清晨洞察：2025年11月21日

Morning Insight:November 21, 2025 Certification：Z0002332gaolinlin@gtht.com Yu Chen Wu (Contact)Certification：F03133175 wuyuchen@gtht.com Main Body Commodity MarketInsight： Industrial Silicon & Polysilicon:Sentiment has cooled, and the market isundergoing a downward correction. Yesterday, both industrial silicon andpolysilicon prices pulled back from their highs, reflecting a cooling of Polysilicon fundamentals are also weak on both supply and demand.Downstream segments have been gradually lowering prices due to weak Synthetic Rubber:In the short term, butadiene rubber (BR) futures pricesare supported within a choppy range. There are two main reasons. First, overall synthetic rubber industry chain has seen a phased improvementsince last week, and both butadiene and BR prices have stabilized with a Second, the natural rubber (NR) sector has been quite firm recently, andthe overall inventory structure of the NR industry chain provides some In the medium term, however, the fundamental pressure on butadieneremains high, dragging BR prices lower. For butadiene, entering the latefourth quarter, high supply pressure is the key contradiction. Under a For BR, production-site inventories have seen mild accumulation over the In summary, the rubber sector and valuation factors provide support to BRin the short term, allowing for a rebound. However, in the medium term, Open Interest Source：iFind, GUOTAIJUNAN FUTURES Source：iFind, GUOTAIJUNAN FUTURES Source：iFind, GUOTAIJUNAN FUTURES Source：iFind, GUOTAIJUNAN FUTURES News Highlights: 1. A state-of-the-art aquaculture vessel was on Wednesday delivered inZhanjiang City in Guangdong Province, an economic powerhouse in south Zhanjiang Bay No.1 is a dynamically positioned, floating cage-typeaquaculture vessel, the first of its kind in the world to integrate Measuring 154 meters in length and 44 meters in width, it has a totalaquaculture water volume of 80,000 cubic meters. With 12 independent The vessel incorporates cutting-edge technologies such as those related to autonomous navigation, emergency typhoon avoidance and green energyself-sufficiency, according to its chief designer, Chen Xiao from theSouthern Marine Science and Engineering Guangdong Laboratory (Zhanjiang).It is also fitted with an intelligent system covering feeding, netcleaning, monitoring and wireless data transmission. Chen noted that the vessel cuts costs and improves mariculture quality indeep waters through natural water exchange. It is capable of low-power Gui Jianfang, an academician of the Chinese Academy of Sciences, emphasized that the vessel is pioneering China's mariculture development 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