集运指数（欧线）：10空单持有

Group 1: Report Industry Investment Rating - The report recommends holding short positions for the 10 - contract [11] Group 2: Core View of the Report - The market fundamentals of the main 2510 contract maintain a trading logic of shorting on rallies. The anti - involution policy currently has limited impact on the container shipping industry. The trading perspective of the European line may gradually return to its own fundamental logic [11] Group 3: Summary by Relevant Catalogs 1. Fundamental Tracking - Futures Contracts: The EC2508 contract closed at 2139.0 points, up 1.59%, with a position reduction of 329 lots; the EC2510 contract closed at 1468.7 points, down 0.45%, with a position increase of 4148 lots; the EC2512 contract closed at 1738.0 points, up 0.20%, with a position increase of 374 lots [1] - Freight Index: The SCFIS European route index was at 2316.56 points, down 3.5%; the SCFIS US - West route index was at 1284.01 points, down 1.4%. The SCFI European route index was at $2090/TEU, up 0.5%; the SCFI US - West route index was at $2067/FEU, down 3.5% [1] - Ocean Freight: The freight rates of different carriers from Shanghai to Rotterdam vary. For example, Maersk's price for a 40'GP is $2890 and for a 20'GP is $1725 [1] - Exchange Rate: The US dollar index was at 99.94, and the US dollar against the offshore RMB was at 7.18 [1] 2. Shipping Capacity - Monthly Shipping Capacity: In August, the shipping capacity was slightly revised up to 324,000 TEU/week, and in September, it was revised up to 321,000 TEU/week. From a monthly perspective, September is likely to see a double - reduction in supply and demand, but the current decline in shipping capacity may be less than that in demand, putting further pressure on the fundamentals [11] - Ship Schedule: Compared with Sunday's statistics, Evergreen added an extra ship EVER FRONT in the 35th week (August 25 - 31), and the undetermined schedules in the 37th and 38th weeks became normal ship deployments, while the blank sailing in the 39th week became undetermined [11] 3. Macro News - Domestic News: The Political Bureau of the CPC Central Committee held a meeting to discuss the economic situation and work. President Xi Jinping chaired relevant meetings. Wang Yi met with the delegation of the US - China Business Council [7] - US Economic Data: The US economy grew by 3% in the second quarter, exceeding expectations. The ADP employment in the US increased by 104,000 in July, reaching the highest growth level since March [7] - US Federal Reserve: The Fed kept the interest rate unchanged at 4.25% - 4.50%, with some members opposing and advocating for a rate cut. Powell did not give a clear indication of a rate cut in September [7] - Tariffs: Trump signed executive orders on tariffs, including suspending the minimum tax - free treatment for low - value goods, imposing tariffs on India, Brazil, South Korea, and on imported semi - finished copper products, etc. [7][8] - Sanctions: The US Treasury imposed sanctions on 15 shipping companies, 52 vessels, 12 individuals, and 53 entities involved in evading sanctions in 17 countries related to Iran [8] 4. Market Freight - In the second week of August, the market freight rate center dropped to around $3200/FEU. Different alliances and carriers adjusted their freight rates, such as Maersk, CMA CGM, and MSC [10]