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]

新华社报道，中国商务部国际贸易谈判代表兼副部长李成钢15日傍晚表示，中美双方就以合作方式妥善 解决TikTok问题、减少投资障碍、促进有关经贸合作等达成了基本框架共识。 当地时间9月14日至15日，中美双方经贸团队在西班牙马德里举行会谈。李成钢在会谈结束后中方代表 团举行的新闻发布会上说，过去两天，中美双方积极落实两国元首通话重要共识，充分发挥中美经贸磋 商机制作用，在相互尊重、平等协商的基础上，就TikTok等双方关注的经贸问题进行了坦诚、深入、建 设性的沟通。 关于TikTok问题，李成钢表示，中国一贯反对将科技和经贸问题政治化、工具化、武器化，绝不会以牺 牲原则立场、企业利益和国际公平正义为代价，寻求达成任何协议。中方将坚决维护国家利益和中资企 业合法权益，依法依规开展技术出口审批。同时，中国政府充分尊重企业意愿，支持企业在符合市场原 则基础上，开展平等商业谈判。 中美就妥善解决TikTok问题达成基本框架共识 发布会上，中国国家互联网信息办公室副主任王京涛在回答媒体提问时指出，中美双方在充分尊重企业 意愿和市场规律的基础上，就通过TikTok美国用户数据和内容安全业务委托运营、算法等知识产权使用 权授 ...

近期，集运指数欧线期货主力合约EC2510延续下跌表现，上周累计跌幅为11.5%，本周一低开于1150的 低点位置，收盘有所回升。周一盘后，上海航交所最新公布的SCFIS欧线指数续降8.1%至1440.24点，创 3个多月来新低。 方正中期资深海运和宏观分析师陈臻刚向期货日报记者表示，集运期货主力合约的疲软主要受即期市场 影响：9月底运价中枢已跌至1600美元/FEU左右，其中，Gemini联盟月底报价1500~1550美元/FEU， OCEAN联盟报价1600~1750美元/FEU，Premier联盟报价1600~1700美元/FEU，地中海航运报价1590美 元/FEU。 "我们认为市场在交易弱现实，叠加关税政策对预期形成压制，因此主力合约创下4个月新低。"中信期 货航运研究员武嘉璐表示，从弱现实角度看，8月中旬以来，现货市场运价"跌跌不休"。9月12日，SCFI 北欧航线报价为1154美元/TEU，环比下跌12.2%，跌幅扩大1个百分点。从宏观看，上周美国要求欧盟 对印度、中国等商品加征关税，这对后续市场需求形成一定抑制。 记者注意到，相较于主力合约明显的疲弱表现，中远期合约尤其是远月合约的跌幅则相对有 ...

Group 1: Report Industry Investment Rating - No specific industry investment rating is provided in the report. Group 2: Core Viewpoints of the Report - Amidst continuous rate cuts by liner companies and the escalating Middle - East conflict, the market is at the bottom - building stage. It's not advisable to increase positions. Given geopolitical conflicts and tariff uncertainties, it's recommended to participate with a light position or stay on the sidelines [2][4]. - With the continuous reduction of spot freight rates by liner companies, pessimism spreads. The market continues to decline due to unchanged supply - demand in the spot market. Attention should be paid to tariff policies, the Middle - East situation, and spot freight rates [4]. Group 3: Summary by Related Aspects Market Data - On September 8, the Shanghai Export Container Settlement Freight Index SCFIS (European route) was 1566.46 points, down 11.7% from the previous period; SCFIS (US - West route) was 980.48 points, down 3.3% [3]. - On September 12, the Ningbo Export Container Freight Index NCFI (composite index) was 903.32 points, down 11.71% from the previous period; NCFI (European route) was 729.42 points, down 14.78%; NCFI (US - West route) was 1216.14 points, down 9.13% [3]. - On September 12, the Shanghai Export Container Freight Index SCFI announced price was 1398.11 points, down 46.33 points from the previous period; SCFI European line price was 1154 USD/TEU, down 12.24%; SCFI US - West route was 2370 USD/FEU, up 8.27% [3]. - On September 12, the China Export Container Freight Index CCFI (composite index) was 1125.30 points, down 2.1% from the previous period; CCFI (European route) was 1537.28 points, down 6.2%; CCFI (US - West route) was 757.45 points, down 2.2% [3]. - On September 12, the closing price of the main contract 2510 was 1157.6, with a decline of 5.27%. The trading volume was 27,400 lots, and the open interest was 47,600 lots, a decrease of 1896 lots compared to the previous day [4]. Economic Indicators - In August, the eurozone's manufacturing PMI was 50.5 (estimated 49.5, previous 49.8), services PMI was 50.7 (estimated 50.8, previous 51), and the composite PMI rose to 51.1, higher than July's 50.9 [3]. - In August, China's manufacturing PMI 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 points [3]. - In August, the US S&P Global manufacturing PMI was 53.3 (estimated 49.5, previous 49.8), services PMI was 55.4 (estimated 54.2, previous 55.7); Markit manufacturing PMI was 53.3, the highest since May 2022 [3]. Strategies - Short - term strategy: For risk - takers, it's recommended to lightly test long positions around 1200 for the 2510 contract and add long positions around 1600 for the 2512 contract. Set stop - losses [5]. - Arbitrage strategy: Due to the volatile international situation, it's recommended to stay on the sidelines or lightly attempt arbitrage [5]. - Long - term strategy: It's recommended to take profits when prices rise and wait for the market to stabilize after a pull - back before determining the next direction [5]. Special Regulations - The daily limit for contracts 2508 - 2606 is adjusted to 18% [5]. - The margin for contracts 2508 - 2606 is adjusted to 28% [5]. - The daily opening limit for all contracts 2508 - 2606 is 100 lots [5].

1. Report Industry Investment Rating - Not provided in the given content 2. Core Viewpoints of the Report - The container shipping index (European Line) showed a weak performance in the past week. The main 2510 contract closed at 1157.6 points on Friday, down 157 points week-on-week, and the secondary main 2512 contract closed at 1610.2 points, down 105 points week-on-week. The 2510 contract is expected to see reduced volatility, while the 2512 contract is expected to fluctuate widely between 1550 - 1800 points, and the 2602 contract may not necessarily be at a discount to the 12 contract in years with a late Spring Festival [12][15]. - In terms of freight rates, the SCFI announced on September 12 was the same as that on May 16, at $1154/TEU. The freight rate center in the 38th week dropped further to around $1650/FEU, and it is conservatively estimated that the cumulative decline in the 39th and 40th weeks will be $100/FEU, with the center possibly falling to around $1550/FEU. The freight rate trend in the 42nd - 43rd weeks after the National Day holiday is uncertain [13]. - On the supply side, the average weekly capacity in October is 265,000 TEU/week, with a year-on-year growth rate of 1.1%, which has significantly declined compared to the capacity growth rate from July - September. The average weekly capacity in November (weeks 44 - 48) is currently 307,000 TEU/week, with a year-on-year increase of 9% and a month-on-month increase of 16%, but this still needs to be observed due to a large number of undetermined voyages [14]. 3. Summary by Related Catalogs 3.1 Fundamental Tracking - **Contract Data**: EC2510 closed at 1,157.6 points, down 5.27% daily, with a trading volume of 27,358 and an open interest of 47,611, a decrease of 1,896. EC2512 closed at 1,610.2 points, down 1.41% daily, with a trading volume of 9,853 and an open interest of 19,637, an increase of 612. EC2602 closed at 1,500.8 points, down 0.56% daily, with a trading volume of 1,680 and an open interest of 6,327, an increase of 326 [1]. - **Shipping Company Freight Rates**: Different shipping companies have different freight rate adjustments. For example, Maersk's opening price for the Shanghai - Rotterdam route in the 39th week was reported at $1550/FEU, a decrease of $150/FEU compared to the previous period; MSC decreased from $1740 to $1590/FEU on September 17 [13]. 3.2 Macro News - Israeli - Palestinian conflict: Israeli officials notified the US only a few minutes before attacking Qatar. The Israeli military issued three evacuation warnings in one day and attacked high - rise buildings in Gaza City again. The Qatari Prime Minister stated that Israel's attacks would not lead to any results and would only "abort" efforts to ease tensions, and Qatar will continue to mediate the Gaza conflict [11]. - China - US economic and trade talks: Chinese Vice Premier He Lifeng will lead a delegation to Spain to hold talks with the US from September 14 - 17 to discuss issues such as US unilateral tariff measures, abuse of export controls, and TikTok [11]. 3.3 Strategy - For the 2510 contract, it was recommended to take profits on dips in last week's report. If there is a rebound due to shipping companies "calling for price increases" or pre - holiday position reduction, consider lightly shorting again, with an upper resistance level of 1300 points. For the 02 - 04 and 12 - 04 positive spreads, enter the market on dips [16].

Report Summary 1. Report Industry Investment Rating No information provided. 2. Core Viewpoints - For the October contract, the downside space is limited, and it's recommended to take profit and close positions [1]. - The December contract has a relatively high valuation but has multiple upward drivers (such as shipping companies' multiple price - support measures and main funds' position transfer), so it should be treated with a cautiously bullish mindset [1]. - Since the Spring Festival in 2026 is late (February 17, 2026), the settlement price of the February 2026 contract may be high, and its current valuation is low. The cost - performance of long - allocation for the February contract is higher than that of the December contract. To avoid the potential price - cutting risk of shipping companies in October, a long - short spread strategy for the February - April contracts can be deployed [1]. 3. Summary by Related Content Futures Contract Data - **Contract Prices and Changes**: The EC2510 contract closed at 1157.6, down 3.84%; EC2512 at 1610.2, up 0.07%; EC2602 at 1500.8, up 0.23%; EC2604 at 1230.4, down 0.93%; EC2606 at 1410.5, down 1.41% [1]. - **Trading Volume and Open Interest**: The trading volume of EC2510 was 27358, and the open interest was 47611 with a decrease of 1896; for EC2512, the trading volume was 9853, and the open interest was 19637 with an increase of 612; for EC2602, the trading volume was 1680, and the open interest was 6327 with an increase of 326; for EC2604, the trading volume was 966, and the open interest was 7993 with an increase of 202; for EC2606, the trading volume was 155, and the open interest was 997 with an increase of 34 [1]. - **Month - to - Month Spreads**: The EC2510 - 2512 spread was - 452.6, a daily decrease of 47.3 and a weekly decrease of 78.6; the EC2512 - 2602 spread was 109.4, a daily decrease of 2.3 and a weekly decrease of 37.0 [1]. Spot Market Data - **Shipping Company Quotes**: In Week 39, the average quote of shipping companies was 1640 US dollars (equivalent to 1150 points on the futures market). The offline quote of YML decreased by 100 to 1550 US dollars, and that of MSC decreased by 150 to 1590 US dollars [1]. - **Index Changes**: The SCFI (European line) index was 1154 US dollars/TEU, down 12.24%; the CCFI index was 1537.28 points, down 6.19%; the NCFI index was 729.42 points, down 14.78% [1]. Recent European Line Quotation Situation - Currently, downstream customers are booking space for mid - September (Week 37 - 38) [2]. - Week 37: The average quote was 2100 US dollars (equivalent to 1450 points on the futures market), with MSK quoting 1900 US dollars (later rising to 1950), PA at 2100 - 2150, and OA at 2100 - 2300 [3]. - Week 38: The average quote was 1800 US dollars (equivalent to 1260 points on the futures market), with MSK quoting 1700 US dollars (later rising to 1760), PA and MSC at 1800 - 1950, and OA at 1650 - 2020 [3]. - Week 39: The average quote was 1640 US dollars (equivalent to 1150 points on the futures market), with MSK quoting 1500 US dollars (later rising to 1560), PA Alliance at 1550 - 1600 US dollars, and OA Alliance at 1540 - 1735 US dollars [3].

1. Report Industry Investment Rating - No relevant content provided 2. Core View of the Report - Week39 ship - line average is $1660 (equivalent to 1150 points on the disk), the basis of contract 10 is - 53 points, and the spread between contracts 10 and 12 is - 405.3 points. The spot price has little change today. The price of contract 10 on the disk drops significantly because the spot price breaks through the previous low of the year, indicating the edge of ship - line competition. The valuation space below contract 10 decreases significantly, and position reduction can be considered. The price of contract 12 also drops, and the change in the spread between contracts 10 and 12 is small and relatively reasonable. Currently, the cargo is still in the spot downward period, the ship - line loading rate is not high, and the overall driving force is still downward [2][23] 3. Summary by Relevant Catalogs Futures - For EC2510, the closing price is 1203.8, with a change of - 5.02%, trading volume of 32766, open interest of 49507, and an open - interest change of 2187 [2][23] - For EC2512, the closing price is 1609.1, with a change of - 3.88%, trading volume of 10045, open interest of 19025, and an open - interest change of 1417 [2][23] - For EC2602, the closing price is 1497.4, with a change of - 1.75%, trading volume of 1268, open interest of 6001, and an open - interest change of 59 [2][23] - For EC2604, the closing price is 1242.0, with a change of - 0.32%, trading volume of 919, open interest of 7791, and an open - interest change of 279 [2][23] - For FC2606, the closing price is 1430.6, with a change of - 0.92%, trading volume of 67, and open interest of 963 [2][23] Month - to - Month Spreads - The spread of EC2510 - 2512 is - 405.3, compared to - 406.6 the previous day and - 414.2 the day before the previous day, with a change of 1.3 and a week - on - week change of - 5.0 [2][23] - The spread of FC2512 - 2602 is 111.7, compared to 150.0 the previous day and 155.5 the day before the previous day, with a change of - 38.3 and a week - on - week change of - 61.9 [2][23] Indicators - SCHIS is updated weekly, and on September 8, 2025, it is 1566.46 points, down 11.68% from the previous period and 10.88% from the period before the previous period [2][23] - SCFI (European line) is updated at a certain frequency, and on September 5, 2025, it is $1315/TEU, down 11.21% from the previous period and 11.21% from the period before the previous period [2][23] - CCFI is updated at a certain frequency, and on September 5, 2025, it is 1638.77 points, down 2.79% from the previous period and 4.09% from the period before the previous period [2][23] - NCFI is updated at a certain frequency, and on September 5, 2025, it is 855.93 points, down 7.92% from the previous period and 14.23% from the period before the previous period [2][23] Recent European Line Quotations - Week37: The average quotation is $2100 (equivalent to 1450 points on the disk). Among them, MSK quotes $1900 (later raised to $1950), PA quotes $2100 - 2150, and OA quotes $2100 - 2300 [2][23] - Week38: The average quotation is $1800 (equivalent to 1260 points on the disk). Among them, MSK quotes $1700 (later raised to $1760), PA & MSC quote $1800 - 1950, and OA quotes $1650 - 2020 [2][23] - Week39: The average quotation is $1660 (equivalent to 1150 points on the disk). Among them, MSK quotes $1550, PA's quotation drops to $1600 - 1700, and OA quotes $1650 - 1700 [2][23] Related News - On September 11, a Hamas spokesman stated that the cease - fire conditions in Gaza remain unchanged, and the US and Israel are conspiring to undermine the negotiation process - On September 12, Israeli Prime Minister Netanyahu approved a plan to build 3401 housing units in the "E1 area" between the Jewish settlement of Ma'ale Adumim in the West Bank and East Jerusalem. Netanyahu declared that the eastern border of Israel will be the Jordan Valley, not Ma'ale Adumim, and that "everything starting in Gaza will end in Gaza, and we will defeat Hamas, and the Palestinian state will cease to exist." The expansion of Jewish settlements in the "E1 area" will divide the West Bank into two north - south regions, preventing the Palestinian areas of East Jerusalem, Bethlehem, and Ramallah from being connected, and creating a continuous Jewish community between Jerusalem and Ma'ale Adumim. This plan has been opposed by the international community and has also sparked intense controversy within Israel [2][23]

1. Report Industry Investment Rating - No relevant information provided 2. Core View of the Report - The overall driver remains downward as shipping companies' loading rates are low during the spot price decline period. The 10 - contract on the futures market dropped significantly as the spot price broke through the previous low of the year, showing signs of shipping companies' price competition. The valuation space below the 10 - contract has significantly decreased, and investors can consider reducing their positions. The 12 - contract followed the decline, and the 10 - 12 spread changed little and is relatively reasonable. Currently, the spot price has little change [1][8]. 3. Summary by Relevant Catalogs 3.1 Futures Contract Information - **Yesterday's Closing Price and Changes**: EC2510 closed at 1203.8, down 5.02%; EC2512 at 1609.1, down 3.88%; EC2602 at 1497.4, down 1.75%; EC2604 at 1242.0, down 0.32%; EC2606 at 1430.6, down 0.92% [1]. - **Basis**: EC2510's basis is 362.7; EC2512's is - 42.6; EC2602's is 69.1; EC2604's is 324.5; EC2606's is 135.9 [1]. - **Yesterday's Trading Volume and Open Interest**: EC2510's trading volume is 32766, and open interest is 49507; EC2512's trading volume is 10045, open interest is 19025 with a change of 1417; EC2602's trading volume is 1268, open interest is 6001 with a change of 59; EC2604's trading volume is 919, open interest is 7791 with a change of 279; EC2606's trading volume is 67, open interest change is 6 [1]. - **Monthly Spread**: EC2510 - 2512 spread is - 405.3, with a daily increase of 1.3 and a weekly decrease of 5.0; EC2512 - 2602 spread is 111.7, with a daily decrease of 38.3 and a weekly decrease of 61.9 [1]. 3.2 Spot Index Information - **SCFIS (European Line)**: On September 8, 2025, it was 1566.46 points, down 11.68% from the previous period; on September 5, 2025, it was 1773.60 points, down 10.88% from the previous period [1]. - **CCFI**: On September 5, 2025, it was 1638.77 points, down 2.79% from the previous period [1]. - **NCFI**: On September 5, 2025, it was 855.93 points, down 7.92% from the previous period [1]. 3.3 Recent European Line Quotation Situation - **Week 37**: The average quotation was 2100 US dollars (equivalent to 1450 points on the disk), among which MSK was 1900 US dollars (later rose to 1950), PA was 2100 - 2150, and OA was 2100 - 2300 [2]. - **Week 38**: The average quotation was 1800 US dollars (equivalent to 1260 points on the disk), among which MSK was 1700 US dollars (later rose to 1760), PA&MSC was 1800 - 1950, and OA was 1650 - 2020 [2]. - **Week 39**: The average quotation was 1660 US dollars (equivalent to 1150 points on the disk), among which MSK opened at 1550 US dollars, PA dropped to 1600 - 1700 US dollars, and OA quoted 1650 - 1700 US dollars [2].

Report Summary 1. Report Industry Investment Rating No information provided. 2. Core Viewpoints - Spot freight rates are continuously declining, near - month contracts are falling, and the market is in the bottom - building process with large recent fluctuations. It is not recommended to increase positions, and stop - losses 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 by Related Content Market Data - 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; for the US - West route, it was 1013.90 points, down 2.6% from the previous period. 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; for the US - West route, it was 1396.85 points, up 44.97% from the previous period [3]. - On August 29, the Shanghai Export Container Freight Index (SCFI) announced price 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 SCFI US - West route was 1923 USD/FEU, up 16.97% 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; for the US - West route, it was 774.39 points, down 3.1% from the previous period [3]. - On September 4, the main contract 2510 closed at 1300.7, down 1.77%, with a trading volume of 25,800 lots and an open interest of 50,000 lots, a decrease of 1983 lots from the previous day [5]. Economic Indicators - The preliminary value of the Eurozone's manufacturing PMI in August was 50.5 (forecast 49.5, previous value 49.8), the preliminary value of the service PMI was 50.7 (forecast 50.8, previous value 51), and the preliminary value of the composite PMI rose to 51.1, higher than 50.9 in July, the highest since May 2024 and 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) [3]. - In August, China's manufacturing PMI was 49.4%, up 0.1 percentage points from the previous month, and the comprehensive PMI output index was 50.5%, up 0.3 percentage points from the previous month [4]. - The preliminary value of the US S&P Global manufacturing PMI in August was 53.3 (forecast 49.5, previous value 49.8), the preliminary value of the service PMI was 55.4 (forecast 54.2, previous value 55.7), and the preliminary value of the Markit manufacturing PMI was 53.3, the highest since May 2022 (expected 49.7, previous value 49.8) [4]. Trade and Geopolitical Situation - Sino - US tariffs are still extended, 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, and the spot price has slightly decreased [5]. - On September 4, the Houthi armed forces launched a military operation against Israel, targeting Ben - Gurion International Airport near Tel Aviv with a "Zulfiqar" ballistic missile, which hit the target. On September 3, the Israeli Defense Forces and the Shin Bet announced that they had killed a leader of the "Jihadist Brigade" in the Gaza Strip [5]. Trading Strategies - Short - term strategy: For risk - takers, it is recommended to lightly test long positions around 1300 for the 2510 contract and increase long positions around 1600 for the 2512 contract. Pay attention to the subsequent market trend, do not hold losing positions, and set stop - losses [5]. - Arbitrage strategy: In the context of international situation turmoil, each contract still follows the seasonal logic with large fluctuations. It is recommended to stay on the sidelines or try with light positions [5]. - Long - term strategy: It is recommended to take profits when the contracts rise and wait for the price to stabilize after a pull - back before judging the subsequent direction [5]. Contract Adjustments - 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. Industry Investment Rating No industry investment rating information is provided in the report. 2. Core Viewpoints - The overall pattern in September is loose, and the driving force is weak for at least the next two weeks. The decline in October depends on shipping companies' suspension of voyages, but the valuation is close to the annual low (1250 - 1300), with limited downside space. - The December contract follows the downward trend in the short - term, but considering the peak season and long - term contract negotiation season, investors can look for low - buying opportunities [1]. 3. Summary by Related Content EC Futures Contract Information | Contract | Yesterday's Closing Price | Change (%) | Basis | Yesterday's Trading Volume | Yesterday's Open Interest | Open Interest Change | | --- | --- | --- | --- | --- | --- | --- | | EC2510 | 1300.7 | - | 472.9 | 25760 | 49963 | -1983 | | EC2512 | 1676.0 | -1.48 | 97.6 | 9231 | 16447 | 61 | | EC2602 | 1518.7 | -1.00 | 254.9 | 1479 | 5653 | -122 | | EC2604 | 1247.8 | -0.53 | 525.8 | 645 | 7306 | - | | EC2606 | 1443.0 | - | 330.6 | 87 | - | -15 | [1] Month - to - Month Spread Information | Month Spread | Previous Day | Two Days Ago | Three Days Ago | Day - on - Day Change | Week - on - Week Change | | --- | --- | --- | --- | --- | --- | | EC2510 - 2512 | -375.3 | -378.2 | -392.8 | - | -7.6 | | EC2512 - 2602 | 157.3 | 167.2 | 183.4 | - | 2.7 | [1] Index Information | Index | Update Frequency | Announcement Date | Unit | Current Period | Previous Period | Current Period Change | Previous Period Change | | --- | --- | --- | --- | --- | --- | --- | --- | | - | Weekly | 2025/9/1 | Points | 1773.6 | 1990.20 | -10.88% | -8.71% | | SCFI (European Line) | Weekly | 2025/8/29 | USD/TEU | 1481 | 1668 | -11.21% | -8.5% | | CCFI (European Line) | Weekly | 2025/8/29 | Points | 1685.8 | 1757.74 | -4.09% | -1.83% | | NCFI (European Line) | Weekly | 2025/8/29 | Points | 929.56 | 1083.74 | -14.23% | -8.83% | [1] Shipping Capacity Information - As of 9/4 update, during the National Day holiday (week40 - 41), the shipping capacity will be reduced to 310,000 and 237,000 TEU respectively. The weekly average in October is 289,000 TEU. After considering all TBN as suspended voyages, the shipping capacity in September and October is 296,000 and 260,000 TEU respectively [2]. Recent European Line Quotation Information - Week37: The average quotation is 2100 US dollars (equivalent to 1450 points). MSK quoted 1900 US dollars (later rose to 1950), PA 2100 - 2150, OA 2100 - 2300. - Week38: The average quotation is 1870 US dollars (equivalent to 1300 points). MSK quoted 1700 US dollars (later rose to 1740), PA&MSC 1800 - 2000, OA 1850 - 2020. - On Wednesday, YML quoted 1800 US dollars for the second half of September and the first half of October offline. - On Thursday, CMA reduced the price by 200 to 2220 US dollars, HPL by 200 to 1735, OOCL by 100 to 1850. EMC quoted 1900 US dollars offline, and HMM quoted 1900 (1700 for one route) [3].