Report Summary 1. Report Industry Investment Rating No information provided. 2. Core Viewpoints - The partial consensus reached in the China-US economic and trade consultations is beneficial to the international trade environment, and the market fluctuates upward, in line with the rebound expectation of the daily report. It is not recommended to increase positions, and stop-loss should be set [2]. - The tariff issue has shown a marginal effect, and the current core is the trend of spot freight rates. The main contract may be in the process of bottoming out. It is recommended to participate with a light position or wait and see [5]. - The main contract remains weak in the short term, while the far-month contracts are relatively strong, which is in line with the bottoming-out judgment. Risk - preference investors are advised to try to build positions in the EC2512 contract below 1500. Attention should be paid to the subsequent market trend, and it is not recommended to hold losing positions. Stop - loss should be set [6]. 3. Summary by Related Content Market Data - On October 27, the Shanghai Export Container Settlement Freight Index (SCFIS) for the European route was 1312.71 points, up 15.1% from the previous period; the SCFIS for the US - West route was 1107.32 points, up 28.2% from the previous period. On October 24, the Ningbo Export Container Freight Index (NCFI) (composite index) was 977.21 points, up 2.17% from the previous period; the NCFI for the European route was 822.3 points, up 2.38% from the previous period; the NCFI for the US - West route was 1293.75 points, up 3.13% from the previous period [3]. - On October 24, the Shanghai Export Container Freight Index (SCFI) was 1403.46 points, up 93.14 points from the previous period; the SCFI for the European route was 1246 USD/TEU, up 8.8% from the previous period; the SCFI for the US - West route was 2153 USD/FEU, up 11.2% from the previous period. The China Export Container Freight Index (CCFI) (composite index) was 992.74 points, up 2.0% from the previous period; the CCFI for the European route was 1293.12 points, up 2.0% from the previous period; the CCFI for the US - West route was 736.23 points, up 1.5% from the previous period [3]. - In August, China's manufacturing 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 [4]. - The initial value of the Eurozone's manufacturing PMI in September was 49.5, falling below the boom - bust line, lower than analysts' expectations and the previous value of 50.7. The initial value of the service PMI rose from 50.5 to 51.4, exceeding the expected 50.5. The initial value of the Eurozone's composite PMI in September was 51.2, exceeding analysts' expectations. The Eurozone's Sentix investor confidence index in September was - 9.2, with an expected - 2 and a previous value of - 3.7 [3]. - The initial value of the US S&P Global manufacturing PMI in September was 52 (the final value in August was 53); the initial value of the service PMI was 53.9 (the final value in August was 54.5); the initial value of the composite PMI was 53.6 (the final value in August was 54.6) [4]. Market Situation and Strategy - The China - US tariff extension continues, and the negotiation has not made substantial progress. The tariff war has gradually evolved into a trade negotiation issue between the US and other countries. Currently, the spot price has slightly decreased. The main contract closed at 1843.8 on October 30, with a gain of 0.15%, a trading volume of 17,600 lots, and an open interest of 30,100 lots, a decrease of 1792 lots from the previous day [5]. - After the China - US leaders' meeting in Busan, the bullish sentiment was gradually digested, some long - positions took profits and left the market. Under the game between long and short in the market, the market fluctuated widely. Attention should be paid to tariff policies, the Middle East situation, and spot freight rates in the future [5]. - Short - term strategy: The main contract remains weak, and the far - month contracts are strong, in line with the bottoming - out judgment. Risk - preference investors are advised to try to build positions in the EC2512 contract below 1500. Attention should be paid to the subsequent market trend, and it is not recommended to hold losing positions. Stop - loss should be set [6]. - Arbitrage strategy: Against the background of international situation turmoil, each contract still follows the seasonal logic and fluctuates greatly. It is recommended to wait and see temporarily or try with a light position [6]. - Long - term strategy: It is recommended to take profits when each contract rises to a high level, wait for the callback to stabilize, and then judge the subsequent direction [6]. - The daily limit and daily low - limit for contracts 2508 - 2606 are adjusted to 18%. The margin of the company for contracts 2508 - 2606 is adjusted to 28%. The daily opening limit for all contracts 2508 - 2606 is 100 lots [6].

Report Summary 1. Report Industry Investment Rating No industry investment rating is provided in the report. 2. Core Viewpoints - Although the SCFIS has rebounded significantly again, due to strong wait - and - see sentiment, the situation of price increases in November is unclear, and the market is oscillating weakly. The core now is the direction of spot freight rates, and the main contract may be in the bottom - building process. It is recommended to participate with a light position or just observe [1][5]. - The tariff issue has shown a marginal effect. The key is the trend of spot freight rates, and the main contract may be in the bottom - building process [5]. 3. Summary by Related Content a. Freight Indexes - On October 27, the Shanghai Export Container Settlement Freight Index (SCFIS) for the European route was 1312.71 points, up 15.1% from the previous period; for the US West route, it was 1107.32 points, up 28.2% from the previous period [2]. - On October 24, the Shanghai Export Container Freight Index (SCFI) was 1403.46 points, up 93.14 points from the previous period. The SCFI price for the European line was 1246 USD/TEU, up 8.8% from the previous period; for the US West route, it was 2153 USD/FEU, up 11.2% from the previous period [3]. - On October 24, the Ningbo Export Container Freight Index (NCFI) composite index was 977.21 points, up 2.17% from the previous period; the NCFI for the European route was 822.3 points, up 2.38% from the previous period; for the US West route, it was 1293.75 points, up 3.13% from the previous period. The China Export Container Freight Index (CCFI) composite index was 992.74 points, up 2.0% from the previous period; for the European route, it was 1293.12 points, up 2.0% from the previous period; for the US West route, it was 736.23 points, up 1.5% from the previous period [4]. b. Economic Data - The eurozone's September manufacturing PMI preliminary value was 49.5, back below the boom - bust line, lower than analysts' expectations and the previous value of 50.7. The service PMI preliminary value rose from 50.5 to 51.4, exceeding the expected 50.5. The composite PMI preliminary value was 51.2, exceeding analysts' expectations. The Sentix investor confidence index was - 9.2, with an expected - 2 and a previous value of - 3.7 [5]. - In August, China's manufacturing PMI was 49.4%, up 0.1 percentage point from the previous month, and the manufacturing sentiment improved. The composite PMI output index was 50.5%, up 0.3 percentage point from the previous month, remaining above the critical point, indicating that the overall expansion of Chinese enterprises' production and business activities accelerated [5]. - The preliminary value of the US September S&P Global manufacturing PMI was 52, the August final value was 53; the service PMI preliminary value was 53.9, the August final value was 54.5; the composite PMI preliminary value was 53.6, the August final value was 54.6 [5]. c. Market Strategies - Short - term strategy: The main contract remains weak, and the far - month contracts are stronger, which is in line with the bottom - building judgment. Risk - preferring investors are advised to try to build positions below 1500 for the EC2512 contract. Pay attention to the subsequent market trend, do not hold losing positions, and set stop - losses. [5] - Arbitrage strategy: Against the backdrop of international turmoil, each contract still follows the seasonal logic with large fluctuations. It is recommended to wait and see or try with a light position [5]. - Long - term strategy: For each contract, it is recommended to take profits when the price rises, wait for the callback to stabilize, and then judge the subsequent trend [5]. d. Contract Information - On October 28, the main contract 2512 closed at 1788.3, with a decline of 0.66%, a trading volume of 26,000 lots, and an open interest of 28,900 lots, an increase of 905 lots from the previous day [5]. - The daily limit for contracts 2508 - 2606 is adjusted to 18%. The company's margin for contracts 2508 - 2606 is adjusted to 28%. The intraday opening limit for all contracts 2508 - 2606 is 100 lots [5].

Report Summary 1. Report Industry Investment Rating No information provided. 2. Core View of the Report - SCFIS has risen significantly, but some long - position holders have taken profits and left the market, leading to a weak and volatile market, which is in line with the daily report's rebound expectation. It is not recommended to add positions, and stop - losses should be set. - 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, and it is recommended to participate lightly or wait and see. - In the short - term, risk - preference investors are advised to try to build positions in the EC2512 contract below 1500; in the long - term, it is recommended to take profits when the contracts rise and wait for the correction to stabilize before judging the subsequent direction. - In the context of the volatile international situation, each contract still follows the seasonal logic with large fluctuations, and it is recommended to wait and see or try lightly [2][7]. 3. Summary by Related Content a. Shipping Indexes - **SCFIS**: On October 27, the Shanghai Export Container Settlement Freight Index (SCFIS) for the European route was 1312.71 points, up 15.1% from the previous period; for the US - West route, it was 1107.32 points, up 28.2% from the previous period [3]. - **SCFI**: On October 24, the Shanghai Export Container Freight Index (SCFI) was 1403.46 points, up 93.14 points from the previous period. The SCFI price for the European line was 1246 USD/TEU, up 8.8% from the previous period; for the US - West route, it was 2153 USD/FEU, up 11.2% from the previous period [4]. - **NCFI**: On October 24, the Ningbo Export Container Freight Index (NCFI) (composite index) was 977.21 points, up 2.17% from the previous period; for the European route, it was 822.3 points, up 2.38% from the previous period; for the US - West route, it was 1293.75 points, up 3.13% from the previous period [5]. - **CCFI**: On October 24, the China Export Container Freight Index (CCFI) (composite index) was 992.74 points, up 2.0% from the previous period; for the European route, it was 1293.12 points, up 2.0% from the previous period; for the US - West route, it was 736.23 points, up 1.5% from the previous period [5]. b. Economic Data of Different Regions - **Eurozone**: In September, the preliminary manufacturing PMI was 49.5, falling back below the boom - bust line, lower than analysts' expectations and the previous value of 50.7. The preliminary services PMI rose from 50.5 to 51.4, exceeding the expected 50.5. The preliminary composite PMI was 51.2, exceeding analysts' expectations. The Sentix investor confidence index was - 9.2, with an expected - 2 and a previous value of - 3.7 [6]. - **China**: In August, the manufacturing PMI was 49.4%, up 0.1 percentage points from the previous month, and the manufacturing sentiment improved. The composite PMI output index was 50.5%, up 0.3 percentage points from the previous month, remaining above the critical point, indicating that the overall expansion of enterprises' production and business activities accelerated [6]. - **US**: In September, the preliminary S&P Global manufacturing PMI was 52 (the final value in August was 53); the preliminary services PMI was 53.9 (the final value in August was 54.5); the preliminary composite PMI was 53.6 (the final value in August was 54.6) [6]. c. Contract Information - On October 27, the main contract 2512 closed at 1775.0, with a decline of 2.79%, a trading volume of 27,700 lots, and an open interest of 28,000 lots, a decrease of 2254 lots from the previous day [7]. - The up - limit and down - limit for contracts 2508 - 2606 were adjusted to 18%. - The company's margin for contracts 2508 - 2606 was adjusted to 28%. - The daily opening position limit for all contracts 2508 - 2606 was 100 lots [7].

Group 1: Market Analysis and Strategy Recommendation - The Sino-US tariff negotiation has reached a preliminary consensus, and the EC futures market continues to bet on the subsequent freight rate trend. Pay attention to the possible improvement of tariffs on shipments. On October 27, EC2512 closed at 1775 points, down 3.06% from the previous day. The latest SCFIS European line index released after the market today was 1312.71 points, up 15.11% month-on-month [6]. - The spot freight rate spread among major shipping companies has widened again. Considering the improvement of long-term contract cargo receipts, the spot freight rate center is expected to gradually rise. It is expected that the spot freight rate will gradually increase from November to December, and shipping companies are expected to continue to announce price increases [7]. - In terms of fundamentals, the demand for shipments is expected to gradually improve from November to December. The supply capacity in December will increase slightly. The Sino-US ship sanctions will bring cost increases and short-term supply chain disruptions. The progress of the ceasefire agreement in the Middle East is tortuous, and the Sino-US tariff negotiation sentiment has eased [7][9]. - Trading strategy: Hold the long position of EC2512 and pay attention to the Palestine-Israel negotiation, Sino-US tariff negotiation, and port congestion. For arbitrage, take a wait-and-see approach [10][11]. Group 2: Industry News - Sino-US held economic and trade consultations in Kuala Lumpur, Malaysia, and reached a preliminary consensus on issues such as export control, suspension and extension of reciprocal tariffs, fentanyl, and ship fees [12]. - The United States signed a critical minerals agreement with Thailand and will maintain a 19% tariff on Thailand; reached a trade agreement framework with Vietnam and will maintain a 20% tariff on Vietnam; Trump suspended tariffs during the meeting with the Brazilian president [12]. - The United States threatened to impose an additional 10% tariff on Canada, and Canada expressed dissatisfaction [12]. - Israel approved the entry of an Egyptian technical team to search for hostages, and Palestinian factions agreed to establish an independent technical bureaucracy to govern the Gaza Strip, and Hamas will transfer administrative control to a temporary committee [13][14][15]. Group 3: Data Summary Futures Disk | Futures Contract | Closing Price | Change | Change Rate | Trading Volume (Lots) | Increase/Decrease Rate | Open Interest (Lots) | Increase/Decrease Rate | | --- | --- | --- | --- | --- | --- | --- | --- | | EC2510 | 1,130.9 | -6.9 | -0.61% | 1,377.0 | 68.54% | 3,428.0 | -20.13% | | EC2512 | 1,775.0 | -56.0 | -3.06% | 27,748.0 | -20.98% | 27,995.0 | -7.45% | | EC2602 | 1,571.6 | -29.4 | -1.84% | 6,174.0 | 55.48% | 13,138.0 | 14.15% | | EC2604 | 1,178.8 | -0.8 | -0.07% | 2,045.0 | 18.48% | 14,146.0 | -0.55% | | EC2606 | 1,387.1 | -10.8 | -0.77% | 109 | -61.75% | 1,371 | -0.44% | | EC2608 | 1,480.3 | -28.7 | -1.90% | 138 | -22.91% | 1,249 | 2.63% | [4] Monthly Spread Structure | Spread | Change | Spread | Change | | --- | --- | --- | --- | | EC10 - EC12 | -644 | 49.1 | EC10 - EC02 | -441 | 22.5 | | EC12 - EC02 | 203 | -26.6 | EC10 - EC04 | -48 | -6.1 | | EC12 - EC04 | 596 | -55.2 | EC12 - EC06 | 388 | -45.2 | | EC02 - EC04 | 393 | -28.6 | EC04 - EC06 | -208 | 10.0 | [4] Container Freight Rates | Container Freight Rate (Weekly) | Price | Month-on-Month (%) | Year-on-Year (%) | Container Freight Rate (Weekly) | Price | Month-on-Month (%) | Year-on-Year (%) | | --- | --- | --- | --- | --- | --- | --- | --- | | SCFIS European Line (Points) | 1312.71 | 15.11% | -40.54% | SCFIS US West Line (Points) | 1107.32 | 28.24% | -60.70% | | SCFI: Composite Index | 1403.46 | 7.11% | -31.94% | SCFI: Shanghai - West Africa (USD/TEU) | 3755 | 5.64% | -15.20% | | SCFI: Shanghai - US West (USD/FEU) | 2153 | 11.21% | -54.44% | SCFI: Shanghai - South Africa (USD/TEU) | 2851 | 1.40% | -32.98% | | SCFI: Shanghai - US East (USD/FEU) | 3032 | 6.27% | -38.98% | SCFI: Shanghai - South America (USD/TEU) | 2619 | -1.47% | -58.00% | | SCFI: Shanghai - Europe (USD/TEU) | 1246 | 8.82% | -36.10% | SCFI: Shanghai - Japan Kansai (USD/TEU) | 312 | 0.00% | 3.31% | | SCFI: Shanghai - Mediterranean (USD/TEU) | 1764 | 9.36% | -23.70% | SCFI: Shanghai - Japan Kanto (USD/TEU) | 321 | 0.00% | 5.59% | | SCFI: Shanghai - Persian Gulf (USD/TEU) | 1423 | 14.02% | 19.28% | SCFI: Shanghai - Southeast Asia (USD/TEU) | 466 | 3.79% | 10.95% | | SCFI: Shanghai - Melbourne (USD/TEU) | 1385 | 5.64% | -31.64% | SCFI: Shanghai - South Korea (USD/TEU) | 138 | 0.00% | -4.17% | [4] Fuel Costs | WTI Crude Oil Near - Month (USD/Barrel) | Price | Month-on-Month (%) | Year-on-Year (%) | Brent Crude Oil Near - Month (USD/Barrel) | Price | Month-on-Month (%) | Year-on-Year (%) | | --- | --- | --- | --- | --- | --- | --- | --- | | | 60.86 | | -0.38% | -14.59% | 64.92 | -0.52% | -14.0% | [4]

Report Summary 1. Report Industry Investment Rating No industry investment rating is provided in the report. 2. Core Viewpoints - SCFI continues to rebound, and the positive signals from China - US consultations meet the daily report's rebound expectations. It is not recommended to increase positions, and stop - loss should be set [2]. - The tariff issue has a marginal effect, and the current 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 [5]. - The easing signal of China - US trade boosts market sentiment, and the freight rates announced by each company at the beginning of November support the market, resulting in a strong - side oscillating market. Attention should be paid to tariff policies, the Middle - East situation, and spot freight rates [5]. 3. Summary by Related Content 3.1 Freight Index Changes - On October 24, SCFIS (European route) was 1140.38 points, up 10.5% from the previous period; SCFIS (US West route) was 863.46 points, up 0.1% from the previous period. NCFI (composite index) was 977.21 points, up 2.17% from the previous period; NCFI (European route) was 822.3 points, up 2.38% from the previous period; NCFI (US West route) was 1293.75 points, up 3.13% from the previous period [3]. - On October 24, SCFI was 1403.46 points, up 93.14 points from the previous period. SCFI European line price was 1246 USD/TEU, up 8.8% from the previous period; SCFI US West route was 2153 USD/FEU, up 11.2% from the previous period. CCFI (composite index) was 992.74 points, up 2.0% from the previous period; CCFI (European route) was 1293.12 points, up 2.0% from the previous period; CCFI (US West route) was 736.23 points, up 1.5% from the previous period [3]. 3.2 Economic Data - In the Eurozone, the September manufacturing PMI preliminary value was 49.5, back below the boom - bust line, lower than analysts' expectations and the previous value of 50.7. The service PMM preliminary value rose from 50.5 to 51.4, exceeding the expected 50.5. The September composite PMI preliminary value was 51.2, exceeding analysts' expectations. The September Sentix investor confidence index was - 9.2, with an expected - 2 and a previous value of - 3.7 [3]. - In August, China's manufacturing PMI was 49.4%, up 0.1 percentage point from the previous month, and the manufacturing prosperity level improved. The composite PMI output index was 50.5%, up 0.3 percentage point from the previous month, remaining above the critical point, indicating that the overall expansion of Chinese enterprises' production and operation activities accelerated [4]. - In the US, the September S&P Global manufacturing PMI preliminary value was 52 (August final value was 53); the service PMI preliminary value was 53.9 (August final value was 54.5); the composite PMI preliminary value was 53.6 (August final value was 54.6) [4]. 3.3 Contract Information - On October 24, the main contract 2512 closed at 1831.0, with a gain of 3.14%, a trading volume of 35,100 lots, and an open interest of 30,200 lots, an increase of 1335 lots from the previous day [5]. - The price limit for contracts 2508 - 2606 is adjusted to 18%, the company's margin for contracts 2508 - 2606 is adjusted to 28%, and the daily opening limit for all contracts 2508 - 2606 is 100 lots [6]. 3.4 Trading Strategies - Short - term strategy: The main contract remains weak, and the far - month contracts are strong, which is in line with the bottom - building judgment. Risk - preferring investors are recommended to try to build positions in the EC2512 contract below 1500. Pay attention to the subsequent market trend, do not hold losing positions, and set stop - loss [6]. - Arbitrage strategy: Under the background of international situation turmoil, each contract still follows the seasonal logic and has large fluctuations. It is recommended to wait and see or try with a light position [6]. - Long - term strategy: It is recommended to take profits when each contract rises, wait for the callback to stabilize, and then judge the subsequent direction [6].

1. Report Industry Investment Rating - Not provided in the given content 2. Core Viewpoints of the Report - The sentiment of price support is strong, and the optimistic sentiment persists. The market continues to rise slightly. It is not recommended to increase positions, and stop - loss should be set [2]. - The tariff issue has shown a marginal effect, and the current core is the trend of spot freight rates. The main contract may be in the process of bottom - building. It is recommended to participate with a light position or wait and see [3]. - The short - term strategy suggests that risk - preferring investors try to build positions below 1500 for the EC2512 contract, pay attention to the subsequent market trend, not hold losing positions, and set stop - loss [3]. - For the arbitrage strategy, in the context of international situation turmoil, each contract still follows the seasonal logic with large fluctuations. It is recommended to wait and see temporarily or try with a light position [3]. - For the long - term strategy, it is recommended to take profit when the contracts rise, wait for the callback to stabilize, and then judge the subsequent direction [3]. 3. Summary by Related Content SCFIS and NCFI Freight Rate Index - On October 20, the Ningbo Export Container Freight Index (NCFI, comprehensive index) was 956.45 points, up 16.79% from the previous period; the Shanghai Export Container Settlement Freight Index (SCFIS, European route) was 1140.38 points, up 10.5%; the NCFI (European route) was 803.21 points, up 14.96%; the SCFIS (US West route) was 863.46 points, up 0.1%; the NCFI (US West route) was 1254.46 points, up 48.56% [4]. - On October 17, the Shanghai Export Container Freight Index (SCFI) was 1310.32 points, up 149.90 points from the previous period; the China Export Container Freight Index (CCFI, comprehensive index) was 973.11 points, down 4.1%; the SCFI European route price was 1145 USD/TEU, up 7.2%; the CCFI (European route) was 1267.91 points, down 1.5%; the SCFI US West route was 1936 USD/FEU, up 31.9%; the CCFI (US West route) was 725.47 points, down 6.7% [4]. Economic Data - The eurozone's September manufacturing PMI preliminary value was 49.5, back below the boom - bust line, lower than analysts' expectations and the previous value of 50.7. The service PMI preliminary value rose from 50.5 to 51.4, exceeding the expected 50.5. The eurozone's September composite PMI preliminary value was 51.2, exceeding analysts' expectations. The eurozone's September Sentix investor confidence index was - 9.2, with an expected - 2 and a previous value of - 3.7 [4]. - In August, China's manufacturing 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, remaining above the critical point, indicating that the overall expansion of Chinese enterprises' production and business activities accelerated [4]. - The preliminary value of the US September S&P Global manufacturing PMI was 52 (the final value in August was 53); the service PMI preliminary value was 53.9 (the final value in August was 54.5); the composite PMI preliminary value was 53.6 (the final value in August was 54.6) [4]. Contract Information - On October 22, the main contract 2512 closed at 1788.3, up 2.25%, with a trading volume of 28,600 lots and an open interest of 29,000 lots, an increase of 574 lots from the previous day [4]. - The daily limit for contracts 2508 - 2606 was adjusted to 18% [4]. - The company's margin for contracts 2508 - 2606 was adjusted to 28% [4]. - The daily opening limit for all contracts 2508 - 2606 was 100 lots [4]. Geopolitical Events - On the evening of October 21, Iraqi Prime Minister Sudani had a phone call with US Secretary of State Rubio, discussing issues such as Iraq - US relations, security and military cooperation, and the upcoming November national parliamentary elections in Iraq [4]. - On October 21, Turkish Foreign Minister Fidan and National Intelligence Agency Director Kallen met with the chairman of the negotiation committee of the Islamic Resistance Movement (Hamas) and members of the organization's Politburo in Doha, Qatar, exchanging views on the current situation in Gaza and the implementation of the first - stage cease - fire agreement on the ground [4].

Report Industry Investment Rating - Not provided in the content Core Viewpoints - SCFIS stopped falling and rebounded significantly, boosting bullish sentiment, but the market fluctuated widely. 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, and it is recommended to participate with a light position or wait and see [2] Summary by Related Catalogs Freight Index - On October 20, the Shanghai Export Container Settlement Freight Index (SCFIS) for the European route was 1140.38 points, up 10.5% from the previous period; the SCFIS for the US West route was 863.46 points, up 0.1% from the previous period [2] - On October 17, the Ningbo Export Container Freight Index (NCFI) composite index was 956.45 points, up 16.79% from the previous period; the NCFI for the European route was 803.21 points, up 14.96% from the previous period; the NCFI for the US West route was 1254.46 points, up 48.56% from the previous period [2] - On October 17, the Shanghai Export Container Freight Index (SCFI) was 1310.32 points, up 149.90 points from the previous period; the SCFI price for the European line was 1145 USD/TEU, up 7.2% from the previous period; the SCFI for the US West route was 1936 USD/FEU, up 31.9% from the previous period [2] - On October 17, the China Export Container Freight Index (CCFI) composite index was 973.11 points, down 4.1% from the previous period; the CCFI for the European route was 1267.91 points, down 1.5% from the previous period; the CCFI for the US West route was 725.47 points, down 6.7% from the previous period [2] PMI Data - The eurozone's September manufacturing PMI preliminary value was 49.5, back below the boom - bust line, lower than analysts' expectations and the previous value of 50.7. The service PMI preliminary value rose from 50.5 to 51.4, exceeding expectations. The composite PMI preliminary value was 51.2, exceeding analysts' expectations [2] - In August, China's manufacturing PMI was 49.4%, up 0.1 percentage points from the previous month, and the manufacturing sentiment improved. The composite PMI output index was 50.5%, up 0.3 percentage points from the previous month, indicating an accelerated overall expansion of enterprise production and operation activities [2] - The US September S&P Global manufacturing PMI preliminary value was 52 (the August final value was 53); the service PMI preliminary value was 53.9 (the August final value was 54.5); the composite PMI preliminary value was 53.6 (the August final value was 54.6) [2] Tariff and Trade - Sino - US tariffs continue to be extended, and the negotiation has not made substantial progress. The tariff war has evolved into a trade negotiation issue between the US and other countries, and the spot price has decreased slightly [2] Trading Strategies - Short - term strategy: The main contract remains weak, and the far - month contract is stronger, which is in line with the bottom - building judgment. Risk - preferring investors are recommended to try to build positions below 1500 for the EC2512 contract. Pay attention to the subsequent market trend, do not hold losing positions, and set stop - loss [2] - Arbitrage strategy: Under the background of international situation turmoil, each contract still follows the seasonal logic with large fluctuations. It is recommended to wait and see or try with a light position [2] - Long - term strategy: It is recommended to take profit when each contract rises, wait for the callback to stabilize, and then judge the subsequent direction [2] Market Conditions of Main Contracts - On October 20, the main contract 2512 closed at 1682.0, up 1.44%, with a trading volume of 24,300 lots and an open interest of 26,100 lots, an increase of 442 lots from the previous day [2] Contract Adjustments - The up - limit and down - limit for contracts 2508 - 2606 were adjusted to 18% [2] - The company's margin for contracts 2508 - 2606 was adjusted to 28% [2] - The daily opening position limit for all contracts 2508 - 2606 was set at 100 lots [2]

Report Industry Investment Rating - Not provided in the given content Core Views - The market may be optimistic about future freight rates, leading to an upward trend in the market, but it is not recommended to increase positions. Instead, stop - loss 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 [2]. - In the short - term, for risk - preference investors, it is recommended to try to build positions in the EC2512 contract below 1500. Attention should be paid to the subsequent market trend, and it is not recommended to hold losing positions. In the long - term, it is recommended to take profits when the contracts rise and wait for the callback to stabilize before making further judgments [2]. - In the context of international situation instability, each contract still follows seasonal logic with large fluctuations. It is recommended to wait and see or try with a light position for the arbitrage strategy [2]. Summary by Relevant Contents Freight Rate Index Changes - On October 20, the Ningbo Export Container Freight Index (NCFI) (composite index) was 956.45 points, up 16.79% from the previous period. The Shanghai Export Container Settlement Freight Index (SCFIS) (European route) was 1140.38 points, up 10.5%; the NCFI (European route) was 803.21 points, up 14.96%; the SCFIS (US West route) was 863.46 points, up 0.1%; the NCFI (US West route) was 1254.46 points, up 48.56% [2]. - On October 17, the Shanghai Export Container Freight Index (SCFI) was 1310.32 points, up 149.90 points from the previous period. The China Export Container Freight Index (CCFI) (composite index) was 973.11 points, down 4.1%; the SCFI European line price was 1145 USD/TEU, up 7.2%; the CCFI (European route) was 1267.91 points, down 1.5%; the SCFI US West route was 1936 USD/FEU, up 31.9%; the CCFI (US West route) was 725.47 points, down 6.7% [2]. Economic Data - The eurozone's September manufacturing PMI preliminary value was 49.5, falling below the boom - bust line, lower than analysts' expectations and the previous value of 50.7. The service PMI preliminary value rose from 50.5 to 51.4, exceeding the expected 50.5. The composite PMI preliminary value was 51.2, exceeding analysts' expectations. The Sentix investor confidence index was - 9.2, with an expected - 2 and a previous value of - 3.7 [2]. - In August, China's manufacturing PMI was 49.4%, up 0.1 percentage point 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 enterprises' production and operation activities accelerated [2]. - The preliminary value of the US September S&P Global manufacturing PMI was 52 (the final value in August was 53); the service PMI preliminary value was 53.9 (the final value in August was 54.5); the composite PMI preliminary value was 53.6 (the final value in August was 54.6) [2]. Market and Contract Information - On October 21, the main contract 2512 closed at 1769.3, up 5.10%, with a trading volume of 42,900 lots and an open interest of 28,400 lots, an increase of 2333 lots from the previous day [2]. - The daily limit for contracts 2508 - 2606 was adjusted to 18%, the company's margin was adjusted to 28%, and the daily opening limit for all contracts 2508 - 2606 was 100 lots [2]. Geopolitical and Industry News - Hamas is discussing the next - stage Gaza cease - fire agreement in Cairo, Egypt. The issue of Hamas disarmament has been put on the agenda and needs to be resolved through consensus and in - depth dialogue among Palestinian political parties [2]. - The International Maritime Organization (IMO) agreed to adjourn the special meeting of the Marine Environment Protection Committee (MEPC) to review and adopt the draft amendment to Annex VI of the MARPOL Convention, including the IMO net - zero framework. The meeting will reconvene in 12 months [2].

Report Summary 1. Report Industry Investment Rating No information provided. 2. Core Viewpoints - SCFI has risen significantly, but the end - of - month freight rates are still slightly down, and the futures market shows wide - range fluctuations. It is not recommended to increase positions, and stop - loss should be set [1]. - The tariff issue has a marginal effect, and the current core is the trend 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 just observe [3]. - In the short - term, the main contract is weak, while the far - month contracts are strong, which is in line with the bottom - building judgment. Risk - preferring investors are advised to try to build positions in the EC2512 contract below 1500. Pay attention to the subsequent market trend, and do not hold losing positions. Set stop - loss [3]. - In the long - term, it is recommended to take profits when the contracts rise, and then wait for the correction to stabilize before making further judgments [3]. 3. Summary by Related Content Freight Index - **SCFIS and NCFI**: On October 13, the Shanghai Export Container Settlement Freight Index SCFIS (European route) was 1031.8 points, down 1.4% from the previous period; the SCFIS (US West route) was 862.48 points, down 1.6% from the previous period. On October 17, the Ningbo Export Container Freight Index NCFI (composite index) was 956.45 points, up 16.79% from the previous period; the NCFI (European route) was 803.21 points, up 14.96% from the previous period; the NCFI (US West route) was 1254.46 points, up 48.56% from the previous period [2]. - **SCFI**: On October 17, the Shanghai Export Container Freight Index SCFI was 1310.32 points, up 149.90 points from the previous period. The SCFI European route price was 1145 USD/TEU, up 7.2% from the previous period; the SCFI US West route was 11936 USD/FEU, up 31.9% from the previous period [2]. - **CCFI**: On October 17, the China Export Container Freight Index CCFI (composite index) was 973.11 points, down 4.1% from the previous period; the CCFI (European route) was 1267.91 points, down 1.5% from the previous period; the CCFI (US West route) was 725.47 points, down 6.7% from the previous period [2]. PMI Data - **Eurozone**: In September, the preliminary manufacturing PMI was 49.5, back below the boom - bust line, lower than analysts' expectations and the previous value of 50.7. The preliminary services PMI rose from 50.5 to 51.4, exceeding the expected 50.5. The preliminary composite PMI was 51.2, exceeding analysts' expectations. The Sentix investor confidence index was - 9.2, with an expected - 2 and a previous value of - 3.7 [2]. - **China**: In August, the manufacturing PMI was 49.4%, up 0.1 percentage point from the previous month, and the manufacturing prosperity level improved. The composite PMI output index was 50.5%, up 0.3 percentage point from the previous month, remaining above the critical point, indicating that the overall expansion of Chinese enterprises' production and business activities accelerated [2]. - **US**: In September, the preliminary S&P Global manufacturing PMI was 52 (the final value in August was 53); the preliminary services PMI was 53.9 (the final value in August was 54.5); the preliminary composite PMI was 53.6 (the final value in August was 54.6) [2]. Tariff and Market Situation - The Sino - US tariff extension negotiation has no substantial progress, and the tariff war has gradually evolved into a trade negotiation issue between the US and other countries. Currently, the spot price has a slight decline, and the tariff issue has a marginal effect [3]. Futures Market - On October 17, the main contract 2512 closed at 1654.7, down 0.5%, with a trading volume of 2.98 million lots and an open interest of 2.57 million lots, a decrease of 139 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]. Geopolitical Situation - There are continuous conflicts in the Israel - Palestine region. On October 19, armed personnel in the Rafah area of the Gaza Strip fired anti - tank missiles and opened fire on the Israeli army. The Israeli army launched air strikes and shelling in the Rafah area and also attacked the Deir al - Balah area in the central Gaza Strip. Israeli Prime Minister Netanyahu instructed to take tough actions in the Gaza Strip, and Israeli senior officials expect more air strikes in the Gaza Strip [3].

Report Summary 1. Report Industry Investment Rating No relevant content provided. 2. Core Viewpoints of the Report - Short - term lack of conditions to support price increases, with the futures market likely to fluctuate at a low level. Do not recommend further adding positions and set stop - losses [2]. - The tariff issue has a marginal effect, and the current focus is on the direction of spot freight rates. The main contract may be in the process of bottom - building, suggesting light - position participation or observation [5]. - In the short - term, the main contract remains weak while the far - month contracts are stronger, which is in line with the bottom - building judgment. Risk - preferring investors are advised to take profits. Pay attention to the subsequent market trend, do not hold losing positions, and set stop - losses. In the context of international turmoil, each contract still follows seasonal logic with large fluctuations, so it is recommended to wait and see or try with a light position. In the long - term, each contract is advised to take profits when the price rises, and then wait for the price to stabilize after a pullback before judging the subsequent direction [6]. 3. Summary by Related Content 3.1 SCFIS, NCFI and Other Freight Rate Indexes - On October 13, the Shanghai Export Container Settlement Freight Index (SCFIS) for the European route was 1031.8 points, a 1.4% decrease from the previous period; the SCFIS for the US West route was 862.48 points, a 1.6% decrease from the previous period [3]. - On October 10, the Ningbo Export Container Freight Index (NCFI) (composite index) was 818.97 points, an 11.50% increase from the previous period; the NCFI for the European route was 698.67 points, an 11.39% increase from the previous period; the NCFI for the US West route was 844.43 points, a 0.34% decrease from the previous period [3]. - On October 10, the Shanghai Export Container Freight Index (SCFI) announced price was 1160.42 points, a 45.90 - point increase from the previous period; the SCFI European line price was 1068 USD/TEU, a 9.9% increase from the previous period; the SCFI US West route was 1468 USD/FEU, a 10.76% increase from the previous period [3]. - On October 10, the China Export Container Freight Index (CCFI) (composite index) was 1014.78 points, a 6.7% decrease from the previous period; the CCFI for the European route was 1287.15 points, an 8.2% decrease from the previous period; the CCFI for the US West route was 777.77 points, a 5.7% decrease from the previous period [3]. 3.2 PMI Data - In August, China's Manufacturing Purchasing Managers' Index (PMI) was 49.4%, a 0.1 - percentage - point increase from the previous month, indicating an improvement in the manufacturing prosperity level. The Composite PMI Output Index was 50.5%, a 0.3 - percentage - point increase from the previous month, indicating that the overall expansion of Chinese enterprises' production and business activities has accelerated [4]. - In September, the preliminary value of the Eurozone's manufacturing PMI was 49.5, falling below the boom - bust line, lower than analysts' expectations and the previous value of 50.7. The preliminary value of the service industry PMI rose from 50.5 to 51.4, exceeding the expected 50.5. The preliminary value of the Eurozone's composite PMI was 51.2, exceeding analysts' expectations. The Eurozone's Sentix Investor Confidence Index in September was - 9.2, with an expected value of - 2 and a previous value of - 3.7 [3]. - In September, the preliminary value of the US S&P Global Manufacturing PMI was 52 (the final value in August was 53); the preliminary value of the service industry PMI was 53.9 (the final value in August was 54.5); the preliminary value of the composite PMI was 53.6 (the final value in August was 54.6) [4]. 3.3 Market and Policy - related Information - The extension of Sino - US tariffs continues, and the negotiation has not made substantial progress. The tariff war has gradually evolved into a trade negotiation issue between the US and other countries. Currently, the spot price has decreased slightly [5]. - On October 10, the main contract 2512 closed at 1570.0, a 3.04% decline, with a trading volume of 31,500 lots and an open interest of 28,100 lots, an increase of 3834 lots from the previous day [5]. - The situation in the Middle East continues to improve. Although the SCFI index has rebounded, the overall atmosphere remains bearish, and the market is under pressure to decline. Attention should be paid to tariff policies, the Middle East situation, and spot freight rate conditions [5]. - The daily limit for contracts 2508 - 2606 has been adjusted to 18%. The company's margin for contracts 2508 - 2606 has been adjusted to 28%. The daily opening limit for all contracts 2508 - 2606 is 100 lots [6]. 3.4 Geopolitical Information - According to Israeli Army Radio on October 10, the Israeli Defense Forces will soon withdraw to the "preliminary withdrawal line" area as per US President Trump's plan. This withdrawal line is roughly the same as the control line of the Israeli army in the Gaza Strip before the large - scale offensive on Gaza City in September. The cease - fire agreement between Israel and Hamas has come into effect, and the Israeli army has stopped military operations in the Gaza Strip. However, according to reports from Al - Jazeera and the Palestinian Holy City News Network, the Israeli army's attacks on multiple areas such as Gaza City and Khan Younis are still ongoing [7]. - According to CCTV News on the evening of October 9, Khalil al - Hayya, a senior Hamas official and chief negotiator, issued a statement announcing the achievement of a cease - fire agreement. This is the first public statement by the Hamas negotiation delegation since the first - stage cease - fire agreement in Gaza was reached. Khalil al - Hayya said that Hamas has received guarantees from mediators including the US. "The war in Gaza is over." Khalil al - Hayya mentioned the cease - fire, the withdrawal of the Israeli army, the entry of humanitarian aid into Gaza, the opening of border ports, and the exchange of Israeli detainees and Palestinian prisoners in the statement, but did not mention issues such as Hamas' disarmament and the transfer of Gaza's management rights in US President Trump's "20 - point plan" [7].