Core Viewpoint - The Shanghai Gold Exchange has announced measures to control market risks during the 2026 Spring Festival holiday, including adjustments to margin requirements and price limits for gold and silver contracts [2][3]. Group 1: Market Closure and Trading Adjustments - The Shanghai Gold Exchange will be closed from February 14 to February 23, 2026, with no night trading on February 13 [2]. - Trading will resume on February 24, 2026, as usual [2]. Group 2: Margin and Price Limit Adjustments - Starting from the close on February 11, 2026, the margin requirement for various gold contracts will increase from 18% to 21%, and the price fluctuation limit will change from 17% to 20% [2]. - For silver contracts, the margin will rise from 24% to 27%, and the price limit will adjust from 23% to 26% [2]. - The margin for CAu99.99 contracts will increase from 150,000 yuan to 200,000 yuan per contract [2]. Group 3: Risk Management and Investor Guidance - In the event of a one-sided market on February 11, higher margin and price limit standards will be applied if they exceed the announced levels [3]. - Members are advised to enhance risk awareness and prepare emergency risk management plans, encouraging investors to control positions and invest rationally to ensure market stability [3].

Core Viewpoint - The Shanghai Gold Exchange announced the trading fee rates for various gold and silver contracts for the year 2026, effective from January 1 to December 31, 2026. Group 1: Trading Fee Rates for Gold and Silver Contracts - The trading fee rate for Au (T+D) and mAu (T+D) contracts will be 0.0015% [1][4] - The trading fee rate for Ag (T+D) contracts will be 0.0012% [1][4] - The trading fee rate for Au (T+N1), Au (T+N2), NYAuTN06, and NYAuTN12 contracts will be 0.001% [1][4] - Short-term opening trading fee rates for Au (T+D) and mAu (T+D) contracts will be 0.00125% [1][4] - Short-term opening trading fee rate for Ag (T+D) contracts will be 0.00075% [1][4] - No fees will be charged for short-term closing of Au (T+D), mAu (T+D), Ag (T+D), Au (T+N1), Au (T+N2), NYAuTN06, and NYAuTN12 contracts [1][4] Group 2: Trading Fee Rates for Spot and Inquiry Contracts - The trading fee rate for the main board gold spot contracts Au99.99, Au99.95, Au100g, and Au99.5 will be 0.003% [1][4] - No fees will be charged for the silver Ag99.99 contract [1][4] - No fees will be charged for Shanghai gold, Shanghai silver centralized pricing contracts, panda gold coin contracts, and performance guarantee inquiry contracts [1][4] Group 3: Inquiry Trading Fee Rates - The trading fee rate for gold inquiry swaps in the interbank market from TOM (inclusive) to SPOT (inclusive) will be 0.0001% [2][5] - For non-financial institutions participating in the inquiry platform for PAu99.99 and PAu99.95 contracts, the spot trading fee rate will be 0.002% [2][5] - The fee rates for forward contracts will vary based on the maturity date, with specific rates outlined for different time frames [2][5] Group 4: International Board Trading Fee Rates - The trading fee rates for international board competitive bidding contracts iAu99.99, iAu99.5, and iAu100g will be 0.0005% [3][6] - The trading fee rates for international board inquiry contracts iPAu99.99, iPAu99.5, and iPAu100g for physical delivery will be 0.001% [3][6] - Discounted fee rates will apply for international members participating in international board inquiry contracts based on the maturity date [3][6]