早晨洞察：2026年3月27日

Morning Insight:March 27, 2026 Certification：Z0002332gaolinlin@gtht.comYu Chen Wu (Contact)Certification：F03133175 wuyuchen@gtht.com Main Body Commodity MarketInsight： Synthetic Rubber:Wide intraday volatility with a firm underlying bias in In the near term, butadiene rubber (BR) is expected to exhibit wideintraday fluctuations, while maintaining an overall firm trend. From ageopolitical perspective, ongoing tensions in the Middle East continue to Within the BR segment, margins have been sharply compressed, prompting Overall, BR prices are expected to maintain a firm bias. However,geopolitical developments may significantly amplify intraday volatility, Open Interest Source：iFind, GUOTAIJUNAN FUTURES Source：iFind, GUOTAIJUNAN FUTURES Source：iFind, GUOTAIJUNAN FUTURES Source：iFind, GUOTAIJUNAN FUTURES News Highlights: 1. China National Offshore Oil Corporation (CNOOC) said on Thursday that The company's net proved reserves reached 7.77 billion barrels of oil Net oil and gas production totaled 777.3 million BOE in 2025, marking a7-percent increase from a year earlier. Specifically, crude oil output CNOOC also reported progress in cleaner production, saying that it hascontinued to scale up the recycling of associated gas and increase its CNOOC is one of China's three biggest oil companies, alongside ChinaNational Petroleum Corporation and China Petrochemical Corporation. 2. Hainan Free Trade Port (FTP), located in south China's HainanProvince, reported a surge in the value of zero-tariff goods transacted Since the landmark move, import and export value in the FTP has exceededa combined 80 billion yuan (about 11.6 billion U.S. dollars), up 32.9 This data was released at a press conference held one day ahead of the 100-day mark. On Dec. 18 last year, China launched island-wide special customsoperations in the Hainan FTP, the world's largest FTP by area, allowing 3. German chemicals giant BASF on Thursday put its massive productioncomplex in Guangdong Province into full operation, marking the largestsingle investment project wholly owned by a German enterprise in China. The complex, known as a Verbund site, has successfully started up 32production lines and is producing more than 70 products, including basic 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