异动点评：美国关税暂缓，EC合约跌势缓和

1. Report Industry Investment Rating - No relevant content provided 2. Core Viewpoints of the Report - The US announcement of a 90 - day tariff suspension and a reduction of tariff rates to 10% for non - retaliatory countries alleviated market pessimism about global export trade, leading to a rebound in EC contract valuations. However, the 10% tariff still suppresses trade demand, and the market is affected by the uncertainty of the Trump administration's tariff policy. Investors are advised to operate cautiously in the short term [2][4][7] 3. Summary by Related Catalogs 3.1 Market Quotation - On April 10, the main EC contract for container shipping to Europe opened at 1911.2 points, then slightly declined and closed at 1886 points, with a daily increase of 14.47%. On the morning of the 11th, EC2506 opened slightly lower and weakened [1] 3.2 Market Analysis - The US tariff suspension and reduction measures alleviated market pessimism about global export trade. The previous tariff policy made the market extremely pessimistic about the shipping supply - demand prospects during the June and August peak seasons, resulting in a significant discount in EC contract valuations. After the announcement, the market's expectation of peak - season demand was quickly repaired, and contract valuations rebounded [2] 3.3 Fundamental Analysis - In terms of quotes, the April quotes of leading airlines this week were relatively flat. As of April 10, Maersk's quotes were 1084 - 1517 dollars/TEU and 1805 - 2294 dollars/TEU; CMA's were 1385 - 2385 dollars/TEU and 2345 - 4545 dollars/TEU; MSC's were 143 dollars/TEU and 2390 dollars/TEU; ONE's were 1231 - 2191 dollars/TEU and 1537 - 2137 dollars/TEU; EMC's were 1455 - 2155 dollars/TEU and 2360 - 3560 dollars/TEU. As of April 11, the global container total capacity was 32.05 million TEU, a year - on - year increase of 9.32%. In terms of demand, the eurozone's March composite PMI was 50.9, manufacturing PMI was 48.6, and service PMI was 51; the US March manufacturing PMI index was 49, and the new order index was 45.2, a significant decline. The March OECD leading index for the G7 group was 100.47 [3] - Global freight demand remains cold. The 10% tariff still suppresses trade demand. April is the turning point between the off - season and peak season, and demand will gradually pick up from May. The price in March and April is the traditional seasonal low. In late April, MSC will suspend a large ship, reducing supply compared to the early part of the month, but it is expected to have little impact on prices due to the lack of improvement in demand [4] 3.4 Future Outlook - If the US continues to send signals of tariff relaxation, the prices of EC contracts during the June and August peak seasons are expected to recover to around 2000 points. However, the Trump administration's tariff policy is changeable, and there is great uncertainty. Investors are advised to operate cautiously in the short term and wait for the digestion of macro - disturbances [7]