集运指数（欧线）：10空单酌情持有

Report Industry Investment Rating No relevant information provided. Core View of the Report - The shipping index (European Line) showed a volatile trend yesterday. The main 2510 contract closed at 1420.4 points, down 0.98%, with a reduction of 765 lots; the second main 2512 contract closed at 1763.2 points, up 0.21%, with an increase of 179 lots; the near - month 2508 contract closed at 2072.7 points, down 0.37%. Overall, from a monthly - level perspective, September is likely to see a double - reduction in supply and demand, but the current estimated decline in shipping capacity may be less than that in demand, and the fundamentals are expected to face further pressure. Strategically, hold short positions on the 10 contract as appropriate, and add positions at high levels as appropriate, with the upper resistance level referring to 1450 - 1500 points [7][10]. Summary by Related Content 1. Fundamental Data of Shipping Index (European Line) - Futures Contracts: EC2508 closed at 2072.7, down 0.37%, with 216 trades and 3,579 open interests, a decrease of 121; EC2510 closed at 1420.4, down 0.98%, with 26,142 trades and 53,596 open interests, a decrease of 765; EC2512 closed at 1763.2, up 0.21%, with 4,400 trades and 9,760 open interests, an increase of 179 [1]. - Freight Index: SCFIS European route was 2,297.86 points, down 0.8%; SCFIS US - West route was 1,130.12 points, down 12.0%; SCFI European route was $2,051/TEU, down 1.9%; SCFI US - West route was $2,021/FEU, down 2.2% [1]. - Spot Freight: Different alliances' freight rates showed a downward trend. In a 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 [8]. - Exchange Rate: The US dollar index was 98.23, and the US dollar against the offshore RMB was 7.18 [1]. 2. Supply - Side Fundamentals - August: The weekly shipping capacity was revised down from 32.8 to 32.5 TEU/week. The average weekly capacity in the first half - month (weeks 32 - 33) was 320,000 TEU, and in the second half - month (weeks 34 - 35) was 329,000 TEU. The cargo - collection pressure in the second half - month is relatively greater [9]. - September: The number of undetermined voyages decreased by 1 to 3, and the number of blank sailings increased by 2 to 4. The average weekly capacity was revised down from 31.8 to 30.8 TEU/week. The current September capacity is lower than August's 325,000 TEU/week, higher than July's 301,000 TEU/week, and similar to April's 313,000 TEU/week [9]. 3. Demand - Side Fundamentals - Since mid - August, the overall market cargo volume has shown a mild downward trend, and the subsequent decline rate needs to be observed [9]. 4. Macro News - Zelensky stated that the initiative to end the Russia - Ukraine conflict lies in Russia, and Ukraine is preparing a series of meetings in Europe to promote the peace process [6]. - South African President Ramaphosa held talks with Russian President Putin to discuss the Ukraine peace process [6]. 5. Trend Intensity - The trend intensity of the shipping index (European Line) is - 1, indicating a relatively bearish outlook [11].