| >国技期货 111 | | | 贵金属日报 | | --- | --- | --- | --- | | | 操作评级 | | 2026年01月28日 | | 黄金 | ★☆☆ 白银 | ★☆★ | 刘冬博 高级分析师 | | 销 | ★☆☆ 紀 | ★☆☆ | F3062795 Z0015311 | | | | | 吴江 高级分析师 | | | | | F3085524 Z0016394 | | | | | 孙芳芳 中级分析师 | | | | | F03111330 Z0018905 | | | | | 010-58747784 | | | | | gtaxinstitute@essence.com.cn | 隔夜美元指数刷新近四年新低，贵金属延续强势运行，黄金核心逻辑稳固，金银比大幅走低后白银风险较 高。特朗普称美国已向伊朗方向派遣了一支庞大的海军舰队,但希望最终无需动用武力。关注中东局势演绎 以及明日凌晨美联储会议指引,美联储维持利率不变已形成共识,重点关注鲍威尔讲话。 铂纪盘面高波动,资金倾向短线操作,铂兜价格冲高回落,5日均线附近暂时止跌,大方向上看,资金逢低 做多倾向依然明显。铂把价差190元/ ...

中国期货业协会1月28日发布2025年12月期货公司总体经营情况。中国证券报·中证金牛座记者根据中期 协各月发布的期货公司总体经营情况统计，2025年，期货公司实现净利润110亿元，同比增长16.14%； 实现营业收入420.15亿元，同比增长1.75%。 | | | | 2025年各月期货公司经营情况(单位:亿元) | | | | | --- | --- | --- | --- | --- | --- | --- | | | | 浄利润 | | | 营业收入 | | | 月份 | 2025年 | 2024年 | 同比 | 2025年 | 2024年 | 同比 | | I H | 5. 63 | 0. 54 | 942. 59% | 27. 61 | 22. 46 | 22. 93% | | 2月 | 4. 99 | 2. 97 | 68.01% | 25. 42 | 22. 24 | 14. 30% | | 3 H | 14. 17 | 11. 73 | 20. 80% | 36. 99 | 36. 24 | 2. 07% | | 4 H | 7. 85 | 8. 27 | -5.08% | 30. 73 ...

上海期货交易所(以下简称"上期所")连续出手。 1月28日，上期所再次发布关于对部分客户采取限制开仓监管措施的公告。公告称，1月28日，12组实际 控制关系账户在相关合约上账户组日内开仓交易量超限达到交易所处理标准。上述客户交易行为违反 《上海期货交易所异常交易行为管理办法》第16条之规定，交易所决定对相关客户在相应合约上采取限 制开仓的监管措施。 同时，上期所调整镍、黄金、白银等多个期货相关合约涨跌停板幅度和交易保证金比例。 公告称，经研究决定，自1月30日(星期五)收盘结算时起，涨跌停板幅度和交易保证金比例调整如下： 镍期货已上市合约的涨跌停板幅度调整为11%，套保持仓交易保证金比例调整为12%，一般持仓交易保 证金比例调整为13%； 氧化铝、铅、锌期货已上市合约的涨跌停板幅度调整为9%，套保持仓交易保证金比例调整为10%，一 般持仓交易保证金比例调整为11%； 不锈钢、铸造铝合金、螺纹钢、热轧卷板期货已上市合约的涨跌停板幅度调整为7%，套保持仓交易保 证金比例调整为8%，一般持仓交易保证金比例调整为9%； 白银期货AG2605、AG2606、AG2607、AG2608、AG2609、AG2610、AG2 ...

Core Viewpoint - The surge in gold and silver prices has prompted regulatory adjustments in trading limits and margin requirements by the Shanghai Futures Exchange and the Shanghai Gold Exchange to mitigate market risks [1][5]. Group 1: Market Performance - Gold prices have surpassed $5,300 per ounce, while silver has reached $117 per ounce, marking increases of 22% and 57% respectively within a month [5]. - The market has entered a bullish phase, but increased volatility is raising concerns about potential risks [1][5]. Group 2: Regulatory Adjustments - Starting January 30, 2026, the Shanghai Futures Exchange will adjust the price fluctuation limits for gold and silver futures to 16%, with margin requirements set at 17% for hedged positions and 18% for general positions [4]. - The Shanghai Gold Exchange will also increase the margin level for silver deferred contracts from 19% to 20% and adjust the price fluctuation limit from 18% to 19% [4]. Group 3: Banking Sector Response - Agricultural Bank of China has announced new risk assessment requirements for its gold accumulation business, effective January 30, 2026, requiring clients to achieve a cautious rating or higher [6]. - Industrial and Commercial Bank of China has similarly raised the risk assessment levels for its gold accumulation services, necessitating clients to obtain a balanced rating or above [7][8]. Group 4: Industry Insights - Analysts suggest that the adjustments in risk ratings by major banks are driven by the high volatility and rising gold prices, aiming to protect investors and ensure market stability [9]. - The regulatory focus on investor suitability and risk management is intended to curb speculative behaviors and promote rational investment practices [9].

上述中粮期货相关人士还表示，站在"十五五"规划开局起步、农业农村现代化加速推进的关键时期，中 粮期货将继续紧跟国家政策导向，持续推动"保险+期货"模式创新，同时进一步拓展服务边界、提升保 障效能，推动人工智能与现代农业融合发展，让更多特色农产品获得风险保障，让更多新型农业经营主 体享受到金融帮扶，为维护粮油产业链供应链稳定畅通、推进乡村全面振兴注入源源不断的金融动能。 中粮期货相关人士介绍说，十年来中粮期货实现了两大关键升级：一是从单一价格险到收入险的升级； 二是从"保险+期货"到"订单+保险+期货+信贷"的全产业链延伸，打通农业生产、流通、融资各环节堵 点，持续用专业能力破解产业痛点，用实际行动诠释金融担当。截至2024年，中粮期货累计承保现货近 100万吨，项目金额逾40亿元，实现赔付近1.6亿元，业务覆盖国内19个主要省(自治区)，服务农户超20 万户。一组组扎实的数据，承载着一个个乡村发生蜕变的故事，勾勒出一幅中粮期货金融助农的服务地 图。 上述中粮期货相关人士表示，本册《中粮期货"保险+期货"十周年专刊》，汇集了中粮期货"保险+期 货"项目的历年实践，是中粮期货服务"三农"的职责使命，金融赋能产业的 ...

研究所 农产品研发报告 花生日报 2026 年 1 月 28 日 | 期货从业证号： | | 第一部分 | 数据 | | --- | --- | --- | --- | | F03107370 | | 花生数据日报 | | | 投资咨询证号： | | 期货盘面 | | | Z0018389 | 期货 | | | | | PK604 | | | 研究员：刘大勇 联系方式： :liudayong_qh@chinastck .c om.cn | 花生数据日报 | | | | | | | | 2026/1/28 | | --- | --- | --- | --- | --- | --- | --- | --- | --- | | 期货盘面 | | | | | | | | | | 期货 | | 收盘价 | 涨跌 | 涨跌幅 | 成交量 | 增减幅 | 持仓量 | 增减幅 | | PK604 | | 7984 | 18 | 0.23% | 15,379 | -44.44% | 41,548 | 5.70% | | PK610 | | 8246 | 18 | 0.22% | 68 | -59.28% | 2,740 | - ...

投资咨询业务资格：证监许可【2011】1778 号 期货研究报告 姓名：涂伟华 宝城期货投资咨询部 从业资格证号：F3060359 投资咨询证号：Z0011688 电话：0571-87006873 邮箱：tuweihua@bcqhgs.com 作者声明 本人具有中国期货业协会 授予的期货从业资格证书，期 货投资咨询资格证书，本人承 诺以勤勉的职业态度，独立、 客观地出具本报告。本报告清 晰准确地反映了本人的研究观 点。本人不会因本报告中的具 体推荐意见或观点而直接或间 接接收到任何形式的报酬。 钢材&铁矿石 | 日报 2026 年 1 月 28 日 钢材&铁矿石日报 专业研究·创造价值 产业矛盾累积，钢矿偏弱震荡 核心观点 螺纹钢：主力期价偏弱震荡，录得 0.32%日跌幅，量缩仓增。现阶段， 螺纹钢供应增加，而需求表现疲弱，供增需弱局面下基本面持续走弱， 淡季钢价易承压，相对利好则是商品情绪偏暖，预计走势延续低位震荡 运行态势，关注库存变化情况。 热轧卷板：主力期价震荡运行，录得 0.39%日跌幅，量缩仓增。目前来 看，热卷产量有所回落，而需求同样走弱，供需双减局面下产业格局弱 稳运行，但库存偏高，价格仍易承 ...

投资咨询系列报告 上期所期货公司会员沪金净持仓排名前10 山金期货贵金属策略报告 更新时间：2026年01月28日15时43分 报告导读： 今日贵金属高位分化，沪金主力收涨3.58%，沪银主力收涨2.92%，铂金主力收跌0.17%，钯金主力收涨跌1.80%。①核心逻辑， 短期避险方面，贸易战与地缘异动风险上升；美国就业走弱通胀温和，降息预期存在支撑。②避险属性方面，美航母打击群向中东 集结，伊朗扬言任何对伊攻击将被视为全面开战。特朗普表示，将对把部分韩国输美商品关税从15%上调至25%，贸易战与地缘异 动风险上升。③货币属性方面，美国总统特朗普称美元表现很好，并不担心美元下跌。美国消费者信心跌至逾11年半最低，就业 疲软与高物价加剧忧虑。美国12月CPI涨幅符合预期，但家庭食品与房租支出增加。美联储12月在重重分歧中下调利率，暗示将暂 停行动明年或仅降息一次。鲍威尔指出，美联储的利率政策已处于良好位置，可以应对未来经济走势。目前市场预期美联储26年1 月不降息概率维持在95%附近，下次降息或到6月。美元指数和美债收益率震荡偏强；④商品属性方面，波兰央行表示，已批准一 项购买多达150吨黄金的计划。白银受到供应 ...

Report Information - Report Title: Stock Index Futures Data Daily Report [1] - Report Date: January 28, 2026 [2] IM Futures Market Summary - The underlying index, CSI 1000, closed at 8399.79, up 0.21%. The IM main contract rose 0.16% to close at 8377.8 points [4]. - The total trading volume of the four IM contracts was 194,080 lots, down 68,320 lots from the previous day. The total open interest was 382,766 lots, down 15,637 lots from the previous day [5]. - The main contract was at a discount of 21.99 points to the spot, up 2.96 points from the previous day, with an annualized basis rate of -1.84% [5]. Contract - Specific Data | Contract | Closing Price | Change | Volume | Volume Change | Turnover | Turnover Change | Open Interest | Open Interest Change | Margin | | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | | CSI 1000 | 8399.79 | 0.21% | 34,966 | -4% | 627.4 billion | 0% | - | - | - | | IM2602 | 8407.40 | 0.22% | 33,363 | -24% | 5.59 billion | -23% | 56,743 | -4,390 | 1.14 billion | | IM2603 | 8377.80 | 0.16% | 114,744 | -28% | 19.16 billion | -27% | 180,338 | -11,585 | 3.63 billion | | IM2606 | 8242.60 | 0.31% | 31,617 | -26% | 5.19 billion | -25% | 107,190 | -2,172 | 2.12 billion | | IM2609 | 8075.00 | 0.30% | 14,356 | -17% | 2.31 billion | -16% | 38,495 | 2,510 | 750 million | [4] Main Seats Data - For different contracts (IM2602, IM2603, etc.), detailed data on the top - ranking members in terms of trading volume, long positions, and short positions, as well as their changes from the previous day, are provided [16][18][20] IF Futures Market Summary - The underlying index, CSI 300, closed at 4717.99, up 0.26%. The IF main contract rose 0.07% to close at 4732.8 points [21]. - The total trading volume of the four IF contracts was 142,902 lots, down 62 lots from the previous day. The total open interest was 325,948 lots, up 15,622 lots from the previous day [22]. - The main contract was at a premium of 14.81 points to the spot, up 2.3 points from the previous day, with an annualized basis rate of 2.2% [22]. Contract - Specific Data | Contract | Closing Price | Change | Volume | Volume Change | Turnover | Turnover Change | Open Interest | Open Interest Change | Margin | | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | | CSI 300 | 4717.99 | 0.26% | 38,226 | - | 82.94 billion | - | - | - | - | | IF2602 | 4727.80 | 0.08% | 32,633 | -23% | - | - | 43,478 | - | 700 million | | IF2603 | 4732.80 | 0.07% | 84,387 | -4% | 11.98 billion | -3% | 185,840 | 7,628 | 3.17 billion | | IF2606 | 4716.80 | 0.12% | 18,810 | -8% | 2.66 billion | -8% | 75,464 | 1,638 | 1.28 billion | | IF2609 | 4670.20 | 0.08% | 7,072 | -16% | 900 million | - | 21,166 | 2 | 360 million | [21] Main Seats Data - For different contracts (IF2602, IF2603, etc.), detailed data on the top - ranking members in terms of trading volume, long positions, and short positions, as well as their changes from the previous day, are provided [33][35][36] IC Futures Market Summary - The underlying index, CSI 500, closed at 8601.16, up 0.61%. The IC main contract rose 0.68% to close at 8622 points [38]. - The total trading volume of the four IC contracts was 170,659 lots, down 40,713 lots from the previous day. The total open interest was 342,398 lots, down 904 lots from the previous day [39]. - The main contract was at a premium of 20.84 points to the spot, up 22.17 points from the previous day, with an annualized basis rate of 1.7% [39]. Contract - Specific Data | Contract | Closing Price | Change | Volume | Volume Change | Turnover | Turnover Change | Open Interest | Open Interest Change | Margin | | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | | CSI 500 | 8601.16 | 0.61% | 31,177 | 3% | 61.27 billion | 0% | - | - | - | | IC2602 | 8623.20 | 0.66% | 28,560 | -15% | 4.9 billion | -14% | 45,306 | -2,648 | 940 million | | IC2603 | 8622.00 | 0.68% | 94,115 | -23% | 16.15 billion | -22% | 167,295 | -5,924 | 3.46 billion | | IC2606 | 8574.80 | 1.04% | 37,044 | -11% | 6.31 billion | -9% | 98,677 | 5,130 | 2.03 billion | | IC2609 | 8469.00 | 1.08% | 10,940 | -23% | 1.84 billion | -21% | 31,120 | 2,538 | 630 million | [38] Main Seats Data - For different contracts (IC2602, IC2603, etc.), detailed data on the top - ranking members in terms of trading volume, long positions, and short positions, as well as their changes from the previous day, are provided [51][53][55] IH Futures Market Summary - The underlying index, SSE 50, closed at 3060.56, up 0.27%. The IH main contract fell 0.01% to close at 3069.8 points [57]. - The total trading volume of the four IH contracts was 63,381 lots, down 4,488 lots from the previous day. The total open interest was 118,402 lots, up 3,905 lots from the previous day [57]. - The main contract was at a premium of 9.24 points to the spot, down 2.37 points from the previous day, with an annualized basis rate of 2.11% [58]. Contract - Specific Data | Contract | Closing Price | Change | Volume | Volume Change | Turnover | Turnover Change | Open Interest | Open Interest Change | Margin | | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | | SSE 50 | 3060.56 | 0.27% | 9,637 | 28% | 25.26 billion | 25% | - | - | - | | IH2602 | 3065.60 | -0.03% | 14,236 | 5% | 1.31 billion | 5% | 17,477 | 942 | 190 million | | IH2603 | 3069.80 | -0.01% | 38,337 | -7% | 3.53 billion | -7% | 67,766 | 1,717 | 750 million | | IH2606 | 3070.00 | -0.13% | 7,689 | -12% | 710 million | -12% | 25,544 | 1,019 | 280 million | | IH2609 | 3046.00 | -0.09% | 3,119 | -28% | 290 million | -28% | 7,615 | 227 | 80 million | [57] Main Seats Data - For different contracts (IH2602, IH2603, etc.), detailed data on the top - ranking members in terms of trading volume, long positions, and short positions, as well as their changes from the previous day, are provided [69][71][73]

| | 期货 | 增减 | | --- | --- | --- | | 上期所指定交割金库 | 103029 | 0 | 市场普遍预期美联储将在本次会议上维持利率不变，但主席鲍威尔的新闻发布会可能比利率决策本身更 受关注。外界普遍预测，在连续三次降息后，美联储本周将按兵不动。然而，由于央行近期收到大陪审 团传票，且最高法院正就罢免另一名美联储理事的提议进行辩论，鲍威尔在发布会上很可能被问及政治 压力、美联储独立性及其个人在明年5月任期结束后的去留计划。 上海期货交易所指定交割仓库期货周三（1月28日）仓单日报显示，黄金期货总计103029千克，今日仓 单较上一日持平。 沪金主力盘内高位回落，周三（1月28日）黄金期货开盘价1146.80元/克，截至目前最高1186.76元/克， 最低1134.70元/克。截止发稿报1186.20元/克，涨幅3.58%，成交量为430617手，持仓为222473手，日持 仓增加4989手。 上海期货交易所黄金期货仓单日报(单位：千克) ...