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]

Core Viewpoint - The Chicago Mercantile Exchange (CME) announced changes to the margin requirements for gold, silver, platinum, and palladium contracts, shifting from fixed amounts to a percentage of the contract's nominal value, effective after the market close on January 13 [1]. Margin Requirement Changes - For non-high-risk portfolio (Non-HRP) gold contracts, the margin requirement will be set at approximately 5% of the nominal value [1]. - For silver contracts, the margin requirement will be approximately 9% of the nominal value [1]. - The initial margin for 1 ounce gold futures (10Z) for Non-HRP is maintained at USD 240, while for high-risk portfolio (HRP) it is USD 264, with both having a margin rate of 5% [2]. - The initial margin for COMEX 5000 silver futures (SI) for Non-HRP is USD 32,500, while for HRP it is USD 35,750, with a margin rate of 9.9% [4].

Market News - China will release December import and export data on January 14, with exports expected to grow by 3.0% year-on-year, down from 5.9% in November, while imports are projected to decline by 2.9% [1] - In 2025, from January to November, China's total goods trade value reached 41.21 trillion yuan, a year-on-year increase of 3.6%, with exports at 24.46 trillion yuan (up 6.2%) and imports at 16.75 trillion yuan (up 0.2%), resulting in a trade surplus of 7.71 trillion yuan (approximately 1.076 trillion USD), marking a 21.7% increase [2] Commodity Futures - From January 13, 2026, the price fluctuation limit for platinum and palladium futures contracts will be adjusted to 16%, with the trading margin standard set at 18% [3] Economic Data Releases - The U.S. will release December CPI data on January 13, with core CPI expected to rebound significantly, predicted at 0.36% by Morgan Stanley and 0.38% by Bloomberg, both higher than the average of 0.08% in October and November [4][5] - Key economic data including October and November PPI and November retail sales will also be released, with expectations for a 0.7% month-on-month rebound in retail sales, driven by a recovery in auto sales and strong online transactions during Black Friday and Cyber Monday [6] Federal Reserve - The Federal Reserve will release its latest Beige Book on January 14, which previously indicated a weak job market due to government shutdowns and rising costs impacting businesses, with consumer spending showing a K-shaped recovery [7] Earnings Season - The earnings season for U.S. large banks will commence this week, with major firms including JPMorgan, Citigroup, and Goldman Sachs set to report [8] Industry Events - The second China eVTOL Innovation Development Conference is scheduled for January 15-16, 2026, in Shanghai, focusing on the new commercial era of eVTOL [9] - The fourth Data Center Liquid Cooling & AI Chip Thermal Management Supply Chain Conference will be held on January 14-15, 2026, in Shenzhen, discussing innovations in thermal management technology [10] - The first comprehensive law in China's nuclear energy sector, the Atomic Energy Law, will take effect on January 15, 2026 [11] Corporate Announcements - Hangyu Technology announced a share buyback of 752,800 shares, with plans to sell them within six months [12] - Huadong Medicine's subsidiary has developed a breakthrough treatment for severe hypertriglyceridemia, which has been included in the list of breakthrough therapies by the National Medical Products Administration [12] - Jingfeng Mingyuan plans to acquire 100% of Sichuan Yichong Technology through a combination of stock issuance and cash payment [13] - TSMC has commenced research on its next-generation 1.4nm process, with risk trial production expected to start in 2027 [12] Lock-up Expiration - From January 12 to January 16, 2026, 23 companies will have lock-up shares released, totaling 2.434 billion shares with a market value of approximately 48.56 billion yuan [14][15] New Stock Calendar - Two new stocks are set to be issued this week, with a total of approximately 34 million shares and expected fundraising of 1.909 billion yuan [16] Market Outlook - CITIC Securities suggests focusing on resource and traditional manufacturing sectors for pricing power enhancement [17] - Guojin Securities indicates that the A-share market is likely to perform well, driven by liquidity improvements and the ongoing spring market [18] - Everbright Securities anticipates continued market enthusiasm but warns of potential cooling as the Lunar New Year approaches [20]

Group 1 - The core point of the article is the adjustment of the trading rules for platinum and palladium futures contracts by the Guangxi Futures Exchange, effective from January 13, 2026 [1] - The price fluctuation limit for these futures contracts will be adjusted to 16% [1] - The trading margin standard will be set at 18% [1] - In cases where the new limits and standards differ from the current ones, the higher limit and standard will be applied [1]

Group 1 - The core announcement states that starting from January 13, 2026, the price fluctuation limit for platinum and palladium futures contracts will be adjusted to 16% and the trading margin standard will be set at 18% [1][3] - In cases where the new fluctuation limit and margin standard differ from the current ones, the higher limit and standard will be applied [1]

Report Summary 1. Hot News - The National Conference on Industry and Information Technology has planned ten key tasks for 2026, including rectifying "involution - style" competition, supporting AI research, and launching the "Broadband Upgrade" project [2] - US President Trump and Ukrainian President Zelensky met to discuss a proposed Russia - Ukraine "peace plan", with a potential strong US - Ukraine security agreement under negotiation [2] - The State Administration for Market Regulation has provided compliance guidance on regulating price competition in the photovoltaic industry [2] - The Guangzhou Futures Exchange has adjusted the price limit and margin standards for certain futures contracts during the 2026 New Year's Day holiday [2] - The dates for the 2026 National Two Sessions have been set, with the Fourth Session of the 14th National Committee of the Chinese People's Political Consultative Conference starting on March 4 and the Fourth Session of the 14th National People's Congress starting on March 5 [3] 2. Plate Performance - **Key Focus**: Urea, Shanghai copper, Shanghai silver, crude oil, and lithium carbonate [4] - **Night - session Performance**: Different commodity futures sectors showed varying degrees of increase, with the precious metals sector having a 34.79% increase, followed by the non - ferrous metals sector at 25.43%, and the coal, coke, steel, and ore sector at 9.89% [4] 3. Plate Position - The chart shows the position changes of commodity futures sectors in the past five days, but specific data is not clearly presented in text [5] 4. Performance of Major Asset Classes - **Equity**: Most major stock indices showed positive daily, monthly, and annual returns, with the CSI 500 having a relatively high annual increase of 30.27% [6] - **Fixed - income**: Treasury futures generally had small daily increases but negative annual returns [6] - **Commodity**: There were significant differences in performance. For example, the London spot gold had an annual increase of 72.72%, while the CRB commodity index had an annual decrease of 20.88% [6] - **Others**: The US dollar index had a negative annual return of - 9.63%, and the CBOE volatility index also showed a significant annual decline [6]

Core Viewpoint - The announcement from the exchange indicates adjustments to the price limits and margin standards for various futures contracts, effective from December 30, 2025, and January 5, 2026, reflecting changes in trading conditions for industrial silicon, polysilicon, lithium carbonate, platinum, and palladium futures [1]. Group 1: Futures Contract Adjustments - Industrial silicon futures contract price limits and margin standards will remain unchanged [1] - Polysilicon futures contract price limits will remain unchanged, while the speculative trading margin and hedging margin will be adjusted to 15% [1] - Lithium carbonate futures contract price limit will be adjusted to 10%, with speculative trading margin set to 12% and hedging margin to 11% [1] - Platinum and palladium futures contract price limits will be adjusted to 13%, with both speculative trading margin and hedging margin set to 15% [1] Group 2: Trading Resumption - Trading will resume on January 5, 2026, with the price limits and margin standards for industrial silicon futures remaining unchanged if there are no unilateral price limits on the contract with the largest open interest [1] - For polysilicon, platinum, and palladium futures, the price limits and margin standards will maintain the holiday period standards [1] - The price limits and margin standards for lithium carbonate futures will revert to pre-adjustment levels [1]