早晨洞察：2026年2月5日

Morning Insight:February 5, 2026 Certification：Z0002332gaolinlin@gtht.com Yu Chen Wu (Contact)Certification：F03133175 wuyuchen@gtht.com Main Body Commodity MarketInsight： Platinum & Palladium:After briefly breaking below USD 1,900/oz onMonday, platinum rebounded in tandem with gold and silver as valuationsrepaired, with prices recovering to as high as USD 2,339/oz, whiledomestic platinum also rebounded above RMB 600/gram. Palladium, afteronce falling below USD 1,600/oz, has returned to a USD 1,700–1,850/oztrading range. From high-frequency data signals, the degree of contango and we expect a phase of consolidation and range-bound movement; second,as previously noted, platinum can still find upside support over monthlyand quarterly horizons from ample liquidity, surging safe-haven demand, Polysilicon:Upstream price support combined with positive marketsentiment has kept the futures market in a volatile but mildly strongertrend. Yesterday, open interest increased alongside prices, mainly drivenby producers holding firm on prices and a supportive rally in the equitymarket. Recent industry conferences delivered generally positive Open Interest Source：iFind, GUOTAIJUNAN FUTURES Source：iFind, GUOTAIJUNAN FUTURES Source：iFind, GUOTAIJUNAN FUTURES Source：iFind, GUOTAIJUNAN FUTURES News Highlights: 1. Trade between China and other Asia-Pacific Economic Cooperation (APEC)economies during the 14th Five-Year Plan period (2021-2025) totaled The figure for 2025 alone came in at 26.29 trillion yuan, accounting fornearly 60 percent of China's total foreign trade that year, according to Zhao Zenglian, deputy head of the General Administration of Customs(GAC), highlighted the Asia-Pacific region's role as the world's growth As SCCP chair for 2026, the GAC has proposed three initiatives: deepeningcooperation under the smart customs partnership, enhancing supply-chain 2. China has recorded a reduction in the urban-rural income disparity in The urban-rural income ratio narrowed to 2.31:1 in 2025, down from 2.56:1in 2020, Han Wenxiu, head of the Office of the Central Rural Work Leading In 2025, the per capita disposable income of farmers reached 24,456 yuan(about 3,517 U.S. dollars), marking a year-on-year growth of 6 percent, The remarks came after China released its annual "No. 1 central document"on Tuesday, which outlined key tasks for advancing agricultural and rural Zhu Weidong, deputy head of the office, emphasized that steady incomegrowth for farmers remains a top priority. The country will promote 3. Shanghai has set a GDP growth target of around 5 percent for 2026, The target follows better-than-expected economic expansion in 2025.Shanghai's GDP grew 5.4 percent year on year to 5.67 trillion yuan (about814.6 billion U.S. dollars) last year, according to the report. Domestic demand will play a more prominent role in Shanghai's economicgrowth in 2026, the report said. The megacity plans to vigorously boost The report added that Shanghai will also enhance facilitation for inbound Shanghai recorded a remarkable 9.36 million inbound visits last year, up In addition, the major Chinese financial hub will do its utmost to high-tech, and energy conservation and environmental protection In 2025, Shanghai's total imports and exports reached 4.51 trillion yuan,up 5.6 percent year on year, with exports rising 10.8 percent. Actual Technological innovation and emerging industries remain key drivers ofShanghai's high-quality development. The report said the metropolis will In 2025, R&D expenditure accounted for about 4.5 percent of Shanghai'sGDP, according to official data. The combined scale of Shanghai's Guotai Junan Futures Co., Ltd. (hereinafter referred to as "the Company") is qualified to conduct investment consulting The views and information contained in this report are intended solely for the reference of the Company’s professionalinvestors. This report is not intended to target or violate any laws and regulations of any region, country, city, or other legaljurisdiction. Due to the difficulty in restricting access to this report, we apologize for any inconvenience this may cause. If you Analyst Statement The author(s) of this report hold a futures investment consulting qualification granted by the China Futures Association or possessesequivalent professional competence. The author(s) strive to ensure that the report is independent, objective, and fair. This report solely Disclaimer The information in this report is derived from publicly available sources, but the Company does not guarantee the accuracy,cohesiveness, or reliability of such information. The research, opinions, and forecasts contained in this report reflect theCompany'sjudgment as of the date of the report's release. The prices of the underlying futures analyzed in the report may fluctuate, and past The research services mentioned in this report may not be suitable for individual clients and do not constitute private consult