每经AI快讯，2月3日，据上期所公告，经研究决定，自2026年2月5日(星期四)收盘结算时起，涨跌停板 幅度和交易保证金比例调整如下：燃料油、石油沥青、丁二烯橡胶、天然橡胶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%；纸浆、 胶版印刷纸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%；如遇《上海期货交易所风险控制管理办法》第十三条规定情况，则在上述 涨跌停板幅度、交易保证金比例基础上调整。关于涨跌停板和交易保证金的其他事项按《上海期货交易 所风险控制管理办法》及相关业务规则执行。 ...

上期所、上金所双双发布通知，对多品种期货相关合约涨跌停板幅度和交易保证金比例进行调整。 1月28日，上海黄金交易所（简称"上金所"）发布通知，根据《上海黄金交易所风险控制管理办法》的有关规定，我所对白银延期合约交易保证金水平和涨跌停板比例 进行调整。现将相关事项通知如下：自2026年1月30日（星期五）收盘清算时起，Ag（T+D）合约的保证金水平从19%调整为20%，下一交易日起涨跌幅度限制从 18%调整为19%。 上海黄金交易所表示，请各会员提高风险防范意识，做细做好风险应急预案，提示投资者做好风险防范工作，合理控制仓位，理性投资，确保市场稳定健康运行。 白银期货AG2605、AG2606、AG2607、AG2608、AG2609、AG2610、AG2611、AG2612、AG2701合约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%。 | 品中 | 合约 | | 现行标准(%) | | | 调整后标准(%) | | | --- | --- | --- | --- | --- | --- | --- | --- | | | | 涨跌停板 | 交易保证金 | ...

铝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%。 如遇《上海期货交易所风险控制管理办法》第十三条规定情况，则在上述涨跌停板幅度、交易保证金比 例基础上调整。 关于涨跌停板和交易保证金的其他事项按《上海期货交易所风险控制管理办法》及相关业务规则执行。 人民财讯1月26日电，上海期货交易所发布通知，经研究决定，自2026年1月28日(星期三)收盘结算时 起，涨跌停板幅度和交易保证金比例调整如下： 铜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%； ...

Core Viewpoint - The article discusses the adjustments made by the Shanghai Futures Exchange regarding margin ratios and price fluctuation limits for various futures contracts, effective from January 22, 2026, indicating a significant regulatory change in the trading environment for commodities like copper, aluminum, gold, silver, and lithium carbonate [2][3][5]. Summary by Sections Margin Ratio and Price Fluctuation Adjustments - Copper futures: Price fluctuation limit adjusted to 8%, margin ratio for hedging positions to 9%, and for general positions to 10% [3]. - Aluminum futures: Price fluctuation limit adjusted to 8%, margin ratio for hedging positions to 9%, and for general positions to 10% [3]. - Gold futures (AU2602, AU2603, AU2604): Price fluctuation limit adjusted to 16%, margin ratio for hedging positions to 17%, and for general positions to 18% [3]. - Gold futures (AU2606, AU2608, AU2610, AU2612, AU2702): Price fluctuation limit adjusted to 15%, margin ratio for hedging positions to 16%, and for general positions to 17% [3]. - Silver futures (AG2602, AG2603, AG2604): Price fluctuation limit adjusted to 17%, margin ratio for hedging positions to 18%, and for general positions to 19% [3]. - Silver futures (AG2605 to AG2701): Price fluctuation limit adjusted to 15%, margin ratio for hedging positions to 16%, and for general positions to 17% [3]. - Nickel futures: Price fluctuation limit and margin ratios are also adjusted, with specific limits for day trading positions [6][8]. Trading Limits Adjustments - For silver futures, the maximum number of contracts for day trading is set at 3000 lots for specific contracts [5]. - For nickel futures, the maximum number of contracts for day trading is set at 2500 lots [6]. - For tin futures, the maximum number of contracts for day trading is set at 800 lots [11]. - Lithium carbonate futures: Price fluctuation limit adjusted to 11%, with margin ratios set at 13% for speculative trading and 12% for hedging [11]. Market Context - On January 20, 2026, spot gold and silver prices reached historical highs, with gold surpassing $4700 per ounce and silver exceeding $95 per ounce, indicating a bullish market sentiment [5].

【导读】上期所连发多条公告提示风险、调整交易限额等 中国基金报记者 李智 1月7日，上海期货交易所（以下简称上期所）连发多条公告提示风险、调整交易限额等。 | 公告通知 | | | --- | --- | | · 关于调整白银期货相关合约交易保证金比例和涨跌停板幅度的通知 | 2026-01-07 | | · 关于调整白银期货合约交易限额的通知 | 2026-01-07 | | · 关于做好市场风险控制工作的通知 | 2026-01-07 | | · 关于调整白银等期货品种相关合约交易手续费的通知 | 2026-01-07 | | · 关于对部分客户采取限制开仓监管措施的公告 | 2026-01-07 | | · 关于2025年12月自律监管信息的公告 | 2026-01-07 | 公告称，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。 同日，上期所发布关于调整白银期货合约交易限额的通知。根据《上海期货交易所风险控制 管理办法》的有关规定，经研究决定，自2026年1月9日（即1月8日夜盘）交易起，非期货公 司会员、境外特殊非经纪 ...

上期所还调整了白银期货相关合约交易保证金比例和涨跌停板幅度。根据通知，自2026年1月9日（星期五）收盘结算时起，交易保证金比例和涨跌停板幅 度调整如下：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%。 1月7日晚间，上海期货交易所发布多条通知。 上期所提示，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。 上期所同时发布关于调整白银期货合约交易限额的通知。通知称，根据《上海期货交易所风险控制管理办法》的有关规定，经研究决定，自2026年1月9日 （即1月8日夜盘）交易起，非期货公司会员、境外特殊非经纪参与者、客户在白银期货各合约的日内开仓交易的最大数量为7000手。实际控制关系账户组 日内开仓交易的最大数量按照单个客户执行。套期保值交易和做市交易的开仓数量不受此限制。 | 合约 | 一般交易手 续费额(元/ | 套期保值交 易手续费额 | 日内平今仓 交易手续费 | 日内平今仓 套期保值交 | | --- | ...

Core Insights - The "Tongzhou Cup" special award has gained significant attention in the market due to its distinct industry characteristics and professional competition design [1] - Participants in the peanut category, such as Han Jingbo and Huang Liwei, shared their practical experiences and insights from the competition, highlighting their deep industry backgrounds and trading strategies [1][2] Group 1: Participants' Backgrounds - Han Jingbo from Henan Chishu Agricultural Development Co., Ltd. has 16 years of experience in the futures industry, focusing on peanut futures since its inception [1] - Huang Liwei, known as "Mifei Agricultural Products," has been involved in futures since 2009, with a strong focus on agricultural products, particularly peanuts [2] Group 2: Trading Strategies - Han Jingbo employs a strategy combining arbitrage and options selling, leveraging his background in risk management and physical trade to make subjective arbitrage decisions [3] - Huang Liwei emphasizes flexibility in strategy, adjusting approaches based on market conditions and utilizing options to enhance capital efficiency and returns [3] Group 3: Risk Management - Han Jingbo maintained a maximum drawdown of approximately 2.2% during the competition, adhering to strict stop-loss disciplines based on absolute amounts [4] - Huang Liwei highlighted the importance of adapting to market changes, using his deep industry understanding to manage risks effectively, keeping drawdowns within acceptable limits [4] Group 4: Value of the Competition - Both participants acknowledged the value of the "Tongzhou Cup" in expanding their trading perspectives and enhancing their market understanding through interaction with other skilled traders [5] - The competition serves as a professional platform for industry participants to exchange ideas and learn from each other, contributing to the growth of the futures market [6]