但值得警惕的是，白银市场的短期狂热已积累一定风险。国泰海通证券同时提醒，从金银比来看，白银 前期的补涨行情或已演绎成短期超涨，后续需警惕银价回调风险。 此外，国投白银LOF的持续火爆，已引发基金管理人的高度警惕，一系列风控措施接连出台。此前的1 月27日晚间，国投白银LOF发布公告称，为保护基金份额持有人利益，自1月28日起暂停国投瑞银白银 期货证券投资基金（LOF）A类基金份额的申购业务（含定期定额投资）。截至1月29日，该基金2026 年以来累计发布19次溢价风险提示。 而交易所也同步收紧风控。1月26日晚间，上海期货交易所发布通知，调整白银、锡期货相关合约交易 限额，这已是去年12月以来，上期所连续第四次收紧白银期货交易限额。 而从行业基本面来看，供需失衡成为白银价格持续大涨的核心支撑。华联期货近日发布研究观点指出， 当前白银供应端增长显著乏力，而需求端则呈现明显增量，光伏、新能源汽车、AI数据中心等新兴产 业的快速发展，对白银需求构成刚性支撑，使得白银市场连续第五年处于供应短缺状态。 事实上，根据世界白银协会《2025年世界白银调查》官方数据，2025年全球光伏用银量预计达7560吨， 同比增长23% ...

Report Summary 1. Report Industry Investment Rating - No information provided 2. Core Viewpoints - On January 28, the A - share market showed a narrow - range consolidation. The Shanghai Composite Index rose 0.27% to close at 4151.24 points, the Shenzhen Component Index rose 0.09%, the ChiNext Index fell 0.57%, the North Star 50 fell 0.16%, the STAR 50 fell 0.08%, the Wind All - A rose 0.11%, the Wind A500 rose 0.43%, and the CSI A500 rose 0.35%. The total trading volume of A - shares was 2.99 trillion yuan, compared with 2.92 trillion yuan the previous day [4] - The non - ferrous metals sector saw a wave of daily limit, and resource stocks strengthened across the board [4] 3. Summary by Relevant Catalogs 3.1 Market Quotes Review - **Index Closing Prices and Changes**: The closing price of the Shanghai Stock Exchange 50 was 3060.557, with a daily increase of 0.27% and a trading volume of 96.37 billion and a turnover of 2526.23 billion yuan; the closing price of the CSI 300 was 382.26, with an increase of 0.26%, a trading volume of 8294.14 billion and a turnover of 4717.9914 billion yuan; the closing price of the CSI 1000 was 349.66, with an increase of 0.21%, a trading volume of 8399.7938 billion and a turnover of 6273.57 billion yuan [3] - **China Financial Futures Exchange Stock Index Options Trading Situation**: For the Shanghai Stock Exchange 50 index options, the call option trading volume was 3.58 million contracts, the put option trading volume was 2.51 million contracts, the call option open interest was 8.39 million contracts, and the put option open interest was 5.28 million contracts; for the CSI 300 index options, the call option trading volume was 6.29 million contracts, the put option trading volume was 3.21 million contracts, the call option open interest was 20.24 million contracts, and the put option open interest was 7.94 million contracts; for the CSI 1000 index options, the call option trading volume was 21.88 million contracts, the put option trading volume was 13.07 million contracts, the call option open interest was 31.68 million contracts, and the put option open interest was 15.77 million contracts [3] 3.2 Volatility Analysis - **Shanghai Stock Exchange 50 Volatility**: Analyzed the historical volatility and the historical volatility cone, including the maximum, 30% quantile value, minimum, 10% quantile value, HV5, HV20, HV60, 90% quantile value, 60% quantile value and the current value. Also presented the next - month at - the - money implied volatility and the volatility smile curve [3] - **CSI 300 Volatility**: Analyzed the historical volatility and the historical volatility cone with relevant quantile values and current values, and showed the next - month at - the - money implied volatility and the volatility smile curve [3] - **CSI 1000 Volatility**: Analyzed the historical volatility and the historical volatility cone, and presented the next - month at - the - money implied volatility and the volatility smile curve [3]

Group 1 - The core viewpoint of the article highlights the achievements of the Tianjin Securities Regulatory Bureau in promoting capital market reforms and supporting the real economy as it approaches the end of the 14th Five-Year Plan in 2025 [1] Group 2 - Since 2025, the Tianjin Securities Regulatory Bureau has focused on enhancing the capital market's functions to support technological innovation and industrial upgrades, resulting in a significant increase in the number of companies listed [2] - By the end of 2025, Tianjin saw the registration approval of the first aerospace company, Electric Science Blue Sky, and the successful listing of Dana Biological on the Beijing Stock Exchange, marking a notable achievement in the local aerospace industry [2] - A total of 6 technology companies had their listing applications accepted, with 19 companies receiving guidance, and over 300 companies entering the reserve pool, indicating a mature tiered cultivation system for listings [2] - Innovative financing products emerged, with Tianjin enterprises utilizing science and technology bonds and green bonds to raise 32.3 billion yuan, a 60% increase year-on-year, and issuing industrial bonds totaling 26.5 billion yuan, an 80% increase [2] Group 3 - The establishment of new futures delivery warehouses and the issuance of the first institutional REITs in Tianjin reflect the ongoing expansion of market functions and the activation of idle assets [3] - By the end of 2025, Tianjin had approved 6 institutional REITs, with 4 already issued, raising 4.5 billion yuan, positioning Tianjin among the leaders in this sector nationally [3] Group 4 - The Tianjin government has implemented a comprehensive policy support system for capital market development, including measures for mergers and acquisitions, venture capital, and technology finance [4] - A list of over 400 potential listed companies has been established, and a capital market service alliance has been formed to provide full-chain financial services [4] - The Tianjin Securities Regulatory Bureau has conducted over 100 on-site inspections and issued nearly 50 administrative regulatory measures to combat financial fraud and market manipulation [4] Group 5 - In 2025, Tianjin enterprises achieved a total financing amount of 314 billion yuan through multi-level capital markets, with the total market value of 71 domestic listed companies reaching nearly 1.64 trillion yuan, a 15% year-on-year increase [5] - The total bond issuance by 110 issuers in the exchange market exceeded 1.32 trillion yuan, a 13% increase, while the total assets managed by securities, fund, futures institutions, and private equity managers surpassed 2.12 trillion yuan, a 3% increase [5] - Looking ahead, the Tianjin Securities Regulatory Bureau aims to deepen reforms and empower the real economy in alignment with the 15th Five-Year Plan, contributing to high-quality economic and social development in Tianjin [5]

Group 1 - The core point of the announcements is the progress of state-owned share transfer and the acquisition of 100% equity of Yingda Futures by China Petroleum Capital Co., Ltd. [1] Group 2 - China Petroleum Group, the controlling shareholder of China Petroleum Capital, signed a share transfer agreement with State Grid Yingda Group on December 26, 2025, to transfer 379,262,372 A-shares, representing 3.00% of the total share capital, to State Grid Yingda Group [1] - The share transfer has received approval from the State-owned Assets Supervision and Administration Commission of the State Council [1] Group 3 - China Petroleum Capital plans to acquire 100% equity of Yingda Futures from Yingda Securities Co., Ltd. for a price of RMB 1,129,286,232.00 [1] - The qualification of China Petroleum Capital as the controlling shareholder of Yingda Futures is subject to approval from the China Securities Regulatory Commission, indicating uncertainty regarding the successful implementation of the transaction [1]

（原标题：瑞达期货(002961.SZ)：期货公司目前不能自营交易期货品种） 格隆汇1月29日丨瑞达期货(002961.SZ)在投资者互动平台表示，期货公司目前不能自营交易期货品种， 不存在所谓做多黄金白银。 ...

Group 1 - The core viewpoint of the article is that 瑞达期货 (002961.SZ) has clarified that futures companies are currently not allowed to engage in proprietary trading of futures varieties, which implies that there is no possibility of taking long positions in gold and silver [1]

Core Viewpoint - The recent announcement by the China Securities Regulatory Commission (CSRC) regarding the inclusion of 14 new futures and options products for foreign traders marks a significant step in the opening of China's futures market, enhancing its international influence and pricing power [1][2]. Group 1: Futures Market Expansion - The CSRC has added 14 new futures and options products, increasing the total number of specific products available for foreign traders to 38 [1]. - The newly included products focus on sectors where China has substantial consumption markets or complete industrial chain advantages, such as non-ferrous metals, chemicals, and new energy materials [2]. - The inclusion of nickel futures and options as the first directly open non-ferrous metal futures product signifies a key advancement in the internationalization of the Shanghai Futures Exchange (SHFE) [2][3]. Group 2: Nickel Futures and Options - Nickel is a critical strategic material for emerging industries, and China, being the largest consumer and importer of nickel, provides a solid foundation for the opening of the futures market [2]. - The nickel futures market has effectively played its role since its launch in 2015, becoming an important reference for domestic spot trade pricing and widely used for risk management [2]. - The opening of nickel futures and options aligns with industry demands and is expected to enhance risk management capabilities within China's non-ferrous metal industry [2]. Group 3: Polyester Industry Collaboration - The newly added products in the chemical sector include core polyester industry futures and options, such as paraxylene (PX) and purified terephthalic acid (PTA) [4][5]. - China holds the world's most complete polyester industrial chain, with a projected polyester production capacity of 89.035 million tons by 2025, accounting for 60% to 70% of global capacity [4]. - The internationalization of the polyester sector is expected to improve the global pricing system and meet the diverse risk management needs of domestic and foreign enterprises [5]. Group 4: Lithium Carbonate Futures - The inclusion of lithium carbonate futures and options in the specific products is significant for the new energy sector, as lithium is a key raw material for battery production [6][7]. - Since its listing in July 2023, the lithium carbonate futures market has operated smoothly, providing a transparent pricing basis for spot trade and enhancing China's influence in international lithium resource trade [6]. - The availability of lithium carbonate futures and options will facilitate easier participation for domestic and foreign enterprises in the futures market, offering risk management tools against price volatility [7].

紫金天风期货研究员刘诗瑶表示，近期，有色板块在贵金属点燃市场情绪下开始走高，其中铜价短期内 更是上探前期历史高位。受益于美债、美元等资产的减持，黄金、白银等贵金属价格持续创下新高。在 全球货币超发背景下，导致2025年以来的铜价大涨的逻辑依然没有改变——大宗商品成为抗通胀核心资 产，伦敦现货黄金连续突破4500美元/盎司、5000美元/盎司、5500美元/盎司关口后，资金有望沿"贵金 属—工业金属"路径扩散，铜等品种接力上涨，形成"货币贬值—商品增值"的闭环叙事。 近期，铜价涨势显著，其中伦敦三个月期铜首次站上14000美元/吨上方。Wind数据显示，截至北京时间 1月29日14:05，伦敦三个月期铜期货最高至14125美元/吨，日内涨幅一度超7%，沪铜期货主力期货合 约最高达110970元/吨，日内一度涨超8%，两者均创下历史新高，2026年以来累计涨幅分别为7.26%、 11.92%。 ...

2026年1月29日，内盘期货多数收涨，沪银收涨逾8%，沪金涨近8%，国际铜涨7%，沪铜涨逾6%，燃油 涨4%，焦煤、原油、沥青、焦炭、低硫燃油涨逾3%；多晶硅收跌逾4%，碳酸锂跌逾3%。 | 序号 | 合约名称 | 最新 | 现手 | 天价 | 委价 | 310幅8 + | 买量 | 英宇 | 成交量 | 魔践 | 持仓量 | 日常仓 | | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | | T | 沪银2604 M | 30891 | 32 | 30891 | 30896 | 8.51% | 10 | 1 | 759566 2422 | | 281207 | -8936 | | 2 | 护金2604 M | 1249.12 | | 1 1249.04 1249.12 | | 7.88% | 3 | 3 | 521258 91.24 | | 211816 | -10657 | | 3 | 国际相2603 M | 97290 | 2 | 96880 | 97290 | 7.02% | 1 | 1 | ...

1. Report Industry Investment Rating - No relevant information provided 2. Core Viewpoints of the Report - On January 29, 2026, the main contract of Shanghai copper futures, CU2603, rapidly rose from 103,000 yuan to around 109,000 yuan starting at 10:15 and broke through the 110,000 yuan mark in the afternoon, with a daily increase of nearly 8% [2] - Copper is the core raw material for the new - energy revolution, power grid upgrade, and AI data centers, and is included in the key mineral or strategic reserve lists of the US, the EU, and China, and its security demand strongly supports copper prices [2] - On the early morning of January 29, the Fed announced to keep the federal funds rate target range unchanged at 3.5% - 3.75%, in line with market expectations. Powell's remarks triggered a re - pricing of inflation structural pressure and policy independence, causing London spot gold and silver to rise rapidly and copper prices to reach new highs [4] - The expectations of interest rate cuts and tariffs in 2026 have become the core macro - driving forces for the upward movement of copper prices. The LME copper inventory in Europe has continuously decreased from nearly 70,000 tons since April 2025 to 13,850 tons, while the COMEX copper inventory has continuously increased from less than 100,000 short tons since April 2025 to 572,300 short tons [4] 3. Summary by Related Catalogs Market Movement of Shanghai Copper - The main contract of Shanghai copper futures, CU2603, rose rapidly from 103,000 yuan to around 109,000 yuan starting at 10:15 on January 29, 2026, and broke through 110,000 yuan in the afternoon, with a daily increase of nearly 8% [2] Factors Affecting Copper Prices - Copper is a key raw material for new - energy, power grid, and AI, and its security demand supports prices [2] - The Fed's decision to keep interest rates unchanged and Powell's remarks led to price increases in gold, silver, and copper [4] - The expectations of interest rate cuts and tariffs in 2026, along with changes in LME and COMEX copper inventories, drive copper prices upward [4]