Group 1: Report Information - Report Title: Asphalt Daily Report [1] - Report Date: July 16, 2025 [2] - Research Team: Energy and Chemicals Research Team [4] - Researcher: Li Jie, CFA (Crude Oil and Asphalt) [4] Group 2: Market Review and Operation Suggestions - Futures Market: BU2509 opened at 3650 yuan/ton, closed at 3617 yuan/ton, with a high of 3662 yuan/ton, a low of 3606 yuan/ton, a decline of 0.39%, and a trading volume of 174,300 lots; BU2510 opened at 3604 yuan/ton, closed at 3565 yuan/ton, with a high of 3606 yuan/ton, a low of 3553 yuan/ton, a decline of 0.34%, and a trading volume of 29,000 lots [6] - Spot Market: Asphalt spot prices in Shandong market rose slightly, those in South China market declined, and those in other regions remained stable. Some major asphalt refineries in certain regions lowered settlement prices and offered preferential policies, leading to price drops in those regions [6] - Supply: Jinling Petrochemical in East China stopped asphalt production, Xinhai Petrochemical is expected to resume asphalt production in the second half of the month after switching to producing residual oil this week, and Shengxing Petrochemical in Shandong will intermittently switch to producing residual oil next week. The average operating load rate of asphalt plants is expected to decline next week [6] - Demand: There will be relatively less rainfall in northern regions in the future, which will support demand to some extent. Seasonal demand support should be the main focus in the future [6] - Outlook: The cost-side oil price is expected to have further upside potential. Asphalt supply and demand are both weak. The market should mainly focus on seasonal demand support, and the single-side price is expected to fluctuate upward following the oil price [6] Group 3: Industry News - Shandong Market: The mainstream transaction price of 70A grade asphalt was 3660 - 4070 yuan/ton, up 5 yuan/ton from the previous trading day. International oil prices fell, and the asphalt futures market opened high and then fluctuated lower. However, some refineries still had problems such as queuing for loading and quantity limits, resulting in limited resource circulation. Refineries and traders continued to push up asphalt spot prices, driving up the market price [7] - South China Market: The mainstream transaction price of 70A grade asphalt was 3600 - 3650 yuan/ton, down 15 yuan/ton from the previous trading day. Maoming Petrochemical lowered the asphalt road transport price by 30 yuan/ton yesterday, and Guangxi Dongyou lowered the benchmark price by 30 yuan/ton today. Policy incentives to stimulate sales led to a decline in the high-end price in the South China market. Market demand was generally average, and downstream buyers mainly purchased on demand [7] Group 4: Data Overview - Figures: The report includes figures on asphalt daily operating rate, Shandong asphalt comprehensive profit, asphalt cracking, asphalt social inventory, asphalt manufacturer inventory, and asphalt warehouse receipts, with data sources from Wind and the Research and Development Department of CCB Futures [9][10][18]

Report Information - Report Title: Precious Metals Daily Review - Date: July 16, 2025 - Research Team: Macro Financial Team - Researchers: He Zhuoqiao (Macro Precious Metals), Huang Wenxin (Treasury Bond and Shipping), Nie Jiayi (Stock Index) [2] Industry Investment Rating - No investment rating provided in the report Core Viewpoints - The restructuring of the international trade - currency system and the demand for reserve diversification will support the long - term bull market of gold, and Trump's reforms and related economic situations will support the medium - term bull market. But the high price and PE ratio make the price volatility increase, and the impact of the US fiscal expansion bill and inflation on the Fed's interest - rate cut needs attention in Q3. It is expected that London gold will oscillate between $3120 - 3500 per ounce in the short term, and investors are advised to take a long - position approach with medium - low positions [6]. Section Summaries 1. Precious Metals Market Conditions and Outlook Intraday Market - The resumption of US aid to Ukraine and threats of sanctions against Russia boost the safe - haven demand for precious metals. The US dollar index has a slight pullback, pushing London gold to around $3360 per ounce. Overnight, speculative funds pushed London silver to break through the $39 per ounce resistance level, but profit - taking led to a pullback. Gold's safe - haven demand is boosted by Trump's new policies. It is recommended that investors take a long - position approach with medium - low positions. This week, focus on China's Q2 GDP and June economic data, and US June inflation and consumption data [4]. Medium - term Market - Since late April, London gold has been oscillating between $3100 - 3500 per ounce. International trade cooling and the US fiscal expansion bill weaken gold's demand, but Trump's new policies and geopolitical risks support the price. In June, speculative funds flowed into silver and platinum markets, and the gold - silver ratio has returned to the level before April. It is expected that London gold will continue to oscillate between $3120 - 3500 per ounce in the short term, and investors are advised to take a long - position approach with medium - low positions. Short - biased traders can consider the "long gold, short silver" arbitrage [6]. Domestic Precious Metals Market | Contract | Pre - closing Price | High | Low | Closing Price | Change (%) | Open Interest | Change in Open Interest | | --- | --- | --- | --- | --- | --- | --- | --- | | Shanghai Gold Index | 782.06 | 782.14 | 776.58 | 781.09 | - 0.12% | 404,570 | 7131 | | Shanghai Silver Index | 9213 | 9231 | 9156 | 9231 | 0.20% | 1,002,552 | - 7677 | | Gold T + D | 777.46 | 777.00 | 771.80 | 776.13 | - 0.17% | 211,514 | - 3484 | | Silver T + D | 9172 | 9189 | 9117 | 9184 | 0.13% | 3,257,966 | 14962 | [5] 2. Precious Metals Market - Related Charts - The report provides multiple charts including Shanghai gold and silver futures indices, London gold and silver spot prices, the basis of Shanghai futures indices against Shanghai Gold T + D, gold and silver ETF holdings, gold - silver ratio, and the correlation between London gold and other assets, with data from Wind and the Research and Development Department of CCB Futures [8][10][12] 3. Major Macroeconomic Events/Data - The EU accuses the US of resisting trade - agreement efforts and warns of counter - measures. Trump is open to further discussions before the new 30% tariff takes effect, and EU officials will go to the US for negotiations [18]. - Bitcoin breaks through $120,000 for the first time, with a 30% increase this year. Investors expect a policy victory this week [18]. - Trump says the US will send top - level weapons to NATO to support Ukraine, and will impose strict tariffs on Russia if no cease - fire agreement is reached in 50 days [18]. - The US Commerce Department launches a national - security investigation into imported drones, related parts, solar panels, and polysilicon [19].

Report Information - Report Type: Daily Report on Container Shipping Index [18] - Date: July 16, 2025 [2] - Research Team: Macro Financial Research Team [4] - Researchers: He Zhuoqiao, Huang Wenxin, Nie Jiayi [3] Industry Investment Rating - No industry investment rating is provided in the report. Core Viewpoints - The price increase in July was better than expected, and the SCFIS settlement index rebounded above 2400 points. Major airlines remained stable, possibly supported by good cargo demand. The 08 contract was still at a discount to the spot index and had some room for repair. For the traditional off - season in October, short - selling opportunities and 08 - 10 positive spread arbitrage opportunities at low prices should be focused on [8]. Summary by Directory 1. Market Review and Operation Suggestions - **Spot Market**: The price increase in July was better than expected. The SCFIS settlement index rose above 2400 points. Maersk's mid - July quotes were slightly higher than the first half of the month, and other airlines' quotes converged to $3300 - 3500. In August, only a few airlines had reported freight rates. HPL continued to use the late - July rates, and CMA CGM increased rates by $800 compared to late July [8]. - **Operation Suggestions**: Referring to historical patterns, the peak season usually reached its high in the third week of July, and freight rates would return to early - July levels by late August. The 08 contract was at a discount to the spot index and had room for repair. For the traditional off - season in October, short - selling opportunities and 08 - 10 positive spread arbitrage opportunities at low prices should be focused on [8]. 2. Industry News - **Overall Market**: From July 7 - 11, the China export container shipping market was generally stable. The comprehensive index decreased slightly. Different routes had different price trends due to supply - demand differences [9]. - **European Route**: The eurozone's July SENTIX investor confidence index rose to 4.5, indicating stable economic recovery. However, the EU - US tariff negotiation had no clear result, and the market faced uncertainties. Transport demand was stable, and market freight rates were flat. On July 11, the freight rate from Shanghai Port to European basic ports was $2099/TEU, down 0.1% [9]. - **Mediterranean Route**: The supply - demand situation was weaker than the European route, and the spot booking price decreased slightly. On July 11, the freight rate from Shanghai Port to Mediterranean basic ports was $2667/TEU, down 7.0% [9]. - **North American Route**: The "tariff war" was a focus. Trump extended the "reciprocal tariff" suspension period to August 1. The US set new tariff rates and planned to impose a 50% tariff on copper. Transport demand was stable, and market freight rates rebounded. On July 11, the freight rates from Shanghai Port to US West and East basic ports were $2194/FEU and $4172/FEU, up 5.0% and 1.2% respectively [9][10]. - **EU - US Trade Negotiation**: The US and the EU were trying to reach a temporary trade agreement, but automobile and agricultural product tariffs were key issues. Any agreement might be overturned by Trump. The US imposed 50% tariffs on EU steel and aluminum products, 25% on automobiles, and 10% on other goods. The EU planned counter - measures, with the scale adjusted from 950 billion euros to 720 billion euros [10]. - **Trump's Tariff Plan**: Trump planned to impose a 15% or 20% unified tariff on almost all trading partners that had not been taxed [10]. - **Yemen Houthi Rebels**: The Houthi rebels in Yemen would continue to ban Israeli - related ships from passing through the Red Sea and other areas as long as Israel continued its aggression and blockade of Gaza [10]. 3. Data Overview 3.1 Container Shipping Spot Prices | Route | July 14, 2025 | July 7, 2025 | Change | Change Rate | | --- | --- | --- | --- | --- | | SCFIS: European Route (Basic Ports) | 2421.94 | 2258.04 | 163.9 | 7.3% | | SCFIS: US West Route (Basic Ports) | 1266.59 | 1557.77 | - 291.18 | - 18.7% | [12] 3.2 Container Shipping Index (European Line) Futures Market - The trading data of container shipping European line futures on July 15 showed that different contracts had different price increases, with EC2510 and EC2512 having relatively large increases of 15.38% and 16.06% respectively [6]. 3.3 Shipping - Related Data Charts - The report provided charts on global container shipping capacity, global container ship orders, Shanghai - European basic port freight rates, and Shanghai - Rotterdam spot freight rates, with data sources from Wind and the Research and Development Department of Jianxin Futures [17][20]

Group 1: Report Overview - Report title: Crude Oil Daily [1] - Report date: July 16, 2025 [2] Group 2: Investment Rating - No investment rating information provided Group 3: Core View - Oil prices are gradually returning to fundamental drivers. OPEC+ production increase slightly exceeds expectations, but the incremental supply is limited. The demand side still has support, and with geopolitical changes, oil prices are expected to rise in the third quarter. It is recommended to try long positions with a light position [7] Group 4: Market Review and Operation Suggestions - WTI: Open at $67.35, close at $65.65, high at $68.16, low at $65.64, down 2.07%, with a trading volume of 21.05 million lots [6] - Brent: Open at $70.5, close at $69.14, high at $71.53, low at $69.02, down 1.73%, with a trading volume of 36.28 million lots [6] - SC: Open at 530 yuan/barrel, close at 518.2 yuan/barrel, high at 530.2 yuan/barrel, low at 516.7 yuan/barrel, down 0.92%, with a trading volume of 12.42 million lots [6] - Trump threatened to impose a 100% secondary tariff on countries buying Russian oil, which was lower than market expectations, leading to an overnight decline in oil prices [6] - OPEC+ decided to further increase production from August, from the previous 410,000 barrels per day to 550,000 barrels per day. The actual incremental supply is relatively limited, and the implementation remains to be seen. In the first month of OPEC's increased production, the output of 8 member countries only increased by 150,000 barrels per day month-on-month [7] - Although the three major institutions have raised their demand forecasts for the second half of the year, due to the supply growth potential in countries such as Brazil and Guyana, the adjustment of the balance sheet is limited. The inventory pressure in the fourth quarter will be greater than that in the third quarter [7] Group 5: Industry News - Goldman Sachs raised its forecast for Brent crude oil prices in the second half of 2025 by $5 to $66 per barrel, and raised its forecast for WTI crude oil prices in the second half of 2025 to $63 per barrel, previously $57 per barrel. It maintains the forecast based on supply surplus, expecting Brent and WTI crude oil prices to fall to an average of $56 and $52 per barrel respectively by 2026 [8] - According to data and Reuters calculations, Russia's seaborne oil product exports decreased by 3.4% month-on-month in June [8] - Trump pressured Russia to promote a ceasefire, and US officials said that secondary sanctions would target buyers of Russian oil [8] Group 6: Data Overview - Figures include global high-frequency crude oil inventory, WTI fund positions, Brent fund net positions, Dtd Brent price, WTI spot price, Oman spot price, US crude oil production growth rate, and EIA crude oil inventory [10][12][18]

Report Information - Report Date: July 16, 2025 [2] - Report Type: PTA Daily Report - Research Team: Energy and Chemical Research Team - Researchers: Li Jie, Ren Junchi, Peng Haozhou, Peng Jinglin, Liu Youran, Feng Zeren [3] 1. Market Review and Operation Suggestions - **Futures Market Quotes**: On July 15, the closing price of the PTA main futures contract TA2509 was 4,696 yuan/ton, down 30 yuan/ton or 0.63%. The settlement price was 4,708 yuan/ton, and the daily open interest increased by 20,242 lots. The closing price of TA2601 was 4,656 yuan/ton, down 36 yuan/ton, with a trading volume of 165,345 lots and an increase of 18,095 lots [5]. - **Market Outlook**: With the continuous decline in crude oil prices and the low processing margin of PTA, the PTA market may be relatively resistant to decline but will still follow the downward trend of crude oil. It is expected that the PTA market will decline slightly [5]. 2. Industry News - **International Oil Prices**: Investors weighed the 50 - day deadline before Trump's new sanctions on a European country and still worried about Trump's tariffs, causing international oil prices to fall. On July 14, the settlement price of the WTI crude oil futures contract for August 2025 on the New York Mercantile Exchange was $66.98 per barrel, down $1.47 or 2.15%. The settlement price of the Brent crude oil futures contract for September 2025 on the London Intercontinental Exchange was $69.21 per barrel, down $1.15 or 1.63% [6]. - **PX Prices**: The estimated price of PX in the Chinese market was $834 - 836 per ton, down $19 per ton from the previous trading day. The estimated price of PX in the South Korean market was $814 - 816 per ton, also down $19 per ton. Affected by the tariff storm, international oil prices fluctuated downward, squeezing the cost momentum of PX. The domestic PX was still in the destocking cycle, and there was obvious wait - and - see sentiment in the market during the port declaration period, with no transaction reported [6]. - **PTA Prices in the East China Market**: The price of PTA in the East China market was 4,718 yuan/ton, down 17 yuan/ton. The average daily negotiation basis was referenced to the futures contract 2509 at a premium of 10 yuan/ton, up 1 yuan/ton. An individual buyer purchased 10,000 tons of PTA, and the average basis increased slightly [6]. 3. Data Overview - The report presents multiple data charts including international crude oil futures main contract closing prices, upstream raw material spot prices, PX prices, MEG prices, PTA futures price summaries, basis spreads, PTA processing margins, TA9 - 1 spreads, PTA warehouse receipt quantities, polyester factory load rates, PTA downstream product prices, and PTA downstream product inventories. All data sources are from Wind and the Research and Development Department of CCB Futures [10][12][16]

1. Report Industry Investment Rating - No relevant information provided 2. Core View of the Report - Short - term ethylene glycol fundamentals are in a multi - empty stalemate, with high macro - level uncertainties and some risk - aversion sentiment among market participants. It is expected that ethylene glycol prices will maintain range - bound fluctuations [7] 3. Summary by Directory 3.1行情回顾与操作建议 - On the 15th, the opening price of the main ethylene glycol futures contract 2509 was 4365, the highest was 4365, the lowest was 4316, the settlement was 4338, and the closing was 4322, a decrease of 9 compared to the previous trading day's settlement price. The total volume was 157,709 lots, and the open interest was 286,969 lots [7] - The closing price of EG2509 was 4322 yuan/ton, down 9, with an open interest of 286,969 lots, a decrease of 1899; the closing price of EG2601 was 4336 yuan/ton, down 20, with an open interest of 14,450 lots, an increase of 1800 [7] 3.2行业要闻 - Investors weighed the 50 - day deadline before Trump's new sanctions on a European country and still worried about Trump's tariffs, causing international oil prices to fall. On Monday (July 14), the settlement price of West Texas Light Crude Oil futures for August 2025 on the New York Mercantile Exchange was $66.98 per barrel, a decrease of $1.47 or 2.15% from the previous trading day, with a trading range of $66.80 - $69.65; the settlement price of Brent crude oil futures for September 2025 on the London Intercontinental Exchange was $69.21 per barrel, a decrease of $1.15 or 1.63% from the previous trading day, with a trading range of $69.02 - $71.53 [8] - In the Zhangjiagang ethylene glycol market, the spot negotiation this week was 4389 - 4392 yuan/ton, a decrease of 9.5 yuan/ton from the previous working day. The negotiation for late July was 4390 - 4392 yuan/ton, and for late August was 4389 - 4392 yuan/ton. The current - week spot basis was at a premium of 67 - 70 yuan/ton compared to EG2509, the basis for late July was at a premium of 68 - 70 yuan/ton compared to EG2509, and the basis for late August was at a premium of 67 - 70 yuan/ton compared to EG2509 [8] - The negotiation range in the Fujian ethylene glycol market was 4300 - 4400 yuan/ton, unchanged from the previous working day. The short - term trading atmosphere in the ethylene glycol market has improved, and the price in the Fujian ethylene glycol market is mainly stable and waiting for observation [8] 3.3数据概览 - The report provides multiple data charts, including MEG futures prices, spot - futures price differences, international crude oil futures main contract closing prices, raw material price indices (ethylene), PTA - MEG price differences, MEG prices, MEG downstream product prices, and MEG downstream product inventories, with data sources from Wind and the Research and Development Department of CCB Futures [10][15][16]

Group 1: Report Overview - Industry: Cotton [1] - Date: July 16, 2025 [2] - Researchers: Yu Lanlan, Lin Zhenlei, Wang Haifeng, Hong Chenliang, Liu Youran [3] Group 2: Market Review and Operation Suggestions - Zhengzhou cotton oscillated and adjusted. The latest cotton price index for Grade 328 was 15,302 yuan/ton, up 7 yuan/ton from the previous trading day. The sales basis for 4129/29B/3.5 impurity in Northern Xinjiang's machine-picked cotton in 2024/25 was mostly at CF09+1400 - 1500 and above, with a small amount below this price. The basis quotation for machine-picked Grade 31 double-29 cotton in Kashgar, Southern Xinjiang was mostly at CF09+1100 and above, and the low-price quotation was still at CF09+950 - 1100, but the quantity at low prices decreased significantly, all for self-pickup in Xinjiang [7] - The overall market of pure cotton yarn changed little this week. Spinning mills mostly maintained last week's quotations, and actual transactions gradually followed up. Downstream procurement volume remained low, mainly for rigid demand. The market lacked confidence in the future market, and inland spinning mills continued to limit production. The market for all-cotton grey cloth has been continuously sluggish recently, with light shipments. Weaving factories produced spot goods, with low production and sales rates and accumulated finished product inventories. Currently, weaving factories have few orders, mainly small and scattered orders, and the current machine startup rate of weaving factories remains low [7] - As of July 13, in the international market, the budding rate of cotton in 15 major cotton-growing states in the US was 61%, 1 percentage point slower than the same period last year; the boll-setting rate was 23%, 3 percentage points slower than the same period last year; and the good-to-excellent rate was 54%, 9 percentage points higher than the same period last year. The overall growth progress was slightly slower, but the good-to-excellent rate continued to rise, and there was still room for an increase in production. In the domestic market, the actual sown area increased year-on-year this year, and the expectation of an overall bumper harvest still exists. The industrial downstream remained weak, with overall weak demand. The cotton yarn inventory of downstream spinning mills continued to rise, and inland spinning mills continued to reduce the startup rate, but the startup rate of Xinjiang spinning mills remained firm, with a small decline. In the short term, there were still concerns about the tight supply of old crops, but considering the current off-season consumption stage, tariff disturbances still existed, and the weather had not yet had an impact, so the upside space should be viewed with caution [8] Group 3: Industry News - According to the General Administration of Customs, in June 2025, China's textile and clothing exports were 27.315 billion US dollars, a year-on-year decrease of 0.3%. Among them, the exports of textile yarns, fabrics and products were 12.048 billion US dollars, a year-on-year decrease of 1.6%, and the exports of clothing and clothing accessories were 15.267 billion US dollars, a year-on-year increase of 0.8%. From January to June 2025, the cumulative exports of textiles and clothing were 143.978 billion US dollars, a year-on-year increase of 0.8% [9] - As of the week ending July 13, 2025, the good-to-excellent rate of US cotton was 54%, compared with 52% in the previous week and 45% in the same period last year; the boll-setting rate was 23%, compared with 14% in the previous week, 26% in the same period last year, and a five-year average of 22%; the budding rate was 61%, compared with 48% in the previous week, 62% in the same period last year, and a five-year average of 62% [9] Group 4: Data Overview - The report includes various data charts such as China's cotton price index, cotton spot price, cotton futures price, cotton basis change, CF1 - 5 spread, CF5 - 9 spread, CF9 - 1 spread, cotton commercial inventory, cotton industrial inventory, warehouse receipt total, US dollar to RMB exchange rate, and US dollar to Indian rupee exchange rate, with data sources from Wind and the Research and Development Department of CCB Futures [18][19][26]

Group 1: Report Basic Information - Report industry: Eggs [1] - Report date: July 16, 2025 [2] - Research team: Agricultural products research team, including Yu Lanlan, Lin Zhenlei, Wang Haifeng, Hong Chenliang, and Liu Youran [4] Group 2: Market Review and Operation Suggestions Market Review - Today, the national egg price remained stable. The average price in the main production areas was 2.73 yuan/jin, unchanged from yesterday; the average price in the main sales areas was 3.00 yuan/jin, also unchanged from yesterday. The 08 contract fell 0.23% [7] - Last week, the egg price continued to be weak first and then stable. The northern red egg area was significantly weak, and Beijing in the main sales area had great pressure, driving down the prices in the surrounding areas. The egg price gradually stabilized in the middle of the week, and there was a slight increase in the southern region last Friday, with the peak - season expectation gradually approaching [8] Operation Suggestions - Although the fundamental direction is currently bearish, it is not recommended to chase short positions as the price is close to the historical bottom range and the spot still has upward momentum in the future. - Focus on whether the spot price has a continuous upward trend next week. Long positions can be placed on the 09 contract for band - trading. Risk - averse investors can buy put options to hedge the risk of the spot price not rising. Subsequently, pay attention to the increase in the spot price and the basis, and adjust the positions in real - time. There is no sign of a large - scale trend reversal for now [8] Group 3: Industry News - The inventory of laying hens in production is on an upward trend. As of the end of June, the monthly inventory of laying hens in production nationwide was about 1.34 billion, a 0.4% month - on - month increase, with a 6.8% year - on - year increase compared to the same period last year [9] - In June, the monthly output of layer chicks from sample enterprises was about 40.75 million, slightly less than 44.98 million in May and slightly more than 39.98 million in the same period in 2024. The monthly replenishment volume in June was moderately high in the past eight years [9] - The culling volume of chickens has gradually recovered since May, reaching a phased peak in June and then slightly declining due to the peak - season expectation in the summer. As of July 10, the average culling age of chickens was 504 days, 2 days earlier than last week and 8 days earlier than last month [10]

行业 贵金属日评 日期 2025 年 7 月 15 日 宏观金融团队 研究员：何卓乔(宏观贵金属) 021-60635739 hezhuoqiao@ccb.ccbfutures.com 期货从业资格号：F3008762 研究员：黄雯昕(国债集运) 021-60635739 huangwenxin@ccb.ccbfutures.com 期货从业资格号：F3051589 研究员：聂嘉怡(股指) 021-60635735 niejiayi@ccb.ccbfutures.com 期货从业资格号：F03124070 请阅读正文后的声明 每日报告 一、贵金属行情及展望 日内行情： 美国总统推出更多关税措施特别是对欧盟和加拿大对等关税税率定于 30%， 关税武器化程度加剧提振黄金的避险需求，但美元指数走强对贵金属有抑制作用， 伦敦黄金小幅上行至 3370 美元/盎司附近；7 月中旬以来投机资金再次拉升白银 至 39 美元/盎司上方，目前伦敦金银比值已经回落到 86，年内白银涨幅 35%远超 黄金的 28%，但上海白银相对滞涨。特朗普 2.0 新政推动全球政经格局重组进入 乱纪元模式，黄金的避险需求得到极大提振；目前看黄金波 ...

1. Report Information - Report Title: Container Shipping Index Daily Report [1] - Date: July 15, 2025 [2] - Researchers: He Zhuoqiao, Huang Wenxin, Nie Jiayi [3] 2. Core Viewpoints - The spot price increase in July exceeded expectations, with the SCFIS settlement index rising above 2400 points. Major shipping companies maintained stable prices, possibly supported by good cargo demand. The 08 contract is still at a discount to the spot index and has room for repair. For the traditional off - season in October, pay attention to short - selling opportunities and 08 - 10 positive spread opportunities at low prices [8]. 3. Summary by Directory 3.1行情回顾与操作建议 - **Spot Market**: On July 14, the SCFIS settlement index rose above 2400 points. Maersk's mid - July quotes were slightly higher than the first half of the month, and other shipping companies' quotes converged to $3300 - 3500. For August, only a few shipping companies have reported rates, and it remains to be seen if others will follow the price hikes [8]. - **Contract Opportunities**: The 08 contract has room for repair as it is at a discount to the spot index. In October, a traditional off - season, focus on short - selling opportunities and 08 - 10 positive spread opportunities at low prices [8]. 3.2行业要闻 - **Market Overview**: From July 7 to 11, the China export container shipping market was generally stable, with freight rates fluctuating by route. The Shanghai Export Containerized Freight Index (SCFI) dropped 1.7% to 1733.29 points on July 11 [9]. - **European Routes**: The eurozone's July SENTIX investor confidence index rose to 4.5, indicating stable economic recovery. However, the EU - US tariff negotiation remained uncertain. The freight rate from Shanghai to European basic ports on July 11 was $2099/TEU, down 0.1% [9]. - **Mediterranean Routes**: The supply - demand fundamentals were weaker than European routes, with the spot booking price slightly dropping. The freight rate from Shanghai to Mediterranean basic ports on July 11 was $2667/TEU, down 7.0% [9]. - **North American Routes**: Due to the "tariff war", the freight rates from Shanghai to US West and East basic ports on July 11 were $2194/FEU and $4172/FEU, up 5.0% and 1.2% respectively [9][10]. - **EU - US Trade Negotiations**: Auto and agricultural product tariffs were the key issues. Any agreement was subject to Trump's decision, and the EU was considering a second - round counter - measure with a reduced scale to 72 billion euros [10]. - **Trump's Tariff Plan**: Trump planned to impose a 15% or 20% unified tariff on almost all remaining trading partners [10]. - **Yemen Houthi Rebels**: The Houthi rebels prohibited Israeli - related ships from passing through the Red Sea, and two cargo ships were sunk in the Red Sea within a week [10]. 3.3数据概览 - **Container Shipping Spot Prices**: On July 14, the SCFIS for European routes was 2421.94 points, up 7.3% from July 7; the SCFIS for US West routes was 1266.59 points, down 18.7% [12]. - **Container Shipping Index (European Routes) Futures**: The trading data of EC2508, EC2510, EC2512, EC2602, EC2604, and EC2606 contracts on July 14, including opening price, closing price, settlement price, price change, change rate, trading volume, open interest, and open interest change, were provided [6]. - **Shipping - Related Data Charts**: Included charts of global container shipping capacity, global container ship orders, Shanghai - Europe basic port freight rates, and Shanghai - Rotterdam spot freight rates [17][18][20]