集运日报：多空博弈下，盘面仍处于筑底过程，不建议继续加仓，设置好止损。-20250925

Report Summary 1. Investment Rating No specific industry investment rating is provided in the report. 2. Core Viewpoints - The market is in a bottom - building process under the game of long and short positions. It is not recommended to increase positions, and stop - loss should be set. The core issue is the trend of spot freight rates, and the main contract may be at the bottom - building stage. It is advisable to participate with a light position or just observe [1][3]. - Attention should be paid to tariff policies, the Middle - East situation, and spot freight rate conditions [3]. 3. Summary by Content 3.1 Freight Index - On September 22, the Shanghai Export Container Settlement Freight Index (SCFIS) for the European route was 1254.92 points, down 12.9% from the previous period; for the US - West route, it was 1193.64 points, down 11.6% [2]. - On September 19, the Ningbo Export Container Freight Index (NCFI) for the comprehensive index was 783.71 points, down 13.24% from the previous period; for the European route, it was 673.61 points, down 7.65%; for the US - West route, it was 944.89 points, down 23.30% [2]. - On September 19, the Shanghai Export Container Freight Index (SCFI) was 1198.21 points, down 199.90 points from the previous period; the SCFI price for the European route was 1052 USD/TEU, down 8.8%; for the US - West route, it was 1636 USD/FEU, down 31.0% [2]. - On September 19, the China Export Container Freight Index (CCFI) for the comprehensive index was 1125.30 points, down 2.1% from the previous period; for the European route, it was 1537.28 points, down 6.2%; for the US - West route, it was 757.45 points, down 2.2% [2]. 3.2 Market Conditions - On September 24, the main contract 2510 closed at 1100.0, with a 2.67% increase, a trading volume of 24,680 lots, and an open interest of 40,900 lots, a decrease of 568 lots from the previous day [3]. - Market pessimism has been repaired. The rise in crude oil prices may have boosted the bullish sentiment, but the market pulled back after rising due to capital withdrawal in the afternoon, showing a strong - side volatile trend [3]. 3.3 Strategies - Short - term Strategy: The main contract is weak, and far - month contracts are strong. It is recommended to stop losses on long positions and wait for bottom - building opportunities. Pay attention to subsequent market trends, do not hold losing positions, and set stop - losses [4]. - Arbitrage Strategy: Given the volatile international situation, each contract still follows seasonal logic with large fluctuations. It is recommended to wait and see or try with a light position [4]. - Long - term Strategy: It is recommended to take profits when prices rise for each contract, wait for the price to stabilize after a pull - back, and then determine the subsequent direction [4]. 3.4 Policy and Geopolitical Events - The extension of Sino - US tariffs has shown a marginal effect, and the current focus is on the trend of spot freight rates [3]. - On September 23, a ship reported an explosion in the sea area about 222 kilometers east of Aden, Yemen, and the ship and crew were safe [5]. - The United Nations stated that Israel intends to permanently control the Gaza Strip, and in July, Israel's control area in the Gaza Strip expanded to 75% [5]. - The Ministry of Transport and other departments issued an action plan to promote the in - depth integration of container rail - water intermodal transportation from 2025 - 2027, aiming for an average annual growth of about 15% in container rail - water intermodal transportation volume by 2027 [5]. 3.5 Contract Adjustments - The daily limit for contracts from 2508 to 2606 is adjusted to 18% [4]. - The company's margin for contracts from 2508 to 2606 is adjusted to 28% [4]. - The daily opening limit for all contracts from 2508 to 2606 is 100 lots [4].