Report Summary 1. Report Industry Investment Rating - Not provided in the given content. 2. Core Viewpoints - The spot market price range is set, and the price increase reaction is weak. Without more positive factors, the market is prone to decline and difficult to rise. Attention should be paid to the 90 - day spot freight rate range, the feedback of terminal demand under the easing of tariff policies, and the final ruling result [3]. - The US has extended the tariff exemption on China, and the dialogue between the top leaders of China and the US has brought some impetus to the bulls. However, due to the slight decline in spot freight rates, the situation of price increase implementation is unclear, and the market fluctuates greatly with the game between long and short positions [3]. 3. Key Points by Category Freight Rate Index - On June 2, the Shanghai Export Container Settlement Freight Index (SCFIS) for the European route was 1252.82 points, up 0.5% from the previous period; the SCFIS for the US - West route was 1718.11 points, down 0.1% from the previous period [2]. - On June 6, the Ningbo Export Container Freight Index (NCFI) for the comprehensive index was 1669.44 points, down 0.41% from the previous period; the NCFI for the European route was 1123.64 points, up 5.25% from the previous period; the NCFI for the US - West route was 3259.14 points, down 9.10% from the previous period [2]. - On June 6, the Shanghai Export Container Freight Index (SCFI) announced price was 2240.35 points, up 167.64 points from the previous period; the SCFI for the European route was 1667 USD/TEU, up 5.04% from the previous period; the SCFI for the US - West route was 5606 USD/FEU, up 8.39% from the previous period [2]. - On June 6, the China Export Container Freight Index (CCFI) for the comprehensive index was 1154.98 points, up 3.3% from the previous period; the CCFI for the European route was 1397.02 points, up 1.6% from the previous period; the CCFI for the US - West route was 1034.94 points, up 9.6% from the previous period [2]. PMI Data - Eurozone's May manufacturing PMI was 49.4 (expected 49.3, previous 49); services PMI was 48.9 (expected 50.3, previous 50.1); composite PMI was 49.5 (expected 50.7, previous 50.4). The Sentix investor confidence index was - 8.1 (expected - 11.5, previous - 19.5) [2]. - China's May Caixin manufacturing PMI was 48.3, down 2.1 points from April, falling below the critical point for the first time since October 2024 [2]. - US May Markit manufacturing PMI was 52.3 (expected 49.9, previous 50.2), services PMI was 52.3 (expected 51, previous 50.8), and composite PMI was 52.1 (expected 50.3, previous 50.6) [2]. Trading Strategies - Short - term strategy: For the 2506 contract, focus on the logic of basis convergence. For the 2508 contract, when it rebounds to above 2250, it is recommended to try short positions with a light position and set stop - losses [3]. - Arbitrage strategy: Under the background of tariff easing, the 90 - day exemption will lead to a situation where the near - term freight rate is stronger than the long - term one. Attention should be paid to the court's ruling result, and currently, the positive arbitrage structure is mainly considered [3]. - Long - term strategy: It is recommended to take profits when each contract rises, wait for the price to stabilize after a pullback, and then judge the subsequent direction [3]. Market Conditions - On June 6, the main contract 2508 closed at 2146.3, down 0.11%, with a trading volume of 73,400 lots and an open interest of 47,300 lots, a decrease of 707 lots from the previous day [3]. - The daily limit for contracts 2506 - 2604 was adjusted to 16%, the margin was adjusted to 26%, and the daily opening limit for all contracts 2506 - 2604 was 100 lots [3]. Other Information - Israel's Prime Minister Netanyahu said on the 5th that Israel is "using" local organizations in the Gaza Strip to fight against Hamas [4]. - As of the end of May, China has newly opened more than 100 international air cargo routes this year, with 26 new routes opened in May. The new routes are mainly in Asia and Europe, and the cargo mainly includes cross - border e - commerce goods, electronic products, etc. [4]

Report Summary 1. Report Industry Investment Rating No relevant information provided. 2. Core View of the Report - The macro sentiment is generally bullish, and with the entry of long - position funds, the market pulled up rapidly in the afternoon with significant volatility. Risk - preferring investors can consider short - selling on rallies [2][3]. - It's necessary to focus on the 90 - day spot freight rate range, the feedback of terminal demand under the easing of tariff policies, and the final result of the court ruling [3]. - Attention should be paid to tariff policies, the Middle - East situation, and spot freight rates [3]. 3. Summary Based on Related Content 3.1 Freight Rate Index - **SCFIS and NCFI**: On May 26, the Shanghai Export Container Settlement Freight Index (SCFIS) for the European route was 1247.05 points, down 1.4% from the previous period; for the US - West route, it was 1719.79 points, up 18.9%. On May 23, the Ningbo Export Container Freight Index (NCFI) for the comprehensive index was 1106.08 points, up 9.02%; for the European route, it was 783.58 points, up 4.35%; for the US - West route, it was 1894.63 points, up 4.50% [2]. - **SCFI and CCFI**: On May 23, the Shanghai Export Container Freight Index (SCFI) was 1586.12 points, up 106.73 points. The SCFI European route price was 1317 USD/TEU, up 14.12%; the US - West route was 3275 USD/FEU, up 5.95%. The China Export Container Freight Index (CCFI) for the comprehensive index was 1107.40 points, up 0.2%; for the European route, it was 1392.61 points, down 2.6%; for the US - West route, it was 908.14 points, up 3.6% [2]. 3.2 PMI Data - Eurozone: In May, the manufacturing PMI preliminary value was 49.4 (expected 49.3, previous 49); the service PMI preliminary value was 48.9 (expected 50.3, previous 50.1); the composite PMI preliminary value was 49.5 (expected 50.7, previous 50.4). The Sentix investor confidence index was - 8.1 (expected - 11.5, previous - 19.5) [2]. - US: In May, the Markit manufacturing PMI preliminary value was 52.3 (a three - month high, expected 49.9, previous 50.2); the service PMI preliminary value was 52.3 (a two - month high, expected 51, previous 50.8); the composite PMI preliminary value was 52.1 (expected 50.3, previous 50.6) [3]. 3.3 Market Conditions - On May 29, the main contract 2508 closed at 2131.0, with a 6.34% increase, a trading volume of 131,600 lots, and an open interest of 46,600 lots, an increase of 2813 lots from the previous day [3]. - Spot freight rates are gradually stabilizing, which supports the market to some extent. However, due to the unclear peak - season momentum, there was intense competition between long and short positions in the morning. In the afternoon, the market price was quickly pulled up and then fluctuated slightly, possibly due to the generally bullish macro situation and the entry of some long - position funds [3]. 3.4 Strategies - **Short - term Strategy**: For the 2506 contract, focus on the logic of basis convergence. For the 2508 contract, it is recommended to lightly short - sell when it rebounds above 2250 and set a stop - loss [4]. - **Arbitrage Strategy**: Under the background of tariff easing, the 90 - day exemption will lead to a situation where near - term freight rates are stronger than long - term ones. It is necessary to pay attention to the result of the court ruling. Currently, the market is volatile, and it is advisable to mainly use positive - spread arbitrage [4]. - **Long - term Strategy**: It is recommended to take profits when each contract rallies. Wait for the price to stabilize after a pullback before making further judgments [4]. 3.5 Other Information - The daily trading limit for contracts from 2506 to 2604 has been adjusted to 18% [4]. - The margin of the company for contracts from 2506 to 2604 has been adjusted to 28% [4]. - The daily opening limit for all contracts from 2506 to 2604 is 100 lots [4].