Report Industry Investment Rating No relevant content provided. Core Viewpoints - SCFIS is continuously falling, but the freight rate is approaching the break - even line, and the futures market has stopped falling and rebounded. It is not recommended to increase positions and stop - loss should be set [1]. - The tariff issue has a marginal effect, and the core is the trend of spot freight rates. The main contract may be in the bottom - building process. It is recommended to participate with a light position or wait and see [4]. - For short - term strategies, the main contract remains weak, and it is advisable to stop losses on long positions and wait for the bottom - building opportunity. For arbitrage strategies, it is recommended to wait and see or try with a light position. For long - term strategies, it is advisable to take profits when the contract price rises and wait for the price to stabilize after a pull - back [4]. Summary by Related Contents Freight Rate Index - On September 22, the Shanghai Export Container Settlement Freight Index (SCFIS) for the European route was 1254.92 points, down 12.9% from the previous period; for the US West route, it was 1193.64 points, down 11.6% from the previous period [2]. - On September 19, the Shanghai Export Container Freight Index (SCFI) was 1198.21 points, down 199.90 points from the previous period; the SCFI price for the European route was 1052 USD/TEU, down 8.8% from the previous period; for the US West route, it was 1636 USD/FEU, down 31.0% from the previous period [2]. - On September 19, the Ningbo Export Container Freight Index (NCFI) (composite index) was 783.71 points, down 13.24% from the previous period; for the European route, it was 673.61 points, down 7.65% from the previous period; for the US West route, it was 944.89 points, down 23.30% from the previous period [2]. - On September 19, the China Export Container Freight Index (CCFI) (composite index) was 1125.30 points, down 2.1% from the previous period; for the European route, it was 1537.28 points, down 6.2% from the previous period; for the US West route, it was 757.45 points, down 2.2% from the previous period [2]. PMI Data - The preliminary value of the Eurozone's manufacturing PMI in August was 50.5, the service PMI was 50.7, and the composite PMI was 51.1, showing continuous improvement [3]. - China's manufacturing PMI in August was 49.4%, up 0.1 percentage point from the previous month, and the composite PMI output index was 50.5%, up 0.3 percentage point from the previous month, indicating an acceleration in the overall expansion of business production and operation activities [3]. - The preliminary value of the US S&P Global manufacturing PMI in August was 53.3, and the service PMI was 55.4, both higher than expected [3]. Contract Information - On September 22, the main contract 2510 closed at 1093.7, with a 2.00% increase, a trading volume of 4.49 million lots, and an open interest of 4.60 million lots, a decrease of 1685 lots from the previous day [4]. - The daily limit for contracts 2508 - 2606 was adjusted to 18%, and the company's margin for these contracts was adjusted to 28%. The daily opening limit for all contracts 2508 - 2606 was set at 100 lots [4].

Report Summary 1. Investment Rating The report does not provide an industry investment rating. 2. Core Views - The current mainstream shipping companies' spot cabin quotes for European routes in early October continue to decline, with the quotes of some major shipping companies falling below $1000 for 20 - foot containers, hitting a new low in recent years. The futures price valuation is also continuously decreasing, and the European - line index futures price is likely to maintain a weak and volatile trend before November [1]. - In the short - term, the futures price has dropped to a short - term low for two consecutive weeks, with the possibility of a short - term rebound. Next week is the last week before the National Day holiday, so there may be large - scale closing of positions and price fluctuations, and the futures price is likely to be mainly volatile [3]. - In the long - term, if the cease - fire agreement in Gaza is reached again or other geopolitical risks suddenly decrease, and the Red Sea resumes shipping, the European - line freight rate will significantly decline. The demand in the off - season may further weaken, and the support from demand during peak seasons like December may also be relatively weak [6]. 3. Summary by Directory Chapter 1: Core Factors and Strategy Recommendations - **Core Factors** - The core factor affecting the EC price trend this week is the decline of the spot cabin quotes for European routes to a new low in recent years. The EC price is highly positively correlated with the spot cabin quotes for European routes. Attention should be paid to the changes in the quotes and the market fundamentals, as well as whether shipping companies will issue price - increase letters [1]. - In the short - term, the spot cabin quotes for European routes and the SCFI European line continue to decline, and the US - line quotes also drop significantly. There is a possibility of a short - term rebound in the futures price [3]. - In the long - term, geopolitical situations in the Middle East and the seasonality of the European - line container shipping market will affect the freight rate [6]. - **Trading - type Strategy Recommendations** - **Trend Judgement**: The downward momentum continues. The short - term support level for the main contract is in the range of 950 - 1000, and the pressure level is in the range of 1150 - 1200. - **Strategy Suggestions**: Considering the off - season of the container shipping market, for hedging purposes, one can sell at high positions. Pay attention to the low - buying opportunity of the short - term December contract at 1500 - 1550 points [8]. - **Arbitrage Strategy** - Traders can temporarily stay on the sidelines for both the spot - futures (basis) strategy and the arbitrage (inter - period) strategy. Previous short positions can be partially closed at an appropriate time [9]. - **Industrial Customer Operation Suggestions** - **Cargo Space Management**: For companies with full cargo space or poor booking volume, they can short the container shipping index futures to lock in profits. - **Cost Management**: For shipping companies or those who want to book cabins according to orders, they can buy container shipping index futures to determine the booking cost in advance [10]. - **Basic Data Overview** - The comprehensive freight rate indices of the container shipping market show different trends. The FBX comprehensive route index, SCFI, NCFI, CFFI, and SCFI European and US routes have declined, while the CICFI has increased slightly [11]. Chapter 2: This Week's Important Information - **Positive Information**: The Israeli military's continuous military operations in the Gaza Strip may affect shipping routes and freight rates [25]. - **Negative Information**: The spot cabin quotes for European routes of mainstream shipping companies in early October continue to decline, and the SCFI European line also drops [26]. Chapter 3: Market Interpretation - **Unilateral Trend and Capital Flow**: The price of the container shipping index (European line) futures (EC) continues to be weak and volatile under the guidance of the spot booking price. The moving averages are in a short - position arrangement, with a slight downward expectation. The trading sentiment in the market is relatively cautious, and the subsequent price fluctuations may converge [28][29]. - **Basis Structure**: The Shanghai Export Container Freight Settlement Index (SCFIS) for European routes continues to decline, and the basis has narrowed. Traders can stay on the sidelines, and previous short positions can be partially closed. The basis rate in September has dropped to a reasonable range, and hedging at the current point requires caution [33]. - **Inter - period Spread Structure**: The price decline of each monthly contract this week is mainly affected by the continuous decline of the spot cabin quotes. The near - month contracts are more affected by negative factors, and the spreads of some contract combinations have significantly widened. Traders can stay on the sidelines [38]. Chapter 4: Profit Analysis - Some mainstream shipping companies such as COSCO SHIPPING Holdings, Maersk, and CMA CGM have performed well in terms of profits and revenues in the first half of 2025, but the profits of some shipping companies like ONE and Yang Ming Marine Transport have significantly decreased compared with the same period last year. Most shipping companies are still profitable, but they will be more cautious in operation in the second half of the year, which may affect freight rates from the supply and cost sides [42].

1. Report Industry Investment Rating - No relevant content found 2. Core Views of the Report - In the short - term, there is a risk of price - cutting in the spot market, and the futures market is expected to remain weak. The current high position of the October contract has the risk of pre - holiday position reduction or subsequent position transfer fluctuations. In the medium - term, there are multiple upward drivers. From a valuation perspective, the 02 contract has a higher cost - performance ratio for long - position allocation than the 12 contract because the Spring Festival in 2026 is relatively late (February 17, 2026), and the settlement price of the 02 contract may be higher. The 04 contract is currently over - valued and is more suitable for short - position allocation in the short - term as it is a off - season contract, but its low liquidity may make it vulnerable to disturbances. Therefore, attention can be paid to the reverse spread of 12 - 02 and the positive spread of 02 - 04 [2][20] 3. Summary by Relevant Catalogs Futures Market - **Futures Contract Prices and Changes**: The closing prices of EC2510, EC2512, EC2602, EC2604, and FC2606 on the previous trading day were 1050.5, 1630.0, 1562.5, 1250.0, and 1439.1 respectively, with changes of - 5.01%, - 0.93%, - 0.23%, - 0.41%, and 6600F respectively. The trading volumes were 33110, 11583, 2298, 1293, and 132 respectively, and the open interest changes were 542, 1510, 61, 307, and 52 respectively [2][20] - **Monthly Spread**: The spreads of EC2510 - 2512, EC2512 - 2602 on the previous day were - 579.5 and 67.5 respectively, with daily changes of - 40.1 and - 11.7 respectively, and weekly changes of - 86.4 and - 71.8 respectively [2][20] Spot Market - **Spot Price Index**: The SCFIS SCFI index (updated every Monday) on September 15, 2025 was 0 points, a decrease of 100.00% from the previous period; the SCFIS SCFI (in US dollars/TEU, updated every Friday) on September 19, 2025 was 1052 US dollars, a decrease of 8.84% from the previous period. The CCFI index on September 19, 2025 was 1470.97 points, a decrease of 4.31% from the previous period. The NCFI index on September 19, 2025 was 673.61 points, a decrease of 7.65% from the previous period [2][20] - **Spot Booking and Quotation**: Currently, downstream customers are booking shipping space for the first ten days of October (week 39 - 41). The average quotation for week 39 is 1640 US dollars (equivalent to 1150 points on the futures market). For weeks 40 - 41, the shipping space is released together (because most of the cargo volume in week 41 has been diverted during the holiday). The average quotation is 1500 US dollars (equivalent to 1050 points on the futures market). Among them, MSK quotes 1450 US dollars, PA (excluding YML) quotes between 1400 - 1600 US dollars, YML quotes 1300 US dollars (the lowest price of the year), and OA quotes between 1500 - 1600 US dollars [2][20] Shipping Capacity - **Shipping Capacity Adjustment**: This week, the shipping capacities in October and November have been adjusted downwards. The main changes are that OA has added one more sailing suspension in the schedule of week 41, and PA & MSC have added 2 and 1 more sailing suspensions in weeks 46 and 47 respectively. The average weekly shipping capacities in September, October, and November are 290,000, 271,400, and 313,900 TEU respectively. After classifying all TBN as sailing suspensions, they are 290,000, 271,400, and 293,400 TEU respectively [2][20]

Report Summary 1) Report Industry Investment Rating No information provided. 2) Core Viewpoints - In the short - term, there is a risk of price - slashing in the spot market, and the futures market is expected to remain weak. High current positions pose risks of pre - holiday position reduction or subsequent position transfer [1]. - In the medium - term, there are multiple upward drivers. From a valuation perspective, the 02 contract has a higher cost - effectiveness for long - positions compared to the 12 contract because the Spring Festival in 2026 is relatively late (February 17, 2026), and the settlement price of the 02 contract may be higher. The 04 contract is currently over - valued and is more suitable for short - positions in the short - term, but its low liquidity may make it vulnerable to disturbances. Therefore, attention can be paid to the 12 - 02 reverse spread and the 02 - 04 positive spread [1]. 3) Summary by Relevant Content Futures Contract Information - **Futures Prices and Changes**: The closing prices and price changes of multiple EC and FC futures contracts are presented. For example, the EC2510 contract closed at 1050.5 with a 5.01% increase, while the FC2512 contract closed at 1630.0 with a 0.93% decrease [1]. - **Month - to - Month Spreads**: The spreads between different contract months are provided, such as the EC2510 - 2512 spread being - 579.5, showing a - 40.1 change compared to the previous day [1]. Index Information - **Shipping Indexes**: Various shipping indexes are updated weekly or monthly. For instance, the SCHIS index was 0 on September 15, 2025, down 100.00% from the previous period; the SCFI index was 1052 dollars/TEU on September 19, 2025, down 8.84% from the previous period [1]. Spot Market Information - **Downstream Booking**: Currently, downstream customers are booking shipping space for the period from the end of September to the beginning of October (week 39 - 41). The average quote for week 39 is 1640 dollars (equivalent to 1150 points on the futures market), and for weeks 40 - 41, it is 1500 dollars (equivalent to 1050 points on the futures market) [1]. - **Shipping Capacity**: The weekly average shipping capacities in September, October, and November are 290,000, 271,400, and 313,900 TEU respectively. After considering all TBN as suspended sailings, they are 290,000, 271,400, and 293,400 TEU [1]. News and Other Information - **Military Action News**: On September 20, 2025, the Israeli Defense Forces expanded their ground operations in Gaza City, resulting in 34 Palestinian deaths in the past 24 hours [3]. - **Index Delay Note**: The XSI - C index is delayed by three working days for publication [4].

1. Report Industry Investment Rating - Not provided in the documents 2. Core Viewpoints of the Report - Spot freight rates remain low, the US has restarted the interest - rate cut, and the market is fluctuating at a low level. It is not recommended to increase positions, and stop - losses should be set [1]. - The tariff issue has a marginal effect, and the core is the direction of spot freight rates. The main contract may be in the bottom - building process, and it is recommended to participate with a light position or wait and see [3]. 3. Summary by Related Content Freight Rate Index - On September 15, the Shanghai Export Container Settlement Freight Index (SCFIS) for the European route was 1440.24 points, down 8.1% from the previous period; the SCFIS for the US - West route was 1349.84 points, up 37.7% from the previous period. The Ningbo Export Container Freight Index (NCFI) (composite index) was 903.32 points, down 11.71% from the previous period; the NCFI for the European route was 729.42 points, down 14.78% from the previous period; the NCFI for the US - West route on September 12 was 1216.14 points, down 9.13% from the previous period [1]. - On September 12, the Shanghai Export Container Freight Index (SCFI) was 1398.11 points, down 46.33 points from the previous period; the SCFI price for the European route was 1154 USD/TEU, down 12.24% from the previous period; the SCFI for the US - West route was 2370 USD/FEU, up 8.27% from the previous period. The China Export Container Freight Index (CCFI) (composite index) was 1125.30 points, down 2.1% from the previous period; the CCFI for the European route was 1537.28 points, down 6.2% from the previous period; the CCFI for the US - West route was 757.45 points, down 2.2% from the previous period [1]. PMI Data - In August, China's Manufacturing Purchasing Managers' Index (PMI) was 49.4%, up 0.1 percentage points from the previous month, and the manufacturing prosperity level improved. The Composite PMI Output Index was 50.5%, up 0.3 percentage points from the previous month, indicating that the overall expansion of Chinese enterprises' production and business activities accelerated [2]. - The preliminary value of the Eurozone's manufacturing PMI in August 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), and the preliminary value of the composite PMI rose to 51.1, higher than 50.9 in July, improving for three consecutive months and reaching the highest level since May 2024, higher than the expected value of 50.7. The Eurozone's Sentix Investor Confidence Index in August was - 3.7 (expected 8, previous value 4.5) [1]. - The preliminary value of the US S&P Global Manufacturing PMI in August 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 US Markit Manufacturing PMI in August was 53.3, the highest level since May 2022 (expected 49.7, previous value 49.8) [2]. Tariff and Market Situation - The Sino - US tariff issue has been postponed, and there is no substantial progress in the negotiation. The tariff war has evolved into a trade negotiation issue between the US and other countries. The current spot price has slightly decreased, and the tariff issue has a marginal effect [3]. - On September 18, the main contract 2510 closed at 1105.9, down 2.08%, with a trading volume of 1.96 million lots and an open interest of 4.72 million lots, a decrease of 2436 lots from the previous day [3]. Trading Strategies - Short - term strategy: The main contract is weak, and the far - month contract is strong. Risk - preferring investors are recommended to try going long lightly around 1200 for the 2510 contract and increase positions around 1600 for the 2512 contract. Pay attention to the subsequent market trend, and do not hold losing positions. Set stop - losses [3]. - Arbitrage strategy: Under the background of the volatile international situation, each contract still follows the seasonal logic with large fluctuations. It is recommended to wait and see or try with a light position [3]. - Long - term strategy: It is recommended to take profits when each contract rises, wait for the callback to stabilize, and then judge the subsequent trend [3]. Other Information - Israel's Ministry of Defense announced on September 17 that it had completed the development of the "Iron Beam" laser air - defense system, which can intercept rockets, mortars, and drones at a "low cost" and is expected to be delivered by the end of this year [4]. - The Federal Reserve cut the benchmark interest rate by 25 basis points to 4.00% - 4.25% on September 18, restarting the interest - rate cut since December last year [4].

1. Report Industry Investment Rating - No information provided in the document. 2. Core View of the Report - The spot market has a risk of price - cutting, and the futures market is expected to continue its weak trend. The current valuation of the December contract is relatively neutral to high, and it may experience a deeper short - term decline. In the medium term, there are multiple upward drivers. In terms of valuation, the February contract has a higher cost - effectiveness for long positions compared to the December contract, while the April contract has a relatively high valuation and is more suitable for short positions in the off - season, but its low liquidity may make it vulnerable to disturbances [2][17]. 3. Summary by Relevant Catalogs Futures Contracts - EC2510: Yesterday's closing price was 1105.9, down 0.34%, with a trading volume of 19585, an open interest of 47173, and a decrease of 2436 in open interest [2][17]. - EC2512: Yesterday's closing price was 1645.3, down 1.60%, with a trading volume of 9304, an open interest of 20570, and an increase of 133 in open interest [2][17]. - EC2602: Yesterday's closing price was 1566.1, down 0.80%, with a trading volume of 1549, an open interest of 7215, and an increase of 110 in open interest [2][17]. - EC2604: Yesterday's closing price was 1255.2, down 2.32%, with a trading volume of 1289, an open interest of 8534, and an increase of 200 in open interest [2][17]. - FC2606: Yesterday's closing price was 1453.5, down 1.03%, with a trading volume of 68, an open interest of 936, and an increase of 12 in open interest [2][17]. Month - to - Month Spreads - EC2510 - 2512: The previous day's spread was - 539.4, with a daily increase of 22.9 and a weekly decrease of 86.8 [2][17]. - FC2512 - 2602: The previous day's spread was 79.2, with a daily decrease of 14.0 and a weekly decrease of 30.2 [2][17]. Spot Market Indicators - SCHIS: On September 15, 2025, it was 0 points, down 100.00% from the previous period and down 11.68% from the period before the previous one [2][17]. - SCEI: On September 12, 2025, it was 1154 dollars/TEU, down 12.24% from the previous period and down 11.21% from the period before the previous one [2][17]. - CCFI: On September 12, 2025, it was 1537.28 points, down 6.19% from the previous period and down 2.79% from the period before the previous one [2][17]. - NCFI: On September 12, 2025, it was 729.42 points, down 14.78% from the previous period and down 7.92% from the period before the previous one [2][17]. Recent European Line Quotations - Week 39: The average quote was 1600 dollars (equivalent to 1150 points on the futures market). MSK's quote was initially 1500 dollars and then rose to 1570 dollars, PA Alliance's quote was between 1550 - 1600 dollars, and OA Alliance's quote was between 1600 - 1720 dollars [2][17]. - Week 40: The average quote was 1525 dollars (equivalent to 1060 points on the futures market). MSK opened at 1400 dollars, OOCL reduced its price to between 1500 - 1550 dollars, and YML dropped to 1400 dollars [2][17]. - Week 41: MSK kept the price at 1400 dollars. On Thursday, YML reduced the freight rates for Week 39 - 41 to 1300 dollars, the lowest of the year, equivalent to about 900 points on the futures market. CMA reduced the price by 100 to 1600 dollars, and EMC's Week 40 price was 1500 dollars [2][17].

Report Summary 1. Investment Rating The report does not provide an overall investment rating for the industry. 2. Core Viewpoints - The tariff issue has a marginal effect, and the current core is the direction of spot freight rates. The main contract may be in the bottoming process, and it is recommended to participate with a light position or wait and see [3]. - Spot freight rates are maintaining a low level, the bulk market is generally weak, the US has cut the benchmark interest rate again, and market pessimism persists. Attention should be paid to tariff policies, the Middle - East situation, and spot freight rates [3]. 3. Summary by Content Freight Index - On September 15, the Shanghai Export Container Settlement Freight Index (SCFIS) for the European route was 1440.24 points, down 8.1% from the previous period; the SCFIS for the US - West route was 1349.84 points, up 37.7% from the previous period. The Ningbo Export Container Freight Index (NCFI) composite index was 903.32 points, down 11.71%; the NCFI for the European route was 729.42 points, down 14.78%; the NCFI for the US - West route on September 12 was 1216.14 points, down 9.13% [1]. - On September 12, the Shanghai Export Container Freight Index (SCFI) was 1398.11 points, down 46.33 points from the previous period; the SCFI European - line price was 1154 USD/TEU, down 12.24%; the SCFI US - West route was 2370 USD/FEU, up 8.27%. The China Export Container Freight Index (CCFI) composite index was 1125.30 points, down 2.1%; the CCFI for the European route was 1537.28 points, down 6.2%; the CCFI for the US - West route was 757.45 points, down 2.2% [1]. Economic Data - In August, China's manufacturing PMI was 49.4%, up 0.1 percentage point from the previous month, and the comprehensive PMI output index was 50.5%, up 0.3 percentage point from the previous month [2]. - The preliminary value of the Eurozone's manufacturing PMI in August was 50.5, the service PMI was 50.7, and the composite PMI was 51.1, higher than in July and the highest since May 2024 [1]. - The preliminary value of the US S&P Global manufacturing PMI in August was 53.3, and the service PMI was 55.4 [2]. Tariff and Trade - The Sino - US tariff issue has evolved into a trade negotiation problem between the US and other countries. The tariff issue has a marginal effect, and the focus is on the direction of spot freight rates [3]. Trading Strategies - Short - term strategy: For risk - takers, it is recommended to lightly test long positions around 1200 for the 2510 contract and increase positions around 1600 for the 2512 contract. Pay attention to the subsequent market trend and set stop - losses [3]. - Arbitrage strategy: Due to the volatile international situation, it is recommended to wait and see or try with a light position [3]. - Long - term strategy: It is recommended to take profits when the contracts rise and wait for the market to stabilize after a pullback [3]. Contract Information - On September 18, the main contract 2510 closed at 1105.9, down 2.08%, with a trading volume of 1.96 million lots and an open interest of 4.72 million lots, a decrease of 2436 lots from the previous day [3]. - 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 [3].

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

Group 1: Report Summary - The report is a weekly analysis of the container shipping industry by Nanhua Futures, focusing on the European Line (EC) container shipping index futures [1] - It provides insights into market trends, trading strategies, and industry news for the week of September 14, 2025 [1] Group 2: Investment Ratings - There is no specific investment rating provided for the industry in the report [1] Group 3: Core Views - The core factors affecting the EC price are the spot cabin quotes on the European line and weak off - season demand. The continuous decline of spot cabin quotes in late September led to a weakening of the futures price [1] - In the short - term, the futures price may continue to oscillate slightly downward, but there is a possibility of a short - term rebound as it has reached a short - term low [4] - In the long - term, if the Red Sea resumes shipping due to geopolitical changes, or if the off - season demand further weakens, the European line freight rates may decline [7] Group 4: Trading Strategies Trading - Type Strategy - The trend is a continuation of the downward momentum. The short - term support for the main contract is in the range of 1050 - 1100, and the pressure level is in the range of 1200 - 1250 [9][10] - For hedging, one can sell at high positions, but also pay attention to the low - buying opportunity of the 12 - contract at 1550 - 1600 points [10] Arbitrage Strategy - For the arbitrage (inter - period) strategy, it is advisable to stay on the sidelines for now [12] Industrial Customer Operation Strategy - For the spot - futures (basis) strategy, traders can short the basis at an appropriate time [12] - For the cabin management of enterprises with full capacity or poor booking volume, they can short the container shipping index futures to lock in profits. For cost management, when the shipping company's empty - sailing intensity increases or the peak season is approaching, they can buy the container shipping index futures to lock in the booking cost [13] Group 5: Market Information Positive News - In the first eight months of 2025, the EU was China's second - largest trading partner, with a total trade value of 3.88 trillion yuan, a 4.3% increase [27] - The Israeli Prime Minister's statement about the cease - fire in Gaza may potentially ease geopolitical tensions [27] - In the first half of 2025, China's cross - border e - commerce imports and exports showed a prosperous trend, with a year - on - year increase of 5.7% [27] Negative News - Mexico plans to impose up to 50% tariffs on Chinese and some Asian products [31] - The spot cabin quotes on the European line of major shipping companies continued to decline in late September, with Maersk and MSC's small - container quotes falling below $1000 [31] - The SCFI European line declined rapidly [31] Group 6: Market Analysis Single - Side Trend and Capital Flow - The EC futures price continued to oscillate weakly, guided by the spot booking price. Technically, the moving averages are in a short - position arrangement, with a slight downward expectation [30] - The net short - position of the main positions in container shipping decreased slightly, indicating a cautious trading sentiment [32] Basis Structure - The SCFIS European line continued to decline, with the basis narrowing compared to the previous week. Traders can short the basis at an appropriate time [34] Inter - Period Structure - The spreads of the EC2510 - 2512 and EC2510 - 2602 contract combinations widened significantly. It is advisable to stay on the sidelines for now [36][37] Group 7: Valuation and Profit Analysis - In the first half of 2025, major shipping companies such as COSCO SHIPPING, Maersk, and CMA CGM had relatively good profit and revenue performance, while some companies like ONE and Yang Ming Marine Transport saw a significant reduction in profits [39] - For the second half of the year, shipping companies believe that the uncertainty has increased, and they will focus more on cost control, which may affect freight rates from the supply and cost sides [39]

Report Industry Investment Rating - Not provided Core Viewpoints of the Report - Spot prices are continuously declining, the situation in the Middle East is volatile, and cargo volume before the National Day is concerning. It is not recommended to increase positions, and stop - loss should be set [1] - The tariff issue has shown a marginal effect. The current core is the direction of spot freight rates. The main contract may be in the bottom - building process. It is recommended to participate with a light position or wait and see [3] - The main contract remains weak, while the far - month contracts are stronger. Risk - preferring investors are recommended to lightly try to go long on the 2510 contract around 1200 and increase positions on the 2512 contract around 1600. Pay attention to the subsequent market trend, do not hold losing positions, and set stop - losses [3] - In the context of international situation turmoil, it is recommended to temporarily wait and see or lightly try for the arbitrage strategy. For the 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 [3] Summary According to Related Content Freight Rate Index - On September 15, the Shanghai Export Container Settlement Freight Index (SCFIS) for the European route was 1440.24 points, a decrease of 8.1% from the previous period; the SCFIS for the US West route was 1349.84 points, an increase of 37.7% from the previous period [2] - On September 12, the Ningbo Export Container Freight Index (NCFI) for the comprehensive index was 903.32 points, a decrease of 11.71% from the previous period; the NCFI for the European route was 729.42 points, a decrease of 14.78% from the previous period; the NCFI for the US West route was 1216.14 points, a decrease of 9.13% from the previous period [2] - On September 12, the Shanghai Export Container Freight Index (SCFI) was 1398.11 points, a decrease of 46.33 points from the previous period. The SCFI for the European route was 1154 USD/TEU, a decrease of 12.24% from the previous period; the SCFI for the US West route was 2370 USD/FEU, an increase of 8.27% from the previous period [2] - On September 12, the China Export Container Freight Index (CCFI) for the comprehensive index was 1125.30 points, a decrease of 2.1% from the previous period; the CCFI for the European route was 1537.28 points, a decrease of 6.2% from the previous period; the CCFI for the US West route was 757.45 points, a decrease of 2.2% from the previous period [2] Economic Data - In the Eurozone, the manufacturing PMI in August was 50.5 (estimated 49.5, previous value 49.8), the services PMI was 50.7 (estimated 50.8, previous value 51), and the composite PMI rose to 51.1, higher than July's 50.9, with three - month consecutive improvement and the highest since May 2024, higher than the expected value of 50.7. The Sentix investor confidence index was - 3.7 (expected 8, previous value 4.5) [2] - In August in China, the manufacturing PMI was 49.4%, an increase of 0.1 percentage points from the previous month, and the comprehensive PMI output index was 50.5%, an increase of 0.3 percentage points from the previous month, indicating an acceleration in the overall expansion of enterprise production and operation activities [2] - In the US in August, the S&P Global manufacturing PMI was 53.3 (estimated 49.5, previous value 49.8), the services PMI was 55.4 (estimated 54.2, previous value 55.7), and the Markit manufacturing PMI was 53.3, the highest since May 2022 (expected 49.7, previous value 49.8) [2] Contract Information - On September 16, the main contract 2510 closed at 1169.7, a decrease of 0.10%. The trading volume was 32,600 lots, and the open interest was 47,500 lots, a decrease of 255 lots from the previous day [3] - The daily limit for contracts from 2508 to 2606 was adjusted to 18%, the margin of the company for these contracts was adjusted to 28%, and the daily opening limit for all contracts from 2508 to 2606 was 100 lots [3] Geopolitical Situation - On September 16, Israeli Defense Minister Katz stated that the Israeli military was strongly attacking the infrastructure of Hamas armed personnel and would continue the operation until the mission was completed [5] - On September 15, US President Trump said that Israel would not attack Qatar again [5]