1. Report Industry Investment Rating No information provided in the given content. 2. Core Viewpoints of the Report - Today, the prices of each monthly contract of the container shipping index (European route) futures fluctuated slightly downward. As of the close, the prices of all EC monthly contracts declined. From the changes in the positions of the top 20 institutional investors on the exchange, the long positions of the EC2510 contract decreased by 688 lots to 28,238 lots, and the short positions decreased by 619 lots to 30,214 lots. The trading volume increased by 1,269 lots to 28,527 lots (bilateral). ONE continued to lower the spot container quotes for the European route in early September, which was negative for the futures price trend. In the current off - season with weakening demand, the European route freight rates continued to decline. For the future market, it is more likely that EC will continue the trend of fluctuating and falling back, and attention should be paid to the risk of a low - level rebound in some contracts [1]. 3. Summary by Relevant Catalogs EC Risk Management Strategy - **Position Management**: For those who have already obtained container positions but have full capacity or poor booking volume and are worried about freight rate drops, with a long spot exposure, to prevent losses, they can short the container shipping index futures according to the company's container positions to lock in profits. The recommended hedging tool is EC2510, with a selling suggestion in the range of 1350 - 1450 [1]. - **Cost Management**: When shipping companies increase the blank sailing rate or are about to enter the peak market season and hope to book containers according to order situations, with a short spot exposure, to prevent freight rate increases and additional transportation costs, they can buy the container shipping index futures at present to determine the container booking cost in advance. The recommended hedging tool is EC2510, with a buying suggestion in the range of 1150 - 1250 [1]. Market Factors - **Positive Factors**: The Israeli military said it was preparing to expand military operations against Hamas in Gaza City [2]. - **Negative Factors**: ONE continued to lower the European route quotes in early September, and the SCFI European route accelerated its decline [3]. EC Basis Daily Changes | Contract | Basis (Points) | Daily Change (Points) | Weekly Change (Points) | | --- | --- | --- | --- | | EC2510 | 729.20 | 24.00 | 48.00 | | EC2512 | 427.50 | 8.30 | 98.50 | | EC2602 | 582.10 | - 8.10 | 56.90 | | EC2604 | 785.80 | 11.60 | 60.10 | | EC2606 | 614.1 | - 2.10 | - 136.07 | [4] EC Price and Spread | Contract | Closing Price (Points) | Daily Change Rate | Weekly Change Rate | Spread | Closing Price (Points) | Daily Change | Weekly Change | | --- | --- | --- | --- | --- | --- | --- | --- | | EC2510 | 1261.0 | - 1.87% | - 3.67% | EC2510 - 2602 | - 147.1 | - 32.1 | 8.9 | | EC2512 | 1562.7 | - 0.53% | - 5.93% | EC2602 - 2606 | 32 | 6 | - 3 | | EC2602 | 1408.1 | 0.58% | - 3.88% | EC2606 - 2510 | 115.1 | 26.1 | - 5.9 | | EC2604 | 1204.4 | - 1.77% | - 4.75% | EC2510 - 2512 | - 301.7 | - 15.7 | 50.5 | | EC2606 | 1376.1 | 0.15% | - 3.77% | EC2512 - 2602 | 154.6 | - 16.4 | - 89.3 | | EC2608 | 1561 | - 1.11% | - | EC2602 - 2604 | 203.7 | 19.7 | 3.2 | [5] Container Shipping Spot Container Quotes - On September 11, for Maersk's shipping schedule from Shanghai to Rotterdam, the total quote for 20GP was $1,160, a $5 increase from the previous value in the same period, and the total quote for 40GP was $1,940, a $10 increase from the previous value in the same period. - In early September, for ONE's shipping schedule from Shanghai to Rotterdam, the total quote for 20GP was $1,674/1,374, a $130 decrease from the previous value in the same period, and the total quote for 40GP was $2,143, a $200 decrease from the previous value in the same period [7]. Global Freight Rate Index | Index | Latest Value | Previous Value | Change | Change Rate | | --- | --- | --- | --- | --- | | SCFIS: European Route (Points) | 1990.2 | 2180.17 | - 189.97 | - 8.71% | | SCFIS: US West Route (Points) | 1041.38 | 1106.29 | - 64.91 | - 5.87% | | SCFI: European Route ($/TEU) | 1481 | 1668 | - 187 | - 11.21% | | SCFI: US West Route ($/FEU) | 1923 | 1644 | 279 | 16.97% | | FBX Comprehensive Freight Rate Index ($/FEU) | 1916 | 1887 | 29 | 1.54% | [8] Global Major Port Waiting Times | Port | 2025 - 08 - 28 | 2025 - 08 - 27 | Daily Change | Last Year's Same Period | | --- | --- | --- | --- | --- | | Hong Kong Port | 0.370 | 0.542 | - 0.172 | 0.855 | | Shanghai Port | 1.469 | 1.646 | - 0.177 | 1.185 | | Yantian Port | 0.774 | 1.008 | - 0.234 | 0.719 | | Singapore Port | 0.786 | 0.669 | 0.117 | 0.545 | | Jakarta Port | 0.782 | 0.601 | 0.181 | 0.969 | | Long Beach Port | 2.185 | 2.403 | - 0.218 | 1.805 | | Savannah Port | 1.216 | 1.417 | - 0.201 | 1.858 | [13] Ship Speed and Number of Container Ships Waiting at Suez Canal Port Anchorage | Ship Type | 2025 - 08 - 28 | 2025 - 08 - 27 | Daily Change | Last Year's Same Period | | --- | --- | --- | --- | --- | | 8000+ | 15.896 | 15.911 | - 0.015 | 15.681 | | 3000+ | 14.882 | 14.905 | - 0.023 | 14.96 | | 1000+ | 13.264 | 13.236 | 0.028 | 13.299 | | Ships Waiting at Suez Canal Port Anchorage | 2 | 0 | 2 | 11 | [23]

Report Summary 1) Report Industry Investment Rating There is no information about the report industry investment rating in the provided content. 2) Core Viewpoint The overall pattern in September is loose, and the subsequent driving force remains weak. However, the valuation in October is gradually approaching the annual low (1250 - 1300), leaving limited downside potential. Investors can focus on the long - allocation opportunities of the 12 - contract [1]. 3) Summary by Related Catalogs EC Futures Contracts - **Contract Prices**: The closing prices of EC2510, EC2512, EC2602, EC2604, and EC2606 are 1316.0, 1620.5, 1440.8, 1248.8, and 1405.7 respectively, with price declines of - 0.22%, - 1.42%, - 1.94%, - 1.91%, and - 0.77% [1]. - **Trading Volume and Open Interest**: The trading volumes of EC2510, EC2512, EC2602, EC2604, and EC2606 are 18011, 5472, 771, 974, and 88 respectively. The open interests are 53725, 14317, 4558, 6242, and 873 respectively, with changes of - 684, 447, 54, 306, and 5 [1]. - **Month - to - Month Spreads**: The spreads of EC2510 - 2512, EC2512 - 2602 have changed. The spread of EC2510 - 2512 has a day - on - day increase of 20.5 and a week - on - week increase of 91.9. The spread of EC2512 - 2602 has a day - on - day increase of 5.1 and a week - on - week decrease of - 28.7 [1]. Spot Market - **SCFI (European Line)**: As of August 25, 2025, the index is 1990.2, a decrease of 8.71% from the previous period [1]. - **CCFI**: As of August 22, 2025, the index is 1757.74, a decrease of 1.83% from the previous period [1]. - **NCFI**: As of August 22, 2025, the index is 1083.74, a decrease of 8.83% from the previous period [1]. Booking Situation - **Week 35 - 36**: Downstream is booking spaces for the end of August to early September. The average price for Week 35 is 2550 US dollars (1800 points), and the current average quote for Week 36 is 2300 US dollars (1600 points). PA Alliance quotes 2200 - 2300 US dollars, MSK quotes 2100 US dollars (later increased to 2200 US dollars), and OA Alliance quotes 2300 - 2400 US dollars [1]. - **Week 36 - 37**: For Week 36, the latest quotes from shipping companies range from 2120 to 2420 US dollars, with an average of 2250 US dollars (1550 points). For Week 37, the latest average quote is 2200 US dollars (1500 points), with MSK's opening quote at 1900 US dollars (1300 points), and OOCL reducing the price to 2100 US dollars [2]. Shipping Capacity - The weekly average shipping capacity in September and October 2025 is 300,000 and 320,000 TEU respectively. After considering all TBN as suspended, it is 290,000 TEU for both months. However, on August 26, the suspension of the FE4 route of PA Alliance in Week 38 of September was filled by HMM AOUAMARINE, increasing the weekly average shipping capacity in September to 305,000 TEU [1]. Related News - On August 23, 2025, US President Trump announced a major tariff investigation on imported furniture, to be completed within 50 days [3]. - On August 26, 2025, Trump threatened to impose up to 200% tariffs on Chinese goods exported to the US if the export of rare - earth magnets is restricted [3]. - On August 28, 2025, the Israeli military chief of staff stated that the Israeli army is advancing ground operations in Gaza City [3].

Group 1: Report Industry Investment Rating - No relevant information provided Group 2: Core View of the Report - The overall situation in September is loose, and the subsequent driving force continues to be weak. However, the valuation in October has gradually approached the annual low (1250 - 1300), and the downside space may be limited. Attention can be paid to the long - allocation opportunity of the 12 - contract [2] Group 3: Summary According to Related Catalogs Futures Market - **Futures Contracts**: The closing prices of EC2510, EC2512, EC2602, EC2604, and EC2606 decreased by 2.88%, 3.11%, 1.84%, 0.85%, and 2.01% respectively. The trading volume of EC2510 was 25,779, and the open - interest changes of different contracts varied, with EC2510 increasing by 52, EC2604 increasing by 133, etc. [2] - **Month - to - Month Spreads**: The spread of EC2510 - 2512 increased by 13.7 compared with the previous day and 95.9 compared with the previous week. The spread of EC2512 - 2602 decreased by 25.2 compared with the previous day and 69.3 compared with the previous week [2] Spot Market - **Spot Prices**: The prices of Telinit SCH (European Line) on August 25th and 22nd were 1990.2 and 1668 dollars/TEU respectively, with a decrease of 8.71% and 8.35% compared with the previous periods. The CCFI on August 22nd was 1757.74 points, a decrease of 1.85% compared with the previous period, and the NCFI was 1083.74 points, a decrease of 8.83% compared with the previous period [2] Shipping Market Weekly Situation - **Booking Situation**: Downstream is currently booking shipping space for the end of August and early September (week35 - 36). The final average price of week35 is 2550 dollars (1800 points), and the current average quoted price of week36 is 2300 dollars (1600 points). Different alliances and shipping companies have different price ranges [2] - **Capacity Situation**: The weekly average capacity in September and October 2025 is 300,000 and 320,000 TEU respectively. After considering all TBN as suspended sailings, it is 290,000 and 290,000 TEU. On August 26th, the suspension of the FE4 route of the PA alliance in week38 of September was filled by HMM AOUAMARINE, increasing the weekly average capacity in September to 305,000 TEU [2] Recent European Line Quotation Situation - **Week35**: The average landed price is 2575 dollars (1770 points) [3] - **Week36**: The latest quoted price of shipping companies ranges from 2120 to 2420 dollars, with an average of 2250 dollars (1550 points). Different alliances and shipping companies have different price ranges [3] - **Week37**: The opening quoted price of MSK is 1900 dollars (1300 points) [3] Related News - On August 23rd, US President Trump announced a major tariff investigation on imported furniture, and the tax rate is to be determined. On August 26th, Trump said dealing with Netanyahu was difficult and expected a good and clear outcome in 2 - 3 weeks. Also on August 26th, Trump threatened to impose up to 200% tariffs on Chinese goods exported to the US if rare - earth magnet exports were restricted [4]

Report Industry Investment Rating - Not provided in the document Core Viewpoints - Currently, downstream customers are booking shipping space for the end of August and early September (week 35 - 36). The average price for week 35 is $2550 (1800 points), and the current average quote for week 36 is $2300 (1600 points). MSK has relatively less pressure to receive goods due to significant price cuts, but most shipping companies face pressure to receive goods at the end of the month. The overall shipping capacity in September is reduced this week because the FAL8 of the OA Alliance has added a suspension of service in week 37 [2][8]. - The average shipping capacities in September and October 2025 are 300,000 and 320,000 TEUs respectively. After considering all TBN as suspended services, they are 290,000 TEUs each. Overall, the situation in September is loose, and the subsequent driving force remains weak. However, the valuation of October is approaching the annual low (1250 - 1300), and the downward space may be limited. Attention can be paid to the long - allocation opportunity of the December contract [2][8]. - On August 26, the two suspended services on the FE3/FE4 routes of the PA Alliance in week 37/38 of September were refilled, resulting in an increase in the average weekly shipping capacity in September to 310,000 TEUs [2][8] Summary According to Relevant Catalogs EC Futures Contract Information - For EC2508, the yesterday's closing price was 2136.0, with a change of -145.8 and a position change of -91, and the yesterday's trading volume was 1877 [2][8]. - For EC2510, the yesterday's closing price was 1358.0, with a change of 632.2, a position change of 102, and the yesterday's trading volume was 13515 [2][8]. - For EC2512, the yesterday's closing price was 1696.7, with a change of 293.5, a position change of 220, and the yesterday's trading volume was 7289 [2][8]. - For EC2602, the yesterday's closing price was 1496.9, with a change of 493.3, a position change of 42, and the yesterday's trading volume was 1070 [2][8]. - For EC2604, the yesterday's closing price was 1284.0, with a change of 1.54, a position change of -33, and the yesterday's trading volume was 706.2 [2][8]. - For EC2606, the yesterday's closing price was 857, with a change of 1445.7, a position change of -22, and the yesterday's trading volume was 544.5 [2][8] Freight Index Information - The SCEIS index on August 25, 2025, was 2180.17, with a change of -8.71% compared to the previous period, and a change of -2.47% in the previous period. It is updated every Monday [2][8]. - The SCFI (European line) on August 22, 2025, was 1668 dollars/TEU, with a change of -7.19% compared to the previous period [2][8]. - The CCFI (European line) on August 22, 2025, was 1757.74, with a change of -1.83% compared to the previous period [2][8]. - The NCFI on August 22, 2025, was 1257.71, with a change of -8.83% compared to the previous period and -5.49% in the previous period [2][8] Recent European Line Quotation - Week 35: The average price is $2575 (1770 points). The PA Alliance quotes $2500, MSK starts at $2300 and then rises to $2490, and the OA Alliance quotes $2700 - 2800 [2][8]. - Week 36: The latest quotes from shipping companies range from $2120 to $2420, with an average of $2250 (1550 points). The PA Alliance quotes $2200 - 2300, MSK starts at $2100 and then rises to $2200, and the OA Alliance quotes $2300 - 2400 [2][8] Related News - On August 23, the US President Trump announced a major tariff investigation on furniture imported into the US, which will be completed within the next 50 days. Furniture imported from other countries will be subject to tariffs, and the tax rate is to be determined [2][8]. - On August 26, Trump said that dealing with Netanyahu was quite tricky and expected a good and clear outcome in the next 2 - 3 weeks. The XSI - C index will be announced with a three - day delay [2][8]

Pricing Information - As of August 26, the latest spot quotes for shipping are as follows: Maersk: $1290-$1599/TEU, $2160-$2578/TEU; CMA: $1360-$1910/TEU, $2320-$2920/TEU; MSC: $1550-$1556/TEU, $2590-$2602/TEU; ONE: $1504-$1804/TEU, $2343/TEU; EMC: $1605-$1805/TEU, $2410-$2760/TEU. The pricing data has shown a gradual decline recently [1]. Shipping Index - As of August 25, the SCFIS European line index reported 1990.2 points, a week-on-week decrease of 8.71%. The US West Coast index fell by 5.87% to 1041.38 points. The SCFI composite index as of August 22 was 1415.36 points, down 3% from the previous period. The Shanghai-Europe freight rate decreased by 8% to $1668/TEU, while the Shanghai-US West Coast rate was $1644/FEU, down 7% from the previous week. The Shanghai-US East Coast rate was $2613/FEU, down 4% from the previous week [2]. Market Fundamentals - As of August 25, the global container shipping capacity exceeded 32.9 million TEU, representing a year-on-year growth of 7.9%. In terms of demand, the Eurozone's July composite PMI was 50.9, with a manufacturing PMI of 49.8 and a services PMI of 51.0. The US July manufacturing PMI index was 48, with a new orders index of 47.1. The OECD leading index for the G7 group recorded 100.40 in June [3]. Market Logic - The futures market experienced fluctuations yesterday, with the main contract closing at 1358 points, an increase of 3.74%. The significant drop in the SCFIS European line may have dampened market bullish sentiment. Although CMA opened with October quotes, the overall spot prices continue to decline, and ONE has further reduced its quotes today. The downward trend in spot pricing is expected to exert pressure on the futures market [4].

1. Report Industry Investment Rating No relevant content provided. 2. Core Viewpoints - The spot index of the Shanghai Export Container Freight Index (SCFIS) for European routes continued to decline, while that for the US West routes rebounded. The China Containerized Freight Index (CCFI), Shanghai Containerized Freight Index (SCFI), and Ningbo Containerized Freight Index (NCFI) all continued to fall, with slightly wider declines. The futures price was mainly affected by the current cabin quotes on European routes. The current cabin quotes of major shipping companies at the beginning of September turned from rising to falling, pulling down the futures price valuation. For the future market, one can continue to focus on the changes in the current cabin quotes of shipping companies on European routes and the fundamentals of the European route market. The current cabin quotes on European routes and the SCFI European routes both continued to decline, and the futures price was more likely to maintain a slight downward trend in oscillation, showing a trend relay state. The near - month contracts might experience a short - term rebound after falling to a low level [1]. - Traders are advised to temporarily observe in the spot - futures (basis) strategy and remain on the sidelines in the arbitrage (inter - period) strategy [2]. 3. Summary by Relevant Catalogs 3.1. Abstract - The Shanghai Export Settlement Freight Index (SCFIS) for European routes of the current - period futures target continued to decline, while that for US West routes rebounded. The CCFI, SCFI, and NCFI all continued to fall, with slightly wider declines. The futures price was mainly affected by European route current - cabin quotes. The current - cabin quotes of major shipping companies at the beginning of September turned from rising to falling, pulling down the futures price valuation. For the future, pay attention to European route quotes and market fundamentals. The futures price may oscillate slightly downward, and near - month contracts may rebound after hitting lows [1]. 3.2. Trading Strategies - Spot - futures (basis) strategy: Traders should temporarily observe [2]. - Arbitrage (inter - period) strategy: Traders can temporarily remain on the sidelines [2]. 3.3. Market Review - As of Friday, except for EC2508, the closing prices and settlement prices of other monthly contracts declined. For example, the closing price of EC2510 fell 4.70% from the previous week to 1309.0 points, and the settlement price dropped 3.57% to 1324.0 points. The main influencing factor was the European route current - cabin quotes [3]. 3.4. Spot Information - Freight Rates - As of August 18, the SCFIS European route continued to decline with a 2.47% month - on - month decrease (previous value - 2.71%), while the US West route rebounded with a 2.23% increase (previous value - 4.25%). As of August 22, the CCFI, SCFI, and NCFI continued to fall with wider declines. In terms of routes, the North American routes' declines widened, and the European route decline also expanded [8]. 3.5. Spot Information - Demand Side - There are data on the week - on - week and year - on - year changes in the deployed capacity of different routes, as well as the latest shipping regional trade capacity and its month - on - month changes [20][23][24]. 3.6. Spot Information - Supply Side - As of August 23, the global container ship idle capacity ratio was 4.0%. The idle capacity of 17000TEU+ container ships was 37954TEU, accounting for 0.8% of this type of ships; the idle capacity of 12000 - 16999TEU container ships was 82977TEU, accounting for 1.0% of this type of ships. The congestion index of Shanghai Port increased by 34.4 thousand TEU to 609.7 thousand TEU; Rotterdam Port decreased by 41.3 thousand TEU to 199.5 thousand TEU; Antwerp Port increased by 9.4 thousand TEU to 93.7 thousand TEU; Hamburg Port decreased by 3.8 thousand TEU to 109.8 thousand TEU [27][30]. 3.7. Spread Analysis - The current - period SCFIS European route continued to decline with a stable 2.47% month - on - month decrease, closing at 2180.17 points. The basis of the main contract EC2510 first narrowed slightly from last week and then widened slightly. The European route current - cabin quotes of major shipping companies continued to decline, leading the futures price trend. As the container shipping market is about to exit the traditional peak season, demand support is gradually decreasing. The basis remains at a relatively high level compared to the previous period. Traders should temporarily observe in the spot - futures aspect. The spreads of the container shipping European route inter - period contract combinations such as EC2508 - EC2510, EC2508 - EC2512, and EC2510 - EC2512 are given, and traders can temporarily remain on the sidelines [35][37][38].

Core Viewpoint - The European shipping index futures experienced a significant increase, reaching a peak of 1379.4 points, with a closing value of 1365.5 points, reflecting a rise of 3.13% [1] Group 1: Market Outlook - Guotou Anxin Futures predicts that the shipping market is likely to continue a downward trend, with September initial quotes averaging around $2200/FEU, indicating increased market pressure [2] - Hualian Futures states that the current spot freight rates have not yet bottomed out, and the EC futures market is more likely to decline than to rise [2] Group 2: Price Trends and Analysis - The latest SCFI composite index has decreased by 3.07%, with the NCFI European line dropping by 8.83%, indicating a significant decline in freight rates, particularly for East and West US routes [2] - The main EC2510 contract continues its downward trend, with expectations of further declines in August and September, while the pressure point is noted at 1400 [2] - The EC2512 contract is seen as a preferred option due to potential support from year-end demand, despite limited declines, with a short-term trading range suggested between 1600 and 1800 points [2]

1. Report Industry Investment Rating No information provided in the given content. 2. Core Viewpoints of the Report - Currently, downstream customers are booking shipping space for the end of August to early September (week 35 - 36). Week 35's final average price is $2550 (equivalent to 1800 points), and week 36's current average quoted price is $2300 (equivalent to 1600 points). Among them, PA Alliance quotes $2200 - 2300, MSK quotes $2100 (later increased to $2200), and OA Alliance quotes $2300 - 2400. From a fundamental perspective, MSK has relatively less pressure to receive goods due to its large price cut, but most shipping companies have pressure to receive goods at the end of the month [1]. - In September 2025, the overall shipping capacity is adjusted downwards because OA Alliance's FAL8 adds a suspension of service in week 37. The average weekly shipping capacity in September and October 2025 is 300,000 and 320,000 TEU respectively. After considering all TBN as suspensions, it is 290,000 TEU for both months. Overall, the situation in September is loose, and the subsequent driving force continues to be weak. However, the valuation in October is gradually approaching the annual low (1250 - 1300), and the downward space may be limited. Subsequently, attention can be paid to the long - allocation opportunity of the December contract [1]. 3. Summary by Relevant Catalogs 3.1 Futures Contract Information - EC2508 closed at 2127.7 yesterday, up 0.13%, with a basis of 52.5, a trading volume of 120, an open interest of 1968, and a change in open interest of - 92 [1]. - EC2510 closed at 1309.0 yesterday, down 1.21%, with a basis of 871.2, a trading volume of 25350, an open interest of 54255, and a change in open interest of - 38 [1]. - EC2512 closed at 1661.2 yesterday, down 3.50%, with a basis of 519.0, a trading volume of 8311, an open interest of 13295, and a change in open interest of 1086 [1]. - EC2602 closed at 1465.0 yesterday, down 3.17%, with a basis of 715.2, a trading volume of 1372, an open interest of 4455, and a change in open interest of 52 [1]. - EC2604 closed at 1264.5 yesterday, down 1.94%, with a basis of 915.7, a trading volume of 1364, an open interest of 5836, and a change in open interest of 120 [1]. - EC2606 closed at 1430.0 yesterday, down 2.73%, with a basis of 750.2, a trading volume of 203, an open interest of 879, and a change in open interest of 20 [1]. 3.2 Month - spread Information - The month - spread of EC2508 - 2510 was 818.7 the previous day, with a day - on - day increase of 18.7 and a week - on - week increase of 103.6 [1]. - The month - spread of EC2510 - 2512 was - 352.2 the previous day, with a day - on - day increase of 44.2 and a week - on - week increase of 64.4 [1]. - The month - spread of EC2512 - 2602 was 196.2 the previous day, with a day - on - day decrease of 12.2 and a week - on - week increase of 556 [1]. 3.3 Spot Index Information - The SCHIS index on August 18, 2025, was 2180.17 points, down 2.47% from the previous period and down 2.71% from the period before the previous one [1]. - The SCFI (European line) index was $1668/TEU, down 8.35% from the previous period and down 7.9% from the period before the previous one [1]. - The CCFI (European line) index on August 22, 2025, was 1757.74 points, down 1.83% from the previous period and down 0.48% from the period before the previous one [1]. - The NCFI (European line) index on August 22, 2025, was 1083.74 points, down 8.83% from the previous period and down 5.49% from the period before the previous one [1]. 3.4 Other Information - As of August 24, a Hamas senior official said that Israeli Prime Minister Netanyahu was deliberately undermining negotiations and insisting on continuing the offensive [3]. - On August 21, the US and the EU reached an agreement on the "Framework Agreement on Reciprocal, Fair, and Balanced Trade". The US will impose a 15% tariff on most EU goods such as automobiles, pharmaceuticals, semiconductors, and timber. The EU promised to cancel tariffs on US industrial products, provide preferential market access for US seafood and agricultural products, plan to purchase $750 billion of US liquefied natural gas, oil, and nuclear products by 2028, another $40 billion of US artificial intelligence chips, and significantly increase the purchase of US military and defense equipment. EU companies will also invest an additional $600 billion in US strategic industries [4]. - The XSI - C index is delayed by three working days for publication [5].

Report Summary 1. Report Industry Investment Rating No information provided in the given content. 2. Core View of the Report - The overall logic of shorting on rallies remains unchanged. This is mainly because the market pattern in September is loose, and the subsequent driving forces are weak. The current October contract is at a discount of about 450 points to the spot price, and there is still expected room for decline. The valuation of far - month contracts is unclear, more affected by driving forces, and due to low open interest, they are greatly influenced by macro and capital behaviors [2][16]. 3. Summary by Relevant Catalogs 3.1 Futures Contract Information - **EC2508**: Yesterday's trading volume was 156, and the change in open interest was - 109 [2][16]. - **EC2510**: The closing price was 2125.0, down 2.21%. The base was 55.2 - 855.2, the trading volume was 35008, the open interest was 54293, and the change in open interest was 2566 [2][16]. - **EC2512**: The closing price was 1721.4, down 3.07%. The base was 458.8, the trading volume was 7519, and the open interest was 12209 [2][16]. - **EC2602**: The closing price was 1513.0, down 1.24%. The base was 667.2, the trading volume was 1211, the open interest was 4403, and the change in open interest was 35 [2][16]. - **EC2604**: The closing price was 1289.5, down 1.89%. The base was 890.7, the trading volume was 1160, the open interest was 5716, and the change in open interest was 89 [2][16]. - **EC2606**: The closing price was 1470.1, down 0.67%. The base was 710.1, the open interest was 820, and the change in open interest was - 6 [2][16]. 3.2 Month - to - Month Spread Information - **EC2508 - 2510**: The spread was 800.0, with a day - on - day increase of 32.0 and a comparison increase of 89.8 [2][16]. - **EC2510 - 2512**: The spread was - 396.4, with a day - on - day increase of 24.5 and a comparison decrease of 7.0 [2][16]. - **EC2512 - 2602**: The spread was 208.4, with a day - on - day decrease of 35.5 and a comparison decrease of 24.5 [2][16]. 3.3 Index Information - **SCF (European Line)**: Updated on August 18, 2025, the index was 2180.17 (1820 in a certain unit), down 2.47% compared to the previous period and 2.71% compared to the period before the previous one [2][16]. - **CCFI (European Line)**: Updated on August 15, 2025, the index was 1790.47, down 0.48% compared to the previous period and up 0.53% compared to the period before the previous one [2][16]. - **NCFI (European Line)**: Updated on August 15, 2025, the index was 1188.69, down 5.49% compared to the previous period and down 8.57% compared to the period before the previous one [2][16]. 3.4 Booking and Shipping Capacity Information - **Week34**: The final landing average price was 2850 US dollars (2000 points). In Week 33, the cargo collection of MSK was good, OA was average, and PA was poor. In Week 34, cargo collection declined significantly, and some shipping companies faced pressure in accepting cargo [2][16]. - **Week35**: The current average quoted price is 2625 US dollars (1840 points after conversion). The average price in the spot market is 2575 US dollars (1770 points after conversion). The PA alliance quoted 2500 US dollars, MSK opened at 2300 US dollars (later raised to 2490 US dollars), and the OA alliance quoted 2700 - 2800 US dollars [2][3][16][17]. - **Week36**: The latest quoted prices of shipping companies range from 2120 to 2420 US dollars, with an average of 2250 US dollars (1550 points). MSK opened at 2100 US dollars, and some routes increased to 2200 US dollars; CMA's quote dropped from 3420 to 2620 US dollars [3][17]. - **Shipping Capacity**: The weekly average shipping capacities in August, September (tentative), and October (tentative) 2025 are 328,000, 312,000, and 315,000 TEU respectively. After considering all TBN as cancellations, they are 38,000, 297,000, and 283,000 TEU respectively [2][16].

Group 1: Report Industry Investment Rating - Not provided in the document Group 2: Core View of the Report - The overall strategy maintains the logic of shorting on rallies because the overall situation in September is loose, the subsequent driving force continues to be weak, the current October contract is at a discount of about 450 points to the spot, and there is still room for decline; the valuation of the far - month contract is vague, more affected by the driving force, and due to the small open interest, it is greatly affected by macro and capital behavior [2] Group 3: Summary of Related Content Futures Contract Information - For EC2508, the closing price was 2125.0, with a change of 0.09%, the basis was 55.2, the trading volume was 156, the open interest was 2060, and the change in open interest was - 109 [2] - For EC2510, the closing price was 1325.0, with a change of - 2.21%, the basis was 855.2, the trading volume was 35008, the open interest was 54293, and the change in open interest was 2566 [2] - For EC2512, the closing price was 1721.4, with a change of - 3.07%, the basis was 458.8, the trading volume was 7519, and the open interest was 12209 [2] - For EC2602, the closing price was 1513.0, with a change of - 1.24%, the basis was 667.2, the trading volume was 1211, the open interest was 4403, and the change in open interest was 35 [2] - For EC2604, the closing price was 1289.5, with a change of - 1.89%, the basis was 890.7, the trading volume was 1160, the open interest was 5716, and the change in open interest was 89 [2] - For EC2606, the closing price was 1470.1, with a change of - 0.67%, the basis was 710.1, the trading volume was 95, the open interest was 820, and the change in open interest was - 6 [2] Month - spread Information - The EC2508 - 2510 month - spread was 800.0, compared with 768.0 the previous day, 757.0 two days ago, and the week - on - week change was 89.8 [2] - The EC2510 - 2512 month - spread was - 396.4, compared with - 420.9 the previous day, - 404.7 two days ago, and the week - on - week change was - 7.0 [2] - The EC2512 - 2602 month - spread was 208.4, compared with 243.9 the previous day, 239.6 two days ago, and the week - on - week change was - 24.5 [2] Spot Index Information - The SCEIS index on August 18, 2025, was 2180.17 points, down 2.47% from the previous period and 2.71% from two periods ago [2] - The SCFI (European Line) on August 15, 2025, was 1820 dollars/TEU, down 7.19% from the previous period and 4.39% from two periods ago [2] - The CCFI on August 15, 2025, was 1790.47 points, down 0.48% from the previous period and up 0.53% from two periods ago [2] - The NCFI on August 15, 2025, was 1188.69 points, down 5.49% from the previous period and 8.37% from two periods ago [2] Booking and Capacity Information - Currently, downstream customers are booking spaces for the end of August and early September (week35 - 36). In week35, the average price was 2575 dollars (equivalent to 1770 points on the futures market). The PA Alliance offered 2500 dollars, MSK initially opened at 2300 dollars and then rose to 2490 dollars, and the OA Alliance offered 2700 - 2800 dollars [2][3] - The weekly average capacities in August, September (tentative), and October (tentative) 2025 were 328,000, 312,000, and 315,000 TEU respectively. After considering all TBN as sailings cancelled, they were 328,000, 297,000, and 283,000 TEU respectively [2] Other Information - In week36, the latest quotes from shipping companies were between 2120 - 2420 dollars, with an average of 2250 dollars (1550 points). On Tuesday, MSK opened at 2100 dollars, and some routes rose to 2200 dollars; CMA's quote dropped from 3420 to 2620 dollars. On Wednesday, OOCL opened at 2300 dollars. On Thursday, CMA dropped 200 to 2420 dollars, HMM dropped 300 to 2200 dollars, and HPI dropped 200 to 2235 dollars [9]