Report Summary 1. Investment Rating No investment rating for the industry is provided in the report. 2. Core Views - The current tariff issue has a marginal effect, and the core lies in the direction of spot freight rates. The main contract may be in the process of bottom - building, and it is recommended to participate with a light position or wait and see [2][3]. - The bullish signals released by liner companies have warmed the market sentiment. Long - position funds have continuously entered, pushing up the futures price. Attention should be paid to tariff policies, the Middle - East situation, and spot freight rates [2][3]. - For different time - frame strategies: in the short - term, risk - preference investors who have built positions in the EC2512 contract below 1500 can consider partial profit - taking; in the long - term, it is recommended to take profits when the contract price surges and wait for the price to stabilize after the correction before making further judgments [3]. 3. Summary by Relevant Content a. Freight Index - **SCFIS and NCFI**: On November 3, the Shanghai Export Container Settlement Freight Index (SCFIS) for the European route was 1208.71 points, down 7.9% from the previous period; for the US - West route, it was 1267.15 points, up 14.4%. On October 31, the Ningbo Export Container Freight Index (NCFI) for the comprehensive index was 1100.32 points, up 12.60%; for the European route, it was 965.62 points, up 17.43%; for the US - West route, it was 1452.82 points, up 12.30% [2]. - **SCFI and CCFI**: On October 31, the Shanghai Export Container Freight Index (SCFI) was 1550.70 points, up 147.24 points from the previous period. The SCFI price for the European route was 1344 USD/TEU, up 7.87%; for the US - West route, it was 2647 USD/FEU, up 22.94%. The China Export Container Freight Index (CCFI) for the comprehensive index was 1021.39 points, up 2.9%; for the European route, it was 1323.81 points, up 2.4%; for the US - West route, it was 772.67 points, up 4.9% [2]. b. PMI Data - **Eurozone**: In October, the manufacturing PMI preliminary value was 45.9 (expected 45.1, previous 45), the service PMI preliminary value was 51.2 (expected 51.5, previous 51.4), and the composite PMI preliminary value was 49.7 (expected 49.7, previous 49.6). The Sentix investor confidence index was expected to be - 8.5, with the previous value of - 9.2 [2]. - **China**: In October, the manufacturing PMI was 49.0%, down 0.8 percentage points from the previous month, and the comprehensive PMI output index was 50.0%, down 0.6 percentage points from the previous month, indicating overall stable corporate production and operation activities [2]. - **US**: In October, the S&P Global service PMI preliminary value was 55.2 (expected 53.5, previous 54.2), the manufacturing PMI preliminary value was 52.2 (expected 52, previous 52), and the composite PMI preliminary value was 54.8 (expected 53.1, previous 53.9) [3]. c. Tariff and Trade - Sino - US tariffs continue to be extended, 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 [2][3]. d. Market Strategy - **Short - term Strategy**: The main contract is weak while the far - month contract is strong, which is in line with the bottom - building judgment. Risk - preference investors who have built positions in the EC2512 contract below 1500 can consider partial profit - taking. Follow - up market trends should be monitored, and it is not recommended to hold losing positions. Stop - loss should be set [3]. - **Arbitrage Strategy**: Given the volatile international situation, each contract still follows the seasonal logic with large fluctuations. It is recommended to wait and see or participate with a light position [3]. - **Long - term Strategy**: It is recommended to take profits when the contract price surges and wait for the price to stabilize after the correction before making further judgments [3]. e. Market Conditions on November 5 - The main contract 2512 closed at 1946.0, with a 4.08% increase, a trading volume of 4.12 million lots, and an open interest of 34,100 lots, an increase of 3157 lots from the previous day [3]. - The daily trading limit for contracts 2508 - 2606 was adjusted to 18%, the margin was adjusted to 28%, and the intraday opening limit for contracts 2508 - 2606 was set at 100 lots [3].

1. Report Industry Investment Rating No relevant content provided. 2. Core View of the Report - The rally signal has boosted bullish sentiment, causing the market to continue rising. It is not recommended to increase positions, and full profit - taking can be considered. Attention should be paid to the freight rates in November. The tariff issue has a marginal effect, and the core lies in 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. For long - term strategies, it is advisable to take profits when prices rise and wait for the market to stabilize after a pullback before making further decisions [2][3]. 3. Summary According to Relevant Contents Freight Rate Index - On November 3, the Shanghai Export Container Settlement Freight Index (SCFIS) for the European route was 1208.71 points, down 7.9% from the previous period; the SCFIS for the US West route was 1267.15 points, up 14.4% from the previous period. On October 31, the Ningbo Export Container Freight Index (NCFI) (composite index) was 1100.32 points, up 12.60% from the previous period; the NCFI for the European route was 965.62 points, up 17.43% from the previous period; the NCFI for the US West route was 1452.82 points, up 12.30% from the previous period. Also on October 31, the Shanghai Export Container Freight Index (SCFI) announced a price of 1550.70 points, up 147.24 points from the previous period; the China Export Container Freight Index (CCFI) (composite index) was 1021.39 points, up 2.9% from the previous period; the SCFI European line price was 1344 USD/TEU, up 7.87% from the previous period; the SCFI US West route was 2647 USD/FEU, up 22.94% from the previous period; the CCFI for the European route was 1323.81 points, up 2.4% from the previous period; the CCFI for the US West route was 772.67 points, up 4.9% from the previous period [2]. Economic Data - The preliminary Eurozone manufacturing PMI in October was 45.9 (expected 45.1, previous 45), the preliminary service PMI was 51.2 (expected 51.5, previous 51.4), and the preliminary composite PMI was 49.7 (expected 49.7, previous 49.6). The Eurozone Sentix investor confidence index in October had a previous value of - 9.2 and a forecast value of - 8.5. In October in China, the manufacturing PMI was 49.0%, down 0.8 percentage points from the previous month, and the composite PMI output index was 50.0%, down 0.6 percentage points from the previous month. The preliminary US S&P Global service PMI in October was 55.2 (expected 53.5, previous 54.2), the manufacturing PMI was 52.2 (expected 52, previous 52), and the composite PMI was 54.8 (expected 53.1, previous 53.9) [2][3]. Policy and Trade Information - The China - US tariff extension continues, and the negotiation has not made substantial progress. The US will cancel the 10% so - called "fentanyl tariff" on Chinese goods (including those from Hong Kong and Macau), and the 24% reciprocal tariff on Chinese goods will be suspended for another year. China will adjust its counter - measures accordingly, and both sides agree to extend some tariff exclusion measures [2][3][4]. Market Strategy - **Short - term Strategy**: The main contract is weak, and the far - month contracts are strong, which is in line with the bottom - building judgment. Risk - takers who were advised to build positions below 1500 in the EC2512 contract (with a profit of over 300 points) can consider partial profit - taking. Pay attention to the subsequent market trend, do not hold losing positions, and set stop - losses. - **Arbitrage Strategy**: Given the volatile international situation, each contract still follows the seasonal logic with large fluctuations. It is recommended to wait and see or participate with a light position. - **Long - term Strategy**: It is advisable to take profits when prices rise for each contract, wait for the market to stabilize after a pullback, and then judge the subsequent direction [3]. Market Conditions - On November 5, the main contract 2512 closed at 1946.0, up 4.08%, with a trading volume of 4.12 million lots and an open interest of 34,100 lots, an increase of 3157 lots from the previous day. The price limit for contracts 2508 - 2606 has been adjusted to 18%, the margin of the company for contracts 2508 - 2606 has been adjusted to 28%, and the daily opening limit for all contracts 2508 - 2606 is 100 lots [3].

Report Summary 1. Investment Rating The report does not provide an investment rating for the shipping industry. 2. Core View - Mainstream shipping companies have initiated price increase announcements for the second half of November, boosting the EC futures market. The spot freight rate decline slightly exceeded market expectations, mainly due to changes in the settlement index rhythm caused by vessel rolling and delays in late October. It is expected that the spot freight rate will gradually rise from November to December, and shipping companies may continue to announce price increases. The report suggests a wait - and - see approach for both unilateral and arbitrage trading [7][8][9]. 3. Summary by Section I. Market Analysis and Strategy Recommendation - **Market Performance** - On November 4, 2025, EC2512 closed at 1909.9 points, up 3.14% from the previous day. The SCFIS European line index reported on November 4 was 1208.71 points, down 7.9% week - on - week, while the SCFI European line reported on October 31 was $1344/TEU, up 7.9% week - on - week [6][7]. - Shipping companies such as CMA, HPL, and MSC have announced price increases for the second half of November, with targets between $3000 - 3100/FEU [7]. - **Logic Analysis** - Spot freight rates are expected to gradually rise. For example, HPL plans to raise the price to $3100 in the second half of November from around $2000 in the first half. CMA announced a price increase to $3000/FEU in the second half of November and set the online price at $3500 in December [8]. - From the fundamental perspective, the shipping volume from November to December is expected to improve. The weekly average capacity from Shanghai to the 5 Nordic ports in October, November, and December is 241,100 TEU, 260,400 TEU, and 289,200 TEU respectively, with a slight increase in December [8]. - **Trading Strategy** - Unilateral trading: Wait and see as the market has factored in the peak - season expectations in advance, and short - term fluctuations are expected while waiting for the implementation of price increases [9]. - Arbitrage trading: Wait and see [10]. II. Industry News - Mediterranean Shipping Company (MSC) has a fleet capacity of over 7 million TEU, accounting for 21.2% of the market share [11]. - The third - quarter corrugated carton shipments in the US fell to the lowest level since 2015, intensifying concerns about the holiday sales season [11]. - China and the EU held export control dialogue consultations in Brussels to promote the stability and smoothness of the industrial and supply chains [11]. - Diplomatic responses were made regarding the potential US tariff increase on China and the situation in the Israel - Palestine conflict [11][12]. III. Related Attachments The report includes figures such as the SCFIS European line index and SCFIS US - West line index, SCFI comprehensive index, and container freight rates for different routes, with data sources from Galaxy Futures, Shanghai Shipping Exchange, and other institutions [15][17][20].

Report Industry Investment Rating - Not provided Core Viewpoints of the Report - The improvement in Sino-US tariff situation meets the daily report's rebound expectation, but it is not recommended to increase positions. Instead, partial profit-taking can be considered, and attention should be paid to the freight rates in November [1] - 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, and it is recommended to participate with a light position or wait and see [3] - Although the mutual reduction of Sino-US tariffs is beneficial to the market to some extent, the freight rates in November may not reach the previously announced increase, suppressing the upward movement of the market. Under the game between long and short positions, the market is generally in a weak and volatile state. Attention should be paid to tariff policies, the Middle East situation, and spot freight rates [3] Summary According to Related Catalogs SCFIS, NCFI Freight Rate Index - On October 27, the Shanghai Export Container Settlement Freight Rate Index (SCFIS) for the European route was 1312.71 points, a 15.1% increase from the previous period; the SCFIS for the US West route was 1107.32 points, a 28.2% increase from the previous period [2] - On October 31, the Ningbo Export Container Freight Rate Index (NCFI) (composite index) was 1100.32 points, a 12.60% increase from the previous period; the NCFI for the European route was 965.62 points, a 17.43% increase from the previous period; the NCFI for the US West route was 1452.82 points, a 12.30% increase from the previous period [2] - On October 31, the Shanghai Export Container Freight Rate Index (SCFI) announced price was 1550.70 points, a 147.24-point increase from the previous period; the SCFI European route price was 1344 USD/TEU, a 7.87% increase from the previous period; the SCFI US West route was 2647 USD/FEU, a 22.94% increase from the previous period [2] - On October 31, the China Export Container Freight Rate Index (CCFI) (composite index) was 1021.39 points, a 2.9% increase from the previous period; the CCFI for the European route was 1323.81 points, a 2.4% increase from the previous period; the CCFI for the US West route was 772.67 points, a 4.9% increase from the previous period [2] Economic Data - In October, the Manufacturing Purchasing Managers' Index (PMI) was 49.0%, a 0.8-percentage-point decrease from the previous month, indicating a decline in the manufacturing prosperity level. The Composite PMI Output Index was 50.0%, a 0.6-percentage-point decrease from the previous month, indicating that the overall production and business activities of Chinese enterprises were stable [3] - The preliminary value of the Eurozone's October manufacturing PMI was 45.9, with an expected value of 45.1 and a previous value of 45; the preliminary value of the service industry PMI was 51.2, with an expected value of 51.5 and a previous value of 51.4; the preliminary value of the composite PMI was 49.7, with an expected value of 49.7 and a previous value of 49.6. The Eurozone's October Sentix Investor Confidence Index had a previous value of -9.2 and a predicted value of -8.5 [2] - The preliminary value of the US October S&P Global service industry PMI was 55.2, with an expected value of 53.5 and a previous value of 54.2; the preliminary value of the manufacturing PMI was 52.2, with an expected value of 52 and a previous value of 52; the preliminary value of the composite PMI was 54.8, with an expected value of 53.1 and a previous value of 53.9 [3] Futures Market - On October 31, the main contract 2512 closed at 1804.0, with a decline of 2.54%, a trading volume of 59,500 lots, and an open interest of 31,400 lots, an increase of 1251 lots from the previous day [3] - The short-term strategy suggests that the main contract remains weak while the far-month contracts are strong, which is in line with the bottoming-out judgment. Risk-takers who were advised to build positions in the EC2512 contract below 1500 (with a profit margin of over 300 points) can consider partial profit-taking. Attention should be paid to the subsequent market trend, and it is not recommended to hold losing positions. Stop-loss should be set [4] - The arbitrage strategy suggests that under the background 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 [4] - The long-term strategy suggests taking profits when each contract rises and waiting for the callback to stabilize before judging the subsequent direction [4] - The daily limit for the 2508 - 2606 contracts has been adjusted to 18% [4] - The company's margin for the 2508 - 2606 contracts has been adjusted to 28% [4] - The daily opening limit for all 2508 - 2606 contracts is 100 lots [4] Tariff Policy - The US will cancel the so-called "fentanyl tariff" of 10% imposed on Chinese goods (including those from the Hong Kong Special Administrative Region and the Macao Special Administrative Region), and the 24% reciprocal tariff on Chinese goods will continue to be suspended for one year. China will adjust its countermeasures accordingly, and the two sides have agreed to continue to extend some tariff exclusion measures [5]

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].