1. Report Industry Investment Rating - Not provided in the documents 2. Core Viewpoints of the Report - Spot freight rates remain low, the US has restarted the interest - rate cut, and the market is fluctuating at a low level. It is not recommended to increase positions, and stop - losses should be set [1]. - The tariff issue has a marginal effect, and the core is the direction of spot freight rates. The main contract may be in the bottom - building process, and it is recommended to participate with a light position or wait and see [3]. 3. Summary by Related Content Freight Rate Index - On September 15, the Shanghai Export Container Settlement Freight Index (SCFIS) for the European route was 1440.24 points, down 8.1% from the previous period; the SCFIS for the US - West route was 1349.84 points, up 37.7% from the previous period. The Ningbo Export Container Freight Index (NCFI) (composite index) was 903.32 points, down 11.71% from the previous period; the NCFI for the European route was 729.42 points, down 14.78% from the previous period; the NCFI for the US - West route on September 12 was 1216.14 points, down 9.13% from the previous period [1]. - On September 12, the Shanghai Export Container Freight Index (SCFI) was 1398.11 points, down 46.33 points from the previous period; the SCFI price for the European route was 1154 USD/TEU, down 12.24% from the previous period; the SCFI for the US - West route was 2370 USD/FEU, up 8.27% from the previous period. The China Export Container Freight Index (CCFI) (composite index) was 1125.30 points, down 2.1% from the previous period; the CCFI for the European route was 1537.28 points, down 6.2% from the previous period; the CCFI for the US - West route was 757.45 points, down 2.2% from the previous period [1]. PMI Data - In August, China's Manufacturing Purchasing Managers' Index (PMI) was 49.4%, up 0.1 percentage points from the previous month, and the manufacturing prosperity level improved. The Composite PMI Output Index was 50.5%, up 0.3 percentage points from the previous month, indicating that the overall expansion of Chinese enterprises' production and business activities accelerated [2]. - The preliminary value of the Eurozone's manufacturing PMI in August was 50.5 (estimated 49.5, previous value 49.8), the preliminary value of the service PMI was 50.7 (estimated 50.8, previous value 51), and the preliminary value of the composite PMI rose to 51.1, higher than 50.9 in July, improving for three consecutive months and reaching the highest level since May 2024, higher than the expected value of 50.7. The Eurozone's Sentix Investor Confidence Index in August was - 3.7 (expected 8, previous value 4.5) [1]. - The preliminary value of the US S&P Global Manufacturing PMI in August was 53.3, reaching a 39 - month high (estimated 49.5, previous value 49.8); the preliminary value of the service PMI was 55.4 (estimated 54.2, previous value 55.7). The preliminary value of the US Markit Manufacturing PMI in August was 53.3, the highest level since May 2022 (expected 49.7, previous value 49.8) [2]. Tariff and Market Situation - The Sino - US tariff issue has been postponed, and there is no substantial progress in the negotiation. The tariff war has evolved into a trade negotiation issue between the US and other countries. The current spot price has slightly decreased, and the tariff issue has a marginal effect [3]. - On September 18, the main contract 2510 closed at 1105.9, down 2.08%, with a trading volume of 1.96 million lots and an open interest of 4.72 million lots, a decrease of 2436 lots from the previous day [3]. Trading Strategies - Short - term strategy: The main contract is weak, and the far - month contract is strong. Risk - preferring investors are recommended to try going long lightly around 1200 for the 2510 contract and increase positions around 1600 for the 2512 contract. Pay attention to the subsequent market trend, and do not hold losing positions. Set stop - losses [3]. - Arbitrage strategy: Under the background of the volatile international situation, each contract still follows the seasonal logic with large fluctuations. It is recommended to wait and see or try with a light position [3]. - Long - term strategy: It is recommended to take profits when each contract rises, wait for the callback to stabilize, and then judge the subsequent trend [3]. Other Information - Israel's Ministry of Defense announced on September 17 that it had completed the development of the "Iron Beam" laser air - defense system, which can intercept rockets, mortars, and drones at a "low cost" and is expected to be delivered by the end of this year [4]. - The Federal Reserve cut the benchmark interest rate by 25 basis points to 4.00% - 4.25% on September 18, restarting the interest - rate cut since December last year [4].

Report Summary 1. Investment Rating The report does not provide an overall investment rating for the industry. 2. Core Viewpoints - The tariff issue has a marginal effect, and the current core is the direction of spot freight rates. The main contract may be in the bottoming process, and it is recommended to participate with a light position or wait and see [3]. - Spot freight rates are maintaining a low level, the bulk market is generally weak, the US has cut the benchmark interest rate again, and market pessimism persists. Attention should be paid to tariff policies, the Middle - East situation, and spot freight rates [3]. 3. Summary by Content Freight Index - On September 15, the Shanghai Export Container Settlement Freight Index (SCFIS) for the European route was 1440.24 points, down 8.1% from the previous period; the SCFIS for the US - West route was 1349.84 points, up 37.7% from the previous period. The Ningbo Export Container Freight Index (NCFI) composite index was 903.32 points, down 11.71%; the NCFI for the European route was 729.42 points, down 14.78%; the NCFI for the US - West route on September 12 was 1216.14 points, down 9.13% [1]. - On September 12, the Shanghai Export Container Freight Index (SCFI) was 1398.11 points, down 46.33 points from the previous period; the SCFI European - line price was 1154 USD/TEU, down 12.24%; the SCFI US - West route was 2370 USD/FEU, up 8.27%. The China Export Container Freight Index (CCFI) composite index was 1125.30 points, down 2.1%; the CCFI for the European route was 1537.28 points, down 6.2%; the CCFI for the US - West route was 757.45 points, down 2.2% [1]. Economic Data - In August, China's manufacturing PMI was 49.4%, up 0.1 percentage point from the previous month, and the comprehensive PMI output index was 50.5%, up 0.3 percentage point from the previous month [2]. - The preliminary value of the Eurozone's manufacturing PMI in August was 50.5, the service PMI was 50.7, and the composite PMI was 51.1, higher than in July and the highest since May 2024 [1]. - The preliminary value of the US S&P Global manufacturing PMI in August was 53.3, and the service PMI was 55.4 [2]. Tariff and Trade - The Sino - US tariff issue has evolved into a trade negotiation problem between the US and other countries. The tariff issue has a marginal effect, and the focus is on the direction of spot freight rates [3]. Trading Strategies - Short - term strategy: For risk - takers, it is recommended to lightly test long positions around 1200 for the 2510 contract and increase positions around 1600 for the 2512 contract. Pay attention to the subsequent market trend and set stop - losses [3]. - Arbitrage strategy: Due to the volatile international situation, it is recommended to wait and see or try with a light position [3]. - Long - term strategy: It is recommended to take profits when the contracts rise and wait for the market to stabilize after a pullback [3]. Contract Information - On September 18, the main contract 2510 closed at 1105.9, down 2.08%, with a trading volume of 1.96 million lots and an open interest of 4.72 million lots, a decrease of 2436 lots from the previous day [3]. - The daily limit for contracts 2508 - 2606 is adjusted to 18%, the margin is adjusted to 28%, and the daily opening limit for all contracts 2508 - 2606 is 100 lots [3].

Report Industry Investment Ratings - Iron ore: Oscillating with a bullish bias [2] - Coking coal and coke: Bullish [2] - Rebar and hot-rolled coil: Oscillating [2] - Glass: Oscillating [2] - Soda ash: Rebounding [2] - CSI 50 Index Futures/Options: Oscillating [2] - CSI 300 Index Futures/Options: Oscillating [2] - CSI 500 Index Futures/Options: Oscillating [3] - CSI 1000 Index Futures/Options: Downward [3] - 2-year Treasury Bond: Oscillating [3] - 5-year Treasury Bond: Oscillating [3] - 10-year Treasury Bond: Rebounding [3] - Gold: High-level oscillation [3] - Silver: High-level oscillation [3] - Logs: Range-bound oscillation [6] - Pulp: Bottom consolidation [6] - Offset paper: Bearish outlook [6] - Edible oils: Wide-range oscillation [6] - Meal products: Oscillating with a bearish bias [6] - Soybean No. 2: Oscillating with a bearish bias [7] - Soybean No. 1: Oscillating with a bearish bias [7] - Live pigs: Oscillating with a bullish bias [7] - Rubber: Oscillating [10] - PX: Wait-and-see [10] - PTA: Oscillating [10] - MEG: Wait-and-see [10] - PR: Wait-and-see [10] - PF: Wait-and-see [10] Core Views - The Fed's interest rate cut has landed as expected, and after the National Day holiday, trading focus will gradually shift to the real situation. The short-term sentiment in the iron ore market has been boosted, and the supply of iron ore has returned. The fundamentals of iron ore in the short term have limited contradictions [2]. - The news of coal mine shutdowns and the increasing expectation of "anti-involution" have jointly pushed up the double-coke futures. The supply of coking coal is likely to be weaker than last year, and the demand for double-coke has rebounded [2]. - The production of finished steel products has slightly declined, but the supply remains at a relatively high level. The total demand is difficult to show an inverse seasonal performance, and a pattern of high in the front and low in the back will be formed [2]. - The rise of glass futures is mainly driven by the strengthening of upstream fuel prices and the warming of macro sentiment. The supply-demand contradiction in the glass market has not been substantially improved [2]. - The pricing mechanism of gold is shifting from being centered on real interest rates to being centered on central bank gold purchases. The Fed's interest rate policy and risk aversion sentiment may be short-term disturbing factors [3]. - The supply pressure of logs is generally not large, and the daily average shipment volume has slightly increased. It is expected that logs will oscillate within a range [6]. - The price of pulp is expected to consolidate at the bottom. The double-offset paper industry is in a stage of overcapacity, with stable short-term supply and poor demand [6]. - After a previous sharp rise, edible oils may oscillate in a wide range in the short term. Meal products are expected to continue oscillating with a bearish bias [6]. - The average trading weight of live pigs has continued to rise slightly. The开工 rate of key slaughtering enterprises has increased slightly, and the supply of large pigs has increased, which may put some pressure on prices [7]. - The supply pressure of natural rubber has decreased, the demand has increased, and the inventory has continued to decline. The price of natural rubber may oscillate in a wide range [10]. - The supply and demand of PX and PTA have both increased, but the terminal orders are weaker than expected. The short-term prices will mainly fluctuate with costs [10]. Summaries by Related Catalogs Ferrous Metals - **Iron ore**: The global iron ore shipment volume has increased, and the supply has returned. The daily average pig iron output has slightly rebounded and remained at a high level, driving up the demand for iron ore. The short-term fundamentals of iron ore have limited contradictions, and attention should be paid to whether the iron ore 2601 contract can stand firm at the previous high [2]. - **Coal and coke**: The news of coal mine shutdowns and the increasing expectation of "anti-involution" have jointly pushed up the double-coke futures. The supply of coking coal is likely to be weaker than last year, and the demand for double-coke has rebounded [2]. - **Rebar and hot-rolled coil**: The Fed's interest rate cut has landed as expected. The production of finished steel products has slightly declined, but the supply remains at a relatively high level. The total demand is difficult to show an inverse seasonal performance, and a pattern of high in the front and low in the back will be formed. The short-term rebar 2601 contract will oscillate with a bullish bias, and attention should be paid to the inventory performance of rebar [2]. Financial Products - **Stock index futures/options**: The stock market has generally declined. The inflow and outflow of funds in different sectors vary. It is recommended to control risk appetite and reduce long positions in stock indices [3]. - **Treasury bonds**: The yield of the 10-year Treasury bond has declined, and the central bank has carried out reverse repurchase operations. The market interest rate fluctuates, and the trend of Treasury bonds is weak. It is recommended to hold long positions in Treasury bonds lightly [3]. - **Gold and silver**: The pricing mechanism of gold is shifting, and the Fed's interest rate policy and risk aversion sentiment may be short-term disturbing factors. Gold and silver are expected to maintain high-level oscillations [3]. Light Industry Products - **Logs**: The daily average shipment volume of logs at ports has slightly increased, and the supply pressure is generally not large. The inventory has rebounded to around the key threshold of 3 million cubic meters. The spot market price is running steadily, and it is expected that logs will oscillate within a range [6]. - **Pulp**: The spot market price of pulp has mainly declined. The cost support for pulp prices has increased, but the demand improvement expectation remains to be verified. It is expected that the pulp price will consolidate at the bottom [6]. - **Double-offset paper**: The spot market price of double-offset paper is running steadily. The industry is in a stage of overcapacity, with stable short-term supply and poor demand. The overall situation is bearish, and opportunities to short on rebounds should be sought [6]. Agricultural Products - **Edible oils**: After a previous sharp rise, edible oils may oscillate in a wide range in the short term. Attention should be paid to the weather in the US soybean producing areas and the production and sales of Malaysian palm oil [6]. - **Meal products**: The new crop yield of US soybeans has increased, the export demand is weak, and the domestic supply pressure is significant. It is expected that meal products will continue oscillating with a bearish bias [6]. - **Live pigs**: The average trading weight of live pigs has continued to rise slightly. The开工 rate of key slaughtering enterprises has increased slightly, and the supply of large pigs has increased, which may put some pressure on prices. It is expected that the price of standard pigs may decline slightly under pressure, and the price difference between fat and standard pigs may widen slightly [7]. Soft Commodities - **Natural rubber**: The supply pressure of natural rubber has decreased, the demand has increased, and the inventory has continued to decline. The price of natural rubber may oscillate in a wide range [10]. - **PX, PTA, MEG, PR, PF**: The supply and demand of PX and PTA have both increased, but the terminal orders are weaker than expected. The short-term prices will mainly fluctuate with costs. The inventory of MEG is expected to remain at a low level, and the market of polyester bottle chips is expected to continue oscillating and consolidating [10].

Price Trends - NCFI (Ningbo Export Container Freight Index) dropped to 903.32 points, down 11.71% from the previous period[2] - SCFIS (Shanghai Export Container Freight Index for Europe) decreased to 1440.24 points, down 8.1%[2] - SCFIS (Shanghai Export Container Freight Index for US West Coast) increased to 1349.84 points, up 37.7%[2] Market Sentiment - Main shipping companies significantly reduced spot freight rates, indicating a pessimistic outlook for cargo volumes ahead of the holiday[2] - The sentiment in the market is bearish, with a notable decline in freight rates observed[4] Economic Indicators - Eurozone August Manufacturing PMI preliminary value is at 50.5, above the expected 49.5, indicating slight improvement in manufacturing activity[2] - US August S&P Global Manufacturing PMI preliminary value reached 53.3, the highest in 39 months, exceeding expectations[3] Strategic Recommendations - It is advised not to increase positions further and to set stop-loss orders due to the current market conditions[2] - Short-term strategies suggest maintaining a weak position in main contracts while considering light positions in distant contracts[4]

Report Industry Investment Ratings - Iron ore: Oscillating bullish [2] - Coking coal and coke: Bullish [2] - Rebar and hot-rolled coil: Rebound [2] - Glass: Bullish [2] - Soda ash: Rebound [2] - SSE 50 Index: Oscillating [2] - CSI 300 Index: Upward [2] - CSI 500 Index: Upward [3] - CSI 1000 Index: Upward [3] - 2-year Treasury bond: Oscillating [3] - 5-year Treasury bond: Oscillating [3] - 10-year Treasury bond: Rebound [3] - Gold: High-level oscillation [4] - Silver: High-level oscillation [4] - Logs: Range-bound oscillation [5] - Pulp: Bottom consolidation [5] - Offset paper: Bearish [5] - Soybean oil: Wide-range oscillation [5] - Palm oil: Wide-range oscillation [5] - Rapeseed oil: Wide-range oscillation [5] - Soybean meal: Oscillating bearish [6] - Rapeseed meal: Oscillating bearish [6] - Soybean No. 2: Oscillating bearish [6] - Soybean No. 1: Oscillating bearish [6] - Live pigs: Oscillating bullish [6] - Rubber: Oscillating [8] - PX: Wait-and-see [8] - PTA: Oscillating [8] - MEG: Wait-and-see [8] - PR: Wait-and-see [8] - PF: Wait-and-see [8] Core Views - The Fed's interest rate cut landed as expected, and after the National Day, trading focus will gradually shift to reality. The market sentiment for various commodities has been affected by factors such as policy expectations, supply and demand changes, and cost fluctuations [2][3]. - The overall market shows a mixed trend, with different commodities having different investment outlooks, and investors need to pay attention to specific supply and demand situations and market factors of each commodity [2][3][4][5][6][8]. Summary by Related Catalogs Black Industry - **Iron ore**: Global iron ore shipments increased, supply returned, and iron ore demand rebounded with the recovery of daily average hot metal production. The short - term fundamental contradictions of iron ore are limited, and attention should be paid to whether the 2601 contract can stand firm at the previous high [2]. - **Coking coal and coke**: Affected by coal mine shutdown news and the "anti - involution" expectation, the coking coal and coke futures rebounded significantly. The supply of coking coal is likely to be weaker than last year, and demand rebounded with the recovery of hot metal production [2]. - **Rebar and hot - rolled coil**: Supply will remain at a relatively high level, inventory pressure will continue to increase, and total demand is difficult to show an anti - seasonal performance. In the short term, the 2601 contract of rebar will oscillate strongly, and attention should be paid to inventory performance [2]. - **Glass**: The rise of glass futures is driven by the strengthening of upstream fuel prices and the improvement of macro - sentiment. Although the supply - demand contradiction has not been substantially improved, the inventory reduction process provides some confidence [2]. - **Soda ash**: Currently, the trading is about cold - repair, and the key lies in the cold - repair path. In the long term, the real estate industry is still in an adjustment period, and attention should be paid to the improvement of real demand [2]. Financial Industry - **Stock index futures/options**: The Fed cut interest rates by 25 basis points, and the market showed different trends. Multiple financial and electric power grid sectors had capital inflows, while precious metals and agriculture sectors had capital outflows. It is recommended to hold long positions in stock indexes while controlling risk preferences [2][3]. - **Treasury bonds**: Market interest rates fluctuated, and the trend of treasury bonds was weak. It is recommended to hold long positions in treasury bonds lightly [3]. - **Precious metals**: Gold's pricing mechanism is shifting, and factors such as the Fed's interest rate policy, geopolitical risks, and physical gold demand in China affect its price. Gold is expected to maintain high - level oscillation [4]. Light Industry - **Logs**: The daily average shipment volume of logs at ports increased slightly, the supply pressure was not large, and the inventory was at a critical threshold. The cost - side support weakened, and it is expected to oscillate in a range [5]. - **Pulp**: The spot market price showed a differentiated trend, the cost support for pulp prices increased, but the demand improvement expectation remains to be verified. Pulp prices are expected to consolidate at the bottom [5]. - **Offset paper**: The spot market price was relatively stable, but the industry is in a stage of over - capacity, with stable short - term supply and poor demand. It should be treated bearishly [5]. Oil and Fat Industry - **Oils**: The supply pressure of palm oil in the producing areas increased, and the supply of domestic soybean oil may tighten in the future. Oils may oscillate widely in the short term after a previous sharp rise, and attention should be paid to the weather in the US soybean - producing areas and the production and sales of palm oil in Malaysia [5][6]. - **Oilseeds and meals**: The total output of US soybeans increased, and the domestic supply pressure was significant. The demand was weak, and soybean meal is expected to continue to oscillate bearishly [6]. Agricultural Products Industry - **Live pigs**: The average trading weight of live pigs increased slightly, and the slaughtering enterprise's operating rate increased. With the increase in the supply of large pigs, the support for the overall price weakened. The price of standard pigs may decline slightly, and the price difference between fat and standard pigs may widen slightly [6]. Soft Commodities Industry - **Rubber**: The supply - side pressure decreased, the demand - side capacity utilization rate increased, and the inventory continued to decline. The price of natural rubber is expected to oscillate widely [8]. - **Polyester products**: PX, PTA, MEG, PR, and PF have different supply - demand situations and cost factors, and their market trends are mainly oscillating or in a wait - and - see state [8].

Report Overview - Report Date: September 18, 2025 [1] - Report Type: Container Shipping Daily Report - Research Group: Shipping Research Group Industry Investment Rating - Not provided in the report Core Viewpoints - The tariff issue has a marginal effect, and the core is the direction of spot freight rates. The main contract may be in the process of bottom - building, suggesting light - position participation or waiting and seeing [4] - With liner companies significantly reducing freight rates and pre - holiday cargo volume being concerning, the near - month contracts have obvious declines, and further position - adding is not recommended. Stop - loss should be set [2] Summary by Related Content Freight Index Changes - From September 12 to September 15, the Ningbo Export Container Freight Index (NCFI) (composite index) dropped 11.71% to 903.32 points; the Shanghai Export Container Settlement Freight Index (SCFIS) (European route) fell 8.1% to 1440.24 points; the NCFI (European route) decreased 14.78% to 729.42 points; the SCFIS (US West route) rose 37.7% to 1349.84 points; the NCFI (US West route) declined 9.13% to 1216.14 points [2] - From September 12, the Shanghai Export Container Freight Index (SCFI) decreased 46.33 points to 1398.11 points; the China Export Container Freight Index (CCFI) (composite index) dropped 2.1% to 1125.30 points; the SCFI European route price fell 12.24% to 1154 USD/TEU; the CCFI (European route) decreased 6.2% to 1537.28 points; the SCFI US West route rose 8.27% to 2370 USD/FEU; the CCFI (US West route) declined 2.2% to 757.45 points [2] PMI Data - Eurozone's August manufacturing PMI preliminary value was 50.5 (estimated 49.5, previous 49.8), service PMI preliminary value was 50.7 (estimated 50.8, previous 51), and composite PMI preliminary value rose to 51.1, higher than July's 50.9, hitting the highest since May 2024 and higher than the expected 50.7. The August Sentix investor confidence index was - 3.7 (expected 8, previous 4.5) [2] - China's August manufacturing PMI was 49.4%, up 0.1 percentage point from last month, and the composite PMI output index was 50.5%, up 0.3 percentage point from last month [3] - The US August S&P Global manufacturing PMI preliminary value was 53.3, reaching a 39 - month high; the service PMI preliminary value was 55.4; the Markit manufacturing PMI preliminary value was 53.3, the highest since May 2022 [3] Trade and Tariff Situation - The Sino - US tariff extension negotiation has no substantial progress, and the tariff war has evolved into a trade negotiation issue between the US and other countries. The spot price has slightly decreased, and the tariff issue has a marginal effect [4] Market and Contract Information - On September 17, the main contract 2510 closed at 1109.7, with a decline of 6.72%, a trading volume of 4.35 million lots, and an open interest of 4.96 million lots, an increase of 2092 lots from the previous day [4] Trading Strategies - Short - term strategy: For risk - takers, try to go long lightly around 1200 for the 2510 contract and increase positions around 1600 for the 2512 contract. Pay attention to the subsequent market trend, avoid holding losing positions, and set stop - loss [4] - Arbitrage strategy: In the context of international situation turmoil, each contract maintains a seasonal logic with large fluctuations. Temporarily wait and see or try with a light position [4] - Long - term strategy: Take profit when each contract rises, wait for the pull - back to stabilize, and then judge the subsequent situation [4] Policy Adjustments - The daily limit for contracts 2508 - 2606 is adjusted to 18% [4] - The margin for contracts 2508 - 2606 is adjusted to 28% [4] - The daily opening limit for all contracts 2508 - 2606 is 100 lots [4] Geopolitical Events - The EU will announce measures against Israel on September 17, including suspending trade preferences and imposing sanctions on extreme - right ministers and violent settlers, to pressure Israel to end the Gaza conflict [4][5]

1. Report Industry Investment Rating - Not provided in the given content 2. Core Viewpoints of the Report - Spot prices are continuously declining, the situation in the Middle East is volatile, and cargo volume before the National Day is concerning. It is not recommended to increase positions, and stop - loss should be set [1]. - The tariff issue has shown a marginal effect, and the current core is the trend of spot freight rates. The main contract may be in the bottom - building process, and it is recommended to participate with a light position or wait and see [3]. - The main contract remains weak, and the far - month contract is relatively strong. Risk - preferring investors are recommended to lightly test long positions around 1200 for the 2510 contract and increase positions around 1600 for the 2512 contract. Pay attention to subsequent market trends, do not hold losing positions, and set stop - losses [3]. - Under the background of international situation turmoil, each contract still follows the seasonal logic with large fluctuations. It is recommended to wait and see or lightly try for arbitrage strategies [3]. - For long - term strategies, it is recommended to take profits when the contracts rise, wait for the callback to stabilize, and then judge the subsequent direction [3]. 3. Summary According to Related Content 3.1 Freight Index Changes - On September 15, the Shanghai Export Container Settlement Freight Index (SCFIS) for the European route was 1440.24 points, a decrease of 8.1% from the previous period; the SCFIS for the US - West route was 1349.84 points, an increase of 37.7% from the previous period [2]. - On September 12, the Ningbo Export Container Freight Index (NCFI) (composite index) was 903.32 points, a decrease of 11.71% from the previous period; the NCFI (European route) was 729.42 points, a decrease of 14.78% from the previous period; the NCFI (US - West route) was 1216.14 points, a decrease of 9.13% from the previous period [2]. - On September 12, the Shanghai Export Container Freight Index (SCFI) was 1398.11 points, a decrease of 46.33 points from the previous period; the SCFI European route price was 1154 USD/TEU, a decrease of 12.24% from the previous period; the SCFI US - West route price was 2370 USD/FEU, an increase of 8.27% from the previous period [2]. - On September 12, the China Export Container Freight Index (CCFI) (composite index) was 1125.30 points, a decrease of 2.1% from the previous period; the CCFI (European route) was 1537.28 points, a decrease of 6.2% from the previous period; the CCFI (US - West route) was 757.45 points, a decrease of 2.2% from the previous period [2]. 3.2 Economic Data - In the eurozone, the August manufacturing PMI was 50.5 (estimated 49.5, previous value 49.8), the services PMI was 50.7 (estimated 50.8, previous value 51), and the composite PMI rose to 51.1, higher than July's 50.9, the highest since May 2024 and higher than the expected value of 50.7. The August Sentix investor confidence index was - 3.7 (expected 8, previous value 4.5) [2]. - In August in China, the manufacturing PMI was 49.4%, an increase of 0.1 percentage points from the previous month, and the composite PMI output index was 50.5%, an increase of 0.3 percentage points from the previous month, indicating an accelerated overall expansion of enterprise production and operation activities [2]. - In the US, the August S&P Global manufacturing PMI was 53.3 (estimated 49.5, previous value 49.8), the services PMI was 55.4 (estimated 54.2, previous value 55.7), and the Markit manufacturing PMI was 53.3, the highest since May 2022 (expected 49.7, previous value 49.8) [2]. 3.3 Contract Information - On September 16, the main contract 2510 closed at 1169.7, a decrease of 0.10%, with a trading volume of 32,600 lots and an open interest of 47,500 lots, a decrease of 255 lots from the previous day [3]. - The daily limit for contracts from 2508 - 2606 is adjusted to 18%, the margin is adjusted to 28%, and the daily opening limit for all contracts from 2508 - 2606 is 100 lots [3]. 3.4 Geopolitical Information - On September 16, Israeli Defense Minister Katz stated that the Israeli military is strongly attacking the infrastructure of Hamas armed personnel to create conditions for defeating Hamas and releasing Israeli hostages [5]. - On September 15, US President Trump said that Israel would not attack Qatar again [5].

Report Industry Investment Rating - Not provided Core Viewpoints of the Report - Spot prices are continuously declining, the situation in the Middle East is volatile, and cargo volume before the National Day is concerning. It is not recommended to increase positions, and stop - loss should be set [1] - The tariff issue has shown a marginal effect. The current core is the direction of spot freight rates. The main contract may be in the bottom - building process. It is recommended to participate with a light position or wait and see [3] - The main contract remains weak, while the far - month contracts are stronger. Risk - preferring investors are recommended to lightly try to go long on the 2510 contract around 1200 and increase positions on the 2512 contract around 1600. Pay attention to the subsequent market trend, do not hold losing positions, and set stop - losses [3] - In the context of international situation turmoil, it is recommended to temporarily wait and see or lightly try for the arbitrage strategy. For the long - term strategy, it is recommended to take profits when the contracts rise, wait for the callback to stabilize, and then judge the subsequent direction [3] Summary According to Related Content Freight Rate Index - On September 15, the Shanghai Export Container Settlement Freight Index (SCFIS) for the European route was 1440.24 points, a decrease of 8.1% from the previous period; the SCFIS for the US West route was 1349.84 points, an increase of 37.7% from the previous period [2] - On September 12, the Ningbo Export Container Freight Index (NCFI) for the comprehensive index was 903.32 points, a decrease of 11.71% from the previous period; the NCFI for the European route was 729.42 points, a decrease of 14.78% from the previous period; the NCFI for the US West route was 1216.14 points, a decrease of 9.13% from the previous period [2] - On September 12, the Shanghai Export Container Freight Index (SCFI) was 1398.11 points, a decrease of 46.33 points from the previous period. The SCFI for the European route was 1154 USD/TEU, a decrease of 12.24% from the previous period; the SCFI for the US West route was 2370 USD/FEU, an increase of 8.27% from the previous period [2] - On September 12, the China Export Container Freight Index (CCFI) for the comprehensive index was 1125.30 points, a decrease of 2.1% from the previous period; the CCFI for the European route was 1537.28 points, a decrease of 6.2% from the previous period; the CCFI for the US West route was 757.45 points, a decrease of 2.2% from the previous period [2] Economic Data - In the Eurozone, the manufacturing PMI in August was 50.5 (estimated 49.5, previous value 49.8), the services PMI was 50.7 (estimated 50.8, previous value 51), and the composite PMI rose to 51.1, higher than July's 50.9, with three - month consecutive improvement and the highest since May 2024, higher than the expected value of 50.7. The Sentix investor confidence index was - 3.7 (expected 8, previous value 4.5) [2] - In August in China, the manufacturing PMI was 49.4%, an increase of 0.1 percentage points from the previous month, and the comprehensive PMI output index was 50.5%, an increase of 0.3 percentage points from the previous month, indicating an acceleration in the overall expansion of enterprise production and operation activities [2] - In the US in August, the S&P Global manufacturing PMI was 53.3 (estimated 49.5, previous value 49.8), the services PMI was 55.4 (estimated 54.2, previous value 55.7), and the Markit manufacturing PMI was 53.3, the highest since May 2022 (expected 49.7, previous value 49.8) [2] Contract Information - On September 16, the main contract 2510 closed at 1169.7, a decrease of 0.10%. The trading volume was 32,600 lots, and the open interest was 47,500 lots, a decrease of 255 lots from the previous day [3] - The daily limit for contracts from 2508 to 2606 was adjusted to 18%, the margin of the company for these contracts was adjusted to 28%, and the daily opening limit for all contracts from 2508 to 2606 was 100 lots [3] Geopolitical Situation - On September 16, Israeli Defense Minister Katz stated that the Israeli military was strongly attacking the infrastructure of Hamas armed personnel and would continue the operation until the mission was completed [5] - On September 15, US President Trump said that Israel would not attack Qatar again [5]

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Price Trends - Shanghai Export Container Freight Index (SCFIS) for Europe decreased to 1440.24 points, down 8.1% from the previous period[2] - Ningbo Export Container Freight Index (NCFI) for Europe fell to 729.42 points, down 14.78% from the previous period[2] - SCFIS for the US West Coast increased to 1349.84 points, up 37.7% from the previous period[2] - NCFI for the US West Coast dropped to 1216.14 points, down 9.13% from the previous period[2] Economic Indicators - Eurozone August Manufacturing PMI was 50.5, above the forecast of 49.5 and previous value of 49.8[2] - Eurozone August Services PMI initial value was 50.7, slightly below the forecast of 50.8[2] - US August Manufacturing PMI initial value reached 53.3, the highest in 39 months, exceeding the forecast of 49.5[2] Market Sentiment - Ongoing US-China trade negotiations show no substantial progress, leading to a slight decline in spot prices[3] - The main contract closed at 1163.1, with a decrease of 1.57% and a trading volume of 17,800 contracts[3] - Recommendations suggest light positions or observation due to geopolitical tensions and tariff fluctuations[3] Strategic Recommendations - Short-term strategy advises maintaining weak positions in main contracts and stronger positions in distant contracts[4] - Suggested light long positions around 1200 for the 2510 contract and around 1600 for the 2512 contract[4] - Long-term strategy recommends taking profits on high points and waiting for stabilization before making further decisions[4]