近期，市场上出现个别机构或个人擅自使用、引用或混淆"长江价格""长江有色金属报价"等专有术语，误导公众对价格来源的 认知，扰乱市场秩序。为维护行业公平环境与广大用户权益，现就"长江价格"体系的唯一官方发布平台、定价机制及服务规范 声明如下： 一、"长江价格"唯一官方发布平台 3、科学的采价机制：每个交易日，价格报告员通过电话、QQ、微信等方式，向全国主要冶炼厂、贸易商及下游采标单位采集 成交价与预期成交价等信息。 二、长江价格的构成与权威性 "长江价格"涵盖长江有色金属网发布的所有行情报价，其中最具代表性的为"长江现货"与"长江综合"。前者服务于长江经济带企 业当日实际交易参考，后者为全国主要交易地区的当日综合价格。长江价格品类覆盖基本金属、贵金属、战略小金属、新能源 金属及再生金属等，采标单位产量交易量占全国约80%，客观真实反映当日市场交易情况。目前，"长江价格"已成为众多政府部 门、企业及研究机构在决策、定价与结算环节的重要依据。 三、严谨的定价机制保障公信力 1、定价程序规范：价格报告员须遵循稳健的定价程序与明确定义的方法规范进行市场采价与定价。所有计算或评估均需通过长 江报价评审系统验证，确保质量控 ...

Core Viewpoint - The recent surge in "investment copper bars" in Shenzhen's water bay market has led to regulatory intervention, highlighting the speculative nature of this trend and the need for industry compliance and consumer protection [1][3][9] Group 1: Speculative Frenzy - The price of copper bars skyrocketed, with 1000g bars quoted at 180 RMB, significantly above industrial copper prices, indicating a speculative bubble [1][3] - The rise in copper prices was fueled by a lack of logical investment rationale, with claims of potential wealth generation attracting inexperienced investors [3][4] - The copper market's financial attributes are weaker than those of gold and silver, with a significant increase in domestic copper inventory contradicting high prices [3][4] Group 2: Industry Concerns - The copper bar speculation reflects broader issues in the water bay market, where businesses exploit information asymmetry to mislead ordinary investors [6][9] - Recent regulatory actions against companies engaging in non-physical gold betting highlight the urgent need for stricter oversight in the industry [6][9] - Many sellers of copper bars lack the necessary trading qualifications, raising concerns about illegal operations and the absence of a standardized recovery mechanism [6][9] Group 3: Regulatory Response - The ban on copper bar sales is seen as a corrective measure against misleading investment promotions, aiming to refocus the market on its core values of design and quality [1][9] - Compliance in the jewelry industry is becoming increasingly important, with new regulations prohibiting virtual speculative activities without physical backing [9] - The industry is encouraged to adopt standardized financial instruments for investment in copper, such as ETFs and mining stocks, to mitigate risks associated with physical ownership [9]

Core Viewpoint - China's economy is undergoing transformation, and the role of bulk commodities, particularly non-ferrous metals, is becoming increasingly significant due to the growth of strategic emerging industries such as new energy vehicles, aerospace, and semiconductors [1] Group 1: Action Plan Overview - The "Action Plan" was jointly released by multiple financial and regulatory bodies in Shanghai to enhance the trading capabilities of non-ferrous metal bulk commodities [2] - The plan identifies challenges such as the need for improved interaction between futures, spot, and derivatives markets, insufficient international pricing power, and a lack of leading international commodity traders [2] Group 2: Specific Measures - The Action Plan includes 18 specific measures aimed at promoting market connectivity and enhancing the development of futures, spot, and derivatives markets [2] - It supports the Shanghai Clearing House and Shanghai Futures Exchange in improving communication on clearing and risk management [2] - The plan encourages local enterprises in sectors like automotive, construction, and home appliances to engage in futures and derivatives markets for better price risk management [2] Group 3: Internationalization and Ecosystem Development - The Action Plan aims to enhance the internationalization of the non-ferrous metal market and increase the influence of "Shanghai prices" through high-level institutional openness [3] - It promotes the exploration of cross-border delivery mechanisms and the establishment of overseas warehouses to enhance international service capabilities [3] - The plan focuses on cultivating a competitive trading ecosystem by fostering collaboration between commodity companies and upstream/downstream enterprises [3] Group 4: Current Market Landscape - Shanghai has established a linked development pattern for futures, spot, and over-the-counter derivative markets in the non-ferrous metal sector, with 11 futures and 10 options products listed [5] - Some futures products have gained pricing capabilities on a global or regional scale, with "Shanghai copper" being a notable example [5] - The Shanghai Clearing House has been providing central counterparty clearing services for various non-ferrous metal products since 2013, enhancing risk management and supporting the development of the spot trading platform [5] Group 5: Future Developments - The Shanghai government has initiated a three-year action plan (2025-2027) to accelerate the transformation of bulk commodity trading [6] - The establishment of Guomao Holdings, a state-owned enterprise, aims to integrate port resources and enhance the logistics industry, focusing on international commodity trade and investment [6] - Guomao Holdings has a registered capital of 13 billion RMB and is positioned as a key player in Shanghai's international shipping center development [6]

Core Viewpoint - The Shanghai financial sector has introduced a significant policy initiative aimed at enhancing the market capabilities of non-ferrous metal commodities and increasing their global pricing influence through a comprehensive action plan consisting of 18 specific measures [1]. Group 1: Market Integration and Infrastructure - The action plan emphasizes "spot-futures linkage" and focuses on the interconnection of non-ferrous metal futures, spot, and derivative markets [2]. - It supports deep cooperation between the Shanghai Clearing House and the Shanghai Futures Exchange in clearing and risk management, promoting the application of "bulk commodity clearing" to improve transaction efficiency and security [2]. - The plan aims to enhance the breadth of services in the futures market by developing new products that cater to the needs of emerging industries such as new energy and new materials [2]. Group 2: Market Participation and Risk Management - The policy encourages various non-ferrous metal application enterprises, including those in automotive, construction, and home appliance manufacturing, to actively participate in futures and OTC derivative markets [2]. - It advocates for state-owned enterprises to use options to hedge risks and promotes a pricing model based on "futures price + premium" in trade settlements [2]. - These measures aim to break down barriers between the real economy and financial markets, allowing upstream and downstream enterprises in the supply chain to benefit from financial services [2]. Group 3: Internationalization and Pricing Influence - The plan seeks to enhance the internationalization of the market and increase the influence of "Shanghai prices" by expanding the high-level institutional opening of the futures market [3]. - It introduces an innovative "overseas warehousing and cross-border delivery" business model, allowing more non-ferrous metal varieties to be registered for delivery by foreign enterprises [4]. - This shift signifies a transition from "bringing in" to "going out," enabling "Shanghai prices" to reflect not only domestic supply and demand but also impact global trade [4]. Group 4: Market Ecosystem and Technological Integration - The action plan includes fostering a market ecosystem by cultivating trade leaders with supply chain service capabilities and exploring the establishment of a market maker system for OTC derivatives [4]. - It emphasizes the application of blockchain technology in the non-ferrous metal sector to promote cross-platform data sharing and establish corporate credit archives [4]. - The plan also aims to enhance the functionality of the national bulk commodity warehouse receipt registration center and explore legal enhancements for warehouse receipts to address issues related to rights confirmation and financing [4]. Group 5: Expert Evaluation and Strategic Implications - Analysts have praised the action plan for its depth and breadth, particularly highlighting the significance of "cross-border delivery" and "warehouse receipt legislation" in addressing industry pain points [4]. - The exploration of "overseas warehousing" is expected to significantly enhance the international representativeness of Chinese futures prices, attracting more foreign capital [4]. - The application of blockchain technology and the exploration of warehouse receipt legislation are seen as milestone developments in resolving trust issues in bulk commodity trade, potentially lowering risk management costs for financial institutions [5].

中国基金报记者 李智 1 月 20 日，中共上海市委金融委员会办公室、中国人民银行上海总部、国家金融监督管理总 局上海监管局、中国证券监督管理委员会上海监管局、上海市商务委员会联合发布《加强期 现联动 提升有色金属大宗商品能级行动方案》（以下简称《行动方案》），提升上海市有色 金属大宗商品能级和全球定价影响力。 【导读】上海发布 18 项措施，提升有色金属大宗商品能级和全球定价影响力 以下为全文： 加强期现联动提升有色金属大宗商品能级行动方案 为进一步加强期现联动，提升我市有色金属大宗商品能级，制定本行动方案。 一、推进有色金属市场互通，促进期 — 现 — 衍联动发展 《行动方案》主要包括三部分内容 18 项措施： 一是推进有色金属市场互通，促进期 — 现 — 衍联动发展。支持上海清算所、上海期货交易 所探索在清算、风险管理方面开展沟通交流。支持本市有色金属现货交易场所通过大宗商品 清算通开展资金清结算，提高现货市场结算效率和安全性。推动汽车生产、建筑、家电制造 等各类型有色金属应用类企业参与期货和场外衍生品市场，更好管理价格风险。《行动方 案》聚焦市场参与主体，从基础设施到实体企业，加强期 — 现 — 衍联 ...

二是提升有色金属大宗商品期现货市场国际化水平，增强"上海价格"影响力。扩大上海有色金属期货市场高水平制度开放，逐步将符合条件的有色金属商 品期货期权品种纳入对外开放品种范围，并同步完善与对外开放品种相适配的业务细则。积极探索跨境交割机制创新，深化交割服务"走出去"，在风险可 控的前提下，落地境外设库、跨境交割业务模式。《行动方案》依托在沪金融基础设施，加强有色金属大宗商品国际影响力，提升"上海价格"影响力。 三是集聚市场主体，培育良好有色金属市场生态圈。培育具有综合竞争力的贸易主体，推动大宗商品企业与产业链上下游企业合作。扩展区块链在有色金 属领域应用，推动更多跨平台、跨机构、跨地域的数据共享。探索通过仓单立法实现全仓登仓单登记的有效性和权威性。《行动方案》推动各市场主体形 成合力，助力提升上海有色金属行业影响力。 【导读】上海发布18项措施，提升有色金属大宗商品能级和全球定价影响力 1月20日，中共上海市委金融委员会办公室、中国人民银行上海总部、国家金融监督管理总局上海监管局、中国证券监督管理委员会上海监管局、上海市 商务委员会联合发布《加强期现联动提升有色金属大宗商品能级行动方案》（以下简称《行动方案》） ...

Group 1 - The mayor emphasized the importance of implementing the spirit of the 20th Central Committee and Xi Jinping's visit to Jiangxi, focusing on strengthening service guarantees and cultivating business entities to inject new momentum into the economy [1] - At Jiangxi Fuli Recycling Resources Co., the mayor encouraged increased R&D investment and technological upgrades to enhance the recycling level of waste electrical and electronic products [1] - The mayor highlighted the need for industry chain collaboration and the development of a circular economy to create new growth points [1] Group 2 - At Hengji Group Zhengxin Trading Co., the mayor inquired about production operations and emphasized the importance of intelligent, green, and integrated development [3] - The mayor called for policy guidance to encourage digital transformation and accelerate the upgrade of the non-ferrous metal industry for high-quality development [3] - Safety production responsibilities were stressed, with a focus on improving management processes and enhancing safety awareness among employees [3] Group 3 - At Jiangxi Meikangshengda Biotechnology Co. and Fuzhou Dingsheng Textile Technology Co., the mayor encouraged confidence in development, R&D innovation, and market expansion [3] - The mayor advised related departments to provide support for optimizing logistics and reducing costs for businesses [3] - At Jiangxi Suowei Chain Supply Chain Co., the mayor observed the supply chain processes and urged the company to strengthen supply chain integration and brand building for the food industry [3]

近年来，作为上海大宗商品贸易的"老牌核心区"，普陀区加快推动大宗商品贸易高质量发展。数据显 示，2025年1月至11月，普陀区有色金属销售额已达1.2万亿元，占全区规上商销额的78.8%。 20世纪90年代，在上海中山北路沿线的物贸大厦内，国内首家期货试点交易所——上海金属交易所的铜 锣在这里敲响，开启了中国大宗商品市场化交易的大门。此后，普陀区继续紧抓上海贸易中心建设机 遇，以"一栋楼"为核心，持续推动商贸向现代化、专业化转型。如今，400余家有色金属商贸企业陆续 在物贸大厦扎根，年交易额已超7600亿元。历经在大宗商品贸易领域数十年的沉淀与积累，普陀区的视 野也正在向更广阔的领域拓展。 "2025年，全社会物流总额预计达380万亿元左右，大宗商品生产资料销售额预计将首次突破百万亿元大 关，这一超大规模市场优势，既是我们抵御外部风险的坚实底气，更是驱动全球大宗商品贸易增长的核 心引擎。"中国物流与采购联合会副会长何辉说。 为了让"上海价格"更好走向世界，交易中心目前一方面通过"货融通"数字化平台构建可信交易体系，为 价格形成提供了坚实的技术支撑；另一方面更积极对接上海期货交易所，通过期现联动手段提升定价影 ...

数据显示，2024年，普陀区的有色金属大宗贸易规模达1.1万亿元，占全区规上商销额的78.4%，而整个 普陀区的大宗贸易规模约占上海市的1/6，其中有色金属类约占全市1/3，成为上海乃至全国的有色金属 贸易核心区。 2024年1月，上海市政府办公厅以1号文形式发布专项政策，明确支持普陀区打造全市唯一以有色金属为 引领的生产性互联网服务平台集聚区。同年11月，《普陀区关于打造半马苏河有色金属生产性互联网服 务平台集聚区的配套措施》出台，从打造链主平台、促进产业集群、提升金融服务等10个方面给予支 持。 中新网上海12月24日电 (高志苗)作为上海大宗商品贸易的重要承载地，普陀区依托"半马苏河"生态人文 优势与产业集聚基础，正积极构建涵盖贸易、物流、金融、科技的全链条产业生态，为行业创新实践提 供沃土。 发展大宗商品贸易，普陀有深厚的历史底蕴。1992年，全国首家国家级期货市场——上海金属交易所在 物贸大厦诞生。普陀区相关负责人近日介绍，如今在物贸大厦，可以实现价格形成、现货交易、货物交 割、资金支付、行情研讨、日常生活"六个不出楼"，97%的入驻企业为有色金属主体交易企业，其余 3%为物流、期货、银行等配套企业 ...

Group 1 - Zhongtian Technology's stock price increased by 5.23% to 19.33 CNY per share, with a trading volume of 8.22 billion CNY and a turnover rate of 1.27%, resulting in a total market capitalization of 659.72 billion CNY [1] - The stock has risen for three consecutive days, with a cumulative increase of 9.09% during this period [1] - Zhongtian Technology, established on February 9, 1996, and listed on October 24, 2002, operates in various sectors including communication, electricity, marine, new energy, and new materials, with its main business revenue composition being: 41.17% from grid construction, 17.44% from copper products, 16.84% from optical communication and networks, 14.57% from new energy, 7.58% from marine series, and 1.39% from other sources [1] Group 2 - The Western Lide Xiangyun Mixed A Fund (673081) has increased its holdings in Zhongtian Technology by 289,400 shares, bringing the total to 470,600 shares, which represents 1.31% of the fund's net value, making it the sixth-largest holding [2] - The fund has generated an estimated floating profit of approximately 451,800 CNY today and 720,000 CNY during the three-day increase [2] - The Western Lide Xiangyun Mixed A Fund was established on December 5, 2016, with a current scale of 278 million CNY, achieving a year-to-date return of 22.19% and a one-year return of 22.27% [2]