晨间洞察：2026年5月11日

Morning Insight:May 11, 2026 Certification：Z0002332gaolinlin@gtht.com Yu Chen Wu (Contact)Certification：F03133175 wuyuchen@gtht.com Main Body Equity Index Futures:Maintain a bullish framework while dynamically In the short term, the market has remained strong after the holidayperiod, with the core driver coming from the industrial sector. Major From a trend perspective, under the K-shaped divergence, technology and manufacturing sectors have taken the lead in entering an expansion cycle,driving improvements in both income and expectations. At the same time,the continued recovery in inflation, along with ongoing stabilization in consumption and real estate—traditionally the main drags on the economy —suggests that the current macro recovery cycle has not yet ended.Meanwhile, the steady-growth policy stance and liquidity environment donot yet constitute constraints, and therefore the broader bullishframework remains intact. Looking ahead, amid overheated trading sentiment in the technologysector, market performance in the short term will continue to depend on maintain its strength, though key variables still need to be dynamically Open Interest Source：iFind, GUOTAIJUNAN FUTURES Source：iFind, GUOTAIJUNAN FUTURES Source：iFind, GUOTAIJUNAN FUTURES Source：iFind, GUOTAIJUNAN FUTURES News Highlights: 1. China's producer price index (PPI), which measures costs for goods atthe factory gate, went up 2.8 percent year on year in April, the National 2. China's consumer price index (CPI), a main gauge of inflation, rose1.2 percent year on year in April, official data showed Monday. (Source: 3. China's gold consumption edged up in the first quarter of 2026, mainlydriven by the strong demand for gold bars and coins, data from the China The country's gold consumption totaled 303.29 tonnes in the first threemonths of the year, up 4.41 percent year on year, according to the data. Q1 also witnessed robust inflows into gold exchange-traded funds (ETF),which added 50.44 tonnes during the period, surging 114.88 percent year 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 orare legallyauthorized for use. No individual or institution may use these trademarks, service marks, or logos without the writtenpermission of Guotai