集运日报：现货运价持续下跌盘面处于筑底过程近期波动较大不建议继续加仓设置好止损-20250904

Report Industry Investment Rating No relevant content provided. Core Viewpoints - Spot freight rates are continuously falling, and the market is in the process of bottom - building with large recent fluctuations. It is not recommended to increase positions, and stop - losses should be set [1]. - Amid geopolitical conflicts and tariff uncertainties, the game is difficult. It is recommended to participate with light positions or stay on the sidelines [3]. - After the bullish sentiment is exhausted, combined with the continuous decline of spot freight rates and the repeated Middle - East situation, the market stops rising and starts to fall. Attention should be paid to tariff policies, the Middle - East situation, and spot freight rates [3]. Summary by Relevant Aspects Market Data - On September 1, the Shanghai Export Container Settlement Freight Index SCFIS (European route) was 1773.60 points, down 10.9% from the previous period; the SCFIS (US West route) was 1013.90 points, down 2.6% from the previous period [2]. - On August 29, the Ningbo Export Container Freight Index NCFI (composite index) was 1098.17 points, up 6.02% from the previous period; the NCFI (European route) was 929.56 points, down 14.23% from the previous period; the NCFI (US West route) was 1396.85 points, up 44.97% from the previous period [2]. - On August 29, the Shanghai Export Container Freight Index SCFI announced a price of 1445.06 points, up 29.70 points from the previous period; the SCFI European route price was 1481 USD/TEU, down 11.21% from the previous period; the SCFI US West route was 1923 USD/FEU, up 16.97% from the previous period [2]. - On August 29, the China Export Container Freight Index CCFI (composite index) was 1156.32 points, down 1.6% from the previous period; the CCFI (European route) was 1685.80 points, down 4.1% from the previous period; the CCFI (US West route) was 774.39 points, down 3.1% from the previous period [2]. - On September 3, the main contract 2510 closed at 1323.0, with a decline of 3.04%, a trading volume of 25,500 lots, and an open interest of 51,900 lots, a decrease of 2211 lots from the previous day [3]. Economic Indicators - The eurozone's August manufacturing PMI was 50.5 (estimated 49.5, previous value 49.8); the services PMI was 50.7 (estimated 50.8, previous value 51); the composite PMI rose to 51.1, higher than July's 50.9, the highest since May 2024 and higher than the expected 50.7 [2]. - The eurozone's August Sentix investor confidence index was - 3.7 (expected 8, previous value 4.5) [2]. - In August, China's manufacturing PMI was 49.4%, up 0.1 percentage point from the previous month; the composite PMI output index was 50.5%, up 0.3 percentage point from the previous month [2]. - The US August S&P Global manufacturing PMI was 53.3 (estimated 49.5, previous value 49.8); the services PMI was 55.4 (estimated 54.2, previous value 55.7); the Markit manufacturing PMI was 53.3, the highest since May 2022 (expected 49.7, previous value 49.8) [2]. Strategies - Short - term Strategy: The main contract remains weak, and the far - month contracts are stronger. Risk - preferring investors are advised to lightly test long positions around 1300 for the 2510 contract and increase long positions around 1600 for the 2512 contract. Pay attention to subsequent market trends, do not hold losing positions, and set stop - losses [4]. - Arbitrage Strategy: Against the backdrop of international turmoil, each contract still follows seasonal logic with large fluctuations. It is recommended to stay on the sidelines or lightly attempt [4]. - Long - term Strategy: It is recommended to take profits when each contract rises, wait for the callback to stabilize, and then judge the subsequent direction [4]. Other Information - The US - China tariff extension negotiation has no substantial progress, and the tariff war has evolved into a trade negotiation issue between the US and other countries. Currently, the spot price has slightly decreased [3]. - The Israeli - Palestinian conflict situation: Israeli Prime Minister Netanyahu said that the Israeli army is preparing to attack Gaza City, and the Israeli army is conducting large - scale reserve recruitment [5]. - The daily limit and circuit breaker for contracts from 2508 - 2606 are adjusted to 18% [4]. - The company's margin for contracts from 2508 - 2606 is adjusted to 28% [4]. - The daily opening limit for all contracts from 2508 - 2606 is 100 lots [4].