早晨洞察：2026年6月3日

Morning Insight:June 3, 2026 Certification：Z0002332gaolinlin@gtht.comYu Chen Wu (Contact)Certification：F03133175 wuyuchen@gtht.com Main Body Lithium Carbonate:Rising warrant inventories continue to weigh on market The lithium carbonate futures market came under renewed pressureyesterday, with the benchmark contract settling at RMB 172,980/tonne, In the near term, downstream restocking demand remains relativelysubdued, while tighter invoicing requirements have encouraged midstream From a fundamental perspective, however, the lithium carbonate marketremains in an inventory-drawdown phase during June. Supply growth hasbeen slower than expected, while downstream demand continues to improve, Another development worth monitoring is the recent marginal increase in beginning to price in expectations of improved raw material availabilityas Zimbabwean lithium concentrate shipments arrive in greater volumes. Looking ahead, the ongoing inventory drawdown across the supply-demandbalance should continue to provide underlying support to prices. Open Interest Source：iFind, GUOTAIJUNAN FUTURESResearch Source：iFind, GUOTAIJUNAN FUTURES Source：iFind, GUOTAIJUNAN FUTURES Source：iFind, GUOTAIJUNAN FUTURES News Highlights: 1. Chinese seaport cities saw the added value of their port economy hit 7trillion yuan (about 1.03 trillion U.S. dollars) in 2025, according to a The report, compiled by the planning and research institute under theministry, provides a comprehensive evaluation of port-related economic cities. It was released at an international shipping industry expo thatopened the same day in Tianjin, a major coastal municipality in northern The port economy refers to the aggregate of economic activities centeredaround ports, which depend on and make use of specific industries related Over the same period, the added value of the port economy in China's Strategic emerging industries in China's inland river port citiesexpanded rapidly in 2025, led by chemical manufacturing, electronic These industries accounted for 19.7 percent of the secondary industry's "In the future, China will take high-quality development as the core forthe port economy. Efforts will continue to deepen the integrated 2. The 4th Tianjin International Shipping Industry Expo (TISIE) opened innorth China's Tianjin Municipality on Tuesday, showcasing growing AI Themed shipping to the world and navigating towards the future with AIleading new opportunities for the development of ports and shipping, the The TISIE has been held annually in Tianjin since 2023 to promote global Xu Kai, chief information officer of Shanghai International ShippingInstitute, said that China has built the world's largest network of shore cranes, intelligent guided vehicles and automated yards."Terminal equipment should not only operate efficiently but also performregional dynamic optimization based on real-time fluctuations in vesselarrivals, sudden weather changes and instantaneous cargo flow surges," Xu "AI will reshape our industry in practical and powerful ways," saidThomas Sim, President of the International Federation of Freight He noted that AI should empower freight forwarders, not replace their professional judgment; enhance human capability, not remove accountability; and strengthen the role of freight forwarders as trusted logistics architects, not reduce them to platform users. Feng Boming, vice president of China Merchants Group Limited, said thatAI was evolving from a conversational assistant that supports decision- "However, greater autonomy also entails greater securityresponsibilities," Feng said. "We must clearly recognize that behind AI's operation of the sector." (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 individu