晨间洞察：2026年3月18日

Morning Insight:March 18, 2026 Certification：Z0002332gaolinlin@gtht.com Yu Chen Wu (Contact)Certification：F03133175 wuyuchen@gtht.com Main Body Commodity MarketInsight： Pulp:Weak fundamentals are dominating the market, and prices are likelyto remain in a weak and volatile range in the short term. We believe the First, weak spot market transactions. After the Spring Festival, domesticport inventories of pulp have reached historically high levels for thesame period, with a structural surplus present. Inventory pressure for Second, the concentrated release of bearish sentiment. Recently, theShanghai International Pulp Week event was held as scheduled, and tradershave shown limited acceptance of high-priced USD-denominated offers, Open Interest Source：iFind, GUOTAIJUNAN FUTURES Source：iFind, GUOTAIJUNAN FUTURES Source：iFind, GUOTAIJUNAN FUTURES Source：iFind, GUOTAIJUNAN FUTURES News Highlights: 1. China's electricity consumption, a key barometer of economic activity,reached more than 1.65 trillion kilowatt-hours in the first two months of A breakdown of the data shows robust growth across various sectors.The primary industry saw a 7.4 percent increase in power consumption, 2. China will channel more medical insurance resources toward primary-level healthcare institutions to make medical services more accessibleand affordable for residents, according to a new policy guideline. Under the policy, newly added annual medical insurance funds will be Zhang Liqiang, director of the smart data department at the institute ofhealthcare security under Capital Medical University, said the move would The guideline calls for expanding the number of designated primaryhealthcare institutions under the medical insurance system. At least one medical assistance services. This move is expected to broaden access to nearby medical services,ensuring that more residents receive insured healthcare close to home. The policy further promotes more favorable reimbursement for treatment atprimary-level institutions. Differentiated reimbursement rates between Such policies will help guide patients toward appropriate levels of care Referral procedures will also be simplified. For instance, patients whoare transferred from higher-level hospitals to primary healthcare Additional measures include allowing eligible chronic disease patients toreceive long-term prescriptions at primary healthcare facilities and "These measures both provide financial incentives for patients to seekcare at the primary level and significantly improve convenience," said The guideline also supports grassroots healthcare institutions ininstalling payment facilities equipped with facial-recognition technology Authorities plan to select about 15 regions nationwide to pilot the policies and develop replicable experiences. (Source: Xinhua) 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 G