早晨洞察：2026年4月24日

Morning Insight:April 24, 2026 Certification：Z0002332gaolinlin@gtht.com Yu Chen Wu (Contact)Certification：F03133175 wuyuchen@gtht.com Main Body Platinum & Palladium:Bearish trend resumes; widening signs of weakness Yesterday’s price action showed a clear bearish bias. We believe silver’s underperformance during the Asian session was linked to worsening war As the market’s focus on potential US tariffs on Russian palladium hassignificantly faded since last week, and after multiple failed attempts Looking ahead, attention should be paid to key developments after theLabour Day, particularly the registration of warehouse warrants on the At the same time, both domestic vs. international price spreads and basislevels are accelerating their convergence. Combined with our prior Copper:Macro overhangs persist, but fundamentals remain supportiveOn the macro side, uncertainty around negotiations between the US and Fundamentally, support remains intact. Supply-side disruptions areintensifying, particularly for hydrometallurgical copper production inAfrica, where tight sulfuric acid availabilityis creating expectationsof output cuts. As the Strait of Hormuz closure persists, these supply Overall, copper fundamentals remain supportive of prices. We favor a Open Interest Source：iFind, GUOTAIJUNAN FUTURES Source：iFind, GUOTAIJUNAN FUTURES Source：iFind, GUOTAIJUNAN FUTURES Source：iFind, GUOTAIJUNAN FUTURES News Highlights: 1. China's customs authorities said on Thursday that customs nationwidehave intensified efforts to protect intellectual property rights (IPRs) Customs protection of IPRs refers to the protection provided by thecustoms for the exclusive rights related to import or export goods and In 2025, customs authorities across the country seized a total of 86.42million pieces of suspected infringing goods, enabling right holders from Targeted enforcement actions were intensified against high-risk channels,including cross-border e-commerce and market procurement trade, where Cross-border e-commerce remained the largest source of intercepted suspected infringing goods, with 24,600 batches seized last year. Seizures involving market procurement exports reached 37.89 million pieces, up 48.4 percent year on year. Looking ahead, the GAC said it will leverage big data, artificialintelligence and other advanced technologies to strengthen IPR risk 2. China's total installed power generation capacity reached 3.96 billion Solar power continued its rapid expansion, with capacity soaring 31.3percent to 1.24 billion kW. Wind power also posted strong growth, rising The country's average utilization hours of power generation equipment stood at 703 hours in the first quarter, down 66 hours from the same 3. The central parity rate of the Chinese currency renminbi, or the yuan, 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 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