Core Viewpoint - In 2024, the stainless steel industry faces challenges with prices declining, leading to inventory devaluation and profit compression for small and medium-sized enterprises (SMEs). Guangqi Capital is leveraging rights-based trading to provide customized services to help these companies navigate their operational difficulties, demonstrating the role of finance in empowering the real economy [1][2]. Industry Context - The overall economic environment in China remains stable in 2024, but SMEs are particularly vulnerable due to their smaller scale, weaker risk resistance, and intense market competition. The stainless steel sector is experiencing a downward price trend throughout the year, exacerbated by raw material cost fluctuations and supply-demand adjustments, which have left many SMEs struggling with inventory devaluation and profit compression [2]. Company Actions and Innovations - Guangqi Capital has actively engaged with SMEs in the stainless steel supply chain, providing training on futures, basis trading, options, and rights-based trading to help them manage risks effectively. Customized rights-based trading solutions have been developed to assist companies in avoiding price risks, optimizing inventory management, and enhancing operational profits [2][3]. Case Study Implementation - A notable case involved a stainless steel trader in Wuxi, who faced significant inventory pressure and anticipated continued price declines. Guangqi Capital designed a rights-based trading contract that allowed the trader to sell at a price higher than the market average, achieving a profit margin of 320 yuan per ton and a total profit of approximately 121,600 yuan [3][4][6]. Value of the Trading Scheme - The rights-based trading contract provided immediate benefits, allowing the Wuxi trader to sell at 13,320 yuan per ton, which was 220 yuan higher than the market price on the contract's initiation date. Over the contract period, the trader successfully sold 379.852 tons of stainless steel, generating a total settlement amount of 5.0596 million yuan [4][6]. Iteration of Trading Models - To address limitations in the initial rights-based trading model, Guangqi Capital introduced a "circuit breaker" rights-based trading model that offers more comprehensive risk protection by compensating for potential losses when prices fall below a set threshold. This model enhances capital efficiency and allows companies to engage in further hedging activities [7][8]. Application Effects - The implementation of rights-based trading has significantly improved inventory and procurement management for SMEs, fostering a shift in their perception of financial tools from reluctance to proactive engagement. Many companies have transitioned from tentative collaborations to stable partnerships with Guangqi Capital, leading to increased awareness and utilization of risk management tools [9].

Morning session notice 早盘提示 更多精彩内容请关注格林大华期货官方微信 格林大华期货研究院 证监许可【2011】1288 号 2026 年 1 月 27 日 星期二 研究员： 于军礼 从业资格： F0247894 交易咨询资格：Z0000112 本报告中的信息均源于公开资料，格林大华期货研究院对信息的准确性及完备性不作任何保 证，也不保证所包含的信息和建议不会发生任何变更。我们力求报告内容的客观、公正，但 文中的观点、结论和建议仅供参考，报告中的信息和意见并不构成所述期货合约的买卖出价 和征价，投资者据此作出的任何投资决策与本公司和作者无关，格林大华期货有限公司不承 担因根据本报告操作而导致的损失，敬请投资者注意可能存在的交易风险。本报告版权仅为 格林大华期货研究院所有 任何机构和个人不得以任何形式翻版 如引用、转载、刊发，须注明出处为格林大华期货有限公司。 美国回归门罗主义，在全球收缩，将对全球经济、美债、美股、美元、贵金属、 工业金属等大类资产产生颠覆式深远影响。 鉴于美国连续的错误政策，全球经济已越过顶部区域，开始向下运行。 重要事项: 联系方式：yujunli@greendh. ...

Morning session notice 研究员： 于军礼 从业资格： F0247894 交易咨询资格：Z0000112 联系方式：yujunli@greendh.com | 板块 | 品种 | 多（空） | 推荐理由 | | --- | --- | --- | --- | | | | | 【行情复盘】 周一开盘后，成长类指数即遭到强大的持续卖压，属于近期稳市场的延续，尾盘有 | | | | | 所回稳。两市成交额 3.24 万亿元，继续放量。中证 500 指数收 8506 点，跌 83 点， | | | | | 跌幅-0.97%；中证 1000 指数收 8365 点，跌 105 点，跌幅-1.24%；沪深 300 指数收 | | | | | 4706 点，涨 4 点，涨幅 0.09%；上证 50 指数收 3049 点，涨 17 点，涨幅 0.57%。行 | | | | | 业与主题 ETF 中涨幅居前的是黄金股票 ETF、矿业 ETF、疫苗 ETF 富国、工业有色 | | | | | ETF 万家、有色 ETF 鹏华，跌幅居前的是卫星 ETF、通用航空 ETF 南方、高端装备 | | | | | ETF ...

⑥美油主力合约收跌0.39%，报60.83美元/桶；布油主力合约跌0.26%，报64.9美元/桶； ⑦纽约尾盘，美元指数跌0.48%报97.0244，离岸人民币对美元跌2.5个基点报6.9490； ⑧伦敦基本金属多数上涨，LME期锌涨2.78%报3351.0美元/吨，LME期铝涨0.84%报3195.5美元/吨， LME期铜涨0.52%报13183.0美元/吨，LME期铅涨0.49%报2036.0美元/吨，LME期镍跌0.89%报18590.0美 元/吨，LME期锡跌4.09%报54495.0美元/吨； ⑨美债收益率集体下跌，2年期美债收益率跌0.18个基点报3.588%，3年期美债收益率跌0.27个基点报 3.654%，5年期美债收益率跌0.17个基点报3.819%，10年期美债收益率跌0.99个基点报4.211%，30年期 美债收益率跌2.13个基点报4.801%； ⑩欧债收益率集体下跌，英国10年期国债收益率跌1.5个基点报4.496%，法国10年期国债收益率跌5.8个 基点报3.434%，德国10年期国债收益率跌3.9个基点报2.865%，意大利10年期国债收益率跌4.7个基点报 3.464%，西班牙 ...

【头条要闻】 贵金属惊天逆转！黄金白银刷新历史新高后巨震，全球资金在躲什么？ 黄金与白银在刷新历史高点后大幅回调，现货白银在创下117.74美元/盎司的历史新高后一路回调，此前 一度涨近14%。现货黄金一度向下跌破5000美元/盎司，此前曾上涨2.5%，盘中最高突破5110美元/盎 司。 大有期货表示，贵金属市场延续强势，主要受到多重因素共同驱动，短期需警惕技术性回调风险，长期 前景仍与全球宏观政策及去美元化趋势紧密相连。申万宏源证券认为，短期来看，金价因地缘因素快速 走高，该因素缓和后并未明显回落，反而创新高，反映出短期较强的势头。中长期视角来看，黄金已逐 渐从"避险资产"转型为"全球资产配置核心工具"，央行购金、去美元化、美债信用风险三重逻辑未变， 中长期配置价值仍存。 证券时报头条评论：以差异化披露推动"龙虎榜"高质量发展 据新华社报道，印度东部西孟加拉邦近期出现尼帕病毒感染病例，目前已报告5例确诊病例，其中一名 患者病情危重。泰国、尼泊尔等国已在机场和边境口岸加强防疫检测。 报道称，近100人被要求居家隔离，感染者正在该邦首府加尔各答及周边医院接受治疗，其中一名患者 病情危重。据世界卫生组织（WHO） ...

MACD金叉信号形成，这些股涨势不错！ MACD金叉信号形成，这些股涨势不错！ 澳大利亚股市于周二早盘走高， S&P/ASX 200 基准指数上涨 0.8%，报 8930.40 点。 在市值不低于 150 亿澳元（约合 103.7 亿美元）的澳大利亚本土企业中，必和必拓集团（BHP Group） 为本交易日早盘领涨龙头，股价上涨 3.0%；South32涨幅达 2.8%；瑞尔集团（REA Group）以 2.6% 的 涨幅跻身早盘涨幅榜前三。 皮尔巴拉矿业集团（PLS Group）是早盘跌幅最大的个股，股价下跌 1.7%；澳洲航空与Scentre Group紧 随其后，均下跌 0.9%。 外汇市场方面，美元指数持平于 94.69；美元兑澳元汇率稳定在 1 美元兑换 1.45 澳元。 债券市场上，澳大利亚 10 年期国债收益率上涨 0.86 个基点，报 4.822%。 责任编辑：王永生 澳大利亚股市于周二早盘走高， S&P/ASX 200 基准指数上涨 0.8%，报 8930.40 点。 在市值不低于 150 亿澳元（约合 103.7 亿美元）的澳大利亚本土企业中，必和必拓集团（BHP Group） 为本交易日 ...

白银市场则更为疯狂。Investinglive分析师Adam Button称，这是白银市场"有史以来最辉煌的日子之一"，这种行情在大宗商品市场极为罕见。年初至今，白 银价格已上涨50%，远超黄金涨幅。分析指出，由于白银市场体量远小于黄金，且流动性相对较低，这使其价格更容易出现剧烈波动。 Button指出，白银已突破100美元这一关键心理关口，"本来被视为价格回调的测试点，结果却引发了惊人的上涨。"他警告称，虽然市场热情高涨，但随着 价格不断飙升，本周可能再次迎来保证金水平的调整，且券商可能收紧交易权限。 黄金价格延续涨势，在周一突破每盎司5100美元，再度刷新历史新高。此次突破不仅远超华尔街此前对黄金年内表现的预期，也成为当前全球金融市场的重 大标志事件。与此同时，白银也在同一时期大幅上涨，盘中一度突破115美元/盎司，年内涨幅已达50%，表现超越黄金。 贵金属的迅猛上涨，被广泛视为投资者对"货币贬值"风险的强烈反应。在全球政府债务持续膨胀、通胀压力挥之不去的背景下，黄金、白银等实物资产成为 市场资金竞相追逐的避风港。 布鲁金斯学会高级研究员Robin Brooks指出，黄金的飙升代表着"更大格局"的开始，即 ...

Core Viewpoint - The Chinese government emphasizes the need for financial and fiscal support to boost consumption, which is seen as a cornerstone for economic growth [1] Group 1: Financial Support for Consumption - The People's Bank of China is expanding support for service consumption and elderly care loans, including the health industry, to enhance supply-side services [2] - The Ministry of Finance is optimizing personal consumption loan interest subsidy policies, including credit card installment payments, to ease the financial burden on consumers [2] - Policies are focused not only on providing immediate financial resources but also on enhancing the "blood-making" capacity of consumers through support for entrepreneurship and small businesses [2] Group 2: Challenges and Opportunities - There are challenges in extending financial services to rural markets and individual businesses in urban areas, which are crucial for diversifying and energizing consumption supply [3] - The importance of ensuring that funds are directed towards consumer-oriented sectors and protecting consumer rights is highlighted as essential for effective policy implementation [3] - China's position as the largest and most potential consumer market provides a strong foundation for these initiatives, with a coordinated approach being necessary for successful policy execution [3]

智通财经APP获悉，黄金价格延续涨势，在周一突破每盎司5100美元，再度刷新历史新高。此次突破不 仅远超华尔街此前对黄金年内表现的预期，也成为当前全球金融市场的重大标志事件。与此同时，白银 也在同一时期大幅上涨，盘中一度突破115美元/盎司，年内涨幅已达50%，表现超越黄金。 牛市是否可持续？ 尽管白银涨势如虹，Button仍保持谨慎。他表示，按通胀调整后，1980年白银价格(当年受亨特兄弟操 纵市场影响)相当于现在的195美元/盎司，"当前价格仍仅为当时实际峰值的一半。"因此，虽存在进一步 上涨的空间，他提醒投资者不要盲目追涨，而应保持理性，特别是已经持仓的投资者，可以考虑分批止 盈或继续坚定持有。 贵金属的迅猛上涨，被广泛视为投资者对"货币贬值"风险的强烈反应。在全球政府债务持续膨胀、通胀 压力挥之不去的背景下，黄金、白银等实物资产成为市场资金竞相追逐的避风港。 全球事件推动贵金属避险需求 布鲁金斯学会高级研究员Robin Brooks指出，黄金的飙升代表着"更大格局"的开始，即全球债务危机的 前兆。他警告称："市场越来越担心各国政府将通过通胀来'稀释'失控的债务。"Brooks补充说，美元自 2026年 ...

Group 1 - The Ministry of Commerce will initiate the construction of a national digital trade demonstration zone and develop relevant standards for digital trade [1] - In 2026, the Ministry of Commerce plans to expand market access and open fields, focusing on the service industry, including telecommunications and education [1] - The People's Bank of China will increase the issuance scale of offshore RMB bonds to enhance pricing capabilities and market liquidity [3][5] Group 2 - The Ministry of Commerce aims to accelerate the cultivation of international consumption center cities and promote new consumption scenarios [3] - There will be a strong push for the development of service trade, including the establishment of a national service trade innovation development demonstration zone [3] - The Ministry of Commerce will deepen the opening of fields such as cloud computing and guide foreign investment towards service consumption [6] Group 3 - The global hedge fund industry has reached a record high of nearly $5.2 trillion in assets, with significant inflows expected in 2026 [10]