早间洞察：2025年12月30日

Morning Insight:December 30, 2025 Certification：Z0002332gaolinlin@gtht.com Yu Chen Wu (Contact)Certification：F03133175 wuyuchen@gtht.com Main Body Commodity MarketInsight： Platinum & Palladium:Prices retreated yesterday. By the close, allplatinum and palladium contracts on the Guangzhou Futures Exchange hadhit the daily down limit. In overseas markets, platinum and palladium From a technical perspective, platinum remains in a relatively healthyformation and has not yet broken the market’s core logic. Palladium,however, has shown a more pronounced pullback, having fallen below the Volatility at elevated levels has intensified markedly, and limitedcapital capacity in these contracts has increased price sensitivity. If could be triggered. During the New Year period, overseas markets may seeheightened volatility. Currently, spot market structural tightness exists In the near term, attention should be paid to fluctuations in domestic–overseas price spreads and the impact of holiday-related liquidity Lithium Carbonate:Weakening off-season demand is competing with strongexpectations, leading to wide short-term volatility in lithium prices.Prices pulled back after an intraday rally yesterday, mainly due to news- From a fundamentals perspective, the industry continues to destock,though the pace has slowed. Five cathode material producers have already Overall, bullish and bearish factors are currently intertwined and marketpositioning has become more contentious. Going forward, close attention Open Interest Source：iFind, GUOTAIJUNAN FUTURES Source：iFind, GUOTAIJUNAN FUTURES Source：iFind, GUOTAIJUNAN FUTURES Source：iFind, GUOTAIJUNAN FUTURES News Highlights: 1. Xinjiang Oilfield, a major oil production base in northwestern China,has achieved annual carbon dioxide (CO2) storage of over one milliontonnes as of Dec. 28, marking a breakthrough in the country's large-scale In recent years, the oilfield has explored CO2-enhanced oil recovery (CO2EOR) methods by capturing emitted CO2 and reinjecting it underground to According to Shi Daohan, executive director and Party chief of XinjiangOilfield, one million tonnes of CO2 injected into the oilfield is Shi said the oilfield has overcome a series of technical challengesthrough management, technology and industrial innovations. Its annual CO2 CCUS technologies like CO2 EOR are yielding a win-win outcome ofemissions reduction and oil production growth, helping with both the Xinjiang Oilfield's assessments suggest that its oil fields, which aresuitable for CO2 EOR, and saline aquifers in the production area capable During the 15th Five-Year Plan period (2026-2030), the oilfield plans todevelop a 10-million-tonne CCUS capacity and promote integrated power China has pledged to peak carbon emissions by 2030 and achieve carbonneutrality by 2060. As part of the effort, the country is aligning 2. China will apply provisional import tariff rates lower than the most-favored-nation rates on 935 items starting from Jan. 1, 2026, the Customs 3. China's state-owned and state-controlled enterprises (SOEs) demonstrated generally stable performance in the first 11 months of 2025,with revenues registering slight growth while profits experienced amodest year-on-year decline, according to official data released onMonday. These enterprises collectively generated operating revenues totaling75.63 trillion yuan (about 10.8 trillion U.S. dollars) during the according to data from the Ministry of Finance. Total profits for the same period amounted to nearly 3.72 trillion yuan, Meanwhile, taxes and fees payable by SOEs edged up 0.2 percent year on 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. Clie