早晨洞察：2026年6月2日

Morning Insight:June 2, 2026 Certification：Z0002332gaolinlin@gtht.com Yu Chen Wu (Contact)Certification：F03133175 wuyuchen@gtht.com Main Body Ferrous Metals:From a medium-to long-term perspective, the inflectionpoint for ferrous commodity prices may have already emerged, andinvestors should begin paying attention to opportunities to establish From a shorter-term perspective, the relative strength hierarchy acrossthe ferrous complex is expected to be coking coal > steel > iron ore.Coking coal prices remain relatively strong, supported by production metal production approaches its peak and begins to decline while supplycontinues to recover, iron ore inventories are likely to start Containerized Freight Index (Europe Route):Consider selectively reducing China’s export demand has exceeded expectations in 2026, and the currentreality of severe capacity tightness on the Europe route, combined withbroadly supportive fundamentals across major shipping lanes, suggeststhat the upward trend has not yet concluded. The market’s key support Against the backdrop of potentially front-loaded peak-season demand andrising macroeconomic downside risks, contracts from August 2026 onwardare increasingly viewed through a sell-on-rallies framework. It is worth between 2,100 and 2,350 points. From a trading perspective, investors may consider gradually reducingJuly long positions within the 3,800–4,200 point range and maintaining a Open Interest Source：iFind, GUOTAIJUNAN FUTURES Source：iFind, GUOTAIJUNAN FUTURES Source：iFind, GUOTAIJUNAN FUTURES Source：iFind, GUOTAIJUNAN FUTURES News Highlights: 1. China's flagship services trade fair will add a dedicated area thisyear for companies seeking support in expanding overseas, Beijing The 2026 China International Fair for Trade in Services, or CIFTIS, willfor the first time set up a promotion and roadshow zone for overseas- The zone will offer roadshow presentations, professional consulting and space for business talks, according to a press conference held in Beijing. Zhao Qizhou, an official with the Beijing Municipal Commerce Bureau, saidthe 2026 fair will continue to feature comprehensive exhibitions and nine Preparations for the fair's permanent venue at Shougang Park, a formersteel mill site in western Beijing, are also moving ahead. Jiang Nan, closed. The main structures of newly built exhibition spaces have been completed,while curtain walls, mechanical and electrical installation, interior Norway will be the guest country of honor at the 2026 fair, with anational pavilion focused on green energy, digital technology, healthy More than 40 countries and international organizations, including Norway,Australia and the International Bamboo and RattanOrganization, have Over 250 companies and institutions, such as China Mobile, Bank of China,Tencent, Walmart, Siemens, Eli Lilly and Johnson & Johnson, are expected 2. Chinese Premier Li Qiang has signed a State Council decree issuing anew regulation on outbound investment, which will take effect from July The regulation aims to promote the country's high-standard opening-up andthe high-quality development of its outbound investment, protect the Consisting of 34 articles, the regulation highlights efforts toproactively align with international high-standard economic and trade It stresses improving comprehensive services, involving relevant trade and investment promotion organizations. The rules also stress strengthening risk prevention and control,improving the soundness and security of outbound investment, as well as Underscoring active work to negotiate and conclude international economic Efforts should also be stepped up to effectively safeguard the safety andlegitimate rights and interests of investors and their outbound 3. Chinese humanoid robot maker Unitree Robotics passed the review of itsinitial public offering (IPO) application on the country's STAR Market on Based in Hangzhou, east China's Zhejiang Province, Unitree Roboticsspecializes in the development of high-performance humanoid and quadruped The company's prospectus states it plans to raise 4.2 billion yuan (about616.13 million U.S. dollars) through the IPO. The proceeds will be used The firm's operating revenue rose from 159 million yuan in 2023 to 393million yuan in 2024, and reached nearly 1.7 billion yuan in 2025, the Unitree Robotics expects its revenue to range between 1.052 billion yuan to shareholders of the parent company, excluding non-recurring gains and In June 2025, the China Securities Regulatory Commission rolled out apackage of measures to further reform the STAR Market, including a pilot The STAR Market was inaugurated in June 2019 at the Shanghai StockExchange. It is designed to bolster companies in the high-tech and 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 th