1. Report Industry Investment Rating No relevant content provided in the given documents. 2. Core View of the Report - Spot prices are still falling, but the decline is expected to slow down and gradually bottom out in October. The shipping company's Week 39 quote is 1550 - 1650 US dollars (equivalent to 1150 points on the disk). The far - month futures prices have risen significantly, reflecting the expectation of a slower decline and multiple rounds of price increases in the future. The 10 - 12 spread is - 493.1, and the valuation of the December contract is relatively neutral to high. There are multiple upward drivers in the future, so the December contract is cautiously bullish. The Spring Festival in 2026 is relatively late (February 17, 2026), so the settlement price of the February 2026 contract may be higher, and its current valuation is low, with a higher cost - performance ratio for long positions compared to the December contract. To avoid the potential price - cutting risk of shipping companies in October, a long - February 2026/short - April 2026 spread trade can be considered. [1] 3. Summary by Relevant Catalogs 3.1 Futures Market Data - **Contract Prices and Changes**: The closing prices of EC2510, EC2512, EC2602, EC2604, and EC2606 contracts are 1163.1, 1656.2, 1516.9, 1253.9, and 1431.9 respectively, with daily changes of 0.48%, 2.86%, 1.07%, 1.91%, and 1.52%. [1] - **Trading Volume and Open Interest**: The trading volumes of EC2510, EC2512, and EC2602 contracts are 17803, 10786, and 1953 respectively, and the open interests are 47772, 19598, and 6330 respectively, with open interest changes of 161, 39, and 0. [1] - **Month - to - Month Spreads**: The spreads of EC2510 - 2512 and EC2512 - 2602 are - 493.1 and 139.3 respectively, with daily changes of - 40.5 and 29.9, and weekly changes of - 78.9 and - 16.2. [1] 3.2 Spot Market Data - **Spot Price Indexes**: The current spot price index is 1440.24, down 8.06% from the previous period. The SCFI (European Line) is 1154 US dollars/TEU, down 12.24% from the previous period. The CCFI (European Line) is 1537.28 points, down 6.19% from the previous period. The NCFI (European Line) is 729.42 points, down 14.78% from the previous period. [1] 3.3 Recent European Line Quotations - **Week 37**: The average quote is 2100 US dollars (equivalent to 1450 points on the disk). MSK's quote is 1900 US dollars (later increased to 1950), PA's is 2100 - 2150, and OA's is 2100 - 2300. [2] - **Week 38**: The average quote is 1800 US dollars (equivalent to 1260 points on the disk). MSK's quote is 1700 US dollars (later increased to 1760), PA and MSC's are 1800 - 1950, and OA's is 1650 - 2020. [2] - **Week 39**: The average quote is 1550 - 1650 US dollars (equivalent to 1150 points on the disk). MSK's quote is 1500 US dollars (later increased to 1560), PA Alliance's is 1550 - 1600 US dollars, and O4 Alliance's is 1600 - 1720 US dollars. [2]

Report Information - Report Title: “集运指数日报” [1] - Date: September 12, 2025 [2] - Research Team: Macro Financial Team [4] - Researchers: He Zhuoqiao, Huang Wenxin, Nie Jiayi [3] Investment Rating - The report does not provide an overall investment rating for the industry. Core View - The SCFIS has fallen below 1600 points for eight consecutive weeks, and the online quotes in the second half of September have been further reduced. The prices show a smooth downward trend in the off - season, with a larger - than - expected decline. The main 10 - contract is still at a certain discount, and the previous rebound may be due to the expectation of increased National Day blank sailings. However, the blank sailing scale this year is not significantly larger than last year, and the overall shipping capacity has increased, so the boosting effect may be limited. There may be low - buying opportunities for the 12 - contract in December, and the 10 - contract is recommended to be shorted on rallies [8]. Summary by Directory 1. Market Review and Operation Suggestions - **Market Situation**: The SCFIS has dropped below 1600 points for eight consecutive weeks. Shipping prices on the Shanghai - Rotterdam route of major shipping companies have decreased significantly. The main 10 - contract is at a discount, and the previous rebound was due to the expectation of increased National Day blank sailings, but the boosting effect may be weak [8]. - **Operation Suggestions**: There may be low - buying opportunities for the 12 - contract in December, and the 10 - contract is recommended to be shorted on rallies [8]. 2. Industry News - **China's Export Container Transport Market**: From September 1 to 5, the market remained stable, with different routes showing different price trends. The comprehensive index was stable. China's economic sentiment continued to expand in August, with the manufacturing sector slightly improving and the non - manufacturing sector accelerating expansion [9]. - **European Routes**: Eurozone's July retail sales decreased by 0.5% month - on - month, lower than expected. The transportation demand was weak, and the spot market booking prices continued to decline. On September 5, the Shanghai - Europe basic port freight rate was $1315/TEU, down 11.2% from the previous period [9][10]. - **Mediterranean Routes**: The market situation was similar to that of European routes, with freight rates continuing to fall. On September 5, the Shanghai - Mediterranean basic port freight rate was $1971/TEU, down 8.1% from the previous period [10]. - **North American Routes**: The US manufacturing index in August was 48.7, contracting for the sixth consecutive month. The transportation demand was stable, and the spot market booking prices continued to rise. On September 5, the Shanghai - US West and US East basic port freight rates were $2189/FEU and $3073/FEU respectively, up 13.8% and 7.2% from the previous period [10]. - **International Situation**: The situation in the Middle East has become tense again. There are issues related to the cease - fire in Gaza, and some Western countries' plans to recognize Palestine may have an impact on Israel. Also, multiple international submarine cables in the Red Sea have been cut [10]. 3. Data Overview - **Container Shipping Spot Prices**: From September 1 to 8, the SCFIS for European routes decreased from 1773.6 to 1566.46, a decrease of 11.7%; the SCFIS for US West routes decreased from 1013.9 to 980.48, a decrease of 3.3% [12]. - **Container Shipping Index (European Line) Futures Quotes**: The report provides trading data for multiple contracts such as EC2510, EC2512, etc., including opening price, closing price, settlement price, change, change rate, trading volume, open interest, and open interest change [6]. - **Shipping - Related Data Charts**: The report includes charts of container ship capacity in Europe, global container ship orders, Shanghai - Europe basic port freight rates, and Shanghai - Rotterdam spot freight rates [16][18]

Report Information - Report Title: "集运指数日报" [1] - Date: September 5, 2025 [2] - Research Team: Macro Financial Team [4] - Researchers: He Zhuoqiao, Huang Wenxin, Nie Jiayi [3] Industry Investment Rating - No relevant content provided. Core View - The SCFIS dropped below 1800 points in the current week, marking the seventh consecutive week of decline. Online quotes for the first half of September were further reduced, with the lowest price falling below $2000 per 40 - foot container. The price of the European route shows a characteristic of smooth decline in the off - season, and the decline exceeds market expectations, putting significant pressure on the October contract. However, the current main 10 - contract has a deep discount, with sufficient expectations for price cuts. The oversold rebound on Tuesday might be boosted by the expectation of increased empty sailings during the National Day. But since the scale of empty sailings this year has not significantly exceeded that of last year and the overall shipping capacity has actually increased, the boosting effect may not be strong enough. There may be low - buying opportunities in December, and the 10 - contract is recommended to be short - allocated on rallies [8]. Summary by Section 1. Market Review and Operation Suggestions - The SCFIS has fallen below 1800 points for seven consecutive weeks. Online quotes in early September have been further reduced. The price of the Shanghai - Rotterdam route shows a smooth decline in the off - season, which puts pressure on the 10 - contract. The 10 - contract is deeply discounted, and the oversold rebound on Tuesday may be due to the expectation of increased National Day empty sailings. However, the boosting effect may be limited. The 10 - contract is recommended to be short - allocated on rallies, and there may be low - buying opportunities in December [8]. 2. Industry News - From August 25th to August 29th, the overall China export container shipping market was stable, with different routes showing divergent trends. The comprehensive index rose slightly. The European route's market sentiment was weak, with the freight rate falling. The Mediterranean route followed the European route, with the freight rate dropping. The North American route's freight rate rebounded. There were also geopolitical events in the Middle East and the US's statement on the Palestinian issue [9][10]. 3. Data Overview 3.1 Spot Freight Rates for Container Shipping - The Shanghai Export Container Settlement Freight Index for the European route decreased from 1990.2 on August 25th to 1773.6 on September 1st, a decrease of 10.9%. The index for the US - West route decreased from 1041.38 to 1013.9, a decrease of 2.6% [12]. 3.2 Futures Market for Container Shipping Index (European Route) - Provided trading data for EC2510, EC2512, EC2602, EC2604, EC2606, and EC2608 contracts on September 4th, including opening price, closing price, settlement price, price change, trading volume, open interest, and change in open interest [6].

Report Information - Report Title: Container Shipping Index Daily Report [1] - Date: September 4, 2025 [2] - Research Team: Macro Financial Team [4] - Researchers: He Zhuoqiao, Huang Wenxin, Nie Jiayi [3] Report Industry Investment Rating - Not provided Core Viewpoints - The SCFIS has dropped below 1800 points for seven consecutive weeks, and the online quotes in the first half of September have been further reduced, putting pressure on the October contract. However, the current main 10 - contract has a deep discount, and there was an oversold rebound on Tuesday, possibly boosted by the expectation of increased empty sailings during the National Day. But the scale of empty sailings this year has not significantly exceeded last year, and the overall shipping capacity has increased, so the boosting effect may not be strong. There may be low - buying opportunities for the December contract, and the 10 - contract is recommended to be short - sold on rallies [8] Summary by Directory 1. Market Review and Operation Suggestions - **Market Situation**: The SCFIS has been falling for seven consecutive weeks, and the online quotes in September have decreased. The price of the Shanghai - Rotterdam route shows a characteristic of smooth decline in the off - season, and the decline exceeds market expectations, bringing pressure to the October contract. The main 10 - contract has a deep discount and had an oversold rebound on Tuesday, possibly due to the expectation of increased National Day empty sailings. However, the boosting effect may be limited [8] - **Operation Suggestions**: There may be low - buying opportunities for the December contract, and the 10 - contract is recommended to be short - sold on rallies [8] 2. Industry News - **Overall Market**: From August 25th to 29th, the overall Chinese export container shipping market was stable, with different routes showing different trends due to supply - demand fundamentals, and the composite index rose slightly [9] - **European Route**: In August, the euro - area economic sentiment index was lower than expected, consumer confidence and industrial indices declined. Shipping demand lacked growth momentum, and market freight rates continued to fall. On August 29th, the Shanghai - Europe basic port market freight rate was $1481/TEU, a 11.2% decrease from the previous period [9] - **Mediterranean Route**: The market situation was similar to the European route, with weak supply - demand fundamentals and falling spot booking prices. On August 29th, the Shanghai - Mediterranean basic port market freight rate was $2145/TEU, a 3.6% decrease from the previous period [9] - **North American Route**: The US Markit manufacturing PMI in August reached the highest level since May 2022, showing strong economic performance, but there was inflation pressure. Shipping demand was stable, and market freight rates rebounded. On August 29th, the Shanghai - US West and East basic port market freight rates were $1923/FEU and $2866/FEU respectively, rising 17.0% and 9.7% from the previous period [10] - **Geopolitical News**: There were military conflicts in Yemen, with threats from the Houthi movement and Iran escalating. The US State Department held the PLO and Palestinian Authority responsible for undermining peace [10] 3. Data Overview - **Container Shipping Spot Prices** - On September 1, 2025, the SCFIS for the European route (basic ports) was 1773.6, a 10.9% decrease from August 25th; the SCFIS for the US West route (basic ports) was 1013.9, a 2.6% decrease from August 25th [12] - **Container Shipping Index (European Line) Futures Market** - Provided trading data for EC2510, EC2512, EC2602, EC2604, EC2606, and EC2608 contracts on September 3, including opening price, closing price, settlement price, change, change rate, trading volume, open interest, and open interest change [6] - **Shipping - Related Data Charts** - Included charts of Shanghai Export Container Settlement Freight Index, container shipping futures contract trends, European container ship capacity, global container ship order backlog, Shanghai - European basic port freight rates, and Shanghai - Rotterdam spot freight rates [13][17][21]

Report Overview - Report Title: Container Shipping Index Daily Report [1] - Date: September 3, 2025 [2] - Research Team: Macro Financial Team [4] - Researchers: He Zhuoqiao, Huang Wenxin, Nie Jiayi [3] 1. Report Industry Investment Rating - Not provided in the given content 2. Core View of the Report - The SCFIS has fallen below 1800 points for seven consecutive weeks, and the online quotes in the first half of September have been further reduced. The price shows a characteristic of smooth decline in the off - season, putting pressure on the October contract. However, the current main October contract has a deep discount, and today's oversold rebound may be boosted by the expectation of adding empty sailings during the National Day. Attention should be paid to whether the marginal benefits will continue and materialize to help stabilize. The December contract may have low - buying opportunities, while the October contract is recommended to be short - allocated on rallies [8] 3. Summary by Directory 3.1 Market Review and Operation Suggestions - The SCFIS has dropped below 1800 points for seven consecutive weeks, and the online quotes in early September have been further reduced. The price of the Shanghai - Rotterdam route shows a smooth decline in the off - season, exceeding market expectations and pressuring the October contract. The main October contract has a deep discount, and today's rebound may be due to the expectation of adding National Day empty sailings. The 10 - contract is recommended to be short - allocated on rallies, while the 12 - contract may have low - buying opportunities [8] 3.2 Industry News - From August 25th to 29th, the overall Chinese export container shipping market was stable, with different routes showing differentiated trends. The comprehensive index rose slightly. The European and Mediterranean routes saw a decline in freight rates due to weak economic indicators and lack of demand growth momentum. The North American route had a rebound in freight rates as the US economy showed strong performance. There were also geopolitical events in the Middle East, including Israeli attacks on Houthi officials in Yemen, leading to threats of retaliation and an escalation of the conflict between Yemen and Iran. The US State Department made a statement regarding the Palestinian Authority [9][10] 3.3 Data Overview 3.3.1 Container Shipping Spot Prices - The SCFIS for the European route (basic ports) on September 1, 2025, was 1773.6, down 216.6 (-10.9%) from August 25th. The SCFIS for the US - West route (basic ports) was 1013.9, down 27.48 (-2.6%) from August 25th [12] 3.3.2 Container Shipping Index (European Line) Futures Market - Multiple figures related to the container shipping index (European line) futures market are provided, including the trends of the main and secondary main contracts, shipping - related data such as European container ship capacity, global container ship orders, and Shanghai - Europe basic port freight rates [17][21] 3.3.3 Trading Data of Container Shipping European Line Futures on September 2 | Contract | Previous Settlement Price | Opening Price | Closing Price | Settlement Price | Change | Change (%) | Volume | Open Interest | Open Interest Change | | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | | EC2510 | 1,293.8 | 1,290.2 | 1,340.7 | 1,364.5 | 46.9 | 3.62 | 77948 | 54157 | 1886 | | EC2512 | 1,621.9 | 1,640.9 | 1,733.5 | 1,755.1 | 111.6 | 6.88 | 28247 | 16673 | 178 | | EC2602 | 1,439.5 | 1,478.0 | 1,550.1 | 1,571.7 | 110.6 | 7.68 | 7124 | 5599 | 753 | | EC2604 | 1,230.5 | 1,220.0 | 1,246.9 | 1,273.6 | 16.4 | 1.33 | 3304 | 7199 | 130 | | EC2606 | 1,407.4 | 1,421.8 | 1,438.9 | 1,472.3 | 31.5 | 2.24 | 715 | 969 | 79 | | EC2608 | 1,599.5 | 1,635.0 | 1,603.1 | 1,648.1 | 3.6 | 0.23 | 153 | 298 | 24 | [6]

Report Industry Investment Rating - Not provided Core Viewpoints - Today, the prices of each monthly contract of the Container Shipping Index (European Line) futures first oscillated upwards and then returned to oscillation. As of the close, except for EC2606, the prices of each monthly contract of EC have rebounded. Affected by commodity sentiment, the futures price rebounded from a short - term low. Considering the current spot cabin quotes on the European line and the situation of the futures underlying, it is more likely that EC will continue to oscillate with a downward bias or maintain an oscillating trend [1] - The rise of the main commodity contracts is positive for the short - term sentiment of container shipping [2] - ONE has lowered its September European line quotes [3] Summary by Relevant Catalogs EC Risk Management Strategy - For cabin management, if one has already obtained cabins but the shipping capacity is full or the booked cargo volume is poor, and there are concerns about a decline in freight rates, to prevent losses, one can short the container shipping index futures according to the company's cabin situation to lock in profits. For the EC2510 contract, the recommended selling entry range is 1450 - 1550 [1] - For cost management, if the shipping companies increase the frequency of blank sailings or the market is about to enter the peak season, and one hopes to book cabins according to the order situation, to prevent an increase in transportation costs due to rising freight rates, one can buy the container shipping index futures at present to determine the cabin - booking cost in advance. For the EC2510 contract, the recommended buying entry range is 1200 - 1300 [1] EC Contract Data - As of the close, from the changes in the positions of the top 20 institutional holders on the exchange, for the EC2510 contract, the long positions increased by 614 lots to 28,928 lots, the short positions increased by 1393 lots to 32,916 lots, and the trading volume increased by 16,486 lots to 47,955 lots (bilateral). Today, the EC2508 contract was delivered, and the delivery settlement price was 2135.3 points, basically consistent with the final closing price of 2136.0 points [1] - On August 26, 2025, the closing price of EC2508 was 2136.0 points, with a daily increase of 0.39% and a weekly increase of 2.29%; the closing price of EC2510 was 1358.0 points, with a daily increase of 3.74% and a weekly decrease of 1.10%; and so on for other contracts. There are also detailed data on price differences between different contracts [4] - On August 26, 2025, the basis of EC2508 was - 145.80 points, with a daily decrease of 8.30 points and a weekly decrease of 237.77 points; the basis of EC2510 was 632.20 points, with a daily decrease of 49.00 points and a weekly decrease of 174.87 points; and so on for other contracts [3] Spot Cabin Quotes - According to Geek Rate, on September 4, for Maersk's Shanghai - Rotterdam sailings, the total quote for 20GP was $1310, an increase of $5 compared to the previous period, and the total quote for 40GP was $2200, an increase of $10 compared to the previous period. In early September, for ONE's Shanghai - Rotterdam sailings, the total quote for 20GP was $1654, a decrease of $460 compared to the previous period, and the total quote for 40GP was $2343, a decrease of $700 compared to the previous period [6] Global Freight Rate Index - The latest value of SCFIS for the European route was 1990.2 points, a decrease of 189.97 points or 8.71% compared to the previous value; the latest value of SCFIS for the US - West route was 1041.38 points, a decrease of 64.91 points or 5.87% compared to the previous value; and so on for other freight rate indices [7] Global Major Port Waiting Time - On August 25, 2025, the waiting time at Hong Kong Port was 0.452 days, a decrease of 0.112 days compared to the previous day; the waiting time at Shanghai Port was 1.800 days, a decrease of 0.120 days compared to the previous day; and so on for other ports [13] Ship Speed and Waiting Ship Quantity at Suez Canal - On August 25, 2025, the average speed of 8000 + container ships was 15.872 knots, an increase of 0.094 knots compared to the previous day; the average speed of 3000 + container ships was 14.742 knots, a decrease of 0.09 knots compared to the previous day; the average speed of 1000 + container ships was 13.385 knots, an increase of 0.143 knots compared to the previous day. The number of container ships waiting at the Suez Canal port anchorage was 18, a decrease of 3 compared to the previous day [23]

1. Report Industry Investment Rating No relevant content provided. 2. Core Viewpoints of the Report - Currently, downstream customers are booking shipping space for late August to early September (week 35 - 36). The final average price in week 35 was $2,550 (equivalent to 1,800 points), and in week 36, the current average quote is $2,250 (1,550 points). Most shipping companies face pressure to secure cargo at the end of the month, while MSK has relatively less pressure due to significant price cuts. [2][3][16][17] - The overall shipping capacity in September has been reduced due to the additional suspension of OA Alliance's FAL8 in week 37. The weekly average shipping capacity in September and October 2025 is 300,000 and 290,000 TEU respectively. The market situation in September is relatively loose, and the subsequent driving force remains weak. However, the valuation in October is approaching the annual low (1,250 - 1,300), with limited downside potential. Investors can consider long - positions in the December contract. [2][16] 3. Summary by Relevant Catalogs 3.1 Futures Contract Information - **Contract Prices and Changes**: EC2508 closed at 2,127.7 with a 0.13% increase; EC2510 at 1,309.0 with a 1.21% decrease; EC2512 at 1,661.2 with a 3.50% decrease; EC2602 at 1,465.0 with a 3.17% decrease; EC2604 at 1,264.5 with a 1.94% decrease; EC2606 at 1,430.0 with a 2.73% decrease. [2][16] - **Open Interest Changes**: The open interest of EC2508 decreased by 92, EC2510 by 38, EC2512 increased by 1,086, EC2602 increased by 52, EC2604 increased by 120, and EC2606 increased by 20. [2][16] - **Month - to - Month Spreads**: The spread between EC2508 - 2510 was 818.7, showing a daily increase of 18.7 and a weekly increase of 103.6; the spread between EC2510 - 2512 was - 352.2, with a daily increase of 44.2 and a weekly increase of 64.4; the spread between EC2512 - 2602 was 196.2, with a daily decrease of 12.2 and a weekly decrease of 55.6. [2][16] 3.2 Index Information - **TTI**: Updated on August 18, 2025, it was 2,180.17 points, down 2.47% from the previous period and 2.71% from two periods ago. [2][16] - **SCH (European Line)**: Updated on August 22, 2025, it was $1,668 per TEU, down 8.31% from the previous period and 7.19% from two periods ago. [2][16] - **CCFI**: Updated on August 22, 2025, it was 1,757.74 points, down 1.85% from the previous period and 0.48% from two periods ago. [2][16] - **NCFI**: Updated on August 22, 2025, it was 1,083.74 points, down 8.85% from the previous period and 5.49% from two periods ago. [2][16] 3.3 Recent European Line Quotations - **Week 35**: The average price was $2,575 (equivalent to 1,770 points). BA Alliance quoted $2,500, MSK started at $2,300 and then rose to $2,490, and OA Alliance quoted between $2,700 - $2,800. [3][17] - **Week 36**: The average price was $2,250 (1,550 points). PA Alliance quoted between $2,200 - $2,300, MSK started at $2,100 and then rose to $2,200, and OA Alliance quoted between $2,300 - $2,400. [3][17] 3.4 Related News - On August 24, a senior Hamas official stated that Israeli Prime Minister Netanyahu was deliberately undermining negotiations and insisting on continuing the offensive to achieve political goals. [4][18] - On August 21, the US and the EU reached an agreement on the "Reciprocal, Fair, and Balanced Trade Agreement Framework." The US will impose a 15% tariff on most EU goods such as cars, pharmaceuticals, semiconductors, and wood, while some products like scarce natural resources, aircraft and parts, and generic drugs are exempt. The EU promised to cancel tariffs on US industrial products, provide preferential market access for US seafood and agricultural products, and planned to purchase $750 billion worth of US liquefied natural gas, oil, and nuclear products by 2028, along with $40 billion worth of US AI chips. EU companies will also invest an additional $600 billion in US strategic industries. [4][18]

Report Information - Report Title: Container Shipping Index Daily Report [1] - Date: August 22, 2025 [2] - Researcher: He Zhuoqiao, Huang Wenxin, Nie Jiayi [3] Core Viewpoint - The spot freight rate has entered a downward channel, and the SCFIS has continued to decline this week. Although the price has stabilized, the demand side is difficult to improve significantly, and the shipping capacity supply is at a relatively high level in the off - season. The freight rate this year may show the characteristic of an even weaker off - season. The main October contract has a deep discount, and the short - term futures decline may narrow, but it may still show a downward trend in the long term. It is recommended to short the October contract on rallies [8] Content Summary by Section 1. Market Review and Operation Suggestions - Spot market: The spot freight rate has entered a downward channel, and the SCFIS has continued to decline to 2180.17 points this week. The August freight rate has been reduced, and now the price has stabilized. The 40GP large container price of Maersk on the Shanghai - Rotterdam route in the fourth week of August is about $300 lower than that in the third week. The quotes of other shipping companies are concentrated in the range of $2500 - $2900. CMA CGM and ONE's September freight rates are slightly higher than those at the end of August [8] - Market outlook: Due to the great impact of tariffs on foreign trade and the high shipping capacity supply in the off - season, the demand side is difficult to improve significantly. The main October contract has a deep discount and the decline rate has slowed down. The short - term futures decline may narrow, but it may still decline in the long term. It is recommended to short the October contract on rallies [8] 2. Industry News - Market adjustment: From August 11th to 15th, the China export container shipping market continued to adjust, with most route freight rates falling, dragging down the comprehensive index. The Shanghai Export Containerized Freight Index on August 15th was 1460.19 points, a 2.0% decline from the previous period [9] - European economy: Germany's ZEW economic sentiment index in August dropped to 34.7, far lower than market expectations, and the euro - zone data showed a similar trend. The European economy will continue to face challenges, and the spot market booking price continues to decline. The freight rate from Shanghai Port to European basic ports on August 15th was $1820/TEU, a 7.2% decline from the previous period [9][10] - Mediterranean and North American routes: The Mediterranean route's freight rate continued to decline, with the freight rate from Shanghai Port to Mediterranean basic ports on August 15th at $2279/TEU, a 1.7% decline from the previous period. In the North American route, the US PPI in July increased significantly, and the customs tariff revenue reached $28 billion, a 273% increase year - on - year, but the fiscal deficit still increased by 10%. The freight rates from Shanghai Port to the US West and East basic ports on August 15th decreased by 3.5% and 2.6% respectively from the previous period [10] - Geopolitical events: The threat of the Houthi armed forces to global shipping has escalated, and the international shipping safety situation has continued to deteriorate. The Israeli Air Force's air strikes on Yemen's Hodeidah Port have further disrupted the port's operations [10] - Trade policy: The US will maintain a 25% tariff on Japanese goods and may soon reach a trade agreement with India [10] 3. Data Overview 3.1 Container Shipping Spot Price - European route: The SCFIS of the European route (basic ports) on August 18th was 2180.17 points, a 2.5% decline from August 11th [12] - US West route: The SCFIS of the US West route (basic ports) on August 18th was 1106.29 points, a 2.2% increase from August 11th [12] 3.2 Container Shipping Index (European Line) Futures Market - The trading data of container shipping European line futures on August 21st shows that different contracts have different price changes, trading volumes, open interests, and position changes. For example, the EC2510 contract closed at 1325.0, with a decline of 33.8 and a decline rate of 2.49%, and the trading volume was 35008, with an open interest of 54293 and a position increase of 2566 [6]

Group 1: General Information - Report title: "集运指数日报" [1] - Date: August 21, 2025 [2] - Researchers: He Zhuoqiao, Huang Wenxin, Nie Jiayi [3] - Team: Macro Finance Team [4] Group 2: Investment Rating - There is no information about the industry investment rating in the report. Group 3: Core Viewpoints - The spot freight rate has entered a downward channel, and the SCFIS has continued to decline this week. Although the price has stabilized, the demand side is unlikely to improve significantly due to the impact of tariffs, and the shipping capacity supply is at a relatively high level in the off - season. The freight rate this year may show the characteristic of an even more off - season. The short - term futures decline may narrow, but it may still show a downward trend in the long term. It is recommended to short the 10 - contract on rallies [8]. Group 4: Summary by Directory 1. Market Review and Operation Suggestions - Spot market: The SCFIS has continued to decline to 2180.17 points this week. The August freight rate has been adjusted downward, and now the price has stabilized. For example, Maersk's 40GP container price for the fourth week of August on the Shanghai - Rotterdam route is about $300 lower than that of the third week, and the quotes of other shipping companies are concentrated in the range of $2500 - $2900. CMA CGM and ONE plan to increase the September freight rate slightly compared to the end of August [8]. - Market outlook: Due to the uncertainty of tariffs and the large actual damage to foreign trade, the demand side is difficult to improve significantly. The shipping capacity supply is at a relatively high level in the off - season. The 10 - contract is deeply at a discount, and the short - term futures decline may narrow. In the long term, it may still show a downward trend, and it is recommended to short the 10 - contract on rallies [8]. 2. Industry News - China's export container shipping market: From August 11 to August 15, the market continued to adjust, and the freight rates of most routes declined, dragging down the composite index. The Shanghai Export Containerized Freight Index on August 15 was 1460.19 points, a 2.0% decline from the previous period [9]. - European routes: Germany's ZEW economic sentiment index in August dropped to 34.7, far lower than market expectations, ending three consecutive months of recovery. The eurozone's overall data is consistent with Germany's. The freight demand lacks growth momentum, and the spot booking price continues to decline. On August 15, the freight rate from Shanghai Port to European basic ports was $1820/TEU, a 7.2% decline from the previous period [9]. - Mediterranean routes: The market situation is synchronized with European routes, and the freight rate continues to decline. On August 15, the freight rate from Shanghai Port to Mediterranean basic ports was $2279/TEU, a 1.7% decline from the previous period [10]. - North American routes: The US PPI in July increased by 3.3% year - on - year, far exceeding market expectations. The US customs tariff revenue in July reached $28 billion, a 273% increase from the same period last year, but the fiscal deficit increased by 10% year - on - year. The market supply - demand fundamentals are weak, and the shipping market continues to adjust. On August 15, the freight rates from Shanghai Port to the US West and East basic ports were $1759/FEU and $2719/FEU respectively, down 3.5% and 2.6% from the previous period [10]. - International shipping security: The Houthi armed forces' threat to global shipping has escalated. They have attacked Israel's Ben - Gurion International Airport and announced "sanctions" on 64 shipping companies. If the conflict worsens significantly, it may boost futures prices in the short term [10]. - Israel - Yemen conflict: Israel has carried out multiple air strikes on Yemen's Hodeidah Port, which is crucial for Yemen's trade and humanitarian supplies [10]. 3. Data Overview - Spot freight rates: The SCFIS for the European route (basic ports) on August 18 was 2180.17 points, a 2.5% decline from August 11; the SCFIS for the US West route (basic ports) was 1106.29 points, a 2.2% increase from August 11 [12]. - Futures market: The trading data of eight container shipping European line futures contracts on August 20 are provided, including the previous settlement price, opening price, closing price, settlement price, change, change rate, trading volume, open interest, and open interest change [6]. - Shipping - related data: The report also includes charts of European container ship capacity, global container ship orders, Shanghai - European basic port freight rates, and Shanghai - Rotterdam spot freight rates [18][21]

Report Industry Investment Rating - Not provided Core Viewpoints - Today, the prices of each monthly contract of the Container Shipping Index (European Line) futures first fluctuated slightly downward and then rebounded. As of the close, the prices of each EC contract showed mixed gains and losses. Looking at the changes in the positions of the top 20 institutional holders on the exchange, in the EC2510 contract, long positions decreased by 150 lots to 27,425 lots, short positions decreased by 609 lots to 31,390 lots, and trading volume increased by 1,556 lots to 34,557 lots (bilateral). The opening price of the futures price today slightly declined, which should be affected by the spot cabin quotes on the European Line. After yesterday's close, CMA CGM once again lowered its spot cabin quotes on the European Line for the next two weeks. However, it then rebounded. On one hand, it should be because the spot cabin quotes on the European Line for some newly opened voyages of MSK in the next two weeks have increased to a certain extent compared to before, which is somewhat positive for the valuation of the futures price. On the other hand, it may come from the recurrence of geopolitical risks. For the future market, it is still relatively likely that the EC will continue to show a volatile trend, and some contracts may rebound from low levels [1]. Summary by Related Catalogs EC Risk Management Strategy Recommendations - For those who have already obtained cabin positions but have full capacity or poor booking volume, and are worried about falling freight rates, they can short the container shipping index futures according to the company's cabin positions to lock in profits. The recommended hedging tool is EC2510, with a selling recommendation and an entry range of 1450 - 1550 [1]. - For those who want to book cabins according to order situations due to increased blank sailings by shipping companies or the approaching peak season, they can buy the container shipping index futures at present to determine the cabin - booking cost in advance. The recommended hedging tool is EC2510, with a buying recommendation and an entry range of 1200 - 1300 [1]. 利多解读 (Positive Interpretations) - The spot cabin quotes on the European Line for some newly opened voyages of MSK in the next two weeks have increased to a certain extent compared to before [2]. - According to the "Israel Times" report on the 20th local time, Israeli Defense Minister Katz has approved the Israeli army's offensive plan against Gaza City in northern Gaza. The offensive operation is named "Gideon's Chariot B" [2]. 利空解读 (Negative Interpretations) - CMA CGM has lowered the quotes on the European Line for the end of August and early September [3]. EC Basis Daily Changes - On August 20, 2025, the basis of EC2508 was 57.17 points, with a daily increase of 4.30 points and a weekly decrease of 95.31 points [4]. - The basis of EC2510 was 825.17 points, with a daily increase of 15.30 points and a weekly decrease of 77.21 points [5]. - The basis of EC2512 was 404.27 points, with a daily decrease of 0.90 points and a weekly decrease of 131.11 points [5]. - The basis of EC2602 was 648.17 points, with a daily increase of 3.40 points and a weekly decrease of 99.31 points [5]. - The basis of EC2604 was 865.87 points, with a daily increase of 8.80 points and a weekly decrease of 41.01 points [5]. - The basis of EC2606 was 700.17 points, with a daily increase of 12.30 points and a weekly decrease of 62.31 points [5]. EC Price and Spread - On August 20, 2025, the closing price of EC2508 was 2123.0 points, with a daily decrease of 0.20% and a weekly increase of 1.92% [5]. - The closing price of EC2510 was 1355.0 points, with a daily decrease of 1.12% and a weekly increase of 1.64% [5]. - The closing price of EC2512 was 1775.9 points, with a daily increase of 0.05% and a weekly increase of 4.46% [5]. - The closing price of EC2602 was 1532.0 points, with a daily decrease of 0.22% and a weekly increase of 2.96% [5]. - The closing price of EC2604 was 1314.3 points, with a daily decrease of 0.87% and a weekly decrease of 1.08% [5]. - The closing price of EC2606 was 1480.0 points, with a daily decrease of 0.82% and a weekly increase of 0.48% [5]. - The spread of EC2508 - 2512 was 347.1 points, with a daily decrease of 5.2 points and a weekly decrease of 35.8 points [5]. - The spread of EC2512 - 2604 was 461.6 points, with a daily increase of 9.7 points and a weekly increase of 56.5 points [5]. - The spread of EC2604 - 2508 was - 808.7 points, with a daily decrease of 4.5 points and a weekly decrease of 73.6 points [5]. - The spread of EC2508 - 2510 was 768.0 points, with a daily decrease of 5.2 points and a weekly increase of 18.1 points [5]. - The spread of EC2510 - 2512 was - 420.9 points, with a daily decrease of 16.2 points and a weekly decrease of 53.9 points [5]. - The spread of EC2512 - 2602 was 243.9 points, with a daily increase of 4.3 points and a weekly increase of 11 points [5]. Container Shipping Spot Cabin Quotes - On August 28, for Maersk's sailings from Shanghai to Rotterdam, the total quote for 20GP was $1490/1564, an increase of $10/74 compared to the previous value/same - period quotes of other sailings; the total quote for 40GP was $2530/2656, an increase of $20/125 compared to the same - period quotes of other sailings [7]. - On September 4, for Maersk's sailings from Shanghai to Rotterdam, the total quote for 20GP was $1285/1349, an increase of $20/64 compared to the previous value/same - period quotes of other sailings; the total quote for 40GP was $2150/2257, an increase of $40/107 compared to the previous value/same - period quotes of other sailings [7]. - In late August and early September, for CMA CGM's sailings from Shanghai to Rotterdam, the total quote for 20GP was $1510, a decrease of $50/650 compared to the previous value; the total quote for 40GP was $2620, a decrease of $100/800 compared to the previous value [7]. Global Freight Rate Index - The latest value of SCFIS for the European route was 2180.17 points, a decrease of 55.31 points and a decline of 2.47% compared to the previous value [8]. - The latest value of SCFIS for the US - West route was 1106.29 points, an increase of 24.15 points and a rise of 2.23% compared to the previous value [8]. - The latest value of SCFI for the European route was $1820/TEU, a decrease of $141 and a decline of 7.19% compared to the previous value [8]. - The latest value of SCFI for the US - West route was $1759/FEU, a decrease of $64 and a decline of 3.51% compared to the previous value [8]. - The latest value of XSI for the European Line was $3074/FEU, a decrease of $9 and a decline of 0.29% compared to the previous value [8]. - The latest value of XSI for the US - West Line was $1837/FEU, a decrease of $12 and a decline of 0.7% compared to the previous value [8]. - The latest value of the FBX comprehensive freight rate index was $1962/FEU, a decrease of $13 and a decline of 0.66% compared to the previous value [8]. Global Major Port Waiting Times - On August 19, 2025, the waiting time at Hong Kong Port was 0.395 days, a decrease of 0.625 days compared to the previous day and 0.924 days in the same period last year [15]. - The waiting time at Shanghai Port was 1.823 days, an increase of 0.014 days compared to the previous day and 1.439 days in the same period last year [15]. - The waiting time at Yantian Port was 0.880 days, a decrease of 0.058 days compared to the previous day and 0.605 days in the same period last year [15]. - The waiting time at Singapore Port was 0.563 days, a decrease of 0.546 days compared to the previous day and 0.601 days in the same period last year [15]. - The waiting time at Jakarta Port was 1.822 days, an increase of 0.294 days compared to the previous day and 0.980 days in the same period last year [15]. - The waiting time at Long Beach Port was 2.529 days, an increase of 0.218 days compared to the previous day and 1.999 days in the same period last year [15]. - The waiting time at Savannah Port was 1.528 days, an increase of 0.290 days compared to the previous day and 2.141 days in the same period last year [15]. Ship Speed and Number of Container Ships Waiting at Suez Canal Ports - On August 19, 2025, the speed of container ships over 8000 was 15.846 knots, a decrease of 0.12 knots compared to the previous day and 16.009 knots in the same period last year [23]. - The speed of container ships over 3000 was 14.902 knots, a decrease of 0.069 knots compared to the previous day and 15.169 knots in the same period last year [23]. - The speed of container ships over 1000 was 13.344 knots, an increase of 0.075 knots compared to the previous day and 13.49 knots in the same period last year [23]. - The number of ships waiting at the Suez Canal port anchorages was 12, a decrease of 7 compared to the previous day and 7 in the same period last year [23].