Core Viewpoint - The manufacturing Purchasing Managers' Index (PMI) rose to 50.1% in December 2025, indicating a return to the expansion zone after eight months, driven by policy support, increased external demand, and a later Spring Festival in 2026 [2][3]. Group 1: Policy Support and Investment Recovery - Policy measures have effectively promoted investment stabilization, with the central economic work conference emphasizing the need to "promote investment stabilization and stimulate private investment vitality" [2][3]. - The National Development and Reform Commission announced a plan for early 2026 construction projects and a central budget investment plan totaling approximately 295 billion yuan [2][3]. - The production index increased to 51.7% and the new orders index rose to 50.8%, indicating a rebound in production and orders due to fiscal support [3]. Group 2: External Demand and Export Orders - The new export orders index increased by 1.4 percentage points to 49%, reflecting a significant rise in export orders driven by strong external demand [4]. - Global monetary easing and fiscal stimulus have bolstered external demand, with manufacturing PMIs in France and the UK rising to expansion zones, and the US PMI remaining above 52% since August [4]. - Container throughput increased by 7.2% year-on-year in December, indicating a positive trend in export activities [4]. Group 3: Impact of the Spring Festival Timing - The later timing of the 2026 Spring Festival (February 17) resulted in less disruption to December's physical workload compared to previous years [5]. - The production index in December rose by 1.7 percentage points, contrasting with the historical trend of decline in December production indices [5]. Group 4: Price Trends and Inventory Adjustments - The PMI output price index rose by 0.7 percentage points to 48.9%, indicating a recovery in output prices, although they remain in a contraction zone [5]. - The inventory index saw an increase, with procurement volume, raw material inventory, and finished goods inventory rising due to increased production and orders [6]. - Various industries, including electrical machinery and pharmaceuticals, showed signs of inventory replenishment, although the sustainability of this trend requires further data support [6].

Group 1: Manufacturing Sector Insights - December Manufacturing PMI index rose to 50.1%, an increase of 0.9 percentage points from November, indicating a return to expansion territory[2] - New orders index for December was 50.8%, up 1.6 percentage points, with external demand contributing positively[2] - Production index increased to 51.7%, up 1.7 percentage points, reflecting improved manufacturing activity[2] - Supplier delivery time index slightly increased to 50.2%, up 0.1 percentage points, indicating stable supply chain conditions[2] Group 2: Investment and Economic Outlook - Fixed asset investment growth is expected to remain promising at the beginning of 2026, despite some weakness in December[3] - December's main raw material purchase price index was at 53.1%, down 0.5 percentage points, indicating high price levels[9] - The manufacturing profit margin is expanding as factory prices rise while raw material costs slightly decline[9] - Construction sector PMI rose to 52.8%, up 3.2 percentage points, indicating a recovery in construction activity[15] Group 3: Non-Manufacturing Sector Insights - December Non-Manufacturing PMI index rose to 50.2%, an increase of 0.7 percentage points, indicating expansion[11] - New orders index for non-manufacturing was at 47.3%, up 1.6 percentage points, but still below the expansion threshold[11] - Employment index in the non-manufacturing sector was at 46.1%, indicating contraction despite a slight increase of 0.8 percentage points[11]

Group 1: Economic Indicators - In December, the Manufacturing Purchasing Managers' Index (PMI) reached 50.1%, marking the first time since April that it has entered the expansion zone [2] - The Non-Manufacturing Business Activity Index rose to 50.2%, indicating an improvement in the non-manufacturing sector's economic conditions [4] - The Composite PMI Output Index increased to 50.7%, reflecting an overall expansion in business activities compared to the previous month [6] Group 2: Manufacturing Sector Insights - In December, 16 out of 21 surveyed industries reported an increase in PMI, indicating improved production and operational conditions [2] - The Production Index and New Orders Index were recorded at 51.7% and 50.8%, respectively, both showing significant increases from the previous month [2] - High-tech manufacturing PMI was at 52.5%, indicating a positive growth trend in this sector [3] Group 3: Non-Manufacturing Sector Insights - The Non-Manufacturing Business Activity Index showed a recovery, with the New Orders Index rising to 47.3%, the highest level this year [4] - The Services Business Activity Index was at 49.7%, indicating a slight recovery in the service sector, although still below the expansion threshold [4] - The Construction Business Activity Index surged to 52.8%, reflecting a significant improvement in the construction sector's economic conditions [5]

Group 1 - The core viewpoint of the article indicates that the economic sentiment in China is improving, as evidenced by the rise in key PMI indices for December [1][3]. - The manufacturing PMI for December is reported at 50.1%, marking the first time it has entered the expansion zone since April [3]. - Among the 21 industries surveyed, 16 reported an increase in PMI compared to the previous month, suggesting an overall improvement in production and business conditions [3]. Group 2 - The non-manufacturing business activity index for December stands at 50.2%, reflecting a 0.7 percentage point increase from the previous month, indicating an improvement in the non-manufacturing sector's economic conditions [5]. - The comprehensive PMI output index for December is recorded at 50.7%, which is an increase of 1.0 percentage points from the previous month, further supporting the notion of economic recovery [1].

Report Summary 1. Industry Investment Rating - Not mentioned in the report. 2. Core Viewpoints - After MSK's first passage through the Red Sea, the market showed a pattern of rising and then falling, suggesting a potential reversal signal. Investors are advised to take profits and adopt a short - term wait - and - see approach. The core of the freight rate trend lies in traditional seasonality and the resumption of Red Sea shipping, and the current spot price has slightly declined. The tariff issue has a marginal effect, and the main contract has had a seasonal rebound, so light - position participation or waiting and seeing is recommended. With the fading of optimistic sentiment and the withdrawal of long - position funds, the market is under pressure and fluctuating weakly, and attention should be paid to tariff policies, the Middle East situation, and spot freight rates [2][4]. 3. Summary by Relevant Content Freight Rate Indexes - On December 22, the Shanghai Export Container Settlement Freight Index (SCFIS) for the European route was 1589.20 points, up 5.2% from the previous period; the SCFIS for the US West route was 962.10 points, up 4.1% from the previous period. The Shanghai Export Container Freight Index (SCFI) announced a price of 1552.92 points, up 46.46 points from the previous period. The SCFI price for the European route was 1533 USD/TEU, down 0.33% from the previous period; the SCFI price for the US West route was 1992 USD/FEU, up 11.91% from the previous period [3]. - On December 19, the Ningbo Export Container Freight Index (NCFI) (composite index) was 1094.77 points, up 3.20% from the previous period; the NCFI for the European route was 1067.29 points, up 0.30% from the previous period; the NCFI for the US West route was 1228.34 points, up 19.28% from the previous period. The China Export Container Freight Index (CCFI) (composite index) was 1124.73 points, up 0.6% from the previous period; the CCFI for the European route was 1473.90 points, up 0.2% from the previous period; the CCFI for the US West route was 792.06 points, down 0.9% from the previous period [3]. Economic Data - In the Eurozone, the preliminary composite PMI value in November was 52.4, slightly lower than the October data of 52.5, remaining above the boom - bust line of 50, basically in line with expectations. The service industry and manufacturing industry were differentiated, with the service industry PMI value at 53.1, higher than the previous value of 53 and better than the expected value of 52.8, achieving the best monthly performance in a year and a half. The Eurozone's December Sentix investor confidence index was - 6.2, with an expected value of - 7 and a previous value of - 7.4 [3]. - In November, China's manufacturing PMI was 49.2%, up 0.2 percentage points from the previous month, with improved business sentiment. In October, the composite PMI output index was 49.7, down 0.3 percentage points from the previous month, falling below the boom - bust line for the first time since 2023. The US November S&P Global services PMI preliminary value was 55, with an expected value of 54.6 and a previous value of 54.8. The US November S&P Global composite PMI preliminary value was 54.8, rising for the second consecutive month, with an expected value of 54.6 and a previous value of 54.6 [4]. Market Conditions of the Main Contract - On December 24, the main contract 2602 closed at 1795.8, with a decline of 1.63%, a trading volume of 23,700 lots, and an open interest of 34,300 lots, a decrease of 688 lots from the previous day [4]. Investment Strategies - Short - term strategy: Since the main contract has reached a new high, it is recommended to take all profits and adopt a wait - and - see approach in the short term, and not to add more positions. - Arbitrage strategy: Against the backdrop of international geopolitical turmoil, each contract still follows the seasonal logic with large fluctuations. It is recommended to wait and see temporarily or try with a light position. - Long - term strategy: It is recommended to take profits when each contract reaches a high, wait for the price to stabilize after a pullback, and then judge the subsequent direction. - The daily limit for contracts 2508 - 2606 is adjusted to 18%. - The company's margin for contracts 2508 - 2606 is adjusted to 28%. - The intraday opening limit for all contracts 2508 - 2606 is 100 lots [5].

Report Industry Investment Rating - Not provided in the given content Core Viewpoints - The bullish sentiment has rebounded again, with the market showing a strong and volatile trend, which is in line with the daily report's expectations. It is recommended to take full profits. The tariff issue has a marginal effect, and the core now lies in the direction of spot freight rates. The main contract has shown a seasonal rebound, and it is recommended to participate lightly or wait and see. Attention should be paid to tariff policies, the Middle - East situation, and spot freight rates [1][2] Summary by Related Catalogs SCFIS and NCFI Freight Rate Indexes - On December 19, the Ningbo Export Container Freight Index (NCFI) (composite index) was 1094.77 points, up 3.20% from the previous period. The Shanghai Export Container Settlement Freight Index (SCFIS) (European route) was 1510.56 points, up 0.1% from the previous period. The NCFI (European route) was 1067.29 points, up 0.30% from the previous period. The SCFIS (US West route) was 924.36 points, down 3.8% from the previous period. The NCFI (US West route) was 1228.34 points, up 19.28% from the previous period [1] - The Shanghai Export Container Freight Index (SCFI) announced a price of 1552.92 points on December 19, up 46.46 points from the previous period. The China Export Container Freight Index (CCFI) (composite index) was 1124.73 points, up 0.6% from the previous period. The SCFI European route price was 1533 USD/TEU, down 0.33% from the previous period. The CCFI (European route) was 1473.90 points, up 0.2% from the previous period. The SCFI US West route was 1992 USD/FEU, up 11.91% from the previous period. The CCFI (US West route) was 792.06 points, down 0.9% from the previous period [1] PMI Data - In November, the Manufacturing Purchasing Managers' Index (PMI) was 49.2%, up 0.2 percentage points from the previous month, with the business climate improving. In October, the Composite PMI Output Index was 49.7, down 0.3 percentage points from the previous month, falling below the boom - bust line for the first time since 2023 [2] - The preliminary value of the Eurozone's November composite PMI was 52.4, slightly lower than the October data of 52.5 but still above the boom - bust line of 50, basically in line with expectations. The preliminary value of the services PMI was 53.1, higher than the previous value of 53 and better than the expected value of 52.8, recording the best monthly performance in a year and a half. The Eurozone's December Sentix Investor Confidence Index was - 6.2, with an expected value of - 7 and a previous value of - 7.4 [1] - The preliminary value of the US November S&P Global Services PMI was 55, with an expected value of 54.6 and a previous value of 54.8. The preliminary value of the US November S&P Global Composite PMI was 54.8, rising for the second consecutive month, with an expected value of 54.6 and a previous value of 54.6 [2] Market and Contract Information - On December 19, the main contract 2602 closed at 1719.8, with a decline of 3.66%, a trading volume of 31,600 lots, and an open interest of 31,500 lots, a decrease of 136 lots from the previous day [2] - The market's long - short game is fierce, with no obvious trading direction. The bearish sentiment has subsided, and the bullish sentiment has rebounded again, with the market showing a strong and volatile trend [1][2] Strategy Suggestions - Short - term strategy: The main contract has rebounded after a pullback, and the volatility of far - month contracts has slowed down. Risk - takers have been recommended to go long on the main contract with a light position and have been advised to take full profits. It is not recommended to add more positions or hold losing positions. Set stop - losses [3] - Arbitrage strategy: Against the backdrop of international turmoil, each contract still follows the seasonal logic with large fluctuations. It is recommended to wait and see or try with a light position [3] - Long - term strategy: It has been recommended to take profits when each contract reaches a high point, wait for the price to stabilize after a pullback, and then judge the subsequent direction [3] Other Information - The daily limit for contracts 2508 - 2606 has been adjusted to 18% [3] - The company's margin for contracts 2508 - 2606 has been adjusted to 28% [3] - The intraday opening limit for all contracts from 2508 - 2606 is 100 lots [3] - On December 19, Turkish, US, Qatari, and Egyptian officials held a meeting in Miami to discuss the implementation of the first - phase of the Gaza cease - fire agreement and the arrangements for the transition to the second phase. Although there have been multiple violations, the cease - fire has generally continued, the release of detainees has been completed, and ground conflicts have significantly decreased [4]

1. Report's Industry Investment Rating - No relevant information provided 2. Core Viewpoints of the Report - The bullish sentiment has rebounded again, and the market is oscillating strongly, which is in line with the daily report's expectation, and all positions have been advised to take profit. The tariff issue has a marginal effect, and the current core is the trend of spot freight rates. The main contract has shown a seasonal rebound, so it is recommended to participate lightly or wait and see [1][2]. - The market is in a fierce long - short game with no obvious trading direction. The bearish sentiment has subsided, and the bullish sentiment has rebounded again. Attention should be paid to tariff policies, the Middle East situation, and spot freight rates [2]. 3. Summary by Relevant Catalog SCFIS and NCFI Freight Indexes - On December 19th, compared with the previous period: the Ningbo Export Container Freight Index (NCFI) (composite index) was 1094.77 points, up 3.20%; the Shanghai Export Container Settlement Freight Index (SCFIS) (European route) was 1510.56 points, up 0.1%; the NCFI (European route) was 1067.29 points, up 0.30%; the SCFIS (US West route) was 924.36 points, down 3.8%; the NCFI (US West route) was 1228.34 points, up 19.28% [1]. - Also on December 19th, compared with the previous period: the Shanghai Export Container Freight Index (SCFI) announced price was 1552.92 points, up 46.46 points; the China Export Container Freight Index (CCFI) (composite index) was 1124.73 points, up 0.6%; the SCFI European route price was 1533 USD/TEU, down 0.33%; the CCFI (European route) was 1473.90 points, up 0.2%; the SCFI US West route was 1992 USD/FEU, up 11.91%; the CCFI (US West route) was 792.06 points, down 0.9% [1]. PMI Data - In November, the Manufacturing Purchasing Managers' Index (PMI) was 49.2%, up 0.2 percentage points from the previous month, and the business climate improved. In October, the Composite PMI Output Index was 49.7, down 0.3 percentage points from the previous month, falling below the boom - bust line for the first time since 2023 [2]. - The eurozone's November composite PMI flash was 52.4, slightly lower than October's 52.5, remaining above the boom - bust line of 50. The services PMI flash was 53.1, higher than the previous value of 53 and better than the expected value of 52.8, achieving the best monthly performance in a year and a half. The eurozone's December Sentix Investor Confidence Index was - 6.2, with an expected value of - 7 and a previous value of - 7.4 [1]. - The US November S&P Global Services PMI flash was 55, expected to be 54.6, with a previous value of 54.8. The US November S&P Global Composite PMI flash was 54.8, rising for the second consecutive month, expected to be 54.6, with a previous value of 54.6 [2]. Market Conditions of the Main Contract - On December 19th, the main contract 2602 closed at 1719.8, with a decline of 3.66%, a trading volume of 31,600 lots, and an open interest of 31,500 lots, a decrease of 136 lots from the previous day [2]. Trading Strategies - Short - term strategy: The main contract has rebounded after a pull - back, and the volatility of far - month contracts has slowed down. Risk - takers have been advised to go long on the main contract lightly, and all positions have been advised to take profit. It is not recommended to add more positions or hold losing positions, and stop - losses should be set [3]. - Arbitrage strategy: Against the backdrop of international turmoil, each contract still follows the seasonal logic with large fluctuations. It is recommended to wait and see or try lightly [3]. - Long - term strategy: Each contract has been advised to take profit when it reaches a high, wait for the price to stabilize after a pull - back, and then determine the subsequent direction [3]. - Circuit - breaker limits: The circuit - breaker limits for contracts 2508 - 2606 have been adjusted to 18%. - Margin requirements: The company's margin requirements for contracts 2508 - 2606 have been adjusted to 28%. - Intraday opening limits: The intraday opening limit for all contracts 2508 - 2606 is 100 lots [3]. Geopolitical News - On December 19th, officials from Turkey, the US, Qatar, and Egypt held a meeting in Miami, USA, to discuss the implementation of the first phase of the Gaza cease - fire agreement and the arrangements for the transition to the second phase. The cease - fire has generally continued, the release of detainees has been completed, and ground conflicts have significantly decreased [4].

1. Report's Industry Investment Rating - No information provided 2. Core Viewpoints of the Report - The main contract first rose and then fell, in line with the daily report's expectation, and all positions were advised to be closed for profit [1] - The tariff issue has a marginal effect, and the current focus is on the direction of spot freight rates. The main contract has shown a seasonal rebound, and it is recommended to participate with a light position or wait and see [3] - Attention should be paid to tariff policies, the Middle - East situation, and spot freight rate conditions [3] 3. Summary by Related Content 3.1 Freight Index - On December 15, the Shanghai Export Container Settlement Freight Index (SCFIS) for the European route was 1510.56 points, up 0.1% from the previous period; the SCFIS for the US - West route was 924.36 points, down 3.8% from the previous period [2] - On December 12, the Ningbo Export Container Freight Index (NCFI) composite index was 1060.86 points, up 10.23% from the previous period; the NCFI for the European route was 1064.13 points, up 9.98% from the previous period; the NCFI for the US - West route was 1029.8 points, up 17.28% from the previous period [2] - On December 12, the Shanghai Export Container Freight Index (SCFI) announced price was 1506.461 points, up 108.83 points from the previous period; the SCFI European route price was 1538 USD/TEU, up 9.86% from the previous period; the SCFI US - West route was 1780 USD/FEU, up 14.84% from the previous period [2] - On December 12, the China Export Container Freight Index (CCFI) composite index was 1118.07 points, up 0.3% from the previous period; the CCFI for the European route was 1470.55 points, up 1.6% from the previous period; the CCFI for the US - West route was 798.95 points, down 2.3% from the previous period [2] 3.2 Economic Indicators - The euro - zone's November composite PMI flash was 52.4, slightly lower than October's 52.5, remaining above the boom - bust line of 50. The service sector PMI flash was 53.1, higher than the previous value and the expected value [2] - The euro - zone's December Sentix investor confidence index was - 6.2, with an expected value of - 7 and a previous value of - 7.4 [2] - In November, China's Manufacturing Purchasing Managers' Index (PMI) was 49.2%, up 0.2 percentage points from the previous month. In October, the composite PMI output index was 49.7, down 0.3 percentage points from the previous month, falling below the boom - bust line for the first time since 2023 [3] - The US November S&P Global services PMI flash was 55, with an expected value of 54.6 and a previous value of 54.8. The US November S&P Global composite PMI flash was 54.8, rising for the second consecutive month [3] 3.3 Market Conditions - On December 17, the main contract 2602 closed at 1699.8, down 0.68%, with a trading volume of 24,200 lots and an open interest of 32,000 lots, a decrease of 512 lots from the previous day [3] - There is a long - short game in the market, and the bullish sentiment has declined. The main contract first rose and then fell [3] 3.4 Investment Strategies - Short - term strategy: The main contract rebounded after a pull - back, and the fluctuation of far - month contracts slowed down. Risk - takers were advised to go long on the main contract with a light position, all positions were advised to be closed for profit, no additional positions or holding losses were recommended, and stop - losses should be set [4] - Arbitrage strategy: Against the backdrop of international turmoil, each contract still follows the seasonal logic with large fluctuations. It is recommended to wait and see or try with a light position [4] - Long - term strategy: All contracts were advised to close for profit when the price rose, wait for the price to stabilize after a pull - back, and then judge the subsequent direction [4] 3.5 Contract Regulations - The daily limit for contracts 2508 - 2606 was adjusted to 18% [4] - The margin of the company for contracts 2508 - 2606 was adjusted to 28% [4] - The daily opening limit for all contracts 2508 - 2606 was 100 lots [4] 3.6 Geopolitical Event - On December 14, the Qassam Brigades of Hamas confirmed that its military manufacturing department head, Rad Said Saad, was killed in an Israeli attack, which violated the cease - fire agreement [5]

欧元区经济在2025年收官之际增长势头放缓，12月综合PMI指数降至为三个月来最低水平，主要受制造业重新陷入收缩和服务业增长放缓拖累。 德国制造业则录得10个月来最差表现，法国制造业表现创三年多新高，但服务业意外走软拖累整体活动。 12月16日最新公布的数据显示，欧元区12月商业活动增长放缓，综合PMI从11月的52.8降至51.9，创三个月新低。数据显示，欧元区制造业普遍疲 软，而服务业增长势头也在减弱。通胀压力上升，投入成本涨幅达到九个月高点，可能影响欧洲央行本周四（12月18日）货币政策决议。 德国私营部门进一步失去动力，综合PMI降至51.5，为四个月最低水平。制造业产出重返收缩区间，PMI跌至47.7的十个月低点，新订单停滞不 前。法国私营部门经济在12月基本停滞，综合PMI降至50.1，为两个月低点。尽管制造业PMI从47.8大幅升至50.6，为四十个月高位，但是服务业 PMI大幅降至50.2，拖累整体经济活动。 德国制造业深陷困境 德国私营部门12月再度失去增长动力，综合PMI从11月的52.4降至51.5。制造业成为拖累因素，产出指数跌至49.4，结束了连续九个月的增长态 势。制造业PMI降至 ...

Report Summary 1. Report Industry Investment Rating No information provided. 2. Core Viewpoints - Spot cargo volume is warm, the market is fluctuating strongly, in line with the daily report's expectations. Attention should be paid to the pre - Spring Festival shipping market, and freight rates show no obvious fluctuations. The core issue of freight rate trends lies in traditional seasonality and the resumption of shipping in the Red Sea. The impact of the tariff issue has become marginal [1][2]. - The eurozone's November comprehensive PMI remains above the boom - bust line, with a slight decline compared to October. The US November service and comprehensive PMI show positive trends. China's November manufacturing PMI improves, while the October comprehensive PMI output index drops below the boom - bust line [1][2]. 3. Summary by Related Content Freight Rate Index - **SCFIS and NCFI**: On December 8, the Shanghai Export Container Settlement Freight Index (SCFIS) for the European route was 1509.10 points, up 1.7% from the previous period, and for the US West route was 960.51 points, up 1.2%. On December 12, the Ningbo Export Container Freight Index (NCFI) for the comprehensive index was 1060.86 points, up 10.23%, for the European route was 1064.13 points, up 9.98%, and for the US West route was 1029.8 points, up 17.28% [1]. - **SCFI, CCFI**: On December 12, the Shanghai Export Container Freight Index (SCFI) comprehensive index was 1506.461 points, up 108.83 points; the European line price was 1538 USD/TEU, up 9.86%; the US West route was 1780 USD/FEU, up 14.84%. The China Export Container Freight Index (CCFI) comprehensive index was 1118.07 points, up 0.3%; the European route was 1470.55 points, up 1.6%; the US West route was 798.95 points, down 2.3% [1]. Economic Data - **Eurozone**: The eurozone's November comprehensive PMI preliminary value was 52.4, slightly lower than October's 52.5. The service PMI preliminary value was 53.1, higher than the previous and expected values. The December Sentix investor confidence index was - 6.2, better than the expected - 7 [1]. - **China**: In November, the manufacturing PMI was 49.2%, up 0.2 percentage points from the previous month. In October, the comprehensive PMI output index was 49.7, down 0.3 percentage points from the previous month, falling below the boom - bust line for the first time since 2023 [2]. - **US**: The US November S&P Global service PMI preliminary value was 55, higher than the expected 54.6 and the previous 54.8. The comprehensive PMI preliminary value was 54.8, rising for the second consecutive month [2]. Market Strategy - **Short - term Strategy**: The main contract rebounds after a pullback, and the far - month contract's fluctuation slows down. Risk - takers are advised to take a small - position long in the main contract, then take all profits, not add more positions, not hold losing positions, and set stop - losses [2]. - **Arbitrage Strategy**: Given the volatile international situation, each contract maintains a seasonal logic with large fluctuations. It is recommended to wait and see or take a small - position attempt [2]. - **Long - term Strategy**: Each contract is advised to take profits when the price rises, wait for the price to stabilize after a pullback, and then judge the subsequent trend [2]. Contract Information - On December 12, the main contract 2602 closed at 1677.8, up 0.32%, with a trading volume of 27,000 lots and an open interest of 31,700 lots, an increase of 41 lots from the previous day [2]. - The up - limit and down - limit for contracts 2508 - 2606 are adjusted to 18%, and the margin for contracts 2508 - 2606 is adjusted to 28%. The daily opening position limit for all contracts 2508 - 2606 is 100 lots [2].