近期，贵金属价格持续高位震荡，个人投资热度显著升温，在此背景下，商业银行持续收紧 个人贵金属业务风险管控。 2月25日，工商银行、农业银行、建设银行相继发布公告，调整个人客户上海黄金交易所延 期合约保证金比例。比如，工商银行公告显示，鉴于近期贵金属市场风险显著增加，自2月 27日收盘清算时起，该行代理个人客户Au（T+D）、mAu（T+D）、Au（T+N1）、Au （T+N2）、NYAuTN06、NYAuTN12等合约的标准交易保证金比例由80%调整为100%，差 异化保证金作同向、同幅度调整。 此次调整后，相关业务杠杆由1.25倍降至1倍，此意味着，交易价值100万元的合约，此前仅 需80万元保证金（杠杆为1.25倍），如今则需要足额100万元保证金（杠杆为1倍），投资者 必须以全额资金参与交易。 国有大行频繁出手，延期合约保证金比例升至100% 商业银行持续收紧个人贵金属交易业务管控，2月25日，工商银行发布公告称，鉴于近期贵 金属市场风险显著增加，为切实保护投资者利益，根据相关风控要求，该行将对代理个人客 户延期合约的交易保证金比例进行调整。 自2026年2月27日（星期五）收盘清算时起，该行代理个人客 ...

21世纪经济报道记者张欣 在国际贵金属价格持续高位震荡、个人投资热度攀升的背景下，工商银行、农业银行近期相继宣布，将代理个人贵金属延期业 务的保证金比例由80%统一上调至100%。 春节后，国际贵金属市场延续强劲走势。伦敦现货黄金在连续反弹后，于2月26日重新站上5200美元/盎司，最高触及5205.472美 元/盎司。国内沪金、沪银期货在马年首个交易日也同步大幅高开，市场情绪持续升温。 面对价格剧烈波动带来的风险累积，主要代理银行迅速响应。农业银行于2月25日发布通知，宣布自2月26日收盘清算时起，将 Au（T+D）、mAu（T+D）、Ag（T+D）等合约的保证金比例从80%上调至100%。该行表示，近期国际贵金属市场价格波动加 剧，个人客户交易类贵金属业务市场风险上升，此举是为防范风险、保护投资者利益。 （图源：农行官网） 同日，工商银行也发布公告，自2月27日收盘清算时起，将代理个人客户Au（T+D）、mAu（T+D）、Au（T+N1）、Au （T+N2）、NYAuTN06、NYAuTN12等合约的标准交易保证金比例由80%调整为100%，差异化保证金作同向、同幅度调整；代 理个人客户Ag（T+D）合约 ...

Core Viewpoint - Major banks in China, including Industrial and Agricultural Banks, have raised the margin requirement for personal precious metals deferred business from 80% to 100% to mitigate risks associated with increased market volatility in precious metals [1][3][5]. Group 1: Market Conditions - The international precious metals market has shown strong performance, with spot gold prices rebounding to over $5,200 per ounce as of February 26, 2026, indicating a continued upward trend [1]. - The price of gold has surged nearly 65% throughout 2025, with prices exceeding $5,500 per ounce in 2026, attracting a significant number of individual investors and amplifying market risks [8]. Group 2: Bank Actions - Agricultural Bank announced on February 25, 2026, that it would increase the margin requirement for various precious metals contracts to 100% starting from the market close on February 26, 2026, citing heightened market risks [3]. - Industrial Bank followed suit, adjusting the margin for personal clients' contracts to 100% effective February 27, 2026, as a proactive measure to protect investors [5]. Group 3: Contract Types - The contracts affected by the margin increase include Au (T+D), mAu (T+D), and Ag (T+D), which represent different types of gold and silver deferred contracts, allowing investors to choose between immediate or deferred delivery [7][8]. - The adjustment in margin requirements effectively reduces the leverage for trading, moving from a leverage of approximately 1.25 times to 1 time, thereby encouraging more rational investment behavior among clients [8]. Group 4: Industry Trends - Prior to the margin increase, several banks had begun to tighten their personal precious metals trading operations, with some banks announcing the closure of related business functionalities for clients without positions or debts [9]. - The tightening of margin requirements and the closure of certain trading functionalities reflect a broader trend among financial institutions to manage risks in a volatile market environment [9].

Core Viewpoint - The Shanghai Gold Exchange (SGE) has adjusted the margin ratios and price fluctuation limits for certain gold and silver contracts in response to recent volatility in international gold and silver prices [1][2]. Group 1: Margin Adjustments - As of February 24, 2026, the margin ratio for several gold contracts, including Au (T+D), mAu (T+D), Au (T+N1), Au (T+N2), NYAuTN06, and NYAuTN12, has been reduced from 21% to 18%, with the price fluctuation limit changing from 20% to 17% [2]. - The margin ratio for the Ag (T+D) contract has been decreased from 27% to 24%, and the fluctuation limit has been adjusted from 26% to 23% [2]. - The margin for CAu99.99 contracts has been lowered from 200,000 yuan to 180,000 yuan per contract [2]. Group 2: Recent Historical Context - Prior to the adjustments on February 24, the SGE had increased the margin ratios and fluctuation limits on February 9, 2026, in preparation for market risk control during the Spring Festival [5]. - The adjustments made on February 24 effectively revert the margin ratios and fluctuation limits to levels before the February 9 changes [7]. - The SGE has been actively adjusting these parameters in response to significant fluctuations in gold and silver prices, with multiple notifications issued in late January and early February 2026 [7]. Group 3: Market Reaction - Following the adjustments, domestic gold and silver prices experienced an increase on the first trading day after the Spring Festival [8]. - On February 24, the Au99.99 contract closed at 1,147.66 yuan per gram, marking a 3.49% increase, with a cumulative rise of over 17% since 2026 [9]. - The main futures contract for gold on the Shanghai Futures Exchange rose by 3.52% to close at 1,150.50 yuan per gram, while the main silver futures contract surged by 12.84% to 22,327 yuan per kilogram, reflecting a cumulative increase of over 23% since 2026 [9].

Core Viewpoint - Shanghai Gold Exchange has adjusted the margin levels and price fluctuation limits for certain contracts to enhance market stability and risk management [1][2]. Group 1: Margin Adjustments - The margin ratio for Au (T+D), mAu (T+D), Au (T+N1), Au (T+N2), NYAuTN06, and NYAuTN12 contracts has been reduced from 21% to 18%, with the price fluctuation limit changing from 20% to 17% starting February 24 [1]. - The margin ratio for Ag (T+D) contracts has been decreased from 27% to 24%, and the fluctuation limit has been adjusted from 26% to 23% [1]. - The margin for CAu99.99 contracts has been modified from 200,000 yuan to 180,000 yuan per contract [1]. Group 2: Market Conditions - As of February 24, the spot gold price is at 5169 USD/ounce, and the spot silver price is at 88.07 USD/ounce, both remaining at recent high levels [2]. - The Shanghai Gold Exchange reported a 3.59% increase in gold T+D and a 13.97% increase in silver T+D as of the same date [2]. - The market is influenced by U.S. monetary policy, with the Federal Reserve indicating a cautious approach to new easing cycles until inflation trends stabilize [3]. Group 3: Geopolitical Factors - Ongoing geopolitical tensions in the Middle East, particularly regarding U.S.-Iran nuclear negotiations, are contributing to increased demand for safe-haven assets like gold [4]. - UBS has maintained a positive outlook on gold, projecting a target price of 6200 USD/ounce in the coming months, driven by strong investment flows and central bank purchases [4].

上金所同时提示，请各会员提高风险防范意识，做细做好风险应急预案，提示投资者做好风险防范工 作，合理控制仓位，理性投资，确保市场稳定健康运行。 来源：上海证券报·中国证券网 上证报中国证券网讯（记者 马慜）2月24日，上海黄金交易所发布关于调整部分合约保证金水平和涨跌 停板的通知，根据《上海黄金交易所风险控制管理办法》的有关规定，上海黄金交易所经研究决定，对 部分合约交易保证金水平和涨跌停板比例进行调整。 具体调整如下：自2026年2月24日（星期二）收盘清算时起，Au（T+D）、mAu（T+D）、Au （T+N1）、Au（T+N2）、NYAuTN06、NYAuTN12等合约的保证金比例从21%调整为18%，下一交易 日起涨跌幅度限制从20%调整为17%；Ag（T+D）合约的保证金比例从27%调整为24%，下一交易日起 涨跌幅度限制从26%调整为23%；CAu99.99合约保证金每手200000元调整至每手180000元。 来源：上海证券报·中国证券网 上证报中国证券网讯（记者 马慜）2月24日，上海黄金交易所发布关于调整部分合约保证金水平和涨跌 停板的通知，根据《上海黄金交易所风险控制管理办法》的有关规定，上 ...

Group 1 - The Shanghai Gold Exchange announced adjustments to the margin levels and price fluctuation limits for certain contracts effective from February 24 [1] - The margin ratio for Au (T+D), mAu (T+D), Au (T+N1), Au (T+N2), NYAuTN06, and NYAuTN12 contracts has been reduced from 21% to 18%, with the price fluctuation limit changing from 20% to 17% [1] - The margin ratio for Ag (T+D) contracts has been adjusted from 27% to 24%, and the price fluctuation limit will change from 26% to 23% starting the next trading day [1] Group 2 - The margin for CAu99.99 contracts has been adjusted from 200,000 yuan per lot to 180,000 yuan per lot [1] - The Shanghai Gold Exchange has advised investors to manage risks effectively, control positions reasonably, and invest rationally [1]

Core Viewpoint - The Shanghai Futures Exchange and Shanghai Gold Exchange have announced adjustments to margin ratios and price limits for various futures contracts, as well as work arrangements for the 2026 Spring Festival period to mitigate market risks during this time [1][7][14]. Group 1: Margin Ratio and Price Limit Adjustments - The margin ratios and price limits for newly listed futures contracts such as copper, aluminum, lead, and zinc have been adjusted, with price limits set at 10% and margin ratios at 11% for hedged positions and 12% for general positions [4]. - For contracts like nickel and tin, the price limit is set at 12% with margin ratios of 13% for hedged positions and 14% for general positions [4]. - Gold contracts have a price limit of 17% and margin ratios of 18% for hedged positions and 19% for general positions, while silver contracts have a price limit of 20% and margin ratios of 21% for hedged positions and 22% for general positions [4]. - Other contracts, including rebar and hot-rolled coils, have a price limit of 7% and margin ratios of 8% for hedged positions and 9% for general positions [4]. Group 2: Spring Festival Work Arrangements - The Shanghai Futures Exchange will not conduct night trading on February 13, 2026, and will be closed from February 14 to February 23, 2026, resuming trading on February 24, 2026 [8][14]. - On February 24, 2026, all futures and options contracts will undergo a collective auction from 08:55 to 09:00, followed by the resumption of night trading [9]. Group 3: Risk Control Measures - The Shanghai Gold Exchange has implemented measures to adjust margin ratios and price limits for gold and silver contracts to prevent price fluctuations during the Spring Festival [16]. - Starting from the close on February 11, 2026, the margin ratio for gold contracts will increase from 18% to 21%, and the price limit will rise from 17% to 20% [16]. - For silver contracts, the margin ratio will increase from 24% to 27%, with the price limit changing from 23% to 26% [16].

Core Viewpoint - The Shanghai Gold Exchange has announced adjustments to margin requirements and price fluctuation limits for gold and silver contracts in response to potential market volatility during the 2026 Spring Festival holiday [1][2]. Group 1: Margin Adjustments - The margin ratio for various gold contracts, including Au (T+D), mAu (T+D), Au (T+N1), Au (T+N2), NYAuTN06, and NYAuTN12, will increase from 18% to 21% starting from the close on February 11, 2026 [1]. - The fluctuation limit for these gold contracts will change from 17% to 20% from the next trading day [1]. - The margin for the Ag (T+D) contract will rise from 24% to 27%, with the fluctuation limit adjusted from 23% to 26% [1]. Group 2: Contract Specifics - The margin for CAu99.99 contracts will be adjusted from 150,000 yuan per contract to 200,000 yuan per contract [1]. - If a one-sided market occurs on February 11, the higher margin and fluctuation limits will be enforced as per the Shanghai Gold Exchange's risk control management regulations [1]. Group 3: Risk Management - The exchange will provide further notifications regarding subsequent adjustments to margin ratios and fluctuation limits after the Spring Festival [2]. - Member units are urged to enhance risk awareness, develop detailed emergency response plans, and advise investors to manage risks and control positions rationally to ensure market stability [2].

Group 1 - The Shanghai Gold Exchange has announced adjustments to the margin levels and price fluctuation limits for certain contracts, effective from the market close on February 9, 2026 [1] - The margin ratio for contracts Au (T+D), mAu (T+D), Au (T+N1), Au (T+N2), NYAuTN06, and NYAuTN12 will increase from 17% to 18%, while the price fluctuation limit will rise from 16% to 17% [1] - The margin ratio for the Ag (T+D) contract will increase from 23% to 24%, with the price fluctuation limit changing from 22% to 23% [1] Group 2 - In the event of a one-sided market on February 9, if the adjusted margin and price fluctuation limits exceed the stated levels, the higher standards will be applied [1] - The exchange urges members to enhance risk awareness and prepare detailed risk contingency plans, advising investors to manage risks and control positions rationally to ensure market stability [1]