晨间洞察：2026年3月5日

Morning Insight:March 5, 2026 Certification：Z0002332gaolinlin@gtht.com Yu Chen Wu (Contact)Certification：F03133175 wuyuchen@gtht.com Main Body Commodity MarketInsight： Crude oil:Continue to monitor upside risks, with the domestic–overseas Yesterday, international crude prices fluctuated at elevated levels.Slight easing in geopolitical tensions combined with asset rotation ledto a modest pullback at one point. However, we believe that upside risks We have also observed that SC crude has recently outperformed overseasbenchmarks. Given persistently high freight rates and currently low In terms of strategy, maintaining long positions in both domestic andoverseas crude, as well as holding bull spreads, remains appropriate. That said, given the inherent complexity of geopolitical developments andthe potential economic backlash from sustained oil price spikes, Equity index futures:Focus on stabilization expectations around theupcoming Two Sessions. Recently, stock indices have seen increasedvolatility and deeper corrections, driven mainly by several factors. Looking ahead, the sustainability of the conflict will remain the mostdirect driver. Overnight, U.S. equities and major commodities havetemporarily stabilized, which may help improve risk sentiment. On the Overall, after the recent pronounced correction, the market may see atechnical rebound if supportive internal signals and external positives Open Interest Source：iFind, GUOTAIJUNAN FUTURES Source：iFind, GUOTAIJUNAN FUTURES Source：iFind, GUOTAIJUNAN FUTURES News Highlights: 1. China will strengthen risk prevention and mitigation in key areas thisyear, according to a government work report submitted Thursday to the The country will work to stabilize the real estate market, take activeand well-ordered measures to defuse local government debt risks, as well 2. China will nurture emerging industries and industries of the future, In 2026, the country will foster emerging pillar industries such as China will nurture industries of the future such as future energy,quantum technology, embodied artificial intelligence, brain-computer 3. China will boost imports to promote balanced trade in 2026, accordingto a government work report submitted Thursday to the country's top 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 Guotai