晨间洞察：2025年12月3日

Morning Insight:December 3, 2025 Certification：Z0002332gaolinlin@gtht.com Yu Chen Wu (Contact)Certification：F03133175 wuyuchen@gtht.com Main Body Commodity MarketInsight： Synthetic Rubber:Valuations and yesterday’s event-driven factors haveprovided support to butadiene rubber prices, leading to a short-term From a fundamentals perspective, the butadiene market is under pressurebut showing marginal improvement. On the supply side, because China’s On the demand side, synthetic rubber producers—supported by highproduction margins—continue to keep butadiene demand at elevated levels, As for butadiene rubber, fundamentals remain pressured, but valuationsprovide support. With high processing margins, butadiene rubber has seen operating rates remain high, leading to expectations that processingmargins may be compressed. Going forward, the key factors to watch are Polysilicon:Monitor the subsequent status of warehouse receiptregistrations. Yesterday, due to factors such as exchange restrictions onsingle-day open positions, market sentiment for polysilicon weakened, and Sugar:Fundamentals are bearish, operating on the weak side. In the international market, global sugar production is expected toincrease and inventories to accumulate in the 25/26 crushing season,while corn ethanol is dragging valuations lower. Brazil’s production has resulting in net sugar production of 30.95 million tons. According toISMA/NFCSF, India’s sugar production reached 4.13 million tons as of theend of November in the 25/26 season, a year-on-year increase of 49.8%.In the domestic market, production continues to increase, with core focus Open Interest Source：iFind, GUOTAIJUNAN FUTURESResearch Source：iFind, GUOTAIJUNAN FUTURES Source：iFind, GUOTAIJUNAN FUTURES Source：iFind, GUOTAIJUNAN FUTURES News Highlights: 1. The People's Bank of China (PBOC), the country's central bank,injected liquidity into the market using multiple tools in November, it The PBOC injected 1 trillion yuan (about 141.2 billion U.S. dollars)through its medium-term lending facility (MLF) over the last month and In addition to the MLF operations, it also reported that its open markettrading of treasury bonds had yielded a net injection of 50 billion yuan, Through seven-day reverse repo operations, the central bank injected 4.8trillion yuan through these agreements but withdrew 5.36 trillion yuan, 2. China on Tuesday launched a medicine price registration system,providing price registration and inquiry services for global This means that Chinese pharmaceutical enterprises will have a "pricepass" when going global, as the platform https://chinamedreg.com.cn According to the National Healthcare Security Administration (NHSA),companies can apply to register drug prices on the system independently, After that, holders of the license approving drugs to enter the marketcan obtain multilingual query certificates for registered prices, which Observers say the system is expected to deal with the lack of referenceprices in the Chinese market--a long-standing problem for Chinese new Chinese pharmaceutical firms have long depended on a single-price systemto expand into international markets. However, with an increasing number "We are often required to provide the market price set in countries that resolve the lack of price authentication," said Fan Lin, vice president The reference value of terminal prices in the Chinese market is becomingincreasingly prominent. Data from the NHSA shows that in the first three In this sense, a valid "price pass" will provide critical pricing support The move will also attract more premium international drugs to the The first batch of price registrations has been completed for nine The launch of the drug price registration system is part of China's Among the 91 medications included in China's national medical insurancescheme in 2024, 33 were approved and included within the same year, 3. The annual container throughput of the Ningbo-Zhoushan Port in eastChina's Zhejiang Province surpassed 40 million twenty-foot equivalentunits (TEUs) for the first time on Tuesday, marking a new milestone for million in the space of only six years, before surging to 40 million in 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