Report Industry Investment Rating - Not mentioned in the provided content Core View - Today's stock market showed a strong overall trend, with the Sci - tech Innovation Board surging. At the industry level, TMT led the gains. However, the ratio of rising to falling stocks was around 1.23, different from the previous near - across - the - board rise. Also, although tech concepts led the gains and had a higher weight in small - cap indices, large - cap indices performed stronger today, suggesting a possible shift of funds from small - cap to large - cap stocks. With the support of sentiment and funds, the stock market continued to rise. Taking the CSI 300 as an example, after breaking through the resistance line at 4250, it showed a strong trend, and the next resistance line is around the previous high of 4450. In the short term, continue to hold positions and observe while doing a good job in risk avoidance. Before the Jackson Hole meeting, several Fed officials made hawkish statements. If Powell takes a hawkish stance tonight, it may put some pressure on the A - share market from the perspectives of liquidity expectations and risk appetite [6]. Market Review - Today, the stock index showed a significant upward trend. In terms of capital flow, the trading volume of the two markets increased by 122.653 billion yuan. In the futures index market, all varieties rose with increased trading volume, and large - cap futures indices showed a stronger trend [4] Strategy Recommendation - Insurance strategy: Hold spot and buy put options [7] Futures Index Market Observation - Main contract intraday percentage changes: IF 2.72%, IH 2.80%, IC 2.50%, IM 2.25% - Trading volume (in ten thousand lots): IF 14.0136, IH 7.3462, IC 12.8579, IM 27.7717 - Trading volume change compared to the previous period (in ten thousand lots): IF 1.9002, IH 1.385, IC 0.7116, IM - 1.3374 - Open interest (in ten thousand lots): IF 27.7117, IH 11.3515, IC 23.3603, IM 39.1042 - Open interest change compared to the previous period (in ten thousand lots): IF 1.889, IH 1.0155, IC 0.4551, IM 0.0694 [7] Spot Market Observation - Shanghai Composite Index percentage change: 1.45% - Shenzhen Component Index percentage change: 2.07% - Ratio of rising to falling stocks: 1.23 - Total trading volume of the two markets (in billion yuan): 25467.10 - Trading volume change compared to the previous period (in billion yuan): 1226.53 [8]

Report Overview - Report Name: Nanhua Coal and Coking Industry Risk Management Daily Report - Date: August 22, 2025 - Research Team: Nanhua Research Institute, Black Research Team - Analyst: Zhang Xuan [2] 1. Report Industry Investment Rating - Not provided in the report 2. Report's Core View - This week, the macro sentiment cooled down. The speculative inventory of futures and cash entered in the early stage was partially unwound. Coupled with mine复产, near - month delivery game, and pressure on the apparent demand for finished products, the static fundamental of coking coal weakened marginally, and the spot price increase was weak. Looking forward, the details of the "anti - involution" policy need time to be introduced, and the macro sentiment may fluctuate. The long - term price trend of coking coal is relatively optimistic. It is recommended to buy coking coal 2601 contract on dips. To break through the previous high, a substantial reduction in coking coal supply or an unexpectedly positive policy is needed [3]. 3. Summary by Relevant Catalogs 3.1 Double - Coking Price Range Forecast - Coking coal price range (monthly): 1060 - 1350, current volatility (20 - day rolling): 32.68%, current volatility historical percentile: 63.87% - Coke price range (monthly): 1600 - 1800, current volatility (20 - day rolling): 25.37%, current volatility historical percentile: 49.13% [2] 3.2 Black Warehouse Receipt Daily Report | Variety | Unit | 2025 - 08 - 22 | 2025 - 08 - 21 | 2025 - 08 - 15 | Day - on - day | Week - on - week | | --- | --- | --- | --- | --- | --- | --- | | Rebar | Tons | 158633 | 137310 | 120312 | 21323 | 38321 | | Hot - rolled coil | Tons | 32215 | 33992 | 79286 | - 1777 | - 47071 | | Iron ore | Lots | 2000 | 2000 | 3100 | 0 | - 1100 | | Coking coal | Lots | 0 | 800 | 0 | - 800 | 0 | | Coke | Lots | 820 | 820 | 820 | 0 | 0 | | Ferrosilicon | Sheets | 20474 | 20202 | 20916 | 272 | - 442 | | Silicomanganese | Sheets | 70094 | 71820 | 74797 | - 1726 | - 4703 | [2] 3.3 Coal and Coking Futures Price and Basis - Coking coal: Multiple indicators such as warehouse receipt cost, basis, and inter - month spreads are provided, showing different changes compared with the previous day and the previous week [9] - Coke: Similar to coking coal, multiple indicators including warehouse receipt cost, basis, and inter - month spreads are presented with corresponding changes [9] 3.4 Coal and Coking Spot Price - Coking coal: The spot prices of various types of coking coal, such as Anze low - sulfur coking coal, Mongolian coal, and imported coal, are shown, with some prices remaining unchanged and some having slight changes over different time periods [10] - Coke: The spot prices of different types of coke, including quasi - first - grade wet coke and dry coke in different regions, and export prices are provided. The current volatility of coke prices is relatively small, and the profit of coke export remains stable [10] 3.5利多 and 利空 Factors - **Likely Positive Factors** - The expectation of "anti - involution" in coal mines still exists, and the production increase space of mines in the second half of the year may be limited [8] - A safety accident in a mine in Fujian may cause market concerns about strong safety supervision [8] - Before the Fourth Plenary Session of the 10th Central Committee in October, there is room for policy expectation games [8] - **Likely Negative Factors** - The apparent demand for rebar is poor, and there is pressure on the real - end of finished products [8] - The Dalian Commodity Exchange has restricted the position of the main coking coal contract, and the speculation degree of coking coal is expected to decline [8] - The 7 - round price increase of coke has been implemented, and it is more difficult to continue the price increase. The market may anticipate the peak of the price increase in advance [8]

南华期货焦煤焦炭周报 ——新驱动来了？ 2025/08/22 南华研究院 黑色研究团队 张泫：Z0022723 投资咨询业务资格：证监许可【2011】1290号 周度观点 【盘面回顾】本周产地焦煤整体波动不大，口岸蒙煤小幅下调报价，安泽低硫主焦报价1470-1480元/吨，口 岸蒙5#原煤950元/吨左右波动。周内焦炭现货7轮提涨落地，即期焦化利润环比修复。本周双焦盘面震荡为 主，双焦9-1正套走强，JM9-1月差-114(+35.5)，J9-1月差-51.5(+25)。 【产业表现】 焦煤：本周复产煤矿增多，汾渭和钢联口径矿山均有提产。进口端，本周蒙煤平均通关1200车/天，通关水平 偏高。本周部分海煤报价上调，理论进口利润继续收窄，但随着前期进口订单陆续到港，短期内海煤供应仍 偏宽松。需求方面，焦化利润环比修复，开工积极性提高，维持正常原料补库节奏。本周盘面小幅震荡走 弱，部分期现库存解套，投机需求相对疲软。整体来看，焦煤矿山复产叠加进口煤流入，焦煤供应边际过 剩，上游矿山库存连续两周累库，焦煤库存结构转弱，对现货价格有一定拖累。 焦炭：周内焦炭7轮提涨全面落地，入炉煤成本维稳，即期焦化利润持续改善，焦化 ...

Report Industry Investment Rating - Not provided Core Viewpoints - The current positive trend of the stock market is mainly driven by loose domestic and foreign liquidity, and the marginal changes in domestic and foreign liquidity affect the short - term trend of the stock index to some extent. The market is bullish on the Fed's September rate cut, but the Fed's July meeting minutes show internal differences, adding uncertainty to the September monetary policy. The speech at the Jackson Hole Central Bank Annual Meeting and the upcoming PCE price data will influence the rate - cut expectation and decision. The stock index is expected to maintain an upward trend, but there may be an adjustment after a sharp rise [6][11]. - The stock index continued to rise this week, hitting a new high for the year. The main reasons are the better - than - expected semi - annual performance of A - share listed companies, especially the strong profitability of the manufacturing and technology sectors, and the drive from the sentiment and capital aspects [1][3]. Summary by Directory 1. Abstract - This week, the stock index continued to rise with increasing volume, and the four major stock indexes all hit new highs for the year. The turnover of the two markets rose to 2.5 trillion yuan. The main reasons for the sharp rise are the better - than - expected semi - annual performance of A - share listed companies and the drive from sentiment and capital [1]. - Before the release of non - farm payrolls data and PCE price data, Powell is expected to maintain a hawkish stance on inflation risks in his speech on Friday night, and the September rate - cut expectation will not change significantly. Next week, the stock index trend will be mainly affected by the capital and sentiment. There is no obvious negative factor currently, and if the previous performance disclosure situation continues, it can further support the stock index. However, some indicators show overheating, and the index may need adjustment after a sharp rise, but the upward trend remains unchanged [2]. 2. Market Analysis and Strategy Recommendation - This week, the stock index continued to rise with increasing volume, and the four major stock indexes all hit new highs for the year. The turnover of the two markets rose to 2.5 trillion yuan. The reasons are the better - than - expected semi - annual performance of A - share listed companies and the drive from sentiment and capital [3]. - Next week's market trend needs to focus on the Fed's rate - cut expectation and market sentiment changes. The Fed's September rate - cut decision is uncertain. Powell's speech at the Jackson Hole Central Bank Annual Meeting and the upcoming PCE price data will affect the rate - cut expectation and decision [6]. - In terms of market sentiment, the overall volume of the spot and futures markets increased. The basis of index futures fluctuated during the week and rose significantly on Friday. The PCR of option positions showed different trends. The performance of the dividend index was weak, indicating an increase in market risk appetite. Some indicators show overheating, and a subsequent correction should be vigilant [7]. - It is recommended to continue holding long positions and appropriately increase positions at low levels in case of adjustment [11]. 3. Weekly Fun Chart - This week, the RMB exchange rate changed little, fluctuated slightly weakly, and appreciated slightly [12]. - The basis of index futures fluctuated during the week and rose significantly on Friday [14]. - This week, the stock index style switched from the strength of small - and medium - cap stock indexes to the strength of large - cap stock indexes [16].

Report Industry Investment Rating - Not provided Core Viewpoints - The current market is in the fruit expansion period of apples, with few trading points on the futures market. The opening price of early-maturing apples is higher than last year, and they are selling well, while inventory apples are dropping in price and not selling well. The recent rise in the futures market is mainly influenced by low inventory, early-maturing apple prices, and sales. However, the quality of early-maturing apples is uneven, and there are concerns about potential issues with late-maturing Fuji apples [4]. - Bullish factors include low inventory in production areas and unstable weather in production areas, which may lead to a significant reduction in production in the Northwest region [4]. - Bearish factors include a smaller-than-expected reduction in production based on bagging data and the impact of the peak season of seasonal fruits on apple sales, as well as weak consumer demand [5]. Summary by Relevant Catalogs Apple Price Range Forecast - The predicted price range for apples in the coming month is 7600 - 8400, with a current 20 - day rolling volatility of 10.5% and a historical percentile of 0.1% over the past 3 years [3]. Apple Risk Management Strategy Suggestions Inventory Management - If worried about a bumper harvest of new apples and low purchase prices, for long - position inventory, it is recommended to short apple futures (AP2510) at a 50% hedging ratio when the price is between 8300 - 8400 to lock in profits and cover production costs. Also, sell call options (AP2510C8200) at a 50% hedging ratio when the price is between 30 - 40 to collect premiums and lock in the selling price if the apple price rises [3]. Procurement Management - If worried about a decrease in old - crop apple inventory, a potential reduction in new - crop apples, and high purchase prices, for short - position inventory, it is recommended to buy apple futures (AP2510) at a 50% hedging ratio when the price is between 8000 - 8050 to lock in procurement costs. Also, sell put options (AP2510P8000) at a 50% hedging ratio when the price is between 70 - 80 to collect premiums and lock in the purchase price if the apple price falls [3]. Apple Futures and Spot Price Changes - On August 22, 2025, the closing prices and daily/weekly price changes of different apple futures contracts (AP01, AP03, AP04, AP05, AP10, AP11, AP12) are provided, along with the prices and daily/weekly price changes of different grades of spot apples in various regions. The futures contract AP01 closed at 8018 with a daily increase of 0.17% and a weekly decrease of 0.12%, while the spot price of Qixia first - and second - grade 80 apples was 3.75 with a daily decrease of 1.32% and a weekly decrease of 1% [6]. Apple Inventory - On August 22, 2025, the national cold - storage inventory according to Steel Union was 39.45 (with a weekly decrease of 6.56), and according to Zhuochuang was 40.42 (with a weekly decrease of 5.71). The storage capacity ratios in Shandong, Shaanxi, Gansu, etc., also showed weekly decreases. In addition, the arrival volume of apples at several wholesale markets in Guangdong increased compared to the previous week [10].

镍&不锈钢：持续偏弱震荡，等待明确信号 8月22日风险管理日报 南华新能源&贵金属研究团队 夏莹莹 投资咨询证号：Z0016569 管城瀚 从业资格证号：F0313867 投资咨询业务资格:证监许可【2011】1290号 沪镍区间预测 | 价格区间预测 | 当前波动率（20日滚动） | 当前波动率历史百分位 | | --- | --- | --- | | 11.8-12.6 | 15.17% | 3.2% | source： 南华研究,wind 不锈钢区间预测 | 价格区间预测 | 当前波动率（20日滚动） | 当前波动率历史百分位 | | --- | --- | --- | | 1.25-1.31 | 9.27% | 1.8% | source： 南华研究,wind,同花顺 沪镍风险管理策略 | 行为导向 | 情景分析 | 策略推荐 | 套保工具 | 买卖方向 套保比例 策略等级（满分5） | | | --- | --- | --- | --- | --- | --- | | 库存管理 | 产品销售价格下跌，库存有减值风险 | 根据库存水平做空沪镍期货来锁定利润，对冲现货下跌风险 | NI主力合约 | 卖出 ...

Report Summary 1. Industry Investment Rating No industry investment rating is provided in the report. 2. Core Viewpoints - Market sentiment for expected production increases in India and Thailand's 25/26 sugar seasons is high, suppressing sugar prices. Brazil's overall sugarcane pressing situation is poor due to low precipitation, leading to a lower ATR value and an increased sugar - ethanol ratio. China's out - of - quota sugar import window has been fluctuating, resulting in a significant increase in July's import volume and an expected high volume in August [4]. - There are both positive and negative factors affecting the sugar market. Positive factors include strong domestic sugar sales in some regions, sufficient end - of - season sugar inventory in India for domestic consumption, suspension of imports of Thai syrup and premixed powder, poor production in Brazil's 25/26 season, and potential increased demand from the return of sugar - containing beverages in the US. Negative factors include increased sugar production in some regions, expected production growth in Brazil and Thailand, early monsoons in India, large import volumes in July and expected high volumes in August, and poor sales in some regions in July [5][8]. 3. Directory Summaries 3.1 Price Forecast and Risk Management - **Price Forecast**: The monthly price range for sugar is predicted to be between 5600 - 6000, with a current 20 - day rolling volatility of 4.40% and a 3 - year historical percentile of 2.2% [3]. - **Risk Management Strategies**: - **Inventory Management**: For enterprises with high finished - product inventory worried about price drops, they can short Zhengzhou sugar futures (SR2509) at 5800 - 5850 with a 50% hedging ratio and sell call options (SR511C5800) at 30 - 40 with a 25% hedging ratio [3]. - **Procurement Management**: For enterprises with low regular inventory and aiming to purchase based on orders, they can buy Zhengzhou sugar futures (SR2509) at 5650 - 5700 with a 50% hedging ratio and sell put options (SR511P5500) at 20 - 30 with a 75% hedging ratio [3]. 3.2 Core Contradictions - Market expectations of increased production in India and Thailand's 25/26 seasons suppress sugar prices. Brazil's poor pressing situation due to low precipitation leads to low ATR values, and China's fluctuating import window causes large import volumes [4]. 3.3利多解读 (Positive Factors) - As of the end of July, sugar sales in Guangxi and Yunnan increased year - on - year, with higher sales rates and lower industrial inventory in some cases. India's 2024/25 end - of - season sugar inventory is sufficient for domestic consumption from October to November 2025. China has suspended imports of Thai syrup and premixed powder. Brazil's 25/26 season production is poor, and there are potential demand increases from the return of sugar - containing beverages in the US [5][6][8]. 3.4利空解读 (Negative Factors) - In the 2024/25 season, sugar production increased in some regions. Analysts expect production growth in Brazil's 25/26 season and Thailand's 24/25 season. India's early monsoons may lead to a production recovery. July's import volume is large, and sales in some regions in July were poor [8][9]. 3.5 Price Data - **Base Price Changes**: On August 21, 2025, the base prices of sugar in different regions and contracts showed various daily and weekly changes [10]. - **Futures Prices and Spreads**: On August 22, 2025, the closing prices of sugar futures contracts had different daily and weekly changes, and there were also changes in the spreads between different contracts [11]. - **Spot Prices and Regional Spreads**: On August 22, 2025, sugar spot prices in different regions and the regional price spreads had specific daily and weekly changes [12]. - **Sugar Import Price Changes**: On August 22, 2025, the quota - in and quota - out import prices of Brazilian and Thai sugar had daily and weekly changes, as well as the price spreads compared to domestic prices [13].

1. Report Industry Investment Rating - No information regarding the report industry investment rating is provided in the given content. 2. Core Viewpoints of the Report - This week, the macro - sentiment was volatile, and Zhengzhou cotton slightly declined with the market. Xinjiang's new cotton is entering the boll - splitting and boll - opening stage, and most cotton fields may spray defoliants from late August to mid - early September. The downstream is approaching the "Golden September and Silver October" peak season, with the load of downstream yarn mills remaining stable and that of fabric mills slightly increasing, and finished products are being destocked, showing signs of the peak season, but the downstream market is generally cautious and current orders are still insufficient. Abroad, the US may further increase tariffs on Indian imports, and India has announced a suspension of about 11% import tariffs on cotton arriving at ports from August 19 to September 30. As of August 19, about 22% of the cotton - planting areas in the US are affected by drought, with the drought area in the central - southern cotton region expanding significantly. Brazil's new cotton picking progress was slow but has recently accelerated. In the short term, the rapid destocking of old cotton and the low - inventory situation still strongly support cotton prices. With the marginal improvement in downstream sales, the operation strategy is to go long on dips, and attention should be paid to the continuous demand during the peak season and the opening price of new cotton purchases [4]. 3. Summary by Relevant Catalogs 3.1 Domestic Market - **Supply**: As of August 14, the national new cotton sales rate was 97.9%, 5.8 percentage points higher than the same period last year and 8.2 percentage points higher than the average of the past four years [1]. - **Import**: In July, China's cotton import volume was 50,000 tons, an increase of 20,000 tons from the previous month and a decrease of 150,000 tons from the same period last year; the yarn import volume was 110,000 tons, the same as the previous month and a decrease of 20,000 tons from the same period last year; the cotton fabric import volume was 3,981.43 tons, a 29.16% increase from the previous month and a 10.57% decrease from the same period last year [1]. - **Demand**: In July, the domestic retail sales of textile and clothing were 96.1 billion yuan, a 24.63% decrease from the previous month and a 1.80% increase from the same period last year; the export volume of textile and clothing was 26.766 billion US dollars, a 2.01% decrease from the previous month and a 0.06% decrease from the same period last year [1]. - **Inventory**: As of August 15, the total industrial and commercial cotton inventory in China was 2.7444 million tons, a decrease of 343,800 tons from the end of July. Among them, the commercial inventory was 1.8202 million tons, a decrease of 369,600 tons from the end of July, and the industrial inventory was 924,200 tons, an increase of 25,800 tons from the end of July [1]. 3.2 International Market 3.2.1 US Market - **Supply**: As of August 17, the budding rate of cotton in the US was 97%, 1 percentage point behind the same period last year and 1 percentage point behind the average of the past five years; the boll - setting rate was 73%, 10 percentage points behind the same period last year and 7 percentage points behind the average of the past five years; the boll - opening rate was 13%, 5 percentage points behind the same period last year and 3 percentage points behind the average of the past five years; the overall good - quality rate of cotton plants was 55%, 2 percentage points higher than the previous week and 13 percentage points higher than the same period last year [1]. - **Demand**: From August 8 to 14, the net signing volume of US 2025/2026 - season upland cotton was 23,904 tons, a significant 56% decrease from the previous week; the shipment volume of upland cotton was 27,964 tons, a 32% decrease from the previous week; the net signing volume of Pima cotton was 227 tons, and the shipment volume was 1,043 tons. There were no signings of 2026/2027 - season upland cotton and Pima cotton this week [1]. 3.2.2 Southeast Asian Market - **Supply**: As of August 15, the new - season cotton sown area in India reached 10.8 million hectares, a decrease of about 2.9% compared to the same period last year [1]. - **Demand**: In July, Vietnam's textile and clothing export volume was 3.911 billion US dollars, an 8.7% increase from the previous month and a 5.3% increase from the same period last year; in June, Bangladesh's clothing export volume was 2.788 billion US dollars, a 28.87% decrease from the previous month and a 6.31% decrease from the same period last year; in July, India's clothing export volume was 1.340 billion US dollars, a 2.2% increase from the previous month and a 4.8% increase from the same period last year; in June, Pakistan's textile and clothing export volume was 1.522 billion US dollars, a 0.60% decrease from the previous month and a 7.59% increase from the same period last year [1]. 3.3 Futures Market - **Cotton Futures**: The closing price of Zhengzhou cotton 01 was 14,030 yuan/ton, a decrease of 90 yuan and a 0.64% decline; the closing price of Zhengzhou cotton 05 was 13,990 yuan/ton, a decrease of 100 yuan and a 0.71% decline; the closing price of Zhengzhou cotton 09 was 13,760 yuan/ton, a decrease of 75 yuan and a 0.54% decline [22][25]. - **Spot**: The price of CC Index 3128B was 15,243 yuan/ton, an increase of 27 yuan and a 0.18% increase; the price of CC Index 2227B was 13,341 yuan/ton, an increase of 6 yuan and a 0.04% increase; the price of CC Index 2129B was 15,528 yuan/ton, an increase of 42 yuan and a 0.27% increase [25]. - **Spreads**: The CF1 - 5 spread was 40 yuan/ton, an increase of 10 yuan; the CF5 - 9 spread was 230 yuan/ton, a decrease of 25 yuan; the CF9 - 1 spread was - 270 yuan/ton, an increase of 15 yuan [25]. - **Import Prices**: The price of FC Index M was 13,541 yuan/ton, a decrease of 35 yuan and a 0.26% decline; the price of FCY Index C32s was 21,232 yuan/ton, a decrease of 23 yuan and a 0.11% decline [25]. - **Yarn**: The closing price of yarn futures was 20,060 yuan/ton, a decrease of 125 yuan and a 0.62% decline; the spot price of yarn was 20,720 yuan/ton, with no change [25].

Report Summary 1) Report Industry Investment Rating No investment rating information is provided in the report. 2) Core View of the Report The bond market is expected to bottom out, and investors are advised to pay attention to the bottom - building process. Trading strategies suggest not short - selling, with cautious investors waiting on the sidelines and aggressive investors making small - scale purchases at intervals [1][3]. 3) Summary by Related Content Market Performance - On August 22, 2025, Treasury bond futures opened lower, turned positive in the morning, and declined in the afternoon, closing down across the board. The yields of medium - and long - term bonds increased significantly but did not reach new highs. The 7 - day reverse repurchase in the open market had a net injection of 12.32 billion yuan, and the funding situation eased, with DR001 falling to around 1.41% [1]. - The prices of TS2509, TF2509, T2509, and TL2509 contracts decreased by 0.006, 0.07, 0.345, and 0.22 respectively compared to the previous day. The positions of TS and TF contracts decreased by 2784 and 166 respectively, while the positions of T and TL contracts increased by 1411 and 1043 respectively [4]. News and Analysis - The "New Fed Wire" reported that Powell will re - evaluate the existing policy framework on Friday. The policy - making framework introduced by the Fed in 2020, which emphasized labor market recovery, is considered no longer applicable in the face of higher and more volatile inflation [2]. - The weighted winning bid rates of the 10 - year and 30 - year Treasury bonds issued by the Ministry of Finance were 1.83% and 2.15% respectively, with overall multiples of 2.58 and 2.89, and marginal multiples of 1.67 and 2.59 [2]. - The decline in the bond market in the afternoon may be affected by the primary - market tender. The winning bid rate of the 30 - year Treasury bond exceeded the secondary - market rate by 12bp, indicating a poor tender situation. However, the bond market showed signs of desensitization as the A - share market rose strongly in the afternoon, and the bond yields did not reach new highs [3].

1. Report Industry Investment Rating - Not provided in the given content 2. Core Viewpoints of the Report - On August 22, 2025, the prices of all monthly contracts of the container shipping index (European routes) futures showed a slightly downward - trending oscillation. Except for EC2508, the prices of all EC monthly contracts declined. Based on the changes in the positions of the top 20 institutions on the exchange, the long positions of the EC2510 contract decreased by 119 lots to 28,388 lots, the short positions increased by 129 lots to 31,701 lots, and the trading volume decreased by 11,209 lots to 32,130 lots (bilateral). The overall oscillation and slight decline in futures prices were affected by the spot container quotes on European routes. The opening quotes of major shipping companies (CMA CGM, Hapag - Lloyd) for European routes in early September continued to decrease, and the average price of large containers was below $2300. Considering the current spot container quotes on European routes and the SCFI situation, it is more likely that EC will continue to oscillate and decline or return to an oscillating trend. Attention should be paid to the risk of a rebound after some contracts fall to low levels [1]. 3. Summary by Relevant Catalogs 3.1 EC Risk Management Strategy Recommendations - **Position Management**: For those who have already obtained container positions but have full capacity or poor booking volumes, and are worried about falling freight rates (long spot exposure), to prevent losses, they can short the container shipping index futures according to the company's container positions to lock in profits. The recommended hedging tool is EC2510, with a selling direction and a suggested entry range of 1450 - 1550 [1]. - **Cost Management**: When shipping companies increase the frequency of blank sailings or are about to enter the peak market season, and hope to book containers according to order situations (short spot exposure), to prevent the increase in transportation costs due to rising freight rates, they can buy the container shipping index futures at present to determine the container - booking cost in advance. The recommended hedging tool is EC2510, with a buying direction and a suggested entry range of 1200 - 1300 [1]. 3.2 Market Influencing Factors - **Positive Factors**: Maersk slightly increased its quotes in early September [2]. - **Negative Factors**: CMA CGM and Hapag - Lloyd lowered their quotes for European routes in early September [3]. 3.3 EC Basis and Price Data - **Basis**: On August 22, 2025, the basis of EC2508 was 52.47 points, with a daily decrease of 2.70 points and a weekly decrease of 43.90 points; the basis of EC2510 was 871.17 points, with a daily increase of 16.00 points and a weekly increase of 64.60 points; the basis of EC2512 was 518.97 points, with a daily increase of 60.20 points and a weekly increase of 101.80 points; the basis of EC2602 was 715.17 points, with a daily increase of 48.00 points and a weekly increase of 65.10 points; the basis of EC2604 was 915.67 points, with a daily increase of 25.00 points and a weekly increase of 67.50 points; the basis of EC2606 was 750.17 points, with a daily increase of 40.10 points and a weekly increase of 2.19 points [3]. - **Prices and Spreads**: On August 22, 2025, the closing price of EC2508 was 2127.7 points, with a daily increase of 0.13% and a weekly increase of 2.11%; the closing price of EC2510 was 1309.0 points, with a daily decrease of 1.21% and a weekly decrease of 4.70%; the closing price of EC2512 was 1661.2 points, with a daily decrease of 3.50% and a weekly decrease of 5.77%; the closing price of EC2602 was 1465.0 points, with a daily decrease of 3.17% and a weekly decrease of 4.25%; the closing price of EC2604 was 1264.5 points, with a daily decrease of 3.07% and a weekly decrease of 5.07%; the closing price of EC2606 was 1430.0 points, with a daily decrease of 2.73% and a weekly decrease of 3.87%. There were also corresponding price differences and their daily and weekly changes between different contracts [4]. 3.4 Spot Container Quotes - On September 4, Maersk's total quote for 20GP from Shanghai to Rotterdam was $1305, an increase of $15 compared to the previous value; the total quote for 40GP was $2190, an increase of $30 compared to the previous value. In early September, CMA CGM's total quote for 20GP from Shanghai to Rotterdam was $1410, a decrease of $100 compared to the previous value; the total quote for 40GP was $2420, a decrease of $200 compared to the previous value. In early September, Hapag - Lloyd's total quote for 20GP from Shanghai to Rotterdam was $1385, a decrease of $150 compared to the previous value; the total quote for 40GP was $2135, a decrease of $300 compared to the previous value [6]. 3.5 Global Freight Rate Index - On August 22, 2025, SCFIS for European routes was 2180.17 points, a decrease of 55.31 points (2.47%) compared to the previous value; SCFIS for US - West routes was 1106.29 points, an increase of 24.15 points (2.23%) compared to the previous value; SCFI for European routes was $1668 per TEU, a decrease of $152 (8.35%) compared to the previous value; SCFI for US - West routes was $1644 per FEU, a decrease of $115 (6.54%) compared to the previous value; XSI for European routes was $2989 per FEU, a decrease of $31 (1.03%) compared to the previous value; XSI for US - West routes was $1826 per FEU, a decrease of $7 (0.4%) compared to the previous value; the FBX comprehensive freight rate index was $1965 per FEU, an increase of $1 (0.05%) compared to the previous value [7]. 3.6 Global Major Port Waiting Times - On August 21, 2025, the waiting time at Hong Kong Port was 0.488 days, a decrease of 0.120 days compared to the previous day and 0.029 days less than the same period last year; the waiting time at Shanghai Port was 1.592 days, a decrease of 0.047 days compared to the previous day and 0.438 days more than the same period last year; the waiting time at Yantian Port was 1.820 days, an increase of 0.659 days compared to the previous day and 1.535 days more than the same period last year; the waiting time at Singapore Port was 0.500 days, a decrease of 1.127 days compared to the previous day and 0.026 days less than the same period last year; the waiting time at Jakarta Port was 1.502 days, a decrease of 0.125 days compared to the previous day and 0.717 days more than the same period last year; the waiting time at Long Beach Port was 2.051 days, a decrease of 0.597 days compared to the previous day and 0.005 days more than the same period last year; the waiting time at Savannah Port was 1.190 days, a decrease of 0.043 days compared to the previous day and 0.935 days less than the same period last year [12]. 3.7 Ship Speed and Waiting Ship Numbers in Suez Canal - On August 21, 2025, the average speed of 8000 + container ships was 15.703 knots, a decrease of 0.061 knots compared to the previous day and 0.199 knots less than the same period last year; the average speed of 3000 + container ships was 14.909 knots, an increase of 0.039 knots compared to the previous day and 0.400 knots less than the same period last year; the average speed of 1000 + container ships was 13.346 knots, an increase of 0.028 knots compared to the previous day and 0.101 knots less than the same period last year. The number of container ships waiting at the Suez Canal port anchorage was 8, a decrease of 4 compared to the previous day and 6 more than the same period last year [21].