Group 1 - The China Securities Regulatory Commission (CSRC) emphasizes the importance of strengthening the domestic market while promoting high-level two-way opening of the capital market, including optimizing the Qualified Foreign Institutional Investor (QFII) system and enhancing cross-border investment and financing convenience [1] - The capital market in China is becoming more open and inclusive, attracting foreign capital through improved access conditions and encouraging long-term investments, which enhances the market's vitality and resilience [1] - The launch of the first interconnectivity China Securities Index A500 ETF on the Singapore Exchange in January 2026 provides foreign investors with direct access to core A-share assets, while the expansion of the Shanghai-Hong Kong and Shenzhen-Hong Kong ETF interconnectivity has increased the number of products significantly [1] Group 2 - The CSRC has approved the QFII qualifications for Lianqiao Bank and Castle Advisors Singapore, and has expanded the range of futures options available for foreign investors, indicating a shift towards a more diversified asset allocation strategy [2] - Experts believe that the optimization of the QFII system and the expansion of specific futures products will significantly alter the structure and depth of foreign capital participation in the Chinese capital market, leading to a shift from a focus on stocks and bonds to a more comprehensive asset allocation including spot, futures, and derivatives [2] - The regulatory framework for overseas listings is being standardized and streamlined, which reduces compliance costs for companies and mitigates risks related to data security and technology outflow [3] Group 3 - The dual opening of the capital market is reshaping China's international role, with active participation in international financial governance and efforts to align rules in areas such as information disclosure and risk prevention [3] - The establishment of a transparent and unified process for overseas listing management is expected to eliminate policy uncertainties and provide a stable international regulatory environment for companies seeking to list abroad [3] - Cross-border regulatory cooperation is essential for maintaining market fairness and providing a predictable environment for overseas listings, focusing on audit regulation, law enforcement collaboration, and information sharing [3]

此次证监会明确我国期货市场开放品种扩容标志着中国期货市场对外开放正提质增量加速开放并步 入"制度型开放"和"定价影响力建设"的新阶段。 中国期货市场对外开放再度迎来重磅升级。近日，证监会发布进一步扩大期货市场开放品种范围的 公告，新增确定14个期货期权品种为境内特定品种，涵盖了镍、碳酸锂、对二甲苯、瓶片、短纤等 多个有色、能源金属及化工品。 在业内人士看来，这标志着我国期货市场正从"点状突破"迈向"产业链条系统性开放"的新阶段。 由点及面的开放升级 此次扩容不仅是品种数量的增加，更是我国期货市场渐进式、阶梯化开放的深度延续。 国信期货首席分析师顾冯达认为，此次证监会明确我国期货市场开放品种扩容标志着中国期货市场 对外开放正提质增量加速开放并步入"制度型开放"和"定价影响力建设"的新阶段。在当前全球大宗 商品贸易格局深刻重构的背景下，此举通过引入更广泛的境外参与者，将国际铜、镍、橡胶等关键 战略资源品种纳入特定品种序列，有助于应对全球"资源为锚"的博弈新格局，服务于国家资源安全 保障和现代化产业体系建设。 西安交通大学客座教授景川强调，此次扩容并非孤立动作，而是证监会"分批有序扩大特定品种开 放"战略的延续，与 ...

Hot News - The US is deploying troops and naval vessels to Iran, and a 25% tariff on countries trading with Iran will soon take effect. The US also imposed a new round of sanctions on multiple entities and vessels related to Iran's energy and shipping systems [2] - The preliminary January manufacturing PMI in the Eurozone rose slightly to 49.4 but remained in the contraction range, while the preliminary services PMI dropped to 51.9, below expectations. Manufacturing and services PMIs in Germany rebounded more than expected. France's manufacturing PMI rose to a nearly four-year high of 51, but its services PMI sharply declined to 47.9 [2] - The China Securities Regulatory Commission approved the registration of 20 - rubber, low - sulfur fuel oil, and international copper options, and included 14 futures and options varieties, including the above three, in the scope of expanding the opening of the futures market [2] - The Shanghai Futures Exchange adjusted the daily price limit and margin ratios for nickel, alumina, lead, zinc, and stainless - steel futures contracts starting from the settlement on January 27 [2] - China's above - scale coal production in 2025 reached 48.3 billion tons, a year - on - year increase of 1.2%, hitting a new historical high [3] Sector Performance Key Focus - Urea, lithium carbonate, platinum, crude oil, and asphalt [4] Night Session Performance - Non - metallic building materials rose 1.87%, precious metals 37.78%, oilseeds and oils 7.55%, soft commodities 2.51%, non - ferrous metals 26.15%, coal, coke, steel, and minerals 8.66%, energy 2.05%, chemicals 9.75%, grains 1.09%, and agricultural and sideline products 2.59% [4] Sector Positions - The document shows the position changes of commodity futures sectors in the past five trading days from January 19 to January 23, 2026 [5] Performance of Major Asset Classes - In the equity category, the Shanghai Composite Index rose 0.33% daily, 4.22% monthly, and 4.22% year - to - date. Other indices like the S&P 500, Hang Seng Index, etc., also had different performance [6] - In the fixed - income category, 10 - year, 5 - year, and 2 - year treasury bond futures had corresponding daily, monthly, and year - to - date changes [6] - In the commodity category, the CRB Commodity Index, WTI crude oil, London spot gold, etc., showed various performance [6] - In other categories, the US Dollar Index declined, and the CBOE Volatility Index rose [6]

新增确定14个期货期权品种为境内特定品种 近日，证监会根据《境外交易者和境外经纪机构从事境内特定品种期货交易管理暂行办法》（证监会令 第116号）的有关规定，新增确定14个期货期权品种为境内特定品种。具体包括：上期所镍期货、镍期 权；郑商所对二甲苯期货、瓶片期货、短纤期货、精对苯二甲酸期权、对二甲苯期权、瓶片期权、短纤 期权；广期所碳酸锂期货、碳酸锂期权；上期能源20号胶期权、低硫燃料油期权、国际铜期权。 据期货日报记者了解，镍期货成为上期所首个直接对外开放的完税有色金属期货品种，同时上期能源实 现成熟品种期权全覆盖，标志着上期所国际化进程迈出关键步伐，也是上期所服务国家高水平对外开 放、增强大宗商品价格影响力的重要举措。 作为上期所首个特定品种，镍在工业发展中具有重要的战略意义，是新兴产业不可或缺的基础金属材 料。中国作为全球最大的镍消费国和进口国、第二大生产国，具备雄厚的产业基础，为期货市场对外开 放提供了坚实支撑。自2015年上市以来，镍期货市场功能有效发挥，期现价格联动紧密，已成为国内现 货贸易定价的重要依据，并被多数产业链企业广泛应用于风险管理和贸易活动。推进镍期货及期权市场 对外开放，顺应了产业链 ...

Core Viewpoint - The China Securities Regulatory Commission (CSRC) has added 14 futures and options products for foreign traders to participate in domestic trading, enhancing market accessibility and diversity [1] Group 1: New Products Introduced - The newly added products include nickel futures and options from the Shanghai Futures Exchange [1] - The Zhengzhou Commodity Exchange will offer futures and options for paraxylene, bottle flakes, short fibers, and purified terephthalic acid [1] - The Guangzhou Futures Exchange will introduce lithium carbonate futures and options [1] - The Shanghai International Energy Exchange will provide options for No. 20 rubber, low-sulfur fuel oil, and international copper [1] Group 2: Regulatory Oversight - The CSRC will supervise relevant futures exchanges to ensure proper preparations for the smooth introduction of these products for foreign traders [1]

Group 1 - The Shanghai Municipal Party Committee has approved the proposal for the 15th Five-Year Plan, emphasizing the enhancement of the international financial center's competitiveness and influence, with specific deployments for building a global RMB asset allocation center and risk management center [1] - The Shanghai financial system work meeting highlighted the importance of party organization coverage in the financial sector and shared progress on the coverage of non-public financial enterprises [2] - The "Action Plan to Enhance the Commodity Level of Nonferrous Metals" was released, aiming to strengthen the linkage between futures and spot markets [3] Group 2 - The Shanghai Financial Regulatory Bureau issued the "Action Plan for High-Quality Development of Pension Finance," proposing 20 measures to build a pension management system with Shanghai characteristics [5] - The first delivery of the futures contract for coated printing paper was successfully completed, with a total delivery volume of 1,840 tons and a delivery amount of nearly 7.6 million yuan [6] - The Shanghai Asset Management Association announced ten major initiatives for building a global asset management center by 2025, reflecting innovative achievements in the sector [8] Group 3 - The Shanghai Futures Exchange announced adjustments to the margin ratios and price limits for copper, aluminum, gold, and silver futures, effective from January 22, 2026 [9] - The Shanghai International Energy Exchange is seeking public opinion on revising its risk control management rules, with feedback due by January 28, 2026 [10] - HSBC China has launched its first local public fund custody business, providing custody services for a fund managed by E Fund Management [11] Group 4 - The launch of the "Intelligent Reporting and Review Project for Ship Insurance Certificates" by PICC Shanghai and the Shanghai Maritime Bureau marks a shift towards online and intelligent processes in insurance certificate review [12] - The Construction Bank has introduced a new RMB structured deposit product in the free trade zone, successfully facilitating two offshore enterprises in managing their funds [13] - The first batch of technology innovation convertible bonds was successfully issued, providing low-cost long-term funding for tech enterprises [14] Group 5 - Shanghai Securities has received approval for its sponsorship business qualification, marking a significant breakthrough in its core business license layout [15] - The successful implementation of the first domestic credit certificate electronic document submission business by the Bank of Communications Shanghai branch represents a new financial service breakthrough [16] - Three branches of Shanghai Rural Commercial Bank have been recognized as the first batch of green branches in Shanghai, promoting sustainable finance [17] Group 6 - The People's Bank of China is focusing on creating a favorable monetary and financial environment to support high-quality economic development [19] - The minimum down payment ratio for commercial property loans has been adjusted to no less than 30% to adapt to changes in the real estate market [20] - The State Administration of Financial Supervision has issued new regulations to standardize the administrative licensing process for financial institutions [24] Group 7 - The China Securities Regulatory Commission has expanded the range of futures market products available for foreign investors, adding 14 new futures options [29] - The CSRC has approved the registration of options for 20 rubber, low-sulfur fuel oil, and international copper, ensuring a smooth launch and operation of these products [30] - Longqi Technology has completed its "A+H" listing, marking a significant milestone in its capital market strategy [31]

Core Viewpoint - The acceleration of China's futures market opening to foreign investors is highlighted, with the introduction of 14 specific futures and options products for foreign trading participation [1][3]. Group 1: Regulatory Developments - The China Securities Regulatory Commission (CSRC) announced the addition of 14 futures and options products as specific varieties for foreign traders [1]. - The approved products include nickel futures and options from the Shanghai Futures Exchange, various products from the Zhengzhou Commodity Exchange, and lithium carbonate futures and options from the Guangzhou Futures Exchange [1]. Group 2: Market Functionality and Historical Context - Nickel futures have been effectively functioning since their launch in 2015, demonstrating a close linkage between spot and futures prices [1]. - The Zhengzhou Commodity Exchange's PTA futures, introduced in 2018, have also shown stable market operation and functionality since the inclusion of foreign traders [2]. Group 3: Internationalization Efforts - Domestic futures markets are steadily advancing their internationalization, with exchanges optimizing business rules and expanding product offerings to attract both domestic and foreign participants [3]. - As of the end of 2025, at least 104 futures and options products will be available for qualified foreign investors, covering key sectors such as energy, chemicals, and agricultural products [3]. Group 4: Future Outlook - The increasing inclusion of products for foreign trading is expected to enhance the convenience for foreign investors in participating in China's futures market, allowing them to share in the opportunities of China's innovative development [3]. - The steady progress of institutional opening is leading to a higher participation rate of foreign investors, with a growing proportion of positions held by them [3].

Core Viewpoint - The article discusses the accelerated opening of China's futures market to foreign investors, highlighting the recent approval of 14 specific futures and options products for foreign participation by the China Securities Regulatory Commission (CSRC) [3]. Group 1: Regulatory Developments - On January 23, the CSRC announced the addition of 14 futures and options products for foreign traders, including nickel futures and options from the Shanghai Futures Exchange, various products from the Zhengzhou Commodity Exchange, and lithium carbonate futures and options from the Guangzhou Futures Exchange [3]. - The CSRC will oversee the preparations for these products to ensure a smooth introduction for foreign traders [3]. Group 2: Market Functionality and Historical Context - Nickel futures, launched in 2015, have effectively fulfilled their market functions, demonstrating a close linkage between spot and futures prices [3]. - The Zhengzhou Commodity Exchange's PTA futures, introduced in 2018, have also shown stable market operation since allowing foreign participation [4]. Group 3: Internationalization Efforts - The domestic futures market has been steadily advancing its internationalization, with exchanges optimizing business rules and expanding product offerings to attract both domestic and foreign participants [5]. - As of the end of 2025, at least 104 futures and options products will be available for qualified foreign investors, covering key sectors such as energy, chemicals, and agriculture [5]. - Increased foreign participation is expected to enhance the functionality of the futures market and allow foreign investors to share in China's innovative development opportunities [5].

Core Viewpoint - The China Securities Regulatory Commission (CSRC) has announced the addition of 14 specific futures and options products for foreign traders to participate in domestic trading, aiming to enhance market accessibility and liquidity [1] Group 1: New Products Introduced - The newly added products include nickel futures and options from the Shanghai Futures Exchange [1] - The Zhengzhou Commodity Exchange will introduce futures and options for paraxylene, bottle flakes, short fibers, purified terephthalic acid, and their respective options [1] - The Guangzhou Futures Exchange will offer lithium carbonate futures and options [1] - The Shanghai International Energy Exchange will include options for No. 20 rubber, low-sulfur fuel oil, and international copper [1] Group 2: Regulatory Oversight - The CSRC will supervise relevant futures exchanges to ensure proper preparations are made for the smooth introduction of these products for foreign traders [1]

Core Viewpoint - The China Securities Regulatory Commission (CSRC) has announced the addition of 14 specific futures and options products for foreign traders to participate in domestic trading, aiming to enhance market accessibility and liquidity [1] Group 1: New Products Introduced - The newly added products include nickel futures and options from the Shanghai Futures Exchange [1] - The Zhengzhou Commodity Exchange will introduce futures and options for paraxylene, bottle-grade PET, short fiber, and purified terephthalic acid [1] - The Guangzhou Futures Exchange will offer lithium carbonate futures and options [1] - The Shanghai International Energy Exchange will include options for No. 20 rubber, low-sulfur fuel oil, and international copper [1] Group 2: Regulatory Oversight - The CSRC will supervise the relevant futures exchanges to ensure proper preparations are made for the smooth introduction of these products for foreign traders [1]