智通财经10月10日讯（记者 闫军）沪指3900点"一日游"，快速回落。相对而言，沪指0.94%的跌幅并不算深，科创50 与创业板指分别下跌5.61%、4.55%，成为调整最深板块。 电池、半导体跌幅居前，多只锂电池ETF、新能源ETF跌幅超7%，而集成电路ETF、科创芯片ETF等37只ETF跌幅超 6%。牛市多急跌，但这一跌幅还是让投资者有些措手不及，纷纷感慨：国庆节后开盘大涨，更应该遵循"逢高必卖"的 炒股祖训交易。 | 序 | 名称 | 现价 | 涨跌 | 涨跌幅 ▲ | 溢折率 | 成交额 | 5日涨跌幅 | 年初至今 | | --- | --- | --- | --- | --- | --- | --- | --- | --- | | 1 | 锂电池ETF | 0.809 c | -0.065 | -7.44% | 0.45% | 3.75亿 | -1.22% | 64.77% | | 2 | 电池ETF嘉实 | 0.826 c | -0.065 | -7.30% | 0.54% | 3.74亿 | -0.96% | 62.92% | | 3 | 电池50ETF | 0.947 c | -0.074 ...

美商务部发布出口管制穿透性规则，对被列入美"实体清单"等的企业持股超过50%的子公司追加同等出 口管制制裁。商务部新闻发言人称，中方注意到有关情况。相关规则是美方泛化国家安全、滥用出口管 制的又一典型例证。美方此举性质极其恶劣，严重损害受波及企业的正当合法权益，严重冲击国际经贸 秩序，严重破坏全球产业链供应链的安全稳定，中方对此坚决反对。中方敦促美方立即纠正错误做法， 停止对中国企业的无理打压。中方将采取必要措施，坚决维护中国企业的合法权益。 【机构观点】 【黄金期货最新行情】 | 9月30日 | 收盘价（元/克） | 当日涨跌幅 | 成交量（手） | 持仓量（手） | | --- | --- | --- | --- | --- | | 沪金主力 | 874.40 | 1.48% | 226548 | 256876 | 打开APP，查看更多高清行情>> 【基本面消息】 数据显示，9月30日上海黄金现货价格报价872.95元/克，相较于期货主力价格（874.40元/克）贴水1.45 元/克。 宁证期货： 美国商务部发布出口管制穿透性规则，对被列入美"实体清单"等的企业持股超过50%的子公司追加同等 出口管制制裁 ...

Report Summary 1. Investment Rating No investment rating for the industry is provided in the report. 2. Core Viewpoints - Amidst the long - short game, the market is in the bottom - building process. It's not advisable to increase positions further, and stop - losses should be set [1]. - The tariff issue has a marginal effect, and the current core is the direction of spot freight rates. The main contract may be in the bottom - building process, and it's recommended to participate with a light position or just observe [3]. - Market pessimism has been repaired. The rise in crude oil prices has boosted the sentiment of long - positions to some extent, but the market pulled back after the morning surge due to capital withdrawal, showing a generally strong and volatile trend. Attention should be paid to tariff policies, the Middle - East situation, and spot freight rates [3]. 3. Summary by Related 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]. - The Shanghai Export Container Freight Index (SCFI) announced a price of 1198.21 points on September 19, down 199.90 points from the previous period. Its European - line price was 1052 USD/TEU, down 8.8%; the US - West route 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 of Main Contracts - On September 24, the main contract 2510 closed at 1100.0, with a 2.67% increase. The trading volume was 24,680 lots, and the open interest was 40,900 lots, a decrease of 568 lots from the previous day [3]. 3.3 Strategy Recommendations - **Short - term Strategy**: The main contract is weak, while the far - month contracts are strong. It's recommended to stop losses on long positions and wait for bottom - building opportunities. Pay attention to subsequent market trends, avoid holding losing positions, and set stop - losses [4]. - **Arbitrage Strategy**: Given the volatile international situation, each contract still follows seasonal logic with large fluctuations. It's recommended to wait and see or try with a light position [4]. - **Long - term Strategy**: It's recommended to take profits when the contracts rise and wait for the market to stabilize after a pull - back before determining the subsequent direction [4]. 3.4 Policy and Geopolitical Events - The Sino - US tariff extension negotiation has made no substantial progress. The tariff issue has shown a marginal effect [3]. - On September 23, a ship reported an explosion in the sea area about 222 kilometers east of Aden, Yemen, but the ship and its crew were safe and continued normal navigation [5]. - The United Nations investigation committee stated on September 23 that the Israeli government intends to establish permanent control over the Gaza Strip and ensure a Jewish majority in the occupied West Bank. In July, Israel's control area in the Gaza Strip expanded to 75% [5]. - On September 24, the Ministry of Transport, the National Railway Administration, and China National Railway Group Co., Ltd. issued a plan to promote the in - depth integration of container rail - water intermodal transportation from 2025 to 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 has been adjusted to 18% [4]. - The margin for contracts from 2508 to 2606 has been adjusted to 28% [4]. - The daily opening limit for all contracts from 2508 to 2606 is 100 lots [4].

Price Trends - NCFI (Ningbo Export Container Freight Index) dropped to 903.32 points, down 11.71% from the previous period[2] - SCFIS (Shanghai Export Container Freight Index for Europe) decreased to 1440.24 points, down 8.1%[2] - SCFIS (Shanghai Export Container Freight Index for US West Coast) increased to 1349.84 points, up 37.7%[2] Market Sentiment - Main shipping companies significantly reduced spot freight rates, indicating a pessimistic outlook for cargo volumes ahead of the holiday[2] - The sentiment in the market is bearish, with a notable decline in freight rates observed[4] Economic Indicators - Eurozone August Manufacturing PMI preliminary value is at 50.5, above the expected 49.5, indicating slight improvement in manufacturing activity[2] - US August S&P Global Manufacturing PMI preliminary value reached 53.3, the highest in 39 months, exceeding expectations[3] Strategic Recommendations - It is advised not to increase positions further and to set stop-loss orders due to the current market conditions[2] - Short-term strategies suggest maintaining a weak position in main contracts while considering light positions in distant contracts[4]

Report Overview - Report Date: September 18, 2025 [1] - Report Type: Container Shipping Daily Report - Research Group: Shipping Research Group Industry Investment Rating - Not provided in the report Core Viewpoints - The tariff issue has a marginal effect, and the core is the direction of spot freight rates. The main contract may be in the process of bottom - building, suggesting light - position participation or waiting and seeing [4] - With liner companies significantly reducing freight rates and pre - holiday cargo volume being concerning, the near - month contracts have obvious declines, and further position - adding is not recommended. Stop - loss should be set [2] Summary by Related Content Freight Index Changes - From September 12 to September 15, the Ningbo Export Container Freight Index (NCFI) (composite index) dropped 11.71% to 903.32 points; the Shanghai Export Container Settlement Freight Index (SCFIS) (European route) fell 8.1% to 1440.24 points; the NCFI (European route) decreased 14.78% to 729.42 points; the SCFIS (US West route) rose 37.7% to 1349.84 points; the NCFI (US West route) declined 9.13% to 1216.14 points [2] - From September 12, the Shanghai Export Container Freight Index (SCFI) decreased 46.33 points to 1398.11 points; the China Export Container Freight Index (CCFI) (composite index) dropped 2.1% to 1125.30 points; the SCFI European route price fell 12.24% to 1154 USD/TEU; the CCFI (European route) decreased 6.2% to 1537.28 points; the SCFI US West route rose 8.27% to 2370 USD/FEU; the CCFI (US West route) declined 2.2% to 757.45 points [2] PMI Data - Eurozone's August manufacturing PMI preliminary value was 50.5 (estimated 49.5, previous 49.8), service PMI preliminary value was 50.7 (estimated 50.8, previous 51), and composite PMI preliminary value rose to 51.1, higher than July's 50.9, hitting the highest since May 2024 and higher than the expected 50.7. The August Sentix investor confidence index was - 3.7 (expected 8, previous 4.5) [2] - China's August manufacturing PMI was 49.4%, up 0.1 percentage point from last month, and the composite PMI output index was 50.5%, up 0.3 percentage point from last month [3] - The US August S&P Global manufacturing PMI preliminary value was 53.3, reaching a 39 - month high; the service PMI preliminary value was 55.4; the Markit manufacturing PMI preliminary value was 53.3, the highest since May 2022 [3] Trade and Tariff Situation - 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, and the tariff issue has a marginal effect [4] Market and Contract Information - On September 17, the main contract 2510 closed at 1109.7, with a decline of 6.72%, a trading volume of 4.35 million lots, and an open interest of 4.96 million lots, an increase of 2092 lots from the previous day [4] Trading Strategies - Short - term strategy: For risk - takers, try to go long lightly around 1200 for the 2510 contract and increase positions around 1600 for the 2512 contract. Pay attention to the subsequent market trend, avoid holding losing positions, and set stop - loss [4] - Arbitrage strategy: In the context of international situation turmoil, each contract maintains a seasonal logic with large fluctuations. Temporarily wait and see or try with a light position [4] - Long - term strategy: Take profit when each contract rises, wait for the pull - back to stabilize, and then judge the subsequent situation [4] Policy Adjustments - The daily limit for contracts 2508 - 2606 is adjusted to 18% [4] - The margin for contracts 2508 - 2606 is adjusted to 28% [4] - The daily opening limit for all contracts 2508 - 2606 is 100 lots [4] Geopolitical Events - The EU will announce measures against Israel on September 17, including suspending trade preferences and imposing sanctions on extreme - right ministers and violent settlers, to pressure Israel to end the Gaza conflict [4][5]

1. Report Industry Investment Rating - Not provided in the given content 2. Core Viewpoints of the Report - Spot prices are continuously declining, the situation in the Middle East is volatile, and cargo volume before the National Day is concerning. It is not recommended to increase positions, and stop - loss should be set [1]. - The tariff issue has shown a marginal effect, and the current core is the trend of spot freight rates. The main contract may be in the bottom - building process, and it is recommended to participate with a light position or wait and see [3]. - The main contract remains weak, and the far - month contract is relatively strong. Risk - preferring investors are recommended to lightly test long positions around 1200 for the 2510 contract and increase positions around 1600 for the 2512 contract. Pay attention to subsequent market trends, do not hold losing positions, and set stop - losses [3]. - Under the background of international situation turmoil, each contract still follows the seasonal logic with large fluctuations. It is recommended to wait and see or lightly try for arbitrage strategies [3]. - For long - term strategies, it is recommended to take profits when the contracts rise, wait for the callback to stabilize, and then judge the subsequent direction [3]. 3. Summary According to Related Content 3.1 Freight Index Changes - On September 15, the Shanghai Export Container Settlement Freight Index (SCFIS) for the European route was 1440.24 points, a decrease of 8.1% from the previous period; the SCFIS for the US - West route was 1349.84 points, an increase of 37.7% from the previous period [2]. - On September 12, the Ningbo Export Container Freight Index (NCFI) (composite index) was 903.32 points, a decrease of 11.71% from the previous period; the NCFI (European route) was 729.42 points, a decrease of 14.78% from the previous period; the NCFI (US - West route) was 1216.14 points, a decrease of 9.13% from the previous period [2]. - On September 12, the Shanghai Export Container Freight Index (SCFI) was 1398.11 points, a decrease of 46.33 points from the previous period; the SCFI European route price was 1154 USD/TEU, a decrease of 12.24% from the previous period; the SCFI US - West route price was 2370 USD/FEU, an increase of 8.27% from the previous period [2]. - On September 12, the China Export Container Freight Index (CCFI) (composite index) was 1125.30 points, a decrease of 2.1% from the previous period; the CCFI (European route) was 1537.28 points, a decrease of 6.2% from the previous period; the CCFI (US - West route) was 757.45 points, a decrease of 2.2% from the previous period [2]. 3.2 Economic Data - In the eurozone, the 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), and the composite PMI rose to 51.1, higher than July's 50.9, the highest since May 2024 and higher than the expected value of 50.7. The August Sentix investor confidence index was - 3.7 (expected 8, previous value 4.5) [2]. - In August in China, the manufacturing PMI was 49.4%, an increase of 0.1 percentage points from the previous month, and the composite PMI output index was 50.5%, an increase of 0.3 percentage points from the previous month, indicating an accelerated overall expansion of enterprise production and operation activities [2]. - In the US, the 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), and the Markit manufacturing PMI was 53.3, the highest since May 2022 (expected 49.7, previous value 49.8) [2]. 3.3 Contract Information - On September 16, the main contract 2510 closed at 1169.7, a decrease of 0.10%, with a trading volume of 32,600 lots and an open interest of 47,500 lots, a decrease of 255 lots from the previous day [3]. - The daily limit for contracts from 2508 - 2606 is adjusted to 18%, the margin is adjusted to 28%, and the daily opening limit for all contracts from 2508 - 2606 is 100 lots [3]. 3.4 Geopolitical Information - On September 16, Israeli Defense Minister Katz stated that the Israeli military is strongly attacking the infrastructure of Hamas armed personnel to create conditions for defeating Hamas and releasing Israeli hostages [5]. - On September 15, US President Trump said that Israel would not attack Qatar again [5].

2025年9月10日 集运日报 (航运研究小组) SCFIS持续下跌,中东局势再度紧张,现货运价持续低迷,盘面处于筑底过程,不建议继续加仓,设置好止损, SCFIS、NCFI运价指数 | 9月8日 | 9月5日 | | --- | --- | | 上海出口集装箱结算运价指数SCFIS (欧洲航线) 1566.46点, 较上期下跌11.7% | 宁波出口集装箱运价指数NCFI (综合指数) 1023.16点,较上期下跌6.83% | | 上海出口集装箱结算运价指数SCFIS（美西航线）980.48点，较上期下跌3.3% | 宁波出口集装箱运价指数NCFI (欧洲航线) 855.93点, 较上期下跌7.92% | | 9月5日 | 宁波出口集装箱运价指数NCFI (美西航线) 1338.34点, 较上期下跌4.19% | | | 9月5日 | | 上海出口集装箱运价指数SCFl公布价格1444.44 点，较上期下跌0.62点 | 中国出口集装箱运价指数CCFI（综合指数) 1149.14点，较上期下跌0.6% | | 上海出口集装箱运价指数SCFl欧线价格1315USD/TEU,较上期下跌11.21% | | | ...

Report Industry Investment Rating - Not provided in the content Core Viewpoints of the Report - Spot freight rates are continuously falling, and the market is in the process of bottom - building with large fluctuations recently. It is not recommended to increase positions and stop - losses should be set [1] - Due to geopolitical conflicts and tariff uncertainties, it is advisable to participate with light positions or stay on the sidelines [3] - After the bullish sentiment is exhausted, 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 Related Content Freight Rate Index - On September 1st, the Shanghai Export Container Settlement Freight Index SCFIS (European route) was 1773.60 points, down 10.9% from the previous period; SCFIS (US West route) was 1013.90 points, down 2.6% from the previous period [2] - On August 29th, the Ningbo Export Container Freight Index NCFI (composite index) was 1098.17 points, up 6.02% from the previous period; NCFI (European route) was 929.56 points, down 14.23% from the previous period; NCFI (US West route) was 1396.85 points, up 44.97% from the previous period [2] - On August 29th, the Shanghai Export Container Freight Index SCFI composite index was 1445.06 points, up 29.70 points from the previous period; SCFI European route price was 1481 USD/TEU, down 11.21% from the previous period; SCFI US West route was 1923 USD/FEU, up 16.97% from the previous period [2] - On August 29th, the China Export Container Freight Index CCFI (composite index) was 1156.32 points, down 1.6% from the previous period; CCFI (European route) was 1685.80 points, down 4.1% from the previous period; CCFI (US West route) was 774.39 points, down 3.1% from the previous period [2] Market Conditions - On September 3rd, 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] PMI Data - Eurozone's August manufacturing PMI was 50.5 (estimated 49.5, previous 49.8); services PMI was 50.7 (estimated 50.8, previous 51); composite PMI was 51.1, higher than July's 50.9 and the expected 50.7 [2] - China's August manufacturing PMI was 49.4%, up 0.1 percentage points from the previous month; composite PMI output index was 50.5%, up 0.3 percentage points from the previous month [2] - US August S&P Global manufacturing PMI was 53.3 (estimated 49.5, previous 49.8); services PMI was 55.4 (estimated 54.2, previous 55.7); Markit manufacturing PMI was 53.3 (expected 49.7, previous 49.8) [2] Strategies - Short - term strategy: For risk - takers, it is recommended 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 and set stop - losses [4] - Arbitrage strategy: In the context of international turmoil, it is recommended to stay on the sidelines or lightly test positions [4] - Long - term strategy: It is recommended to take profits when the contracts rise, wait for the correction to stabilize, and then judge the subsequent direction [4] Other Information - Israel is preparing to attack Gaza City, and the Israeli military is conducting large - scale reserve recruitment [5] - The daily limit for contracts from 2508 - 2606 is 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]

在 iPad 上运行 macOS，终于燃起希望了？ 前段时间，有网友通过一系列技术手段，成功在一台老款 iPhone 上运行了 macOS 系统。平心而论，就运行效果来说，这一操作并没有任何使用意义。但在 很多人看来，相比于在 iPhone 上运行 macOS 这件事情，此次尝试还有更深层的意义： 既然 iPhone 都能跑 macOS，而 iPadOS 又是由 iOS「定制」而来，那么 iPad 未来有没有可能原生运行完整的 macOS，成为真正的「电脑」呢？ 图片来源：苹果 尽管看起来有些异想天开，但就 Apple Silicon 时代苹果的动作来看，这种 Mac 和 iPad 的融合讨论并非空穴来风：2021 年 iPad Pro 使用 M1 芯片，就已经 将 iPad Pro 和 MacBook 两条产品线拉得非常近了。 甚至在今年上半年，网上还出现了苹果正筹备搭载 A 系芯片的入门级 MacBook Air 的消息。不同于现有采用 M 系芯片的 Mac 产品，这一新品或将直接继承 iPad 上的 A 系处理器路线，并通过更低的定价打开新市场。而从硬件平台来看，iPad Pro 使用 M 系列芯片，M ...

Group 1: Report Industry Investment Rating - No information provided Group 2: Core Viewpoints - SCFI is on a downward trend, the market is under pressure and volatile, and it's not recommended to increase positions. Instead, set stop - losses [1] - Given geopolitical conflicts and tariff uncertainties, it's advisable to participate with light positions or stay on the sidelines [4] - Attention should be paid to tariff policies, the Middle - East situation, and spot freight rates [4] Group 3: Summary by Related Catalogs Freight Index - On August 25, SCFIS (European route) was 1990.20 points, down 8.7% from the previous period; SCFIS (US West route) was 1041.38 points, down 5.9% [2] - On August 29, NCFI (composite index) was 1098.17 points, up 6.02%; NCFI (European route) was 929.56 points, down 14.23%; NCFI (US West route) was 1396.85 points, up 44.97% [2] - On August 29, SCFI was 1445.06 points, up 29.70 points; SCFI European line price was 1481 USD/TEU, down 11.21%; SCFI US West route was 1923 USD/FEU, up 16.97% [2] - On August 29, CCFI (composite index) was 1156.32 points, down 1.6%; CCFI (European route) was 1685.80 points, down 4.1%; CCFI (US West route) was 774.39 points, down 3.1% [2] Economic Data - Eurozone's August manufacturing PMI was 50.5, service PMI was 50.7, and composite PMI rose to 51.1, the highest since May 2024. The Sentix investor confidence index was - 3.7 [2] - China's July manufacturing PMI was 49.3%, down 0.4 percentage points from the previous month [2] - US August Markit manufacturing PMI was 53.3, the highest since May 2022; service PMI was 55.4 [3] Market Conditions - As of August 29, the main contract 2510 closed at 1261.0, down 2.15%, with a trading volume of 25,200 lots and an open interest of 53,200 lots, a decrease of 988 lots from the previous day [4] Strategies - Short - term: For risk - takers, it's recommended to lightly test long positions around 1300 for the 2510 contract and add long positions around 1600 for the 2512 contract. Set stop - losses [5] - Arbitrage: In the context of international instability, it's advisable to stay on the sidelines or lightly attempt [5] - Long - term: It's recommended to take profits on rallies and wait for a pull - back to stabilize before making further decisions [5] Other Information - The daily limit for contracts from 2508 - 2606 is adjusted to 18% [5] - The margin for contracts from 2508 - 2606 is adjusted to 28% [5] - The daily opening limit for all contracts from 2508 - 2606 is 100 lots [5] - On August 26, the US Department of Commerce made a preliminary anti - dumping ruling on polypropylene corrugated boxes imported from China, with a unified rate of 83.64% [6] - On August 29, the Israeli military continued operations in the Middle East, including major strikes on Houthi targets [6]