Group 1 - The Dalian Commodity Exchange successfully completed its first cash settlement for linear low-density polyethylene, polyvinyl chloride, and polypropylene monthly average price futures contracts on January 30, marking a significant milestone in its operations [1] - As of January 30, the average daily trading volumes for the three futures contracts were 5,015 lots for linear low-density polyethylene, 4,558 lots for polyvinyl chloride, and 3,398 lots for polypropylene, with average open interest at 6,232 lots, 5,489 lots, and 5,411 lots respectively [1] - The cash settlement volumes on the expiration date were 46 lots for L2602F, 400 lots for V2602F, and 6 lots for PP2602F, indicating active participation from leading industry players such as Yong'an Guoyou and Qiancheng Petrochemical [1] Group 2 - The introduction of monthly average price futures by the Dalian Commodity Exchange addresses the need for stable long-term procurement prices and precise risk management tools for industry enterprises, which are facing frequent price fluctuations in the plastic chemical sector [2] - Yong'an Guoyou's chairman emphasized the importance of managing commodity price volatility and highlighted that the new futures contracts effectively meet their operational and risk management needs, allowing them to lock in PVC average prices and mitigate operational risks [2] - Qiancheng Petrochemical's research supervisor praised the monthly average price futures for aligning with their clients' pricing habits and simplifying the hedging process, which enhances their supply chain services [2] Group 3 - The Dalian Commodity Exchange plans to leverage the experience gained from this cash settlement to continue product and mechanism innovation, aiming to enhance the international influence of China's bulk commodity prices and provide stronger financial support for supply chain resilience [3]

据了解，持仓限额制度是期货市场防范持仓过度集中、防范系统性风险的基础性制度，更是交易所 履行一线监管职责、维护市场稳定运行的核心抓手。此次广期所对违反持仓管理规定行为的处分，彰显 了交易所坚持"严监严管"和维护市场公平交易秩序的坚定立场，为市场参与者划定了明确的合规红线。 2月2日，广州期货交易所（下称"广期所"）通报2起违规交易案件的处罚结果。公告显示，分别对 上海久斯资产管理有限公司等3名客户和安徽硕铜国际贸易有限公司等4名客户违反持仓管理规定的行为 实施纪律处分。 记者了解到，上述2组7名客户存在实际控制关系，在参与多晶硅2512合约交易中分别存在"利用分 仓等不正当手段，规避交易所持仓限制的"行为。根据《广州期货交易所违规违约处理办法》第二十六 条规定，广期所决定对上述7名客户分别采取公开谴责、暂停开仓6至12个月，没收上海久斯资产管理有 限公司等1组3名客户违规所得4,156,269元等纪律处分，并将上述纪律处分记入资本市场诚信档案。 广期所相关负责人表示，期货市场各类参与者应当严格遵守期货相关法律法规及交易所自律规则， 牢守合规交易底线。广期所将继续按照中国证监会部署要求，严守监管主责主业，坚决做 ...

现货白银价格强势拉升，交易所出手！ 2月3日，上期所连发多则公告提示风险。 COMEX白银期货同样拉升，暴涨超12%。 2月3日，上海黄金交易所同样发布公告称，为适配当前贵金属市场运行态势，对白银延期合约Ag（T+D）交易保证金水平及涨跌停板比例进行优化调 整。公告明确，自2月3日（星期二）收盘清算时起，Ag（T+D）合约保证金水平从26%下调至23%；下一交易日起，该合约涨跌幅度限制从25%调整为 22%。 据上期所公告，经研究决定，自2026年2月4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： 白银期货已上市合约的涨跌停板幅度调整为19%，套保持仓交易保证金比例调整为20%，一般持仓交易保证金比例调整为21%。 | 品种 | 合约 | 现行标准(% | 交易保证金 | | 调整后标准(% 涨跌停 | 交易保证金 | | | --- | --- | --- | --- | --- | --- | --- | --- | | | | 涨跌停板 套保持仓 | | 一般持 | 套保持 板 | | 一般持 | | | | | | 食 | 仓 | | 合 | | 白银 | 已上市合约 | 17 | ...

Group 1 - The precious metals market did not continue its earlier upward trend, with both gold and silver prices declining on the first trading day of the month [1][3] - Gold futures for April reached a low of $4,423.20, down nearly $40 in a single day, while silver for March fell to $71.20, significantly retreating from its historical high of $121.785 [1][3] - External factors such as a strong rebound in the US dollar index, recovery in the US stock market, and a sharp decline in crude oil prices are contributing to the pressure on precious metals [1][3] Group 2 - The Chicago Mercantile Exchange (CME) raised margin requirements over the weekend, accelerating the deleveraging process in the market [2][4] - The increase in margin requirements forced some high-leverage positions to liquidate, exacerbating market volatility due to seasonal liquidity tightening [2][4] - The 10-year US Treasury yield is currently at 4.22%, further diminishing the appeal of non-yielding assets like gold and silver [2][4] Group 3 - A "key reversal" pattern formed in the April gold futures is seen as a significant signal of a potential market peak [2][4] - The primary task for bulls is to reclaim and stabilize above the $5,000 mark, while bears are attempting to challenge the critical support level at $4,250 [2][4] - Short-term support for silver has shifted down to the $70 to $75 range, indicating a decline in bullish sentiment [2][4]

【导读】上期所：调整白银期货相关合约涨跌停板幅度和交易保证金比例 中国基金报记者 李智 现货白银价格强势拉升，交易所出手！ 2月3日，上期所连发多则公告提示风险。 据上期所公告，经研究决定，自2026年2月4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： 白银期货已上市合约的涨跌停板幅度调整为19%，套保持仓交易保证金比例调整为20%，一般持仓交易 保证金比例调整为21%。 | 品种 | 合约 | 现行标准(%) | 交易保证金 | 调整后标准(%) 涨跌停 | 交易保证金 | | | --- | --- | --- | --- | --- | --- | --- | | | | 涨跌停板 | 一般持 套保持仓 | 板 | 套保持 | 一般持 | | | | | 合 | | 仓 | 金 | | 白银 | 已上市合约 | 17 | 19 18 | 19 | 20 | 21 | 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，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。 2月3日，现货白 ...

国投期货研究院 金融工程组 2026/2/3 有色板块动量截面分化扩大 商品本周空头占比抬升,主要表现贵金 属和有色板块因子强度大幅下降,黑色 和农产品板块受趋势带动影响偏弱。目 前截面偏强的板块是黑色,截面偏弱的 是有色。具体来看,黄金时序出现动量 反转的迹象,逐步企稳,白银的持仓量 大幅下降。有色板块短周期动量下降, 期限结构分化收窄,锡和镍截面偏弱。 CTA 黑色板块时序动量边际小幅回升,截面 上螺纹偏空焦炭偏强。能化板块短周期 动量截面分化收窄。农产品方面,短周 期动量没有发生明显反转,持仓量维持 中性以下。 | | 上周收益(%) | 当月收益(%) | | --- | --- | --- | | 供給 | -0.15 | 0.84 | | 需求 | -0.45 | -0.44 | | 库存 | -0.76 | 0.18 | | 价差 | 0.61 | 0.83 | | 大类累加 | -0.58 | 0.20 | 用 醇 国技期货 商品量化CTA周度跟踪 玻 | | | | 铁 | 策略净值方面,上周各因子收益为0,本 | | | 净值曲线 | | --- | --- | --- | --- | - ...

Market Overview - The market sentiment is currently weak, with significant divergence observed across different sectors. Silver has experienced a sharp decline, while lithium and lithium battery stocks have rebounded violently [2][19] - The Shanghai silver contract (SHFE ag2604) fell by 16.71%, continuing its downward trend after a previous limit down, while gold showed signs of stabilization with a slight increase of 0.63% [11][30] Precious Metals - The recent geopolitical developments, particularly the U.S.-Iran interactions, have led to a weakened demand for safe-haven assets, contributing to the volatility in gold and silver prices. The U.S. government shutdown has delayed the release of key employment data, exacerbating market uncertainty [5][11] - The Shanghai Gold Exchange has adjusted margin requirements and price limits for gold and silver, with silver's limit set at 23% due to ongoing delivery difficulties [24] Energy Sector - The SC crude oil contract saw a significant drop of 4.93%, closing at 449.4 yuan per barrel, amid ongoing geopolitical tensions and uncertainty regarding U.S.-Iran negotiations [14][33] - The market is currently in a state of flux, awaiting the outcome of diplomatic talks, which could influence oil prices significantly. The OPEC+ decision to maintain current production levels is also a factor in the market dynamics [15][34] Agricultural Products - The domestic soybean meal inventory is expected to decrease to around 650,000 tons by the end of February, driven by seasonal shutdowns and post-holiday restocking [7] - The agricultural sector is showing signs of recovery, with significant capital inflow into soybean meal futures as investors anticipate a rebound [10] Silicon Industry - The multi-crystalline silicon futures have rebounded sharply, with the main contract rising by 6.61%, supported by expectations surrounding an upcoming industry conference [12][31] - The production forecast for February has been adjusted downwards to 79,700 tons from an initial 90,000 tons, indicating a slight supply-demand gap in the market [31][32]

二 〇 二 六 年 度 2026 年 2 月 3 日 困境与破局：透视宏观纹理，重塑商品 Beta 邵婉嫕 投资咨询从业资格号：Z0015722 shaowanyi@gtht.com 李翔云（联系人） 期货从业资格号：F03149627 lixiangyun@gtht.com 报告导读： 本文旨在解决商品投资领域"资金配置意愿强"与"工具端区分度弱"的矛盾。面对现有指数高度共 性化的特征，我们将视角转向商品期货未被充分挖掘的宏观风格 Beta，试图为市场提供超越传统贝塔的 差异化配置路径。 我们成功开发了两条风格鲜明的商品期货多头被动指数： 商品宏观·锐意进取指数：基于有色、黑色及贵金属板块构建，具备周期进攻属性； 商品宏观·稳健韧性指数：基于能化、农产品及贵金属板块构建，具备周期防守属性。 ——大类资产配置系列（一） 国 泰 君 安 期 货 研 究 所 ⚫ 困境：大类资产配置中的"工具断层"。当前国内商品基金市场呈现总量微薄、品种集中的特 征，与海外成熟市场全谱系、功能化的工具体系形成鲜明反差。我们认为正是战略资产配置层面 商品配置工具的结构性失衡，使得战术资产配置层面投资组合优化的潜力尚未得到充分释放。 ...

2月2日，广交所披露两则纪律决定处分书，均为企企业利用分仓等不正当手段，规避交易所持仓限制，违规持仓超过多晶硅交 割月持仓限额。 其一为上海久斯资产管理有限公司、上海久斯企业发展有限公司、海南韵澜实业有限公司3名客户存在实际控制关系，2025年11 月18日至12月9日连续15个交易日合并持仓超过PS2512持仓限额，相关客户违规持仓行为盈利4,156,269元。 广交所依规对上述没收违规所得4,156,269元、公开谴责、暂停开仓交易12个月的纪律处分，并将上述当事人的纪律处分结果记 入证券期货市场诚信档案。 其二为安徽硕铜国际贸易有限公司、安徽宏盛铜材有限公司、安徽天大铜业有限公司、安徽天大新能源有限公司4名客户存在实 际控制关系，2025年12月1日至12月5日连续5个交易日合并持仓超过PS2512交割月持仓限额，相关客户违规持仓行为亏损480,660 元。 广交所依规给与上述四家公司公开谴责、暂停开仓交易6个月的纪律处分，并将上述当事人的纪律处分结果记入证券期货市场诚 信档案。 据悉，公告所指的PS2512为多晶硅期货的具体合约代码，代码中"PS"是多晶硅期货的品种代码，"2512"代表合约到期月份为 ...

证券日报网讯2月3日，南华期货（603093）发布公告称，公司2025年度财务报表及内控审计签字注册会 计师由卢娅萍、吕蔡霞变更为唐彬彬、兰笑，天健会计师事务所已出具变更函，交接有序不影响审计工 作。 ...