集运日报：SCFIS持续回落，或将全面停火，远月大幅回落，符合日报预期，不建议继续加仓，设置好止损-20251010

Report Summary 1. Report Industry Investment Rating No investment rating information is provided in the report. 2. Core Viewpoints - SCFIS is continuously declining, and there may be a full - scale cease - fire. The far - month contracts have significantly declined, meeting the daily report's expectations. It is not recommended to continue adding positions, and stop - loss should be set [2]. - The tariff issue has a marginal effect, and the current core is the trend of spot freight rates. The main contract may be in the bottom - building process. It is recommended to participate with a light position or just observe [5]. - Pay attention to tariff policies, the Middle East situation, and spot freight rates [5]. 3. Summary by Related Content a. Shipping Indexes - On October 6, the Shanghai Export Container Settlement Freight Index (SCFIS) for the European route was 1046.50 points, a 6.6% decline from the previous period; for the US - West route, it was 876.82 points, a 4.8% decline [3]. - On September 26, the Ningbo Export Container Freight Index (NCFI) for the comprehensive index was 717.36 points, an 8.47% decline; for the European route, it was 614.14 points, an 8.83% decline; for the US - West route, it was 868.22 points, an 8.11% decline [3]. - On September 26, the Shanghai Export Container Freight Index (SCFI) announced price was 1114.52 points, a decline of 83.69 points from the previous period. The SCFI European line price was 971 USD/TEU, a 7.70% decline; the SCFI US - West route was 1460 USD/FEU, a 10.76% decline [3]. - On September 26, the China Export Container Freight Index (CCFI) for the comprehensive index was 1087.41 points, a 2.9% decline; for the European route, it was 1401.91 points, a 4.7% decline; for the US - West route, it was 824.92 points, a 2.4% increase [3]. b. Economic Data - In the Eurozone, the September manufacturing PMI flash was 49.5, back below the boom - bust line, lower than analysts' expectations and the previous value of 50.7. The services PMI flash rose from 50.5 to 51.4, exceeding the expected 50.5. The September composite PMI flash was 51.2, exceeding analysts' expectations. The September Sentix investor confidence index was - 9.2, with an expected - 2 and a previous value of - 3.7 [3]. - In August, China's manufacturing PMI was 49.4%, up 0.1 percentage points from the previous month, indicating an improvement in the manufacturing sentiment. The composite PMI output index was 50.5%, up 0.3 percentage points from the previous month, remaining above the critical point, indicating an acceleration in the overall expansion of Chinese enterprises' production and business activities [4]. - In the US, the September S&P Global manufacturing PMI flash was 52 (August final value: 53); the services PMI flash was 53.9 (August final value: 54.5); the composite PMI flash was 53.6 (August final value: 54.6) [4]. c. Market Situation and Strategies - The Sino - US tariff extension negotiation has no substantial progress, and the tariff war has evolved into a trade negotiation issue between the US and other countries. The spot price has slightly decreased [5]. - On October 9, the main contract 2512 closed at 1688.0, a 1.81% decline, with a trading volume of 41,500 lots and an open interest of 24,200 lots, an increase of 3451 lots from the previous day [5]. - During the holiday, the SCFIS index continued to decline, and the Israel - Palestine situation showed signs of easing, leading to a bearish sentiment in the market and wide - range fluctuations [5]. - Short - term strategy: The main contract remains weak, and the far - month contracts are stronger, in line with the bottom - building judgment. Risk - takers are advised to take profits. Pay attention to the subsequent market trend, do not hold losing positions, and set stop - losses [6]. - Arbitrage strategy: Under the background of international situation turmoil, each contract still follows the seasonal logic and has large fluctuations. It is recommended to wait and see or try with a light position [6]. - Long - term strategy: All contracts are advised to take profits when the price rises, wait for the price to pull back and stabilize, and then judge the subsequent direction [6]. - The daily limit for contracts 2508 - 2606 is adjusted to 18%, the margin is adjusted to 28%, and the daily opening limit for all contracts 2508 - 2606 is 100 lots [6]. d. Geopolitical News - On October 9, Palestinian President Abbas welcomed the efforts to reach a cease - fire agreement in the Gaza Strip, which includes cease - fire, Israeli withdrawal, and access to humanitarian aid. He hopes the agreement can pave the way for a permanent political solution and end the Israeli occupation of Palestinian territory [7]. - On the same day, the Israeli Defense Forces said they had evaluated the situation overnight, and the IDF Chief of Staff instructed the troops to prepare for various situations, welcomed the agreement on the return of the detained persons, and would continue to act to achieve the military operation goals in the Gaza Strip [7].