Group 1: Report Industry Investment Rating - No relevant content Group 2: Core Viewpoints of the Report - MSC announced the National Day suspension plan, and the market rebounded significantly yesterday, in line with the daily report's expectation. Due to large recent fluctuations, it's not recommended to increase positions, and stop - loss should be set [2] - Considering geopolitical conflicts and tariff uncertainties, the game is difficult, so it's recommended to participate with a light position 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 Catalog Freight Index - On September 1, the Shanghai Export Container Settlement Freight Index (SCFIS) for the European route was 1773.60 points, down 10.9% from the previous period; the NCFI (European route) was 929.56 points, down 14.23% from the previous period; the SCFIS (US West route) was 1013.90 points, down 2.6% from the previous period; the NCFI (US West route) was 1396.85 points, up 44.97% from the previous period [2] - On August 29, the Shanghai Export Container Freight Index (SCFI) was 1445.06 points, up 29.70 points from the previous period; the SCFI European line price was 1481 USD/TEU, down 11.21% from the previous period; the CCFI (composite index) was 1156.32 points, down 1.6% from the previous period; the CCFI (European route) was 1685.80 points, down 4.1% from the previous period; the SCFI US West route was 1923 USD/FEU, up 16.97% from the previous period; the CCFI (US West route) was 774.39 points, down 3.1% from the previous period [2] Economic Data - The preliminary value of the Eurozone's August manufacturing PMI was 50.5 (estimated 49.5, previous value 49.8); the preliminary value of the service PMI was 50.7 (estimated 50.8, previous value 51); the preliminary value of the composite PMI rose to 51.1, higher than July's 50.9, improving for three consecutive months and reaching the highest since May 2024, higher than the expected value of 50.7; the August Sentix investor confidence index was - 3.7 (expected 8, previous value 4.5) [2] - 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 preliminary value of the US August S&P Global manufacturing PMI was 53.3, reaching a 39 - month high (estimated 49.5, previous value 49.8); the preliminary value of the service PMI was 55.4 (estimated 54.2, previous value 55.7); the preliminary value of the Markit manufacturing PMI was 53.3, the highest since May 2022 (expected 49.7, previous value 49.8) [3] Market Conditions - The Sino - US tariff extension continued, 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 declined [4] - On September 2, the main contract 2510 closed at 1340.7, up 3.62%, with a trading volume of 77,900 lots and an open interest of 54,100 lots, an increase of 1886 lots from the previous day [4] Strategies - Short - term strategy: The main contract is weak, and the far - month contract is strong. Risk - takers are advised to try going long lightly around 1300 for the 2510 contract and add long positions around 1600 for the 2512 contract. Pay attention to subsequent market trends, don't hold losing positions, and set stop - losses [5] - Arbitrage strategy: Against the backdrop of international turmoil, each contract still follows seasonal logic with large fluctuations. It's recommended to wait and see or try lightly [5] - Long - term strategy: It's recommended to take profits when each contract rallies, wait for the callback to stabilize, and then judge the subsequent direction [5] Other Information - The daily limit for contracts from 2508 to 2606 is adjusted to 18% [5] - The company's margin for contracts from 2508 to 2606 is adjusted to 28% [5] - The daily opening limit for all contracts from 2508 to 2606 is 100 lots [5] - Geopolitical conflicts include the Houthi rebels' attack on an Israeli oil tanker in the Red Sea and explosions in multiple places in Syria [6]

Group 1: Report Core View - MSC announced a suspension plan for the National Day holiday, and the market rebounded sharply yesterday, in line with the daily report's expectations. Due to large recent fluctuations, it is not recommended to increase positions, and stop - loss should be set. Considering geopolitical conflicts and tariff uncertainties, it is advisable to participate with a light position or stay on the sidelines [2][4] - Although the latest SCFIS index dropped significantly, the market quickly rose due to the intensification of the Middle - East situation and high bullish sentiment. Then, after some funds left the market, the market slightly declined and then fluctuated. Attention should be paid to tariff policies, the Middle - East situation, and spot freight rates [4] Group 2: Shipping Index Data SCFIS and NCFI - On September 1, the Shanghai Export Container Settlement Freight Index (SCFIS) for the European route was 1773.60 points, down 10.9% from the previous period; the Ningbo Export Container Freight Index (NCFI) for the European route was 929.56 points, down 14.23% from the previous period; the SCFIS for the US West route was 1013.90 points, down 2.6% from the previous period; the NCFI for the US West route was 1396.85 points, up 44.97% from the previous period. On August 29, the NCFI (composite index) was 1098.17 points, up 6.02% from the previous period [2] SCFI and CCFI - On August 29, the Shanghai Export Container Freight Index (SCFI) was 1445.06 points, up 29.70 points from the previous period; the SCFI for the European route was 1481 USD/TEU, down 11.21% from the previous period; the China Export Container Freight Index (CCFI) (composite index) was 1156.32 points, down 1.6% from the previous period; the CCFI for the European route was 1685.80 points, down 4.1% from the previous period; the SCFI for the US West route was 1923 USD/FEU, up 16.97% from the previous period; the CCFI for the US West route was 774.39 points, down 3.1% from the previous period [2] Group 3: Economic Data Eurozone - In August, the preliminary Eurozone manufacturing PMI was 50.5 (estimated 49.5, previous 49.8), the preliminary services PMI was 50.7 (estimated 50.8, previous 51), the preliminary composite PMI rose to 51.1 (higher than July's 50.9, the highest since May 2024, higher than the expected 50.7), and the Sentix investor confidence index was - 3.7 (expected 8, previous 4.5). In July, the manufacturing PMI was 49.3%, down 0.4 percentage points from the previous month [2] US - In August, the preliminary US S&P Global manufacturing PMI was 53.3 (39 - month high, estimated 49.5, previous 49.8), the preliminary services PMI was 55.4 (estimated 54.2, previous 55.7), and the Markit manufacturing PMI was 53.3 (the highest since May 2022, expected 49.7, previous 49.8) [3] Group 4: Market and Trading Information Futures Market - On September 2, the closing price of the main contract 2510 was 1340.7, up 3.62%, with a trading volume of 77,900 lots and an open interest of 54,100 lots, an increase of 1886 lots from the previous day [4] Trading Strategies - Short - term strategy: The main contract is weak, while the far - month contracts are strong. Risk - takers are advised to lightly test long positions around 1300 for the 2510 contract and increase long positions around 1600 for the 2512 contract. Follow - up market trends should be monitored, and holding losing positions is not recommended. Stop - loss should be set. - Arbitrage strategy: Amid international turmoil, each contract follows seasonal logic with large fluctuations. It is recommended to wait and see or try with a light position. - Long - term strategy: For each contract, it is recommended to take profits when the price rises and wait for the price to stabilize after a pull - back before determining the subsequent direction [5] Contract Rules - The daily price limit for contracts from 2508 to 2606 has been adjusted to 18%. The margin for these contracts has been adjusted to 28%. The daily opening limit for all contracts from 2508 to 2606 is 100 lots [5] Group 5: Geopolitical Events - On September 1, the Houthi armed forces in Yemen launched a missile at an Israeli oil tanker in the northern Red Sea. On the night of September 1, there were explosions in multiple areas of Syria, including the western rural area of Daraa Province in the south, most blocks of Aleppo City in the north, and near Jableh City in Latakia Province in the west [6]

Report Summary 1. Industry Investment Rating No industry investment rating is provided in the report. 2. Core Viewpoints - The geopolitical conflict and tariff fluctuations make the game difficult, suggesting light - participation or waiting and seeing [4]. - The overall freight rate is still declining, and the market is strongly volatile. Attention should be paid to tariff policies, the Middle - East situation, and spot freight rates [4]. 3. Summary by Related Content 3.1 Freight Rate Index - On September 1, the Shanghai Export Container Settlement Freight Index (SCFIS) for the European route was 1773.60 points, down 10.9% from the previous period; the SCFIS for the US - West route was 1013.90 points, down 2.6% from the previous period [2]. - On August 29, the Ningbo Export Container Freight Index (NCFI) composite index was 1098.17 points, up 6.02% from the previous period; the NCFI for the European route was 929.56 points, down 14.23% from the previous period; the NCFI for the US - West route was 1396.85 points, up 44.97% from the previous period [2]. - On August 29, the Shanghai Export Container Freight Index (SCFI) composite index was 1445.06 points, up 29.70 points from the previous period; the SCFI for the European route was 1481 USD/TEU, down 11.21% from the previous period; the SCFI for the US - West route was 1923 USD/FEU, up 16.97% from the previous period [2]. - On August 29, the China Export Container Freight Index (CCFI) composite index was 1156.32 points, down 1.6% from the previous period; the CCFI for the European route was 1685.80 points, down 4.1% from the previous period; the CCFI for the US - West route was 774.39 points, down 3.1% from the previous period [2]. 3.2 PMI Data - The eurozone's August manufacturing PMI flash was 50.5 (estimated 49.5, previous 49.8), services PMI flash was 50.7 (estimated 50.8, previous 51), and composite PMI flash rose to 51.1, the highest since May 2024 [2]. - The US August S&P Global manufacturing PMI flash was 53.3, reaching a 39 - month high; the services PMI flash was 55.4; the Markit manufacturing PMI flash was 53.3, the highest since May 2022 [3]. - China's July manufacturing PMI was 49.3%, down 0.4 percentage points from the previous month [2]. 3.3 Trade and Policy - Sino - US tariffs continue to be extended, and the negotiation has not made substantial progress. The tariff war has evolved into a trade negotiation issue between the US and other countries, and the spot price has slightly decreased [4]. 3.4 Trading Strategies - Short - term strategy: For risk - takers, it is recommended to try long positions lightly around 1300 for the 2510 contract and increase positions around 1600 for the 2512 contract. Pay attention to the subsequent market trend, do not hold losing positions, and set stop - losses [4]. - Arbitrage strategy: In the context of international situation turmoil, it is recommended to wait and see or try lightly with small 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]. 3.5 Market Conditions - On September 1, the main contract 2510 closed at 1291.4, up 1.53%, with a trading volume of 29,200 lots and an open interest of 52,300 lots, down 989 lots from the previous day [4]. - The daily trading 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 [4]. 3.6 Geopolitical Events - On August 31, the Israeli Defense Minister announced that the Israeli army killed the spokesman of the Hamas Qassam Brigades in the Gaza Strip, but Hamas has not confirmed this news. The Israeli army has been expanding military operations against Hamas [5]. - On September 1, the Houthi armed forces launched a missile at an Israeli oil tanker in the northern Red Sea [5].

Group 1 - The UN Special Envoy for Yemen, Grundberg, condemned the Houthi armed group's raid on the UN office in Yemen, resulting in the detention of at least 11 UN staff members [1][3] - Grundberg emphasized that the arbitrary detention of humanitarian workers is unacceptable and that the safety of personnel is crucial for humanitarian operations [4][5] - The total number of UN staff detained by the Houthis has reached 34, with some individuals held for several years [4][5] Group 2 - The recent attack is seen as part of the Houthi armed group's ongoing suppression of UN and other international organizations operating in their controlled areas [5] - Grundberg expressed significant concern over recent Israeli airstrikes in Houthi-controlled areas, urging all parties to utilize diplomatic channels to de-escalate the situation [5] - The Houthis have vowed to retaliate against Israeli airstrikes, indicating a potential escalation in regional tensions [6]

Core Viewpoint - Venezuela is facing the greatest threat in a century in South America, according to President Maduro, who emphasizes the country's commitment to peace while refusing to yield to any threats [1]. Military Tensions - The United States has significantly increased its naval presence in the Caribbean Sea and nearby waters, escalating tensions between the U.S. and Venezuela [1]. - President Trump has ordered the deployment of an amphibious fleet near Venezuela under the pretext of combating drug trafficking in Latin America, which includes three amphibious assault ships and dock landing ships carrying approximately 2,200 Marines [1]. Political Response - President Maduro condemned the U.S. actions as attempts to undermine the Venezuelan government through terrorism and military means [1].

Core Viewpoint - The silver market is experiencing a significant surge, with prices surpassing $40 per ounce for the first time since 2011, reflecting a year-to-date increase of over 40% [1][4]. Price Movement - As of September 1, the spot silver price reached $40.628 per ounce, marking a daily increase of 2.36% [1][2]. - The highest price recorded during the day was $40.754, with a trading range of 3.13% [2]. - In comparison, gold prices also hit a new high since April, with spot gold reaching $3489.852 per ounce, reflecting a daily increase of over 1% [2][3]. Market Drivers - The recent surge in silver prices is attributed to multiple factors, including macroeconomic conditions, policy influences, and the inherent volatility of the commodity [4]. - Expectations of interest rate cuts by the Federal Reserve, driven by softening U.S. employment data and dovish remarks from Fed officials, have bolstered the precious metals sector [4]. - Concerns regarding potential U.S. tariffs on silver imports, following the U.S. Geological Survey's inclusion of silver in its critical minerals list, have also contributed to market tension [4]. Geopolitical and Economic Factors - The questioning of the Federal Reserve's independence and ongoing geopolitical conflicts have further triggered increases in gold and silver prices [5]. - The ongoing military rearmament in Europe and the U.S. re-industrialization efforts are expected to boost industrial demand for silver [5]. - Data indicates that silver ETFs have seen net inflows for seven consecutive months, the longest streak since 2020, reflecting strong investor confidence in silver's future [5]. Future Outlook - Analysts predict that after breaking the $40 per ounce barrier, silver may test resistance levels between $44 and $45 per ounce, maintaining a strong upward trend [6]. - Despite the positive long-term outlook, the rapid price increase has raised caution among some institutions, suggesting potential profit-taking and volatility in the near term [6].

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]

Group 1 - The core viewpoint indicates that the recent increase in gold prices is influenced by geopolitical tensions, U.S. monetary policy, and rising physical gold demand in China [1][3] - As of September 1, the Shanghai gold spot price was reported at 795.38 yuan per gram, showing a discount of 5.18 yuan compared to the futures price of 800.56 yuan per gram [1] - The U.S. labor market showed unexpected weakness with non-farm employment figures falling short of market expectations, and the unemployment rate rising to 4.2% [2] Group 2 - The latest PCE and core PCE data from the U.S. met market expectations, indicating persistent inflation but limited impact from tariff shocks, which has raised market expectations for a potential Fed rate cut [3] - The demand for physical gold in China has significantly increased, with the central bank resuming gold purchases since November last year, continuing for eight consecutive months [1] - The geopolitical risks have slightly diminished, but the market's demand for safe-haven assets remains, contributing to the upward pressure on gold prices [1][3]

Report Industry Investment Rating - No specific industry investment rating is provided in the report [1][2][3] Core Viewpoints - The spot freight rate continues to decline, and the futures market fluctuates greatly. It is recommended to participate with light positions or wait and see due to geopolitical conflicts and tariff uncertainties [2][5] - The main contract remains weak, while the far - month contracts are relatively strong. Risk - takers can try light - position long positions at specific price levels for certain contracts, but should set stop - losses [5] Summary by Related Information Freight Rate Indexes - On August 25, the Shanghai Export Container Settlement Freight Index (SCFIS) for the European route was 1990.20 points, down 8.7% from the previous period; for the US West route, it was 1041.38 points, down 5.9% [3] - On August 22, the Ningbo Export Container Freight Index (NCFI) composite index was 1035.79 points, down 1.59% from the previous period; the European route was 1083.74 points, down 8.83%; the US West route was 963.54 points, down 1.79% [3] - On August 22, the Shanghai Export Container Freight Index (SCFI) composite index was 1415.36 points, down 44.83 points from the previous period; the European route price was 1668 USD/TEU, down 8.35%; the US West route was 1759 USD/FEU, down 6.54% [3] - On August 22, the China Export Container Freight Index (CCFI) composite index was 1174.87 points, down 1.5% from the previous period; the European route was 1757.74 points, down 1.8%; the US West route was 799.19 points, down 2.9% [3] PMI Data - The eurozone's August manufacturing PMI preliminary value was 50.5, higher than the forecast of 49.5 and the previous value of 49.8; the service PMI preliminary value was 50.7, slightly lower than the forecast of 50.8 and the previous value of 51; the composite PMI preliminary value rose to 51.1 [3] - In July, China's manufacturing PMI was 49.3%, down 0.4 percentage points from the previous month [4] - 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 [4] Market and Strategy - On August 27, the main contract 2510 closed at 1316.0, down 0.89%, with a trading volume of 1.80 million lots and an open interest of 5.37 million lots, a decrease of 684 lots from the previous day [5] - Short - term strategy: Risk - takers can try light - position long positions around 1300 for the 2510 contract and add long positions around 1600 for the 2512 contract, and set stop - losses [5] - Arbitrage strategy: It is recommended to wait and see or try with light positions due to large fluctuations [5] - Long - term strategy: Take profit on rallies and wait for the market to stabilize after a pullback before making further decisions [5] Other Information - Sino - US tariff extension negotiations have no substantial progress, and the tariff war has evolved into a trade negotiation issue between the US and other countries [5] - The daily trading limit for contracts from 2508 to 2606 is adjusted to 18%, the margin is adjusted to 28%, and the intraday opening limit for all these contracts is 100 lots [5]

Report Industry Investment Rating - No specific industry investment rating is provided in the reports [1][2][3] Core Views - Amid geopolitical conflicts and tariff uncertainties, the game in the shipping market is challenging, so it's advisable to participate with light positions or stay on the sidelines [3] - Spot freight rates are continuously falling, and after a brief rebound, the market is under pressure again. Attention should be paid to tariff policies, the Middle - East situation, and spot freight rates [3] - In the face of international situation turmoil, contracts maintain seasonal logic with large fluctuations. It's recommended to wait and see or make light - position attempts for arbitrage strategies [3] Summary by Related Content Shipping Market Data - On August 22 - 25, shipping freight rate indices such as NCFI and SCFIS showed declines. For example, the NCFI (composite index) dropped by 1.59%, and the SCFIS (European route) fell by 8.7% [1] - On August 22, other shipping freight rate indices like SCFI and CCFI also decreased. The SCFI composite index dropped by 44.83 points, and the CCFI (European route) fell by 1.8% [1] Market Strategy - Short - term strategy: For risk - takers, try to go long lightly at around 1300 for the 2510 contract and add positions at around 1600 for the 2512 contract. Pay attention to the market trend and set stop - losses [3] - Arbitrage strategy: Due to international situation instability, it's recommended to wait and see or make light - position attempts [3] - Long - term strategy: Take profits when contracts rise, wait for the market to stabilize after a pullback, and then judge the subsequent trend [3] Market Conditions - On August 26, the main contract 2510 closed at 1318.9, with a decline of 2.76%, a trading volume of 2.58 million lots, and an open interest of 54,400 lots, an increase of 52 lots from the previous day [3] - The 2508 contract's delivery price was 2135.2 [3] Geopolitical Events - The Islamic Cooperation Organization held a special meeting to discuss Israel's aggression against Palestine and issued a joint statement opposing Israel's actions [3] - The Trump administration plans to impose a 50% tariff on Indian products, which has drawn condemnation from the Indian government [3] Economic Data - The preliminary value of the Eurozone's August manufacturing PMI was 50.5, the service PMI was 50.7, and the composite PMI rose to 51.1 [2] - The preliminary value of the US August manufacturing PMI was 53.3, and the service PMI was 55.4 [2] Contract Adjustments - The daily limit for contracts 2508 - 2606 was adjusted to 18% [3] - The margin for contracts 2508 - 2606 was adjusted to 28% [3] - The daily opening limit for all contracts 2508 - 2606 was set at 100 lots [3]