新高不断，芝商所又出手！贵金属合约保证金由“固定”改为“浮动”

澎湃新闻01-13

芝商所再次调整其旗下贵金属期货合约的保证金收取方式。当地时间1月12日，芝商所集团（CME Group，简称“芝商所”）宣布，将改变黄金、白银、铂金和钯金期货的保证金设定方式，由此前以固定美元金额为主，改为按合约名义价值的一定比例计算。芝商所在一份通知中表示，新的方法将基于所谓“名义价值”的百分比来设定保证金。此前，保证金是基于一个固定的美元金额设定的。在新框架下，黄金保证金将设定为5%，而白银...

网页链接

免责声明：本文观点仅代表作者个人观点，不构成本平台的投资建议，本平台不对文章信息准确性、完整性和及时性做出任何保证，亦不对因使用或信赖文章信息引发的任何损失承担责任。

精彩评论

我们需要你的真知灼见来填补这片空白

发表看法

{"i18n":{"language":"zh_CN"},"isChannel":false,"data":{"share":"https://www.laohu8.com/m/news/2603185680?lang=zh_CN&edition=full","thumbnail":"","is_english":false,"pubTime":"2026-01-13 22:05","share_image_url":"https://static.laohu8.com/9a95c1376e76363c1401fee7d3717173","id":"2603185680","market":"hk","top_or_hot":-1,"title":"新高不断，芝商所又出手！贵金属合约保证金由“固定”改为“浮动”","media":"澎湃新闻","content":"<div>\n<p>芝商所再次调整其旗下贵金属期货合约的保证金收取方式。当地时间1月12日，芝商所集团（CME Group，简称“芝商所”）宣布，将改变黄金、白银、铂金和钯金期货的保证金设定方式，由此前以固定美元金额为主，改为按合约名义价值的一定比例计算。芝商所在一份通知中表示，新的方法将基于所谓“名义价值”的百分比来设定保证金。此前，保证金是基于一个固定的美元金额设定的。在新框架下，黄金保证金将设定为5%，而白银...</p>\n\n<a href=\"http://gu.qq.com/resources/shy/news/detail-v2/index.html#/?id=nesSN20260113220757a4bf36be&s=b\">网页链接</a>\n\n</div>\n","source":"tencent","html":"<!DOCTYPE html>\n<html>\n<head>\n<meta http-equiv=\"Content-Type\" content=\"text/html; charset=utf-8\" />\n<meta name=\"viewport\" content=\"width=device-width,initial-scale=1.0,minimum-scale=1.0,maximum-scale=1.0,user-scalable=no\"/>\n<meta name=\"format-detection\" content=\"telephone=no,email=no,address=no\" />\n<title>新高不断，芝商所又出手！贵金属合约保证金由“固定”改为“浮动”</title>\n<style type=\"text/css\">\na,abbr,acronym,address,applet,article,aside,audio,b,big,blockquote,body,canvas,caption,center,cite,code,dd,del,details,dfn,div,dl,dt,\nem,embed,fieldset,figcaption,figure,footer,form,h1,h2,h3,h4,h5,h6,header,hgroup,html,i,iframe,img,ins,kbd,label,legend,li,mark,menu,nav,\nobject,ol,output,p,pre,q,ruby,s,samp,section,small,span,strike,strong,sub,summary,sup,table,tbody,td,tfoot,th,thead,time,tr,tt,u,ul,var,video{ font:inherit;margin:0;padding:0;vertical-align:baseline;border:0 }\nbody{ font-size:16px; line-height:1.5; color:#999; background:transparent; }\n.wrapper{ overflow:hidden;word-break:break-all;padding:10px; }\nh1,h2{ font-weight:normal; line-height:1.35; margin-bottom:.6em; }\nh3,h4,h5,h6{ line-height:1.35; margin-bottom:1em; }\nh1{ font-size:24px; }\nh2{ font-size:20px; }\nh3{ font-size:18px; }\nh4{ font-size:16px; }\nh5{ font-size:14px; }\nh6{ font-size:12px; }\np,ul,ol,blockquote,dl,table{ margin:1.2em 0; }\nul,ol{ margin-left:2em; }\nul{ list-style:disc; }\nol{ list-style:decimal; }\nli,li p{ margin:10px 0;}\nimg{ max-width:100%;display:block;margin:0 auto 1em; }\nblockquote{ color:#B5B2B1; border-left:3px solid #aaa; padding:1em; }\nstrong,b{font-weight:bold;}\nem,i{font-style:italic;}\ntable{ width:100%;border-collapse:collapse;border-spacing:1px;margin:1em 0;font-size:.9em; }\nth,td{ padding:5px;text-align:left;border:1px solid #aaa; }\nth{ font-weight:bold;background:#5d5d5d; }\n.symbol-link{font-weight:bold;}\n/* header{ border-bottom:1px solid #494756; } */\n.title{ margin:0 0 8px;line-height:1.3;color:#ddd; }\n.meta {color:#5e5c6d;font-size:13px;margin:0 0 .5em; }\na{text-decoration:none; color:#2a4b87;}\n.meta .head { display: inline-block; overflow: hidden}\n.head .h-thumb { width: 30px; height: 30px; margin: 0; padding: 0; border-radius: 50%; float: left;}\n.head .h-content { margin: 0; padding: 0 0 0 9px; float: left;}\n.head .h-name {font-size: 13px; color: #eee; margin: 0;}\n.head .h-time {font-size: 11px; color: #7E829C; margin: 0;line-height: 11px;}\n.small {font-size: 12.5px; display: inline-block; transform: scale(0.9); -webkit-transform: scale(0.9); transform-origin: left; -webkit-transform-origin: left;}\n.smaller {font-size: 12.5px; display: inline-block; transform: scale(0.8); -webkit-transform: scale(0.8); transform-origin: left; -webkit-transform-origin: left;}\n.bt-text {font-size: 12px;margin: 1.5em 0 0 0}\n.bt-text p {margin: 0}\n</style>\n</head>\n<body>\n<div class=\"wrapper\">\n<header>\n<h2 class=\"title\">\n新高不断，芝商所又出手！贵金属合约保证金由“固定”改为“浮动”\n</h2>\n\n<h4 class=\"meta\">\n\n\n2026-01-13 22:05 北京时间&nbsp;&nbsp;&nbsp;<a href=http://gu.qq.com/resources/shy/news/detail-v2/index.html#/?id=nesSN20260113220757a4bf36be&s=b><strong>澎湃新闻</strong></a>\n\n\n</h4>\n\n</header>\n<article>\n<div>\n<p>芝商所再次调整其旗下贵金属期货合约的保证金收取方式。当地时间1月12日，芝商所集团（CME Group，简称“芝商所”）宣布，将改变黄金、白银、铂金和钯金期货的保证金设定方式，由此前以固定美元金额为主，改为按合约名义价值的一定比例计算。芝商所在一份通知中表示，新的方法将基于所谓“名义价值”的百分比来设定保证金。此前，保证金是基于一个固定的美元金额设定的。在新框架下，黄金保证金将设定为5%，而白银...</p>\n\n<a href=\"http://gu.qq.com/resources/shy/news/detail-v2/index.html#/?id=nesSN20260113220757a4bf36be&s=b\">网页链接</a>\n\n</div>\n\n\n</article>\n</div>\n</body>\n</html>\n","isBrief":false,"type":0,"news_type":1,"symbol":"HK0000306685.HKD","symbol_name":"TAIKANG KAITAI CHINA NEW OPPORTUNITIES FUND \"A\" (HKD) INC","start_time":0,"source_url":"http://gu.qq.com/resources/shy/news/detail-v2/index.html#/?id=nesSN20260113220757a4bf36be&s=b","article_id":"2603185680","we_media_id":null,"thumbnails":[],"rights":{"source":"tencent","url":"http://gu.qq.com/resources/shy/news/detail-v2/index.html#/?id=nesSN20260113220757a4bf36be&s=b","rn_cache_url":null,"customStyle":"body{padding-top:10px;}#news_title{font-weight:bold;#titleStyle#;}#news_description span{font-size:12px;#descriptionStyle#;}.footer-note{#statement#}","selectors":".mod-LoadTzbdNews, body","filters":".relate-stock, .hot-list, .recom-box, .wx-sou","directOrigin":true},"url":"https://stock-news.laohu8.com/highlight/detail?id=2603185680","pubTimestamp":1768313158,"columns":[],"sourceInfo":{"source_id":"tencent","name":"腾讯"},"weMediaInfo":null,"summary":"芝商所再次调整其旗下贵金属期货合约的保证金收取方式。随着贵金属涨势加速和波动性激增，芝商所去年已多次调整其贵金属合约的保证金要求。2025年12月12日，芝商所首次将白银保证金上调10%。2025年12月30日，芝商所再度发布公告表示，黄金、白银、铂金和钯金合约的保证金将在2025年12月31日收盘后上调，这项决定基于“市场波动性以确保足够的抵押品覆盖率”的评估。","collect":0,"end_time":0,"defaultTopTitle":"qq.com","property":[],"viewcount":null,"language":"zh","relate_stocks":{"HK0000306685.HKD":"TAIKANG KAITAI CHINA NEW OPPORTUNITIES FUND \"A\" (HKD) INC","LU0348827113.USD":"ALLIANZ RCM CHINA \"AT\" ACC","LU0164880469.USD":"HSBC GIF HONG KONG EQUITY \"AC\" ACC","LU0828237510.HKD":"SCHRODER ISF BIC (BRAZ IN CH)\"A\" (HKD) ACC","BK1594":"碳中和概念股","LU0345780521.USD":"NINETY ONE GSF GLOBAL GOLD \"A\" (USD) INC","LU1188198961.HKD":"SCHRODER ISF CHINA OPPORTUNITIES \"A\" (HKD) INC QV","LU0348735423.USD":"ALLIANZ HONG KONG EQUITY \"A\" (USD) INC","LU1242518931.SGD":"Fullerton Lux Funds - Asia Absolute Alpha A Acc SGD","LU0173614495.USD":"富达中国焦点A","LU0737861699.HKD":"FIDELITY CHINA FOCUS \"A \" (HKD) ACC","BK1544":"黄金股","LU0228659784.USD":"施罗德金砖四国基金","SG9999004220.SGD":"Nikko AM Shenton Asia Dividend Equity Fund  SGD","LU0328353924.USD":"UBS (LUX) EQUITY SICAV - GLOBAL EMERGING MARKETS OPPORTUNITY (USD) \"P\" (USD) ACC","LU0244354667.USD":"SCHRODER ISF CHINA OPPORTUNITIES \"A\" ACC","LU1251922891.USD":"NINETY ONE GSF ALL CHINA EQUITY \"A\" (USD) ACC","LU0049853897.USD":"SCHRODER ISF EMERGING MARKETS \"A\" (USD) INC AV","LU1224709979.USD":"FIDELITY CHINA FOCUS \"A\" (USD) ACC","LU0370786039.SGD":"Fidelity Greater China A-SGD","LU0106252389.USD":"SCHRODER ISF EMERGING MARKETS \"A\" ACC","LU0096374516.USD":"CT (LUX) I ASIA EQUITY INCOME \"DU\" (USD) ACC","SG9999002463.SGD":"LionGlobal China Growth SGD","LU0326950275.SGD":"Schroder ISF China Opportunities A Acc SGD-H","LU1481107354.HKD":"HSBC GIF HONG KONG EQUITY \"AD\" (HKD) INC","LU0572944931.SGD":"Janus Henderson Horizon China Opportunities A2 SGD","LU0345780281.USD":"NINETY ONE GSF GLOBAL GOLD \"A\"  ACC","LU0061477393.USD":"CT (LUX) I ASIA EQUITY INCOME \"AU\" (USD) ACC","LU0181495838.USD":"施罗德新兴亚洲A Acc","LU1831875114.USD":"SCHRODER ISF ALL CHINA EQUITY \"A\" (USD) ACC","LU0737861772.HKD":"FIDELITY EMERGING ASIA \"A \" (HKD) ACC","HK0000306701.USD":"TAIKANG KAITAI CHINA NEW OPPORTUNITIES FUND \"A\" (USD) INC","LU1303224171.USD":"NINETY ONE GSF ALL CHINA EQUITY \"A\" (USD) INC","LU0417516902.SGD":"Allianz China Equity Cl AT Acc SGD","BK1198":"黄金","LU1719994722.HKD":"NINETY ONE GSF ALL CHINA EQUITY \"A\" (HKD) ACC","LU0531971595.HKD":"HSBC GIF CHINESE EQUITY \"AD\" (HKD) INC","LU0871576103.HKD":"HSBC GIF CHINESE EQUITY \"AC\" (HKD) ACC","02899":"紫金矿业","LU1048596156.SGD":"Blackrock Asian Growth Leaders A2 SGD-H","HK0000320223.HKD":"TAIKANG KAITAI CHINA NEW OPPORTUNITIES FUND \"A\" (HKD) ACC","LU1769817096.USD":"UBS (LUX) EQUITY SICAV - GLOBAL EMERG MARKETS OPPO \"P\" (USD) INC","LU0469268626.HKD":"AB FCP I-ASIA EX JAPAN EQUITY PTF(AD","01787":"山东黄金","LU0463099449.HKD":"SCHRODER ISF CHINA OPPORTUNITIES \"A\" (HKD) ACC","LU0266512473.USD":"JPM GLOBAL NATURAL RESOURCES \"C\" (USD) ACC","LU0828237940.HKD":"SCHRODER ISF EMERGING ASIA \"A\" (HKD) ACC","LU0211977185.USD":"EASTSPRING INVESTMENTS GREATER CHINA EQUITY \"A\" ACC","LU0140636845.USD":"施罗德大中华区股票A Acc","LU0456854461.SGD":"JPMorgan Funds - Global Natural Resources A (acc) SGD","LU2097828474.EUR":"AZ EQUITY CHINA \"A\" (EUR) ACC A"},"translate_title":"New highs continue, and CME group makes another move! Precious metal contract margin changed from \"fixed\" to \"floating\"","themeId":"a1ad379385d736191b865348c233efa2","isJumpTheme":false,"ttsUrl":null,"symbols_score_info":{"01787":0.9,"02899":0.9},"content_text":"芝商所再次调整其旗下贵金属期货合约的保证金收取方式。当地时间1月12日，芝商所集团（CME Group，简称“芝商所”）宣布，将改变黄金、白银、铂金和钯金期货的保证金设定方式，由此前以固定美元金额为主，改为按合约名义价值的一定比例计算。芝商所在一份通知中表示，新的方法将基于所谓“名义价值”的百分比来设定保证金。此前，保证金是基于一个固定的美元金额设定的。在新框架下，黄金保证金将设定为5%，而白银保证金将升至9%，铂金和钯金也采用类似的百分比计算。芝商所称，此项调整自1月13日收盘后生效，是“在市场波动后进行的一项常规审查，以确保充足的抵押品覆盖”。2026年以来，贵金属延续了2025年的上涨行情。在最近一轮上涨中，黄金和白银价格均在1月12日再创历史新高。白银价格周一一度飙升至每盎司85美元以上的历史高点。现货黄金周一站上4620美元/盎司，2026年首月累涨逾300美元。铂金和钯金现货、期货开年以来也录得13%的涨幅。华侨银行策略师Christopher Wong表示，短期内，保证金规则的改变“可能会暂时对贵金属构成压力”。他补充道：“基于百分比的方法直观上更能捕捉所需的保证金，这意味着无需频繁调整。”尽管芝商所将此次调整定性为程序性变更，但市场参与者看到了更深层的信号：金属期货的风险管理如今已与价格升值本身直接挂钩。格林大华期货副总经理、首席专家王骏对澎湃新闻记者表示，这次调整标志着芝商所的风险管理重点从“应对当前危机”转向“为未来持续波动构建弹性框架机制”。在王骏看来，1月12日的调整是一次结构性的大调整。前3次调整仅提高固定金额，调控力度不够，此次调整直接引入比例保证金，将风险管理系统从“静态”升级为“动态”，期货保证金将随合约名义价值（即实时价格）自动调整，确保了风险覆盖的实时性和准确性。谈及对市场的影响，王骏认为主要有三点。首先，将促成期货市场波动性与流动性的再平衡，抑制极端投机，但不会消除由基本面驱动的波动，同时可能增加日内波动，在价格快速变动时，交易者会预见保证金变化，可能加速平仓或开仓，流动性可能向核心合约集中。其次，让期货合约风险管理“自动化”与“透明化”，期货市场风险控制更多地内嵌于制度中，期货交易所的调节作用更强。最后，可能被市场解读为期货交易所认定贵金属价格高波动环境将长期化，而非暂时现象，从而影响多头信心。随着贵金属涨势加速和波动性激增，芝商所去年已多次调整其贵金属合约的保证金要求。2025年12月12日，芝商所首次将白银保证金上调10%。在2025年12月29日收盘后，再次全面上调黄金、白银、锂等金属期货品种的履约保证金。2025年12月30日，芝商所再度发布公告表示，黄金、白银、铂金和钯金合约的保证金将在2025年12月31日收盘后上调，这项决定基于“市场波动性以确保足够的抵押品覆盖率”的评估。美国嘉盛集团资深分析师Jerry Chen指出，若交易所连续上调保证金，投机情绪可能在短时间内遭到打击。回顾历史，2011年4月至5月芝商所曾先后五次上调白银期货保证金，最终白银价格三周内从当时的历史高点49美元跳水近30%，此后更是经历了漫长的低位徘徊。而在更早之前的1980年，交易所禁止投机性买入后导致银价从50美元跌至10美元。","kind":"news","is_publish_news":true,"is_publish_highlight":false,"is_publish_live":false,"is_publish_wemedia":null,"editions":null,"column":"","sentiment":"0","news_tag":"","news_rank":0,"isVideo":false,"video":null,"symbols":[],"gpt_button":0,"need_auth":false,"need_login_tip":false,"code":"91000000","status":"200"},"commentList":[],"isCommentEnd":true,"newsSizeData":{"likeSize":0,"commentSize":0,"repostSize":0,"favoriteSize":0,"likeStatus":false,"favoriteStatus":false},"APP":{"userAgent":"Mozilla/5.0 AppleWebKit/537.36 (KHTML, like Gecko; compatible; ClaudeBot/1.0; +claudebot@anthropic.com)","isDev":false,"isTTM":false,"tenantId":"TBCN","deviceId":"web-server-community-laohu8-v3","version":"4.42.0","shortVersion":"4.42.0","platform":"web","vendor":"web","appName":"laohu8","isIOS":false,"isAndroid":false,"isTiger":false,"isTHS":false,"isWeiXin":false,"isWeiXinMini":false,"isWeiBo":false,"isQQ":false,"isBaiduSwan":false,"isBaiduBox":false,"isDingTalk":false,"isToutiao":false,"isOnePlus":false,"isHuaWei":false,"isXiaomi":false,"isXiaomiWebView":false,"isOppo":false,"isVivo":false,"isSamsung":false,"isMobile":false},"href":"/m/news/2603185680","isCrawlerRequest":true}