12月26日，上期所发布通知，根据《上海期货交易所关于2026年休市安排的公告》（上期所公告 〔2025〕157号），现对元旦期间有关工作安排如下： 三、2026年1月5日（星期一）交易后，自第一个未出现单边市的交易日收盘结算时，涨跌停板幅度和交 易保证金比例调整如下： 黄金期货AU2601、AU2602、AU2603、AU2604合约，白银期货AG2601、AG2602、AG2603、AG2604 合约维持涨跌停板幅度和交易保证金比例不变； 其他期货合约的涨跌停板幅度和交易保证金比例恢复至原有水平。 二、自2025年12月30日（星期二）收盘结算时起，交易保证金比例和涨跌停板幅度调整如下： 黄金、白银期货合约的涨跌停板幅度调整为15%，套保持仓交易保证金比例调整为16%，一般持仓交易 保证金比例调整为17%； 白银AG2602合约的涨跌停板幅度仍为15%，套保持仓交易保证金比例仍为16%，一般持仓交易保证金 比例仍为17%。 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，则在上述交易保证金比例、涨跌停板幅 度基础上调整。 一、2025年12月31日（星期三）晚上不进行夜盘交易。 2026年1月1日 ...

国网英大公告，全资子公司英大证券拟将其持有的英大期货100%股权以人民币11.29亿元的价格出售给 中油资本有限。本次交易由沃克森(北京)国际资产评估有限公司进行评估，评估价值为11.29亿元，增值 率8.31%。交易价格已获国有资产监督管理部门备案确认。本次交易尚需取得国有资产监督管理部门的 批准，中油资本有限作为英大期货控股股东的资格尚需获得中国证监会的核准。交易完成后，英大期货 将不再纳入公司合并报表范围。 ...

为进一步降低产业企业参与期货市场成本，更好服务实体经济高质量发展，近日，大连商品交易所发布 《关于减免交割手续费等相关费用的通知》，推出2026年降费方案。根据通知，2026年全年，大商所将 免收期货交割手续费、标准仓单转让货款收付手续费、标准仓单作为保证金手续费、期转现手续费，并 减半收取套期保值交易手续费。 记者了解到，近年来大商所积极响应国家减税降费号召，陆续出台了多项配套措施，包括：自2020年 起，逐步免收标准仓单作为保证金手续费和交割（含标准仓单期转现）手续费；自2022年起，进一步免 收标准仓单转让货款收付手续费，同时将标准仓单期转现手续费免收业务范畴进一步扩大至全口径的期 转现业务；自2024年起，在继续实施交割、期转现、标准仓单转让货款收付和标准仓单作为保证金4项 业务手续费免收措施的基础上，新增"减半收取套期保值交易手续费"优惠政策。上述各项措施实施至 今，已累计为实体企业降费超6亿元，有助于减轻产业企业等市场主体的负担，帮助其以更低成本将期 货工具拿稳用好。 大商所表示，下一步，将继续坚持服务实体经济的根本宗旨，关切产业所需，多措并举为企业参与期货 市场提供支持与便利，为我国期现货市场高 ...

人民财讯12月26日电，国网英大（600517）12月26日公告，公司全资子公司英大证券拟将其持有的英大 期货有限公司(简称"英大期货")100%股权，以11.29亿元的价格，出售给中国石油集团资本有限责任公 司。交易完成后，英大期货将不再纳入公司合并报表范围。 ...

中信建投期货贵金属首席分析师王彦青表示，短期贵金属与有色金属的影响因素并无显著变化，市场虽 有"去美元化"等长线利多因素存在，但短期且快速的上涨显然过分交易了长期的利多因素，投机情绪高 涨，给市场平稳运行带来潜在风险。 上期所明确指出，一系列相关风控措施推核心是抑制过度投机，引导市场理性参与，保障期货价格发现 功能正常发挥，进一步维护市场平稳有序运行，充分体现监管框架有效性。 财经网讯 2025年12月下旬，贵金属与有色金属迎来集体暴涨，黄金、白银、铜等核心品种纷纷刷新历 史新高。其中现货黄金最高触及4531.284美元/盎司，现货白银突破75美元/盎司，LME铜站上12000美 元/吨关口，最高触及12282美元/吨关口。 针对市场大幅波动，上期所12月先后上调白银期货合约保证金比例、涨跌停板幅度，调整交易限额、调 整平今仓交易手续费，多措并举旨在降低市场交易热度。 ...

【冠通期货研究报告】 软商品日报：近弱远强 发布日期：2025 年 12 月 26 日 冠通期货 骆利关 棉花：据 Mysteel 调研显示，截止至 12 月 25 日，进口棉主要港口库存周环 比增加 0.84%，总库存 39.52 万吨，其中，山东地区青岛、济南港口及周边仓 33.2 万吨，同比减少 19.94%，江苏地区张家港港口及周边仓库进口棉库存约 3.40 万 吨，其他港口库存约 2.92 万吨。本周主要以巴西棉、澳棉到港为主，入大于出， 库存增加。 现货宽松下，远月种植面积结构调整引发盘面出现一定反弹，而近月出口需 求转好，而供应压力最大阶段已经过去，这使得目前棉花市场稳中偏好，但是内 外棉价差扩大，国内价格不断反弹的背景下，短期上涨动能或面临枯竭，存在回 调风险，建议等待盘面回调后再介入。 白糖：据OCSB：2025/26榨季截至12月24日，泰国累计甘蔗入榨量为1153.21 万吨，较去年同期的 1349.54 万吨减少 196.33 万吨，降幅 14.54%；甘蔗含糖分 11.40%，较去年同期的11.48%减少0.08%；产糖率为8.676%，较去年同期的8.649% 增加 0.027%； ...

Report Industry Investment Rating - Not provided Core Viewpoint of the Report - After the disturbance of macro events gradually fades, the trading logic of iron ore will gradually return to fundamentals. With a decline in shipments, slow demand recovery, and a slight improvement in the transfer of port inventory to downstream, along with the futures discount under the back structure and positive basis of futures contracts, the futures and spot markets will form a certain resonance in the short - term, and the market will gradually strengthen in a volatile manner [5] Summary by Relevant Catalogs Market行情态势回顾 - Futures price: The main contract of iron ore futures fluctuated strongly during the day, closing at 783 yuan/ton, up 4.5 yuan/ton from the previous trading day's closing price with a gain of +0.58%. The trading volume was 291,000 lots, and the open interest increased by 13,000 lots to 581,000 lots, with the settled funds exceeding 10 billion yuan. The disk price strengthened again in the short - term [1] - Spot price: Among the mainstream port spot varieties, Qingdao Port PB powder dropped 2 to 791, and Super Special powder dropped 2 to 671. The main swap contract was 104.35 (+0.5) US dollars/ton. Spot prices declined slightly, and swap prices maintained a volatile and slightly stronger trend [1] - Basis and spread: The price of Qingdao Port PB powder converted to the futures price was 816.1 yuan/ton, with a basis of 33.1 yuan/ton, and the basis narrowed slightly. The spread between iron ore contracts 1 - 5 was 18.5 yuan, and the spread between 5 - 9 was 22 yuan. Iron ore futures contracts showed a back structure and positive basis, indicating strong support for futures [1] Fundamental Analysis - Supply side: Overseas mine shipments decreased month - on - month, with shipments from Australia and Brazil weakening, especially a significant decline in Brazil. Shipments from non - mainstream countries increased month - on - month, and the arrivals this period decreased month - on - month [2] - Demand side: Hot metal production remained basically stable, with both blast furnace restart and maintenance. As raw material prices weakened, the profitability rate of steel mills increased slightly, but the release of restocking demand was still slow [2] - Inventory side: Port inventory increased significantly, with more unloading and warehousing at ports, and the congestion situation improved month - on - month. Steel mill inventory increased to some extent but was still significantly lower than the historical average, and the release of restocking demand was still slow [2] Macro - level Analysis - Overseas: Recently, the combination of "low inflation + weak reality + change of Federal Reserve chairman" in the US is conducive to the Fed's easing. The quality of economic data in January is expected to return to normal levels, providing more guidance for the market. The overseas macro - environment will continue to warm up in 2026. The "loose fiscal + loose monetary" policy in the US is conducive to promoting economic prosperity. In December, the European Central Bank announced to keep interest rates unchanged and raised the GDP forecasts for this year and next. Japan's interest rate hike was implemented as expected, not a radical tightening, and it raised the GDP growth forecast for 2025 and maintained the forecast for 2026 [3][4] - Domestic: On December 23, the National Conference on Housing and Urban - Rural Development was held in Beijing. The meeting arranged for 2026 to carry out urban renewal, stabilize the real estate market, and accelerate the quality improvement and upgrading of the construction industry. The renovation of underground pipe networks is still a highlight, and gas pipelines, drainage and flood prevention projects, etc. are all planned, with a small increase in expected capital investment next year. In addition, the year - on - year growth of social retail sales in November was 1.3%, lower than expected and the previous value, with the continued weakening of commodity retail being the main drag factor, while service consumption continued to improve. In terms of investment, manufacturing, infrastructure, and real estate investment all continued to weaken, while exports performed well and remained an important support [4]

Group 1 - The Shanghai gold futures closed at 1016.30 CNY per gram on December 26, with a daily increase of 0.75% and a trading volume of 224,588 contracts [1] - The spot price of gold in Shanghai was quoted at 1009.00 CNY per gram, indicating a discount of 7.3 CNY per gram compared to the futures price [1] - The probability of the Federal Reserve lowering interest rates by 25 basis points in January is 15.5%, while the probability of maintaining the current rate is 84.5% [1] Group 2 - Guotai Junan Futures suggests that the gold market is experiencing fluctuations around the 1000 CNY mark, supported by expectations of interest rate cuts [2] - The report indicates that the main gold contract closed at 1008.76 USD per ounce, showing a slight decline of 0.58%, and is fluctuating within the 1000-1010 USD range [2] - The medium to long-term outlook for gold prices is positive, with expectations for a strong upward trend, while short-term movements are expected to be strong and volatile [2]

Report Summary 1. Report Industry Investment Rating - No industry investment rating information is provided in the content. 2. Report's Core View - The report presents the base - rate statistics of various futures and spot commodities on December 26, 2025, including base - rate changes, monthly basis differences, contract prices, and spot prices [3]. 3. Summary by Related Categories Non - ferrous Metals - Copper (CU): The main contract base - rate is - 0.56%, an increase of 0.04% from the previous day. The spot price is 94,760 (SMM 1 electrolytic copper) [3]. - Aluminum (AL): The main contract base - rate is - 0.86%, a decrease of 0.05% from the previous day. The spot price is 21,980 (SMM A00 aluminum) [3]. - Zinc (ZN): The main contract base - rate is 0.33%, an increase of 0.05% from the previous day. The spot price is 23,080 (SMM 0 zinc ingot) [3]. - Lead (PB): The main contract base - rate is - 0.96%, a decrease of 0.31% from the previous day. The spot price is 17,100 (SMM 1 lead ingot) [3]. - Tin (SN): The main contract base - rate is - 0.36%, an increase of 0.68% from the previous day. The spot price is 332,750 (SMM 1 tin) [3]. - Nickel (NI): The main contract base - rate is 1.83%, a decrease of 0.72% from the previous day. The spot price is 127,400 (SMM 1 electrolytic nickel) [3]. - Industrial Silicon: The main contract base - rate is 5.29%, an increase of 0.30% from the previous day. The spot price is 9,250 (SMM annual flux 253 silicon) [3]. - Lithium Carbonate (LC): The main contract base - rate is - 3.2%, an increase of 14.15% from the previous day. The spot price is 116,750 (Steel Union's high - quality battery - grade lithium carbonate) [3]. Precious Metals - Gold (AU): The main contract base - rate is - 0.57%, an increase of 0.17% from the previous day. The spot price is 1,003.01 (AuT + D: Shanghai Gold Exchange) [3]. - Silver (AG): The main contract base - rate is 0.10%, a decrease of 0.50% from the previous day. The spot price is 17,414 (Ag(T + D): Shanghai Gold Exchange) [3]. Black Industry - Rebar (RB): The main contract base - rate is 5.21%, a decrease of 1.29% from the previous day. The spot price is 3,290 (HRB400: 20mm: Shanghai) [3]. - Hot - rolled Coil (HC): The main contract base - rate is 0.30%, an increase of 1.07% from the previous day. The spot price is 3,290 (Q235B: 4.75mm: Shanghai) [3]. - Iron Ore: The main contract base - rate is 6.92%, an increase of 0.14% from the previous day. The spot price is 832.4 (PB powder: 61%: Qingdao) [3]. - Coke: The main contract base - rate is - 8.28%, an increase of 0.37% from the previous day. The spot price is 1,595 (Metallurgical coke: quasi - first - class) [3]. - Coking Coal and Steam Coal (JM, ZC): The main contract base - rates are - 0.58% and 14.3% respectively. The spot prices are 1,117.5 (Main coking coal: clean coal: Mongolian No. 5) and 689.0 (Shanxi Q500: Qinhuangdao) [3]. - Ferrosilicon (SE): The main contract base - rate is - 7.41%, a decrease of 0.59% from the previous day. The spot price is 5,270 (FeSi75 - B: Inner Mongolia) [3]. - Manganese Silicon (SM): The main contract base - rate is - 1.30%, a decrease of 0.24% from the previous day. The spot price is 5,770 (FeMn68Si18: Hebei) [3]. - Stainless Steel: The main contract base - rate is 0.46%, an increase of 0.65% from the previous day. The spot price is 13,050 (304/2B: 2.0*1219: Angang Lianzhong Wuxi) [3]. - Glass (FG): The main contract base - rate is - 3.5%, a decrease of 0.86% from the previous day. The spot price is 1,010 (North China 5mm float glass market price) [3]. Oilseeds and Oils - Soybean: The main contract base - rate is - 4.4%, a decrease of 0.44% from the previous day. The spot price is 3,940 (Domestic third - grade soybean: Harbin) [3]. - Soybean Meal (M): The main contract base - rate is 9.42%, a decrease of 1.65% from the previous day. The spot price is 3,020 (Ordinary protein soybean meal: Zhangjiagang) [3]. - Rapeseed Meal (RM) and Rapeseed Oil (V): The main contract base - rates are 7.57% and 6.72% respectively. The spot prices are 2,530 (Ordinary rapeseed meal: Nantong) and 8,320 (First - grade soybean oil: Zhangjiagang) [3]. - Peanut (PK): The main contract base - rate is 16.98%, an increase of 0.26% from the previous day. The spot price is 9,300 (Baisha peanuts: 45% oil content, 9% water content, Changtu) [3]. - Palm Oil (P): The main contract base - rate is - 0.61%, a decrease of 0.40% from the previous day. The spot price is 8,490 (24 - degree palm oil: Guangdong) [3]. - Corn (C): The main contract base - rate is 4.61%, an increase of 0.33% from the previous day. The spot price is 2,290 (National - standard first - grade corn at Huangpu Port) [3]. - Corn Starch (CS): The main contract base - rate is 3.46%, an increase of 0.41% from the previous day. The spot price is 2,570 (Factory - delivered price of corn starch: Changchun) [3]. Agricultural and Sideline Products - Apple (AP): The main contract base - rate is - 6.50%, a decrease of 0.17% from the previous day. The spot price is 8,600 (Average of Yantai Qixia and Shaanxi Luochuan Red Fuji apples) [3]. - Egg (JD): The main contract base - rate is - 1.56%, an increase of 0.03% from the previous day. The spot price is 2,900 (Eggs: Hebei Cangzhou) [3]. - Live Pig (LH): The main contract base - rate is 2.97%, an increase of 0.61% from the previous day. The spot price is 11,800 (One - yuan live pigs from Henan) [3]. Soft Commodities - Cotton (CF): The main contract base - rate is 7.18%, a decrease of 0.51% from the previous day. The spot price is 15,279 (Cotton price index 328: Xinjiang) [3]. - Sugar (SR): The main contract base - rate is 2.87%, a decrease of 0.14% from the previous day. The spot price is 5,420 (White sugar: Liuzhou) [3]. - Methanol (MA): The main contract base - rate is 0.14%, unchanged from the previous day. The spot price is 2,165 (Methanol: East China) [3]. - Ethanol (EG): The main contract base - rate is - 4.4%, an increase of 0.13% from the previous day. The spot price is 3,650 (Ethanol: East China) [3]. - PTA (TA): The main contract base - rate is - 1.40%, an increase of 0.06% from the previous day. The spot price is 5,080 (PTA: East China) [3]. - Polypropylene (PP): The main contract base - rate is 8.52%, an increase of 0.21% from the previous day. The spot price is 6,800 (Market price of Hangzhou Shaoxing Sanyuan T30S) [3]. - Styrene (EB): The main contract base - rate is 0.26%, an increase of 0.38% from the previous day. The spot price is 11111 (Styrene: East China) [3]. - Polyester Staple Fiber (PF): The main contract base - rate is 0.00%, a decrease of 0.25% from the previous day. The spot price is 6,540 (Yifangxiang semi - bright natural white 1.56*38mm) [3]. - Plastic: The main contract base - rate is 0.16%, an increase of 1.84% from the previous day. The spot price is 6,400 (Market price of Yuyao Zhejiang Petrochemical 7042) [3]. - PVC (V): The main contract base - rate is - 5.40%, an increase of 0.47% from the previous day. The spot price is 4,500 (East China SG - 5 Xinjiang Zhongtai mainstream price) [3]. - Rubber (RU): The main contract base - rate is - 3.3%, an increase of 0.15% from the previous day. The spot price is 15,200 (Thai - produced: Qingdao Free Trade Zone) [3]. - 20 - number Rubber (NR): The main contract base - rate is 3.77%, an increase of 0.02% from the previous day. The spot price is 13,174 (Thai 20 standard rubber: Qingdao Free Trade Zone) [3]. - Soda Ash (SA): The main contract base - rate is - 4.1%, a decrease of 0.17% from the previous day. The spot price is 1,135 (Shahe heavy - quality market price) [3]. - Urea (UR): The main contract base - rate is - 1.72%, a decrease of 0.28% from the previous day. The spot price is 1,710 (Small - particle urea: Henan) [3]. - Pulp (SP): The main contract base - rate is - 1.41%, an increase of 0.28% from the previous day. The spot price is 5,525 (Bleached softwood pulp: Silver Star: Chile) [3]. Energy and Chemicals - Crude Oil (SC): The main contract base - rate is - 8.5%, an increase of 0.45% from the previous day. The spot price is 406.6 (Chinese Shengli: Pacific Rim) [3]. - Fuel Oil (FU): The main contract base - rate is 6.42%, a decrease of 0.55% from the previous day. The spot price is 2,649 (Bonded marine fuel oil 380CST: Zhoushan) [3]. - Asphalt (BU): The main contract base - rate is - 2.50%, an increase of 0.03% from the previous day. The spot price is 2,920 (Heavy - traffic asphalt: market price: Shandong) [3]. - Low - sulfur Fuel Oil (LU): The main contract base - rate is - 0.21%, an increase of 0.01% from the previous day. The spot price is 3,010 (Marine fuel oil 0.5% low - sulfur: Singapore) [3]. - LPG (PG): The main contract base - rate is 11.09%, an increase of 1.39% from the previous day. The spot price is 4,528 (Market price: Guangzhou) [3]. Stock Index Futures - CSI 300 (IF): The main contract base - rate is 0.69%, a decrease of 0.16% from the previous day. The spot price is 4,642.5 [3]. - SSE 50 (IH): The main contract base - rate is - 0.04%, an increase of 0.02% from the previous day. The spot price is 3,032.8 [3]. - CSI 500 (IC): The main contract base - rate is 1.23%, a decrease of 0.31% from the previous day. The spot price is 7,410.7 [3].