Report Overview - Report Title: "集运指数日报" [1] - Date: July 10, 2025 [2] - Research Team: Macro Financial Research Team [4] 1. Report Industry Investment Rating No relevant content provided. 2. Core Viewpoints - The spot price increase at the beginning of July exceeded expectations, and the SCFIS settlement index rose above 2200 points. The 08 contract has upward potential due to the expected peak - season price increase, while the 10 - month contract, being a traditional off - season, presents short - selling opportunities and 08 - 10 positive spread arbitrage opportunities [8]. 3. Summary by Directory 3.1行情回顾与操作建议 - Spot market: The price increase at the beginning of July was better than expected, with the SCFIS settlement index rising above 2200 points. Most airlines maintained stable July quotes, with the median of the quotes from major airlines (except Maersk) in the second half of July around $3660. The market is watching Maersk's quote and the 8 - month quotes of other airlines. The expected peak - season price increase is being repaired, and considering good cargo volume and port congestion in Europe, the 08 contract has upward space, while the 10 - month contract offers short - selling opportunities and 08 - 10 positive spread arbitrage opportunities [8]. 3.2行业要闻 - Market situation from June 30 to July 4: The China export container shipping market was stable, with ocean routes showing a differentiated trend and the composite index adjusting. China's June manufacturing PMI rose to 49.7, and the new order index entered the expansion range. The Shanghai Export Containerized Freight Index on July 4 was 1763.49 points, down 5.3% from the previous period [9]. - European routes: The eurozone's May unemployment rate was 6.3%, up 0.1 percentage point month - on - month. The market freight rate increased slightly, with the Shanghai - to - European basic port market freight rate at $2101/TEU on July 4, up 3.5% from the previous period [9]. - Mediterranean routes: The market situation was similar to that of European routes, but the supply - demand fundamentals were slightly weak, and the spot market booking price decreased slightly. The Shanghai - to - Mediterranean basic port market freight rate on July 4 was $2869/TEU, down 3.9% from the previous period [9]. - North American routes: The US June ISM manufacturing PMI was 49, below the boom - bust line for four consecutive months. The transport demand lacked growth momentum, and the spot market booking price continued to decline. The Shanghai - to - US West and US East basic port market freight rates on July 4 were $2089/FEU and $4124/FEU respectively, down 19.0% and 12.6% from the previous period [10]. - Geopolitical events: Houthi rebels launched an attack on Israel on July 6. The US attacked Iran's nuclear facilities, and Iran said the damage was not as serious as the US claimed. Iran's parliament considered closing the Strait of Hormuz, and China condemned the US attack [10]. 3.3数据概览 - **集运现货价格**: The Shanghai Export Container Settlement Freight Index for European routes on July 7, 2025, was 2258.04, up 6.3% from June 30; for US West routes, it was 1557.77, down 3.8% from June 30 [12]. - **集运指数（欧线）期货行情**: Provided data on trading of several contracts on July 8, including EC2508, EC2510, etc., such as opening price, closing price, settlement price, change, and trading volume [6]. - **航运相关数据走势图**: Included charts of global container shipping capacity, global container ship orders, Shanghai - European basic port freight rates, etc. [16][18]

Report Overview - Report Title: "Daily Report on Container Shipping Index" [1] - Report Date: July 4, 2025 [2] - Research Team: Macro Financial Team [4] - Researchers: He Zhuoqiao, Huang Wenxin, Nie Jiayi [3] 1. Report Industry Investment Rating - Not provided in the report 2. Core Viewpoints - The price increase at the end of June was better than expected, and the SCFIS settlement index rebounded above 2000 points. The 08 contract has some upside potential, while attention should be paid to short - selling opportunities in October and positive spread arbitrage opportunities between 08 - 10 contracts [8] 3. Summary by Sections 3.1 Market Review and Operation Suggestions - **Spot Market**: The price increase at the end of June was better than expected, with the SCFIS settlement index rising above 2000 points. Maersk's mid - July quote was $2958, and the next week's quote was $2900. Other shipping companies' quotes were mostly in the range of $3300 - $3600, with a median of about $3400. CMA CGM and HPL reported August freight rates of $4745 and $3535 respectively [8] - **Futures Market**: The 08 contract had broken below 1800 points, showing extremely pessimistic market expectations, which are now being repaired. With good cargo volume and port congestion in Europe, the peak - season price increase is expected to materialize, and the 08 contract has some upside potential. October is a traditional off - season, so attention should be paid to short - selling opportunities and 08 - 10 positive spread arbitrage opportunities [8] 3.2 Industry News - **Geopolitical News**: Iran launched a missile strike on the US military's Al - Udeid Air Base in Qatar. International oil prices dropped by about 9%, and the US stock market rose [9] - **Shipping Market News**: From June 23 - 27, the overall Chinese export container shipping market was stable, with the comprehensive index slightly declining. European routes' spot freight rates rose, while Mediterranean routes' rates fell slightly, and North American routes' rates continued to decline [9][10] 3.3 Data Overview - **Container Shipping Spot Prices**: The SCFIS European route index increased by 9.6% to 2123.24 points, while the SCFIS US West route index decreased by 22.3% to 1619.19 points [15] - **Container Shipping Index (European Route) Futures Quotes**: Details of trading data for contracts such as EC2508, EC2510, etc., including opening price, closing price, settlement price, change, and trading volume, are provided [6] - **Shipping - Related Data Charts**: Charts include Shanghai Export Container Settlement Freight Index, container shipping index (European route) futures trends, global container shipping capacity, and global container ship order backlog [15][18][22]

Report Overview - Report Title: "集运指数日报" [1] - Date: July 3, 2025 [2] - Research Team: Macro Financial Team [4] - Researchers: He Zhuoqiao, Huang Wenxin, Nie Jiayi [3] 1. Report Industry Investment Rating - No information provided 2. Core Viewpoints - The spot price increase at the end of June was better than expected, and the SCFIS settlement index rebounded above 2000 points. The 08 contract is expected to have some upside potential, while the 10th month, a traditional off - season, presents opportunities for short - selling and 08 - 10 positive spreads [8]. 3. Summary by Directory 3.1 Market Review and Operation Suggestions - Spot Market: At the end of June, the price increase was better than expected, with the SCFIS settlement index rising above 2000 points. In July, Maersk's mid - July quote was $2958, and the next week's quote was $2900. Other shipping companies' quotes were mostly in the range of $3300 - $3600, with a median of about $3400. CMA CGM and HPL reported August freight rates of $4745 and $3535 respectively [8]. - Futures Market: The 08 contract is expected to have upside potential due to improved market expectations, good cargo volume, and port congestion in Europe. For the 10th month, which is a traditional off - season, focus on short - selling opportunities and 08 - 10 positive spreads [8]. 3.2 Industry News - Geopolitical Event: Iran launched a missile attack on the US military's Al - Udeid Air Base in Qatar. International oil prices dropped by about 9%, and the US stock market rose [9]. - Shipping Market: From June 23 - 27, the overall Chinese export container shipping market was stable, with the comprehensive index slightly declining. The European route showed weak demand, while the Mediterranean route's freight rate decreased slightly, and the North American route's freight rate continued to fall [9][10]. 3.3 Data Overview - Spot Freight Rates: The SCFIS European route index increased by 9.6% to 2123.24 points, while the SCFIS US West route index decreased by 22.3% to 1619.19 points [15]. - Futures Market Data: For EC2508, the closing price was 1883.5, up 30.9 (1.67%); for EC2510, the closing price was 1367.9, down 0.9 (- 0.07%); for EC2512, the closing price was 1528.0, up 1.5 (0.10%); for EC2602, the closing price was 1325.2, down 6.0 (- 0.45%); for EC2604, the closing price was 1174.2, down 1.3 (- 0.11%); for EC2606, the closing price was 1310.0, down 3.6 (- 0.27%) [6].

Report Information - Report Title: "集运指数日报" [1] - Date: July 2, 2025 [2] - Research Team: Macro Finance Team [4] - Researchers: He Zhuoqiao, Huang Wenxin, Nie Jiayi [3] 1. Report Industry Investment Rating - Not provided in the given content 2. Report's Core View - The spot price increase at the end of June was better than expected, with the SCFIS settlement index rising above 2000 points. In July, Maersk quoted $2958 in mid - July, and most other shipping companies' quotes were concentrated in the range of $3300 - $3600, with a median of around $3400. However, the futures market has a weak expectation of price increases. The 08 contract has fallen below 1800 points and is lower than the 06 contract, implying that the market may skip the peak - season price increase and expect the freight rate to drop to a low level after the August peak. Considering the strong resilience of European export demand, stable shipping capacity supply, and the stabilization of quotes and container volumes, the peak - season price increase is difficult to be falsified in the short term and may be supported by fundamentals. Currently, the 08 contract may be undervalued, and attention should be paid to short - selling opportunities in October (a traditional off - season) and positive spread arbitrage opportunities between 08 - 10 contracts [8] 3. Summary According to Relevant Catalogs 3.1行情回顾与操作建议 - Spot market: The price increase at the end of June was better than expected, with the SCFIS settlement index rising above 2000 points. In July, Maersk's mid - month quote was $2958, and most other shipping companies' quotes were in the $3300 - $3600 range, with a median of about $3400. - Futures market: The market has a weak expectation of price increases. The 08 contract has fallen below 1800 points and is lower than the 06 contract. - Investment suggestions: Due to strong European export demand, stable shipping capacity supply, and the stabilization of quotes and container volumes, the peak - season price increase is difficult to be falsified in the short term and may be supported by fundamentals. The 08 contract may be undervalued, and attention should be paid to short - selling opportunities in October (a traditional off - season) and positive spread arbitrage opportunities between 08 - 10 contracts [8] 3.2行业要闻 - International news: Iran launched a missile strike on the US military's Al - Udeid Air Base in Qatar. International oil prices dropped by about 9%, and the US stock market rose. Trump thanked Iran for the advance notice and called for peace. There was no sign of Iran blocking the Strait of Hormuz. - Shipping market news: From June 23 to 27, the overall Chinese export container shipping market was stable, with the comprehensive index slightly declining. European routes saw an increase in spot market booking prices due to good transportation demand; Mediterranean routes had weak fundamentals and slightly falling freight rates; North American routes had stable transportation demand but continued to see falling freight rates. - Geopolitical news: Trump claimed that Iran's key nuclear facilities were "completely destroyed," but Iran said the Fordo nuclear facility was not severely damaged. Iran's parliament considered closing the Strait of Hormuz. China strongly condemned the US attack on Iran's nuclear facilities [9][10] 3.3数据概览 3.3.1集运现货价格 - SCFIS European route (basic ports): On June 30, 2025, it was 2123.24 points, up 186.1 points (9.6%) from June 23. - SCFIS US West route (basic ports): On June 30, 2025, it was 1619.19 points, down 464.27 points (-22.3%) from June 23 [12] 3.3.2集运指数（欧线）期货行情 - Provided the trading data of EC2508, EC2510, EC2512, EC2602, EC2604, and EC2606 contracts on July 1, including previous settlement price, opening price, closing price, settlement price, change, change percentage, trading volume, open interest, and change in open interest [6] 3.3.3航运相关数据走势图 - Included charts of global container shipping capacity, global container ship orders on hand, Shanghai - European basic port freight rates, and Shanghai - Rotterdam spot freight rates [17][20]

Report Information - Report Title: "Industry - Container Shipping Index Daily Report" [1] - Date: July 1, 2025 [2] - Researchers: He Zhuoqiao, Huang Wenxin, Nie Jiayi [3] Report Industry Investment Rating - Not provided in the report Report's Core View - The spot price increase at the end of June was better than expected, with the SCFIS settlement index rising above 2000 points. The 08 contract in the futures market is currently below 1800 points and lower than the 06 contract, potentially indicating that the market is skipping the peak - season price increase and expecting low prices after the August peak. Considering the strong export demand in Europe, stable shipping capacity supply, and stable quotes and container volumes, the peak - season price increase is difficult to be falsified in the short term and may be supported by fundamentals. The 08 contract may be undervalued, while the 10 - month traditional off - season provides opportunities for short - selling and 08 - 10 positive spreads [8] Summary by Directory 1. Market Review and Operation Suggestions - Spot Market: At the end of June, the price increase was better than expected, with the SCFIS settlement index rising above 2000 points. In July, Maersk's mid - July quote was $2958, and most other shipping companies' quotes were in the $3300 - $3600 range, with a median of around $3400 [8] - Futures Market: The 08 contract has fallen below 1800 points and is lower than the 06 contract, implying that the market may skip the peak - season price increase and expect low prices after the August peak. The 08 contract may be undervalued, and there are opportunities for short - selling in October and 08 - 10 positive spreads [8] 2. Industry News - Geopolitical News: Iran launched a missile strike on the US military's Al - Udeid Air Base in Qatar. International oil prices dropped by about 9%, and the US stock market rose [9] - Shipping Market News: From June 23 - 27, the overall Chinese export container shipping market was stable, with different trends in long - haul routes. The Shanghai Export Containerized Freight Index on June 27 was 1861.51 points, a 0.4% decrease from the previous period. European routes' prices rose, Mediterranean routes' prices fell slightly, and North American routes' prices continued to decline [9][10] 3. Data Overview - Container Shipping Spot Prices: The SCFIS European route index increased by 9.6% from June 23 to June 30, while the US West route index decreased by 22.3% [12] - Container Shipping Index (European Line) Futures Quotes: Provided trading data for multiple contracts such as EC2506, EC2508, etc., including opening price, closing price, settlement price, etc. [6] - Shipping - Related Data Charts: Included charts of Shanghai Export Container Settlement Freight Index, container shipping European line futures main and sub - main contracts, global container shipping capacity, etc. [13][17]

行业 集运指数日报 日期 2025 年 6 月 24 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 一、行情回顾与操作建议 当日行情： ＃summary＃ 每日报告 | | | 表1：集运欧线期货6月23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 | | EC2506 | 1,892.8 | 1,875.0 | 1,883.0 | 1, ...

行业 集运指数日报 日期 2025 年 6 月 18 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6月17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 | | EC2506 | 1,936.0 | 1,897.0 | 1,901.8 | 1,896.5 | -34.2 | -1 ...

Core Viewpoint - The domestic futures market shows mixed performance, with the European shipping index futures experiencing a downward trend, indicating potential challenges in the shipping sector [1] Group 1: Market Performance - The European shipping index futures opened at 2060.0 points, fluctuating between a high of 2064.0 points and a low of 1990.0 points, with a decline of 1.71% noted [1] - The overall market performance is characterized by weak sentiment and a downward trend in the European shipping index [1] Group 2: Institutional Insights - Nanhua Futures suggests that the impact of geopolitical events, such as the Israel conflict, on the European shipping index is minimal, with price fluctuations driven more by market sentiment [1] - Shenyin Wanguo Futures indicates that the 08 contract closely follows spot freight rates, with potential for rebound driven by geopolitical tensions and upcoming price adjustments in July and August [1] - Jianxin Futures highlights strong resilience in European export demand and stable supply capacity, suggesting that price increases may be supported by fundamental factors if June prices stabilize [2]

Report Information - Report Title: Container Shipping Index Daily Report [1] - Date: May 8, 2025 [2] - Research Team: Macro Finance Team [4] - Researchers: He Zhuoqiao, Huang Wenxin, Nie Jiayi [3] Investment Rating - No investment rating information provided in the report. Core View - The spot price of container shipping in the second half of May is basically the same as that in the first half. The supply pressure may increase due to the re - allocation of vessels from the US route. The June freight rate contract is likely to remain weak, while the August peak - season contract may be boosted by improved sentiment. It is recommended to participate based on short - term oversold rebound and pay attention to the progress of talks [8]. Summary by Section 1. Market Review and Operation Suggestions - Spot Market: The online quotes for the second half of May are basically flat compared to the first half. The lowest price for Maersk's large container is $1480, and in the first half, the price was $1647 due to better demand. Other airlines' prices are mostly in the range of $1650 - $2000 [8]. - Supply: Affected by the sharp decline in US - route demand, airlines are re - allocating vessels to other routes, increasing supply pressure, especially in late May [8]. - Operation Suggestion: Although there is a short - term relaxation in Sino - US relations, it will still take a long time to reach an agreement. The June freight rate contract is hard to reverse its decline, while the August peak - season contract may be more positively affected. It is advisable to focus on short - term oversold rebounds and monitor the progress of talks [8]. 2. Industry News - Market in late April: From April 28th to 30th, the China Export Container Shipping Market declined slightly. Transport demand was weak before the holiday, and most route freight rates fell, dragging down the composite index [9]. - Manufacturing PMI: China's official manufacturing PMI in April was 49, down 1.5 percentage points from the previous month, indicating a decline in manufacturing prosperity [9]. - European Route: The eurozone's April composite PMI was 50.1, slightly above the boom - bust line, mainly dragged down by the service industry. The future European economic outlook is uncertain due to tariff issues [9]. - North American Route: In March, the US merchandise trade deficit reached $162 billion, a record high. The consumer confidence index in April continued to decline. The North American route's transport demand remained low, and the spot booking price increased slightly [10]. - Diplomatic News: Chinese Vice - Premier He Lifeng will hold talks with US Treasury Secretary Bezant from May 9th to 12th at the US request. China firmly opposes US tariff abuse and advocates equal and reciprocal dialogue [10]. - Other News: Talks on a Gaza cease - fire are close to completion. The US plans to charge additional fees for Chinese ships docking at US ports. Maersk will adjust the peak - season surcharge for routes from Far - East countries (excluding China and Hong Kong) to the US and Canada [10]. 3. Data Overview 3.1 Container Shipping Spot Prices | Route | May 4, 2025 | April 28, 2025 | Change | MoM (%) | | --- | --- | --- | --- | --- | | SCFIS: European Route (Base Ports) | 1379.07 | 1429.39 | - 50.32 | - 3.5% | | SCFIS: US - West Route (Base Ports) | 1320.69 | 1230.28 | 90.41 | 7.3% | [12] 3.2 Container Shipping Index (European Route) Futures Market | Contract | Previous Settlement Price | Opening Price | Closing Price | Settlement Price | Change | Change Rate (%) | Trading Volume | Open Interest | Open Interest Change | | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | | EC2506 | 1312.2 | 1325.0 | 1288.2 | 1331.4 | - 24.0 | - 1.83 | 53581 | 39510 | 3642 | | EC2508 | 1503.6 | 1560.0 | 1559.6 | 1595.5 | 56.0 | 3.72 | 39237 | 36138 | 3696 | | EC2510 | 1272.4 | 1259.9 | 1287.9 | 1311.8 | 15.5 | 1.22 | 11837 | 17426 | 1332 | | EC2512 | 1457.6 | 1439.4 | 1460.7 | 1481.4 | 3.1 | 0.21 | 1893 | 4091 | 101 | | EC2602 | 1297.0 | 1263.8 | 1291.4 | 1317.2 | - 5.6 | - 0.43 | 982 | 2735 | 132 | | EC2604 | 1192.2 | 1166.0 | 1182.6 | 1194.0 | - 9.6 | - 0.81 | 849 | 1144 | 372 | [6] 3.3 Shipping - Related Data Charts - The report provides multiple charts, including the trends of the main and secondary main contracts of container shipping European - route futures, global container shipping capacity, global container ship orders, Shanghai - Europe base - port freight rates, and Shanghai - Rotterdam spot freight rates [18][19][20]

Core Viewpoint - The shipping index (European line) futures experienced a rapid increase, reaching a peak of 1332.4 points, closing at 1324.3 points with a rise of 3.42% [1] Group 1: Institutional Perspectives - Guotai Junan Futures believes that the 2506 contract still has some downward space, indicating a weak short-term driving force and that the 2508 and later contracts reflect expectations of tariff policy changes [1] - Guotai Junan Futures also notes that the October period is traditionally a low season for the European line, suggesting that shipping companies may need to proactively suspend voyages to mitigate the decline in freight rates [1] - Guotai Junan Futures recommends a strategy of holding positions through the holiday while being cautious of the risk of reducing positions before the holiday [1] Group 2: Market Conditions - Guotai Junan Futures highlights that the current spot market prices have dropped significantly, with CMA and HPL's prices falling to $2100 and $2645 per FEU respectively, reflecting a pessimistic outlook from shipping companies [1] - Guotai Junan Futures indicates that the combination of a weak spot market and lackluster forward expectations will likely lead to a continued weak consolidation pattern in the short term [1] - The market is also observing a gradual slowdown in the downward slope of immediate freight rates due to cost support and seasonal demand expectations [1]