上证报中国证券网讯（记者 费天元）1月23日，上海期货交易所发布通知，调整镍、氧化铝、铅、锌、 不锈钢期货相关合约的涨跌停板幅度和交易保证金比例。 通知显示，经研究决定，自2026年1月27日 （星期二）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%； 氧化 铝、铅、锌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%； 不锈钢期货已上市合约的涨跌停板幅度调整为6%，套保持仓交易保证金 比例调整为7%，一般持仓交易保证金比例调整为8%。 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。 国信期货首席分析师顾冯达 在接受上海证券报记者采访时表示，国际地缘局势紧张、主要经济体货币政策具有不确定性以及各国围 绕关键矿产的博弈，共同推升了多个大宗商品、尤其是战略资源品价格，市场投机情绪一 ...

Core Insights - The A-share market has seen a significant increase in financing transaction activity, with the financing balance reaching 2.68 trillion yuan, a new historical record, and financing transaction volume accounting for 11.3% of total market transactions as of January 14 [1][4]. Financing Margin Adjustment - On January 14, the Shanghai and Shenzhen Stock Exchanges announced an adjustment to the financing margin ratio, increasing the minimum margin requirement for investors from 80% to 100% when buying securities on margin [1][4]. - This adjustment is a key tool for regulatory authorities to conduct counter-cyclical adjustments, aimed at preventing excessive accumulation of systemic risks [2][5]. - Historical adjustments include a previous increase from 50% to 100% in November 2015 to curb rapid financing growth and a decrease from 100% to 80% in August 2023 to enhance market liquidity [1][2][4]. Impact on Market Dynamics - The core objective of raising the margin requirement is to maintain stable capital market operations and prevent excessive concentration of leveraged trading risks, reducing the leverage from 1.25 times to 1 time for new financing contracts [2][5]. - The policy will only apply to new financing contracts, while existing contracts will continue under the previous rules, reflecting a cautious regulatory approach to mitigate market impact and systemic risks [2][5]. Market Outlook - Short-term regulatory measures may not alter the upward trend of the market, with underlying support for continued market growth expected amidst fluctuations [2][5]. - Investment focus should be on policy initiatives and industry prosperity, particularly in technology growth sectors such as semiconductors, internet, electronics, media, and computing, as well as globally competitive sectors like power and machinery [2][5]. - Non-bank financial sectors are likely to benefit from increased demand for wealth management and capital market reforms, while cyclical sectors like tourism, hospitality, and consumer goods may present marginal improvement opportunities due to expanding domestic demand policies [2][5].

Core Viewpoint - The article emphasizes the importance of balancing "letting go" and "managing well" as a crucial economic policy requirement and governance wisdom, particularly during the critical phase of economic transformation and upgrading [1][9]. Group 1: Economic Policy Principles - The Central Economic Work Conference proposed five musts, including the necessity to fully tap economic potential and the importance of both "letting go" and "managing well" to stimulate market vitality and enhance risk prevention capabilities [2]. - Achieving a balance between stimulating vitality and regulating order is identified as a key issue for promoting high-quality development in the context of increasingly complex internal and external environments [2][3]. Group 2: Market Dynamics - "Letting go" refers to reducing unnecessary administrative intervention to allow the market to play a decisive role in resource allocation, thereby lowering transaction costs and enhancing innovation and competition among enterprises and individuals [2][3]. - "Managing well" involves the government fulfilling its responsibilities in areas of market failure through institutional supply, rule-making, and effective regulation to maintain fair competition and macroeconomic stability [2][3]. Group 3: Enhancing Market Participants' Experience - The vitality of business entities directly impacts employment stability and economic quality, with 13.278 million new business entities established in the first half of 2025, including 4.62 million new enterprises and 8.629 million new individual businesses [4]. - The key to "letting go" lies in continuously enhancing the sense of gain for business entities, which includes reducing institutional costs and ensuring fair, transparent rules and stable policies [4][5]. Group 4: Governance and Regulation - "Managing well" is not about suppressing market vitality but rather establishing clear boundaries for market operations through rules and regulations to ensure sustainable development [6][7]. - The emphasis on "managing well" reflects the need for the government to shift from pre-approval management to rule-based supervision, enhancing governance effectiveness while reducing undue interference in microeconomic activities [7][8]. Group 5: Risk Prevention - Effective risk prevention requires institutionalized, transparent, and predictable policy arrangements to guide areas such as local government debt risks and financial market stability [8]. - The article highlights that "managing well" is about using rules rather than arbitrary interventions to govern the market, ensuring that market vitality can be continuously released and economic development can be stable and sustainable [8].

Group 1 - The core viewpoint of the article emphasizes the commitment of the provincial government to implement the central government's decisions and the provincial party's requirements, focusing on effective fiscal policies and management to support the goals of comprehensive revitalization [1] - The provincial government aims to enhance fiscal resource coordination and improve fiscal management levels while preventing risks in key areas, thereby providing solid fiscal support for the year of tackling challenges [1] Group 2 - Suggestions include strengthening budget and final accounts management by improving the budget draft system and enhancing the management of surplus funds [2] - There is a focus on increasing the efficiency of fiscal fund usage through performance evaluations and optimizing budget allocations [2] - The establishment of a comprehensive risk monitoring and early warning system is recommended to prevent systemic financial risks, including hidden debts [2] - The article advocates for advancing fiscal and tax system reforms, including implementing zero-based budgeting to enhance the scientific and effective nature of budget preparation [2]