Core Viewpoint - The company Shanhai Intelligent (002097.SZ) has received insurance compensation of $29 million for three aircraft that were stranded in Russia due to geopolitical conflicts, significantly impacting its financials and operations [1][5]. Group 1: Aircraft Leasing and Insurance Compensation - Shanhai Intelligent's wholly-owned subsidiary AVMAX had signed three aircraft leasing contracts with Russian clients, which became problematic following the geopolitical conflict that began in February 2022 [1][5]. - AVMAX attempted multiple times to recall the aircraft but was unsuccessful, leading to the eventual insurance claim [1][5]. - The insurance compensation received amounts to $29 million, with a net amount of approximately $22.97 million after deducting legal fees, translating to about 164 million RMB [5]. Group 2: Financial Impact - The insurance payout, after tax deductions, is expected to positively impact the company's net profit by approximately 126 million RMB, accounting for 172.92% of the previous year's net profit attributable to shareholders [5]. - The company had previously fully impaired the value of the three aircraft, making this insurance payout a non-recurring gain [5]. Group 3: Market Performance - As of the latest report, Shanhai Intelligent's revenue for the first quarter of 2025 was 1.513 billion RMB, a year-on-year decrease of 8.96%, while the net profit attributable to shareholders increased by 57.31% to 32.46 million RMB [8]. - The stock has seen significant movement, with 9 trading days of limit-up gains over the past 16 days, resulting in a cumulative increase of 123.19%, bringing the market capitalization to approximately 19.2 billion RMB [8]. Group 4: Industry Context - Other companies, such as Zhejiang Rifa Precision Machinery Co., Ltd. (002520.SZ), are also facing similar issues with aircraft stranded in Russia, indicating a broader industry challenge due to geopolitical tensions [10][11]. - Rifa's subsidiary Airwork Holdings Limited has initiated legal action against insurance companies for compensation related to aircraft leasing contracts affected by the same geopolitical issues [10][11].

Group 1: Report Industry Investment Rating - No specific industry investment rating is provided in the reports [1][2][3] Group 2: Core Views - The Middle East situation may deteriorate, causing strong fluctuations in the market. It is recommended to participate with light positions or stay on the sidelines due to high game - playing difficulty amidst geopolitical conflicts and tariff turmoil [1][3] - In the short - term, the market may rebound. Risk - takers are advised to take light positions in specific contracts, and partial profit - taking and stop - loss settings are recommended. For the long - term, it is advised to take profits when prices rise and wait for a pullback to stabilize [3] - Amidst the volatile international situation, the market shows a positive spread structure with large fluctuations. It is recommended to stay on the sidelines or try with light positions for arbitrage strategies [3] Group 3: Summary Based on Related Contents Shipping Indexes - 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; for the US - West route, it was 1130.12 points, down 12.0%. On August 8, the Ningbo Export Container Freight Index (NCFI) composite index was 1053.86 points, down 3.11% from the previous period; the European route was 1257.71 points, down 8.37%; the US - West route was 1042.91 points, down 6.42% [1] - On August 8, the Shanghai Export Container Freight Index (SCFI) was 1489.68 points, down 61.06 points from the previous period. The SCFI price for the European route was 1961 USD/TEU, down 4.39%; for the US - West route, it was 1823 USD/FEU, down 9.80%. The China Export Container Freight Index (CCFI) composite index was 1200.73 points, down 2.6%; the European route was 1799.05 points, up 0.5%; the US - West route was 827.84 points, down 5.6% [1] Manufacturing and Service PMIs - In July, the eurozone's manufacturing PMI preliminary value was 49.8, higher than the expected 49.7; 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 eurozone's SENTIX investor confidence index in July jumped to 4.5, the highest since April 2022 [1] - In July, China's manufacturing PMI was 49.3%, down 0.4 percentage points from the previous month. The US's July S&P Global manufacturing PMI preliminary value was 49.5, lower than the expected 52.7; 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 [2] Market and Contract Information - On August 8, the main contract 2510 closed at 1436.0, down 1.34%, with a trading volume of 5.64 million lots and an open interest of 5.66 million lots, an increase of 3006 lots from the previous day [3] - The Trump administration postponed the tariff negotiation date to August 1, and the spot market price range has been set with a small price increase to test the market, leading to a small rebound in the market [3] - The Middle East situation may worsen, and the detour situation cannot be restored in the near term. Maersk raised its full - year profit, making the market sentiment optimistic and the market oscillating strongly [3] Geopolitical Events - On August 10, Israeli Prime Minister Netanyahu said that the Israeli army's next - stage military operations will focus on two locations still controlled by Hamas, and the Israeli army has controlled about 70% - 75% of the Gaza Strip [3][4] - On August 8, the Israeli government's security cabinet passed the so - called "five principles to end the war", including disarming Hamas and other contents [4]

Report Industry Investment Rating - No specific industry investment rating is provided in the report. Core Viewpoints - Due to the potential deterioration of the Middle - East situation, the market is strongly volatile with large recent fluctuations. It is not recommended to increase positions, and stop - loss should be set [1][3]. - Amid geopolitical conflicts and tariff turmoil, the trading difficulty is high. It is recommended to participate with light positions or stay on the sidelines [3]. - In the context of international situation turmoil, the forward - spread structure is dominant with large fluctuations. It is recommended to temporarily stay on the sidelines or try with light positions [3]. - For long - term strategies, it is recommended to take profits when the contracts reach high levels, wait for the correction to stabilize, and then judge the subsequent trend [3]. Summary by Related Catalogs Market Conditions and Price Indexes - 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; the SCFIS for the US - West route was 1130.12 points, down 12.0% from the previous period [1]. - On August 8, the Ningbo Export Container Freight Index (NCFI) (composite index) was 1053.86 points, down 3.11% from the previous period; the NCFI for the European route was 1257.71 points, down 8.37% from the previous period; the NCFI for the US - West route was 1042.91 points, down 6.42% from the previous period [1]. - On August 8, the Shanghai Export Container Freight Index (SCFI) was 1489.68 points, down 61.06 points from the previous period; the SCFI price for the European route was 1961 USD/TEU, down 4.39% from the previous period; the SCFI for the US - West route was 1823 USD/FEU, down 9.80% from the previous period [1]. - On August 8, the China Export Container Freight Index (CCFI) (composite index) was 1200.73 points, down 2.6% from the previous period; the CCFI for the European route was 1799.05 points, up 0.5% from the previous period; the CCFI for the US - West route was 827.84 points, down 5.6% from the previous period [1]. PMI Data - The eurozone's July manufacturing PMI preliminary value was 49.8, higher than the expected 49.7 and the previous value of 49.5; the services PMI preliminary value was 51.2, exceeding the expected 50.7 and the previous value of 50.5; the composite PMI preliminary value was 51, higher than the expected 50.8 and the previous value of 50.6; the SENTIX investor confidence index jumped to 4.5, significantly higher than 0.2 in June and the market - expected 1.1, reaching the highest level since April 2022 [1]. - China's July manufacturing PMI was 49.3%, down 0.4 percentage points from the previous month, indicating a decline in manufacturing prosperity [2]. - The US July S&P Global manufacturing PMI preliminary value was 49.5, with an expected 52.7 and a previous value of 52.9; the services PMI preliminary value was 55.2, with an expected 53 and a previous value of 52.9; the Markit composite PMI preliminary value was 54.6, reaching a new high since December 2024, better than the expected 52.8 and the previous value of 52.9 [2]. Market Strategies - Short - term strategy: The short - term market may mainly rebound. Risk - preferring investors have been recommended to try long positions with light positions below 1300 for the 2510 contract (which has made a profit of over 300 points). For the EC2512 contract, light - position short - selling has been recommended, and it is recommended to take profits. Pay attention to the subsequent market trend, do not hold losing positions, and set stop - losses [3]. - Arbitrage strategy: Against the backdrop of international situation turmoil, the forward - spread structure is dominant with large fluctuations. It is recommended to temporarily stay on the sidelines or try with light positions [3]. - Long - term strategy: It is recommended to take profits when the contracts reach high levels, wait for the correction to stabilize, and then judge the subsequent trend [3]. Contract Information - On August 8, the main contract 2510 closed at 1436.0, with a decline of 1.34%, a trading volume of 5.64 million lots, and an open interest of 5.66 million lots, an increase of 3006 lots from the previous day [3]. - The up - limit and down - limit for contracts 2508 - 2606 have been adjusted to 18%. The company's margin for contracts 2508 - 2606 has been adjusted to 28%. The intraday opening limit for all contracts 2508 - 2606 is 100 lots [3]. Geopolitical and Trade Situations - Trump has continued to impose tariffs on multiple countries, mainly in Southeast Asia, further hitting re - export trade. The Trump administration has postponed the tariff negotiation date to August 1. The spot market price range has been determined, with a small price increase to test the market, and the market has slightly rebounded [3]. - The Middle - East situation may deteriorate, and the current detour situation cannot be restored in the near future. Coupled with Maersk's upward adjustment of its annual profit, the market sentiment is relatively optimistic, and the market is strongly volatile [1][3]. - Israeli Prime Minister Netanyahu said that the Israeli military's next - stage military operations will focus on two locations still under Hamas control, and the Israeli military has controlled about 70% - 75% of the Gaza Strip. The Israeli security cabinet has instructed the military to clear the "last strongholds of Hamas" [3]. - The Israeli government's security cabinet has passed the so - called "five principles to end the war", including disarming Hamas, repatriating all Israeli detainees, demilitarizing the Gaza Strip, maintaining Israeli security control over the Gaza Strip, and establishing a civilian government that does not belong to Hamas or the Palestinian National Authority [3].

Industrial Sector - China's industrial production remains stable, with a recovery in steel and construction material output, showing a week-on-week increase of 3.7%[1] - Daily average pig iron output is higher than the same period last year, indicating a positive trend in steel production[3] - Cement clinker capacity utilization rate has improved, reflecting a rebound in the cement industry[5] Real Estate - New home sales in 30 major cities decreased by 15.9% year-on-year as of August 8, but the decline rate improved by 2.2 percentage points compared to the previous week[1] - The second-hand housing listing price index fell by 0.27% week-on-week as of July 28, indicating a slight downward trend in property prices[20] Domestic Demand - Movie box office revenue continues to perform strongly, with a daily average of CNY 24.143 million, a year-on-year increase of 98.7%[1] - Retail sales of major home appliances grew by 10.5% year-on-year as of August 1, showing robust consumer demand[25] - The number of domestic flights increased by 8.8% year-on-year, reflecting a recovery in travel activity[26] External Demand - Port cargo throughput increased by 6.8% year-on-year as of August 3, indicating a positive trend in external trade[30] - The global manufacturing PMI index was at 49.7% in July, down 0.7 percentage points from June, suggesting a slight contraction in manufacturing activity[1] Price Trends - Black raw material futures prices rebounded, with coking coal futures up by 12.3% and rebar futures up by 0.3%[1] - The South China industrial product index fell by 1.0%, while the black raw material index rose by 2.7%[1]

Report Summary 1. Investment Rating No investment rating for the industry is provided in the report. 2. Core View The current geopolitical conflicts and tariff uncertainties have increased the difficulty of market gaming. Spot freight rates are continuously declining, and the market sentiment is pessimistic. The main contracts are fluctuating weakly, and it is recommended to participate with light positions or stay on the sidelines. [2][5] 3. Detailed Summaries Freight Rate Index - On August 4, the Shanghai Export Container Settlement Freight Index (SCFIS) for the European route was 2,297.86 points, down 0.8% from the previous period, and the SCFIS for the US - West route was 1,130.12 points, down 12.0% from the previous period. [3] - On August 1, the Ningbo Export Container Freight Index (NCFI) (composite index) was 1,087.66 points, down 2.06% from the previous period, and the NCFI for the European route was 1,372.67 points, down 3.53% from the previous period. [3] - On August 1, the Shanghai Export Container Freight Index (SCFI) announced a price of 1,550.74 points, down 41.85 points from the previous period, the SCFI European line price was 2,051 USD/TEU, down 1.86% from the previous period, and the SCFI US - West route was 2,021 USD/FEU, down 2.23% from the previous period. [3] - On August 1, the China Export Container Freight Index (CCFI) (composite index) was 1,232.29 points, down 2.3% from the previous period, the CCFI for the European route was 1,789.50 points, up 0.1% from the previous period, and the CCFI for the US - West route was 876.57 points, down 0.5% from the previous period. [3] PMI Data - The eurozone's July manufacturing PMI preliminary value was 49.8, higher than the expected 49.7 and the previous value of 49.5. The eurozone's July services PMI preliminary value reached 51.2, exceeding the expected 50.7 and the previous value of 50.5. The eurozone's July composite PMI preliminary value was 51, higher than the expected 50.8 and the previous value of 50.6. The eurozone's July SENTIX investor confidence index jumped to 4.5, significantly higher than 0.2 in June and the market - expected 1.1, reaching the highest level since April 2022. [3] - China's July manufacturing PMI was 49.3%, down 0.4 percentage points from the previous month, indicating a decline in manufacturing prosperity. [4] - The US July S&P Global manufacturing PMI preliminary value was 49.5, with an expected value of 52.7 and a previous value of 52.9; the July S&P Global services PMI preliminary value was 55.2, with an expected value of 53 and a previous value of 52.9. The US July Markit composite PMI preliminary value was 54.6, reaching a new high since December 2024, better than the expected 52.8 and the previous value of 52.9. [4] Policy and Market Situation - Trump continues to impose tariffs on many countries, mainly in Southeast Asia, which further hits re - export trade. The Trump administration has postponed the tariff negotiation date to August 1. Some shipping companies have announced freight rate increases, and the spot market has a small price increase to test the market, leading to a small rebound in the market. [5] Trading Strategies - **Short - term Strategy**: The short - term market may mainly rebound. Risk - takers are advised to lightly test long positions below 1,300 in the 2510 contract (it has made a profit of over 300 points), and partially stop profit. For the EC2512 contract, it is advised to lightly test short positions and set a stop - profit. Pay attention to the subsequent market trend, do not hold losing positions, and set stop - losses. [5] - **Arbitrage Strategy**: In the context of international situation turmoil, the market is mainly in a positive spread structure with large fluctuations. It is recommended to temporarily stay on the sidelines or lightly try. [5] - **Long - term Strategy**: It is advised to take profits when each contract rises, wait for the market to pull back and stabilize, and then judge the subsequent situation. [5] Market Data of Main Contracts On August 7, the main contract 2510 closed at 1,420.4, down 0.98%, with a trading volume of 261,000 lots and an open interest of 536,000 lots, a decrease of 765 lots from the previous day. [5] Contract Adjustment Information - The daily limit for contracts 2508 - 2606 has been adjusted to 18%. [5] - The margin of the company for contracts 2508 - 2606 has been adjusted to 28%. [5] - The daily opening limit for all contracts 2508 - 2606 is 100 lots. [5]

Group 1: Report Overview - Report date: August 8, 2025 [1] - Report type: Container shipping daily report - Research group: Shipping research group Group 2: Investment Rating - No investment rating provided in the report Group 3: Core Viewpoints - Spot freight rates are continuously falling, and pessimistic sentiment is intensifying. The main contract is fluctuating weakly, with large recent fluctuations. It is not recommended to add positions, and stop - losses should be set [2] - Amid geopolitical conflicts and tariff uncertainties, the game is difficult. It is recommended to participate with light positions or stay on the sidelines [5] Group 4: Freight Rate Index August 4 - Shanghai Export Container Settlement Freight Index (SCFIS) for European routes is 2297.86 points, down 0.8% from the previous period [3] - SCFIS for US - West routes is 1130.12 points, down 12.0% from the previous period [3] August 1 - Ningbo Export Container Freight Index (NCFI) (composite index) is 1087.66 points, down 2.06% from the previous period [3] - NCFI (European routes) is 1372.67 points, down 3.53% from the previous period [3] - NCFI (US - West routes) is 1114.45 points, down 0.54% from the previous period [3] - Shanghai Export Container Freight Index (SCFI) published price is 1550.74 points, down 41.85 points from the previous period [3] - SCFI European line price is 2051 USD/TEU, down 1.86% from the previous period [3] - SCFI US - West routes is 2021 USD/FEU, down 2.23% from the previous period [3] - China Export Container Freight Index (CCFI) (composite index) is 1232.29 points, down 2.3% from the previous period [3] - CCFI (European routes) is 1789.50 points, up 0.1% from the previous period [3] - CCFI (US - West routes) is 876.57 points, down 0.5% from the previous period [3] Group 5: PMI Data Eurozone (July) - Manufacturing PMI preliminary value is 49.8, higher than the expected 49.7, and the previous value was 49.5 [3] - Services PMI preliminary value is 51.2, higher than the expected 50.7, and the previous value was 50.5 [3] - Composite PMI preliminary value is 51, higher than the expected 50.8, and the previous value was 50.6 [3] - SENTIX investor confidence index jumps to 4.5, significantly higher than 0.2 in June and the market - expected 1.1, reaching the highest level since April 2022 [3] China (July) - Manufacturing Purchasing Managers' Index (PMI) is 49.3%, down 0.4 percentage points from the previous month, and the manufacturing prosperity level has declined [4] US (July) - S&P Global Manufacturing PMI preliminary value is 49.5, expected 52.7, and the previous value was 52.9 [4] - S&P Global Services PMI preliminary value is 55.2, expected 53, and the previous value was 52.9 [4] - Markit Composite PMI preliminary value is 54.6, a new high since December 2024, better than the expected 52.8, and the previous value was 52.9 [4] Group 6: Market News and Strategy Market News - Trump continues to impose tariffs on multiple countries, mainly in Southeast Asia, further hitting re - export trade. The Trump administration has postponed the tariff negotiation date to August 1, and the spot market price range is set, with some small price increases to test the market [5] - On August 6 (local time), a Palestinian - occupied territory humanitarian aid team composed of the United Nations and non - government organizations called on Israel to revoke the requirement for non - government organizations to submit sensitive personal information of Palestinian employees [6] - On August 6, US President Trump said that the US will impose about 100% tariffs on chips and semiconductors, and no fees will be charged if manufactured in the US [6] Short - term Strategy - The short - term market may mainly rebound. Risk - takers are advised to lightly test long positions below 1300 for the 2510 contract (already out of a profit space of more than 300). For the EC2512 contract, it is advised to lightly test short positions and set a stop - profit [5] Arbitrage Strategy - Against the backdrop of international situation turmoil, the structure is mainly in a positive spread. It is recommended to stay on the sidelines or lightly attempt [5] Long - term Strategy - It is advised to take profits when each contract rises, wait for the callback to stabilize, and then judge the follow - up situation [5] Group 7: Contract Information - On August 7, the main contract 2510 closed at 1420.4, with a decline of 0.98%, a trading volume of 2.61 million lots, and an open interest of 5.36 million lots, a decrease of 765 lots from the previous day [5] - The daily limit for contracts 2508 - 2606 is adjusted to 18% [5] - The margin for contracts 2508 - 2606 is adjusted to 28% [5] - The daily opening limit for all contracts 2508 - 2606 is 100 lots [5]

Group 1 - The core viewpoint of the news is that gold stocks in the Hong Kong market have generally risen, driven by an increase in gold prices following comments from US President Trump, with expectations for further price increases in the future [1] - Gold prices surged nearly $30, reaching above $3,380 per ounce, as gold is traditionally viewed as a safe haven during periods of political and economic uncertainty [1] - Gold prices have increased nearly 30% this year due to escalating trade wars, geopolitical conflicts, and central bank purchases, with Fidelity International predicting prices could reach $4,000 per ounce by the end of next year [1] Group 2 - Specific gold stocks that saw significant increases include China Gold International (up 3.48%), Zhaojin Mining (up 3.05%), and Shandong Gold (up 3.09%) [2] - Other notable performers include Tongguan Gold (up 2.09%), Lingbao Gold (up 1.59%), and Chifeng Jilong Gold (up 0.16%) [2]

消息上，周二，在美国总统特朗普接受采访后，黄金拉升近30美元，一度冲上3380美元关口上方。长期 以来，黄金被视为政治和经济不确定时期的避风港，在低利率环境下通常表现良好。 港股黄金股普遍上涨，其中，中国黄金国际、招金矿业、山东黄金均涨超3%，潼关黄金涨2%，灵宝黄 金涨1.6%，紫金矿业、赤峰黄金跟涨。 | 代码 | 名称 | 最新价 | 涨跌幅 ▽ | | --- | --- | --- | --- | | 02099 | 中国黄金国际 | 71.300 | 3.48% | | 01818 | 招金矿业 | 21.640 | 3.05% | | 01787 | 山东黄金 | 28.000 | 3.09% | | 00340 | 滝关黄金 | 1.950 | 2.09% | | 03330 | 灵宝黄金 | 10.830 | 1.59% | | 02899 | 三十四年薪 | 22.220 | 0.91% | | 06693 | 赤峰黄金 | 25.200 | 0.16% | 由于贸易战和地缘政治冲突不断升级，以及央行的买入和对降息的押注，金价今年上涨了近30%。投资 者和分析师预计金价还会进一步上涨，富达 ...

Group 1 - Gold prices surged nearly $30, surpassing the $3380 mark following President Trump's interview [1] - Traders are increasingly pricing in a 93% chance of a Federal Reserve rate cut next month, with expectations for at least two 25 basis point cuts this year [3] - UBS commodity analyst Giovanni Staunovo indicated that gold prices are likely to rise, especially if U.S. economic data weakens further [3] Group 2 - Gold is traditionally viewed as a safe haven during periods of political and economic uncertainty, performing well in low interest rate environments [4] - Analysts expect gold prices to continue rising, with Fidelity International predicting prices could reach $4000 per ounce by the end of next year [4] - OANDA senior market analyst Kelvin Wong noted that without clear catalysts, traders may not push gold significantly above $3450 [4]

Report Summary 1. Report Industry Investment Rating No industry investment rating is provided in the report. 2. Core Viewpoints - The SCFIS has slightly declined, the market sentiment is bearish, and the market is fluctuating weakly 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 trading difficulty is high. It is recommended to participate with light positions or wait and see [4]. - The short - term market may rebound. Risk - takers are advised to go long lightly below 1300 for the 2510 contract and take partial profits when a profit margin of over 300 is achieved. For the EC2512 contract, it is advised to go short lightly and take profits. Attention should be paid to subsequent market trends, and it is not recommended to hold losing positions. Stop - losses should be set [4]. - In the context of international situation turmoil, the market is mainly in a positive arbitrage structure with large fluctuations. It is recommended to wait and see or try with light positions [4]. - For the long - term, it is advised to take profits when each contract rises and wait for the market to stabilize after a pullback before making further judgments [4]. 3. Summary by Related Content 3.1 Shipping Indexes - 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; for the US - West route, it was 1130.12 points, down 12.0% [2]. - On August 1, the Ningbo Export Container Freight Index (NCFI) (composite index) was 1087.66 points, down 2.06% from the previous period; the NCFI for the European route was 1372.67 points, down 3.53%; for the US - West route, it was 1114.45 points, down 0.54% [2]. - On August 1, the Shanghai Export Container Freight Index (SCFI) composite index was 1550.74 points, down 41.85 points from the previous period; the SCFI for the European route was 2051 USD/TEU, down 1.86%; for the US - West route, it was 2021 USD/FEU, down 2.23% [2]. - On August 1, the China Export Container Freight Index (CCFI) (composite index) was 1232.29 points, down 2.3% from the previous period; the CCFI for the European route was 1789.50 points, up 0.1%; for the US - West route, it was 876.57 points, down 0.5% [2]. 3.2 Economic Data - The eurozone's July manufacturing PMI preliminary value was 49.8, higher than the expected 49.7 and the previous value of 49.5. The July services PMI preliminary value was 51.2, higher than the expected 50.7 and the previous value of 50.5. The July composite PMI preliminary value was 51, higher than the expected 50.8 and the previous value of 50.6. The July SENTIX investor confidence index jumped to 4.5, significantly higher than June's 0.2 and the market - expected 1.1, reaching the highest level since April 2022 [2]. - China's July manufacturing PMI was 49.3%, down 0.4 percentage points from the previous month, indicating a decline in manufacturing prosperity [3]. - The US July S&P Global manufacturing PMI preliminary value was 49.5, lower than the expected 52.7 and the previous value of 52.9; the services PMI preliminary value was 55.2, higher than the expected 53 and the previous value of 52.9. The July Markit composite PMI preliminary value was 54.6, the highest since December 2024, better than the expected 52.8 and the previous value of 52.9 [3]. 3.3 Market News and Policy - Trump continues to impose tariffs on multiple countries, mainly in Southeast Asia, which further hits transit trade. Some shipping companies have announced freight rate increases. The Trump administration has postponed the tariff negotiation date to August 1. The spot market price range is set, with a slight price increase to test the market, leading to a slight rebound in the market [4]. - On August 3, the Yemeni Houthi armed forces launched three "special military operations" against two Israeli military targets and the Haifa port, and an Israeli air defense system shot down a drone from Yemen. There were no casualties reported [4]. - On August 1, the WTO reported that the global service trade growth rate in the first quarter of 2025 slowed to 5%, about half of the growth rates in 2024 and 2023. Service trade exports in Europe and North America only increased by 3% year - on - year, lower than the data in the first quarter of 2024. In contrast, Asia maintained a strong growth of 9%. Financial service exports increased by 3% year - on - year, reflecting a decrease in investment activities due to increased global economic uncertainty [4]. 3.4 Contract Information - On August 4, the closing price of the main contract 2510 was 1421.8, with a decline of 0.72%, a trading volume of 3.03 million lots, and an open interest of 5.11 million lots, a decrease of 1323 lots from the previous day [4]. - The daily limit for contracts from 2508 to 2606 has been adjusted to 18%. The company's margin for contracts from 2508 to 2606 has been adjusted to 28%. The intraday opening limit for all contracts from 2508 to 2606 is 100 lots [4].