1. Report Information - Report Title: "集运指数日报" [1] - Date: September 23, 2025 [2] - Research Team: Macro Financial Team [4] - Researchers: He Zhuoqiao, Huang Wenxin, Nie Jiayi [3] 2. Investment Rating - No investment rating information provided. 3. Core Viewpoints - The SCFIS has dropped below 1300 points for ten consecutive weeks, and the freight rates in October have been further reduced. The spot freight rates show a smooth downward trend in the off - season with an expanding decline. Attention should be paid to whether the rate of freight rate reduction can slow down and whether the bottom of the freight rate can be formed. The tense situation in the Middle East may support the far - month contracts. There may be low - buying opportunities in December, and the October contract is recommended to be short - allocated on rallies [8]. 4. Summary by Directory 4.1 Market Review and Operation Suggestions - This week, the SCFIS fell below 1300 points for ten consecutive weeks. The freight rates in October were further reduced, with the opening price in the first half of October dropping to a minimum of $1400/FEU. Taking the Shanghai - Rotterdam route as an example, Maersk's quotes for the first and second weeks of October were $1400 and $1470 respectively, about $200 lower than the late - September quotes. Other airlines followed suit, with the quotes of major airlines concentrated between $1435 - $1500, also about $200 lower than before. The 12 - month contract may have low - buying opportunities, and the 10 - month contract is recommended to be short - allocated on rallies [8]. 4.2 Industry News - From September 15th to 19th, the demand for China's export container transportation was weak, the market freight rates on ocean routes continued to adjust, and the decline of the composite index widened. The year - on - year growth rate of the added value of large - scale industries nationwide was 5.2%, showing strong resilience. On September 19th, the Shanghai Export Containerized Freight Index (SCFI) was 1198.21 points, a 14.3% drop from the previous period. In the European route, Germany's economic situation was still sluggish. The freight rates in the spot market continued to decline. In the Mediterranean route, the supply - demand fundamentals were weak, and the market freight rates continued to adjust. In the North American route, the consumer confidence index in the United States dropped to a new low since May this year, and the freight rates in the spot market dropped significantly. There were also reports on the tense situation in the Middle East, including the US veto of the Gaza cease - fire resolution and the Israeli military's actions in Gaza [9][10]. 4.3 Data Overview 4.3.1 Spot Freight Rates for Container Shipping - The SCFIS for the European route (basic ports) on September 22, 2025, was 1254.92 points, a 12.9% drop from September 15th. The SCFIS for the US - West route (basic ports) was 1193.64 points, an 11.6% drop from September 15th [12]. 4.3.2 Futures Quotes of Container Shipping Index (European Route) - Trading data for September 22nd showed that different contracts of container shipping futures (European route) had different price changes, trading volumes, and open interests. For example, the EC2510 contract had a closing price of 1,093.7, a settlement price of 1,102.0, a rise of 21.4, and a rise rate of 2.00%, with a trading volume of 44,939 and an open interest of 46,030 [6]. 4.3.3 Shipping - Related Data Charts - Various charts related to shipping data were provided, including the Shanghai Export Containerized Settlement Freight Index, European container ship capacity, global container ship orders on hand, Shanghai - European basic port freight rates, and Shanghai - Rotterdam spot freight rates, with data sources from Wind and the Research and Development Department of CCB Futures [13][17][22]

Report Summary 1. Investment Rating The report does not provide an overall investment rating for the industry. 2. Core Viewpoints - The tariff issue has a marginal effect, and the current core is the direction of spot freight rates. The main contract may be in the bottoming process, and it is recommended to participate with a light position or wait and see [3]. - Spot freight rates are maintaining a low level, the bulk market is generally weak, the US has cut the benchmark interest rate again, and market pessimism persists. Attention should be paid to tariff policies, the Middle - East situation, and spot freight rates [3]. 3. Summary by Content Freight Index - On September 15, the Shanghai Export Container Settlement Freight Index (SCFIS) for the European route was 1440.24 points, down 8.1% from the previous period; the SCFIS for the US - West route was 1349.84 points, up 37.7% from the previous period. The Ningbo Export Container Freight Index (NCFI) composite index was 903.32 points, down 11.71%; the NCFI for the European route was 729.42 points, down 14.78%; the NCFI for the US - West route on September 12 was 1216.14 points, down 9.13% [1]. - On September 12, the Shanghai Export Container Freight Index (SCFI) was 1398.11 points, down 46.33 points from the previous period; the SCFI European - line price was 1154 USD/TEU, down 12.24%; the SCFI US - West route was 2370 USD/FEU, up 8.27%. The China Export Container Freight Index (CCFI) composite index was 1125.30 points, down 2.1%; the CCFI for the European route was 1537.28 points, down 6.2%; the CCFI for the US - West route was 757.45 points, down 2.2% [1]. Economic Data - In August, China's manufacturing PMI was 49.4%, up 0.1 percentage point from the previous month, and the comprehensive PMI output index was 50.5%, up 0.3 percentage point from the previous month [2]. - The preliminary value of the Eurozone's manufacturing PMI in August was 50.5, the service PMI was 50.7, and the composite PMI was 51.1, higher than in July and the highest since May 2024 [1]. - The preliminary value of the US S&P Global manufacturing PMI in August was 53.3, and the service PMI was 55.4 [2]. Tariff and Trade - The Sino - US tariff issue has evolved into a trade negotiation problem between the US and other countries. The tariff issue has a marginal effect, and the focus is on the direction of spot freight rates [3]. Trading Strategies - Short - term strategy: For risk - takers, it is recommended to lightly test long positions around 1200 for the 2510 contract and increase positions around 1600 for the 2512 contract. Pay attention to the subsequent market trend and set stop - losses [3]. - Arbitrage strategy: Due to the volatile international situation, it is recommended to wait and see or try with a light position [3]. - Long - term strategy: It is recommended to take profits when the contracts rise and wait for the market to stabilize after a pullback [3]. Contract Information - On September 18, the main contract 2510 closed at 1105.9, down 2.08%, with a trading volume of 1.96 million lots and an open interest of 4.72 million lots, a decrease of 2436 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].

Price Trends - Shanghai Export Container Freight Index (SCFIS) for Europe decreased to 1440.24 points, down 8.1% from the previous period[2] - Ningbo Export Container Freight Index (NCFI) for Europe fell to 729.42 points, down 14.78% from the previous period[2] - SCFIS for the US West Coast increased to 1349.84 points, up 37.7% from the previous period[2] - NCFI for the US West Coast dropped to 1216.14 points, down 9.13% from the previous period[2] Economic Indicators - Eurozone August Manufacturing PMI was 50.5, above the forecast of 49.5 and previous value of 49.8[2] - Eurozone August Services PMI initial value was 50.7, slightly below the forecast of 50.8[2] - US August Manufacturing PMI initial value reached 53.3, the highest in 39 months, exceeding the forecast of 49.5[2] Market Sentiment - Ongoing US-China trade negotiations show no substantial progress, leading to a slight decline in spot prices[3] - The main contract closed at 1163.1, with a decrease of 1.57% and a trading volume of 17,800 contracts[3] - Recommendations suggest light positions or observation due to geopolitical tensions and tariff fluctuations[3] Strategic Recommendations - Short-term strategy advises maintaining weak positions in main contracts and stronger positions in distant contracts[4] - Suggested light long positions around 1200 for the 2510 contract and around 1600 for the 2512 contract[4] - Long-term strategy recommends taking profits on high points and waiting for stabilization before making further decisions[4]

Group 1 - The Israeli military conducted large-scale airstrikes on Gaza City on the night of September 15, marking the beginning of a new round of military action [4] - Hamas has suspended negotiations with Israel regarding a ceasefire and the exchange of hostages, citing Israeli Prime Minister Netanyahu's obstruction as a key reason [6][7] - Qatar's Emir condemned Israel's actions during a recent emergency summit, accusing Israel of undermining peace efforts and engaging in "fake negotiations" while attacking Hamas leadership [9] Group 2 - The attack on Qatar by Israel on September 9 has sparked widespread condemnation from the Qatari public, who view the U.S. as complicit in Israel's actions due to its longstanding support for Israel [11] - The recent airstrikes have raised concerns about regional stability, with Qatar being seen as one of the safest countries in the Middle East until now [11]

Report Industry Investment Rating No relevant content provided. Core Viewpoints - Spot freight rates are continuously falling, and the market is in the process of bottom - building with large recent fluctuations. It is not recommended to increase positions, and stop - losses should be set [1]. - Amid geopolitical conflicts and tariff uncertainties, the game is difficult. It is recommended to participate with light positions or stay on the sidelines [3]. - After the bullish sentiment is exhausted, combined with the continuous decline of spot freight rates and the repeated Middle - East situation, the market stops rising and starts to fall. Attention should be paid to tariff policies, the Middle - East situation, and spot freight rates [3]. Summary by Relevant Aspects Market Data - On September 1, the Shanghai Export Container Settlement Freight Index SCFIS (European route) was 1773.60 points, down 10.9% from the previous period; the SCFIS (US West route) was 1013.90 points, down 2.6% from the previous period [2]. - On August 29, the Ningbo Export Container Freight Index NCFI (composite index) was 1098.17 points, up 6.02% from the previous period; the NCFI (European route) was 929.56 points, down 14.23% from the previous period; the NCFI (US West route) was 1396.85 points, up 44.97% from the previous period [2]. - On August 29, the Shanghai Export Container Freight Index SCFI announced a price of 1445.06 points, up 29.70 points from the previous period; the SCFI European route price was 1481 USD/TEU, down 11.21% from the previous period; the SCFI US West route was 1923 USD/FEU, up 16.97% from the previous period [2]. - On August 29, the China Export Container Freight Index CCFI (composite index) was 1156.32 points, down 1.6% from the previous period; the CCFI (European route) was 1685.80 points, down 4.1% from the previous period; the CCFI (US West route) was 774.39 points, down 3.1% from the previous period [2]. - On September 3, the main contract 2510 closed at 1323.0, with a decline of 3.04%, a trading volume of 25,500 lots, and an open interest of 51,900 lots, a decrease of 2211 lots from the previous day [3]. Economic Indicators - The eurozone's August manufacturing PMI was 50.5 (estimated 49.5, previous value 49.8); the services PMI was 50.7 (estimated 50.8, previous value 51); the composite PMI rose to 51.1, higher than July's 50.9, the highest since May 2024 and higher than the expected 50.7 [2]. - The eurozone's August Sentix investor confidence index was - 3.7 (expected 8, previous value 4.5) [2]. - In August, China's manufacturing PMI was 49.4%, up 0.1 percentage point from the previous month; the composite PMI output index was 50.5%, up 0.3 percentage point from the previous month [2]. - The US August S&P Global manufacturing PMI was 53.3 (estimated 49.5, previous value 49.8); the services PMI was 55.4 (estimated 54.2, previous value 55.7); the Markit manufacturing PMI was 53.3, the highest since May 2022 (expected 49.7, previous value 49.8) [2]. Strategies - **Short - term Strategy**: The main contract remains weak, and the far - month contracts are stronger. Risk - preferring investors are advised to lightly test long positions around 1300 for the 2510 contract and increase long positions around 1600 for the 2512 contract. Pay attention to subsequent market trends, do not hold losing positions, and set stop - losses [4]. - **Arbitrage Strategy**: Against the backdrop of international turmoil, each contract still follows seasonal logic with large fluctuations. It is recommended to stay on the sidelines or lightly attempt [4]. - **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 [4]. Other Information - The US - China tariff extension negotiation has no substantial progress, and the tariff war has evolved into a trade negotiation issue between the US and other countries. Currently, the spot price has slightly decreased [3]. - The Israeli - Palestinian conflict situation: Israeli Prime Minister Netanyahu said that the Israeli army is preparing to attack Gaza City, and the Israeli army is conducting large - scale reserve recruitment [5]. - The daily limit and circuit breaker for contracts from 2508 - 2606 are adjusted to 18% [4]. - The company's margin for contracts from 2508 - 2606 is adjusted to 28% [4]. - The daily opening limit for all contracts from 2508 - 2606 is 100 lots [4].

Report Industry Investment Rating - Not provided in the content Core Viewpoints of the Report - Spot freight rates are continuously falling, and the market is in the process of bottom - building with large fluctuations recently. It is not recommended to increase positions and stop - losses should be set [1] - Due to geopolitical conflicts and tariff uncertainties, it is advisable to participate with light positions or stay on the sidelines [3] - After the bullish sentiment is exhausted, the market stops rising and starts to fall. Attention should be paid to tariff policies, the Middle - East situation, and spot freight rates [3] Summary by Related Content Freight Rate Index - On September 1st, the Shanghai Export Container Settlement Freight Index SCFIS (European route) was 1773.60 points, down 10.9% from the previous period; SCFIS (US West route) was 1013.90 points, down 2.6% from the previous period [2] - On August 29th, the Ningbo Export Container Freight Index NCFI (composite index) was 1098.17 points, up 6.02% from the previous period; NCFI (European route) was 929.56 points, down 14.23% from the previous period; NCFI (US West route) was 1396.85 points, up 44.97% from the previous period [2] - On August 29th, the Shanghai Export Container Freight Index SCFI composite index was 1445.06 points, up 29.70 points from the previous period; SCFI European route price was 1481 USD/TEU, down 11.21% from the previous period; SCFI US West route was 1923 USD/FEU, up 16.97% from the previous period [2] - On August 29th, the China Export Container Freight Index CCFI (composite index) was 1156.32 points, down 1.6% from the previous period; CCFI (European route) was 1685.80 points, down 4.1% from the previous period; CCFI (US West route) was 774.39 points, down 3.1% from the previous period [2] Market Conditions - On September 3rd, the main contract 2510 closed at 1323.0, with a decline of 3.04%, a trading volume of 25,500 lots, and an open interest of 51,900 lots, a decrease of 2211 lots from the previous day [3] PMI Data - Eurozone's August manufacturing PMI was 50.5 (estimated 49.5, previous 49.8); services PMI was 50.7 (estimated 50.8, previous 51); composite PMI was 51.1, higher than July's 50.9 and the expected 50.7 [2] - China's August manufacturing PMI was 49.4%, up 0.1 percentage points from the previous month; composite PMI output index was 50.5%, up 0.3 percentage points from the previous month [2] - US August S&P Global manufacturing PMI was 53.3 (estimated 49.5, previous 49.8); services PMI was 55.4 (estimated 54.2, previous 55.7); Markit manufacturing PMI was 53.3 (expected 49.7, previous 49.8) [2] Strategies - Short - term strategy: For risk - takers, it is recommended to lightly test long positions around 1300 for the 2510 contract and increase long positions around 1600 for the 2512 contract. Pay attention to subsequent market trends and set stop - losses [4] - Arbitrage strategy: In the context of international turmoil, it is recommended to stay on the sidelines or lightly test positions [4] - Long - term strategy: It is recommended to take profits when the contracts rise, wait for the correction to stabilize, and then judge the subsequent direction [4] Other Information - Israel is preparing to attack Gaza City, and the Israeli military is conducting large - scale reserve recruitment [5] - The daily limit for contracts from 2508 - 2606 is adjusted to 18% [4] - The company's margin for contracts from 2508 - 2606 is adjusted to 28% [4] - The daily opening limit for all contracts from 2508 - 2606 is 100 lots [4]

Report Summary 1. Investment Rating No investment rating for the industry is provided in the report. 2. Core View - Amid geopolitical conflicts and tariff uncertainties, the game is challenging, so it's recommended to participate with a light position or stay on the sidelines [4]. - The overall supply - demand situation has no significant change. The freight rates on European routes continue to decline, the market is not optimistic about the subsequent freight rate trends, and the market remains under pressure [4]. - Attention should be paid to tariff policies, the Middle - East situation, and spot freight rates [4]. 3. Summary by Content Freight Rate Index - On August 25, the Shanghai Export Container Settlement Freight Index (SCFIS) for the European route was 1990.20 points, down 8.7% from the previous period; the SCFIS for the US - West route was 1041.38 points, down 5.9% from the previous period [2]. - On August 29, the Ningbo Containerized Freight Index (NCFI) composite index was 1098.17 points, up 6.02% from the previous period; the NCFI for the European route was 929.56 points, down 14.23% from the previous period; the NCFI for the US - West route was 1396.85 points, up 44.97% from the previous period [2]. - On August 29, the Shanghai Containerized Freight Index (SCFI) was 1445.06 points, up 29.70 points from the previous period; the SCFI European route price was 1481 USD/TEU, down 11.21% from the previous period; the SCFI US - West route was 1923 USD/FEU, up 16.97% from the previous period [2]. - On August 29, the China Containerized Freight Index (CCFI) composite index was 1156.32 points, down 1.6% from the previous period; the CCFI for the European route was 1685.80 points, down 4.1% from the previous period; the CCFI for the US - West route was 774.39 points, down 3.1% from the previous period [2]. Economic Data - The preliminary value of the Eurozone's manufacturing PMI in August was 50.5 (estimated 49.5, previous value 49.8); the preliminary value of the service PMI was 50.7 (estimated 50.8, previous value 51); the preliminary value of the composite PMI rose to 51.1, higher than 50.9 in July, improving for three consecutive months and reaching the highest since May 2024, higher than the expected value of 50.7. The Eurozone's Sentix investor confidence index in August was - 3.7 (expected 8, previous value 4.5) [2]. - China's manufacturing PMI in July was 49.3%, down 0.4 percentage points from the previous month, and the manufacturing prosperity level declined [2]. - The value of the US S&P Global manufacturing PMI in August was 53.3, reaching a 39 - month high (estimated 49.5, previous value 49.8); the preliminary value of the US S&P Global service PMI was 55.4 (estimated 54.2, previous value 55.7); the preliminary value of the US Markit manufacturing PMI was 53.3, the highest since May 2022 (expected 49.7, previous value 49.8) [3]. Market Situation - The SCFI maintains a downward trend, the market is under pressure and volatile, and it's not recommended to increase positions. Stop - loss should be set [1]. - As of August 29, the main contract 2510 closed at 1261.0, down 2.15%, with a trading volume of 25,200 lots and an open interest of 53,200 lots, a decrease of 988 lots from the previous day [4]. Trading Strategies - Short - term strategy: The main contract is weak, while the far - month contracts are strong. Risk - takers are recommended to lightly test long positions around 1300 for the 2510 contract and increase long positions around 1600 for the 2512 contract. Pay attention to the subsequent market trend, avoid holding losing positions, and set stop - loss [5]. - Arbitrage strategy: Given the volatile international situation, each contract still follows the seasonal logic and has large fluctuations. It's recommended to stay on the sidelines or make light - position attempts [5]. - Long - term strategy: It's recommended to take profits when each contract rises, wait for the correction to stabilize, and then judge the subsequent direction [5]. Other Information - The US - China tariff extension continues, and there is no substantial progress in the negotiation. The tariff war has gradually evolved into a trade negotiation issue between the US and other countries, and the spot price has slightly decreased [4]. - On August 29, the Israeli Defense Forces continued operations in the Middle East, including a "major strike" on strategic targets of the Yemeni Houthi rebels [6]. - On August 26, the US Department of Commerce made an anti - dumping preliminary ruling on polypropylene corrugated boxes imported from China, with a preliminary ruling unified duty rate of 83.64% (the margin after offsetting subsidies was adjusted to 73.10%). The anti - dumping final ruling is expected to be combined with the counter - subsidy final ruling on November 12, 2025 [6]. - The daily limit for contracts from 2508 to 2606 is adjusted to 18%, the company's margin for these contracts is adjusted to 28%, and the daily opening limit for all contracts from 2508 to 2606 is 100 lots [5].

Report Summary 1. Report Industry Investment Rating No information provided. 2. Core Viewpoints - Spot freight rates continue to decline, and the market sentiment is pessimistic. It is not recommended to increase positions, and stop - loss should be set. Given the geopolitical conflicts and tariff uncertainties, it is advisable to participate with light positions or stay on the sidelines [2][5]. - In the short - term, risk - takers can try to go long lightly around 1300 for the 2510 contract and increase positions around 1600 for the 2512 contract. Pay attention to the subsequent market trends and do not hold losing positions, and set stop - losses. For the long - term, take profits when the contracts rise, and wait for the correction to stabilize before making further decisions [5]. - In the context of international situation turmoil, it is recommended to temporarily stay on the sidelines or try with light positions for the arbitrage strategy [5]. 3. Summary by Related Information Freight Rate Index - On August 25, the Shanghai Export Container Settlement Freight Index (SCFIS) for the European route was 1990.20 points, down 8.7% from the previous period; the SCFIS for the US West route was 1041.38 points, down 5.9% from the previous period. On August 22, the Ningbo Export Container Freight Index (NCFI) for the European route was 1083.74 points, down 8.83% from the previous period; the NCFI for the US West route was 963.54 points, down 1.79% from the previous period [3]. - On August 22, the Shanghai Export Container Freight Index (SCFI) was 1415.36 points, down 44.83 points from the previous period; the SCFI European line price was 1668 USD/TEU, down 8.35% from the previous period; the SCFI US West route was 1759 USD/FEU, down 6.54% from the previous period. The China Export Container Freight Index (CCFI) for the European route was 1757.74 points, down 1.8% from the previous period; the CCFI for the US West route was 799.19 points, down 2.9% from the previous period [3]. Economic Data - The eurozone's August manufacturing PMI preliminary value was 50.5, the service PMI preliminary value was 50.7, and the composite PMI preliminary value rose to 51.1. The August Sentix investor confidence index was - 3.7 [3]. - In July, China's manufacturing PMI was 49.3%, down 0.4 percentage points from the previous month. The US August S&P Global manufacturing PMI preliminary value was 53.3, and the service PMI preliminary value was 55.4 [4]. Contract and Market Conditions - On August 27, the main contract 2510 closed at 1316.0, with a decline of 0.89%, a trading volume of 1.80 million lots, and an open interest of 5.37 million lots, a decrease of 684 lots from the previous day [5]. - The daily trading limit for contracts from 2508 - 2606 was adjusted to 18%, the margin was adjusted to 28%, and the intraday opening limit for all contracts from 2508 - 2606 was 100 lots [5]. Geopolitical and Trade News - The Sino - US tariff extension negotiation has no substantial progress, and the tariff war has evolved into a trade negotiation issue between the US and other countries. The Israeli - Palestinian conflict continues, with the Israeli military's attack on a hospital in the Gaza Strip and the subsequent responses from both sides [5]. - The US will suspend the tax - free treatment for imported packages worth $800 or less from August 29, and 25 countries have announced the suspension of sending packages to the US [5].

Report Summary Investment Rating No investment rating for the industry is provided in the report. Core Viewpoint Due to geopolitical conflicts and tariff uncertainties, the shipping market has high trading risks and large fluctuations. It is recommended to participate with light positions or stay on the sidelines. Short - term rebounds are possible, and long - term positions should be taken profit when prices rise and wait for the market to stabilize before making further decisions [2][5]. Detailed Summaries Market Price Index - On August 4, the Shanghai Export Container Settlement Freight Index (SCFIS) for the European route was 2297.86 points, down 0.8% from the previous period, and 1130.12 points for the US West route, down 12.0% [3]. - On August 1, the Ningbo Export Container Freight Index (NCFI) for the comprehensive index was 1087.66 points, down 2.06% from the previous period, 1372.67 points for the European route, down 3.53%, and 1114.45 points for the US West route, down 0.54% [3]. - On August 1, the Shanghai Export Container Freight Index (SCFI) announced price was 1550.74 points, down 41.85 points from the previous period, the European line price was 2051 USD/TEU, down 1.86%, and the US West route was 2021 USD/FEU, down 2.23% [3]. - On August 1, the China Export Container Freight Index (CCFI) for the comprehensive index was 1232.29 points, down 2.3% from the previous period, 1789.50 points for the European route, up 0.1%, and 876.57 points for the US West route, down 0.5% [3]. Economic Data - The eurozone's July manufacturing PMI preliminary value was 49.8, higher than the expected 49.7, and the service PMI preliminary value was 51.2, higher than the expected 50.7. The composite PMI preliminary value was 51, higher than the expected 50.8. The SENTIX investor confidence index jumped to 4.5 [3]. - China's July manufacturing PMI was 49.3%, 0.4 percentage points lower than the previous month [4]. - The US July S&P Global manufacturing PMI preliminary value was 49.5, lower than the expected 52.7, and the service PMI preliminary value was 55.2, higher than the expected 53. The composite PMI preliminary value was 54.6, a new high since December 2024 [4]. Policy and Geopolitical Factors - Trump continued to impose tariffs on multiple countries, mainly in Southeast Asia, and postponed the tariff negotiation date to August 1. Some shipping companies announced price increases, and the spot market had a small price increase to test the market [5]. - On August 5, the Houthi armed forces attacked Israel's Ben - Gurion International Airport [5]. - Germany's Deputy Prime Minister called on the EU to take a tougher stance in trade negotiations with the US [6]. Trading Strategies - Short - term: For risk - takers, those who have taken long positions in the 2510 contract below 1300 can take partial profits, and those who have short positions in the EC2512 contract can take profits. Set stop - losses and avoid holding losing positions [5]. - Arbitrage: Due to international instability, it is recommended to stay on the sidelines or take light positions [5]. - Long - term: Take profits when prices rise and wait for the market to stabilize before making further decisions [5]. Market Conditions of Main Contracts - On August 5, the main contract 2510 closed at 1413.0, up 0.63%, with a trading volume of 3.06 million lots and an open interest of 5.21 million lots, an increase of 1055 lots from the previous day [5]. Contract Adjustments - For contracts from 2508 to 2606, the daily limit is adjusted to 18%, the margin is adjusted to 28%, and the daily opening limit is 100 lots [5].

Group 1 - The Palestinian Red Crescent Society reported that Israel attacked its headquarters in Gaza [1] - The Houthis claimed to have launched three "special military operations" against Israel [1] - The Israel Defense Forces stated that the 179th Brigade's activities in Gaza have destroyed hundreds of terrorist infrastructures, underground tunnels, and military buildings, while detecting weapons [1] Group 2 - The Gaza Health Ministry reported that since the outbreak of large-scale conflict on October 7, 2023, Israeli military actions in Gaza have resulted in 60,839 deaths and 149,588 injuries [1] - Syrian Kurdish forces claimed that a leader's residence was attacked [1] - Multiple countries condemned Israeli officials for entering the Al-Aqsa Mosque compound to pray publicly [1] Group 3 - The Egyptian Air Force airdropped dozens of tons of aid supplies to Gaza within three days [1] - The Belgian Ministry of Defense announced that the Belgian Air Force delivered the first batch of aid supplies to Gaza [1]