Report Summary 1) Report Industry Investment Rating No information provided. 2) Core View of the Report - The sentiment in the bond market has calmed down, and attention should be paid to the bottom - building process. If the A - share market's consolidation lasts for several days, it will be beneficial for the bond market to bottom out. Investors are advised not to short. Cautious investors can wait and see, while aggressive investors aiming to buy at the bottom can enter the market with small positions and widen the buying intervals. Focus on the support level of the 10 - year Treasury bond at around 1.8% [1][3]. 3) Summary by Related Content a. Market Performance - On Thursday, medium - and long - term Treasury bond futures opened lower and then fluctuated upwards, with all varieties closing higher. The yields of spot bonds declined significantly in the afternoon. The net investment in the 7 - day reverse repurchase in the open market was 124.3 billion yuan. The capital situation was okay, with DR001 around 1.46% [1]. - The trading data of Treasury bond futures on August 21, 2025, showed that TS2509 rose by 0.002, TF2509 fell by - 0.01, T2509 rose by 0.065, and TL2509 fell by - 0.12. The positions of TS, TF, and T contracts decreased, while the position of the TL contract increased. There were also changes in the basis and trading volume of each contract [4]. b. Intraday News - The minutes of the Federal Reserve meeting showed internal differences. Members were worried about tariffs, inflation, and the labor market, and most people believed that inflation was a higher risk than employment. - The central bank added 100 billion yuan in re - loans for supporting agriculture and small businesses to support flood prevention and disaster relief and post - disaster reconstruction [2].

1. Report Industry Investment Rating - No relevant content provided 2. Core Viewpoints of the Report - The strengthening of tin prices on Tuesday afternoon may be related to smelters' production cut expectations, but both macro and fundamental factors have limited impact. The US retail sales data for July met expectations. On the fundamental side, the repeated postponement of the full resumption of production in Myanmar's tin mines has been significantly supporting tin prices and may have a continuous impact. In the short term, tin prices may remain volatile, with a stable macro environment and room for speculation on supply - side topics [3] - There are both positive and negative factors affecting tin prices. Positive factors include the easing of Sino - US tariff policies, the semiconductor sector being in an expansion cycle, and Myanmar's production resumption falling short of expectations. Negative factors include the vacillation of tariff policies, the inflow of Myanmar's tin ore into China, and the semiconductor sector's slowdown in expansion and transition from an expansion to a contraction cycle [4][5] 3. Summary by Relevant Catalogs 3.1 Tin Price Volatility and Risk Management - The latest closing price of tin is 267,840 yuan/ton, with a monthly price range forecast of 245,000 - 263,000 yuan/ton. The current volatility is 14.36%, and the historical percentile of the current volatility is 26.1% [2] - For inventory management with high finished - product inventory and concerns about price drops, it is recommended to sell 75% of the Shanghai Tin main futures contract at around 275,000 yuan/ton and sell 25% of the SN2510C275000 call option when the volatility is appropriate. For raw material management with low raw - material inventory and concerns about price increases, it is recommended to buy 50% of the Shanghai Tin main futures contract at around 230,000 yuan/ton and sell 25% of the SN2510P245000 put option when the volatility is appropriate [2] 3.2 Tin Futures and Spot Data - **Futures data**: The latest prices of Shanghai Tin main, Shanghai Tin continuous one, and Shanghai Tin continuous three are 267,840 yuan/ton, 268,070 yuan/ton, and 268,350 yuan/ton respectively, all with a daily change of 0. The price of LME Tin 3M is 33,775 US dollars/ton, with a daily increase of 5 US dollars and a daily increase rate of 0.01%. The Shanghai - London ratio is 7.88, with a daily decrease of 0.04 and a daily decrease rate of 0.51% [6] - **Spot data**: The latest prices of Shanghai Non - ferrous tin ingots, 1 tin premium, 40% tin concentrate, 60% tin concentrate, 60A solder bar, 63A solder bar, and lead - free solder are 267,500 yuan/ton, 400 yuan/ton, 255,500 yuan/ton, 259,500 yuan/ton, 173,750 yuan/ton, 181,250 yuan/ton, and 273,250 yuan/ton respectively, with weekly decreases of 2,700 yuan/ton, 0 yuan/ton, 2,700 yuan/ton, 2,700 yuan/ton, 2,000 yuan/ton, 2,000 yuan/ton, and 3,500 yuan/ton respectively [10] 3.3 Tin Import and Processing - The latest tin import profit and loss is - 19,038.82 yuan/ton, with a daily increase of 793.9 yuan and a daily increase rate of 4.35%. The processing fees for 40% and 60% tin ore are 12,200 yuan/ton and 10,050 yuan/ton respectively, with no daily change [15] 3.4 Tin Inventory - The latest total warehouse receipt quantity of tin on the Shanghai Futures Exchange is 7,329 tons, with a daily decrease of 184 tons and a daily decrease rate of 2.45%. The warehouse receipt quantities in Guangdong and Shanghai are 5,090 tons and 1,376 tons respectively, with daily decreases of 142 tons and 36 tons and daily decrease rates of 2.71% and 2.55% respectively. The total LME tin inventory is 1,630 tons, with a daily decrease of 25 tons and a daily decrease rate of 1.51% [17]

1. Report Industry Investment Rating No relevant content provided. 2. Core View of the Report - The medium - to long - term trend of precious metals may be bullish. Technically, the short - term sentiment has improved. For London gold, the daily line shows a pattern where the bullish candle engulfs the bearish one, indicating that the bulls are in the dominant position again. For London silver, it rebounded after stopping the decline around $37. The operation strategy still maintains the idea of buying on dips [5]. 3. Summary According to Relevant Catalogs 3.1 Market Review - On Wednesday, the precious metals market stopped falling and rebounded. The US dollar index fluctuated, the yield of the 10 - year US Treasury bond declined, European and American stocks fluctuated and adjusted, crude oil prices rose, Bitcoin stopped falling, and the South China Non - ferrous Metals Index was weakly operating. The market is focusing on the guidance of the global central bank annual meeting on the future interest - rate cut prospects of the Federal Reserve. COMEX Gold 2512 contract closed at $3,392.2 per ounce, up 1%; US silver 2509 contract closed at $37.895 per ounce, up 1.51%. SHFE Gold 2510 main contract was at 772.68 yuan per gram, down 0.35%; SHFE Silver 2510 contract was at 9,042 yuan per kilogram, down 1.86%. The Fed's monetary policy meeting minutes released early Thursday highlighted internal differences within the Fed, with a hawkish tendency [2]. 3.2 Interest - rate Cut Expectations and Fund Holdings - Interest - rate cut expectations remained stable. According to CME's "FedWatch" data, the probability of the Fed keeping interest rates unchanged in September is 18.1%, and the probability of a 25 - basis - point rate cut is 81.9%. In terms of long - term funds, the SPDR Gold ETF holdings decreased by 4 tons to 958.2 tons; the iShares Silver ETF holdings decreased by 33.9 tons to 15,305.76 tons. In terms of inventory, SHFE silver inventory decreased by 9.2 tons to 1,140.2 tons; as of the week ending August 15, SGX silver inventory decreased by 17.7 tons to 1,286.8 tons [3]. 3.3 This Week's Focus - This week's data is light. Moderate attention should be paid to the US weekly initial jobless claims, US S&P manufacturing and services PMI on Thursday night. In terms of events, the focus is on the Jackson Hole Global Central Bank Annual Meeting. At 22:00 on Friday, Fed Chairman Powell will give a speech at the meeting [4]. 3.4 Price, Inventory, and Other Data - **Precious Metal Futures and Spot Prices**: SHFE Gold main - continuous contract was at 772.68 yuan per gram, down 0.31%; SGX Gold TD was at 769.83 yuan per gram, down 0.33%; CME Gold main contract was at $3,392.2 per ounce, up 0.99%. SHFE Silver main - continuous contract was at 9,042 yuan per kilogram, down 1.58%; SGX Silver TD was at 9,022 yuan per kilogram, down 1.75%; CME Silver main contract was at $37.895 per ounce, up 1.51% [6][7]. - **Inventory and Holdings**: SHFE gold inventory was 36,582 kilograms, up 0.69%; CME gold inventory was 1,199.4695 tons, down 0.17%; SHFE gold holdings were 191,474 lots, up 0.02%; SPDR gold holdings were 958.21 tons, down 0.42%. SHFE silver inventory was 1,140.199 tons, down 0.8%; CME silver inventory was 15,816.1046 tons, up 0.07%; SGX silver inventory was 1,286.835 tons, down 1.35%; SHFE silver holdings were 318,678 lots, down 6.96%; SLV silver holdings were 15,305.763094 tons, down 0.22% [18]. - **Stock, Bond, and Commodity Market Summary**: The US dollar index was at 98.2236, down 0.04%; the US dollar against the Chinese yuan was at 7.1809, down 0.08%; the Dow Jones Industrial Average was at 44,938.31 points, up 0.04%; WTI crude oil spot was at $62.71 per barrel, up 0.58%; LmeS copper 03 was at $9,721 per ton, up 0.38%; the 10 - year US Treasury bond yield was at 4.29%, down 0.23%; the 10 - year US real interest rate was at 1.94%, down 0.51%; the 10 - 2 - year US Treasury bond yield spread was at 0.55%, unchanged [21].

Report Summary 1. Report Industry Investment Rating No information provided. 2. Core View of the Report - The current upward driver in the market mainly comes from the reduction of overseas supply of hardwood pulp, but this factor has basically been priced in. Port inventories are high and de - stocking is not smooth, with weak spot market transactions. Downstream demand is mainly for essential purchases, and paper mills' production profits are low, with a possibility of a lackluster peak season. The price difference between softwood and hardwood pulp continues to decline, and attention should be paid to the actual transaction price changes of hardwood pulp in the future. The strategy is to operate within a range, focusing on the support at the previous low, and lightly testing long positions near the previous low, with a stop - loss if it breaks through [4][5]. 3. Summary by Relevant Catalogs 3.1 Price Forecast and Hedging Strategies - **Price Range Forecast**: The monthly price range forecast for pulp is 4900 - 5400 yuan/ton, with a current 20 - day rolling volatility of 19.03% and a historical percentile (3 - year) of 58.0% [2]. - **Hedging Strategies**: - **Inventory Management**: For enterprises with high softwood pulp inventories worried about price drops, they can short pulp futures (sp2509) with a 25% hedging ratio at an entry range of 5200 - 5300 yuan/ton to lock in profits and cover production costs [2]. - **Procurement Management**: For papermaking enterprises with low inventories looking to purchase based on orders, they can buy pulp futures (sp2509) with a 25% hedging ratio at an entry range of 4900 - 5100 yuan/ton to lock in procurement costs in advance [2]. 3.2 Core Contradictions - **Futures and Spot Prices**: The main contract closed at 5178 yuan/ton (-98). In the spot market, Shandong Yinxing was quoted at 5850 yuan/ton (+0), Shandong Russian Needle at 5200 yuan/ton (-100), and Shandong Jinyu at 4150 yuan/ton (-50). Chilean Arauco notified August prices, with a 50% reduction in supply for softwood pulp Yinxing at 720 US dollars/ton, hardwood pulp Mingxing at 520 US dollars/ton, and natural pulp Jinxing at 590 US dollars/ton. The spot market trading sentiment was poor, and downstream demand from paper mills remained weak [3]. 3.3 Market Data - **Futures Contracts**: On August 20, 2025, SP2509 was at 5096 yuan/ton (-100), SP2511 at 5136 yuan/ton (-42), and sp2601 at 5380 yuan/ton (-40) [8]. - **Domestic Spot Prices**: Prices of various types of pulp such as softwood and hardwood pulp showed different degrees of decline. For example, the price of Shandong Russian Needle decreased by 100 yuan/ton to 5200 yuan/ton, and the price of Shandong Jinyu decreased by 50 yuan/ton to 4150 yuan/ton [8]. - **Domestic Finished Paper Average Prices**: The prices of some finished papers such as white cardboard and offset paper decreased. White cardboard decreased by 2.29% to 4260 yuan/ton, and offset paper decreased by 2.92% to 5533.33 yuan/ton [8].

Report Summary 1) Report Industry Investment Rating No relevant content provided. 2) Core View of the Report - The trading sentiment in the bond market remains weak, and the market needs to decouple from the stock market to confirm a bottom. In the short term, trading is difficult. It is recommended not to short. Cautious investors should wait and see, while aggressive investors looking to bottom - fish can enter with small positions and stagger their purchases [1][3]. 3) Summary by Related Catalogs a) Market Review - On Wednesday, Treasury bond futures opened higher and fluctuated in the morning, then weakened in the afternoon due to the strong performance of the stock market. Medium - and long - term varieties hit new lows. The yield of spot bonds reversed from a decline to an increase and rose significantly in the afternoon. The central bank had a net injection of 497.5 billion yuan through 7 - day reverse repurchase in the open market, and 10 billion yuan of treasury cash fixed - term deposits matured. The funding situation was okay, with DR001 around 1.47% [1]. b) Intraday News - The US Department of Commerce officially announced on Tuesday that it would include 407 types of steel and aluminum derivative products, such as wind turbines, in the 50% tariff list, suddenly expanding the scope of Trump's steel and aluminum tariffs and catching US importers off - guard [2]. c) Market Data - **Contract Prices and Positions**: - TS2509 price was 102.322, down 0.006 from the previous day, and its position decreased by 3,655 hands to 94,194 hands. - TF2509 price was 105.45, down 0.085, and its position decreased by 2,116 hands to 170,809 hands. - T2509 price was 107.935, down 0.115, and its position decreased by 5,181 hands to 227,058 hands. - TL2509 price was 116.24, down 0.22, and its position increased by 2,709 hands to 152,216 hands [4]. - **Basis and Trading Volume**: - TS basis (CTD) was 0.0266, down 0.0066, and its trading volume increased by 5,907 hands to 48,745 hands. - TF basis (CTD) was 0.0464, down 0.0168, and its trading volume decreased by 21,612 hands to 55,311 hands. - T basis (CTD) was 0.0542, down 0.0734, and its trading volume decreased by 14,976 hands to 80,139 hands. - TL basis (CTD) was 0.1715, up 0.3672, and its trading volume decreased by 17,379 hands to 99,916 hands [4].

Report Summary 1. Report Industry Investment Rating No relevant content provided. 2. Core View - Overnight US stocks tumbled and the stock market corrected yesterday, leading to a subdued market sentiment at today's opening. After the mid - session, optimism resurfaced, possibly influenced by some positive interim report data and the expectation of eased Sino - US relations. Short - term market sentiment remains volatile, with shrinking trading volume, indicating that some funds have become cautious. The market is expected to fluctuate near the pressure line for some time, awaiting signals of the Fed's monetary policy adjustment at the Jackson Hole meeting. Currently, maintain positions and be prepared to hedge against downside risks. Given the continuous rise of futures basis boosted by sentiment, using options for hedging may be a better choice [4]. 3. Summary by Related Catalogs Market Review - Today, the stock index rose with shrinking volume, and the small and medium - cap stocks performed relatively strongly, while the gap between large and small - cap stocks narrowed. In terms of funds, the trading volume of the two markets decreased by 180.1 billion yuan. In the futures index market, all varieties rose with increasing volume [2]. Important Information - The US Treasury Secretary said that the US and China had a "very good dialogue" on economic and trade issues, and the current work is progressing smoothly. - The parade will last about 70 minutes and will showcase some strategic heavy weapons, high - precision strike equipment, and unmanned and anti - unmanned equipment from the land, sea, and air for the first time [3]. Strategy Recommendation - Insurance strategy: Hold spot and buy put options [5]. Futures Index Market Observation | | IF | IH | IC | IM | | --- | --- | --- | --- | --- | | Main contract intraday change (%) | 1.16 | 1.08 | 1.40 | 1.23 | | Trading volume (10,000 lots) | 13.0668 | 6.3114 | 11.9244 | 29.8722 | | Trading volume change compared to the previous day (10,000 lots) | 2.1399 | 0.0678 | 1.6892 | 6.2534 | | Open interest (10,000 lots) | 26.7018 | 10.6633 | 22.8358 | 40.0625 | | Open interest change compared to the previous day (10,000 lots) | 0.8761 | 0.2909 | 0.7608 | 2.3675 | [5] Spot Market Observation | Name | Value | | --- | --- | | Shanghai Composite Index change (%) | 1.04 | | Shenzhen Component Index change (%) | 0.89 | | Ratio of rising to falling stocks | 2.35 | | Trading volume of the two markets (billion yuan) | 2408.234 | | Trading volume change compared to the previous day (billion yuan) | - 180.135 | [6]

Investment Rating - The report maintains a "Recommendation" rating for Nanhua Futures, with a target price of 30.25 CNY [2][9]. Core Views - Nanhua Futures demonstrated resilience in its overseas business and secured additional clearing licenses, which is expected to enhance its competitive position [2][9]. - The company reported a total revenue of 1.1 billion CNY for H1 2025, a year-on-year decrease of 58.3%, while the net profit attributable to shareholders was 230 million CNY, reflecting a slight increase of 0.5% [2][9]. - The report highlights the impact of regulatory changes on revenue recognition, particularly in the context of net income reporting, which did not affect net profit [9]. Financial Performance Summary - For H1 2025, the company achieved total revenue of 1.1 billion CNY, with a net profit of 230 million CNY [2][9]. - The revenue breakdown shows a decline in net interest income and commission income, with significant drops of 27.8% and 13.9% respectively, while investment income saw a substantial increase of 570.7% [9]. - The domestic business faced challenges with a 29.0% decline in commission income, despite an increase in trading volume and value in the futures market [9]. - The overseas business reported a 9.3% increase in commission income, supported by a favorable high-interest environment and the expansion of clearing licenses [9]. Future Outlook - The company plans to list in Hong Kong, with the raised funds aimed at bolstering the capital of its overseas subsidiaries, which is expected to strengthen its international business [9]. - The report anticipates that Nanhua Futures will benefit from a more regulated industry environment, allowing it to expand its market share due to its established pricing system [9]. - Earnings per share (EPS) forecasts for 2025, 2026, and 2027 are adjusted to 0.86 CNY, 0.91 CNY, and 0.97 CNY respectively, reflecting a cautious outlook amid macroeconomic conditions [9].

Report Summary 1. Report Industry Investment Rating No relevant content provided. 2. Core Viewpoints - The BPI freight rate index turned up week-on-week, and the increase in the (large) handy-sized ship transport market widened, with the freight rate rising by over 3% week-on-week. However, the BDI composite freight rate index and the BCI freight rate index declined month-on-month, and the decline widened [1]. - The demand for industrial product shipments remained strong, supporting the demand for Capesize and Panamax ships. The demand for agricultural product shipments also increased, especially in the import shipments of corn, soybeans, and soybean meal [1]. 3. Summary by Relevant Catalogs 3.1 Spot Index Review - **BDI Freight Rate Index Analysis**: On August 19, the BDI composite freight rate index and the BCI freight rate index continued to decline month-on-month, while the BPI, BSI, and BHSI freight rate indices maintained an upward trend. Specifically, the BDI composite freight rate index closed at 1,964 points, down 2.63% week-on-week; the BCI freight rate index closed at 3,023 points, down 7.3% week-on-week; the BPI freight rate index closed at 1,637 points, up 2.63% week-on-week; the BSI freight rate index closed at 1,369 points, up 3.01% week-on-week; and the BHSI freight rate index closed at 708 points, up 3.06% week-on-week [4]. - **FDI Far East Dry Bulk Freight Rate Index**: On August 19, except for the continued improvement in the large handy-sized ship rental transport market, the FDI composite index and most of the sub-ship type rental freight rates declined. Among them, the FDI Capesize ship rental index had the largest decline. Specifically, the FDI composite freight rate index closed at 1,290.71 points, down 1.39% month-on-month; the FDI rental index closed at 1,566.63 points, down 1.78% month-on-month; the Capesize ship rental index closed at 1,558.15 points, down 4.49% month-on-month; the Panamax ship rental index closed at 1,586.21 points, down 0.17% month-on-month; the large handy-sized ship rental index closed at 1,558.34 points, up 0.35% month-on-month; and the FDI freight rate index closed at 1,106.76 points, down 1.02% month-on-month [9]. 3.2 Dry Bulk Shipment Situation Tracking - **Shipment Country Ship Usage Quantity**: On August 20, among the major agricultural product shipment countries, Brazil used 40 ships, Russia used 10 ships, Argentina used 21 ships, and Australia used 2 ships. Among the major industrial product shipment countries, Australia used 56 ships, Guinea used 30 ships, Indonesia used 37 ships, Russia used 24 ships, South Africa used 17 ships, Brazil used 14 ships, and the United States used 17 ships [16]. - **Shipment Volume and Ship Usage Analysis**: In terms of agricultural product shipments, 23 ships were used for corn shipments, 17 ships for wheat shipments, 16 ships for soybean shipments, 11 ships for soybean meal shipments, and 11 ships for sugar shipments. In terms of industrial product shipments, 110 ships were used for coal shipments, 81 ships for iron ore shipments, and 16 ships for other dry goods shipments. By ship type, the most Ultramax ships were needed for agricultural product shipments, with 37 ships; followed by 19 Handymax ships; and finally 20 Handy ships. For industrial product shipments, the most Capesize ships were needed, reaching 88 ships; followed by 71 Panamax ships; and finally 58 Handymax ships [16]. 3.3 Main Port Ship Quantity Tracking - In August, the number of ships docked at ports in South Africa, Indonesia, and Brazil increased month-on-month. During the week, the number of ships in China and Indonesia continued to increase month-on-month, while the number of ships docked at Australian ports continued to decrease significantly month-on-month. From August 1 to August 19, "two ports decreased, and three ports increased." The number of dry bulk ships docked at Chinese ports decreased by 9 ships month-on-month; the number of ships docked at six Australian ports decreased by 13 ships month-on-month; the number of ships docked at six Indonesian ports increased by 1 ship month-on-month; the number of ships docked at five Brazilian ports increased by 5 ships month-on-month; and the number of ships docked at one South African port increased by 3 ships month-on-month [16][17]. 3.4 Relationship between Freight and Commodity Prices - **Brazilian Soybeans**: On August 19, Brazilian soybeans were priced at $38 per ton. On August 20, the near-term shipment price of Brazilian soybeans was 4,061.54 yuan per ton. - **Iron Ore**: On August 19, the latest freight rate quote for the BCI C10_14 route was $21,986 per day. On August 19, the latest CIF price of iron ore was $118.25 per thousand tons. - **Steam Coal**: On August 19, the latest freight rate quote for the BPI P3A_03 route was $13,887 per day. On August 19, the latest CIF price of steam coal was 557.32 yuan per ton. - **Logs**: On August 19, the Handy-sized ship freight rate index was quoted at 698.6 points. On August 15, the CFR price of 4-meter radiata pine was $116 per cubic meter [21].

Report Summary 1. Investment Rating No investment rating for the industry is provided in the report. 2. Core View The prices of each monthly contract of the Container Shipping Index (European Line) futures fluctuated slightly downward in the morning and rebounded in the afternoon. Except for a slight increase in the EC2508 contract, the prices of other monthly contracts declined slightly. The opening price of the futures dropped due to Hamas' compromise on the cease - fire plan and MSC and Evergreen's price cuts for the European Line in late August. However, the price rebounded later because MSK's new - week spot cabin quotes for the European Line decreased less than the previous value and market expectations. Overall, it is more likely that EC will continue to fluctuate, and some contracts may rebound from low levels [1]. 3. Summary by Relevant Content EC Risk Management Strategy - For those with full - capacity or poor booking volume and worried about falling freight rates, they can short the container shipping index futures (EC2510) at 1450 - 1550 to lock in profits [1]. - For those who want to book cabins according to orders to prevent rising freight rates and increased costs, they can buy the container shipping index futures (EC2510) at 1200 - 1300 to determine booking costs in advance [1]. Market Factors Analysis - **Negative Factors**: Hamas compromised on the cease - fire plan, reducing geopolitical risks and dampening market sentiment. MSC and Evergreen cut the European Line quotes in late August [1][2]. - **Positive Factor**: MSK's new - week spot cabin quotes for the European Line decreased less than the previous value and market expectations [1]. EC Contract Data - **Position and Trading Volume**: In the EC2510 contract, long positions decreased by 347 to 27701, short positions increased by 122 to 32102, and trading volume decreased by 955 to 33432 (bilateral) [1]. - **Price and Spread**: On August 19, 2025, EC2508 closed at 2127.3 with a daily increase of 1.87% and a weekly increase of 2.18%. EC2510 closed at 1370.3 with a daily decrease of 0.20% and a weekly decrease of 3.34%. Other contract data are also provided, along with price spreads between different contracts [4]. Spot Cabin Quotes - **Maersk**: On August 28, the 20GP total quote for Shanghai - Rotterdam was $1480 (up $30 from the previous value), and the 40GP was $2510 (up $60). On September 4, the 20GP opening quote was $1265 (down $55 from the previous week), and the 40GP was $2110 (down $90 from the previous week) [6]. - **MSC**: In the past two weeks, the 20GP total quote for Shanghai - Rotterdam was $1550 (down $150), and the 40GP was $2590 (down $250). In early September, the 20GP total quote was $1556 (up $6), and the 40GP was $2602 (up $12) [6]. - **Evergreen**: In late August, the 20GP total quote for Shanghai - Rotterdam was $1805 (down $150), and the 40GP was $2760 (down $200) [7]. Global Freight Rate Index - **SCFIS**: The European Line was at 2180.17 (down 55.31, - 2.47%), and the US - West Line was at 1106.29 (up 24.15, 2.23%) [7]. - **SCFI**: The European Line was at $1820/TEU (down $141, - 7.19%), and the US - West Line was at $1759/FEU (down $64, - 3.51%) [7]. - **XSI**: The European Line was at $3083/FEU (down $36, - 1.15%), and the US - West Line was at $1849/FEU (down $13, - 0.7%) [7]. - **FBX**: The comprehensive freight rate index was at $1975/FEU (down $162, - 7.58%) [7]. Global Port Waiting Time - On August 18, 2025, Hong Kong Port's waiting time was 1.020 days (up 0.527 from the previous day), Shanghai Port's was 1.809 days (down 0.220), and other port data are also provided [14]. Ship Speed and Waiting Ship Number - On August 18, 2025, the average speed of 8000 + container ships was 15.966 knots (down 0.014 from the previous day), and the number of ships waiting at the Suez Canal port anchor was 19 (up 4 from the previous day) [22].

Group 1 - The core viewpoint of the article highlights the financial performance of Nanhua Fund, a wholly-owned subsidiary of Nanhua Futures, which reported a significant decline in revenue and net profit for the first half of 2025 [1] - Nanhua Fund's operating revenue for the first half of 2025 was 24.03 million yuan, a decrease of 26.21% year-on-year, while the net profit was -6.18 million yuan, representing a year-on-year decline of 1928.71% [1] - As of the end of June 2025, Nanhua Fund's total assets amounted to 139 million yuan, with net assets of 132 million yuan [1] Group 2 - Nanhua Fund is the first public fund management company fully controlled by a futures company in China, with a total public fund scale of 21.53 billion yuan as of June 30, 2025, reflecting a growth of 45.40% compared to the end of the previous year [3] - Nanhua Futures reported an increase in general risk reserves amounting to 2.44 million yuan, which was derived from 10% of the management fee income from securities investment funds and private asset management for the first half of 2025 [3]