晨间洞察：2026年5月21日

Morning Insight:May 21, 2026 Certification：Z0002332gaolinlin@gtht.com Yu Chen Wu (Contact)Certification：F03133175 wuyuchen@gtht.com Main Body Container Freight Index (Europe Route):Trend remains bullish; buy July Yesterday, the EC (Europe Route) futures market opened sharply higher andcontinued to strengthen throughout the session, driven by major linercompanies announcing June rate increases that significantly exceededmarket expectations. From a supply-demand perspective, on a weekly basis, In terms of outright trading strategies, the June contract is expected totrade within a 2,750–3,050 range, with pricing dynamics increasingly additional vessel deployment—emerging over the next two weeks remainsrelatively low. As a result, prices may continue to trend upward in avolatile manner, with the potential to challenge the 3,300–3,500 range Open Interest Source：iFind, GUOTAIJUNAN FUTURES Source：iFind, GUOTAIJUNAN FUTURES Source：iFind, GUOTAIJUNAN FUTURES Source：iFind, GUOTAIJUNAN FUTURES News Highlights: 1. China's fiscal revenue expanded 3.5 percent year on year to 8.34trillion yuan (about 1.22 trillion U.S. dollars) in the first four months The pace of growth picked up by 1.1 percentage points compared with the In the first four months, the country's tax revenue totaled 6.81 trillionyuan, up 3.9 percent year on year, with the growth rate 1.7 percentage The country's fiscal expenditure climbed 1.3 percent year on year to 9.48trillion yuan during the period. A breakdown of the data showed the 2. China's postal industry recorded stable growth in both revenue anddelivery volume in the first four months of 2026, data released by the From January to April, the postal sector handled 70.16 billion parcels,up 4.1 percent year on year. Express deliveries accounted for 64.57 During the same period, total business revenue of the postal sectorreached 601.85 billion yuan (about 88.5 billion U.S. dollars), up 5.8 3. China implements export controls on rare earths and other criticalminerals in accordance with laws and regulations, and reviews license The remarks, in response to recent U.S. statements about criticalminerals, were made by an official with the ministry elaborating on the "China is willing to work with the United States to jointly createfavorable conditions for promoting mutually beneficial cooperation 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