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]

FICC日报 | 2026-01-29 美联储如期按兵不动，关注伊朗局势 市场分析 通胀叙事大趋势不改。12月11日中央经济工作会议召开：会议强调，深入实施提振消费专项行动；强调深入整治"内 卷式"竞争制定和实施；会议确认，把促进经济稳定增长、物价合理回升作为货币政策的重要考量。后续继续提振 消费，以及推进"反内卷"的大方向并未发生变化，未来物价回升路径仍需关注供给侧的政策方向。1月15日，央行 宣布下调各类结构性货币政策工具利率0.25个百分点，各类再贷款一年期利率降至1.25%，其他期限档次利率同步 调整。并强调，今年降准降息还有一定空间，人民币汇率预计将继续双向浮动，保持弹性。1 月 20 日，财政部官 网集中发布 5 个重要政策文件，涵盖个人消费贷款、设备更新、中小微企业贷款、服务业经营主体贷款及民间投 资专项担保五大领域，以 "延长期限、扩大范围、提高标准" 为核心导向，通过财政贴息与担保支持，降低融资成 本、激发市场活力，助力扩大内需与经济高质量发展。此外，伊朗和委内瑞拉的地缘局势骤紧，在民粹主义和贸 易保护主义思潮下，全球争夺矿产和能源资源的局势明朗。同时，特朗普近期就格陵兰岛一系列事件使得美国 ...

FICC日报 | 2026-01-29 国内市场资金抛售节奏呈现明显阶段性特征，初期主要撤离沪深300、上证50相关产品，后期及当前抛售重心已转 向中证1000，2025年增量部分已全部抛售，开始触及存量部分，整体抛售或已接近尾声。对比来看，中证500同期 规模仅减少13%，流出压力相对有限，展现出偏强优势，关注股指做多机会。 关注股指企稳时机 风险 市场分析 美联储按兵不动。宏观方面，截至2025年底，央企资产总额突破95万亿元，完成固定资产投资5.1万亿元，其中战 略性新兴产业投资2.5万亿元；全年实现利润总额2.5万亿元。国务院国资委表示，将扎实做好新央企组建和战略性 重组，研究起草推动央企培育新兴支柱产业工作文件，探索组建"AI+"产业共同体。海外方面，美联储维持基准利 率在3.50%-3.75%不变，在连续三次降息25个基点后暂停行动，符合市场预期。鲍威尔在新闻发布会上表示，加息 并非任何人对下一步行动的基本假设，不相信美联储会丧失独立性，将建议下一届美联储主席远离政治。 指数分化。现货市场，A股三大指数震荡分化，上证指数涨0.27%收于4151.24点，创业板指跌0.57%。行业方面， 板块指数涨 ...