Core Viewpoint - The exchange will adjust the price limit and margin standards for various futures contracts around the 2026 Spring Festival, effective from February 12, 2026 [1] Group 1: Futures Contract Adjustments - The price limit for industrial silicon futures will be adjusted to 11%, with speculative trading margin set at 13% and hedging margin at 12% [1] - The price limit for polysilicon futures will be adjusted to 12%, while both speculative and hedging margin standards will remain unchanged [1] - The price limit for lithium carbonate futures will be adjusted to 15%, with speculative trading margin set at 17% and hedging margin at 16% [1] - The price limit for platinum and palladium futures will be adjusted to 24%, with both speculative and hedging margin standards set at 26% [1]

Group 1 - The Guangzhou Futures Exchange announced adjustments to the price fluctuation limits and margin standards for various futures contracts ahead of the 2026 Spring Festival holiday [1][2] - Starting from the settlement on February 12, 2026, the price fluctuation limit for industrial silicon futures will be adjusted to 11%, with speculative trading margin set at 13% and hedging margin at 12% [1] - The price fluctuation limit for polysilicon futures will be adjusted to 12%, while both speculative and hedging margin standards will remain unchanged [1] - For lithium carbonate futures, the price fluctuation limit will be set at 15%, with speculative margin adjusted to 17% and hedging margin to 16% [1] - Platinum and palladium futures will see a price fluctuation limit adjustment to 24%, with both speculative and hedging margin standards set at 26% [1] Group 2 - Trading will resume on February 24, 2026, and the price fluctuation limits and margin standards for industrial silicon, polysilicon, platinum, and palladium futures will revert to pre-adjustment levels on the first trading day without unilateral price limits [2] - The price fluctuation limit for lithium carbonate futures will be adjusted to 13%, with speculative margin set at 15% and hedging margin at 14% [2] - In cases where the adjusted limits and standards differ from the current ones, the higher limits and standards will be enforced [2]

Core Viewpoint - On February 2, 2026, multiple futures contracts experienced limit-down trading, indicating significant declines across various commodities including silver, palladium, platinum, lithium carbonate, nickel, tin, copper, aluminum, crude oil, fuel oil, and aluminum alloy [6][4]. Group 1: Market Performance - A variety of futures contracts, including silver, palladium, platinum, lithium carbonate, nickel, tin, copper, aluminum, crude oil, fuel oil, and aluminum alloy, hit their daily limit-down prices [6][4]. - Specific futures contracts showed notable percentage declines, such as aluminum (down 16.00%), palladium (down 14.83%), and crude oil (down 7.02%) [4][6]. Group 2: Trading Data - The trading volume and open interest for several contracts reflected significant changes, with some contracts showing a decrease in open interest, such as the护根2604 W contract with a decrease of 5,087 [4]. - The highest and lowest prices for various contracts were recorded, with护根2604 W reaching a high of 26,780 and a low of 24,832 [4].

Market Overview - On February 2, 2026, the domestic futures market opened with more declines than gains, with major contracts such as silver and platinum hitting the limit down, while palladium fell over 15% [3][7] - Gold and tin dropped more than 9%, copper (both domestic and international) and lithium carbonate fell over 5%, and nickel decreased by over 4% [3][7] Price Movements - Significant declines were observed in various commodities, including: - Silver (沪银2604M) at 24,832, down 17.01% [8] - Aluminum (铝2606 M) at 553.20, down 15.84% [8] - Nickel (沪镍2603 M) at 102,000, down 5.85% [8] - Lithium carbonate (碳酸锂2605 M) at 145,180, down 5.72% [8] - In contrast, caustic soda (烧碱) saw an increase of over 2% [3][7] Trading Volume and Open Interest - Trading volumes and open interest showed notable changes, with: - Silver (沪银2604M) having a trading volume of 67,1576, down by 5,087 [8] - Aluminum (铝2606 M) with a trading volume of 982,104.10, showing an increase in open interest by 62 [8] - Copper (国际铜2603 m) with a trading volume of 6,461, down by 1 [8]

Report Summary 1. Overnight Market Trends - International oil prices rose collectively, with the US crude oil main contract up 0.15% at $59.43 per barrel and the Brent crude oil main contract up 0.08% at $64.18 per barrel [4]. - London base metals rose across the board, with LME tin up 3.87% at $49840.0 per ton, LME nickel up 3.23% at $18145.0 per ton, etc. [4]. - As of 23:00, most domestic futures main contracts fell. Coke, glass, etc. fell more than 2%, while palm oil and PVC rose nearly 1% [4]. - As of 2:30, the Shanghai gold main contract rose 1.35%, the Shanghai silver main contract rose 5.88%, and the SC crude oil main contract fell 0.52% [5]. 2. Important Information Macro Information - In 2025, China's GDP was 1401879 billion yuan, up 5.0% year - on - year. The added value of the primary, secondary, and tertiary industries increased by 3.9%, 4.5%, and 5.4% respectively [8]. - The IMF raised China's economic growth rate forecast for 2025 by 0.2 percentage points to 5% and also raised the forecast for 2026. The world economy is expected to grow 3.3% in 2026 and 3.2% in 2027 [8]. - As of January 19, 2026, the Shanghai Export Container Settlement Freight Index (Europe route) was 1954.19 points, down 0.1% from the previous period [9]. Energy and Chemical Futures - In December 2025, China's crude oil imports were 5597000 tons, up 17.4% year - on - year; refined oil imports were 399000 tons, up 21.1% year - on - year; and refined oil exports were 537000 tons, up 43.6% year - on - year [11]. - India's Mangalore Refinery and Petrochemicals Ltd is considering buying Venezuelan oil and stopping importing Russian oil [11]. Metal Futures - In December 2025, China's polysilicon imports were 1873 tons, down 42.8% year - on - year; alumina exports were 210000 tons, up 9.3% year - on - year [14]. - PT Vale Indonesia may face a shortage of mining production quota for its new smelter [14]. - In December 2025, China's primary aluminum output was 3870000 tons, up 3.0% year - on - year; ten non - ferrous metals output was 7210000 tons, up 4.9% year - on - year [14]. - From January 21, 2026, the daily price limit of lithium carbonate futures contracts will be adjusted to 11%, and the margin standards for speculative and hedging trades will be adjusted to 13% and 12% respectively [15][43]. - Chile's copper output is expected to peak at 6.06 million tons in 2033 and then slow down to 5.86 million tons in 2034 [16]. Black - series Futures - Yijinhuoluoqi Dongbo Coal Mine was ordered to suspend production for 2 days due to major safety hazards [19]. - From January 12 - 18, 2026, the total arrival volume of iron ore at 47 ports in China was 28977000 tons, a decrease of 1173000 tons from the previous period [19]. - In 2025, real estate development enterprises' funds in place decreased by 13.4% year - on - year, construction area decreased by 10.0% year - on - year, and new commercial housing sales area decreased by 8.7% year - on - year [20]. - In December 2025, China's crude steel output was 68.18 million tons, down 10.3% year - on - year; coal output was 437.03 million tons, down 1.0% year - on - year [20]. Agricultural Product Futures - The new China - Canada economic and trade agreement is a positive development for Canadian rapeseed growers, but key details need clarification [22]. - It is expected that the average price of palm oil in 2026 will be 4125 ringgit per ton, down 2.55% year - on - year; Malaysia's output will be 19.75 million tons, down 2.61% year - on - year; and Indonesia's output will reach a record 51.2 million tons, up 0.39% year - on - year [24]. - In 2025, China's total grain output was 714.88 million tons, up 1.2% year - on - year; pig, cattle, sheep, and poultry meat output was 100.72 million tons, up 4.2% year - on - year [24]. - In January, the arrival volume of imported soybeans decreased. The weekly soybean crushing volume of oil mills was below 2 million tons, and the monthly crushing volume is expected to be about 8 million tons [24]. - As of last Thursday, the soybean harvest rate in Brazil's 2025/26 season was 2%, slightly higher than 1.7% in the same period last year [25]. - It is expected that Brazil's soybean exports in 2026 will be 105 million tons, and the total supply will reach 183.79 million tons, up 5% year - on - year [25]. 3. Financial Market Financial - The Supreme People's Procuratorate deployed to safeguard economic and financial security and punish securities crimes [29]. - On Monday, the A - share market had a narrow - range oscillation, with the Shanghai Composite Index up 0.29% at 4114 points [29]. - The Hong Kong Hang Seng Index fell 1.05% to 26563.9 points [29]. - A total of 451 A - share listed companies disclosed their 2025 performance forecasts, with 156 pre - announcing good news [30]. - Insurance funds' investment preferences may affect the market style, and the AI and non - ferrous metal sectors have investment opportunities [32]. - Zhejiang Securities Regulatory Bureau fined and banned "Jinyongrong" from the securities market for market manipulation [32]. - A fund manager's different operations between personal and fund accounts have sparked controversy [32]. - Rumors about false accounts for Hong Kong stock IPO subscriptions are untrue [32]. - Yunbao Intelligence launched its A - share IPO process, aiming to be the first domestic DPU stock [33]. Industry - Five departments jointly deployed the construction of zero - carbon factories, aiming to cultivate them in multiple industries by 2027 and expand to traditional high - energy - consuming industries by 2030 [34]. - In December 2025, housing prices in 70 large and medium - sized cities generally declined month - on - month and the year - on - year decline widened [34]. - China successfully launched the 19th group of satellite Internet low - orbit satellites [35]. - Domestic refined oil prices are expected to rise on January 21, 2026 [36]. - Micron Technology warned of a shortage of memory chips due to the surging demand for high - end semiconductors in AI infrastructure [36]. - High - end spirits demand has shrunk, leading to inventory backlogs and production shutdowns in the industry [36]. Overseas - The IMF raised the global economic growth forecast for 2026 to 3.3% and also raised the forecasts for China, the US, the Eurozone, and Japan [37]. - The EU will hold an emergency summit to discuss Trump's tariff measures and consider counter - measures [37]. - Germany restarted electric vehicle purchase subsidies of 1500 - 6000 euros, open to all car manufacturers [38]. - Japanese Prime Minister Takamori Sanae will dissolve the House of Representatives on January 23, 2026 [38]. - Ueno Zoo in Tokyo will return the giant panda twins "Xiaoxiao" and "Leilei" to China [39]. International Stock Markets - European stock markets fell across the board, with the German DAX index down 1.34%, the French CAC40 index down 1.78%, and the UK FTSE 100 index down 0.39% [40]. - Asian stock markets had a mixed performance. The Japanese market had a "double - kill" of stocks and bonds, while the South Korean Composite Index hit a new high [40]. - Norway's central bank investment management company significantly reduced its holdings of London small and medium - cap stocks [40]. - US investor Elliott opposed Toyota Industries' privatization proposal [41]. Commodity - The price limit and margin standards of lithium carbonate futures contracts on the GZEX will be adjusted from January 21, 2026 [43]. - International oil prices rose, and London base metals also increased [43]. Bond - The domestic bond market was weak, with most treasury bond futures closing down [44]. Foreign Exchange - The on - shore RMB against the US dollar rose 54 points to 6.9636 at 16:30 on Monday [45]. - The US dollar index fell 0.32% to 99.05, and non - US currencies mostly rose [47]. - Hedge funds increased their short positions on the yen before the Japanese election [47]. - JPMorgan Chase downgraded the ratings of emerging market currencies and the South African rand [47]. 4. Upcoming Events - There will be 358.6 billion yuan of reverse repurchases due in the Chinese central bank's open market at 09:20 [49]. - Press conferences will be held by the State Council Information Office at 10:00 and 15:00 [49]. - Executives from BlackRock, the EU Commission, the UK Treasury, Canada, etc. will speak at the World Economic Forum [49]. - The 40th AAAI Artificial Intelligence Conference and the 2026 Alibaba Cloud PolarDB Developer Conference will be held [49]. - Netflix and 3M will release their financial reports [49].

Market Overview - The three major indices opened higher, with the energy and metals sector leading the gains. As of the market opening, the Shanghai Composite Index was at 4116.37, up 0.06%; the Shenzhen Component Index was at 14307.55, up 0.09%; and the ChiNext Index was at 3340.46, up 0.09% [1]. Government and Economic Policies - Premier Li Qiang held a meeting on January 19 to gather opinions on the "Government Work Report" and the "14th Five-Year Plan" draft, emphasizing the need to expand domestic demand and enhance innovation-driven development [1]. - The National Development and Reform Commission will hold a press conference to discuss the implementation of the central economic work conference's spirit and the good start of the "14th Five-Year Plan" [1]. - The International Monetary Fund (IMF) raised China's economic growth forecast for 2025 by 0.2 percentage points to 5% and also increased the growth expectations for 2026 [1]. Corporate Announcements - China Duty Free Group announced plans to acquire DFS's retail business in Greater China for up to $395 million [3]. - Jianghua Microelectronics announced a change in its actual controller to the Shanghai State-owned Assets Supervision and Administration Commission, with stock resuming trading [3]. - *ST Aowei is set to be the first stock to be delisted due to market capitalization issues by 2026, while Tianjian Technology expects a net loss of between 176 million to 250 million yuan for 2025 [3]. - Water Well Square forecasts a net profit of 392 million yuan for 2025, a 71% decrease year-on-year, while other companies like Chengdu Huamei and Hunan Youneng expect significant profit increases [3]. Market Sentiment and Trends - Dongguan Securities noted that the A-share market showed mixed performance, with the Shanghai Composite Index experiencing volatility but maintaining a slow bull market trend [9]. - Caixin Securities indicated that after significant market fluctuations, short-term risks have been alleviated, and the market is stabilizing with a focus on performance-driven trends as the annual report disclosure period approaches [10].

广期所：经研究决定，自2026年1月21日结算时起，碳酸锂期货合约涨跌停板幅度调整为11%，投机交 易保证金标准调整为13%，套期保值交易保证金标准调整为12%。 广期所：经研究决定，自2026年1月21日结算时起，碳酸锂期货合约涨跌停板幅度调整为11%，投机交 易保证金标准调整为13%，套期保值交易保证金标准调整为12%。 (本文来自第一财经) (本文来自第一财经) ...

人民财讯1月19日电，广州期货交易所发布通知，经研究决定，自2026年1月21日结算时起，碳酸锂期货 合约涨跌停板幅度调整为11%，投机交易保证金标准调整为13%，套期保值交易保证金标准调整为 12%。如遇上述涨跌停板幅度、交易保证金标准与现行执行的涨跌停板幅度、交易保证金标准不同时， 则按两者中幅度大、标准高的执行。 ...

每经AI快讯，1月19日，广期所公告，经研究决定，自2026年1月21日结算时起，碳酸锂期货合约涨跌 停板幅度调整为11%，投机交易保证金标准调整为13%，套期保值交易保证金标准调整为12%。 ...

Group 1 - The core viewpoint of the news highlights the positive performance of the photovoltaic ETF Huaxia (515370), which rose over 2% on January 6, 2026, with significant gains in its constituent stocks such as Aotwei and Shangen Electric, both increasing over 12%, and Goodwe rising over 11% [1] - The domestic commodity futures market opened with most commodities rising, particularly in the new energy materials sector, where lithium carbonate futures contracts increased by 7.6%, currently priced at 136,100 yuan [1] - Huaxi Securities suggests that the demand for photovoltaic energy storage is rigid, and the bottom support for lithium carbonate prices is solid, recommending attention to the cost transmission capabilities of integrated solar storage projects [1] Group 2 - The photovoltaic ETF Huaxia (515370) tracks the CSI Photovoltaic Industry Index, encompassing upstream, midstream, and downstream companies in the photovoltaic industry, including silicon wafers, polysilicon, battery cells, cables, photovoltaic glass, battery modules, inverters, photovoltaic brackets, and solar power plants, providing a comprehensive reflection of the overall performance of the photovoltaic industry [1]