Group 1 - The Shanghai Futures Exchange announced the trading schedule for the Spring Festival in 2026, indicating no night trading on February 13, 2026, and a market closure from February 14 to February 23, 2026, with trading resuming on February 24, 2026 [1] Group 2 - Starting from the settlement at the close of trading on February 12, 2026, margin ratios and price fluctuation limits for various futures contracts will be adjusted, with copper, aluminum, zinc, lead, and alumina having a price fluctuation limit of 13% and a margin ratio of 15% for general positions [2] - Nickel and tin futures will have a price fluctuation limit of 15% and a margin ratio of 17% for general positions, while gold futures will see a fluctuation limit of 20% and a margin ratio of 22% for general positions [2] - Other commodities such as silver, rebar, and fuel oil will also have specific adjustments to their price fluctuation limits and margin ratios, with silver at 25% and 27% respectively for general positions [2] Group 3 - On February 24, 2026, after the first trading day without a one-sided market, the price fluctuation limits and margin ratios for all listed futures contracts will revert to their original levels [3]

Core Viewpoint - The Shanghai International Energy Exchange has announced adjustments to the trading margin ratios and price fluctuation limits for international copper futures contracts, effective from January 22, 2026 [1] Group 1: Trading Margin Adjustments - The trading margin ratio for holding positions in international copper futures will be adjusted to 9% for hedging positions and 10% for general positions [1] - The price fluctuation limit for listed international copper futures contracts will be set at 8% [1] Group 2: Risk Management Provisions - Adjustments to the trading margin ratios and price fluctuation limits may occur based on the provisions outlined in Article 16 of the Shanghai International Energy Exchange Risk Control Management Rules [1] - Other matters regarding price fluctuation limits and trading margin ratios will be executed according to the relevant business rules and risk control management guidelines [1]

Group 1 - The Shanghai Futures Exchange announced a holiday trading schedule for New Year's, with no night trading on December 31, 2025, and a market closure from January 1 to January 4, 2026, resuming trading on January 5, 2026 [1] - Margin requirements and price fluctuation limits for gold and silver futures will be adjusted starting from the settlement on December 30, 2025, with price limits set at 15% and margin ratios at 16% for hedged positions and 17% for general positions [1] - On January 5, 2026, after the first trading day without a one-sided market, the price fluctuation limits and margin ratios for specific gold and silver futures contracts will remain unchanged, while other futures contracts will revert to their original levels [1]

Core Points - The company has announced adjustments to margin requirements for clients during the National Day holiday period in 2025, specifically from September 26 to October 8, 2025 [1] - The adjustments are made to mitigate market risks associated with external fluctuations during the holiday [1] Margin Adjustments - The company will cancel existing preferential margin rates and revert to standard rates starting from the settlement on September 29, 2025, until the holiday ends [1] - After the holiday, on the first trading day, the preferential margin rates will be restored [1] Specific Margin Rates - Various futures contracts will see changes in margin requirements during the holiday period, with specific percentages outlined for different commodities [1][2] - For example, the margin for apple futures will increase from 13% to 15% during the holiday, while after the holiday, it will return to 13% [1] - Other commodities such as iron ore, coke, and soybeans will also have their margin requirements adjusted accordingly [4][5] Trading Resumption - Trading will resume on October 9, 2025, with specific margin standards and price fluctuation limits reinstated for various contracts [3][4][5] - The adjustments will apply to contracts with the largest open interest that do not experience a limit-up or limit-down situation on the first trading day after the holiday [3][4][5] Risk Management - The company emphasizes the importance of risk management during the holiday period due to the uncertainty in market operations [7] - Investors are advised to adhere to position limits and make necessary adjustments to their holdings [7]

Market Closure Schedule - The A-share market will be closed from October 1 (Wednesday) to October 8 (Wednesday) for the National Day and Mid-Autumn Festival, resuming normal trading on October 9 (Thursday) [2] - The weekend closures include September 28 (Sunday) and October 11 (Saturday) [2] Hong Kong Stock Connect - The Shenzhen Stock Exchange announced that the Hong Kong Stock Connect service will not be available from October 1 (Wednesday) to October 8 (Wednesday), resuming on October 9 (Thursday) [5] - Weekend closures for the Hong Kong Stock Connect also include September 28 (Sunday) and October 11 (Saturday) [5] Future Trading Arrangements - The Shanghai International Energy Exchange has announced that there will be no night trading on September 30, 2025, and the market will be closed from October 1 (Wednesday) to October 8 (Wednesday) in 2025 [8][9] - On October 9, 2025, trading will resume with a collection auction from 08:55 to 09:00, followed by the restoration of night trading [10] Margin and Price Limit Adjustments - Starting from the closing settlement on September 29, 2025, margin ratios and price limit adjustments for various futures contracts will be implemented, including: - International copper futures: price limit adjusted to 9%, margin for holding positions at 10% [11] - Crude oil and low-sulfur fuel oil futures: price limit adjusted to 12%, margin for holding positions at 13% [11] - 20 rubber futures: price limit adjusted to 11%, margin for holding positions at 12% [11] - Shipping index (European line) futures: price limit adjusted to 20%, margin at 22% [11] Post-Adjustment Trading Conditions - After trading on October 9, 2025, the price limits and margin ratios for all futures contracts will revert to their original levels after the first trading day without a one-sided market [13]

Group 1 - The Shanghai International Energy Exchange announced the trading schedule for the Dragon Boat Festival in 2025, indicating no night trading on May 30, 2025, and a market closure from May 31 to June 2, 2025, with trading resuming on June 3, 2025 [1] - The margin requirements and price fluctuation limits for the shipping index (European line) futures contracts will be adjusted to a fluctuation limit of 18% and a margin ratio of 20% starting from the settlement on May 29, 2025 [1] - On June 3, 2025, after trading, the fluctuation limit and margin ratio for the shipping index (European line) futures contracts will remain at 18% and 20%, respectively, unless conditions specified in the risk control management rules necessitate further adjustments [1][2]