波动，引导投资者理性交易，同时强化交易行为监管， 严厉打击违规交易行为，维护期货市场交易秩序。 发布风险提示，引导市场理性参与。上期所分别在2025年12月8日 ...