Core Viewpoint - The company, Shengsheng Electronics, is facing challenges due to high initial manufacturing costs and is working to improve operational performance and market confidence while navigating uncertainties related to U.S. customer relations and tariffs [2][5]. Group 1: Company Overview - Shengsheng Electronics has commenced operations at its Hefei factory in 2025, which has led to depreciation expenses and higher initial manufacturing costs affecting performance [2]. - The company aims to enhance its operational performance and boost market confidence in its stock price [2]. - A portion of the company's revenue comes from U.S. clients, and it is currently negotiating solutions to address potential impacts from recent events [2]. Group 2: Impact of Policies - The company's operations at its Czech factory have not been affected by China's recent rare earth export restrictions [3]. - The U.S.-China tariff policies are expected to cause short-term disruptions in trade, but the company is actively discussing strategies with U.S. clients to mitigate potential impacts [5]. Group 3: Financial Performance - In Q1 2025, the company reported a main revenue of 636 million yuan, a year-on-year increase of 6.4%, while net profit attributable to shareholders was 27.33 million yuan, a decline of 53.27% [4]. - The company's gross profit margin stood at 20.62%, with a debt ratio of 49.05% [4]. - The company has implemented cost control measures that have improved operational efficiency and profitability [4]. Group 4: Market Ratings and Predictions - Over the past 90 days, four institutions have rated the stock as a buy, with an average target price of 38.76 yuan [6]. - Detailed earnings forecasts indicate projected net profits of 233 million yuan for 2025, increasing to 304 million yuan in 2026 and 359 million yuan in 2027 [8].

Report Industry Investment Ratings - **Thread Steel**: ★★★, indicating a clear upward trend and a relatively appropriate investment opportunity [1] - **Hot Rolled Coil**: ★★★, indicating a clear upward trend and a relatively appropriate investment opportunity [1] - **Iron Ore**: ★★★, indicating a clear upward trend and a relatively appropriate investment opportunity [1] - **Coke**: ★☆★, suggesting a short - term balanced state with poor operability on the current trading floor [1] - **Coking Coal**: ★☆★, suggesting a short - term balanced state with poor operability on the current trading floor [1] - **Silicon Manganese**: ★★☆, indicating a clear downward trend and the market is evolving [1] - **Silicon Iron**: ★★☆, indicating a clear downward trend and the market is evolving [1] Core Viewpoints - The overall market of the black metal industry is complex, with different products showing different trends. The short - term market is affected by factors such as supply and demand, policies, and inventory levels. Some products are expected to be volatile, while others are expected to show a weakening trend [1][2][5] Summary by Product Steel - The steel market is in a weak and volatile state. The apparent demand for thread steel has declined month - on - month, and the recovery lacks sustainability. The supply - demand of hot - rolled coils has stabilized. The iron - making water output has reached a high level, but the resumption of production will slow down significantly later. The manufacturing PMI has declined, and the real estate market is still weak. The market will be mainly in a weak and volatile state in the short term [1] Iron Ore - The iron ore market is slightly weaker. The global shipment has increased month - on - month, and the domestic arrival volume has rebounded. The port inventory has started to accumulate. Although the short - term demand is still high, the frequent news of crude steel production restrictions has dragged down the market from the expected level. It is expected to be volatile, with short - term price support and pressure from the decline of iron - making water output in the future [2] Coke - The coke price rebounded slightly at the end of the session due to position reduction. The second round of price increase was rejected, and the inventory is still at a high level. The supply of carbon elements is abundant, and the downstream iron - making water output has increased significantly. Attention should be paid to the evolution of steel exports [3] Coking Coal - The coking coal price rebounded slightly at the end of the session due to position reduction. The production of coking coal mines is gradually recovering, but the production has decreased slightly this week. The spot auction market has weakened, and the inventory pressure at the production end is high. It is expected to be in a weak and volatile state [5] Silicon Manganese - The price of silicon manganese has reached a new low this year. The port inventory of manganese ore has been increasing. The supply of silicon manganese has decreased, but the overall inventory has increased significantly, suppressing the price. It is recommended to short on rebounds [6] Silicon Iron - The price of the 2509 contract of silicon iron has reached a new low this year. The iron - making water output has increased, but the export demand and secondary demand are generally weak. The supply has decreased, the inventory has increased, and the fundamentals are weak. It is recommended to short on rebounds [7]

Report Summary 1. Report Industry Investment Rating No relevant content provided. 2. Core View of the Report - The price of eggs fluctuated and declined this week. The 06 contract closed at 2942 yuan per 500 kilograms, a decrease of 70 yuan per 500 kilograms compared to the previous week. The feed raw material prices are rising due to Sino - US tariff policies, which supports the egg cost. However, the old chicken culling has slowed down again after the previous egg price increase, and the current laying - hen inventory is at a high level. The newly - opened production of the previously stocked laying hens is gradually increasing, so the egg supply is relatively sufficient. Meanwhile, as the festival stocking is coming to an end, the purchasing power of downstream terminals has weakened, and the egg price also tends to stop rising and decline. Affected by the decline of spot prices, the futures market has also weakened, and market volatility has increased. It is recommended to wait and see in the short term [6]. 3. Summary According to the Directory 3.1 Week - on - Week Summary - **Market Review**: The 06 contract of egg futures closed down with fluctuations, at 2942 yuan per 500 kilograms, a decrease of 70 yuan per 500 kilograms compared to the previous week [6]. - **Market Outlook**: Feed raw material price increase supports cost, but supply is sufficient and downstream demand is weakening, causing the spot price to decline and the futures market to follow suit with increased volatility [6]. - **Strategy Recommendation**: Short - term wait - and - see [6]. 3.2 Futures and Spot Market - **Futures Price and Position**: The 06 contract of egg futures closed down with fluctuations. The position was 118,678 lots, a decrease of 50,406 lots compared to the previous week. The net position of the top 20 was - 2902, compared with - 1593 last week, indicating an increase in net short positions [13]. - **Futures Warehouse Receipts**: As of Wednesday, the registered warehouse receipts of eggs were 0 [17]. - **Spot Price and Basis**: The egg spot price was 3208 yuan per 500 kilograms, a decrease of 103 yuan per 500 kilograms compared to the previous week. The basis between the active 06 contract futures price and the spot average price was + 266 yuan per ton [23]. - **Futures Inter - month Spread**: The 9 - 1 spread of eggs was 110 yuan per 500 kilograms, at a medium level in the same period [27]. - **Related Product Spot Prices**: As of April 29, 2025, the average wholesale price of pork was 20.78 yuan per kilogram, and the average wholesale price of 28 kinds of key - monitored vegetables was 4.5 yuan per kilogram [33]. 3.3 Industry Chain Situation - **Supply - side**: As of March 31, 2025, the national laying - hen inventory index was 112.35, a month - on - month decrease of 3.51%. The national new - chick index was 138.68, a month - on - month increase of 20.46% [38]. - **Culling Situation**: As of March 31, 2025, the national culled laying - hen index was 96.76, a month - on - month decrease of 18.30%. The national culling age of chickens was 510 days [44]. - **Feed Raw Material Prices**: As of April 29, 2025, the average spot price of corn was 2305.29 yuan per ton, and the spot price of soybean meal in Fangcheng was 3800 yuan per ton [48]. - **Feed Price and Breeding Profit**: As of April 25, 2025, the laying - hen breeding profit was 0.05 yuan per chicken, and the average price of laying - hen compound feed was 2.74 yuan per kilogram [54]. - **Prices of Laying - hen Chicks and Culled Chickens**: As of April 25, 2025, the average price of laying - hen chicks in the main production areas was 4.25 yuan per chick, and the average price of culled chickens in the main production areas was 10.38 yuan per kilogram [56]. - **Egg Monthly Export Volume**: In March 2025, the total egg export volume was 12,903.32 tons, an increase of 1242.82 tons compared with 11,660.49 tons in the same period last year, a year - on - year increase of 10.66%, and a month - on - month increase of 2188.58 tons compared with 10,714.73 tons in the previous month [62]. 3.4 Representative Enterprise - Information about Xiaoming Co., Ltd. is presented with a chart of its price - to - earnings ratio change, but no specific analysis is provided [64].

Report Industry Investment Rating No relevant content provided. Core View of the Report - The steel market is expected to be volatile. The price of rebar futures is likely to oscillate, and the iron ore 09 contract is expected to fluctuate weakly. The coking coal and coke markets may also show a weak and volatile pattern [1][3][4][5]. Summary According to Related Catalogs Rebar - On Tuesday, the rebar futures price was weak. The price of Hangzhou Zhongtian rebar was 3230 yuan/ton, a decrease of 10 yuan/ton from the previous day, and the basis of the 05 contract was 185 (+5) [1]. - Macroscopically, Trump said he would "significantly reduce" high - tariffs on China on April 22, but China emphasized that no economic and trade negotiations had been carried out. The Politburo meeting on April 25 showed no strong stimulus signals [1]. - Industrially, the apparent demand for rebar declined, production remained stable, and the inventory removal speed was still fast. Steel demand usually declines seasonally in mid - to late May, and the peak season window in the first half of the year is short. There was speculation about steel mill production restrictions last Friday, but no official document has been issued yet [1]. - In terms of valuation, the rebar futures price has fallen to near the valley - electricity cost of electric furnaces, only higher than the long - process cost, and the static valuation is at a relatively low level. In terms of driving factors, the China - US tariff policy is expected to have repeated games, and the probability of large - scale stimulus policies in China in the short term is small. The real supply and demand are acceptable, but tariffs affect exports and demand is expected to decline seasonally. The price is expected to oscillate, and attention should be paid to whether the production restriction policy is implemented [1]. Iron Ore - On Monday, the iron ore futures market oscillated. Trump's statement about possible tariff reduction eased international trade tensions. The pig iron output increased unexpectedly, leading to expectations of a peak and subsequent decline. There were also concerns about the sustainability of exports [1]. - In terms of supply, global shipments were basically the same as last week, with an increase in Australian shipments and a decrease in Brazilian shipments. The port throughput decreased, some berthing pressure was released, and the port inventory increased [1]. - In terms of demand, pig iron output increased significantly, and the daily consumption of imported ore increased. Steel mills' resumption of production accelerated this week, finished product prices were stable, and steel mills' production enthusiasm increased. There were rumors of crude steel production restrictions last weekend, but no specific policy documents were seen. Even if true, the 50 million - ton production restriction is small compared to the total, and it is difficult to form a positive feedback. The iron ore market is in a stage of strong supply and demand but is about to enter the traditional off - season. Considering the possible peak of pig iron output and continued international trade frictions, the iron ore 09 contract is expected to fluctuate weakly, and attention should be paid to the 720 pressure level [1][3]. Coking Coal - In terms of supply, coal mines in major producing areas maintained stable production. Some coal types adjusted their quotes slightly due to inventory pressure, but the overall inventory pressure was controllable, and mainstream coal mines were reluctant to lower prices. Mongolian coal supply was limited due to low customs clearance at the Mongolian border and a sluggish auction market, and the support for port quotes weakened [4]. - In terms of demand, coking and steel enterprises maintained high operating rates, and rigid demand provided some support for coal prices. However, the slow repair of steel mill profits restricted the raw material replenishment space, and the market was skeptical about the sustainability of terminal demand. Downstream pre - holiday stocking enthusiasm was low, and the procurement rhythm of intermediate links slowed down significantly. The coking coal market may continue its weak and volatile pattern in the short term, and attention should be paid to the profit repair rhythm of coking and steel enterprises and the sustainability of high pig iron output [4]. Coke - In terms of supply, coke enterprises in major producing areas maintained normal production rhythms, and the overall capacity utilization rate remained stable [5]. - In terms of demand, the resumption of steel mill blast furnaces drove pig iron output to remain high, and the replenishment demand was released periodically. However, affected by the expected seasonal weakening of the terminal market, the procurement rhythm became more cautious. Some steel mills preferred stamp - charged coke with a higher cost - performance ratio, and the demand for top - charged coke was significantly differentiated. The market was skeptical about the external demand pressure in May and the resilience of steel demand, and steel mills' resistance to price increases of raw materials increased. The second - round price negotiation was deadlocked. The coke market is expected to oscillate in the short term supported by blast furnace rigid demand, but attention should be paid to the risk of terminal demand falling short of expectations and negative feedback in the industrial chain. Future attention should be paid to changes in blast furnace pig iron output and the digestion rhythm of steel mill raw material inventories [5]. Industrial and Economic News - On April 28, the National Development and Reform Commission plans to issue the list of all projects for the "Two - Key" construction and central budgetary investment in 2025 by the end of June and set up new policy - based financial instruments to solve the problem of insufficient project construction capital [6]. - The "Market Access Negative List (2025 Edition)" was released, with the number of items reduced from 117 to 106. It prohibits new production capacity of steel, coking, cement clinker, flat glass, electrolytic aluminum, alumina, and coal chemical industry in key areas [6]. - The Dalian Commodity Exchange adjusted measures for the 2025 Labor Day holiday. Starting from the settlement on April 29, the daily price limit for iron ore futures is 10% and the margin is 12%; for coke, the daily price limit is 9% and the margin remains unchanged; for coking coal, the daily price limit is 9% and the margin is 13% [6]. - As of the end of the first quarter of this year, the balance of personal housing loans was 38 trillion yuan, an increase of about 220 billion yuan, and a year - on - year increase of more than 200 billion yuan compared with the first quarter of last year [6]. - Trump signed an announcement on April 29 allowing a certain degree of compensation for automobile producers assembling cars in the US and importing auto parts. The compensation can offset part of the tariffs on auto parts, with a maximum of 3.75% of the retail price of the car in the first year and 2.5% in the second year. The 25% tariff on imported cars officially took effect on April 3, and the 25% tariff on key auto parts is planned to take effect on May 3 [6]. - The Dongguan Housing and Urban - Rural Development Bureau released a draft for soliciting opinions, encouraging new residential projects obtaining construction permits from May 1, 2025, to implement full - decoration. It also encourages the "sample - first" approach and a "menu - style" full - decoration model [6].

Group 1: Impact of Tariff Policies - The impact of US-China tariff policies on the company's operations is limited, as the export business to the US accounts for a small proportion and most products are on the exemption list [1] - The company has no procurement of raw materials or equipment from the US, and it maintains communication with customers regarding supply chain stability and tax optimization in response to tariff changes [1] Group 2: Financial Performance - In Q1 2025, the company experienced improved operational performance, benefiting from increased foreign exchange gains and a turnaround in derivatives from loss to profit compared to Q1 2024, leading to a significant rise in net profit [1] - The competitive landscape in the new energy sector is intense, with some pressure on performance due to the transition of production lines to fixed assets and depreciation [1] - The company anticipates a breakthrough in revenue from its new energy business in 2025 [2] Group 3: Pharmaceutical Business Development - The pharmaceutical business is progressing as planned, with expectations for growth in 2025, focusing on major clients, primarily European pharmaceutical companies [2] - The company is enhancing existing partnerships while simultaneously developing new clients and strengthening R&D capabilities [2] Group 4: New Energy Business Progress - The new energy business is advancing with ongoing customer communication, project R&D, and quality system development [2] - The company is entering the new energy sector with products like electrolytes, aiming for revenue breakthroughs in 2025 [2] Group 5: Overseas Factory Performance - The UK factory is expected to see improved operational performance in 2025, with a rise in capacity utilization and profitability achieved in Q1 2025 due to foreign exchange gains [3][4] - The Malaysian factory is still in the construction phase, with investment progress contingent on order situations [4]

国投安信期货：棉花操作上暂时观望 昨天美棉大幅下跌，美棉最新的周度签约数据表现一般，截至2025年4月27日当周，美国棉花种植率为 15%,前一周为11%,去年同期为14%,五年均值为14%。国产棉现货交投平淡，现货基差较为坚挺，纯棉 纱纺企散单出货，库存略升，价格本周稳中偏弱。国内内销数据表现尚可，外需面临的挑战较大，关税 实质影响仍未完全落地。中美仍未进行实质性的谈判，特朗普观点较为反复，继续关注后续情况，操作 上暂时观望。 机构 核心观点 光大期货 短期郑棉仍以区间震荡对待 国投安信期货 棉花操作上暂时观望 南华期货（603093） 棉价或维持偏弱小幅震荡 光大期货：短期郑棉仍以区间震荡对待 国际市场方面，近期宏观层面仍有扰动，特朗普消息不断且变向较快，美元指数重心先升后降，美棉价 格承压下行，持续关注宏观层面变化。国内市场方面，郑棉期价整体仍维持震荡走势。展望未来，我们 认为短期郑棉下方有一定支撑，原因有以下几点：一是中美关税税率较此前再度恶化空间不大，二是新 棉种植期，国内棉花种植面积较此前预估或小幅下降，未来天气若有扰动则是利多，三是对未来国内宏 观政策的预期。综上，我们认为短期郑棉底部有一定支撑 ...

黑色产业日报 周一铁矿盘面震荡运行，特朗普放言可能降低对华关税，国际贸易紧张 情绪有所缓和。铁水产量出现超预期增长，引发铁水见顶回落预期，同 时叠加后续出口持续性担忧。供给方面，全球发运与上周基本持平，其 中澳洲发运有所回升，巴西发运下降。到疏港量均有回落，部分压港释 放，港口库存有所回升。需求方面，铁水产量大幅增长，整体进口矿日耗 有所增加。本周钢厂复产节奏加快，成材价格暂稳，钢厂生产积极性提 高。上周末出现粗钢限产传闻，但尚未见到具体政策文件出台，暂以不 实小作文看待。即便属实，五千万吨限产相较总量仍然较少，正反馈难 以形成，矿价仍是弱势。基本面铁矿属于供需双强阶段，但即将进入传 产业服务总部 黑色产业团队 简要观点 ◆ 螺纹钢 周一，螺纹钢期货价格冲高回落，杭州中天螺纹钢 3240 元/吨，较上周 五上涨 50 元/吨，05 合约基差 180（+15）。宏观层面，4 月 22 日， 特朗普表示将会"大幅降低"对中国的高额关税，不过国内强调目前双 方并未开展任何经贸谈判，另外，4 月 25 日政治局会议召开，没有强刺 激信号；产业层面，最近一期数据，螺纹钢表需下滑、产量持稳，去库速 度仍然较快，通常而言， ...

Report Industry Investment Rating - The rating for MEG is neutral, with attention on Sino-US tariff negotiations and crude oil price fluctuations [9] Core Viewpoints - The EG basis is 22 yuan/ton (-35). This week, the price of ethylene glycol first rose and then fell. After Trump's softened stance on China's tariff policy, chemical products rebounded following crude oil. On Thursday, affected by the news that ethane tariffs might be exempted, the price of ethylene glycol further declined, and the basis weakened [4] - The overall operating load of ethylene glycol in mainland China is 68.47% (a 3.15% increase from the previous period), among which the operating load of ethylene glycol produced by oxalic acid catalytic hydrogenation (syngas) is 63.85% (a 13.99% increase from the previous period). The load of coal-based ethylene glycol has started to recover from a low level, and non-coal device overhauls have begun one after another, with the overall load increasing [4] - In terms of demand, the weaving load in Jiangsu and Zhejiang is 59% (-2%), the texturing load in Jiangsu and Zhejiang is 71% (-2%), the polyester operating rate is 93.6% (-0.2%), and the direct-spun filament load is 90.3% (-2.2%). The inventory days of POY are 25.0 days (-3.8), FDY are 30.6 days (-2.1), and DTY are 30.9 days (-1.1). The operating rate of staple fiber factories is 91.3% (+2.4%), and the equity inventory days of staple fiber factories are 15.5 days (+0.2); the operating rate of bottle chip factories is 81.2% (+1.9%) [5] - In terms of inventory, on Thursday this week, the East China EG port inventory was 68.8 tons (-1.9). The visible inventory increased slightly compared to Monday and decreased slightly compared to last Thursday, with the overall inventory remaining stable. The current port inventory has returned to the seasonal median level in the past five years. Although there was inventory reduction in April, the hidden inventory is still relatively high, and it will take time for the market to digest it. It is difficult to see a significant decline in port inventory in the short term [6] Summary by Related Catalogs Strategy Summary - Trump's softened stance on China's tariff policy may lead to the exemption of subsequent ethane import tariffs. On the supply side, attention should be paid to the actual progress of ethane-based plants and the adjustment of imported supplies. On the demand side, the short-term polyester load remains high and stable, but direct textile and clothing orders to the US are still on hold. The expectation of polyester production cuts suppresses market sentiment. Attention should be paid to the holiday situation of weaving factories around May Day and the progress of subsequent Sino-US negotiations. Overall, the current EG inventory is at the seasonal median level in the past five years, and the hidden inventory of polyester factories is still relatively high, providing a certain buffer. The actual change in port inventory is limited, and the fundamental contradictions of EG are not significant. Attention should be paid to macro dynamics [3] EG Basis Structure - The EG basis is 22 yuan/ton (-35). This week, the price of ethylene glycol first rose and then fell. After Trump's softened stance on China's tariff policy, chemical products rebounded following crude oil. On Thursday, affected by the news that ethane tariffs might be exempted, the price of ethylene glycol further declined, and the basis weakened [4] EG Production Profit and Operating Rate - The overall operating load of ethylene glycol in mainland China is 68.47% (a 3.15% increase from the previous period), among which the operating load of ethylene glycol produced by oxalic acid catalytic hydrogenation (syngas) is 63.85% (a 13.99% increase from the previous period). The load of coal-based ethylene glycol has started to recover from a low level, and non-coal device overhauls have begun one after another, with the overall load increasing [4] EG Import Profit & International Price Difference - No specific content is provided in the text regarding EG import profit and international price difference Downstream Polyester Situation - In terms of demand, the weaving load in Jiangsu and Zhejiang is 59% (-2%), the texturing load in Jiangsu and Zhejiang is 71% (-2%), the polyester operating rate is 93.6% (-0.2%), and the direct-spun filament load is 90.3% (-2.2%). The inventory days of POY are 25.0 days (-3.8), FDY are 30.6 days (-2.1), and DTY are 30.9 days (-1.1). The operating rate of staple fiber factories is 91.3% (+2.4%), and the equity inventory days of staple fiber factories are 15.5 days (+0.2); the operating rate of bottle chip factories is 81.2% (+1.9%) [5] EG Inventory Trend - On Thursday this week, the East China EG port inventory was 68.8 tons (-1.9). The visible inventory increased slightly compared to Monday and decreased slightly compared to last Thursday, with the overall inventory remaining stable. The current port inventory has returned to the seasonal median level in the past five years. Although there was inventory reduction in April, the hidden inventory is still relatively high, and it will take time for the market to digest it. It is difficult to see a significant decline in port inventory in the short term [6]

软商品日报 光大期货软商品日报（2025 年 4 月 25 日） 一、研究观点 | 品种 | 点评 | 观点 | | --- | --- | --- | | 棉花 | 周四，ICE 美棉上涨 0.17%，报收 69.15 美分/磅，CF509 上涨 0.58%，报收 12990 | 震荡 | | | 元/吨，主力合约持仓环比增加 1639 手 56.93 万手，新疆地区棉花到厂价为 13988 | | | | 元/吨，较前一日持平，中国棉花价格指数 3128B 级为 14188 元/吨，较前一日增加 | | | | 37 元/吨。国际市场方面，近期宏观层面仍有扰动，特朗普释放中美关税政策缓和 | | | | 信号，美元指数自低位回升，昨日重心略有下移，ICE 美棉期价震荡运行，预计短 | | | | 期宏观扰动仍存。国内市场方面，郑棉期价整体仍维持震荡走势，市场情绪影响仍 | | | | 然较大。展望未来，我们认为本年度最艰难时刻大概率已经度过，中美关税较此前 | | | | 再度增加概率偏低。供需基本面来看，目前是新棉种植期，供应端扰动不大，下游 | | | | 需求虽相对有限，但能看到棉花商业库存在逐渐下 ...

Report Title - The report focuses on the Container Shipping Index (European Line), with a title of "Container Shipping Index (European Line): Low-level Fluctuation, Hold 10 - 12 Inverse Spread Positions Lightly" [1] Core Viewpoints - The 2606 contract may be traded based on the spot freight rate trend in May, currently in a stage of weak reality (shipping companies cut prices to stock up at the end of April and failed to raise prices in early May) and weak expectations (no easing of Sino-US tariffs), and may fluctuate at a low level on a weekly basis. Attention should be paid to whether shipping companies can establish continuous rolling in the case of many blank sailings in early May to build momentum for price increases in late May. If the cargo collection is poor in early May, the increase in capacity in late May may lead to greater cargo collection pressure. The 2508 contract mainly reflects the expected trading of changes in Sino-US tariff policies. There are significant differences in the 2510 contract. Some long funds believe that the US inventory replenishment may last until October, which may require transferring ships from the European line, benefiting the European line. However, it is considered that September - October is the off - season of the European line, and shipping companies need to suspend sailings to slow down the decline of freight rates. Whether the US inventory replenishment in October requires transferring ships from the European line and the transfer intensity remain to be observed, and the 2510 contract mainly fluctuates following the valuation of the 2508 contract [15] Industry Investment Rating - No relevant information provided Fundamental Tracking Container Shipping Index (European Line) Futures Data - EC2504: Yesterday's closing price was 1,419.7, with a daily decline of 0.47%, trading volume of 3, open interest of 5,148, a decrease of 10 in open interest, yesterday's trading volume to open interest ratio of 0.03, and the previous day's ratio of 0.07 [1] - EC2506: Yesterday's closing price was 1,533.0, with a daily decline of 1.11%, trading volume of 53,941, open interest of 36,130, a decrease of 817 in open interest, yesterday's trading volume to open interest ratio of 1.49, and the previous day's ratio of 1.81 [1] - EC2508: Yesterday's closing price was 1,653.8, with a daily increase of 0.39%, trading volume of 17,645, open interest of 30,029, a decrease of 746 in open interest, yesterday's trading volume to open interest ratio of 0.59, and the previous day's ratio of 0.65 [1] Spot Freight Rate Data - The SCFIS European route and US - West route data are presented, along with the SCFI European route ($/TEU) and US - West route ($/FEU) data for different shipping companies such as Maersk, MSC, etc. The exchange rate of the US dollar index and the US dollar against the offshore RMB is 99.23 and 7.30 respectively. The European line freight rate index has a weekly increase of - 4.5% and a bi - weekly increase of - 2.9% [1] Shipping Capacity Data China - Europe Base Shipping Capacity - Weekly shipping capacity data shows the capacity of different alliances such as Gemini, OA, PA, and MSC. Monthly average weekly shipping capacity data from February to June 2025 is also provided, with the capacity of different alliances varying in different months [7][9] - The shipping capacity from April to June 2025 for different shipping companies and routes is presented in a table, with the total shipping capacity in some periods reaching up to 33.6 million TEU [11] Shipping Capacity Transfer from US Line to European Line - A total of 13 ships are transferred from the US line to the European line, with a total capacity of 170,132 TEU. The details include the week, shipping company, ship name, ship size, original US line code, current European line code, and Shanghai ETD/ATD [13] Macro and Industry News - The Hamas delegation held talks with the Turkish Foreign Minister on a cease - fire in Gaza on April 20. The two sides discussed issues such as stopping Israel's attacks on Gaza and reaching a comprehensive cease - fire agreement [15] - Trump said on April 17 that he was confident about reaching an agreement with China, expecting things to be settled in the next three to four weeks [15]