集运指数（欧线）：10空单、10-12和10-02反套持有

Report Investment Rating - Not provided in the report Core Viewpoints - Yesterday, the container shipping index fluctuated weakly. The main 2510 contract closed at 1548.0 points, down 6.10%, with an increase of 549 lots; the second main 2512 contract closed at 1708.7 points, down 5.44%, with an increase of 419 lots; the near - month 2508 contract closed at 2249.7 points, down 42.2 points, with a decrease of 1644 lots [8]. - In terms of spot freight rates, there are signs of a price peak in early August, with the average large - container price at around $3400/FEU. Attention should be paid to how other shipping companies respond after Maersk's price cut [9]. - Fundamentally, benefiting from strong FOB cargo volume, the loading situation of shipping companies at the end of July was optimistic, and the cargo volume in early August still has support. Looking at the monthly level, August is likely to be a pattern of increasing supply and decreasing demand, but the inflection point of cargo volume is not clear. - For the 2508 contract, the final delivery settlement price is expected to be around 2250 points, with limited unilateral trading value. For the 2510 contract, October is the traditional off - season for European routes. Shipping companies need to actively suspend voyages to ease the decline of freight rates. It is recommended to adopt the strategy of shorting at high levels, and hold short positions in 10, 10 - 12 reverse spreads, and 10 - 02 reverse spreads [10]. Summary by Relevant Catalogs 1. Futures Market Data - Futures Contracts: EC2508 closed at 2,249.7, down 2.20%, with a trading volume of 7,001 and an open interest of 12,393, a decrease of 1,644; EC2510 closed at 1,548.0, down 6.10%, with a trading volume of 66,658 and an open interest of 51,734, an increase of 549; EC2512 closed at 1,708.7, down 5.44%, with a trading volume of 7,398 and an open interest of 8,533, an increase of 419 [1]. 2. Freight Index Data - SCFIS: The European route was at 2,400.50 points, down 0.9%; the US - West route was at 1,301.81 points, up 2.8%. - SCFI: The European route was at $2,079/TEU, down 1.0%; the US - West route was at $2,142/FEU, down 2.4% [1]. 3. Spot Freight Data - Gemini Alliance: Maersk's Shanghai - Rotterdam opening price in week 32 was reported at $2900/FEU, and the booking price after opening increased to $2950/FEU. Hapag - Lloyd's FAK in late July was around $3300/FEU and around $3500/FEU in early August. - OA Alliance: In early August, COSCO and OOCL's freight rates remained the same, with FAK reported at $3600 and $3500/FEU respectively; Evergreen's online e - commerce platform reported $3760/FEU in August, up $100 - 200/FEU compared to early July. - PA Alliance: Yang Ming plans to increase the price by $200 to $3300/EFU in early August, and ONE's offline price remained at $3300/FEU, with the online e - commerce platform increasing by $300/FEU. - MSC: The FAK in early August increased by $200 to $3640/FEU, the same as in early July [9]. 4. Shipping Capacity and Schedule Data - Shipping capacity data for China - Europe routes from January to December 2024 and 2025 are presented in the form of weekly and monthly average weekly shipping capacity charts, and the shipping schedules from July to September 2025 are also provided [5][6]. 5. Macroeconomic News - The cease - fire negotiation in Gaza has made significant progress. - The US will mediate the talks between Israel and Syria on Thursday to avoid a new crisis. - Israel's Defense Minister Katz said it is possible to launch an offensive against Iran again. - US President Trump announced a trade agreement with the Philippines, with a 19% tariff imposed on the Philippines. - Trump said the US has reached a large - scale agreement with Japan, with Japan investing $550 billion in the US, and the US getting 90% of the profits. Japan will open its trade and pay a 15% reciprocal tariff [5][7].