Report Summary 1. Report Industry Investment Rating No industry investment rating is provided in the report. 2. Core Viewpoints - The bulk market is generally warm, but liner companies have slightly lowered freight rates. The market has fluctuated significantly recently, and it is not recommended to increase positions. Stop - loss should be set [2]. - Amid geopolitical conflicts and tariff uncertainties, the game is difficult. It is recommended to participate with light positions or stay on the sidelines [5]. 3. Summary According to Related Content Market Indexes and Economic Data - On August 4, the Shanghai Export Container Settlement Freight Index SCFIS (European route) was 2297.86 points, down 0.8% from the previous period; SCFIS (US West route) was 1130.12 points, down 12.0%. On August 1, the Ningbo Export Container Freight Index NCFI (composite index) was 1087.66 points, down 2.06%; NCFI (European route) was 1372.67 points, down 3.53%; NCFI (US West route) was 1114.45 points, down 0.54% [3]. - On August 1, the Shanghai Export Container Freight Index SCFI published price was 1550.74 points, down 41.85 points from the previous period; SCFI European route price was 2051 USD/TEU, down 1.86%; SCFI US West route was 2021 USD/FEU, down 2.23%. The China Export Container Freight Index CCFI (composite index) was 1232.29 points, down 2.3%; CCFI (European route) was 1789.50 points, up 0.1%; CCFI (US West route) was 876.57 points, down 0.5% [3]. - The eurozone's July manufacturing PMI preliminary value was 49.8, higher than the expected 49.7; the services 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 July SENTIX investor confidence index jumped to 4.5, the highest since April 2022 [3]. - China's July manufacturing PMI was 49.3%, down 0.4 percentage points from the previous month. The US July S&P Global manufacturing PMI preliminary value was 49.5, lower than the expected 52.7; the services PMI preliminary value was 55.2, higher than the expected 53; the Markit composite PMI preliminary value was 54.6, the highest since December 2024 [4]. Policy and Market Situation - Trump continued to impose tariffs on multiple countries, mainly in Southeast Asia, hitting re - export trade. The Trump administration postponed the tariff negotiation date to August 1. The spot market price range is set, with a 25% small price increase to test the market, and the market rebounded slightly [5]. Trading Strategies - Short - term strategy: The short - term market may mainly rebound. Risk - takers are advised to take light positions below 1300 in the 2510 contract (already with a profit margin of over 300 points) and take partial profits. For the EC2512 contract, light - position short - selling has been recommended, and profit - taking is advised. Pay attention to the subsequent market trend, do not hold losing positions, and set stop - losses [5]. - Arbitrage strategy: Against the backdrop of international situation turmoil, the market is mainly in a positive arbitrage structure with large fluctuations. It is recommended to stay on the sidelines or try with light positions [5]. - 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 [5]. Contract Information - 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]. - The daily limit for contracts 2508 - 2606 is adjusted to 18%. The company's margin for contracts 2508 - 2606 is adjusted to 28%. The daily opening limit for all contracts 2508 - 2606 is 100 lots [5].

Report Summary 1. Investment Rating No investment rating for the industry is provided in the report. 2. Core View The market atmosphere is bearish with significant drops in commodities, and the market is oscillating weakly with large recent fluctuations. Due to geopolitical conflicts and tariff uncertainties, the game is difficult. It is recommended to participate with a light position or stay on the sidelines. Attention should be paid to tariff policies, the Middle - East situation, and spot freight rates [1][3]. 3. Key Points by Category Market Conditions - The Shanghai Export Container Settlement Freight Index (SCFIS) for the European route on July 28 was 2400.50 points, down 0.9% from the previous period; for the US - West route, it was 1301.81 points, up 2.8% [2]. - The Ningbo Export Container Freight Index (NCFI) on July 25: the composite index was 1110.57 points, down 3.26%; the European route was 1422.9 points, down 1.20%; the US - West route was 1120.51 points, down 5.19% [2]. - The Shanghai Export Container Freight Index (SCFI) on July 25: the composite index was 1592.59 points, down 54.31 points; the European line price was 2090 USD/TEU, up 0.53%; the US - West route was 2067 USD/FEU, down 3.50% [2]. - The China Export Container Freight Index (CCFI) on July 25: the composite index was 1261.35 points, down 3.2%; the European route was 1787.24 points, down 0.9%; the US - West route was 880.99 points, down 6.4% [2]. - On July 31, the main contract 2510 closed at 1425.1, with a decline of 4.66%, a trading volume of 46,300 lots, and an open interest of 51,800 lots, a decrease of 3056 lots from the previous day [3]. Economic Data - Eurozone's June manufacturing PMI flash was 49.4 (expected 49.8, previous 49.4); services PMI flash was 50 (2 - month high, expected 50, previous 49.7); composite PMI flash was 50.2 (expected 50.5, previous 50.2); Sentix investor confidence index was 0.2 (expected - 6, previous - 8.1) [2]. - China's Caixin manufacturing PMI in June was 50.4, 2.1 percentage points higher than May, the same as April, back above the critical point [2]. - US June Markit manufacturing PMI flash was 52 (same as May, higher than expected 51, 2 - month high); services PMI flash was 53.1 (lower than previous 53.7, higher than expected 52.9, 2 - month low); composite PMI flash was 52.8 (lower than previous 53, higher than expected 52.1, 2 - month low) [2]. Policy and Geopolitical Events - Trump continued to impose tariffs on multiple countries, mainly in Southeast Asia, hitting re - export trade. The tariff negotiation date was postponed to August 1. Some shipping companies announced freight rate increases, and the market had a slight rebound [3]. - On July 30, the Chinese Foreign Ministry spokesperson hoped that the US would work with China to promote Sino - US economic and trade relations. On the same day, Yemen's Houthi rebels attacked Israeli targets, and Israel submitted a response to the cease - fire negotiation [5]. Trading Strategies - Short - term: The short - term market may rebound. Risk - takers were recommended to go long lightly on the 2510 contract below 1300 (with a profit of over 300 points) and take partial profits; go short lightly on the EC2512 contract, pay attention to the subsequent market trend, and set stop - losses [4]. - Arbitrage: In the context of international turmoil, with a positive spread structure and large fluctuations, it is recommended to stay on the sidelines or try with a light position [4]. - Long - term: It was recommended to take profits when the contracts rose, wait for the market to stabilize after a pullback, and then judge the subsequent direction [4]. Contract Adjustments - The daily limit for contracts 2508 - 2606 was adjusted to 18% [4]. - The company's margin for contracts 2508 - 2606 was adjusted to 28% [4]. - The daily opening limit for all contracts 2508 - 2606 was set at 100 lots [4].

| SCFIS、NCFI运价指数 | | | --- | --- | | 7月28日 | 7月25日 | | 上海出口集装箱结算运价指数SCFIS（欧洲航线）2400.50点，较上期下跌0.9% | 宁波出口集装箱运价指数NCFI（综合指数）1110.57点，较上期下跌3.26% | | 上海出口集装箱结算运价指数SCFIS（美西航线）1301.81点，较上期上涨2.8% | 宁波出口集装箱运价指数NCFI（欧洲航线）1422.9点，较上期下跌1.20% | | 7月25日 | 宁波出口集装箱运价指数NCFI（美西航线）1120.51点，较上期下跌5.19% 7月25日 | | 上海出口集装箱运价指数SCFI公布价格1592.59点，较上期下跌54.31点 | 中国出口集装箱运价指数CCFI（综合指数）1261.35点，较上期下跌3.2% | | 上海出口集装箱运价指数SCFI欧线价格2090USD/TEU, 较上期上涨0.53% | | | 上海出口集装箱运价指数SCFI美西航线2067USD/FEU, 较上期下跌3.50% | 中国出口集装箱运价指数CCFI（欧洲航线）1787.24点，较上期下跌0.9% ...

Report Summary 1. Investment Rating No investment rating for the industry is provided in the reports. 2. Core Viewpoints - Due to the tense Red Sea situation, the trade agreement between Europe and the United States, and significant retracement of commodity prices at high levels, it is not recommended to increase positions, and stop - loss should be set [1]. - Amid geopolitical conflicts and tariff uncertainties, the game in the market is difficult, and it is recommended to participate with light positions or stay on the sidelines [2]. - The market is in a state of intense long - short game, with strong wait - and - see sentiment, and the market fluctuates widely. Attention should be paid to tariff policies, the Middle East situation, and spot freight rates [2]. 3. Summary by Related Content Market Data - **Container Freight Indexes 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; for the US - West route, it was 1301.81 points, up 2.8% from the previous period [1]. - **Container Freight Indexes on July 25**: The Ningbo Export Container Freight Index (NCFI) for the comprehensive index was 1110.57 points, down 3.26% from the previous period; for the European route, it was 1422.9 points, down 1.20% from the previous period; for the US - West route, it was 1120.51 points, down 5.19% from the previous period [1]. - **Other Indexes on July 25**: The Shanghai Export Container Freight Index (SCFI) was 1592.59 points, down 54.31 points from the previous period; the SCFI European line price was 2090 USD/TEU, up 0.53% from the previous period; the SCFI US - West route was 2067 USD/FEU, down 3.50% from the previous period [1]. - **CCFI Indexes on July 25**: The China Export Container Freight Index (CCFI) for the comprehensive index was 1261.35 points, down 3.2% from the previous period; for the European route, it was 1787.24 points, down 0.9% from the previous period; for the US - West route, it was 880.99 points, down 6.4% from the previous period [1]. - **Futures Market on July 28**: The closing price of the 2510 main contract was 1502.8, with a decline of 1.84%, 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]. Economic Data - **Eurozone in June**: The manufacturing PMI preliminary value was 49.4 (expected 49.8, previous value 49.4); the services PMI preliminary value was 50 (a 2 - month high, expected 50, previous value 49.7); the composite PMI preliminary value 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]. - **China in June**: The Caixin China Manufacturing Purchasing Managers' Index (PMI) was 50.4, 2.1 percentage points higher than in May, the same as in April, and back above the critical point [1]. - **US in June**: The Markit manufacturing PMI preliminary value was 52 (the same as in May, higher than the expected 51, the highest since February); the services PMI preliminary value was 53.1 (lower than the previous value of 53.7, higher than the expected 52.9, a 2 - month low); the composite PMI preliminary value was 52.8 (lower than the previous value of 53, higher than the expected 52.1, a 2 - month low) [1]. Market Events - The Houthi armed forces will upgrade their maritime blockade operations and launch the fourth - stage maritime blockade, targeting all ships of shipping companies cooperating with Israeli ports [4]. - The US and the EU have reached a 15% tariff agreement. The EU will increase its investment in the US by $600 billion, purchase US military equipment, and buy $150 billion of US energy products [4]. Trading Strategies - **Short - term Strategy**: The short - term market may mainly rebound. Risk - preferring investors are advised to partially take profits on the long positions established below 1300 in the 2510 contract (with a profit margin of over 300 points). For the EC2512 contract, it is recommended to take a light short position and monitor the subsequent market trend [3]. - **Arbitrage Strategy**: Against the backdrop of international turmoil, the market is dominated by a positive spread structure with large fluctuations. It is recommended to stay on the sidelines or make light - position attempts [3]. - **Long - term Strategy**: It is recommended to take profits when each contract rises to a high level, wait for the price to stabilize after a pull - back, and then determine the subsequent direction [3]. Contract Adjustments - The daily price limits for contracts from 2508 to 2606 are adjusted to 18% [3]. - The margin requirements for contracts from 2508 to 2606 are adjusted to 28% [3]. - The daily opening position limit for all contracts from 2508 to 2606 is 100 lots [3].

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].

Report Summary 1. Investment Rating No investment rating for the industry is provided in the report. 2. Core Viewpoints - SCFIS is stabilizing, with the main contract rising and then falling, and the near - month contract maintaining basis repair. If there is a callback today, adding positions can be considered [2]. - Amid geopolitical conflicts and tariff fluctuations, the game is difficult, and it is recommended to participate with a light position or stay on the sidelines [5]. - Short - term, the market may rebound. Long - term, it is recommended to take profits when the contracts rise and wait for a callback to stabilize before judging the subsequent direction [6]. 3. Summary by Content a. Shipping Indexes - On July 21, SCFIS (European route) was 2400.50 points, down 0.9% from the previous period; SCFIS (US West route) was 1301.81 points, up 2.8% [3]. - On July 21, NCFI (composite index) was 1147.96 points, down 5.75% from the previous period; NCFI (European route) was 1440.25 points, up 0.35%; NCFI (US West route) was 1181.87 points, down 0.40% [3]. - On July 21, SCFI (composite index) was 1646.90 points, down 86.39 points from the previous period; SCFI (European route) was 2079 USD/TEU, down 1.00%; SCFI (US West route) was 2142 USD/FEU, down 2.4% [3]. - On July 18, CCFI (composite index) was 1303.54 points, down 0.8% from the previous period; CCFI (European route) was 1803.42 points, up 4.5%; CCFI (US West route) was 941.65 points, down 8.4% [3]. b. Market Situation and Influencing Factors - Trump continues to impose tariffs on multiple countries, mainly in Southeast Asia, hitting re - export trade. Some shipping companies have announced freight rate increases. The tariff negotiation date has been postponed to August 1 [5]. - The slight decline in SCFIS may be due to doubts about the implementation of the announced freight rate increase in August [5]. - There are geopolitical factors such as the Gaza cease - fire negotiation in Doha and the Iranian - European issue regarding the "rapid restoration of sanctions" [7]. c. Contract Information - On July 21, the main contract 2510 closed at 1592.7, down 2.35%, with a trading volume of 69,300 lots and an open interest of 51,200 lots, a decrease of 186 lots from the previous day [5]. - 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. Trading Strategies - Short - term: The market may rebound. Risk - takers are advised to go long on contract 2510 with a light position below 1300 (already with a profit margin of over 300). If there is a further pullback today, adding positions can be considered. Consider shorting contract EC2512 with a light position above 1950 [6]. - Arbitrage: In the context of international situation turmoil, the structure is mainly positive arbitrage, with large fluctuations. It is recommended to stay on the sidelines or try with a light position [6]. - Long - term: It is recommended to take profits when the contracts rise and wait for a callback to stabilize before judging the subsequent direction [6].

Report Industry Investment Rating No relevant content provided. Core Viewpoints - SCFIS maintains an upward trend, and the far - month contracts are making up for the premium. The market is influenced by geopolitical conflicts, tariff policies, and the Middle East situation, with mixed long and short information, leading to wide - range fluctuations in the market. Attention should be paid to tariff policies, the Middle East situation, and spot freight rates. It is recommended to participate with a light position or stay on the sidelines [1][4]. - Short - term, the market may rebound. Risk - preferring investors are advised to take partial profit when the market surges today. In the long - term, take profit when the contracts rise and wait for the market to stabilize after a pullback before making further decisions [1][5]. Summary by Related Catalogs Freight Index - On July 14, compared with July 11, the Shanghai Export Container Settlement Freight Index (SCFIS) for the European route rose 7.3% to 2421.94 points, while the SCFIS for the US - West route fell 18.7% to 1266.59 points. The Ningbo Export Container Freight Index (NCFI) (composite index) dropped 3.19% to 1218.03 points, the NCFI for the European route fell 0.50% to 1435.21 points, and the NCFI for the US - West route rose 0.85% to 1186.59 points. The Shanghai Export Container Freight Index (SCFI) composite index fell 30.20 points, the SCFI for the European route dropped 0.10% to 2099 USD/TEU, and the SCFI for the US - West route rose 5.03% to 2194 USD/FEU. The China Export Container Freight Index (CCFI) (composite index) fell 2.2%, the CCFI for the European route rose 1.9%, and the CCFI for the US - West route fell 5.2% [1]. Economic Data - In the Eurozone in June, the preliminary manufacturing PMI was 49.4, the preliminary services PMI was 50 (a two - month high), and the preliminary composite PMI was 50.2. The Sentix investor confidence index was 0.2. The Caixin China Manufacturing PMI in June was 50.4, up 2.1 points from May. In the US in June, the preliminary Markit manufacturing PMI was 52, the preliminary services PMI was 53.1, and the preliminary composite PMI was 52.8 [2]. Market Situation - Trump continues to impose tariffs on multiple countries, mainly in Southeast Asia, and some shipping companies have announced freight rate increases. The US plans to impose a 30% tariff on Mexico and the EU, and the Middle East situation may ease. The market is filled with mixed long and short information, causing wide - range fluctuations in the market [4]. Trading Strategies - Short - term: The short - term market may rebound. Risk - preferring investors who went long on the 2510 contract below 1300 are advised to take partial profit when the market surges today. For the EC2512 contract, short lightly above 1650 and set stop - loss and take - profit levels. - Arbitrage: In the context of international turmoil, the market is mainly in a positive arbitrage structure with large fluctuations. It is recommended to stay on the sidelines or participate with a light position. - Long - term: Take profit when each contract rises, and wait for the market to stabilize after a pullback before determining the subsequent direction [5]. Contract Adjustments - The daily limit for contracts from 2508 to 2606 is adjusted to 16%. - The company's margin for contracts from 2508 to 2606 is adjusted to 26%. - The daily opening limit for all contracts from 2508 to 2606 is 100 lots [5].

Core Insights - The Shanghai Export Container Freight Index for European routes reached 2123.24 points as of June 30, 2025, reflecting a 9.6% increase compared to the previous period [1] Industry Summary - The increase in the freight index indicates a positive trend in shipping costs for exports to Europe, which may suggest rising demand or capacity constraints in the shipping industry [1] - The data is sourced from the Shanghai Shipping Exchange, highlighting the importance of this index as a benchmark for shipping rates in the region [1]

Report Summary 1. Investment Rating No investment rating for the industry is provided in the report. 2. Core Views - The "90 - day suspension period" tariff shows signs of easing, and short - position holders can consider partial profit - taking. Given the high difficulty in trading recently, it is recommended to participate with a light position or just observe the market [1]. - With the high volatility of crude oil and the strong macro - attribute of European routes, the trading difficulty is high. Some shipping companies have announced price increases, and attention should be paid to the implementation of price - holding measures. Without more positive news, the market is more likely to decline than rise [3]. - The pessimistic sentiment has subsided, and the spot freight rates are fluctuating. The overall market lacks a clear trading direction, and the market fluctuates widely under the game between long and short positions. Attention should be paid to negotiation results, tariff policies, the Middle East situation, and spot freight rates [3]. 3. Summary by Related Content a. Freight Index - On June 23, the Shanghai Export Container Settlement Freight Index (SCFIS) for the European route was 1937.14 points, up 14.1% from the previous period; the SCFIS for the US - West route was 2083.46 points, down 28.4% from the previous period [1]. - On June 27, the Ningbo Export Container Freight Index (NCFI) (composite index) was 1366.47 points, down 1.13% from the previous period; the NCFI for the European route was 1442.95 points, up 11.03% from the previous period; the NCFI for the US - West route was 1553.68 points, down 2.04% from the previous period [1]. - On June 27, the Shanghai Export Container Freight Index (SCFI) was 1861.51 points, down 8.08 points from the previous period; the SCFI price for the European route was 2030 USD/TEU, up 10.63% from the previous period; the SCFI price for the US - West route was 2578 USD/FEU, down 7.00% from the previous period [1]. - On June 27, the China Export Container Freight Index (CCFI) (composite index) was 1369.34 points, up 2.0% from the previous period; the CCFI for the European route was 1640.72 points, up 3.9% from the previous period; the CCFI for the US - West route was 1212.09 points, down 3.6% from the previous period [1]. b. Market and Contract Information - On June 27, the main contract 2508 closed at 1805.0, with a gain of 2.33%, a trading volume of 39,400 lots, and an open interest of 39,100 lots, a decrease of 2425 lots from the previous day [3]. - The daily trading limit for contracts from 2506 to 2604 is adjusted to 16%. The company's margin for contracts from 2506 to 2604 is adjusted to 26%. The daily opening limit for all contracts from 2506 to 2604 is 100 lots [4]. c. Strategy Suggestions - Short - term strategy: Without an obvious fundamental shift, it is recommended to try short positions on rallies. For the 2508 contract, it is recommended to try short positions lightly when it rebounds above 2000, and short - position holders can consider taking profits. Risk - takers can consider lightly trying long positions on the 2510 contract below 1300, and set stop - loss and take - profit levels [4]. - Arbitrage strategy: Given the volatile international situation, it is recommended to wait and see for now [4]. - Long - term strategy: It is recommended to take profits on rallies for each contract, wait for the market to stabilize after a pull - back, and then judge the subsequent direction [4]. d. Geopolitical and Economic Data - The Houthi armed forces in Yemen have launched 309 ballistic missiles, hypersonic missiles, and drones at Israel since mid - March, with 25 launches this month [5]. - Option markets show that the possibility of oil transportation disruption in the Strait of Hormuz is only 4% after the cease - fire between Iran and Israel. Goldman Sachs predicts that international oil prices are unlikely to rise further in the future [5]. - In June, the preliminary value of the eurozone's manufacturing PMI was 49.4, the preliminary value of the service PMI was 50, and the preliminary value of the composite PMI was 50.2. The eurozone's Sentix investor confidence index was 0.2 [1]. - In May, the Caixin China Manufacturing PMI was 48.3, down 2.1 percentage points from April [1]. - In June, the preliminary value of the US Markit manufacturing PMI was 52, the preliminary value of the service PMI was 53.1, and the preliminary value of the composite PMI was 52.8 [1].

Report Summary 1. Investment Rating No investment rating for the industry is provided in the report. 2. Core Viewpoint The report indicates that due to geopolitical conflicts, the shipping market has high trading difficulty. With no significant positive news, the market is prone to decline and difficult to rise. It is recommended to participate with light positions or stay on the sidelines. Attention should be paid to negotiation results, tariff policies, the Middle - East situation, and spot freight rates [2][5]. 3. Summary by Related Content 3.1 Freight Index - On June 23, the Shanghai Export Container Settlement Freight Index (SCFIS) for the European route was 1937.14 points, up 14.1% from the previous period; the SCFIS for the US - West route was 2083.46 points, down 28.4% from the previous period [3]. - On June 20, the Ningbo Export Container Freight Index (NCFI) (composite index) was 1382.05 points, down 10.07% from the previous period; the NCFI for the European route was 1299.58 points, down 0.64% from the previous period; the NCFI for the US - West route was 1586.05 points, down 28.91% from the previous period [3]. - On June 20, the Shanghai Export Container Freight Index (SCFI) was 1869.59 points, down 218.65 points from the previous period; the SCFI for the European route was 1835 USD/TEU, down 0.49% from the previous period; the SCFI for the US - West route was 2772 USD/FEU, down 32.86% from the previous period [3]. - On June 20, the China Export Container Freight Index (CCFI) (composite index) was 1342.46 points, up 8.0% from the previous period; the CCFI for the European route was 1578.60 points, up 6.0% from the previous period; the CCFI for the US - West route was 1256.91 points, up 14.8% from the previous period [3]. 3.2 Market Situation and Strategy - The online quotes have reached a bottleneck, and the market is volatile. If there are short positions, they can be held. It is recommended to participate with light positions or stay on the sidelines [2]. - Some shipping companies have announced freight rate increases, and attention should be paid to the implementation of price - support measures. In the absence of more positive news, the market is prone to decline [5]. - On June 26, the main contract 2508 closed at 1759.9, up 1.24%, with a trading volume of 38,500 lots and an open interest of 41,500 lots, a decrease of 2043 lots from the previous day [5]. 3.3 Trading Strategies - Short - term strategy: In the absence of an obvious fundamental turnaround, it is recommended to try short positions on rallies. For the 2508 contract, it is recommended to try short positions lightly when it rebounds above 2000. Hold short positions and stop - loss long positions, and set stop - loss and take - profit levels [6]. - Arbitrage strategy: Due to the volatile international situation, it is recommended to stay on the sidelines for now [6]. - Long - term strategy: It is recommended to take profits when each contract rallies, wait for the price to stabilize after a pullback, and then judge the subsequent direction [6]. 3.4 Contract Adjustments - The daily limit for contracts 2506 - 2604 is adjusted to 16% [6]. - The margin for contracts 2506 - 2604 is adjusted to 26% [6]. - The daily opening limit for all contracts 2506 - 2604 is 100 lots [6]. 3.5 Geopolitical Events - Since June 13, there have been conflicts between Israel and Iran. The cease - fire agreement between the two countries officially took effect after noon on the 24th. The repeated situation has affected international oil prices and the shipping market. The container transportation price from China to the Middle East has risen, with a single - container increase of about 50% [7].