香港交易及結算所有限公司及香港聯合交易所有限公司對本公佈的內容概不負責，對其準確性 或完整性亦不發表任何聲明，並明確表示，概不對因本公佈全部或任何部份內容而產生或因倚 賴該等內容而引致的任何損失承擔任何責任。 Nanhua Futures Co., Ltd. 南華期貨股份有限公司 獲批成為NODAL EXCHANGE交易會員 本公司董事（「董事」）會（「董事會」）謹此宣佈，於二零二六年一月二十六日（美 國時間），Nanhua USA LLC（「Nanhua USA」）（即本公司間接全資附屬公司）收 到Nodal Exchange, LLC（「Nodal Exchange」）通知，獲批成為Nodal Exchange交 易會員。Nodal Exchange是一家領先的衍生品交易所，專注於北美電力、天然氣 和環境市場。目前，Nanhua USA已是Nodal Exchange 指定清算機構Nodal Clear, LLC的清算會員。本次獲批後，Nanhua USA可交易及清算在Nodal Exchange 上市 的相關產品。 本公司股東及有意投資者於買賣本公司證券時務請審慎行事。 承董事會命 南華期貨股份有限公司 ...

Market Overview - The three major indices in the A-share market rebounded after hitting a low, with total trading volume decreasing to less than 3 trillion yuan compared to the previous day [1][7] - The electronic sector led the gains among the Shenwan first-level industries [1] Economic Policy and Financial Stability - The People's Bank of China (PBOC) held a macro-prudential work meeting, emphasizing the need for proactive assessment of systemic financial risks and maintaining overall market stability as a key policy goal for the year [1][7] - The Ministry of Commerce announced plans to significantly develop service trade and implement policies to expand inbound consumption, aligning with earlier fiscal measures to stimulate domestic demand [1] Industrial Profit Trends - In December, profits of large-scale industrial enterprises turned from a 13.1% decline in November to a 5.3% increase, marking an 18.4 percentage point recovery [2][8] - For 2025, total profits of large-scale industrial enterprises reached 73,982 billion yuan, a 0.6% increase from the previous year, with manufacturing growing by 5.0% [2][8] Offshore RMB Market Development - The PBOC announced plans to support the development of the offshore RMB market in Hong Kong, increasing the funding arrangement scale from 100 billion yuan to 200 billion yuan [2][9] - This move is expected to enhance Hong Kong's role as a global offshore RMB business hub, attracting more international investors to hold and use RMB assets [9] Capital Market Opening - The China Securities Regulatory Commission (CSRC) announced the addition of 14 new futures and options products for domestic specific varieties, allowing participation from foreign traders [9] - This initiative is seen as a significant step towards deeper and higher-level institutional opening of the capital market, enhancing the depth and pricing power of the domestic futures market [9] Market Performance - As of January 27, the Shanghai Composite Index closed at 4,139.90 points, up 0.18%, while the Shenzhen Component Index and the ChiNext Index also saw slight increases [10][11] - The electronic, communication, and defense industries showed notable gains, while coal, agriculture, and steel sectors experienced declines [11] Trading Volume and Margin Data - The market's trading volume was recorded at 29,217.07 billion yuan, a decrease from the previous trading day, while the margin financing balance rose to 27,254.40 billion yuan [12]

1. Report Industry Investment Rating - No relevant information provided 2. Core Views - For alumina, the fundamentals are in a stage of excessive supply and stable demand. It is recommended to go long on dips with a light position, paying attention to controlling the rhythm and trading risks [2] - For electrolytic aluminum, the fundamentals are in a stage of stable supply and cautious demand. The aluminum price remains high due to macro - expectations. It is recommended to go long on dips with a light position, paying attention to controlling the rhythm and trading risks [2] - For cast aluminum alloy, the fundamentals are in a stage of sufficient supply and weak demand. The cast aluminum price remains high and volatile due to cost support. It is recommended to go long on dips with a light position, paying attention to controlling the rhythm and trading risks [2] 3. Summary by Relevant Catalogs 3.1 Futures Market - **Prices**: The closing price of the main Shanghai aluminum contract is 24,305.00 yuan/ton, up 90.00 yuan; the closing price of the main alumina futures contract is 2,734.00 yuan/ton, up 2.00 yuan [2] - **Spreads**: The spread between the main and the second - consecutive contracts of Shanghai aluminum is - 130.00 yuan/ton, up 25.00 yuan; that of alumina is - 146.00 yuan/ton, down 8.00 yuan [2] - **Positions**: The position of the main Shanghai aluminum contract is 311,897.00 hands, down 10,190.00 hands; that of the alumina main contract is 481,235.00 hands [2] - **LME Quotes**: The three - month LME electrolytic aluminum quote is 3,188.50 US dollars/ton, up 15.00 US dollars; LME aluminum inventory is 505,275.00 tons [2] - **Other Indicators**: The net position of the top 20 in Shanghai aluminum is - 63,980.00 hands, up 2,585.00 hands; the Shanghai - London ratio is 7.62, down 0.01 [2] 3.2 Spot Market - **Aluminum Spot Prices**: The price of Shanghai Non - ferrous A00 aluminum is 23,870.00 yuan/ton, down 160.00 yuan; the price of Yangtze River Non - ferrous Market AOO aluminum is 23,990.00 yuan/ton, down 160.00 yuan [2] - **Alumina Spot Price**: The spot price of alumina in Shanghai Non - ferrous is 2,555.00 yuan/ton, unchanged [2] - **Premiums and Discounts**: The Shanghai Wumao aluminum premium/discount is - 190.00 yuan/ton, down 10.00 yuan; the LME aluminum premium/discount is - 7.31 US dollars/ton, down 3.56 US dollars [2] - **Basis**: The basis of alumina is - 179.00 yuan/ton, down 2.00 yuan; the basis of electrolytic aluminum is - 435.00 yuan, down 250.00 yuan [2] 3.3 Upstream Situation - **Alumina Production and Demand**: Alumina production is 801.08 million tons, down 12.72 million tons; the demand for alumina (electrolytic aluminum part) is 731.29 million tons, up 25.33 million tons; the supply - demand balance of alumina is 28.90 million tons, up 2.32 million tons [2] - **Aluminum Scrap Trade**: The average price of crushed raw aluminum in Foshan metal waste is 18,650.00 yuan/ton, unchanged; China's import of aluminum scrap is 194,102.07 tons, up 31,482.14 tons; the export is 70.80 tons, down 0.73 tons [2] - **Alumina Trade**: Alumina exports are 21.00 million tons, up 4.00 million tons; imports are 22.78 million tons, down 0.46 million tons [2] 3.4 Industry Situation - **Electrolytic Aluminum**: The import of primary aluminum is 189,196.58 tons, up 43,086.86 tons; the export is 37,575.30 tons, down 15,472.39 tons; the total production capacity of electrolytic aluminum is 4,536.20 million tons, up 12.00 million tons; the operating rate is 98.31%, up 0.10% [2] - **Aluminum Products**: Aluminum product production is 613.56 million tons, up 20.46 million tons; the export of unwrought aluminum and aluminum products is 54.00 million tons, down 3.00 million tons [2] - **Recycled Aluminum Alloy**: The production of recycled aluminum alloy ingots is 68.40 million tons, down 1.60 million tons; the export of aluminum alloy is 2.55 million tons, down 0.51 million tons [2] 3.5 Downstream and Application - **Automobile Production**: Automobile production is 341.15 million vehicles, down 10.75 million vehicles [2] - **Real Estate**: The national real estate prosperity index is 91.45, down 0.44 [2] 3.6 Option Situation - **Volatility**: The 20 - day historical volatility of Shanghai aluminum is 23.56%, down 0.01%; the 40 - day historical volatility is 18.88%, down 0.01% [2] - **Implied Volatility and Ratio**: The implied volatility of the at - the - money option of the Shanghai aluminum main contract is 22.86%, down 0.0111%; the call - put ratio of Shanghai aluminum options is 2.06, up 0.3464 [2] 3.7 Industry News - As of the end of 2025, the number of new energy vehicles in China reached 43.97 million, accounting for 12.01% of the total number of vehicles. In 2025, 12.93 million new energy vehicles were newly registered, accounting for 49.38% of the newly registered vehicles, a year - on - year increase of 14.93% [2] - Policies to cultivate new growth points in service consumption will be introduced soon, including measures to expand inbound consumption, build national digital trade demonstration zones, and promote consumption of large - scale durable goods [2] - Exchanges took measures to cool down the commodity futures market. The daily opening position limits of silver and tin futures contracts were lowered, and the price limit ranges and margin ratios of copper, international copper, and aluminum futures contracts were adjusted [2] - The People's Bank of China emphasized expanding the scope of macro - prudential policies and maintaining financial stability [2] - The US threatened to impose a 100% tariff on Canadian imports if Canada reaches a new trade agreement with China. China stated that China - Canada cooperation does not target any third - party [2]

Core Viewpoint - The silver futures market is experiencing fluctuations, with a notable decrease in warehouse receipts and an increase in silver prices, driven by geopolitical uncertainties and domestic political risks in the U.S. [1][2] Group 1: Market Data - Total silver futures in Shanghai reached 544,244 kilograms, with a decrease of 29,566 kilograms from the previous day [1][2] - The main silver futures opened at 27,300 yuan per kilogram, peaked at 30,020 yuan, and closed at 28,300 yuan, marking a 7.25% increase [1] Group 2: Warehouse Data - In Shanghai, the total warehouse receipts showed a net decrease of 30,437 kilograms, with specific warehouses like 中工美供应链 experiencing a significant drop of 28,240 kilograms [2] - The total warehouse receipts in Guangdong increased by 871 kilograms, with 深圳威豹 contributing to this rise [2] Group 3: Fundamental News - Recent threats from the Trump administration to impose tariffs on Canada and South Korea have increased global trade policy uncertainty, leading to a flow of safe-haven investments into precious metals [2] - Expectations of coordinated efforts by Japan and the U.S. to stabilize the yen have put pressure on the dollar, enhancing the attractiveness of silver priced in dollars [2] - Domestic political risks in the U.S., including potential government shutdowns and unconventional decision-making by Trump, are undermining confidence in dollar assets, prompting investors to seek traditional safe-haven assets like silver [2] - The market anticipates that the Federal Reserve will maintain interest rates at the upcoming meeting [2]

Group 1 - The core viewpoint indicates that silver prices are experiencing significant volatility, with a notable increase in speculative trading, as evidenced by a nearly 14% daily rise and a gold-silver ratio dropping below 45, suggesting extreme market sentiment [3][7]. - On January 27, the closing price for silver futures was 28,300 yuan per kilogram, reflecting a daily increase of 7.25% with a trading volume of 1,038,738 contracts and an open interest of 310,210 contracts [1]. - The spot price for silver in Shanghai on January 27 was reported at 29,080 yuan per kilogram, indicating a premium of 780 yuan per kilogram over the futures price [3]. Group 2 - The market is entering a phase where emotional trading is dominating, leading to heightened volatility, particularly in silver, which poses risks for investors [7]. - Any signs of easing geopolitical tensions or changes in major central bank policies could trigger significant profit-taking and technical adjustments in the silver market [7]. - Investors are advised to consider substantial reductions in their positions to mitigate volatility risks associated with the current "emotional market" nature of silver [7].

生猪产业日报 2026-01-27 | 项目类别 | 数据指标 | 最新 | 环比 数据指标 | 最新 | 环比 | | --- | --- | --- | --- | --- | --- | | 期货盘面 | 期货主力合约收盘价:生猪(日,元/吨) | 11285 | -180 主力合约持仓量:生猪(日,手) | 127642 | -5752 | | | 仓单数量:生猪(日,手) | 426 | -7 期货前20名持仓:净买单量:生猪(日,手) | -47268 | 450 | | 现货价格 | 生猪价 河南 驻马店(日,元/吨) | 13200 | 0 生猪价 吉林 四平(日,元/吨) | 12600 | -200 | | | 生猪价 广东 云浮(日,元/吨) | 12900 | -400 生猪主力基差(日,元/吨) | 1915 | 180 | | 上游情况 | 全国:生猪存栏(月,万头) | 42967 | -713 全国:能繁母猪存栏(月,万头) | 3961 | -29 | | 产业情况 | CPI:当月同比(月,%) | 0.8 | 0.1 现货价:豆粕:张家港(日,元/吨) | 3120 | ...

股指期货全景日报 2026/1/27 重点关注 数据来源第三方，观点仅供参考。市场有风险，投资需谨慎！ 备注：IF:沪深300 IH:上证50 IC:中证500 IM：中证1000 IO:沪深300期权 1/29 3:00 美联储利率决议 1/30 21:30 美国12月PPI、核心PPI 研究员: 廖宏斌 期货从业资格号F30825507 期货投资咨询从业证书号Z0020723 微信号：yanjiufuwu 电话：0595-86778969 免责声明：本报告中的信息均来源于公开可获得资料，瑞达期货股份有限公司力求准确可靠，但对这些信息的准确性及完整性不做任何保 证，据此投资，责任自负。本报告不构成个人投资建议，客户应考虑本报告中的任何意见或建议是否符合其特定状况。本报告版权仅为我公 司所有，未经书面许可，任何机构和个人不得以任何形式翻版、复制和发布。如引用、刊发，需注明出处为瑞达期货股份有限公司研究院， 且不得对本报告进行有悖原意的引用、删节和修改。 | 项目类别 | 数据指标 最新 环比 数据指标 最新 IF主力合约（2603） | 4718.2 | -9.6↓ IF次主力合约（2602） | 4714. ...

1月27日，上海期货交易所发布公告，发现3组18名客户在锡、白银期货品种交易中涉嫌未申报实际控制关系，根据《上海期货交易所交易规则》《上海期货 交易所实际控制关系账户管理办法》的相关规定，决定对上述客户在锡、白银期货品种上采取限制开仓1个月以及限制出金的监管措施。 上证报中国证券网讯（记者 费天元）1月27日，上海期货交易所发布公告，发现3组18名客户在锡、白银期货品种交易中涉嫌未申报实际控制关系，根据 《上海期货交易所交易规则》《上海期货交易所实际控制关系账户管理办法》的相关规定，决定对上述客户在锡、白银期货品种上采取限制开仓1个月以及 限制出金的监管措施。 ...

Core Viewpoint - The establishment of a hot-rolled futures delivery warehouse is a key infrastructure for serving the real economy and promoting high-quality industrial development, connecting finance with the physical economy and futures with spot markets [1][3]. Group 1: Company Overview - Tianhong Futures, founded in 1996, has a registered capital of 175 million yuan and specializes in commodity and financial futures brokerage, particularly in risk management services for black metals and agricultural products [3]. - The company adheres to a customer-first principle and provides a comprehensive range of services including consulting, account opening, trading, training, and delivery [3]. Group 2: Strategic Initiative - Tianhong Futures is exploring the feasibility of establishing a hot-rolled futures delivery warehouse in Boxing County, leveraging the area's strong industrial foundation and efficient logistics system [3][7]. - The initiative aims to integrate futures tools with local industries, providing precise and efficient financial services to sectors such as metal plate, chemicals, and grain and oil [3][7]. Group 3: Regional Advantages - Boxing County, known as "China's Metal Plate Town," has a robust industrial base with an annual demand for bulk cargo transportation exceeding 10 million tons [4]. - Boxing Port serves as a crucial logistics hub with excellent geographical advantages, connecting various transport modes and enhancing operational efficiency for local industries [4][6]. Group 4: Economic Impact - The establishment of the delivery warehouse is expected to facilitate hedging operations for local enterprises, stabilize production costs, and enhance regional pricing power in the black metal industry [7]. - This strategic move will attract more trade, processing, and financial resources to the region, contributing to the overall economic vitality and supporting the high-quality development of the local economy [7][8]. Group 5: Future Outlook - Tianhong Futures plans to continue enhancing financial services for the real economy and explore new service models that combine industry and futures [8].

Report Industry Investment Rating - Not provided in the content Core Viewpoints of the Report - The current crude oil market is in a tug - of - war between geopolitical risk premiums and a supply - surplus fundamental situation, and the overall commodity market is affected by various factors such as geopolitical events, supply and demand changes, and policy expectations, showing different trends in different sectors [2] Summary by Relevant Categories Energy and Chemicals - **Crude Oil**: The US sanctions against Iran and the deployment of aircraft carriers in the Middle East have raised market concerns, but the supply - demand surplus remains a long - term factor suppressing oil prices. OPEC + plans to keep March production stable in February, and attention should be paid to whether the Iran conflict will actually affect oil supply. Brent crude has rebounded to $65/barrel and WTI to $61/barrel [2] - **Precious Metals**: Gold and silver broke through the $5000/ounce and $100/ounce integer thresholds respectively, but there is a risk of capital turning. It is advisable to wait for the volatility to decline before participating, and pay attention to the Fed meeting, Middle East situation, and the risk of the US government shutting down [3] - **Base Metals (Copper, Aluminum, etc.)**: The copper price is affected by precious metal trading sentiment and the weakening of the US dollar, and is expected to oscillate at high levels and tend to adjust; the aluminum price is affected by geopolitical events, and the high - level oscillation range needs to determine the direction; the zinc price is supported by cost but restricted by consumption, and is expected to oscillate between 24,000 - 25,000 yuan/ton; the lead price is also affected by cost and consumption, and is expected to oscillate at a low level between 16,800 - 17,300 yuan/ton [4][5][8] - **Lithium and Related Products**: The price of lithium carbonate has fallen after a high opening, and the inventory reduction speed has slowed down. The futures price is in high - level oscillation, with high short - term uncertainty; the price of polycrystalline silicon is still weak, and the market is expected to continue to oscillate [12][13] - **Industrial Silicon**: Driven by production reduction expectations, the price has risen to 9000 yuan/ton, but the increase has retracted. The downstream support is weak, and it is expected to enter a destocking pattern in February, but the destocking range is limited [14] - **Steel and Iron Ore**: Steel prices oscillate, with the rebar's apparent demand declining and inventory accumulating, while the hot - rolled coil's demand and production both slightly decline, and the inventory continues to decrease. The iron ore's supply is relatively loose, but considering the replenishment demand and positive market sentiment, the price is expected to continue to oscillate [15][16] - **Coking Coal and Coke**: The prices of coking coal and coke are oscillating strongly. The first - round price increase of coke has been shelved, and the supply of carbon elements is abundant. The downstream is in the off - season, and the prices are expected to oscillate within a range [17][18] - **Other Metals (Manganese, Silicon, etc.)**: The prices of manganese ore and silicon - manganese are affected by supply - demand and policy expectations. The silicon - iron price is affected by cost and demand, and the supply and demand are relatively stable [19][20] - **Shipping and Fuel Oil**: The SCFIS (European route) index has declined, and the spot freight rate is in a downward channel. The fuel oil is supported by geopolitical factors in the short term and is expected to follow the upward trend of crude oil in the medium term [21][22] - **Other Chemicals (Asphalt, Urea, etc.)**: The asphalt is supported by cost but has weak terminal demand, and is expected to oscillate strongly; the urea price oscillates within a range; the methanol price is expected to be strong in the short term and gradually destock in the long term; the pure benzene price is expected to oscillate strongly in the short term and gradually destock in the long term [23][24][25] Agricultural Products - **Soybeans and Related Products**: The short - term market has digested the expectation of a South American soybean harvest. The Brazilian soybean harvest progress is slow, and attention should be paid to the subsequent harvest situation. The import of Canadian rapeseed and rapeseed meal may impact the domestic soybean meal price. The soybean oil and palm oil are affected by policies and market sentiment [36][37] - **Rapeseed and Related Products**: The uncertainty of the rapeseed market lies in the import end. The import of Australian rapeseed and the US - Canada trade friction need attention. The price of rapeseed products is expected to oscillate strongly, with rapeseed oil slightly stronger than rapeseed meal [38] - **Other Agricultural Products (Corn, Cotton, etc.)**: The corn price is relatively strong due to reduced available grain sources and pre - holiday replenishment demand; the cotton price is expected to oscillate, and it is advisable to wait and see; the sugar price is under pressure in the short term, and attention should be paid to the production situation; the apple price oscillates, and attention should be paid to the future demand [40][43][44] Financial Products - **Stock Index**: The A - share market has adjusted, and the index is transitioning from a rapid upward trend to a strong - oscillation pattern. Attention should be paid to geopolitical situations, regulatory attitudes, and the Fed's interest - rate decision [48] - **Treasury Bonds**: The treasury bond futures show a differentiated performance, with the 30 - year bond continuing to rise and the rest slightly adjusting. The curve flattens, and attention should be paid to the opportunities of steepening and flattening the spreads [49]