晨间洞察：2026年6月29日

Morning Insight:June 29, 2026 Certification：Z0002332gaolinlin@gtht.com Yu Chen Wu (Contact)Certification：F03133175 wuyuchen@gtht.com Main Body Sugar:Weak spot fundamentals but strengthening forward expectations;focus on structural trading opportunities. In the international market,attention remains on India's monsoon rainfall. The market continues toexhibit a pattern of weak current fundamentals butimproving forwardexpectations. For the 2025/26 crop year, the global sugar market is Open Interest Source：iFind, GUOTAIJUNAN FUTURESResearch Source：iFind, GUOTAIJUNAN FUTURESResearch Source：iFind, GUOTAIJUNAN FUTURESResearch Source：iFind, GUOTAIJUNAN FUTURESResearch News Highlights: 1. China National Building Material Group Co., Ltd. (CNBM) put threeworld-class high-performance carbon fiber production lines into operation The lines, located at the Lianyungang base of CNBM subsidiary ZhongfuShenying Carbon Fiber Co., Ltd. in east China's Jiangsu Province, cover Carbon fiber, known for its light weight, high strength andcorrosionresistance, is widely used in fields such as new energy, aerospace, deep- The new lines, independently developed by Zhongfu Shenying, are made upof a 5,000-tonne large-tow carbon fiber line, a 1,000-tonne SYT70 T1100- Zhou Yuxian, chairman of CNBM, said the launch addresses structuralproblems like insufficient supply of high-end carbon fiber products and 2. Chinese regulators have proposed revisions to current regulations onthe import and export of goldand gold products, aiming to streamline The People's Bank of China (PBOC) said the draft amendments were jointly existing regulatory framework in line with evolving economic conditions, Under the draft rules, the provision requiring the PBOC and customs authorities to jointly formulate rules for individuals carrying or mailing gold and gold products across the border would be removed. To further optimize management, the draft also states that such cross- border movements will remain subject to customs supervision. The revisions also seek to improve convenience for businesses and thepublic by formalizing measures that have proven effective in practice. 3. Profits of China's major industrial firms increased 18.8 percent yearon year during the January-May period, surpassing a rise of 18.2 percent Industrial firms with an annual main business revenue of at least 20million yuan (about 2.93 million U.S. dollars) saw their combined profits 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 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