研究员：何卓乔(宏观贵金属) 18665641296 hezhuoqiao@ccb.ccbfutures.com 期货从业资格号：F3008762 研究员：黄雯昕(国债集运) 021-60635739 huangwenxin@ccb.ccbfutures.com 期货从业资格号：F3051589 研究员：聂嘉怡(股指) 021-60635735 niejiayi@ccb.ccbfutures.com 期货从业资格号：F03124070 宏观金融团队 请阅读正文后的声明 ＃summary＃ 行业 集运指数日报 日期 2025 年 8 月 1 日 现货方面，旺季高点应已显现，本周 SCFIS 进一步回落至 2400 点以下，从电 商平台报价来看，多数船司小幅下调 7 月下旬报价，目前集中在 3400~3500 区间， 整体来看较为稳定。8 月报价陆续出炉，马士基第一、二、三周分别报 3214 美元、 3092 美元、2850 美元，其余航司多集中在 3400~3600 美元，基本维持在 7 月末水 平，或显示继续挺价意愿不足。参考近年规律，旺季高点一般在 7 月第三周显现， 8 月下旬运价基本将回到 7 月初水平 ...

行业 集运指数日报 日期 2025 年 7 月 31 日 研究员：何卓乔(宏观贵金属) 18665641296 hezhuoqiao@ccb.ccbfutures.com 期货从业资格号：F3008762 研究员：黄雯昕(国债集运) 021-60635739 huangwenxin@ccb.ccbfutures.com 期货从业资格号：F3051589 研究员：聂嘉怡(股指) 021-60635735 niejiayi@ccb.ccbfutures.com 期货从业资格号：F03124070 宏观金融团队 请阅读正文后的声明 ＃summary＃ 7 月 21 日至 7 月 25 日，中国出口集装箱运输市场继续调整行情，多数航线市场 运价走低，综合指数小幅下跌。据国家统计局公布的数据显示，2025 年上半年， 中国 GDP 同比增长 5.3%，我国国民经济顶住压力稳中向好，生产需求稳定增长， 高质量发展取得新进展，经济表现出较强的韧性。7 月 25 日，上海航运交易所发 布的上海出口集装箱综合运价指数为 1592.59 点，较上期下跌 3.3%。欧洲航线， 据标普全球发布的数据显示，欧元区 7 月综合 PMI ...

行业 集运指数日报 日期 2025 年 7 月 30 日 研究员：何卓乔(宏观贵金属) 18665641296 hezhuoqiao@ccb.ccbfutures.com 期货从业资格号：F3008762 研究员：黄雯昕(国债集运) 021-60635739 huangwenxin@ccb.ccbfutures.com 期货从业资格号：F3051589 研究员：聂嘉怡(股指) 021-60635735 niejiayi@ccb.ccbfutures.com 期货从业资格号：F03124070 宏观金融团队 请阅读正文后的声明 ＃summary＃ 每日报告 | | | 表1：集运欧线期货7月29日交易数据汇总 | | | | | | | | | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | | 合约 | 前结算 | 开盘价 | 收盘价 | 结算价 | 涨跌 | 涨跌幅 | 成交量 | 持仓量 | 仓差 | | | 价 | | | | | （%） | | | | | EC2508 | 2,188.7 | 1,858.0 | 2,111.0 ...

研究员：何卓乔(宏观贵金属) 18665641296 hezhuoqiao@ccb.ccbfutures.com 期货从业资格号：F3008762 研究员：黄雯昕(国债集运) 021-60635739 huangwenxin@ccb.ccbfutures.com 期货从业资格号：F3051589 研究员：聂嘉怡(股指) 021-60635735 niejiayi@ccb.ccbfutures.com 期货从业资格号：F03124070 宏观金融团队 请阅读正文后的声明 ＃summary＃ 行业 集运指数日报 日期 2025 年 7 月 29 日 每日报告 | | | 表1：集运欧线期货7月28日交易数据汇总 | | | | | | | | | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | | 合约 | 前结算 价 | 开盘价 | 收盘价 | 结算价 | 涨跌 | 涨跌幅 （%） | 成交量 | 持仓量 | 仓差 | | EC2508 | 2,202.7 | 2,172.7 | 2,183.2 | 2,188.7 | -19.5 | -0 ...

行业 集运指数日报 日期 2025 年 7 月 25 日 研究员：何卓乔(宏观贵金属) 18665641296 hezhuoqiao@ccb.ccbfutures.com 期货从业资格号：F3008762 研究员：黄雯昕(国债集运) 021-60635739 huangwenxin@ccb.ccbfutures.com 期货从业资格号：F3051589 研究员：聂嘉怡(股指) 021-60635735 niejiayi@ccb.ccbfutures.com 期货从业资格号：F03124070 宏观金融团队 请阅读正文后的声明 ＃summary＃ 每日报告 | 表1：集运欧线期货7月24日交易数据汇总 | | | | | | | | | | | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | | 合约 | 前结算 价 | 开盘价 | 收盘价 | 结算价 | 涨跌 | 涨跌幅 （%） | 成交量 | 持仓量 | 仓差 | | EC2508 | 2,212.3 | 2,229.0 | 2,244.9 | 2,230.5 | 32.6 | 1.4 ...

Report Information - Report Title: Container Shipping Index Daily Report [1] - Date: July 23, 2025 [2] - Research Team: Macro Financial Team [4] - Researchers: He Zhuoqiao, Huang Wenxin, Nie Jiayi [3] Core Viewpoint - The peak of the peak season for spot freight rates is about to appear. The SCFIS this week has dropped by about 21 points to around 2400 points compared with last week. Online quotes are relatively stable. After the continuous repair of the 08 contract, the current discount space is relatively limited. Attention should be paid to the short - selling opportunities in October, a traditional off - season, and the positive spread arbitrage opportunities between 08 - 10 contracts [8] Industry News - From July 14 to July 18, the China export container shipping market was basically stable, with most route market freight rates falling, dragging down the composite index. The Shanghai Export Container Composite Freight Index on July 18 was 1646.90 points, a 5.0% drop from the previous period [9] - In the first half of 2025, China's goods trade imports and exports increased by 2.9% year - on - year, with exports increasing by 7.2% year - on - year, which will support the Chinese export container shipping market in the long term [9] - The eurozone's July ZEW economic sentiment index rose to 36.1, and Germany's July ZEW economic sentiment index reached 52.7, a new high since February 2022, indicating that the European economy continues to recover [9] - Trump announced a 30% tariff on goods imported from the EU starting from August 1, and the EU drafted a tariff list for US services in response, so Sino - European trade still faces great uncertainty [9] - On July 18, the market freight rate from Shanghai Port to European basic ports was 2079 US dollars/TEU, a 1.0% drop from the previous period; the market freight rate to Mediterranean basic ports was 2528 US dollars/TEU, a 5.2% drop from the previous period [9][10] - In June, the US CPI rose 0.3% month - on - month and 2.7% year - on - year, the highest in four months. The market freight rates from Shanghai Port to the US West and East basic ports on July 18 were 2142 US dollars/FEU and 3612 US dollars/FEU respectively, down 2.4% and 13.4% from the previous period [10] - Due to the continuous blockade of the Red Sea by the Yemeni Houthi rebels, Eilat Port in Israel has stopped all operations since July 20, which may weaken Israel's shipping logistics capacity in the Red Sea and trigger potential security concerns [10] - Trump said the US will maintain a 25% tariff on Japanese goods and may soon reach a trade agreement with India. The US has also reached agreements with Indonesia and notified some Southeast Asian countries of new tariff rates [10] - The leader of the Yemeni Houthi rebels said that as long as Israel continues to invade and blockade Gaza, the Houthi rebels will continue to ban ships related to Israel from passing through the Red Sea, the Gulf of Aden and the Arabian Sea [10] Data Overview Container Shipping Spot Prices - On July 21, 2025, the SCFIS for the European route (basic ports) was 2400.5 points, a 0.9% drop from July 14; the SCFIS for the US West route (basic ports) was 1301.81 points, a 2.8% increase from July 14 [12] Container Shipping Index (European Line) Futures Quotes - The trading data of container shipping European line futures on July 22 shows that different contracts have different price changes, trading volumes, open interests and position changes. For example, the EC2508 contract closed at 2249.7 points, down 2.20% [6] Shipping - Related Data Charts - The report provides multiple charts, including the Shanghai Export Container Settlement Freight Index, container shipping European line futures contract trends, global container shipping capacity, global container ship orders, and Shanghai - European basic port freight rates [13][17][22]

Report Information - Report Title: Container Shipping Index Daily Report [1] - Date: July 22, 2025 [2] - Research Team: Macro Financial Team [4] - Researchers: He Zhuoqiao, Huang Wenxin, Nie Jiayi [3] 1. Industry Investment Rating - No industry investment rating is provided in the report. 2. Core Viewpoints - The peak of the shipping season is approaching, and the SCFIS has dropped by about 21 points to around 2400 points compared to last week. Online quotes are relatively stable. Attention should be paid to shorting opportunities in October, a traditional off - season, and positive spread arbitrage opportunities between the 08 and 10 contracts [8]. 3. Summary by Section 3.1 Market Review and Operation Suggestions - **Spot Market**: The peak of the shipping season is about to appear. The SCFIS has dropped to around 2400 points. Most shipping companies have slightly lowered their quotes for late July, and the quotes for August from some airlines remain at the late - July level. Historically, the peak usually appears in the third week of July, and freight rates in late August will return to the early - July level. The 08 contract's discount space is limited. Focus on shorting opportunities in October and positive spread arbitrage between 08 - 10 contracts [8]. 3.2 Industry News - **Overall Market**: From July 14 to 18, the China export container shipping market was generally stable, with most route freight rates falling, dragging down the composite index. In the first half of 2025, China's foreign trade increased steadily, which will support the export container shipping market in the long term [9]. - **European Routes**: The eurozone's July ZEW economic sentiment index rose, and the German index reached a new high since February 2022. However, Trump's tariff announcement and the EU's counter - measures bring uncertainty. On July 18, the freight rate from Shanghai Port to European basic ports decreased by 1.0% [9]. - **Mediterranean Routes**: The market situation is in sync with European routes, and the spot market booking price has slightly declined. On July 18, the freight rate from Shanghai Port to Mediterranean basic ports decreased by 5.2% [9]. - **North American Routes**: In June, the US CPI increased, and import prices showed upward pressure. The freight rates from Shanghai Port to the US West and East basic ports decreased by 2.4% and 13.4% respectively [10]. - **Israeli Ports**: Due to the blockade by the Yemeni Houthi rebels, the Eilat Port in Israel has stopped operations, which may weaken Israel's shipping logistics capacity in the Red Sea and cause security concerns [10]. - **Trade Policies**: The US will maintain a 25% tariff on Japanese goods and may reach a trade agreement with India soon. The US has also set different tariff rates for other countries [10]. - **Red Sea Situation**: The Yemeni Houthi rebels have prohibited ships related to Israel from passing through the Red Sea, and two cargo ships have been sunk in the Red Sea [10]. 3.3 Data Overview - **Container Shipping Spot Prices**: On July 21, the SCFIS for European routes decreased by 0.9% compared to July 14, while the SCFIS for US West routes increased by 2.8% [12]. - **Container Shipping Index (European Line) Futures Quotes**: The report provides trading data for multiple contracts on July 21, including opening prices, closing prices, settlement prices, price changes, and trading volumes [6].

Report Summary 1. Report Industry Investment Rating No information provided. 2. Core Viewpoints - The downstream is booking space for the second half of July (week 29 - 30). Shipping companies' quotes for the second half of July are mostly stable, with a slight decrease in the last week of July (week 30). Spot prices are stable supported by shipping companies' base cargo, but there may be pressure in week 32 due to weakening cargo volume support [2]. - In July and August 2025, the average weekly capacity is 295,000 and 321,500 TEU respectively. The addition of a large ship on MSK's AE1 route in week 32 increases supply pressure, with the capacity reaching 330,000 TEU [1]. 3. Summary by Relevant Catalogs Futures Contracts - EC2508 closed at 2164.5 with a 0.53% increase, EC2510 at 1581.3 with a 1.05% decrease, EC2512 at 1756.3 with a 0.15% decrease, EC2602 at 1485.7 with a 1.52% increase, EC2604 at 1309.0 with a 2.20% increase, and EC2606 at 1432.1 with a 0.74% increase [1]. - For month - to - month spreads, EC2508 - 2510 was 583.2, EC2510 - 2512 was - 175.0, and EC2512 - 2602 was 270.6 [1]. Spot Indexes - The current index on July 14, 2025, was 2421.94 points, up 7.26% from the previous period. SCFI on July 11, 2025, was $2099/TEU, down 0.10% from the previous period. CCFI was 1726.41 points, up 1.90% from the previous period. NCFI was 1435.21 points, down 0.50% from the previous period. TCI was 1019.55 points, unchanged from the previous period [1]. Shipping Capacity - The average weekly capacity in July and August 2025 is 295,000 and 321,500 TEU respectively. In week 32, the capacity reaches 330,000 TEU due to MSK's additional ship on the AE1 route [1]. Quotes - In the second half of July, shipping companies' quotes for week 29 are around $3400. For week 30, HPL, CMA, OOCL, and MSC reduced quotes by about $200, with an average of $3300 (equivalent to 2300 points). MSK kept the quote for week 31 flat at $2900 - $3000 [2]. News - On July 17, Houthi rebels claimed to attack multiple targets in Israel, causing "flight disruptions". On July 18, significant progress was made in the Gaza cease - fire negotiations, with Israel making concessions for a 60 - day cease - fire. The US presidential hostage envoy said that an agreement with Hamas on releasing Israeli personnel was "closer than ever" [3].

Summary of Conference Call Records Industry Overview - The records primarily discuss the futures market and shipping industry, focusing on the impact of tariff policies and market dynamics on shipping rates and cargo volumes [1][2][4][5]. Key Points and Arguments 1. **Market Reaction to Tariff Policies** The futures market has shown a strong rebound, particularly in August contracts, which are influenced by current spot prices due to the ban on certain contracts. This indicates a close correlation between spot prices and futures contracts [1][2]. 2. **Impact of Recent Negotiations** Negotiations that began on July 7 between the U.S. and other countries have led to a more favorable outcome compared to April's tariffs. This has resulted in a market rebound as negative sentiments have eased [2][7]. 3. **Future Tariff Pressures** Despite the recent rebound, there are concerns about increased tariffs set to take effect before 2024, which will continue to exert pressure on future contracts due to rising costs [2][9]. 4. **Stability in Freight Rates** Current high-frequency data indicates that freight rates remain stable, with no significant increases or decreases in shipping capacity and cargo volume [3][6]. 5. **Cargo Volume Trends** The shipping industry has seen varied trends in cargo volumes across different routes, with significant increases noted in African shipping routes, which have absorbed a lot of shipping capacity [5][10]. 6. **Seasonal Freight Rate Patterns** Seasonal patterns in freight rates have been observed, with a notable increase in rates following a period of tariff-induced export slowdowns. This has led to a recovery in shipping demand and rates [6][12]. 7. **Regional Shipping Dynamics** The records highlight that shipping capacity to regions like Africa and the Mediterranean is increasing, indicating a positive outlook for cargo volumes in these areas [10][11]. 8. **Future Market Expectations** There is a cautious optimism regarding future market conditions, with expectations that freight rates may continue to rise if shipping capacity and demand remain aligned [14][15]. Other Important Insights - The records emphasize the need for continuous monitoring of high-frequency data to capture rapid changes in the shipping market [3][12]. - The relationship between shipping capacity and freight rates is crucial, as fluctuations in one can significantly impact the other [14]. - The potential for further negotiations and tariff adjustments remains a critical factor influencing market sentiment and trading strategies [8][9].

1. Report Information - Report Title: Container Shipping Index Daily Report [1] - Date: July 15, 2025 [2] - Researchers: He Zhuoqiao, Huang Wenxin, Nie Jiayi [3] 2. Core Viewpoints - The spot price increase in July exceeded expectations, with the SCFIS settlement index rising above 2400 points. Major shipping companies maintained stable prices, possibly supported by good cargo demand. The 08 contract is still at a discount to the spot index and has room for repair. For the traditional off - season in October, pay attention to short - selling opportunities and 08 - 10 positive spread opportunities at low prices [8]. 3. Summary by Directory 3.1行情回顾与操作建议 - **Spot Market**: On July 14, the SCFIS settlement index rose above 2400 points. Maersk's mid - July quotes were slightly higher than the first half of the month, and other shipping companies' quotes converged to $3300 - 3500. For August, only a few shipping companies have reported rates, and it remains to be seen if others will follow the price hikes [8]. - **Contract Opportunities**: The 08 contract has room for repair as it is at a discount to the spot index. In October, a traditional off - season, focus on short - selling opportunities and 08 - 10 positive spread opportunities at low prices [8]. 3.2行业要闻 - **Market Overview**: From July 7 to 11, the China export container shipping market was generally stable, with freight rates fluctuating by route. The Shanghai Export Containerized Freight Index (SCFI) dropped 1.7% to 1733.29 points on July 11 [9]. - **European Routes**: The eurozone's July SENTIX investor confidence index rose to 4.5, indicating stable economic recovery. However, the EU - US tariff negotiation remained uncertain. The freight rate from Shanghai to European basic ports on July 11 was $2099/TEU, down 0.1% [9]. - **Mediterranean Routes**: The supply - demand fundamentals were weaker than European routes, with the spot booking price slightly dropping. The freight rate from Shanghai to Mediterranean basic ports on July 11 was $2667/TEU, down 7.0% [9]. - **North American Routes**: Due to the "tariff war", the freight rates from Shanghai to US West and East basic ports on July 11 were $2194/FEU and $4172/FEU, up 5.0% and 1.2% respectively [9][10]. - **EU - US Trade Negotiations**: Auto and agricultural product tariffs were the key issues. Any agreement was subject to Trump's decision, and the EU was considering a second - round counter - measure with a reduced scale to 72 billion euros [10]. - **Trump's Tariff Plan**: Trump planned to impose a 15% or 20% unified tariff on almost all remaining trading partners [10]. - **Yemen Houthi Rebels**: The Houthi rebels prohibited Israeli - related ships from passing through the Red Sea, and two cargo ships were sunk in the Red Sea within a week [10]. 3.3数据概览 - **Container Shipping Spot Prices**: On July 14, the SCFIS for European routes was 2421.94 points, up 7.3% from July 7; the SCFIS for US West routes was 1266.59 points, down 18.7% [12]. - **Container Shipping Index (European Routes) Futures**: The trading data of EC2508, EC2510, EC2512, EC2602, EC2604, and EC2606 contracts on July 14, including opening price, closing price, settlement price, price change, change rate, trading volume, open interest, and open interest change, were provided [6]. - **Shipping - Related Data Charts**: Included charts of global container shipping capacity, global container ship orders, Shanghai - Europe basic port freight rates, and Shanghai - Rotterdam spot freight rates [17][18][20]