> **来源：[研报客](https://pc.yanbaoke.cn)** # China Futures Trading Adjustments for Spring Festival 2026 中国期货2026年春节交易调整情况 桂晨曦 Gui Chenxi 从业资格号 Qualification No: F3023159 投资咨询号 Consulting No.: Z0013632 CITIC Futures International Service Platform: https://internationalservice.citicsf.com # 摘要 Abstract As the Chinese Spring Festival approaches, China's futures exchanges will be closed, and adjustments will be made to margin requirements and price limit ranges. Investors are advised to take note. The relevant notice link is as follows: 临近中国春节，中国期货交易所将休市，对保证金比例和涨跌停板幅度进行调整，请投资者注意。相关通知链接如下： 1. CFFEX 中金所：The trading margin rate and the price limit will remain unchanged for Spring Festival 2026. 2026 年春节期间，中金所交易保证金比例和涨跌停板幅度保持不变。 2. SHFE 上期所：（1）CN version: https://www.shfe.com.cn/publicnotice/notice/202602/t20260209_830421.html 3. INE能源中心：（1）EN version: https://www.ine.cn/eng/circularnews/circular/202602/t20260209_830412.html（2）CN version: https://www.ine.cn/publicnotice/notice/202602/t20260209_830417.html 4. ZCE 郑商所：（1）EN version: https://english.czce.com.cn/en/AboutUs/News/ggytz/webinfo/2026/2/76d579830e5b47eca44b1b637bffe107.htm（2）CN version: https://www.czce.com.cn/cn/gyjys/jysdt/ggytz/webinfo/2026/2/587bbc23e8514063aa616dfafe12dab7.htm 5. DCE 大商所：（1）EN version: http://www.dce.com.cn/dceg/content/2026/gg/18627580.html (2) CN version: http://www.dce.com.cn/dce/content/2026/ywggytz/18627594.html 6. GFEX 广期所：（1）CN version: http://www.gfex.com.cn/gfex/tzts/202602/86d9ad9b91714f57be051259ca19f913.shtml Risks: Macroeconomic volatility, inadequate policy interpretation, etc. 风险提示：宏观经济波动、政策理解不到位等。 # Content 目录 1.CFFEX中金所 4 2.SHFE 上期所 4 3. INE能源中心 5 4.GFEX广期所 5 5.ZCE郑商所 6 6.DCE 大商所 CITIC Futures International Research Reports 8 # Charts 图表 图表1：SHFE The Adjustments of the Price Limits and Trading Margin Rates of Futures Contracts for Spring Festival 2026 上期所春节期间各品种相关合约涨跌停板幅度和交易保证金比例 4 图表2：INE The Adjustments of the Price Limits and Trading Margin Rates of Futures Contracts for Spring Festival 2026 上期能源春节期间各品种相关合约涨跌停板幅度和交易保证金比例 5 图表3：GFEX Notice on Adjustments to Price Limits and Trading Margins During 2026 Spring Festival Holiday. 5 广期所春节期间各品种相关合约涨跌停板幅度和交易保证金比例 5 图表4：ZCE Notice on Adjustments to Margins and Price Limits of ZCE Products during 2026 Spring Festival Holidays. 6 郑商所春节期间各品种相关合约涨跌停板幅度和交易保证金比例 6 图表5：DCE Notice on Adjustments to Price Limits and Trading Margins During 2026 Spring Festival Holiday 大商所春节期间各品种相关合约涨跌停板幅度和交易保证金比例 7 # Trading time 交易时间： The market will be closed from 3:00 p.m. of February 13, 2026 to February 23, 2026. The market will resume trading on February 24, 2026 with the central auction session from 8:55 a.m. to 9:00 a.m. and the continuous trading on the night of that day. 2026年2月13日晚上不进行夜盘交易。2026年2月14日至2026年2月23日休市。2026年2月24日08:55-09:00所有期货、期权合约进行集合竞价，当晚恢复夜盘交易。 # SHFE/INE 上期所/上期能源： The trading margin rate and the price limit will be adjusted to the corresponding level as from the settlement of February 12, 2026. After holiday, the trading margin rate and the price limit will be adjusted to the corresponding level as from the settlement of the first non-one-direction trading day since February 24, 2026. 自2026年2月12日收盘结算时起，交易保证金比例和涨跌停板幅度调整至相应水平。 2026年2月24日交易后，自第一个未出现单边市的交易日收盘结算时，交易保证金比例和涨跌停板幅度调整至相应水平。 # ZCE/DCE/GFEX郑商所、大商所、广期所： From the settlement on February 9, 2026, margins and price limits of Methanol, Paraxylene, Purified Terephthalic Acid, Polyester Staple Fiber and Polyethylene Terephthalate Resin For Bottles futures will be adjusted to $10\%$ and $9\%$ respectively. (DCE) The trading margin rate and the price limit of other futures contracts will be adjusted to the corresponding level as from the settlement of February 12, 2026. After holiday, the trading margin rate and the price limit will be adjusted to the corresponding level as from the settlement of the first trading day on which limit-locked market does not occur on the contract with the largest open interest of such product since February 24, 2026. 自2026年2月9日结算时起，甲醇、对二甲苯、PTA、短纤、瓶片期货合约的交易保证金标准为 $10\%$ ，涨跌停板幅度为 $9\%$ 。（大商所） 自2026年2月12日结算时起，其他品种期货合约的交易保证金比例和涨跌停板幅度调整至相应水平。 2026年2月24日恢复交易后，自品种持仓量最大的合约未出现涨跌停板单边市的第一个交易日结算时起，交易保证金比例和涨跌停板幅度调整至相应水平。 # 1. CFFEX 中金所 The trading margin rate and the price limit remains unchanged for Spring Festival 2026. 2026年春节期间，中金所交易保证金比例和涨跌停板幅度保持不变。 # 2. SHFE 上期所 图表1：SHFE The Adjustments of the Price Limits and Trading Margin Rates of Futures Contracts for Spring Festival 2026 上期所春节期间各品种相关合约涨跌停板幅度和交易保证金比例 <table><tr><td rowspan="4">Futures</td><td rowspan="4">Contracts</td><td colspan="3">Current Standard</td><td rowspan="2" colspan="3">Standard for Holiday Period (%)</td><td colspan="3">Post-holiday Standard(%)</td></tr><tr><td colspan="3">(%)</td><td colspan="3">(%)</td></tr><tr><td rowspan="2">Price Limits</td><td colspan="2">Trading Margin Rates</td><td rowspan="2">Price Limits</td><td colspan="2">Trading Margin Rates</td><td rowspan="2">Price Limits</td><td colspan="2">Trading Margin Rates</td></tr><tr><td>Hedging</td><td>General</td><td>Hedging</td><td>General</td><td>Hedging</td><td>General</td></tr><tr><td>Copper</td><td>listed contracts</td><td>10</td><td>11</td><td>12</td><td>13</td><td>14</td><td>15</td><td>10</td><td>11</td><td>12</td></tr><tr><td>Aluminum</td><td>listed contracts</td><td>10</td><td>11</td><td>12</td><td>13</td><td>14</td><td>15</td><td>10</td><td>11</td><td>12</td></tr><tr><td>Zinc</td><td>listed contracts</td><td>10</td><td>11</td><td>12</td><td>13</td><td>14</td><td>15</td><td>10</td><td>11</td><td>12</td></tr><tr><td>Lead</td><td>listed contracts</td><td>10</td><td>11</td><td>12</td><td>13</td><td>14</td><td>15</td><td>10</td><td>11</td><td>12</td></tr><tr><td>Nickel</td><td>listed contracts</td><td>12</td><td>13</td><td>14</td><td>15</td><td>16</td><td>17</td><td>12</td><td>13</td><td>14</td></tr><tr><td>Tin</td><td>listed contracts</td><td>12</td><td>13</td><td>14</td><td>15</td><td>16</td><td>17</td><td>12</td><td>13</td><td>14</td></tr><tr><td>Aluminium Oxide</td><td>listed contracts</td><td>10</td><td>11</td><td>12</td><td>13</td><td>14</td><td>15</td><td>10</td><td>11</td><td>12</td></tr><tr><td>Cast Aluminum Alloy</td><td>listed contracts</td><td>8</td><td>9</td><td>10</td><td>11</td><td>12</td><td>13</td><td>8</td><td>9</td><td>10</td></tr><tr><td>Gold</td><td>listed contracts</td><td>17</td><td>18</td><td>19</td><td>20</td><td>21</td><td>22</td><td>17</td><td>18</td><td>19</td></tr><tr><td>Silver</td><td>listed contracts</td><td>20</td><td>21</td><td>22</td><td>25</td><td>26</td><td>27</td><td>20</td><td>21</td><td>22</td></tr><tr><td>Steel Rebar</td><td>listed contracts</td><td>7</td><td>8</td><td>9</td><td>10</td><td>11</td><td>12</td><td>7</td><td>8</td><td>9</td></tr><tr><td>Hot-Rolled Coil</td><td>listed contracts</td><td>7</td><td>8</td><td>9</td><td>10</td><td>11</td><td>12</td><td>7</td><td>8</td><td>9</td></tr><tr><td>Wire Rod</td><td>listed contracts</td><td>8</td><td>9</td><td>10</td><td>11</td><td>12</td><td>13</td><td>8</td><td>9</td><td>10</td></tr><tr><td>Stainless Steel</td><td>listed contracts</td><td>8</td><td>9</td><td>10</td><td>11</td><td>12</td><td>13</td><td>8</td><td>9</td><td>10</td></tr><tr><td>Fuel Oil</td><td>listed contracts</td><td>9</td><td>10</td><td>11</td><td>12</td><td>13</td><td>14</td><td>9</td><td>10</td><td>11</td></tr><tr><td>Bitumen</td><td>listed contracts</td><td>9</td><td>10</td><td>11</td><td>12</td><td>13</td><td>14</td><td>9</td><td>10</td><td>11</td></tr><tr><td>Synthetic Rubber</td><td>listed contracts</td><td>9</td><td>10</td><td>11</td><td>12</td><td>13</td><td>14</td><td>9</td><td>10</td><td>11</td></tr><tr><td>Natural Rubber</td><td>listed contracts</td><td>9</td><td>10</td><td>11</td><td>12</td><td>13</td><td>14</td><td>9</td><td>10</td><td>11</td></tr><tr><td>Woodpulp</td><td>listed contracts</td><td>7</td><td>8</td><td>9</td><td>10</td><td>11</td><td>12</td><td>7</td><td>8</td><td>9</td></tr><tr><td>Offset Paper</td><td>listed contracts</td><td>7</td><td>8</td><td>9</td><td>10</td><td>11</td><td>12</td><td>7</td><td>8</td><td>9</td></tr></table> Source: SHFE CITIC Futures Chinese version 中文版：https://www.shfe.com.cn/publicnotice/notice/202602/t20260209_830421.html # 3. INE 能源中心 上期能源春节期间各品种相关合约涨跌停板幅度和交易保证金比例 图表2：INE The Adjustments of the Price Limits and Trading Margin Rates of Futures Contracts for Spring Festival 2026 <table><tr><td rowspan="4">Futures</td><td rowspan="4">Contracts</td><td colspan="3">Current Standard</td><td rowspan="2" colspan="3">Standard for Holiday Period (%)</td><td colspan="3">Post-holiday Standard</td></tr><tr><td colspan="3">(%)</td><td colspan="3">(%)</td></tr><tr><td rowspan="2">Price Limits</td><td colspan="2">Trading Margin Rates</td><td rowspan="2">Price Limits</td><td colspan="2">Trading Margin Rates</td><td rowspan="2">Price Limits</td><td colspan="2">Trading Margin Rates</td></tr><tr><td>Hedging</td><td>General</td><td>Hedging</td><td>General</td><td>Hedging</td><td>General</td></tr><tr><td>Bonded Copper(BC)</td><td>listed contracts</td><td>10</td><td>11</td><td>12</td><td>13</td><td>14</td><td>15</td><td>10</td><td>11</td><td>12</td></tr><tr><td>Crude Oil</td><td>listed contracts</td><td>9</td><td>10</td><td>11</td><td>12</td><td>13</td><td>14</td><td>9</td><td>10</td><td>11</td></tr><tr><td>Low Sulfur Fuel Oil</td><td>listed contracts</td><td>9</td><td>10</td><td>11</td><td>12</td><td>13</td><td>14</td><td>9</td><td>10</td><td>11</td></tr><tr><td>TSR 20</td><td>listed contracts</td><td>9</td><td>10</td><td>11</td><td>12</td><td>13</td><td>14</td><td>9</td><td>10</td><td>11</td></tr><tr><td>Containerized Freight Index (Europe Service)</td><td>listed contracts, including EC2605, EC2607, and EC2609 which will be listed on Feb 10</td><td>15</td><td>17</td><td>17</td><td>18</td><td>20</td><td>20</td><td>15</td><td>17</td><td>17</td></tr></table> Source: INE CITIC Futures English version 英文版：https://www.ine.cn/eng/circularnews/circular/202602/t20260209_830412.html Chinese version 中文版：https://www.ine.cn/publicnotice/notice/202602/t20260209_830417.html # 4. GFEX 广期所 广期所春节期间各品种相关合约涨跌停板幅度和交易保证金比例 图表3：GFEX Notice on Adjustments to Price Limits and Trading Margins During 2026 Spring Festival Holiday <table><tr><td rowspan="4">Futures</td><td rowspan="4">Contracts</td><td colspan="3">Current Standard</td><td rowspan="2" colspan="3">Standard for Holiday Period (%)</td><td colspan="3">Post-holiday Standard</td></tr><tr><td colspan="3">(%)</td><td colspan="3">(%)</td></tr><tr><td rowspan="2">Price Limits</td><td colspan="2">Trading Margin Rates</td><td rowspan="2">Price Limits</td><td colspan="2">Trading Margin Rates</td><td rowspan="2">Price Limits</td><td colspan="2">Trading Margin Rates</td></tr><tr><td>Hedging</td><td>General</td><td>Hedging</td><td>General</td><td>Hedging</td><td>General</td></tr><tr><td>Silicon Metal</td><td>listed contracts</td><td>8</td><td>10</td><td>9</td><td>11</td><td>13</td><td>12</td><td>8</td><td>10</td><td>9</td></tr><tr><td>Poly-Silicon</td><td>listed contracts</td><td>9</td><td>15</td><td>15</td><td>12</td><td>15</td><td>15</td><td>9</td><td>15</td><td>15</td></tr><tr><td>Lithium Carbonate</td><td>listed contracts</td><td>11</td><td>13</td><td>12</td><td>15</td><td>17</td><td>16</td><td>13</td><td>15</td><td>14</td></tr><tr><td>Platinum</td><td>listed contracts</td><td>20</td><td>22</td><td>22</td><td>24</td><td>26</td><td>26</td><td>20</td><td>22</td><td>22</td></tr><tr><td>Palladium</td><td>listed contracts</td><td>20</td><td>22</td><td>22</td><td>24</td><td>26</td><td>26</td><td>20</td><td>22</td><td>22</td></tr></table> Source: GFEX CITIC Futures Chinese version 中文版：http://www.gfex.com.cn/gfex/tzts/202602/86d9ad9b91714f57be051259ca19f913.shtml # 5. ZCE 郑商所 图表4：ZCE Notice on Adjustments to Margins and Price Limits of ZCE Products during 2026 Spring Festival Holidays 郑商所春节期间各品种相关合约涨跌停板幅度和交易保证金比例 <table><tr><td>Futures Contracts</td><td>Present (margin/p price limit)</td><td>From the settlement on February 9th(margin/price limit)</td><td>From the settlement on February 12th(margin/price limit)</td><td>Since February 24th(margin/price limit)</td></tr><tr><td>Methanol</td><td>7%/6%</td><td>10%/9%</td><td>10%/9%</td><td>7%/6% (Price limit of MA2603 will be 8%, margins and price limits of MA2604, MA2605 will be 9%/8%)</td></tr><tr><td>Paraxylene</td><td>7%/6%</td><td>10%/9%</td><td>10%/9%</td><td>7%/6% (Price limit of PX2603 will be 7%, margins and price limits of PX2604, PX2605 will be 8%/7%)</td></tr><tr><td>Purified Terephthalic Acid</td><td>7%/6%</td><td>10%/9%</td><td>10%/9%</td><td>7%/6% (Price limit of TA2603 will be 7%, margins and price limits of TA2604, TA2605 will be 8%/7%)</td></tr><tr><td>Polyester Staple Fiber</td><td>7%/6%</td><td>10%/9%</td><td>10%/9%</td><td>7%/6% (Price limit of PF2603 will be 7%, margins and price limits of PF2604, PF2605 will be 8%/7%)</td></tr><tr><td>Polyethylene Terephthalate Resin For Bottles</td><td>7%/6%</td><td>10%/9%</td><td>10%/9%</td><td>7%/6% (Price limit of PR2603 will be 7%, margins and price limits of PR2604, PR2605 will be 8%/7%)</td></tr><tr><td>Flat Glass</td><td colspan="2">10%/9%</td><td>12%/10%</td><td rowspan="2">Restored to standards before the adjustments</td></tr><tr><td>Soda Ash</td><td colspan="2">9%/8%</td><td>12%/10%</td></tr><tr><td>Apple</td><td colspan="2">10%/9%</td><td>12%/10%</td><td>10%/9% (Margins and price limits of AP2603, AP2604, TA2605 will be 12%/10%)</td></tr><tr><td>Dried Jujube</td><td colspan="2">9%/8%</td><td>12%/10%</td><td rowspan="7">Restored to standards before the adjustments</td></tr><tr><td>Rapeseed Oil</td><td colspan="2">7%/6% (Margin and price limit of OI2603 are 9%/8%)</td><td>10%/9%</td></tr><tr><td>Rapeseed Meal</td><td colspan="2">7%/6% (Margin and price limit of RM2603 are 10%/8%)</td><td>10%/9%</td></tr><tr><td>Peanut Kernel</td><td colspan="2">7%/6%</td><td>10%/9%</td></tr><tr><td>Cotton</td><td colspan="2">7%/6%</td><td>10%/9%</td></tr><tr><td>Sodium Hydroxide</td><td colspan="2">8%/7%</td><td>10%/9%</td></tr><tr><td>Ferrosilicon</td><td colspan="2">8%/7%</td><td>10%/9%</td></tr><tr><td>Manganese Silicon</td><td colspan="2">9%/8%</td><td>10%/9%</td><td>8%/7%</td></tr><tr><td>Urea</td><td colspan="2">8%/7%</td><td>10%/9%</td><td rowspan="4">Restored to standards before the adjustments</td></tr><tr><td>Propylene</td><td colspan="2">7%/6%</td><td>10%/9%</td></tr><tr><td>White Sugar</td><td colspan="2">6%/5%</td><td>8%/7%</td></tr><tr><td>Cotton Yarn</td><td colspan="2">5%/4%</td><td>8%/7%</td></tr></table> Source: ZCE CITIC Futures English version 英文版:https://english.czce.com.cn/en/AboutUs/News/ggytz/webinfo/2026/2/76d579830e5b47eca44b1b637bffe107.htm Chinese version 中文版：https://www.czce.com.cn/cn/gyjys/jysdt/ggytz/webinfo/2026/2/587bbc23e8514063aa616daffe12dab7.htm # 6. DCE 大商所 图表5：DCE Notice on Adjustments to Price Limits and Trading Margins During 2026 Spring Festival Holiday 大商所春节期间各品种相关合约涨跌停板幅度和交易保证金比例 <table><tr><td rowspan="3">Product</td><td colspan="3">Present</td><td colspan="3">During the Holidays</td><td colspan="3">After the Holidays</td></tr><tr><td rowspan="2">Price Limit</td><td colspan="2">Trading Margin</td><td rowspan="2">Price Limit</td><td colspan="2">Trading Margin</td><td rowspan="2">Price Limit</td><td colspan="2">Trading Margin</td></tr><tr><td>Speculation</td><td>Hedging</td><td>Speculation</td><td>Hedging</td><td>Speculation</td><td>Hedging</td></tr><tr><td>Iron Ore</td><td>9%</td><td>11%</td><td>11%</td><td>11%</td><td>13%</td><td>13%</td><td>9%</td><td>11%</td><td>11%</td></tr><tr><td>Coke</td><td>8%</td><td>20%</td><td>15%</td><td>10%</td><td>20%</td><td>15%</td><td>8%</td><td>20%</td><td>15%</td></tr><tr><td>Coking Coal</td><td>8%</td><td>12%</td><td>12%</td><td>10%</td><td>14%</td><td>14%</td><td>8%</td><td>12%</td><td>12%</td></tr><tr><td>No.1 Soybean</td><td>6%</td><td>7%</td><td>7%</td><td>8%</td><td>9%</td><td>9%</td><td>6%</td><td>7%</td><td>7%</td></tr><tr><td>No.2 Soybean</td><td>6%</td><td>7%</td><td>7%</td><td>8%</td><td>9%</td><td>9%</td><td>6%</td><td>7%</td><td>7%</td></tr><tr><td>Soybean Meal</td><td>6%</td><td>7%</td><td>7%</td><td>8%</td><td>9%</td><td>9%</td><td>6%</td><td>7%</td><td>7%</td></tr><tr><td>Soybean Oil</td><td>6%</td><td>7%</td><td>7%</td><td>9%</td><td>10%</td><td>10%</td><td>6%</td><td>7%</td><td>7%</td></tr><tr><td>RBD Palm Olein</td><td>7%</td><td>8%</td><td>8%</td><td>10%</td><td>11%</td><td>11%</td><td>7%</td><td>8%</td><td>8%</td></tr><tr><td>Corn</td><td>6%</td><td>7%</td><td>7%</td><td>8%</td><td>9%</td><td>9%</td><td>6%</td><td>7%</td><td>7%</td></tr><tr><td>Corn Starch</td><td>5%</td><td>6%</td><td>6%</td><td>7%</td><td>8%</td><td>8%</td><td>5%</td><td>6%</td><td>6%</td></tr><tr><td>Polished Round-Grained Rice</td><td>5%</td><td>6%</td><td>6%</td><td>7%</td><td>8%</td><td>8%</td><td>5%</td><td>6%</td><td>6%</td></tr><tr><td>Egg</td><td>6%</td><td>7%</td><td>7%</td><td>8%</td><td>9%</td><td>9%</td><td>6%</td><td>7%</td><td>7%</td></tr><tr><td>Live Hog</td><td>6%</td><td>8%</td><td>8%</td><td>8%</td><td>10%</td><td>10%</td><td>6%</td><td>8%</td><td>8%</td></tr><tr><td>LLDPE</td><td>6%</td><td>7%</td><td>7%</td><td>9%</td><td>10%</td><td>10%</td><td>6%</td><td>7%</td><td>7%</td></tr><tr><td>PP</td><td>6%</td><td>7%</td><td>7%</td><td>9%</td><td>10%</td><td>10%</td><td>6%</td><td>7%</td><td>7%</td></tr><tr><td>PVC</td><td>6%</td><td>7%</td><td>7%</td><td>9%</td><td>10%</td><td>10%</td><td>6%</td><td>7%</td><td>7%</td></tr><tr><td>EG</td><td>6%</td><td>7%</td><td>7%</td><td>10%</td><td>11%</td><td>11%</td><td>6%</td><td>7%</td><td>7%</td></tr><tr><td>BZ</td><td>7%</td><td>8%</td><td>8%</td><td>11%</td><td>12%</td><td>12%</td><td>7%</td><td>8%</td><td>8%</td></tr><tr><td>EB</td><td>6%</td><td>7%</td><td>7%</td><td>10%</td><td>11%</td><td>11%</td><td>6%</td><td>7%</td><td>7%</td></tr><tr><td>LPG</td><td>6%</td><td>7%</td><td>7%</td><td>10%</td><td>11%</td><td>11%</td><td>6%</td><td>7%</td><td>7%</td></tr><tr><td>Log</td><td>6%</td><td>8%</td><td>8%</td><td>8%</td><td>10%</td><td>10%</td><td>6%</td><td>8%</td><td>8%</td></tr><tr><td>Fiberboard</td><td>5%</td><td>10%</td><td>10%</td><td>5%</td><td>10%</td><td>10%</td><td>5%</td><td>10%</td><td>10%</td></tr><tr><td>Blockboard</td><td>5%</td><td>15%</td><td>15%</td><td>5%</td><td>15%</td><td>15%</td><td>5%</td><td>15%</td><td>15%</td></tr></table> Source: DCE CITIC Futures English version 英文版：http://www.dce.com.cn/dceg/content/2026/gg/18627580.html Chinese version 中文版：http://www.dce.com.cn/dce/content/2026/ywgytz/18627594.html # CITIC Futures International Research Reports https://www.citicfutures.com/Insights 中信期货国际化研究系列报告 # Regular Reports 定期报告 20251126 China Futures Annual Outlook 中国期货2026年度展望 China Futures Monthly Report 中国期货运行月报 China Commodity Futures Cross Border Arbitrage Weekly Report 中国商品期货跨境套利策略周报 China Futures Daily Note 中国期货每日简报 # Special Topic专题报告 # 【Financial】金融 20260204 Assets Allocation in February - Overweight CSI500, Optimistic on Gold 2月资产配置月报：超配中证500，黄金乐观 人民币外汇期货风险管理应用 专题报告20251219 20251218 China Fiscal Policy Outlook: Moderate Expansion? 中国2026财政政策展望：如何理解适度扩张 20251217 China Monetary Policy Outlook: Moderate Easing? 2026年中国货币政策展望：如何理解适度宽松 20251121 Drivers Analysis and Risk Management of the CNY's Strength 人民币汇率偏强原因分析及风险管理 20250917 China Futures Member Position Factor Strategy 中国期货会员持仓因子策略优化 20250805 Optimization of Short Strategy For China Commodity Options 中国商品期权卖权策略优化思路 20250731 China Equity Index and ETF Options Arbitrage Strategy 中国股指期权与ETF期权套利策略 20250728 Enhancement of Covered Call Strategy for China Equity Index Futures 中国股指期权备兑策略优化 20250626 China Gold Options Volatility and Strategies 中国黄金期权波动率及策略配置 20250311 Foreign Private Funds in China Market 外资私募进入中国市场的机遇与挑战 # 【Commodity】商品 20260209 US Diesel Crack Spread Outlook for 2025-2026 Winter Season 美国冬季柴油裂解价差展望 20260209 Rapeseed Oil & Meal Calendar Spread Strategy Update 菜油菜粕月差策略跟进 20260204 Lithium Carbonate Demand (2) Power Batteries and Consumer Batteries 碳酸锂需求展望（二）：动力电池和消费电池 20260203 Lithium Carbonate Demand (1) Energy Storage Growth 碳酸锂需求展望（一）：储能增速 20260119 Iron Ore Global New Capacity Projects in 2026 海外新增铁矿产能项目详解 20260115 Annual Outlook on Crude Oil Tanker Market 原油油轮年度展望 20260112 Follow-up on Rapeseed Calendar Spread Strategy 菜油菜粕月差策略跟进 20260109 Lithium Carbonate Annual Outlook Remains Positive 2026年锂价展望：维持乐观 20260101 Asset Allocation Note Metals, Equity and Forex 资产配置纪要：金属、权益、外汇 20251222 The Dawn of the $61\%$ Era for Iron Ore 铁矿石“61%时代”正在开启 20251220 Rapeseed Oil & Meal Calendar Spread Analysis 菜油菜粕月差策略 20251219 China Soybean Futures Main Contract Rotation Pattern 大豆期货主力合约轮换分析 20251211 Coal-Power Long-Term Contract Interpretation 2026 年煤电长协解读 20251209 China Diesel Consumption Forecast 2026-2030年中国柴油消费展望 20251128 China Iron Ore Futures Basis Review 中国铁矿石期货基差复盘 20251127 China Iron Ore Futures Delivery Introduction 中国铁矿石期货交割规则介绍 20251107 Solid-State Battery Introduction 固态电池基础知识 20251106 US LNG Prices May Rise on Strong Export 出口强劲或推升美国气价 <table><tr><td>20251105 Iron Ore Four Major Mines Quarterly Report Summary 铁矿石全球四大矿山季报解读 202501104 How to Understand China Gold Tax Policy Change 中国黄金税收政策调整解读 20250929 European Gasoil Crack Spread Outlook 欧洲柴油裂解价差展望 20250916 Chinese Port Inventories Pressure SC-Brent Spread 中国港口库存施压 SC-Brent 价差 20250807 Zinc Short Strategy Due To Surplus Expectation 锌过剩预期下的策略分析 20250806 Calender Spread Strategies for Lithium Carbonate Futures 碳酸锂期货月差策略推荐 【Emerging Industry】新兴行业 20251226 Energy and Carbon Annual Outlook 2026 能源双碳年度展望 20251215 New Energy Vehicle Annual Outlook 2026 年全球新能源车销量展望 20251212 Solar PV Industry Annual Outlook 2026 年光伏年度展望 20251208 Compliance Demand May Drive Carbon Prices to Rebound 履约需求或使碳价筑底反弹 20251204 The Impact of Document No. 136 on PV Projects 136 号文如何影响光伏项目 20251022 Quarterly Outlook of Energy, Power, Carbon 能源电碳行业展望 20250808 Why Anti-Involution for PV Industry 光伏反内卷原因分析 20250918 Global Shipping Futures: BDI and FFAs 波罗的海航运指数及期货介绍 20250902 Potential Influence of U.S. Shipping Policy Change 美国航运政策变化的可能影响</td></tr><tr><td>Policy Reading 政策解读 【Macro 宏观】 20251215 Insights from the Central Economic Work Conference 中央经济工作会议学习体会 20251210 Policy Readings on the Politburo Meeting in December 2025 年 12 月政治局会议联合点评 20251113 Commentary on China Monetary Policy Report Q3 2025 三季度货币政策执行报告点评 202501030 Policy Readings on the “15th Five-Year Plan”“十五五”规划建议联合点评 20250801 Politburo Meeting Influence on Futures Prices 7 月政治局会议对期货价格影响 20250514 China-U.S. Tariff Suspension Influence on China Futures Prices 中美关税暂缓对中国期货价格影响 20250313 Influence of Geoenvironmental shift on commodities 地缘变局对商品价格影响分析 20250120 China Economic Annual Outlook 中国经济年度展望 20250114 Impact of “Two New” policy on China's Domestic Demand “两新”政策对中国内需影响分析 20241109 Policy Readings of NPC Standing Committee Meeting in Nov. 11 月人大常委会新闻发布会解读 20241018 Policy Readings of China SCIO Press Conference on 17th Oct. 10 月 17 日国新办发布会解学习体会 20241013 Policy Readings of China Finance Ministry Press Conference on 11th Oct. 10 月财政部发布会学习体会 【Futures 期货】 20250723 Anti-Involution Policy Reading and Influence on Futures Prices “反内卷”政策对期货价格影响 20250714 SHFE's Internationalization Reforms Interpretation 上海期货交易所国际化新规解读 20250622 China Accelerates Futures Market Opening Up 中国期货对外开放再提速</td></tr><tr><td>Research Framework 研究框架 【China Futures 中国期货】Macro Economy/Assets Allocation /CTA/Equity Index/ Government Bond/Exchange Rate/HK Equity index / Hang Seng Biotech Index/Crude Oil/Gold/Copper/Iron Ore/Steels/Lithium/Silicon Metal /LPG/PTA/LLDPE/Methanol/Urea/Shipping Freight /Live Hog/Soybean Meal/Soybean Oil/Palm Oil/Rapeseed Meal/Rapeseed Oil/Comn/Natural Rubber/Zinc/Silver 宏观经济/资产配置/CTA/股指/香港股指/国债/汇率/恒生生物科技指数/原油/黄金/铜/铁矿石/钢材/锂/工业硅/LPG/PTA/塑料/甲醇/尿素/航运/生猪/豆粕/豆油/棕榈油/菜粕/菜油/玉米/天然橡胶/锌/白银 【Global Futures 海外期货】U.S. Economy / U.S. Treasury Bond/ U.S. Corn / US Dollar Index / BDI and FFAs 美国经济/美国国债/美国玉米/美元指数/航运指数</td></tr><tr><td>【Cross-Border Arbitrage 跨境套利】Crude Oil/Iron Ore/Soybean/Copper/Rubber/Plam Oil 原油/铁矿石/大豆/铜/橡胶/棕榈油 Cross-Border Arbitrage Statistical Regression Strategy Model 跨境套利统计回归策略模型 【Risk Management 风险管理】Iron Ore/Plastic/Steel/Freight/Fuel Oil 铁矿石/塑料/钢材/燃油/航运 【长期复盘】全球大宗商品百年回顾/全球经济展望二十年大复盘/全球炼厂利润二十年回顾 /全球炼油产能中长期展望/世界石油海运要道/国际原油价格二十年复盘/美国天然气价格二十年复盘 【国别手册】亚太：中国/印度/日本/韩国/澳大利亚/新加坡马来西亚/印度尼西亚；中东：沙特/伊朗/伊拉克/科威特/阿联酋/卡塔尔；美洲：巴西/委内瑞拉/圭亚那/加拿大；欧洲：俄罗斯/挪威/英国/法国；非洲：利比亚/尼日利亚/阿尔及利亚/安哥拉/刚果/南非/苏丹/南苏丹/埃及</td></tr><tr><td>Trading Manual 交易手册</td></tr><tr><td>Introduction on China Futures Market 中国期货市场概况 Introduction on China Futures Exchanges 中国期货交易所介绍 China Futures and Derivatives Law 中国期货法律法规 China Futures/Options Contracts Manual 中国期货合约手册 China QFII Policy Interpretation 合格境外投资者制度详解 China Futures Overseas Brokerage Policy Interpretation 中国期货境外经纪机构制度详解 Global Futures/Options Contracts Manual 海外期货/期权合约手册 China Futures Code Sheet 中国期货代码速查表 QFII Appliance Procedures One-Stop Guidance 合格境外投资者审批流程指南 【海外期货概况】股指/国债/汇率/能源/金属/农业 【境外交易所概况】中国香港/东南亚/欧洲/北美</td></tr></table> # 免责声明 除非另有说明，中信期货有限公司拥有本报告的版权和/或其他相关知识产权。未经中信期货有限公司事先书面许可，任何单位或个人不得以任何方式复制、转载、引用、刊登、发表、发行、修改、翻译此报告的全部或部分材料、内容。除非另有说明，本报告中使用的所有商标、服务标记及标记均为中信期货有限公司所有或经合法授权被许可使用的商标、服务标记及标记。未经中信期货有限公司或商标所有权人的书面许可，任何单位或个人不得使用该商标、服务标记及标记。 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