早晨洞察：2026年4月7日

Morning Insight:April 7, 2026 Certification：Z0002332gaolinlin@gtht.com Yu Chen Wu (Contact)Certification：F03133175 wuyuchen@gtht.com Main Body Commodity Market Insight： Methanol:Geopolitical-driven supply contraction; firm bias with elevated In the near term, geopolitical uncertainty remains high, with methanolsupply from the Middle East still undergoing significant contraction. As Overall, increased instability in energy supply in Iran continues todrive methanol through a supply contraction narrative. Going forward, key Intraday, methanol is likely to exhibit wide-range fluctuations, withvolatility driven by geopolitical developments. Trading dynamics remain Open Interest Source：iFind, GUOTAIJUNAN FUTURES Source：iFind, GUOTAIJUNAN FUTURES Source：iFind, GUOTAIJUNAN FUTURES Source：iFind, GUOTAIJUNAN FUTURES News Highlights: 1. Cross-border e-commerce export clearance efficiency in south China'stech hub Shenzhen has received a major boost, with the city's first On the same day, the first shipment of goods using this model cleared According to Shenzhen's commerce bureau, the new model cut the customsclearance time for cross-border e-commerce exports by more than 50 Shenzhen handles a large volume of cross-border e-commerce, with numerousoperators and strong export demand. Under the new model, individual items The new site integrates three cutting-edge technologies, namely digitaltwin, smart gate and code-based traceability, to assign a unique, tamper- Data from the commerce bureau shows that Shenzhen has ranked first amongmajor cities nationwide in cross-border e-commerce volume for four 2. China's government-backed consumer goods trade-in programs benefitedover 60.93 million purchases in the first quarter of 2026, boosting sales ministry data showed Friday. A total of 1.41 million subsidy applications were received for autotrade-ins, driving new vehicle sales of 228.69 billion yuan in Q1. A total of 36.32 million units of digital and smart products were sold Chinese authorities have announced the renewal of the trade-in subsidyprogram for consumer goods in 2026 as part of the broader efforts to 3. The People's Bank of China, the country's central bank, on Fridayannounced that it will conduct an 800-billion-yuan (about 116 billion The operation will have a fixed quantity and be carried out throughinterest-rate bidding, with winning bids determined at multiple price Outright reverse repo operations--a tool the central bank introduced inOctober 2024 to manage liquidity in the national banking system--are These operations have enriched the country's monetary policy toolkit,complementing previous measures such as temporary repos, temporary 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 t