美国7月标普全球制造业PM1初值为49.5，预期52.7，前值52.9; 7月标普全球服务业PM1初值为55.2, 预期53, 前值52.9。美国7月Markit综合 PMI初值为54.6，创2024年12月以来新高，好于预期的52.8，前值为52.9。 2025年8月25日 集运日报 (航运研究小组) 多国停发对美包裹，货量逐渐走淡，但主力合约跌幅过大，近期波动较大，不建议继续加仓，设置好止损。 | 1 | | --- | | 1 1 | | 1 | | 1 | | œ | | 1 | | 11 | | 三个 | | 1 | | 15 1 | | F 20 of Real Property 9 o 1 | | 8月18日 | 8月22日 | | --- | --- | | 上海出口集装箱结算运价指数SCFIS (欧洲航线) 2180.17点，较上期下跌2.5% | 宁波出口集装箱运价指数NCFI (综合指数) 1035.79点, 较上期下跌1.59% | | 上海出口集装箱结算运价指数SCFIS (美西航线) 1106.29点, 较上期上涨2.2% | 宁波出口集装箱运价指数NCFI (欧洲航线) 1083 ...

| 8月18日 | 8月15日 | | --- | --- | | 上海出口集装箱结算运价指数SCFIS（欧洲航线）2180.17点，较上期下跌2.5% | 宁波出口集装箱运价指数NCFI（综合指数）1052.5点，较上期下跌0.1% | | 上海出口集装箱结算运价指数SCFIS（美西航线）1106.29点，较上期上涨2.2% | 宁波出口集装箱运价指数NCFI（欧洲航线）1188.7点，较上期下跌5.5% | | 8月15日 | 宁波出口集装箱运价指数NCFI（美西航线）1042.91点，较上期下跌5.9% | | 上海出口集装箱运价指数SCFI公布价格1460.19 点，较上期下跌29.49点 | 8月15日 | | 上海出口集装箱运价指数SCFI欧线价格1820USD/TEU, 较上期下跌7.2% | 中国出口集装箱运价指数CCFI（综合指数）1193.34点，较上期下跌0.6% | | 上海出口集装箱运价指数SCFI美西航线1759USD/FEU，较上期下跌3.5% | 中国出口集装箱运价指数CCFI（欧洲航线）1790.47点，较上期下跌0.5% | | | 中国出口集装箱运价指数CCFI（美西航线 ...

Report Summary 1. Report Industry Investment Rating - Not provided in the content 2. Core Viewpoints of the Report - Due to geopolitical conflicts and tariff uncertainties, the game is difficult, so it is recommended to participate with a light position or wait and see [5] - The spot freight rate maintains a downward trend, the futures market is weakly volatile with large recent fluctuations, and it is not recommended to increase positions. Set stop - losses [2] - Pay attention to tariff policies, the Middle East situation, and spot freight rates [5] 3. Summary by Related Content Freight Index - On August 18, the Shanghai Export Container Settlement Freight Index (SCFIS) for the European route was 2180.17 points, down 2.5% from the previous period; the SCFIS for the US - West route was 1106.29 points, up 2.2% from the previous period [3] - On August 15, the Ningbo Export Container Freight Index (NCFI) composite index was 1052.5 points, down 0.1% from the previous period; the NCFI for the European route was 1188.7 points, down 5.5% from the previous period; the NCFI for the US - West route was 1042.91 points, down 5.9% from the previous period [3] - On August 15, the Shanghai Export Container Freight Index (SCFI) was 1460.19 points, down 29.49 points from the previous period; the SCFI for the European route was 1820 USD/TEU, down 7.2% from the previous period; the SCFI for the US - West route was 1759 USD/FEU, down 3.5% from the previous period [3] - On August 15, the China Export Container Freight Index (CCFI) composite index was 1193.34 points, down 0.6% from the previous period; the CCFI for the European route was 1790.47 points, down 0.5% from the previous period; the CCFI for the US - West route was 981.1 points, down 5.9% from the previous period [3] Economic Data - In July, the eurozone's manufacturing PMI was 49.8, higher than the expected 49.7 and the previous value of 49.5; the service PMI was 51.2, exceeding the expected 50.7 and the previous value of 50.5; the composite PMI was 51, higher than the expected 50.8 and the previous value of 50.6 [3] - The eurozone's SENTIX investor confidence index in July reached 4.5, significantly higher than 0.2 in June and the market - expected 1.1, hitting the highest level since April 2022 [3] - China's manufacturing PMI in July was 49.3%, down 0.4 percentage points from the previous month, and the manufacturing prosperity level declined [4] - The initial value of the US S&P Global manufacturing PMI in July was 49.5 (expected 52.7, previous value 52.9); the initial value of the service PMI was 55.2 (expected 53, previous value 52.9); the initial value of the Markit composite PMI was 54.6, the highest since December 2024, better than the expected 52.8 and the previous value of 52.9 [4] Market Situation - As of August 20, the Israeli side has not responded to the new cease - fire agreement proposed by Hamas, and the Israeli military has approved an offensive plan for Gaza City [7] - Sino - US tariffs continue to be extended, and there is no substantial progress in the negotiations. The tariff war has evolved into a trade negotiation issue between the US and other countries, and the spot price has slightly decreased [5] - On August 20, the closing price of the main contract 2510 was 1355.0, a decline of 1.33%, with a trading volume of 27,500 lots and an open interest of 51,700 lots, a decrease of 1072 lots from the previous day [5] Investment Strategies - Short - term strategy: The main contract is weak, and the far - month contract is strong. Risk - takers can try to go long lightly near 1300 for the 2510 contract and near 1750 for the 2512 contract. Pay attention to the subsequent market trend, do not hold losing positions, and set stop - losses [6] - Arbitrage strategy: In the context of international situation turmoil, each contract still follows the seasonal logic with large fluctuations. It is recommended to wait and see or try with a light position [6] - Long - term strategy: It is recommended to take profits when the contracts rise, wait for the callback to stabilize, and then judge the subsequent direction [6] Contract Adjustments - The daily price limit for contracts from 2508 to 2606 is adjusted to 18% [6] - The margin for contracts from 2508 to 2606 is adjusted to 28% [6] - The daily opening limit for all contracts from 2508 to 2606 is 100 lots [6]

Report Industry Investment Rating - Not provided in the given content Core Viewpoints - Due to geopolitical conflicts and tariff uncertainties, it is recommended to participate with light positions or wait and see. The short - term strategy suggests that risk - takers can try to go long lightly near 1300 for the 2510 contract and near 1750 for the 2512 contract. The long - term strategy is to take profits when the contracts rise and wait for a pullback to determine the subsequent direction. The arbitrage strategy advises waiting and seeing or light - position attempts due to large fluctuations [5][6] - The cease - fire news has limited impact on the market, and the market is volatile. Attention should be paid to tariff policies, the Middle East situation, and spot freight rates [2][5] Summary According to Directory Freight Index - On August 18, the Shanghai Export Container Settlement Freight Index (SCFIS) for the European route was 2180.17 points, down 2.5% from the previous period; the SCFIS for the US - West route was 1106.29 points, up 2.2% from the previous period. On August 15, the Shanghai Export Container Freight Index (SCFI) announced a price of 1460.19 points, down 29.49 points from the previous period; the SCFI European route price was 1820 USD/TEU, down 7.2% from the previous period; the SCFI US - West route was 1759 USD/FEU, down 3.5% from the previous period [3] - On August 15, the Ningbo Export Container Freight Index (NCFI) (composite index) was 1052.5 points, down 0.1% from the previous period; the NCFI (European route) was 1188.7 points, down 5.5% from the previous period; the NCFI (US - West route) was 1042.91 points, down 5.9% from the previous period. The China Export Container Freight Index (CCFI) (composite index) was 1193.34 points, down 0.6% from the previous period; the CCFI (European route) was 1790.47 points, down 0.5% from the previous period; the CCFI (US - West route) was 981.1 points, down 5.9% from the previous period [3] Economic Data - In the eurozone, the July manufacturing PMI was 49.8, higher than the expected 49.7 and the previous value of 49.5. The July services PMI was 51.2, exceeding the expected 50.7 and the previous value of 50.5. The July composite PMI was 51, higher than the expected 50.8 and the previous value of 50.6. The July SENTIX investor confidence index jumped to 4.5, significantly higher than 0.2 in June and the market - expected 1.1, reaching the highest level since April 2022 [3] - In the US, the July S&P Global manufacturing PMI preliminary value was 49.5, with an expected 52.7 and a previous value of 52.9; the July S&P Global services PMI preliminary value was 55.2, with an expected 53 and a previous value of 52.9. The July Markit composite PMI preliminary value was 54.6, the highest since December 2024, better than the expected 52.8 and the previous value of 52.9 [4] - The July manufacturing purchasing managers' index (PMI) in China was 49.3%, 0.4 percentage points lower than the previous month, and the manufacturing prosperity level declined [4] Market Conditions - On August 19, the main contract 2510 closed at 1370.3, a decline of 0.80%, with a trading volume of 27,300 lots and an open interest of 52,800 lots, a decrease of 383 lots from the previous day [5] Geopolitical Situation - On August 18, Hamas announced its agreement to the latest cease - fire proposal from Egypt and Qatar, but Israel's Prime Minister Netanyahu seemed uninterested, and Israel was advancing its so - called "takeover" of Gaza City [7] Trading Strategies - Short - term strategy: For risk - takers, try to go long lightly near 1300 for the 2510 contract and near 1750 for the 2512 contract. Pay attention to the subsequent market trend and set stop - losses [6] - Arbitrage strategy: Due to the volatile international situation, it is recommended to wait and see or try with light positions [6] - Long - term strategy: Take profits when the contracts rise and wait for a pullback to determine the subsequent direction [6] Contract Adjustments - The daily limit for contracts 2508 - 2606 is adjusted to 18% [6] - The company's margin for contracts 2508 - 2606 is adjusted to 28% [6] - The daily opening limit for all contracts 2508 - 2606 is 100 lots [6]

Report Investment Rating - No information provided on the industry investment rating Core Viewpoints - The ceasefire news has limited impact on the market, with recent large fluctuations. It is not recommended to increase positions further, and stop - loss orders should be set [2] - Amid geopolitical conflicts and tariff uncertainties, the game is difficult. It is advisable to participate with light positions or stay on the sidelines [5] - Attention should be paid to tariff policies, the Middle - East situation, and spot freight rates [5] Summary by Content Freight Index - On August 18, the Shanghai Export Container Settlement Freight Index (SCFIS) for the European route was 2180.17 points, down 2.5% from the previous period; for the US - West route, it was 1106.29 points, up 2.2% from the previous period [3] - On August 15, the Ningbo Export Container Freight Index (NCFI) (composite index) was 1052.5 points, down 0.1% from the previous period; the NCFI for the European route was 1188.7 points, down 5.5% from the previous period; for the US - West route, it was 1042.91 points, down 5.9% from the previous period [3] - On August 15, the Shanghai Export Container Freight Index (SCFI) announced a price of 1460.19 points, down 29.49 points from the previous period; the SCFI European route price was 1820 USD/TEU, down 7.2% from the previous period; the SCFI US - West route was 1759 USD/FEU, down 3.5% from the previous period [3] - On August 15, the China Export Container Freight Index (CCFI) (composite index) was 1193.34 points, down 0.6% from the previous period; the CCFI for the European route was 1790.47 points, down 0.5% from the previous period; for the US - West route, it was 981.1 points, down 5.9% from the previous period [3] Economic Data - In July, the eurozone's manufacturing PMI was 49.8, higher than the expected 49.7 and the previous value of 49.5. The service PMI was 51.2, exceeding the expected 50.7 and the previous value of 50.5. The composite PMI was 51, higher than the expected 50.8 and the previous value of 50.6. The SENTIX investor confidence index jumped to 4.5, significantly higher than 0.2 in June and the market - expected 1.1, reaching the highest level since April 2022 [3] - In July, China's manufacturing PMI was 49.3%, down 0.4 percentage points from the previous month, indicating a decline in manufacturing prosperity [4] - In July, the US S&P Global manufacturing PMI preliminary value was 49.5 (expected 52.7, previous value 52.9); the service PMI preliminary value was 55.2 (expected 53, previous value 52.9); the Markit composite PMI preliminary value was 54.6, the highest since December 2024, better than the expected 52.8 and the previous value of 52.9 [4] Market Conditions - The Sino - US tariff extension continues, with no substantial progress in negotiations. The tariff war has evolved into a trade negotiation issue between the US and other countries, and the spot price has slightly decreased [5] - On August 19, the closing price of the main contract 2510 was 1370.3, a decline of 0.80%, with a trading volume of 27,300 lots and an open interest of 52,800 lots, a decrease of 383 lots from the previous day [5] - Hamas released a ceasefire expectation, but Israel denied the information. Coupled with some liner companies continuously lowering freight rates, the market fluctuated widely [5] Strategy Recommendations Short - term Strategy - The main contract remains weak, while the far - month contracts are stronger. Risk - takers can try to lightly go long on the 2510 contract around 1300 and the 2512 contract around 1750. Pay attention to the subsequent market trend, do not hold losing positions, and set stop - loss orders [6] Arbitrage Strategy - Against the backdrop of international situation turmoil, each contract still follows the seasonal logic with large fluctuations. It is recommended to stay on the sidelines temporarily or try with light positions [6] Long - term Strategy - It is recommended to take profits when each contract rises, wait for the price to stabilize after a pull - back, and then determine the subsequent direction [6] Contract Adjustments - The daily limit for contracts from 2508 to 2606 is adjusted to 18% [6] - The company's margin for contracts from 2508 to 2606 is adjusted to 28% [6] - The daily opening limit for all contracts from 2508 to 2606 is 100 lots [6]

Group 1: Report Industry Investment Rating - No specific industry investment rating is provided in the reports [1][2][3] Group 2: Core Views - The Middle East situation may deteriorate, causing strong fluctuations in the market. It is recommended to participate with light positions or stay on the sidelines due to high game - playing difficulty amidst geopolitical conflicts and tariff turmoil [1][3] - In the short - term, the market may rebound. Risk - takers are advised to take light positions in specific contracts, and partial profit - taking and stop - loss settings are recommended. For the long - term, it is advised to take profits when prices rise and wait for a pullback to stabilize [3] - Amidst the volatile international situation, the market shows a positive spread structure with large fluctuations. It is recommended to stay on the sidelines or try with light positions for arbitrage strategies [3] Group 3: Summary Based on Related Contents Shipping Indexes - On August 4, the Shanghai Export Container Settlement Freight Index (SCFIS) for the European route was 2297.86 points, down 0.8% from the previous period; for the US - West route, it was 1130.12 points, down 12.0%. On August 8, the Ningbo Export Container Freight Index (NCFI) composite index was 1053.86 points, down 3.11% from the previous period; the European route was 1257.71 points, down 8.37%; the US - West route was 1042.91 points, down 6.42% [1] - On August 8, the Shanghai Export Container Freight Index (SCFI) was 1489.68 points, down 61.06 points from the previous period. The SCFI price for the European route was 1961 USD/TEU, down 4.39%; for the US - West route, it was 1823 USD/FEU, down 9.80%. The China Export Container Freight Index (CCFI) composite index was 1200.73 points, down 2.6%; the European route was 1799.05 points, up 0.5%; the US - West route was 827.84 points, down 5.6% [1] Manufacturing and Service PMIs - In July, the eurozone's manufacturing PMI preliminary value was 49.8, higher than the expected 49.7; the service PMI preliminary value was 51.2, higher than the expected 50.7; the composite PMI preliminary value was 51, higher than the expected 50.8. The eurozone's SENTIX investor confidence index in July jumped to 4.5, the highest since April 2022 [1] - In July, China's manufacturing PMI was 49.3%, down 0.4 percentage points from the previous month. The US's July S&P Global manufacturing PMI preliminary value was 49.5, lower than the expected 52.7; the service PMI preliminary value was 55.2, higher than the expected 53; the composite PMI preliminary value was 54.6, a new high since December 2024 [2] Market and Contract Information - On August 8, the main contract 2510 closed at 1436.0, down 1.34%, with a trading volume of 5.64 million lots and an open interest of 5.66 million lots, an increase of 3006 lots from the previous day [3] - The Trump administration postponed the tariff negotiation date to August 1, and the spot market price range has been set with a small price increase to test the market, leading to a small rebound in the market [3] - The Middle East situation may worsen, and the detour situation cannot be restored in the near term. Maersk raised its full - year profit, making the market sentiment optimistic and the market oscillating strongly [3] Geopolitical Events - On August 10, Israeli Prime Minister Netanyahu said that the Israeli army's next - stage military operations will focus on two locations still controlled by Hamas, and the Israeli army has controlled about 70% - 75% of the Gaza Strip [3][4] - On August 8, the Israeli government's security cabinet passed the so - called "five principles to end the war", including disarming Hamas and other contents [4]

Report Industry Investment Rating - No specific industry investment rating is provided in the report. Core Viewpoints - Due to the potential deterioration of the Middle - East situation, the market is strongly volatile with large recent fluctuations. It is not recommended to increase positions, and stop - loss should be set [1][3]. - Amid geopolitical conflicts and tariff turmoil, the trading difficulty is high. It is recommended to participate with light positions or stay on the sidelines [3]. - In the context of international situation turmoil, the forward - spread structure is dominant with large fluctuations. It is recommended to temporarily stay on the sidelines or try with light positions [3]. - For long - term strategies, it is recommended to take profits when the contracts reach high levels, wait for the correction to stabilize, and then judge the subsequent trend [3]. Summary by Related Catalogs Market Conditions and Price Indexes - On August 4, the Shanghai Export Container Settlement Freight Index (SCFIS) for the European route was 2297.86 points, down 0.8% from the previous period; the SCFIS for the US - West route was 1130.12 points, down 12.0% from the previous period [1]. - On August 8, the Ningbo Export Container Freight Index (NCFI) (composite index) was 1053.86 points, down 3.11% from the previous period; the NCFI for the European route was 1257.71 points, down 8.37% from the previous period; the NCFI for the US - West route was 1042.91 points, down 6.42% from the previous period [1]. - On August 8, the Shanghai Export Container Freight Index (SCFI) was 1489.68 points, down 61.06 points from the previous period; the SCFI price for the European route was 1961 USD/TEU, down 4.39% from the previous period; the SCFI for the US - West route was 1823 USD/FEU, down 9.80% from the previous period [1]. - On August 8, the China Export Container Freight Index (CCFI) (composite index) was 1200.73 points, down 2.6% from the previous period; the CCFI for the European route was 1799.05 points, up 0.5% from the previous period; the CCFI for the US - West route was 827.84 points, down 5.6% from the previous period [1]. PMI Data - The eurozone's July manufacturing PMI preliminary value was 49.8, higher than the expected 49.7 and the previous value of 49.5; the services PMI preliminary value was 51.2, exceeding the expected 50.7 and the previous value of 50.5; the composite PMI preliminary value was 51, higher than the expected 50.8 and the previous value of 50.6; the SENTIX investor confidence index jumped to 4.5, significantly higher than 0.2 in June and the market - expected 1.1, reaching the highest level since April 2022 [1]. - China's July manufacturing PMI was 49.3%, down 0.4 percentage points from the previous month, indicating a decline in manufacturing prosperity [2]. - The US July S&P Global manufacturing PMI preliminary value was 49.5, with an expected 52.7 and a previous value of 52.9; the services PMI preliminary value was 55.2, with an expected 53 and a previous value of 52.9; the Markit composite PMI preliminary value was 54.6, reaching a new high since December 2024, better than the expected 52.8 and the previous value of 52.9 [2]. Market Strategies - Short - term strategy: The short - term market may mainly rebound. Risk - preferring investors have been recommended to try long positions with light positions below 1300 for the 2510 contract (which has made a profit of over 300 points). For the EC2512 contract, light - position short - selling has been recommended, and it is recommended to take profits. Pay attention to the subsequent market trend, do not hold losing positions, and set stop - losses [3]. - Arbitrage strategy: Against the backdrop of international situation turmoil, the forward - spread structure is dominant with large fluctuations. It is recommended to temporarily stay on the sidelines or try with light positions [3]. - Long - term strategy: It is recommended to take profits when the contracts reach high levels, wait for the correction to stabilize, and then judge the subsequent trend [3]. Contract Information - On August 8, the main contract 2510 closed at 1436.0, with a decline of 1.34%, a trading volume of 5.64 million lots, and an open interest of 5.66 million lots, an increase of 3006 lots from the previous day [3]. - The up - limit and down - limit for contracts 2508 - 2606 have been adjusted to 18%. The company's margin for contracts 2508 - 2606 has been adjusted to 28%. The intraday opening limit for all contracts 2508 - 2606 is 100 lots [3]. Geopolitical and Trade Situations - Trump has continued to impose tariffs on multiple countries, mainly in Southeast Asia, further hitting re - export trade. The Trump administration has postponed the tariff negotiation date to August 1. The spot market price range has been determined, with a small price increase to test the market, and the market has slightly rebounded [3]. - The Middle - East situation may deteriorate, and the current detour situation cannot be restored in the near future. Coupled with Maersk's upward adjustment of its annual profit, the market sentiment is relatively optimistic, and the market is strongly volatile [1][3]. - Israeli Prime Minister Netanyahu said that the Israeli military's next - stage military operations will focus on two locations still under Hamas control, and the Israeli military has controlled about 70% - 75% of the Gaza Strip. The Israeli security cabinet has instructed the military to clear the "last strongholds of Hamas" [3]. - The Israeli government's security cabinet has passed the so - called "five principles to end the war", including disarming Hamas, repatriating all Israeli detainees, demilitarizing the Gaza Strip, maintaining Israeli security control over the Gaza Strip, and establishing a civilian government that does not belong to Hamas or the Palestinian National Authority [3].

Report Industry Investment Rating - No specific industry investment rating is provided in the report. Core Viewpoints - Amid geopolitical conflicts and tariff uncertainties, the game in the shipping market is challenging, and it is recommended to participate with light positions or stay on the sidelines [1][3]. - Given the potential deterioration of the Middle - East situation and the suspension of the detour situation, along with Maersk's profit increase, the market sentiment is optimistic, but the market is volatile, and risk control is necessary [1][3]. Summary by Relevant Content Shipping Market Conditions - On August 8, the Shanghai Export Container Settlement Freight Index (SCFIS) for the European route was 2297.86 points, down 0.8% from the previous period; for the US - West route, it was 1130.12 points, down 12.0% [1]. - The Ningbo Export Container Freight Index (NCFI) on August 8: the composite index was 1053.86 points, down 3.11%; the European route was 1257.71 points, down 8.37%; the US - West route was 1042.91 points, down 6.42% [1]. - The Shanghai Export Container Freight Index (SCFI) on August 8: the published price was 1489.68 points, down 61.06 points; the European line price was 1961 USD/TEU, down 4.39%; the US - West route was 1823 USD/FEU, down 9.80% [1]. - The China Export Container Freight Index (CCFI) on August 8: the composite index was 1200.73 points, down 2.6%; the European route was 1799.05 points, up 0.5%; the US - West route was 827.84 points, down 5.6% [1]. Economic Data - The eurozone's July manufacturing PMI preliminary value was 49.8, higher than the expected 49.7; the service PMI preliminary value was 51.2, exceeding the expected 50.7; the composite PMI preliminary value was 51, higher than the expected 50.8. The SENTIX investor confidence index jumped to 4.5, the highest since April 2022 [1]. - China's July manufacturing PMI was 49.3%, down 0.4 percentage points from the previous month [2]. - The US July S&P Global manufacturing PMI preliminary value was 49.5, lower than the expected 52.7; the service PMI preliminary value was 55.2, higher than the expected 53; the composite PMI preliminary value was 54.6, a new high since December 2024 [2]. Market Strategies - Short - term strategy: The short - term market may rebound. Risk - takers are advised to try long positions below 1300 for the 2510 contract (with a profit margin of over 300 points), and partially stop losses. For the EC2512 contract, a light - short position was recommended and profit - taking is advised [3]. - Arbitrage strategy: In the context of international turmoil, the market is mainly in a positive - spread structure with large fluctuations. It is recommended to stay on the sidelines or try with light positions [3]. - Long - term strategy: For each contract, it is recommended to take profits when the price rises, wait for the price to stabilize after a pull - back, and then judge the subsequent trend [3]. Market Trading Data - On August 8, the main contract 2510 closed at 1436.0, down 1.34%, with a trading volume of 5.64 million lots and an open interest of 5.66 million lots, an increase of 3006 lots from the previous day [3]. Geopolitical Events - Trump's administration has imposed additional tariffs on many countries, mainly in Southeast Asia, and postponed the tariff negotiation date to August 1. The spot market has a small price increase to test the market [3]. - The Israeli Prime Minister Netanyahu announced that the next - stage military operation will target two areas still under Hamas control, and about 70% - 75% of Gaza has been controlled by the Israeli army [3][4]. - The Israeli government's security cabinet passed the "five principles to end the war", including disarming Hamas and other contents [4].

Report Overview - Report Date: August 7, 2025 [1] - Report Type: Container Shipping Daily Report - Research Group: Shipping Research Group 1. Overall Market Situation - The bulk market is generally warm, but liner companies slightly lowered freight rates. The futures market fluctuated significantly, with prices rising and then falling. It is not recommended to increase positions, and stop - losses should be set [2]. - On August 4, the Shanghai Export Container Settlement Freight Index (SCFIS) for the European route was 2297.86 points, down 0.8% from the previous period; the SCFIS for the US - West route was 1130.12 points, down 12.0%. On August 1, the Ningbo Export Container Freight Index (NCFI) for the European route was 1372.67 points, down 3.53%, and for the US - West route was 1114.45 points, down 0.54% [3]. 2. Economic Indicators - In the eurozone, the July manufacturing PMI was 49.8, higher than the expected 49.7; the services PMI was 51.2, higher than the expected 50.7; the composite PMI was 51, higher than the expected 50.8. The July SENTIX investor confidence index reached 4.5, the highest since April 2022 [3]. - In the US, the July Markit manufacturing PMI was 49.5, lower than the expected 52.7; the services PMI was 55.2, higher than the expected 53; the composite PMI was 54.6, the highest since December 2024 [4]. - China's July manufacturing PMI was 49.3%, down 0.4 percentage points from the previous month [4]. 3. Trade Policy and Geopolitical Situation - Trump's administration continued to impose tariffs on multiple countries, mainly in Southeast Asia, which affected transit trade. The tariff negotiation date was postponed to August 1. Some shipping companies announced price increases, and the spot market had a 25% small - scale price increase to test the market, leading to a slight rebound in the futures market [5]. - Geopolitical conflicts and tariff uncertainties make market trading difficult. It is recommended to participate with light positions or stay on the sidelines [5]. 4. Futures Market Analysis 4.1 Short - term Strategy - The short - term futures market may rebound. Risk - takers are advised to take light positions in the 2510 contract below 1300 (already with a profit margin of over 300 points) and take partial profits. For the EC2512 contract, light - short positions were recommended and profit - taking is advised. Follow - up market trends should be monitored, and stop - losses should be set [5]. 4.2 Arbitrage Strategy - In the context of international instability, the market shows a positive spread structure with large fluctuations. It is recommended to stay on the sidelines or take light - position attempts [5]. 4.3 Long - term Strategy - For all contracts, it is recommended to take profits when prices rise and wait for the market to stabilize after a correction before making further decisions [5]. 4.4 Market Data - On August 6, the main contract 2510 closed at 1420.1, up 0.64%, with a trading volume of 48,600 lots and an open interest of 54,400 lots, an increase of 2253 lots from the previous day [5]. 5. Other Information - The daily trading limit for contracts 2508 - 2606 was adjusted to 18%, the margin was adjusted to 28%, and the intraday opening limit for all contracts 2508 - 2606 was set at 100 lots [5].

1. Report Industry Investment Rating No relevant content provided. 2. Core Viewpoints of the Report - Due to the geopolitical conflicts and tariff uncertainties, the game in the market is highly difficult. It is recommended to participate with a light position or just observe the market [2]. - The short - term market may mainly rebound. For risk - preference investors, it is recommended to take partial profit for the long positions in the 2510 contract below 1300 (which has made a profit of over 300 points), and go short in the EC2512 contract with a light position and pay attention to the subsequent market trend. In the context of international situation turmoil, the market shows a positive spread structure with large fluctuations, so it is suggested to wait and see or try with a light position. In the long - term, it is recommended to take profit when the contracts reach a high level and wait for the market to stabilize after a pull - back before making further decisions [3]. 3. Summary by Related Content 3.1 Shipping Price Index - On July 28, the Shanghai Export Container Settlement Freight Index (SCFIS) for the European route was 2400.50 points, down 0.9% from the previous period; the SCFIS for the US West route was 1301.81 points, up 2.8% from the previous period. The Ningbo Export Container Freight Index (NCFI) composite index was 1110.57 points, down 3.26% from the previous period; the NCFI for the European route was 1422.9 points, down 1.20% from the previous period; the NCFI for the US West route on July 25 was 1120.51 points, down 5.19% from the previous period [1]. - On July 25, the Shanghai Export Container Freight Index (SCFI) was 1592.59 points, down 54.31 points from the previous period; the SCFI price for the European route was 2090 USD/TEU, up 0.53% from the previous period; the SCFI price for the US West route was 2067 USD/FEU, down 3.50% from the previous period. The China Export Container Freight Index (CCFI) composite index was 1261.35 points, down 3.2% from the previous period; the CCFI for the European route was 1787.24 points, down 0.9% from the previous period; the CCFI for the US West route was 880.99 points, down 6.4% from the previous period [1]. 3.2 Market Information - Trump continues to impose tariffs on many countries, mainly in Southeast Asia, which further hits the re - export trade. Some shipping companies have announced price increases. The Trump administration has postponed the tariff negotiation date to August 1. Currently, the spot market price range is set, with a small price increase to test the market, and the futures market has a small rebound [2]. - On July 28, the main contract 2510 closed at 1502.8, down 1.84%, with a trading volume of 56,000 lots and an open interest of 50,700 lots, an increase of 717 lots from the previous day [2]. - The situation in the Red Sea has escalated again, and the US and the EU have reached a tariff agreement. Coupled with the recent stabilization of spot freight rates, the market is in a fierce long - short game, with strong wait - and - see sentiment, and the futures market shows wide - range fluctuations. Attention should be paid to tariff policies, the Middle East situation, and spot freight rates [2]. 3.3 Geopolitical and Economic Data - The Houthi armed forces will upgrade their maritime blockade operations and launch the fourth - stage maritime blockade. They will attack all ships of shipping companies cooperating with Israeli ports, regardless of the location and nationality of the ships [4]. - The US and the EU have reached a 15% tariff agreement. The EU will increase its investment in the US by 600 billion US dollars, purchase US military equipment, and buy 150 billion US dollars of US energy products [4]. - In June, the preliminary value of the euro - zone manufacturing PMI was 49.4 (expected 49.8, previous value 49.4); the preliminary value of the service PMI was 50 (a two - month high, expected 50, previous value 49.7); the preliminary value of the composite PMI was 50.2 (expected 50.5, previous value 50.2); the Sentix investor confidence index was 0.2 (expected - 6, previous value - 8.1) [1]. - In June, the Caixin China manufacturing PMI was 50.4, 2.1 percentage points higher than that in May, the same as in April, and back above the critical point [1]. - In June, the preliminary value of the US Markit manufacturing PMI was 52 (the same as in May, higher than the expected 51, the highest level since February); the preliminary value of the service PMI was 53.1 (lower than the previous value of 53.7, higher than the expected 52.9, a two - month low); the preliminary value of the composite PMI was 52.8 (lower than the previous value of 53, higher than the expected 52.1, a two - month low) [1]. 3.4 Trading Rules Adjustment - The daily limit and lower limit for contracts from 2508 to 2606 are adjusted to 18% [3]. - The margin of the company for contracts from 2508 to 2606 is adjusted to 28% [3]. - The daily opening position limit for all contracts from 2508 to 2606 is 100 lots [3].