早晨洞察：2026年3月13日

Morning Insight:March 13, 2026 Certification：Z0002332gaolinlin@gtht.com Yu Chen Wu (Contact)Certification：F03133175 wuyuchen@gtht.com Main Body Commodity MarketInsight： Iron ore:Prices have strengthened under the influence of multiple From a marginal perspective, several drivers are supporting the market.First, negotiations have encountered renewed complications, and more ironore from BHP may face purchasing restrictions. Currently, inventories atthe 15 major ports include about 9.6million tons of Jimblebar fines, The market currently shows a pattern of near-term strength and longer-term weakness. In terms of strategy, attention can be given to the May– Risk factors include the possibility that peak-season steel demand failsto materialize, triggering negative feedback along the industrial chain, Equity index futures:The market continues to show a bottom-buildingpattern. With the official conclusion of the Two Sessions, the policy Although GDP targets and fiscal deficit expansion remain broadly stablecompared with last year, policy signals clearly emphasize stabilizationand downside protection. Against a backdrop of ongoing externalturbulence, policymakers appear willing to deploy sufficientcountercyclical tools and resources to hedge risks. In the short term, market drivers will still largely depend on changes inthe global geopolitical landscape. Current signals suggest that theconflict is unlikely to end quickly, and shipping capacity through the However, supported by improving medium-term fundamentals and thestructural trend of household wealth increasing allocation to equities, When pullbacks occur, investors may consider gradually building long Open Interest Source：iFind, GUOTAIJUNAN FUTURES Source：iFind, GUOTAIJUNAN FUTURES Source：iFind, GUOTAIJUNAN FUTURES News Highlights: 1. The No. 1 generation unit of China's first nuclear power project with The China General Nuclear (CGN) Zhejiang San'ao project is the firstnuclear power project in China to incorporate private investment. An Private capital investment in the second phase of the project, whichincludes another two units, has been increased to 10 percent as the The power station, located in Cangnan County in the city of Wenzhou, isdesigned to have six units of Hualong One, a domestically developed After all six units are operational, the project will be capable ofsupplying over 54 billion kWh of clean electricity annually to Zhejiang 请务必阅读正文之后的免责条款部分 Province and other regions in the Yangtze River Delta. When fully operational, the project will be able to meet the annualelectricity demand for production and daily life of about 5.4 million Currently, Zhejiang has over 100 gigawatts of installed clean energypower generation capacity, including over 10 gigawatts of nuclear power 2. The central parity rate of the Chinese currency renminbi, or the yuan,weakened 42 pips to 6.8959 against the U.S. dollar Thursday, according to 3. Chinese stocks opened lower on Thursday, with the benchmark Shanghai Monthly Report on Purchasing Manager’s Index (PMI) Guotai Junan Futures Co., Ltd. (hereinafter referred to as "the Company") is qualified to conduct investment consultingbusiness in the futures market, as approved by the China Securities Regulatory Commission (Approval No. [2011]1449). 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 rep