Core Viewpoint - The Guangxi Futures Exchange has announced significant regulatory adjustments for futures contracts related to industrial silicon and polysilicon, including increased margin requirements, transaction fees, expanded price limits, and reduced daily trading limits [1][6]. Group 1: Regulatory Changes - Starting from July 25, 2025, the daily opening position limit for the industrial silicon futures contract (SI2509) and polysilicon futures contract (PS2509) will be set at 3000 lots each [1][3]. - The daily trading limit for both contracts will restrict the total amount of buy and sell positions combined to 3000 lots per trading day [3][4]. Group 2: Historical Context - The adjustment follows a previous implementation of a daily trading limit policy for polysilicon on July 21, 2025, which set a limit of 10,000 lots for various contracts [4]. - Other futures contracts have also seen adjustments in their daily opening position limits, with various limits set for different commodities, indicating a broader trend of regulatory tightening across the futures market [4][5]. Group 3: Purpose of Adjustments - The restrictions on daily opening positions are aimed at curbing excessive speculation and preventing market manipulation risks within the futures market [6]. - Traders are advised to stay updated on changes in trading rules to avoid disruptions in their trading activities [6].

Market Performance - On July 17, 2025, A-shares showed a strong performance with the Shanghai Composite Index rising by 0.37%, the Shenzhen Component Index increasing by 1.43%, and the ChiNext Index up by 1.76%. The total trading volume in the Shanghai and Shenzhen markets was approximately 15,393.75 billion yuan, an increase of about 973.32 million yuan compared to the previous trading day [1] - Hong Kong stocks had mixed results on the same day, with the Hang Seng Index falling by 0.08% to 24,498.95 points and a total trading volume of 2,364.12 billion HKD. The Hang Seng Tech Index, however, rose by 0.56% to 5,448.85 points [1] - In the U.S., all three major stock indices closed higher, with the S&P 500 reaching a new closing high at 6,297.36 points, up by 0.54%. The Nasdaq Composite Index increased by 0.75% to 20,885.65 points, and the Dow Jones Industrial Average rose by 0.52% to 44,484.49 points [1] Industry Regulations - The Guangzhou Futures Exchange announced new trading limits for polysilicon futures, effective from July 21, 2025. Non-futures company members or clients will have a daily opening position limit of 10,000 lots for polysilicon futures and 5,000 lots for industrial silicon futures (SI2509). These limits do not apply to hedging or market-making transactions [3] - The Ministry of Finance and the State Taxation Administration have adjusted the consumption tax threshold for super luxury cars to 900,000 yuan (excluding VAT). This change affects various types of vehicles, including electric and fuel cell cars, and aligns with previous regulations on consumption tax for imported super luxury cars [4]

Group 1 - The Ministry of Housing and Urban-Rural Development emphasizes the importance of urban renewal and the implementation of various livelihood, safety, and development projects [1] - The Ministry of Finance and the State Taxation Administration announced adjustments to the consumption tax policy for ultra-luxury cars, now applicable to vehicles with a retail price of 900,000 yuan (excluding VAT) and above [3] - The State Council's press conference reported that the national summer grain production reached 299.48 billion jin, marking the second-highest production year after last year [4] Group 2 - The Shenzhen government implemented measures to promote the high-quality development of the micro-short drama industry, including support for enterprises and projects [6] - JD.com responded to the recent competition in the food delivery industry, labeling the "0 yuan purchase" and "18-18" promotions as severe internal competition, stating that it did not participate [7] - The Shanghai Stock Exchange announced new trading limits for non-futures company members or clients on polysilicon and industrial silicon futures contracts starting July 21, 2025 [8] Group 3 - Zongheng Co. announced that its actual controller Ren Bin is getting divorced, which will result in the transfer of 11.41% of the company's shares to Kwang Mingfang [9] - Jintongling is facing criminal charges for fraudulent stock issuance and for violating important information disclosure regulations [10] - Shanghai Wumao announced that its subsidiary's data product "Non-ferrous Metal Spot Index Query" is currently in a "temporarily invalid" state [11] Group 4 - Fudi Technology announced it will exclusively supply the second-generation semi-solid eVTOL battery for the E20 model to Shanghai Shidi Technology [13] - Zhongwei Company reported a year-on-year net profit increase of 31.61%-41.28% for the first half of the year, while Hangzhou Bank reported a 17% increase [14] - ST Shengxun announced that shareholders plan to collectively reduce their holdings by 5.08% [15] Group 5 - The three major U.S. stock indices closed higher, with the Nasdaq up 0.74%, the S&P 500 up 0.54%, both reaching new closing highs, and the Dow Jones up 0.52% [16] - The U.S. House of Representatives passed the "Genius Act," aimed at significant legislative reform for cryptocurrency regulation, with a vote of 308 in favor and 122 against [17] - President Trump indicated that the U.S. may soon impose a 25% tariff on goods imported from Japan and could reach a trade agreement with India [18]

Group 1 - The Guangzhou Futures Exchange has announced the implementation of trading limits for polysilicon futures and adjustments to the trading limits for industrial silicon futures SI2509 contract [1] - Starting from July 21, 2025, non-futures company members or clients will have a daily opening position limit of 10,000 lots for polysilicon futures and 5,000 lots for industrial silicon futures SI2509 contract [1] - The daily opening position limit refers to the total number of buy and sell opening positions in a single contract for non-futures company members or clients, while hedging and market-making transactions are exempt from these limits [1]

Core Viewpoint - The Guangxi Futures Exchange has announced adjustments to the trading fee standards for certain futures contracts related to industrial silicon and polysilicon, effective from July 21, 2025 [1]. Fee Adjustment Summary - The trading fee for the industrial silicon futures contract SI2509 will be adjusted to 0.01% of the transaction amount for intraday closing positions [1]. - The trading fee for the polysilicon futures contract PS2508 will be set at 0.02% of the transaction amount, with the same rate applied for intraday closing positions [1]. - The trading fee for the polysilicon futures contract PS2509 will be adjusted to 0.015% of the transaction amount, also applicable for intraday closing positions [1]. Detailed Fee Structure - The adjusted trading fees for the contracts are as follows: - SI2509: 0.01% for regular trading, 0.005% for hedging, and 0.005% for intraday closing positions [2]. - PS2508: 0.02% for regular trading and intraday closing positions [2]. - PS2509: 0.015% for regular trading, 0.0075% for hedging, and 0.0075% for intraday closing positions [2].

Core Viewpoint - The Guangxi Futures Exchange has decided to implement trading limits on polysilicon futures and adjust the trading limits for industrial silicon futures SI2509 contract starting from July 21, 2025 [1] Group 1 - The daily opening position limit for non-futures company members or clients in polysilicon futures contracts will be set at 10,000 lots [1] - The daily opening position limit for non-futures company members or clients in industrial silicon futures SI2509 contract will be set at 5,000 lots [1]