Core Insights - The training program for government officials in Liuzhou focused on enhancing the understanding and application of futures and derivatives to support the local economy's high-quality development [1][3] Group 1: Training Program Overview - The training was organized by Zhengzhou Commodity Exchange in collaboration with various local government and financial institutions, aiming to optimize the environment for enterprises participating in the futures market [1] - Over a hundred participants from government departments, state-owned enterprises, and local leading companies attended the training, which included both theoretical and practical components [1][2] Group 2: Key Presentations - Professor Li Qiang from Northeast Finance University discussed the new characteristics of the futures market in supporting high-quality economic development, emphasizing the importance of using derivatives for risk hedging [2] - Liu Dewei, General Manager of Xiamen International Trade, highlighted the necessity of hedging in the context of increasing geopolitical uncertainties and commodity price volatility, stating that futures can help reduce costs and enhance operational stability [2] - CEO Hua Jinhui from Weixian Network focused on the financial processing and compliance audit aspects of futures derivatives, providing insights into the accounting standards and contract regulations [2] Group 3: Local Economic Context - Yuan Dongsheng, a member of the Liuzhou Municipal Government, pointed out the close relationship between industrial production and raw materials like copper and iron, as well as agricultural products, stressing the impact of commodity price fluctuations on business performance [3] - Zhao Weidong from the Guangxi Financial Work Committee noted the current policy opportunities for the futures market, emphasizing Guangxi's advantages in the commodity sector and its potential as a significant trading hub for ASEAN [3] Group 4: Market Development and Support - The Zhengzhou Commodity Exchange has been enhancing its service capabilities, with plans to support local enterprises in Liuzhou through futures derivatives, having already assisted 25 companies in hedging [4] - The training was well-received, with participants expressing that the content was relevant to their needs and helped improve their professional capabilities in utilizing futures tools for enterprise support [4]

晨报 铝锭 成文时间： 以伊冲突 逻辑：云贵区域短流程建筑钢材生产企业春节期间停产检修时间大多 在 1 月中下旬，复产时间预计在正月初十一至正月十六左右，停产期间预 计影响建筑钢材总产量 74.1 万吨。安徽省 6 家短流程钢厂，1 家钢厂已 于 1 月 5 日开始停产；其余大部分钢厂均表示将于 1 月中旬左右停产放假， 个别钢厂预计 1 月 20 日后停产放假，停产期间日度影响产量 1.62 万吨左 证监许可【2011】1452 号 逻辑:昨日沪铝向上冲高，主要是美伊地缘冲突升级对铝产品贸易端形 成显著扰动，并且在贵金属市场限仓背景下，资金出现向基本金属板块分 流的趋势，而国内氧化铝厂近期减产预期升高，进一步推高整体市场看多 情绪。宏观上美联储结束为期两天的货币政策会议，宣布将联邦基金利率 目标区间维持在 3.5%至 3.75%之间，符合市场普遍预期。 右。2024 年 12 月 30 日-2025 年 1 月 5 日，10 个重点城市新建商品房成 交（签约）面积总计 223.4 万平方米，环比下降 40.3%，同比增长 43.2%。 成材昨日继续震荡下行，价格再创近期新低。在供需双弱的格局下， 市场情绪同 ...

Group 1 - The core viewpoint of the articles highlights a significant surge in gold futures, with the main contract breaking the 1200 yuan/gram mark and reaching a new historical high of 1246.42 yuan/gram, reflecting an increase of over 25% this month [1] - The Federal Reserve has maintained the federal funds rate target range at 3.5% to 3.75%, aligning with market expectations [1] - Tether, a stablecoin issuer, has become one of the largest private holders of gold globally, accumulating approximately 140 tons of physical gold valued at around 24 billion USD, stored in a decommissioned nuclear shelter in Switzerland [1] - The Governor of the Bank of Ghana announced that the central bank has sold part of its gold reserves to obtain foreign exchange [1] Group 2 - Looking ahead, Hengyin Futures indicates that the overall trend for precious metals remains upward, despite recent volatility, and advises investors to be cautious of risks [2]

Report Industry Investment Rating No relevant content provided. Core Viewpoints of the Report - In the overseas market, the January FOMC meeting maintained the interest rate at 3.50%–3.75%. The Fed continued to purchase short - term bonds, and the balance sheet expanded. In the context of a weak US dollar and rising geopolitical risks, precious metals, industrial metals, and oil prices all showed upward trends. In the domestic market, A - shares fluctuated and closed higher, with funds flowing back to the dividend sector. The market was in a differentiated stage, and the medium - term trend was still positive [2][3]. - Precious metals continued to soar, and the gold - silver ratio was expected to recover from a low level. Copper prices were expected to remain volatile at a high level in the short term, and aluminum prices reached a new high. Alumina was expected to rebound in the short term, and cast aluminum was expected to follow the upward trend. Zinc prices were expected to be volatile and slightly stronger, while lead prices were expected to consolidate at the integer - level mark. Tin prices were expected to be volatile at a high level. Steel products and iron ore were under pressure, and coking coal and coke futures rebounded. Bean and rapeseed meal were expected to be volatile and stronger, and palm oil was expected to be volatile and slightly stronger [4][6][8][10][11][12][14][16][17][19][20][21][23]. Summary by Related Catalogs Macroeconomy - Overseas: The January FOMC meeting maintained the interest rate at 3.50%–3.75% with a 10:2 vote. Most members adhered to data - dependence and policy observation. The Fed continued to purchase $40 billion of short - term bonds per month, and the balance sheet expanded until at least April. Powell emphasized the marginal stability of the economy, and the weak US dollar and rising geopolitical risks drove up the prices of precious metals, industrial metals, and oil [2]. - Domestic: A - shares fluctuated and closed higher on Wednesday. Funds returned to the dividend sector, and the two - market trading volume rebounded to 2.99 trillion yuan. The margin trading scale remained above 2.7 trillion yuan. The market was in a differentiated stage, and the medium - term trend was positive [3]. Precious Metals - Prices continued to rise strongly. COMEX gold futures exceeded $5400 per ounce, and COMEX silver futures approached $120 per ounce. Geopolitical tensions and economic uncertainties led investors to seek refuge in gold. The Fed's interest - rate decision was in line with expectations, and concerns about silver delivery risks also boosted silver prices. The gold - silver ratio was expected to recover from a low level [4][5]. Copper - Shanghai copper's main contract fluctuated and declined, while LME copper was strongly volatile above $13,000. Domestic spot trading was poor, and inventories increased. The Fed's neutral policy stance was considered appropriate. The weak US dollar boosted copper prices. In the short term, copper prices were expected to remain volatile at a high level, and precious metals would drive up the copper price center in the medium term [6][7]. Aluminum - Shanghai aluminum's main contract closed at 25,640 yuan/ton, up 5.75%. LME aluminum closed at $3263.5/ton, up 1.59%. Geopolitical risks in Iran and capital inflows pushed up aluminum prices. However, short - term capital overheating and the seasonal off - season in consumption led to large price fluctuations. Investors were advised to be cautious when chasing high prices [8][9]. Alumina - The main futures contract closed at 2811 yuan/ton, up 2.27%. The overall strength of the aluminum sector improved the market sentiment of alumina. The supply pressure was slightly relieved due to factory maintenance. It was expected to rebound in the short term, but the upward space was limited [10]. Cast Aluminum - The main futures contract closed at 23,785 yuan/ton, up 3.35%. The rapid rise of primary aluminum drove up the price of cast aluminum futures. The supply of scrap aluminum decreased, and the cost support increased. It was expected to follow the upward trend [11]. Zinc - Shanghai zinc's main contract was volatile and slightly stronger. The market risk preference remained high, and rising natural gas prices and low processing fees supported zinc prices. It was expected to be volatile and slightly stronger, but there was a risk of correction [12][13]. Lead - Shanghai lead's main contract was in a narrow - range shock. Due to heavy pollution and losses, smelters' production cuts increased, but the terminal consumption was weak, and social inventories increased. It was expected to consolidate at the integer - level mark [14][15]. Tin - Shanghai tin's main contract was in a sideways shock. The impact of Indonesia's expected increase in the minimum tin ore purchase price was limited. The raw material supply was tight, and downstream demand was weak. It was expected to be volatile at a high level [16]. Steel Products (Screw and Coil) - Steel futures fluctuated and rebounded. Steel mills' maintenance increased, and the supply pressure decreased. The demand was weak, and the market entered the inventory - accumulation stage. It was expected to remain volatile at a low level, and attention should be paid to inventory and policy changes [17][18]. Iron Ore - Iron ore futures were under pressure. The implementation of the steel export license policy might lead to a 15% - 20% decline in steel exports in the first quarter of 2026. The supply was strong, and the demand was weak. It was expected to be under pressure [19]. Coking Coal and Coke (Double - Coking) - Coking coal and coke futures rebounded. The first round of coke price hikes was basically implemented, and the profit of coke enterprises was repaired. The supply of coke decreased due to environmental protection, and the demand was weak. It was expected to be volatile in the short term [20]. Bean and Rapeseed Meal - Bean and rapeseed meal futures were stronger. The dry and hot weather in Argentina affected crop growth, and the domestic pre - holiday stocking and declining inventories supported prices. It was expected to be volatile and stronger [21][22]. Palm Oil - Palm oil futures were slightly stronger. The Fed paused interest - rate cuts, and rising oil prices and the expected decrease in palm oil production and increase in demand supported palm oil prices. It was expected to be volatile and slightly stronger [23][24]. Metal Trading Data - The report provided the closing prices, price changes, price change percentages, trading volumes, and open interest of various metal futures contracts such as copper, aluminum, zinc, lead, nickel, tin, etc., on the previous trading day [25]. Industrial Data - The report presented detailed industrial data of copper, nickel, zinc, lead, aluminum, alumina, tin, precious metals, steel products, iron ore, coking coal, coke, lithium carbonate, industrial silicon, and bean and rapeseed meal, including prices, inventories, spreads, etc. [26][28][29][30][31]

热点栏目 自选股 数据中心 行情中心 资金流向 模拟交易 客户端 股指： （王东灜，从业资格号：F03087149；交易咨询资格号：Z0019537） （朱金涛，从业资格号：F3060829；交易咨询资格号：Z0015271） 国债期货收盘，30年期主力合约涨0.07%，10年期主力合约涨0.05%，5年期主力合约涨0.06%，2年期主 力合约涨0.01%。中国央行1月28日开展3775亿元7天期逆回购，中标利率1.4%，上次中标利率1.4%。据 qeubee统计，公开市场有3635亿元7天逆回购到期，实现净投放140亿元。资金面来看，DR001下行0BP 至1.37%，DR007下行3.5BP至1.55%。短期来看，继央行结构性降息之后财政政策接续发力，稳增长政 策持续出台背景下债市持续走强动力不足，利率区间震荡的大格局依然延续。 贵金属： （展大鹏，从业资格号：F3013795；交易咨询资格号：Z0013582） 隔夜伦敦现货黄金再次大涨，价格突破5400美元/盎司，今日凌晨高开又突破5500美元/盎司，再创历史 新高；现货银铂钯盘中震荡偏强；金银比升至46.7附近，现货铂钯价差降至660美元/盎司附近。 ...

1月27日，CME发布26-035号文件，宣布对旗下白银、钯、铂三大金属期货产品的履约保证金（下称保证金）进行全面 上调，新规将于今日（1月28日）收盘后正式生效。 期货日报记者发现，这是CME继本月初调整部分金属与能源类期货产品保证金之后，推出的又一项关键风险管理举措。 此次调整首次明确将保证金与合约的"名义价值"直接挂钩，标志着CME贵金属期货保证金计算模式，正式从传统"固定 美元金额"向更具灵活性的"动态百分比"转型。 调整覆盖11类贵金属期货合约 保证金由"固态"转为"动态" 此次调整并非简单的费率上调，更核心的是保证金计算模式的变化。据格林大华期货副总经理、首席专家王骏介绍，在 2026年1月之前，CME贵金属期货保证金采用"固定美元金额"设定，例如某白银期货合约保证金固定为2000美元/手，与 合约名义价值变动无关；而本月初的调整是非固定金额模式，意味着CME开始推行"基于名义价值百分比"的新计算方 式，26-035号文件将推动这一模式落地。 CME在文件中解释称，此次调整是"对市场波动性的常规审查，以确保充足的抵押品覆盖"。 华侨银行策略师Christopher Wong认为，基于名义价值百分比 ...

专业研究·创造价值 1 / 13 请务必阅读文末免责条款 投资咨询业务资格：证监许可【2011】1778 号 期货研究报告 资讯早班车-2026-01-29 一、 宏观数据速览 | 发布日期 | 指标日期 | 指标名称 | 单位 | 当期值 | 上期值 | 去年同期值 | | --- | --- | --- | --- | --- | --- | --- | | 2026-01-19 | 2025/12 | GDP:不变价:当季同比 | % | 4.5 | 4.8 | 5.4 | | 2025-12-31 | 2025/12 | 制造业 PMI | % | 50.1 | 49.8 | 50.1 | | 2025-12-31 | 2025/12 | 非制造业 PMI:商务活动 | % | 50.2 | 50.0 | 52.2 | | 2026-01-15 | 2025/12 | 社会融资规模:当月值 | 亿元 | 22075 | 35299 | 28537 | | 2026-01-15 | 2025/12 | M0:同比 | % | 10.2 | 11.5 | 13.0 | | 2026-01-15 | 202 ...

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◼ 品种观点参考 时间周期说明：短期为一周以内、中期为两周至一月 投资咨询业务资格：证监许可【2011】1778 号 宝城期货贵金属有色早报（2026 年 1 月 29 日） | 品种 | | 短期 | 中期 | 日内 | 观点参考 | 核心逻辑概要 | | --- | --- | --- | --- | --- | --- | --- | | 黄金 | 2604 | 强势 | 强势 | 强势 | 长线看强 | 议息会议落地，避险需求推升金 价 | | 铜 | 2603 | 震荡 | 强势 | 弱势 | 观望 | 强预期弱现实 | 说明： 1.有夜盘的品种以夜盘收盘价为起始价格，无夜盘的品种以昨日收盘价为起始价格，当日日盘收盘价为终点价格， 计算涨跌幅度。 2.跌幅大于 1%为弱势，跌幅 0~1%为震荡偏弱，涨幅 0~1%为震荡偏强，涨幅大于 1%为强势。 3.震荡偏强/偏弱只针对日内观点，短期和中期不做区分。 主要品种价格行情驱动逻辑—商品期货 品种：黄金（AU） 日内观点：强势 中期观点：强势 参考观点：长线看强 品种：铜（CU） 核心逻辑：昨日贵金属在国内夜盘收盘后持续拉升，伦敦金由 5300 美元一线 ...

重庆市江北区金沙门路 32 号 23 层； 023-67071029 上海市浦东新区世纪大道 210 号 10 楼 1001； 021-61101854 地址： 电话： 1 市场有风险 投资需谨慎 2026 年 1 月 29 日星期四 国债： 上一交易日，国债期货收盘全线上涨，30 年期主力合约涨 0.07%报 112.090 元， 10 年期主力合约涨 0.05%报 108.210 元，5 年期主力合约涨 0.06%报 105.870 元，2 年 期主力合约涨 0.01%报 102.394 元。 公开市场方面，央行公告称，1 月 28 日以固定利率、数量招标方式开展了 3775 亿 元 7 天期逆回购操作，操作利率 1.40%，投标量 3775 亿元，中标量 3775 亿元。Wind 数据显示，当日 3635 亿元逆回购到期，据此计算，单日净投放 140 亿元。 住房城乡建设部透露，2025 年 1-12 月份，全国新开工改造城镇老旧小区 2.71 万 个、499 万户，共完成投资 1332 亿元。据了解，2025 年，全国计划新开工改造城镇老 旧小区 2.5 万个。 美联储维持基准利率在 3.50%-3. ...