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 ...

金投白银网(http://ag.cngold.org)为您提供最新白银期货价格、白银期货合约、白银期货交易以及白银期 货走势，更多白银期货行情敬请关注：白银期货专栏 备注：以上白银的价格仅供参考，请以官方报价为准。如对白银投资有疑问可咨询本站客服。 打开APP，查看更多高清行情》 金投白银网提供今日白银期货价格走势_今天白银期货价格走势（2026年1月29日） 今日白银期货价格查询（2026年1月29日） | 名称 | 最新价 | 最高价 | 最低价 | 昨收价 | | --- | --- | --- | --- | --- | | 沪银主力 | 29670.00 | 29999.00 | 28632.00 | 29219.00 | ...

◼ 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. ...

Report Summary 1. Report Industry Investment Rating No information provided in the given content. 2. Core View of the Report The marginal driving force of stock index futures is limited, and it remains in a volatile pattern. On January 28, the monthly contracts of the four major stock index futures showed mixed gains and losses. The total trading volume of stock index futures declined on the trading day, indicating a cooling of investors' trading enthusiasm. The total positions of IF and IH increased, while those of IC and IM decreased [1][2]. 3. Summary by Related Catalogs 3.1. Stock Index Futures Data Tracking - **Closing Prices and Price Changes**: On January 28, IF rose 0.08%, IH fell 0.03%, IC rose 0.66%, and IM rose 0.22%. The closing prices and price - change percentages of various contracts of IF, IH, IC, and IM are detailed in the table [1]. - **Trading Volume and Position Changes**: The total trading volume of IF, IH, IC, and IM decreased, with decreases of 62 lots, 4488 lots, 40713 lots, and 68320 lots respectively. The total positions of IF and IH increased by 15622 lots and 3905 lots respectively, while those of IC and IM decreased by 904 lots and 15637 lots respectively [1][2]. - **Basis**: The basis data of IF, IH, IC, and IM are presented, showing the differences between futures prices and spot prices [1]. - **Top 20 Member Position Changes**: The changes in long and short positions of the top 20 members of IF, IH, IC, and IM contracts are provided, including net changes in some contracts [5]. 3.2. Trend Intensity The trend intensity of IF and IH is 1, and that of IC and IM is also 1. The trend intensity ranges from - 2 to 2, with - 2 being the most bearish and 2 being the most bullish [6]. 3.3. Important Drivers - **Quantitative Fund News**: There are rumors that regulatory authorities plan to implement the 'T + 3' system for the program trading of major quantitative funds, but many billion - level quantitative private equity managers said they have not received relevant requirements [6]. - **Fed Policy Expectations**: As the expectation that BlackRock's chief investment officer Rick Rieder may replace Powell grows, some futures and options traders are betting on the Fed to turn dovish. Rieder said earlier this month that the Fed's benchmark interest rate should be lowered from the current 3.5% - 3.75% range to 3% [6]. - **Stock Market Performance**: The A - share market showed narrow fluctuations. The Shanghai Composite Index rose 0.27%, the Shenzhen Component Index rose 0.09%, and the ChiNext Index fell 0.57%. The turnover of A - shares reached 2.99 trillion yuan. The Hang Seng Index rose 2.58%, reaching a 4 - and - a - half - year high [6][7].

1. Report's Investment Rating for the Industry - There is no information about the industry investment rating in the provided report. 2. Core Views - The report presents a wide - ranging overview of overnight market trends across various asset classes including commodities, stocks, bonds, and foreign exchange, along with important macro, industry - specific, and geopolitical news that could potentially impact these markets [5][34][41] 3. Summary by Relevant Catalogs Overnight Night - market Trends - International precious metal futures generally rose, with COMEX gold up 6.46% at $5411.00/oz and COMEX silver up 10.06% at $116.62/oz due to Fed's signals and market speculation on the chairperson [5] - Crude oil prices increased, with WTI up 1.78% at $63.5/barrel and Brent up 1.56% at $67.63/barrel, driven by supply - related concerns [5] - London base metals mostly rose, with LME tin up 3.52%, LME aluminum up 1.59%, LME nickel up 1.12% [5] - Domestic futures contracts mostly rose, with fuel oil, asphalt etc. up over 1%, while ethylene glycol, corn etc. slightly down [7] Important Information Macro - information - By the end of 2025, China's total installed power generation capacity was 3.89 billion kilowatts, up 16.1% year - on - year [9] - Yichun lifted the heavy pollution weather yellow alert on January 28, 2026 [10] - As of December 2025, there were 150 futures companies in China, with a trading volume of 992 million lots and an operating income of 4.918 billion yuan in December [10] - The offshore RMB/USD exchange rate broke through 7 at the end of 2025, and it is expected to remain stable in 2026 [10] - Trump warned Iran, and the US may face another partial government shutdown [10][11] - The Bank of Canada kept the benchmark rate at 2.25% [13] - The US Treasury Secretary expressed views on Fed's policy and the exchange - rate policy [13] - The Fed kept the interest rate unchanged at 3.50% - 3.75% [14] Energy and Chemical Futures - The 2026 potash market is expected to see increased supply and stable prices [16] - As of January 28, 2026, China's methanol port inventory was 1.4721 million tons, up 14,600 tons [16] - UAE's Fujairah port's refined oil inventory increased by 2.012 million barrels to 23.369 million barrels in the week ending January 26, 2026 [18] - US strategic petroleum reserve increased by 515,000 barrels to 415 million barrels in the week ending January 23 [18] Metal Futures - Guinea's bauxite exports in 2025 increased 25% year - on - year to 182.8 million tons [20] - Thailand's central bank restricted gold trading to manage the Thai baht exchange rate [20] - CME adjusted margin parameters for some silver, platinum, and palladium futures contracts [20] - China's polysilicon production is expected to decline significantly in January and February [20] - Russian Norilsk Nickel's 2025 and 2026 production forecasts for nickel and palladium were released [21] - Multiple exchanges adjusted margin and price - limit ratios for precious and base metal futures contracts [23][24] - A large smelting enterprise in Henan reduced production by 30% due to fog warnings [25] - Two zinc mines in Southwest China plan to reduce production in February [25] Black - series Futures - Two iron ore units of Vale were suspended, with an annual output of about 8 million tons [28] - As of January 28, national building materials production decreased, while inventories increased [28] - Some steel mills in Tangshan and Xingtai plan to raise coke prices on January 30 [29] Agricultural Product Futures - Argentina's drought may reduce 2025/26 crop yields [31] - Malaysia's palm oil production from January 1 - 25, 2026 decreased 14.81% compared to the same period last month [31] - CBOT soybean deliverable inventory decreased 12.08% in the week ending January 23 [31] Financial Market Financial - A - shares fluctuated, with resource stocks rising and the photovoltaic industry chain adjusting [34] - The Hang Seng Index rose to a new high since August 2021 [34] - In 2025, Chinese public security cracked down on major securities crimes [35] - By the end of December 2025, China's public funds reached a new high of 37.7 trillion yuan [35] - The first CSI A500ETF was listed on the Hong Kong Stock Exchange [35] Industry - The withdrawal of "zombie" Chinese patent medicine approvals will not impact the market [37] - China's installed power generation capacity increased by 16.1% by the end of 2025 [37] - Some real - estate enterprises are no longer required to report "three red lines" indicators [37] - China approved two medical device industry standards [37] - Three ministries issued 18 policies to support the elderly - care service industry [37] - A football "match - fixing" news conference will be held [38] - A Shenzhen gold platform faced a payment crisis [38] - The demand for solid - state batteries in humanoid robots is expected to exceed 74GWh by 2035 [40] Overseas - Trump threatened Iran, and Iran is on high alert [41] - India reported two Nipah virus cases with low spread risk [41] - Germany lowered its 2026 economic growth forecast to 1% [41] - The Bank of Japan may continue to raise interest rates if the outlook is as expected [42] - The Bank of Canada kept the benchmark rate at 2.25% [42] - South Korea's former first - lady was sentenced to 1 year and 8 months [43] International Stock Markets - US stocks closed mixed, with the Dow up 0.02%, the S&P 500 down 0.01%, and the Nasdaq up 0.17% [44] - European stocks fell due to Trump's threat to Iran [44] - Most Asian - Pacific stocks rose, except for the Indonesian index which tumbled [45] - SpaceX may launch an IPO in mid - June with a target valuation of $1.5 trillion [45] - Microsoft, Meta, and other companies reported strong earnings [45][46] Commodities - Exchanges tightened risk - control measures for futures contracts [49] - International precious metals and crude oil prices rose, while base metals mostly increased [49][50][51] Bonds - Chinese treasury bond futures rose on Wednesday, and the Ministry of Finance completed a treasury cash management deposit auction [52][53] - The National Development Bank issued RMB 5.5 billion of bonds in Macau [54] - Japan's 40 - year treasury bond auction had a high bid - to - cover ratio [54] - US treasury bond yields showed mixed performance [54] Foreign Exchange - The on - shore RMB/USD exchange rate rose, and China signed a RMB clearing agreement with Sri Lanka [56] - The yen depreciated against the dollar, and Thailand's central bank restricted gold trading [56] - The US dollar index rose 0.63% [57] Upcoming Events - There are multiple central bank interest - rate decisions, news conferences, and corporate earnings announcements scheduled for the day [59]

早盘速递 2026/1/29 热点资讯 -0.50 0.00 油脂油料, 7.71% 软商品, 2.33% 1.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。美联储主席候选人沃勒支 持降息25个基点，与特朗普"钦点"理事米兰立场一致。美联储在声明中指出，失业率已现初步企稳迹象，通胀仍处于相对高 位，经济前景的不确定性依然较高。美联储主席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。 2.国家能源局发布数据显示，截至2025年底，全国累计发电装机容量38.9亿千瓦，同比增长16.1%。其中，太阳能发电装机容 量12亿千瓦，增长35.4%；风电装机容量6.4亿千瓦，增长22.9%。 3.多家房企证实，目前已不再被监管部门要求每月上报"三条红线"指标。不过，部分出险房企仍被要求向总部所在城市专班 组定期汇报资产负债率等财务指标。 4.美国总统特朗普再次对伊朗发出威胁称，下次对伊朗的打击将更加猛烈。特朗普称，一支庞大的舰队正前往伊朗，已准备好 迅速履行其使命。针对特朗普威胁，伊朗外长阿拉格 ...

金融研究 2026年1月29日 星期四 金融期货早班车 招商期货有限公司 市场表现：1 月 28 日，A 股四大股指涨跌不一，其中上证指数上涨 0.27%，报收 4151.24 点；深成 指上涨 0.09%，报收 14342.89 点；创业板指下跌 0.57%，报收 3323.56 点；科创 50 指数下跌 0.08%， 报收 1554.8 点。市场成交 29,923 亿元，较前日增加 708 亿元。行业板块方面，有色金属(+5.92%)， 石油石化(+3.54%)，煤炭(+3.42%)涨幅居前；综合(-2.53%)，传媒(-1.77%)，国防军工(-1.68%)跌幅 居前。从市场强弱看，IC>IH>IF>IM，个股涨/平/跌数分别为 1,736/97/3,637。沪深两市，机构、主 力、大户、散户全天资金分别净流入-119、-156、56、219 亿元，分别变动+55、+84、+43、-182 亿元。 股指期货 基差：IM、IC、IF、IH 次月合约基差分别为 21.99、-20.84、-14.81 与-9.24 点，基差年化收益率分 别为-2.05%、1.89%、2.45%与 2.36%，三年期历史分位数 ...

行业 锌期货日报 日期 2026 年 1 月 29 日 021-60635740 期货从业资格号：F3075681 有色金属研究团队 研究员：彭婧霖 pengjinglin@ccb.ccbfutures.com 研究员：余菲菲 请阅读正文后的声明 ＃summary＃ 每日报告 一、 行情回顾 | 表1：期货市场行情 | | | | | | | | | | | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | | 单位：元/吨 | | 开盘 | 收盘 | 最高 | 最低 | 涨跌 | 涨跌幅 | 持仓量 | 持仓量变化 | | 沪锌 | 2602 | 24680 | 24645 | 24805 | 24565 | 115 | 0.47 | 28502 | 203 | | 沪锌 | 2603 | 24715 | 24725 | 24880 | 24635 | 160 | 0.65 | 121627 | 1452 | | 沪锌 | 2604 | 24740 | 24795 | 24930 | 24690 | 175 | 0.71 | 59031 ...