集运指数（欧线）：基本面延续弱势，10空单持有，逢高酌情加空

Report Industry Investment Rating - The report does not mention the industry investment rating Core Viewpoints - The fundamentals of the Container Shipping Index (European Line) continue to be weak. Hold short positions in the October contract and consider adding short positions on rallies. The upper pressure levels are around 1450 - 1500 points. There are potential upward risks that may prevent the smooth decline of the 2510 contract [12]. Summaries by Relevant Catalogs 1. Futures Market - EC2508 closed at 2,071.3, down 1.18%, with 418 in trading volume, 3,700 in open interest, and a decrease of 246 in open interest. EC2510 closed at 1,420.1, up 0.64%, with 48,555 in trading volume, 54,361 in open interest, and an increase of 2,253 in open interest. EC2512 closed at 1,751.4, up 4.12%, with 10,672 in trading volume, 9,581 in open interest, and an increase of 1,373 in open interest [1]. 2. Freight Rates - SCFIS: European route was at 2,297.86 points, down 0.8% week - on - week; SCFIS: US West route was at 1,130.12 points, down 12.0% week - on - week. SCFI: European route was at $2,051/TEU, down 1.9% bi - weekly; SCFI: US West route was at $2,021/FEU, down 2.2% bi - weekly [1]. 3. Spot Freight - In the spot market, different shipping alliances' freight rates are showing a downward trend. Under the neutral scenario, the market FAK freight rate center at the end of August is expected to be in the range of $2,500 - 2,600/FEU [10]. 4. Supply and Demand Fundamentals - On the supply side, the weekly average capacity in August is 328,000 TEU, with the first half - month at 320,000 TEU and the second half - month at 335,000 TEU. The weekly average capacity in September is 318,000 TEU. On the demand side, the overall cargo volume has been showing a mild downward trend since mid - August [11]. 5. Market Outlook - In a monthly - level comparison, September is likely to see a double - reduction in supply and demand, but the decline in capacity may be less than that in demand, putting further pressure on the fundamentals [12]. 6. Strategy - Hold short positions in the October contract and consider adding short positions on rallies, with the upper pressure levels at 1450 - 1500 points [12]. 7. Trend Intensity - The trend intensity of the Container Shipping Index (European Line) is - 1, indicating a bearish view [13].