晨间洞察：2026年2月24日

Morning Insight:February 24,2026 Certification：Z0002332gaolinlin@gtht.comYu Chen Wu (Contact)Certification：F03133175 wuyuchen@gtht.com Main Body Commodity MarketInsight： Stock index futures:The Year of the Horse is still likely to begin on apositive note. During the holiday, overseas markets remained broadlystable with slight gains, though U.S. equities pulled back overnight amidrenewed AI concerns and tariff uncertainties. Looking ahead,first, no Historically, post-holiday market style tends to tilt toward technology,and thematic momentum may once again replicate this pattern. Furtherahead, with the“Two Sessions”approaching, policy expectations are Open Interest Source：iFind, GUOTAIJUNAN FUTURES Source：iFind, GUOTAIJUNAN FUTURES Source：iFind, GUOTAIJUNAN FUTURES Source：iFind, GUOTAIJUNAN FUTURES News Highlights: 1. China's state-owned enterprises (SOEs) directly administered by thecentral government stepped up investment in research and development(R&D) in 2025 as part of efforts to advance innovation-driven R&D intensity, the percentage of revenue that is reinvested in R&D, stood These SOEs employed 1.44 million R&D personnel and had established 474national-level R&D platforms. They have also played an increasingly 2. In 2025, China saw a strong expansion of green loans, channeling morefinancial resources into low-carbon sectors and providing solid momentum The balance of China's green loans in local and foreign currencies stoodat 44.8 trillion yuan (about 6.46 trillion U.S. dollars) at the end of During the 14th Five-Year Plan period (2021-2025), green loans grew at anaverage annual rate of 30.2 percent, 21.1 percentage points higher than During the period, cumulative green bond issuance reached 5.2 trillion the world's largest green bond markets, according to the report.Going forward, the PBOC will extend support to cover more areas with 3. China's bond market custody balance stood at 196.7 trillion yuan(about 28 trillion U.S. dollars) at the end of 2025, data from the The central bank's report on financial market performance in 2025indicated that net financing of government bonds reached 13.8 trillion Net financing of corporate bonds stood at 2.4 trillion yuan, an increase At the end of 2025, the custody balance of overseas institutions in the In 2025, the cumulative issuance of Panda bonds hit 183.06 billion yuan, (Source: Xinhua) Chart 6:Upcoming Important Economic Data Calendar 2026/2/28Statistical Communique on the 2025 National Economic Source:National Bureau of Statistics of China Guotai Junan Futures Co., Ltd. (hereinafter referred to as "the Company") is qualified to conduct investment consultingbusiness in the futures market, as approved by the China Securities Regulatory Commission (Approval No. [2011]1449). 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 consulting advice forclients. Clients should consider whether any opinions or suggestions in this report are appropriate when applied to their specific situation.Under no circumstances do the research or opinions expressed in this report constitute investment advice to any individual person. Under Copyright Statement The copyright of this report is solely owned by the Company. Without written permission, no institution or individual may reproduce, copy,publish, or quote this report in any form. If consent is obtained from the Company for citation or publication, it must be used within thepermitted scope, and the source must be indicated as "Guotai Junan Futures Research," along with a reminder of the risks associated Unless otherwise specified, all trademarks, service marks, and logos used in this report are owned by Guotai Junan Futures orare legallyauthorized for use. No individual or institution may use these trademarks, service marks, or logos without the writtenpermission of Guota