Report Summary 1. Report Industry Investment Rating No information provided in the given content. 2. Core View of the Report - The overall logic of shorting on rallies remains unchanged. This is mainly because the market pattern in September is loose, and the subsequent driving forces are weak. The current October contract is at a discount of about 450 points to the spot price, and there is still expected room for decline. The valuation of far - month contracts is unclear, more affected by driving forces, and due to low open interest, they are greatly influenced by macro and capital behaviors [2][16]. 3. Summary by Relevant Catalogs 3.1 Futures Contract Information - **EC2508**: Yesterday's trading volume was 156, and the change in open interest was - 109 [2][16]. - **EC2510**: The closing price was 2125.0, down 2.21%. The base was 55.2 - 855.2, the trading volume was 35008, the open interest was 54293, and the change in open interest was 2566 [2][16]. - **EC2512**: The closing price was 1721.4, down 3.07%. The base was 458.8, the trading volume was 7519, and the open interest was 12209 [2][16]. - **EC2602**: The closing price was 1513.0, down 1.24%. The base was 667.2, the trading volume was 1211, the open interest was 4403, and the change in open interest was 35 [2][16]. - **EC2604**: The closing price was 1289.5, down 1.89%. The base was 890.7, the trading volume was 1160, the open interest was 5716, and the change in open interest was 89 [2][16]. - **EC2606**: The closing price was 1470.1, down 0.67%. The base was 710.1, the open interest was 820, and the change in open interest was - 6 [2][16]. 3.2 Month - to - Month Spread Information - **EC2508 - 2510**: The spread was 800.0, with a day - on - day increase of 32.0 and a comparison increase of 89.8 [2][16]. - **EC2510 - 2512**: The spread was - 396.4, with a day - on - day increase of 24.5 and a comparison decrease of 7.0 [2][16]. - **EC2512 - 2602**: The spread was 208.4, with a day - on - day decrease of 35.5 and a comparison decrease of 24.5 [2][16]. 3.3 Index Information - **SCF (European Line)**: Updated on August 18, 2025, the index was 2180.17 (1820 in a certain unit), down 2.47% compared to the previous period and 2.71% compared to the period before the previous one [2][16]. - **CCFI (European Line)**: Updated on August 15, 2025, the index was 1790.47, down 0.48% compared to the previous period and up 0.53% compared to the period before the previous one [2][16]. - **NCFI (European Line)**: Updated on August 15, 2025, the index was 1188.69, down 5.49% compared to the previous period and down 8.57% compared to the period before the previous one [2][16]. 3.4 Booking and Shipping Capacity Information - **Week34**: The final landing average price was 2850 US dollars (2000 points). In Week 33, the cargo collection of MSK was good, OA was average, and PA was poor. In Week 34, cargo collection declined significantly, and some shipping companies faced pressure in accepting cargo [2][16]. - **Week35**: The current average quoted price is 2625 US dollars (1840 points after conversion). The average price in the spot market is 2575 US dollars (1770 points after conversion). The PA alliance quoted 2500 US dollars, MSK opened at 2300 US dollars (later raised to 2490 US dollars), and the OA alliance quoted 2700 - 2800 US dollars [2][3][16][17]. - **Week36**: The latest quoted prices of shipping companies range from 2120 to 2420 US dollars, with an average of 2250 US dollars (1550 points). MSK opened at 2100 US dollars, and some routes increased to 2200 US dollars; CMA's quote dropped from 3420 to 2620 US dollars [3][17]. - **Shipping Capacity**: The weekly average shipping capacities in August, September (tentative), and October (tentative) 2025 are 328,000, 312,000, and 315,000 TEU respectively. After considering all TBN as cancellations, they are 38,000, 297,000, and 283,000 TEU respectively [2][16].

Group 1: Report Industry Investment Rating - Not provided in the document Group 2: Core View of the Report - The overall strategy maintains the logic of shorting on rallies because the overall situation in September is loose, the subsequent driving force continues to be weak, the current October contract is at a discount of about 450 points to the spot, and there is still room for decline; the valuation of the far - month contract is vague, more affected by the driving force, and due to the small open interest, it is greatly affected by macro and capital behavior [2] Group 3: Summary of Related Content Futures Contract Information - For EC2508, the closing price was 2125.0, with a change of 0.09%, the basis was 55.2, the trading volume was 156, the open interest was 2060, and the change in open interest was - 109 [2] - For EC2510, the closing price was 1325.0, with a change of - 2.21%, the basis was 855.2, the trading volume was 35008, the open interest was 54293, and the change in open interest was 2566 [2] - For EC2512, the closing price was 1721.4, with a change of - 3.07%, the basis was 458.8, the trading volume was 7519, and the open interest was 12209 [2] - For EC2602, the closing price was 1513.0, with a change of - 1.24%, the basis was 667.2, the trading volume was 1211, the open interest was 4403, and the change in open interest was 35 [2] - For EC2604, the closing price was 1289.5, with a change of - 1.89%, the basis was 890.7, the trading volume was 1160, the open interest was 5716, and the change in open interest was 89 [2] - For EC2606, the closing price was 1470.1, with a change of - 0.67%, the basis was 710.1, the trading volume was 95, the open interest was 820, and the change in open interest was - 6 [2] Month - spread Information - The EC2508 - 2510 month - spread was 800.0, compared with 768.0 the previous day, 757.0 two days ago, and the week - on - week change was 89.8 [2] - The EC2510 - 2512 month - spread was - 396.4, compared with - 420.9 the previous day, - 404.7 two days ago, and the week - on - week change was - 7.0 [2] - The EC2512 - 2602 month - spread was 208.4, compared with 243.9 the previous day, 239.6 two days ago, and the week - on - week change was - 24.5 [2] Spot Index Information - The SCEIS index on August 18, 2025, was 2180.17 points, down 2.47% from the previous period and 2.71% from two periods ago [2] - The SCFI (European Line) on August 15, 2025, was 1820 dollars/TEU, down 7.19% from the previous period and 4.39% from two periods ago [2] - The CCFI on August 15, 2025, was 1790.47 points, down 0.48% from the previous period and up 0.53% from two periods ago [2] - The NCFI on August 15, 2025, was 1188.69 points, down 5.49% from the previous period and 8.37% from two periods ago [2] Booking and Capacity Information - Currently, downstream customers are booking spaces for the end of August and early September (week35 - 36). In week35, the average price was 2575 dollars (equivalent to 1770 points on the futures market). The PA Alliance offered 2500 dollars, MSK initially opened at 2300 dollars and then rose to 2490 dollars, and the OA Alliance offered 2700 - 2800 dollars [2][3] - The weekly average capacities in August, September (tentative), and October (tentative) 2025 were 328,000, 312,000, and 315,000 TEU respectively. After considering all TBN as sailings cancelled, they were 328,000, 297,000, and 283,000 TEU respectively [2] Other Information - In week36, the latest quotes from shipping companies were between 2120 - 2420 dollars, with an average of 2250 dollars (1550 points). On Tuesday, MSK opened at 2100 dollars, and some routes rose to 2200 dollars; CMA's quote dropped from 3420 to 2620 dollars. On Wednesday, OOCL opened at 2300 dollars. On Thursday, CMA dropped 200 to 2420 dollars, HMM dropped 300 to 2200 dollars, and HPI dropped 200 to 2235 dollars [9]

Report Industry Investment Rating - Not provided in the content Core Viewpoints - The futures prices of the Container Shipping Index (European Line) contracts first fluctuated downward and then returned to a volatile trend. As of the close, the prices of all EC contracts declined. The opening decline of the futures price was likely affected by the current cabin quotes on the European line. Specifically, Evergreen's opening quotes for the European line in early September were lower than the previous values. Except for ONE, the quotes of major shipping companies for the European line in early September had generally dropped below the August quotes, and the average price for large containers was below $2500. Looking ahead, it is relatively likely that EC will continue to fluctuate with a downward bias or return to a volatile trend [1]. Summary by Relevant Catalogs EC Risk Management Strategy Recommendations - For cabin management, if one has already obtained cabins but the shipping capacity is full or the booked cargo volume is poor, and there are concerns about a decline in freight rates, to prevent losses, one can short the container shipping index futures according to the company's cabin situation to lock in profits. The recommended hedging tool is EC2510, with a selling recommendation and an entry range of 1450 - 1550 [1]. - For cost management, if shipping companies increase the frequency of blank sailings or the market is about to enter the peak season, and one hopes to book cabins based on order situations, to prevent an increase in transportation costs due to rising freight rates, one can buy the container shipping index futures at present to determine the cabin - booking costs in advance. The recommended hedging tool is EC2510, with a buying recommendation and an entry range of 1200 - 1300 [1]. EC Position Changes - In the EC2510 contract, long positions increased by 1262 lots to 28530 lots, short positions increased by 318 lots to 31625 lots, and the trading volume increased by 9676 lots to 43824 lots (bilateral) [1]. EC Basis Daily Changes (on August 22, 2025) - The basis for EC2508 was 55.17 points, with a daily decline of 2.00 points and a weekly decline of 96.41 points [3]. - The basis for EC2510 was 855.17 points, with a daily increase of 30.00 points and a weekly decline of 20.81 points [3]. - The basis for EC2512 was 458.77 points, with a daily increase of 54.50 points and a weekly decline of 53.41 points [3]. - The basis for EC2602 was 667.17 points, with a daily increase of 19.00 points and a weekly decline of 46.91 points [3]. - The basis for EC2604 was 890.67 points, with a daily increase of 24.80 points and a weekly decline of 9.81 points [3]. EC Prices and Spreads (on August 22, 2025) - The closing price of EC2508 was 2125.0 points, with a daily increase of 0.09% and a weekly increase of 1.97% [5]. - The closing price of EC2510 was 1325.0 points, with a daily decline of 2.21% and a weekly decline of 2.54% [5]. - The closing price of EC2512 was 1721.4 points, with a daily decline of 3.07% and a weekly decline of 0.11% [5]. - The closing price of EC2602 was 1513.0 points, with a daily decline of 1.24% and a weekly decline of 0.55% [5]. - The closing price of EC2604 was 1289.5 points, with a daily decline of 2.27% and a weekly decline of 3.41% [5]. - The closing price of EC2606 was 1470.1 points, with a daily decline of 0.67% and a weekly decline of 1.67% [5]. Current Cabin Quotes for Container Shipping - On September 4, for Maersk's sailings from Shanghai to Rotterdam, the total quote for 20GP was $1290, an increase of $5 compared to the previous value, and the total quote for 40GP was $2160, an increase of $10 compared to the previous value [7]. - In early September, for Evergreen's sailings from Shanghai to Rotterdam, the total quote for 20GP was $1580, a decrease of $225 compared to the previous week, and the total quote for 40GP was $1983, a decrease of $778 compared to the previous week [7]. Global Freight Rate Indexes - The SCFIS for the European route was 2180.17 points, a decrease of 55.31 points (-2.47%) compared to the previous value [8]. - The SCFIS for the US - West route was 1106.29 points, an increase of 24.15 points (2.23%) compared to the previous value [8]. - The SCFI for the European route was $1820 per TEU, a decrease of $141 (-7.19%) compared to the previous value [8]. - The SCFI for the US - West route was $1759 per FEU, a decrease of $64 (-3.51%) compared to the previous value [8]. - The XSI for the European line was $2989 per FEU, a decrease of $31 (-1.03%) compared to the previous value [8]. - The XSI for the US - West line was $1826 per FEU, a decrease of $7 (-0.4%) compared to the previous value [8]. - The FBX comprehensive freight rate index was $1965 per FEU, an increase of $1 (0.05%) compared to the previous value [8]. Global Major Port Waiting Times (on August 21, 2025) - The waiting time at Hong Kong Port was 0.608 days, an increase of 0.213 days compared to the previous day and a decrease of 0.126 days compared to the same period last year [13]. - The waiting time at Shanghai Port was 1.639 days, a decrease of 0.184 days compared to the previous day and an increase of 0.201 days compared to the same period last year [13]. - The waiting time at Yantian Port was 1.161 days, an increase of 0.281 days compared to the previous day and an increase of 0.684 days compared to the same period last year [13]. - The waiting time at Singapore Port was 1.627 days, an increase of 1.064 days compared to the previous day and an increase of 1.061 days compared to the same period last year [13]. - The waiting time at Jakarta Port was 1.822 days, an increase of 0.294 days compared to the previous day and an increase of 0.842 days compared to the same period last year [13]. - The waiting time at Long Beach Port was 2.648 days, an increase of 0.119 days compared to the previous day and an increase of 0.845 days compared to the same period last year [13]. - The waiting time at Savannah Port was 1.233 days, a decrease of 0.295 days compared to the previous day and a decrease of 0.99 days compared to the same period last year [13]. Ship Speeds and the Number of Container Ships Waiting at Suez Canal Ports (on August 21, 2025) - The average speed of container ships with a capacity of over 8000 was 15.764 knots, a decrease of 0.082 knots compared to the previous day and a decrease of 0.192 knots compared to the same period last year [22]. - The average speed of container ships with a capacity of over 3000 was 14.870 knots, a decrease of 0.032 knots compared to the previous day and a decrease of 0.387 knots compared to the same period last year [22]. - The average speed of container ships with a capacity of over 1000 was 13.318 knots, a decrease of 0.026 knots compared to the previous day and a decrease of 0.164 knots compared to the same period last year [22]. - The number of ships waiting at the Suez Canal port anchorages was 12, the same as the previous day and an increase of 4 compared to the same period last year [22].

1. Report Industry Investment Rating - Not provided in the document 2. Core View of the Report - The overall strategy maintains the logic of shorting on rallies. This is because the overall situation in September is loose, the subsequent drivers continue to be weak; currently, the October contract is at a discount of about 450 points to the spot, and there is still expected to be room for decline; the valuation of the far - month contracts is unclear, more affected by drivers, and due to low positions, they are greatly affected by macro and capital behaviors [2][16] 3. Summary by Relevant Content 3.1 EC Futures Contract Price and Month - spread - **Contract Prices**: On August 21, 2025, the closing prices of EC2508, EC2510, EC2512, EC2602, EC2604, and EC2606 were 2123.0, 1355.0, 1775.9, 1532.0, 1314.3, and 1480.0 respectively, with changes of - 0.20%, - 1.12%, 0.05%, - 0.22%, - 0.67%, and - 0.82% [2][16] - **Month - spreads**: The month - spreads of EC2508 - 2510, EC2510 - 2512, and EC2512 - 2602 on the previous day were 768.0, - 420.9, and 243.9 respectively, with daily changes of 11.0, - 16.2, and 4.3 [2][16] 3.2 Shipping Indexes - **SCF (European Line)**: On August 18, 2025, the value was 2180.17, a decrease of 2.47% from the previous period [2][16] - **CCFI**: On August 15, 2025, it was 1790.47 points, a decrease of 0.48% from the previous period [2][16] - **NCFI**: On August 15, 2025, it was 1188.69 points, a decrease of 5.49% from the previous period [2][16] 3.3 Weekly Booking Situation - **Week 34 - 35**: Currently, downstream is booking week 34 - 35 (end of August) positions. The final average price of week 34 was 2850 US dollars (2000 points). The current average quote of week 35 is 2625 US dollars (1840 points), with PA Alliance at 2500 US dollars, MSK at 2300 US dollars, and OA Alliance at 2700 - 2800 US dollars. Fundamentally, MSK is better, OA is average, and PA is worse [2][16] - **Week 35 - 36**: Currently, downstream is booking week 35 - 36 (end of August to early September) positions. The average price of week 35 is 2575 US dollars (1770 points), and that of week 36 is 2400 US dollars (1630 points) [3][17] 3.4 Shipping Capacity - The weekly average shipping capacities in August, September (tentatively), and October 2025 are 328,000, 312,000, and 315,000 TEU respectively. After planning all TBN sailings to be cancelled, they are 328,000, 297,000, and 283,000 TEU [2][16]

Report Industry Investment Rating - Not provided in the content Core Viewpoints - The spot freight rate of the container shipping industry continues the downward trend. The Shanghai Export Containerized Freight Index (SCFIS) for European routes continued to decline, and the decline of the US West route narrowed. The China Containerized Freight Index (CCFI), Shanghai Containerized Freight Index (SCFI), and Ningbo Containerized Freight Index (NCFI) all continued to decline, but the decline converged. For the future market, attention can be paid to the changes in the current cabin quotes of shipping companies on European routes and the fundamentals of the European route market. Considering that the futures price has reached a relatively short - term low, the decline of the futures price may converge or maintain a shock [1]. - Traders are advised to temporarily observe in the spot - futures (basis) strategy and temporarily wait and see in the arbitrage (inter - period) strategy [2]. Summary by Relevant Catalogs 3.盘面回顾 (Market Review) - As of Friday, except for EC2508, the closing prices and settlement prices of other monthly contracts rebounded. Among them, the closing price of EC2510 rebounded by 0.84% from the previous week, closing at 1436.0 points; the settlement price rebounded by 1.11%, closing at 1448.0 points. The main influencing factors of the week came from the current cabin quotes of European routes and route adjustments [3]. 4.现货信息 (Spot Information) 4.1 运价 (Freight Rates) - As of August 11, the European route of the Shanghai Export Containerized Freight Settlement Index (SCFIS), the futures underlying index, continued to decline, with a month - on - month decline of 0.81% (the previous value was - 3.50%), and the decline of the freight rate on the US West route widened, with a month - on - month decline of 11.99% (the previous value was - 1.37%). As of August 15, the CCFI, SCFI, and NCFI all continued to decline, but the decline converged. In terms of different routes, the decline of North American routes narrowed, the SCFI US West route decreased by 3.51% month - on - month ( - 9.80% in the previous week), the SCFI US East route decreased by 2.61% month - on - month ( - 10.68% in the previous week), and the decline of the SCFI European route widened, with a month - on - month decline of 7.19% ( - 4.39% in the previous week) [8]. 4.2 需求面 (Demand Side) - The content mainly shows the week - on - week and year - on - year changes of the deployed capacity of different routes, as well as the latest shipping regional trade capacity and its month - on - month changes, but no specific summary data is provided [20][22][23]. 4.3 供应端 (Supply Side) - As of August 16, the idle capacity ratio of global container ships was 2.4%; the idle capacity of container ships over 17,000 TEU was 61,610 TEU, accounting for 1.3% of this type of ships; the idle capacity of container ships from 12,000 to 16,999 TEU was 109,419 TEU, accounting for 1.4% of this type of ships. The congestion index of Shanghai Port decreased by 82.1 thousand TEU from the previous week, closing at 575.3 thousand TEU; the congestion index of Rotterdam Port increased by 19.0 thousand TEU from the previous week, closing at 240.8 thousand TEU; the congestion index of Antwerp Port decreased by 13.9 thousand TEU from the previous week, closing at 84.3 thousand TEU; the congestion index of Hamburg Port increased by 10.6 thousand TEU from the previous week, closing at 113.6 thousand TEU [27][30]. 5.价差解析 (Spread Analysis) - The current Shanghai Export Containerized Freight Settlement Index (SCFIS) for European routes continued to decline, and the month - on - month decline widened to 2.71%, reporting 2235.48 points. The main contract EC2510 closed at 1408.8 points on Monday. The basis slightly narrowed from the previous week and then slightly widened. The current cabin quotes of mainstream shipping companies on European routes continued to decline, leading the trend of futures prices. As the container shipping market is about to leave the traditional peak season, the support from demand gradually decreases. Based on the current spot freight rate situation, although it has declined significantly, it still maintains a relative level, so the basis is still at a relatively high level compared with the previous period. Traders are advised to temporarily observe [35][37]. - The spreads of the inter - period contract combinations of container shipping European routes in the current week were as follows: the spread of the EC2508 - EC2510 contract combination was 710.2 points, the spread of the EC2508 - EC2512 contract combination was 320.8 points, and the spread of the EC2510 - EC2512 contract combination was - 389.4 points. Continuing the previous logic, as the 08 contract is about to enter the delivery month, the fluctuation range of the futures price has converged and is generally more stable. The 10 contract declined significantly during the week due to the further decline of the current cabin quotes and the influence of the capital side, resulting in a relatively significant increase in the spread of the EC2508 - EC2510 contract combination during the week. Traders can temporarily wait and see [38].

Report Summary 1. Report Industry Investment Rating - Not provided in the content 2. Core View of the Report - The overall strategy maintains the logic of shorting on rallies. This is because the market pattern in September is loose, the subsequent driving forces continue to weaken, the current price of the October contract is at a discount of about 450 points to the spot price, and there is still room for decline. The valuation of the far - month contracts is unclear, more affected by driving forces, and due to low positions, they are greatly influenced by macro and capital behaviors [2]. 3. Summary by Relevant Catalogs EC Futures Contract Price and Related Data - **Contract Prices**: EC2508 is 2083.8, EC2512 is 1763.0, EC2510 is 1373.6, EC2602 is 1530.1, EC2604 is 1332.0, and EC2606 is 1487.5. The price changes of EC2510, EC2602, EC2604, and EC2606 are 2.30%, 0.57%, - 0.22%, and - 0.50% respectively [2]. - **Trading Volumes and Open Interests**: The trading volume of EC2508 is 31099, and the open interest is 2506 with a change of - 1839. The open interests of EC2512, EC2510, EC2602, EC2604, and EC2606 are 11324, 54859, 4438, 5549, and 822 respectively, with changes of 0, 193, 14, 90, and - 13 respectively [2]. - **Month - to - Month Spreads**: The spreads of EC2508 - 2510, EC2510 - 2512, and EC2512 - 2602 are 710.2, - 389.4, and 232.9 respectively, with day - on - day changes of - 14.2, - 25.6, and 31.0 respectively [2]. Shipping Indexes - **SCHIS**: Updated weekly, announced on 2025/8/11, the current value is 2235.48, with a month - on - month change of - 2.71% and a week - on - week change of - 0.81% [2]. - **SCFI (European Line)**: Updated weekly, announced on 2025/8/15, the current value is 1820 dollars/TEU, with a month - on - month change of - 7.19% and a week - on - week change of - 4.39% [2]. - **CCFI**: Updated weekly, announced on 2025/8/15, the current value is 1790.47 points, with a month - on - month change of - 0.48% and a week - on - week change of 0.53% [2]. - **NCFI**: Updated weekly, announced on 2025/8/15, the current value is 1188.69 points, with a month - on - month change of - 5.49% and a week - on - week change of - 8.37% [2]. Downstream Booking and Market Fundamentals - **Booking Situation**: Downstream is currently booking space for the second half of August (week34 - 35). The average price of week34 is 2850 dollars (2000 points), and the current average quote of week35 is 2625 dollars (1840 points). The PA alliance quotes 2500 dollars, MSK quotes 2300 dollars, and the OA alliance quotes 2700 - 2800 dollars [2][3]. - **Receiving Situation**: In week33, MSK had better receiving, OA was average, and PA was poor. In week34, receiving became significantly weaker, and some shipping companies faced pressure in taking orders [2]. - **Capacity Situation**: The average weekly capacities in August, September (tentative), and October (tentative) 2025 are 328,000, 312,000, and 315,000 TEU respectively. After considering all TBN as cancellations, they are 328,000, 297,000, and 283,000 TEU respectively [2].

Group 1: Report Industry Investment Rating - Not provided Group 2: Core View of the Report - The current main contradictions in the EC market are the decline slope during the off - season, uncertainties in geopolitics and tariffs, and the repeated domestic macro - sentiment. It is recommended to continue holding short positions on the October contract and maintain the logic of shorting on rallies [2] Group 3: Summary Based on Relevant Contents Futures Contract Information - For the EC2508 contract, the previous closing price was 2083.9, with a change of 0.04%, a basis of 151.6, a previous trading volume of 92, and a previous open interest of 2556 with a change of - 73. Other contracts like EC2510, EC2512, etc. also have their respective price, change, basis, trading volume, and open interest data [2] - The month - to - month spreads such as EC2508 - 2510, EC2510 - 2512, etc. have their previous - day, two - day - ago, and day - on - day change data [2] Index Information - The SCHIS SCFI (European line) was updated on August 11, 2025, at 2235.48 points, down 2.71% from the previous period and 4.39% from two periods ago. The CCFI was updated on August 8, 2025, at 1799.05 points, up 0.53% from the previous period. The NCFI was updated on August 8, 2025, at 1257.71 points, down 8.7% from the previous period [2] Shipping Company Quotation Information - In week 34, shipping companies' prices dropped by 200 - 300 US dollars, with an average of 2850 US dollars (2000 points). In week 35, the average shipping company quote was 2630 US dollars (1800 points) [3] - On Monday, MSK opened at 2200 US dollars; HPL dropped 400 to 2435 US dollars. On Wednesday, EMC dropped 200 to 2934 US dollars [9] News Information - On August 14, Hamas proposed a cease - fire request to Egypt, promising to evacuate and ensure the safety of the detained personnel. Israeli Deputy Foreign Minister Haskell said that after the war, Gaza must have a non - Israeli, peaceful and non - armed government [4]

Group 1: Report Industry Investment Rating - No information provided Group 2: Core Viewpoints of the Report - The current main contradictions in the EC market are the decline slope during the off - season, uncertainties in geopolitics and tariffs, and the repeated domestic macro - sentiment [1] - In terms of fundamentals, in the second week of August (week33), MSK performed well, OA was average, and PA was poor; cargo volume in week34 significantly declined. EMC cancelled its independent ship in week35 this week, and OA added a sailing suspension in week39. The capacity reduction situation was not ideal, with a slight decline but still at a high level. The average weekly capacities in August, September (tentative), and October (tentative) 2025 are 327,000, 321,000, and 319,000 TEU respectively, and after including all TRN as sailing suspensions, they are 327,000, 300,000, and 287,000 TEU [1] - From the perspective of the futures market, the current October contract has a large discount to the spot price. The decline of shipping companies in the past two weeks basically met market expectations and did not drive the futures price further down. The December contract is a peak - season contract with certain flexibility, and continuous position - shifting and contract - changing support it. However, the overall future trend is downward, and there is still some room for valuation adjustment. It is recommended to continue holding short positions in the October contract and maintain the logic of shorting on rallies [1] Group 3: Summary by Related Catalogs Futures Contract Information - For EC2508, the closing price is 2083.0, with a change of 0.05%, a basis of 152.5, a trading volume of 329, an open interest of 2629, and a change in open interest of - 227 [1] - For EC2510, the closing price is 1333.1, with a change of - 5.96%, a basis of 902.4, a trading volume of 66391, an open interest of 60740, and a change in open interest of 4786 [1] - For EC2512, the closing price is 1700.1, with a change of - 2.41%, a basis of 535.4, a trading volume of 8332, an open interest of 11515, and a change in open interest of 103 [1] - For EC2602, the closing price is 1488.0, with a change of - 2.62%, a basis of 747.5, a trading volume of 1870, an open interest of 4459, and a change in open interest of 270 [1] - For EC2604, the closing price is 1328.6, with a change of - 1.59%, a basis of 906.9, a trading volume of 1257, an open interest of 5551, and a change in open interest of 125 [1] - For EC2606, the closing price is 1473.0, with a change of - 0.61%, a basis of 762.5, a trading volume of 126, an open interest of 828, and a change in open interest of 61 [1] Month - to - Month Spread Information - The spread of EC2508 - 2510 is 749.9, with a day - on - day change of 85.5 and a week - on - week change of 97.6 [1] - The spread of EC2510 - 2512 is - 367.0, with a day - on - day change of - 42.6 and a week - on - week change of - 24.2 [1] - The spread of EC2512 - 2602 is 212.1, with a day - on - day change of - 1.9 and a week - on - week change of - 4.5 [1] Shipping Index Information - The SCFI (European Line) index on August 11, 2025, is 2235.48 points, with a month - on - month change of - 2.71% and a year - on - year change of - 4.39% [1] - The European Line freight rate on August 8, 2025, is 1961 US dollars/TEU, with a month - on - month change of - 1.87% [1] - The CCFI index on August 8, 2025, is 1799.05 points, with a month - on - month change of 0.53% and a year - on - year change of 0.13% [1] - The NCFI index on August 8, 2025, is 1257.71 points, with a month - on - month change of - 8.37% and a year - on - year change of - 3.3% [1] Recent European Line Quotation Information - In week34, shipping companies' prices decreased by 200 - 300 US dollars, with an average of 2850 US dollars (2000 points). Among them, the PA Alliance is 2700 US dollars, MSK is 2600 US dollars, and the OA Alliance is 2900 - 3000 US dollars [2] - In week35, the average shipping company's quotation is 2700 US dollars (1850 points). On Monday, MSK opened bookings at 2200 US dollars; HPL reduced the price by 400 to 2435 US dollars; on Wednesday, EMC reduced the price by 200 to 2934 US dollars [2] Related News - On August 12, the Israeli military stated that its operation in Gaza had entered a "new stage" [3] - On August 13, China emphasized maintaining the safety of the Red Sea shipping route and promoting the political settlement of the Yemen issue [3]

Report Summary 1. Report Industry Investment Rating No information provided in the report regarding the industry investment rating. 2. Core Viewpoint The current main contradictions in the EC market are the decline slope during the off - season, uncertainties in geopolitics and tariffs, and the反复 domestic macro - sentiment. The overall driving force is downward, and the valuation still has room. It is recommended to continue holding short positions in the 10 contract and maintain the logic of shorting on rallies[2][18]. 3. Summary by Relevant Content Futures Contract Information - **Futures Contract Prices and Changes**: For EC2508, the closing price was 2083.0 with a 0.05% increase; EC2510 closed at 1333.1 with a - 5.96% decrease; EC2512 at 1700.1 with a - 2.41% decrease; EC2602 at 1488.0 with a - 2.62% decrease; EC2604 at 1328.6 with a - 1.59% decrease; EC2606 at 1473.0 with a - 0.61% decrease[2][18]. - **Futures Contract Volumes and Open Interest**: The trading volume of EC2510 was 66391, and its open interest was 60740 with an increase of 4786. Other contracts also had corresponding volume and open - interest data and changes[2][18]. - **Futures Contract Month - to - Month Spreads**: For example, the spread of EC2508 - 2510 was 749.9, with a daily increase of 85.5 and a weekly increase of 97.6. The spread of EC2510 - 2512 was - 367.0, with a daily decrease of 42.6 and a weekly decrease of 24.2[2][18]. Index Information - **SCFI Index**: As of August 11, 2025, the SCFI index was 2235.48 points, a - 2.71% decrease from the previous period and a - 4.39% decrease from two periods ago[2][18]. - **CCFI Index**: On August 8, 2025, the CCFI index was 1799.05 points, a 0.53% increase from the previous period[2][18]. - **NCFI Index**: On August 8, 2025, the NCFI index was 1257.71 points, an - 8.37% decrease from the previous period[2][18]. Fundamental Information - **Receiving Situation**: In week 33 of August, the receiving situation of each alliance was different, with MSK being good, OA being average, and PA being poor. In week 34, the receiving situation significantly weakened[2][18]. - **Shipping Capacity**: EMC cancelled its independent ship in week 35, and OA added a sail - off in week 39. The shipping capacity decreased slightly but remained high. The average weekly shipping capacity in August and September (tentatively) 2025 was 32.7, 32.1, and 28.7 million TEU respectively[2][18]. Recent European Line Quotation Information - **Week 34**: Each shipping company's prices dropped by 200 - 300 US dollars, with an average of 2850 US dollars (2000 points). The PA alliance's price was 2700 US dollars, MSK's was 2600 US dollars, and the OA alliance's was 2900 - 3000 US dollars[3][19]. - **Week 35**: The current average shipping company quotation is 2700 US dollars (1850 points)[3][19]. News - **Israeli Military**: On August 11, the Israeli military said that its operations in the Gaza Strip had entered a "new stage"[3][19]. - **Chinese Side**: On August 12, China emphasized the need to maintain the safety of the Red Sea shipping lanes and promote the political settlement of the Yemeni issue[3][19]. Message - related Information - MSK opened the cabin at 2200 US dollars. HPL reduced the price by 400 to 2435 US dollars. EMC reduced the price by 200 to 2934 US dollars[16][32].

Report Summary 1. Investment Rating No investment rating for the industry is provided in the report. 2. Core View The futures prices of the container shipping index (European line) continued their downward trend. As of the close, most monthly contracts declined, with the EC2508 contract showing a slight increase. The continuous reduction of spot cabin quotes on the European line pulled down the futures price valuation, and the far - month contracts declined significantly due to the capital side. The EC2508 contract was supported based on the basis convergence logic. In the future, it is expected that the EC is likely to fluctuate and decline or continue to fluctuate, and in the medium - term, without sudden events, the overall futures price may still decline slightly [1]. 3. Summary by Relevant Content EC Risk Management Strategy - For those with over - booked or under - subscribed container space and worried about falling freight rates, it is recommended to short the container shipping index futures (EC2510) at 1500 - 1600 to lock in profits [1]. - For those aiming to control costs when shipping companies increase blank sailings or approach the peak season, it is recommended to buy the container shipping index futures (EC2510) at 1200 - 1300 to pre - determine booking costs [1]. Market Situation - **Futures Market**: The EC2510 contract had 3067 more long positions (reaching 32036) and 1911 more short positions (reaching 36027), with trading volume increasing by 35198 to 78498 (bilateral) [1]. - **Spot Market**: CMA CGM continued to lower spot cabin quotes on the European line, and the SCFIS European line continued to decline with an expanded decline [3]. EC Basis and Price - **Basis**: On August 13, 2025, the basis of EC2508 was 152.48 points, down 1 point daily and 74.08 points weekly. The basis of EC2510 was 902.38 points, up 84.5 points daily and 24.62 points weekly [4][5]. - **Price and Spread**: On August 13, 2025, the closing price of EC2508 was 2083.0 points, up 0.05% daily and 0.56% weekly; EC2510 closed at 1333.1 points, down 5.96% daily and 6.13% weekly [5]. Shipping Quotes - Maersk's 20GP total quote from Shanghai to Rotterdam on August 28 was $1385, up $30 from the previous period, and 40GP was $2330, up $60 [7]. - Hapag - Lloyd's 20GP opening quote from Shanghai to Rotterdam this week was $1535, down $200 from the previous period, and 40GP was $2435, down $400 [7]. Global Freight Index - SCFIS European route was at 2235.48 points, down 62.38 points (-2.71%); SCFIS US - West route was at 1082.14 points, down 47.98 points (-4.25%) [8]. Port Waiting Time - On August 12, 2025, Hong Kong Port's waiting time was 0.340 days, down 0.057 days; Shanghai Port's was 1.523 days, down 0.363 days [15]. Ship Speed and Waiting Ships - On August 12, 2025, the speed of 8000 + container ships was 15.968 knots, down 0.22 knots; the number of ships waiting at the Suez Canal port anchorage was 9, down 1 from the previous day [24].