集运指数（欧线）：震荡整理，10空单酌情持有

Report Summary 1. Investment Rating No specific investment rating for the industry is provided in the report. 2. Core View The report anticipates that the container shipping index (European route) will experience further pressure on its fundamentals in September, with a likely scenario of reduced supply and demand. It is recommended to hold short positions on the EC2510 contract and add positions on price increases, with an upper resistance level of 1500 - 1550 points. However, there are potential upward risks that may prevent a smooth downward trend in the EC2510 contract [12]. 3. Summary by Section 3.1 Market Performance - The container shipping index (European route) has been fluctuating in the past week. The EC2510 contract closed at 1436.0 points, down 12 points for the week; the EC2512 contract closed at 1760.0 points, up 67.6 points; and the EC2508 contract closed at 2071.0 points, down 55.5 points [9]. 3.2 Freight Rates - The market freight rate has dropped to around $2900/FEU. Different alliances have different freight rate trends, with the OA and MSC FAK centers still around $3000/FEU. It is expected that the market FAK freight rate center may be in the range of $2500 - $2600/FEU by the end of August [10]. 3.3 Supply and Demand Fundamentals - Supply: In August, the weekly average capacity decreased from 32.8 to 32.5 million TEU, mainly due to the cancellation of an independent overtime ship on the Evergreen CES route in week 35. In September, the weekly average capacity is expected to decrease from 31.8 to 30.8 million TEU, a 5.4% decrease from August and a 2.3% increase from July. In October, the weekly average capacity is 29.1 million TEU, but this figure has limited reference value [11]. - Demand: Since mid - August, the overall market cargo volume has shown a mild downward trend, and the booking rate has slowed down since week 34 [11]. 3.4 Strategy - Hold short positions on the EC2510 contract and add positions on price increases, with an upper resistance level of 1500 - 1550 points. Potential upward risks include the slowdown of cargo volume decline and the possible improvement of market sentiment due to the approaching delivery of the EC2508 contract [12].