1. Report Industry Investment Rating - Not provided in the documents 2. Core Viewpoints of the Report - Spot freight rates remain low, the US has restarted the interest - rate cut, and the market is fluctuating at a low level. It is not recommended to increase positions, and stop - losses should be set [1]. - The tariff issue has a marginal effect, and the core is the direction of spot freight rates. The main contract may be in the bottom - building process, and it is recommended to participate with a light position or wait and see [3]. 3. Summary by Related Content Freight Rate Index - On September 15, the Shanghai Export Container Settlement Freight Index (SCFIS) for the European route was 1440.24 points, down 8.1% from the previous period; the SCFIS for the US - West route was 1349.84 points, up 37.7% from the previous period. The Ningbo Export Container Freight Index (NCFI) (composite index) was 903.32 points, down 11.71% from the previous period; the NCFI for the European route was 729.42 points, down 14.78% from the previous period; the NCFI for the US - West route on September 12 was 1216.14 points, down 9.13% from the previous period [1]. - On September 12, the Shanghai Export Container Freight Index (SCFI) was 1398.11 points, down 46.33 points from the previous period; the SCFI price for the European route was 1154 USD/TEU, down 12.24% from the previous period; the SCFI for the US - West route was 2370 USD/FEU, up 8.27% from the previous period. The China Export Container Freight Index (CCFI) (composite index) was 1125.30 points, down 2.1% from the previous period; the CCFI for the European route was 1537.28 points, down 6.2% from the previous period; the CCFI for the US - West route was 757.45 points, down 2.2% from the previous period [1]. PMI Data - In August, China's Manufacturing Purchasing Managers' Index (PMI) was 49.4%, up 0.1 percentage points from the previous month, and the manufacturing prosperity level improved. The Composite PMI Output Index was 50.5%, up 0.3 percentage points from the previous month, indicating that the overall expansion of Chinese enterprises' production and business activities accelerated [2]. - The preliminary value of the Eurozone's manufacturing PMI in August was 50.5 (estimated 49.5, previous value 49.8), the preliminary value of the service PMI was 50.7 (estimated 50.8, previous value 51), and the preliminary value of the composite PMI rose to 51.1, higher than 50.9 in July, improving for three consecutive months and reaching the highest level since May 2024, higher than the expected value of 50.7. The Eurozone's Sentix Investor Confidence Index in August was - 3.7 (expected 8, previous value 4.5) [1]. - The preliminary value of the US S&P Global Manufacturing PMI in August was 53.3, reaching a 39 - month high (estimated 49.5, previous value 49.8); the preliminary value of the service PMI was 55.4 (estimated 54.2, previous value 55.7). The preliminary value of the US Markit Manufacturing PMI in August was 53.3, the highest level since May 2022 (expected 49.7, previous value 49.8) [2]. Tariff and Market Situation - The Sino - US tariff issue has been postponed, and there is no substantial progress in the negotiation. The tariff war has evolved into a trade negotiation issue between the US and other countries. The current spot price has slightly decreased, and the tariff issue has a marginal effect [3]. - On September 18, the main contract 2510 closed at 1105.9, down 2.08%, with a trading volume of 1.96 million lots and an open interest of 4.72 million lots, a decrease of 2436 lots from the previous day [3]. Trading Strategies - Short - term strategy: The main contract is weak, and the far - month contract is strong. Risk - preferring investors are recommended to try going long lightly around 1200 for the 2510 contract and increase positions around 1600 for the 2512 contract. Pay attention to the subsequent market trend, and do not hold losing positions. Set stop - losses [3]. - Arbitrage strategy: Under the background of the volatile international situation, each contract still follows the seasonal logic with large fluctuations. It is recommended to wait and see or try with a light position [3]. - Long - term strategy: It is recommended to take profits when each contract rises, wait for the callback to stabilize, and then judge the subsequent trend [3]. Other Information - Israel's Ministry of Defense announced on September 17 that it had completed the development of the "Iron Beam" laser air - defense system, which can intercept rockets, mortars, and drones at a "low cost" and is expected to be delivered by the end of this year [4]. - The Federal Reserve cut the benchmark interest rate by 25 basis points to 4.00% - 4.25% on September 18, restarting the interest - rate cut since December last year [4].

1. Report Industry Investment Rating - No information provided in the document. 2. Core View of the Report - The spot market has a risk of price - cutting, and the futures market is expected to continue its weak trend. The current valuation of the December contract is relatively neutral to high, and it may experience a deeper short - term decline. In the medium term, there are multiple upward drivers. In terms of valuation, the February contract has a higher cost - effectiveness for long positions compared to the December contract, while the April contract has a relatively high valuation and is more suitable for short positions in the off - season, but its low liquidity may make it vulnerable to disturbances [2][17]. 3. Summary by Relevant Catalogs Futures Contracts - EC2510: Yesterday's closing price was 1105.9, down 0.34%, with a trading volume of 19585, an open interest of 47173, and a decrease of 2436 in open interest [2][17]. - EC2512: Yesterday's closing price was 1645.3, down 1.60%, with a trading volume of 9304, an open interest of 20570, and an increase of 133 in open interest [2][17]. - EC2602: Yesterday's closing price was 1566.1, down 0.80%, with a trading volume of 1549, an open interest of 7215, and an increase of 110 in open interest [2][17]. - EC2604: Yesterday's closing price was 1255.2, down 2.32%, with a trading volume of 1289, an open interest of 8534, and an increase of 200 in open interest [2][17]. - FC2606: Yesterday's closing price was 1453.5, down 1.03%, with a trading volume of 68, an open interest of 936, and an increase of 12 in open interest [2][17]. Month - to - Month Spreads - EC2510 - 2512: The previous day's spread was - 539.4, with a daily increase of 22.9 and a weekly decrease of 86.8 [2][17]. - FC2512 - 2602: The previous day's spread was 79.2, with a daily decrease of 14.0 and a weekly decrease of 30.2 [2][17]. Spot Market Indicators - SCHIS: On September 15, 2025, it was 0 points, down 100.00% from the previous period and down 11.68% from the period before the previous one [2][17]. - SCEI: On September 12, 2025, it was 1154 dollars/TEU, down 12.24% from the previous period and down 11.21% from the period before the previous one [2][17]. - CCFI: On September 12, 2025, it was 1537.28 points, down 6.19% from the previous period and down 2.79% from the period before the previous one [2][17]. - NCFI: On September 12, 2025, it was 729.42 points, down 14.78% from the previous period and down 7.92% from the period before the previous one [2][17]. Recent European Line Quotations - Week 39: The average quote was 1600 dollars (equivalent to 1150 points on the futures market). MSK's quote was initially 1500 dollars and then rose to 1570 dollars, PA Alliance's quote was between 1550 - 1600 dollars, and OA Alliance's quote was between 1600 - 1720 dollars [2][17]. - Week 40: The average quote was 1525 dollars (equivalent to 1060 points on the futures market). MSK opened at 1400 dollars, OOCL reduced its price to between 1500 - 1550 dollars, and YML dropped to 1400 dollars [2][17]. - Week 41: MSK kept the price at 1400 dollars. On Thursday, YML reduced the freight rates for Week 39 - 41 to 1300 dollars, the lowest of the year, equivalent to about 900 points on the futures market. CMA reduced the price by 100 to 1600 dollars, and EMC's Week 40 price was 1500 dollars [2][17].

Report Summary 1. Investment Rating The report does not provide an overall investment rating for the industry. 2. Core Viewpoints - The tariff issue has a marginal effect, and the current core is the direction of spot freight rates. The main contract may be in the bottoming process, and it is recommended to participate with a light position or wait and see [3]. - Spot freight rates are maintaining a low level, the bulk market is generally weak, the US has cut the benchmark interest rate again, and market pessimism persists. Attention should be paid to tariff policies, the Middle - East situation, and spot freight rates [3]. 3. Summary by Content Freight Index - On September 15, the Shanghai Export Container Settlement Freight Index (SCFIS) for the European route was 1440.24 points, down 8.1% from the previous period; the SCFIS for the US - West route was 1349.84 points, up 37.7% from the previous period. The Ningbo Export Container Freight Index (NCFI) composite index was 903.32 points, down 11.71%; the NCFI for the European route was 729.42 points, down 14.78%; the NCFI for the US - West route on September 12 was 1216.14 points, down 9.13% [1]. - On September 12, the Shanghai Export Container Freight Index (SCFI) was 1398.11 points, down 46.33 points from the previous period; the SCFI European - line price was 1154 USD/TEU, down 12.24%; the SCFI US - West route was 2370 USD/FEU, up 8.27%. The China Export Container Freight Index (CCFI) composite index was 1125.30 points, down 2.1%; the CCFI for the European route was 1537.28 points, down 6.2%; the CCFI for the US - West route was 757.45 points, down 2.2% [1]. Economic Data - In August, China's manufacturing PMI was 49.4%, up 0.1 percentage point from the previous month, and the comprehensive PMI output index was 50.5%, up 0.3 percentage point from the previous month [2]. - The preliminary value of the Eurozone's manufacturing PMI in August was 50.5, the service PMI was 50.7, and the composite PMI was 51.1, higher than in July and the highest since May 2024 [1]. - The preliminary value of the US S&P Global manufacturing PMI in August was 53.3, and the service PMI was 55.4 [2]. Tariff and Trade - The Sino - US tariff issue has evolved into a trade negotiation problem between the US and other countries. The tariff issue has a marginal effect, and the focus is on the direction of spot freight rates [3]. Trading Strategies - Short - term strategy: For risk - takers, it is recommended to lightly test long positions around 1200 for the 2510 contract and increase positions around 1600 for the 2512 contract. Pay attention to the subsequent market trend and set stop - losses [3]. - Arbitrage strategy: Due to the volatile international situation, it is recommended to wait and see or try with a light position [3]. - Long - term strategy: It is recommended to take profits when the contracts rise and wait for the market to stabilize after a pullback [3]. Contract Information - On September 18, the main contract 2510 closed at 1105.9, down 2.08%, with a trading volume of 1.96 million lots and an open interest of 4.72 million lots, a decrease of 2436 lots from the previous day [3]. - The daily limit for contracts 2508 - 2606 is adjusted to 18%, the margin is adjusted to 28%, and the daily opening limit for all contracts 2508 - 2606 is 100 lots [3].

Price Trends - NCFI (Ningbo Export Container Freight Index) dropped to 903.32 points, down 11.71% from the previous period[2] - SCFIS (Shanghai Export Container Freight Index for Europe) decreased to 1440.24 points, down 8.1%[2] - SCFIS (Shanghai Export Container Freight Index for US West Coast) increased to 1349.84 points, up 37.7%[2] Market Sentiment - Main shipping companies significantly reduced spot freight rates, indicating a pessimistic outlook for cargo volumes ahead of the holiday[2] - The sentiment in the market is bearish, with a notable decline in freight rates observed[4] Economic Indicators - Eurozone August Manufacturing PMI preliminary value is at 50.5, above the expected 49.5, indicating slight improvement in manufacturing activity[2] - US August S&P Global Manufacturing PMI preliminary value reached 53.3, the highest in 39 months, exceeding expectations[3] Strategic Recommendations - It is advised not to increase positions further and to set stop-loss orders due to the current market conditions[2] - Short-term strategies suggest maintaining a weak position in main contracts while considering light positions in distant contracts[4]

Group 1: Report Summary - The report is a weekly analysis of the container shipping industry by Nanhua Futures, focusing on the European Line (EC) container shipping index futures [1] - It provides insights into market trends, trading strategies, and industry news for the week of September 14, 2025 [1] Group 2: Investment Ratings - There is no specific investment rating provided for the industry in the report [1] Group 3: Core Views - The core factors affecting the EC price are the spot cabin quotes on the European line and weak off - season demand. The continuous decline of spot cabin quotes in late September led to a weakening of the futures price [1] - In the short - term, the futures price may continue to oscillate slightly downward, but there is a possibility of a short - term rebound as it has reached a short - term low [4] - In the long - term, if the Red Sea resumes shipping due to geopolitical changes, or if the off - season demand further weakens, the European line freight rates may decline [7] Group 4: Trading Strategies Trading - Type Strategy - The trend is a continuation of the downward momentum. The short - term support for the main contract is in the range of 1050 - 1100, and the pressure level is in the range of 1200 - 1250 [9][10] - For hedging, one can sell at high positions, but also pay attention to the low - buying opportunity of the 12 - contract at 1550 - 1600 points [10] Arbitrage Strategy - For the arbitrage (inter - period) strategy, it is advisable to stay on the sidelines for now [12] Industrial Customer Operation Strategy - For the spot - futures (basis) strategy, traders can short the basis at an appropriate time [12] - For the cabin management of enterprises with full capacity or poor booking volume, they can short the container shipping index futures to lock in profits. For cost management, when the shipping company's empty - sailing intensity increases or the peak season is approaching, they can buy the container shipping index futures to lock in the booking cost [13] Group 5: Market Information Positive News - In the first eight months of 2025, the EU was China's second - largest trading partner, with a total trade value of 3.88 trillion yuan, a 4.3% increase [27] - The Israeli Prime Minister's statement about the cease - fire in Gaza may potentially ease geopolitical tensions [27] - In the first half of 2025, China's cross - border e - commerce imports and exports showed a prosperous trend, with a year - on - year increase of 5.7% [27] Negative News - Mexico plans to impose up to 50% tariffs on Chinese and some Asian products [31] - The spot cabin quotes on the European line of major shipping companies continued to decline in late September, with Maersk and MSC's small - container quotes falling below $1000 [31] - The SCFI European line declined rapidly [31] Group 6: Market Analysis Single - Side Trend and Capital Flow - The EC futures price continued to oscillate weakly, guided by the spot booking price. Technically, the moving averages are in a short - position arrangement, with a slight downward expectation [30] - The net short - position of the main positions in container shipping decreased slightly, indicating a cautious trading sentiment [32] Basis Structure - The SCFIS European line continued to decline, with the basis narrowing compared to the previous week. Traders can short the basis at an appropriate time [34] Inter - Period Structure - The spreads of the EC2510 - 2512 and EC2510 - 2602 contract combinations widened significantly. It is advisable to stay on the sidelines for now [36][37] Group 7: Valuation and Profit Analysis - In the first half of 2025, major shipping companies such as COSCO SHIPPING, Maersk, and CMA CGM had relatively good profit and revenue performance, while some companies like ONE and Yang Ming Marine Transport saw a significant reduction in profits [39] - For the second half of the year, shipping companies believe that the uncertainty has increased, and they will focus more on cost control, which may affect freight rates from the supply and cost sides [39]

Report Industry Investment Rating - Not provided Core Viewpoints of the Report - Spot prices are continuously declining, the situation in the Middle East is volatile, and cargo volume before the National Day is concerning. It is not recommended to increase positions, and stop - loss should be set [1] - The tariff issue has shown a marginal effect. The current core is the direction of spot freight rates. The main contract may be in the bottom - building process. It is recommended to participate with a light position or wait and see [3] - The main contract remains weak, while the far - month contracts are stronger. Risk - preferring investors are recommended to lightly try to go long on the 2510 contract around 1200 and increase positions on the 2512 contract around 1600. Pay attention to the subsequent market trend, do not hold losing positions, and set stop - losses [3] - In the context of international situation turmoil, it is recommended to temporarily wait and see or lightly try for the arbitrage strategy. For the long - term strategy, it is recommended to take profits when the contracts rise, wait for the callback to stabilize, and then judge the subsequent direction [3] Summary According to Related Content Freight Rate Index - On September 15, the Shanghai Export Container Settlement Freight Index (SCFIS) for the European route was 1440.24 points, a decrease of 8.1% from the previous period; the SCFIS for the US West route was 1349.84 points, an increase of 37.7% from the previous period [2] - On September 12, the Ningbo Export Container Freight Index (NCFI) for the comprehensive index was 903.32 points, a decrease of 11.71% from the previous period; the NCFI for the European route was 729.42 points, a decrease of 14.78% from the previous period; the NCFI for the US West route was 1216.14 points, a decrease of 9.13% from the previous period [2] - On September 12, the Shanghai Export Container Freight Index (SCFI) was 1398.11 points, a decrease of 46.33 points from the previous period. The SCFI for the European route was 1154 USD/TEU, a decrease of 12.24% from the previous period; the SCFI for the US West route was 2370 USD/FEU, an increase of 8.27% from the previous period [2] - On September 12, the China Export Container Freight Index (CCFI) for the comprehensive index was 1125.30 points, a decrease of 2.1% from the previous period; the CCFI for the European route was 1537.28 points, a decrease of 6.2% from the previous period; the CCFI for the US West route was 757.45 points, a decrease of 2.2% from the previous period [2] Economic Data - In the Eurozone, the manufacturing PMI in August was 50.5 (estimated 49.5, previous value 49.8), the services PMI was 50.7 (estimated 50.8, previous value 51), and the composite PMI rose to 51.1, higher than July's 50.9, with three - month consecutive improvement and the highest since May 2024, higher than the expected value of 50.7. The Sentix investor confidence index was - 3.7 (expected 8, previous value 4.5) [2] - In August in China, the manufacturing PMI was 49.4%, an increase of 0.1 percentage points from the previous month, and the comprehensive PMI output index was 50.5%, an increase of 0.3 percentage points from the previous month, indicating an acceleration in the overall expansion of enterprise production and operation activities [2] - In the US in August, the S&P Global manufacturing PMI was 53.3 (estimated 49.5, previous value 49.8), the services PMI was 55.4 (estimated 54.2, previous value 55.7), and the Markit manufacturing PMI was 53.3, the highest since May 2022 (expected 49.7, previous value 49.8) [2] Contract Information - On September 16, the main contract 2510 closed at 1169.7, a decrease of 0.10%. The trading volume was 32,600 lots, and the open interest was 47,500 lots, a decrease of 255 lots from the previous day [3] - The daily limit for contracts from 2508 to 2606 was adjusted to 18%, the margin of the company for these contracts was adjusted to 28%, and the daily opening limit for all contracts from 2508 to 2606 was 100 lots [3] Geopolitical Situation - On September 16, Israeli Defense Minister Katz stated that the Israeli military was strongly attacking the infrastructure of Hamas armed personnel and would continue the operation until the mission was completed [5] - On September 15, US President Trump said that Israel would not attack Qatar again [5]

新华社报道，中国商务部国际贸易谈判代表兼副部长李成钢15日傍晚表示，中美双方就以合作方式妥善 解决TikTok问题、减少投资障碍、促进有关经贸合作等达成了基本框架共识。 当地时间9月14日至15日，中美双方经贸团队在西班牙马德里举行会谈。李成钢在会谈结束后中方代表 团举行的新闻发布会上说，过去两天，中美双方积极落实两国元首通话重要共识，充分发挥中美经贸磋 商机制作用，在相互尊重、平等协商的基础上，就TikTok等双方关注的经贸问题进行了坦诚、深入、建 设性的沟通。 关于TikTok问题，李成钢表示，中国一贯反对将科技和经贸问题政治化、工具化、武器化，绝不会以牺 牲原则立场、企业利益和国际公平正义为代价，寻求达成任何协议。中方将坚决维护国家利益和中资企 业合法权益，依法依规开展技术出口审批。同时，中国政府充分尊重企业意愿，支持企业在符合市场原 则基础上，开展平等商业谈判。 中美就妥善解决TikTok问题达成基本框架共识 发布会上，中国国家互联网信息办公室副主任王京涛在回答媒体提问时指出，中美双方在充分尊重企业 意愿和市场规律的基础上，就通过TikTok美国用户数据和内容安全业务委托运营、算法等知识产权使用 权授 ...

近期，集运指数欧线期货主力合约EC2510延续下跌表现，上周累计跌幅为11.5%，本周一低开于1150的 低点位置，收盘有所回升。周一盘后，上海航交所最新公布的SCFIS欧线指数续降8.1%至1440.24点，创 3个多月来新低。 方正中期资深海运和宏观分析师陈臻刚向期货日报记者表示，集运期货主力合约的疲软主要受即期市场 影响：9月底运价中枢已跌至1600美元/FEU左右，其中，Gemini联盟月底报价1500~1550美元/FEU， OCEAN联盟报价1600~1750美元/FEU，Premier联盟报价1600~1700美元/FEU，地中海航运报价1590美 元/FEU。 "我们认为市场在交易弱现实，叠加关税政策对预期形成压制，因此主力合约创下4个月新低。"中信期 货航运研究员武嘉璐表示，从弱现实角度看，8月中旬以来，现货市场运价"跌跌不休"。9月12日，SCFI 北欧航线报价为1154美元/TEU，环比下跌12.2%，跌幅扩大1个百分点。从宏观看，上周美国要求欧盟 对印度、中国等商品加征关税，这对后续市场需求形成一定抑制。 记者注意到，相较于主力合约明显的疲弱表现，中远期合约尤其是远月合约的跌幅则相对有 ...

Group 1: Report Industry Investment Rating - No specific industry investment rating is provided in the report. Group 2: Core Viewpoints of the Report - Amidst continuous rate cuts by liner companies and the escalating Middle - East conflict, the market is at the bottom - building stage. It's not advisable to increase positions. Given geopolitical conflicts and tariff uncertainties, it's recommended to participate with a light position or stay on the sidelines [2][4]. - With the continuous reduction of spot freight rates by liner companies, pessimism spreads. The market continues to decline due to unchanged supply - demand in the spot market. Attention should be paid to tariff policies, the Middle - East situation, and spot freight rates [4]. Group 3: Summary by Related Aspects Market Data - On September 8, the Shanghai Export Container Settlement Freight Index SCFIS (European route) was 1566.46 points, down 11.7% from the previous period; SCFIS (US - West route) was 980.48 points, down 3.3% [3]. - On September 12, the Ningbo Export Container Freight Index NCFI (composite index) was 903.32 points, down 11.71% from the previous period; NCFI (European route) was 729.42 points, down 14.78%; NCFI (US - West route) was 1216.14 points, down 9.13% [3]. - On September 12, the Shanghai Export Container Freight Index SCFI announced price was 1398.11 points, down 46.33 points from the previous period; SCFI European line price was 1154 USD/TEU, down 12.24%; SCFI US - West route was 2370 USD/FEU, up 8.27% [3]. - On September 12, the China Export Container Freight Index CCFI (composite index) was 1125.30 points, down 2.1% from the previous period; CCFI (European route) was 1537.28 points, down 6.2%; CCFI (US - West route) was 757.45 points, down 2.2% [3]. - On September 12, the closing price of the main contract 2510 was 1157.6, with a decline of 5.27%. The trading volume was 27,400 lots, and the open interest was 47,600 lots, a decrease of 1896 lots compared to the previous day [4]. Economic Indicators - In August, the eurozone's manufacturing PMI was 50.5 (estimated 49.5, previous 49.8), services PMI was 50.7 (estimated 50.8, previous 51), and the composite PMI rose to 51.1, higher than July's 50.9 [3]. - In August, China's manufacturing PMI was 49.4%, up 0.1 percentage point from the previous month, and the composite PMI output index was 50.5%, up 0.3 percentage points [3]. - In August, the US S&P Global manufacturing PMI was 53.3 (estimated 49.5, previous 49.8), services PMI was 55.4 (estimated 54.2, previous 55.7); Markit manufacturing PMI was 53.3, the highest since May 2022 [3]. Strategies - Short - term strategy: For risk - takers, it's recommended to lightly test long positions around 1200 for the 2510 contract and add long positions around 1600 for the 2512 contract. Set stop - losses [5]. - Arbitrage strategy: Due to the volatile international situation, it's recommended to stay on the sidelines or lightly attempt arbitrage [5]. - Long - term strategy: It's recommended to take profits when prices rise and wait for the market to stabilize after a pull - back before determining the next direction [5]. Special Regulations - 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].

期货研究 41 集运指数（欧线）：10 承压运行；12、02 宽幅震 荡 郑玉洁 投资咨询从业资格号：Z0021502 zhengyujie@gtht.com 黄柳楠 投资咨询从业资格号：Z0015892 huangliunan@gtht.com 【基本面跟踪】 表 1：集运指数（欧线）基本面数据 昨日收盘价 日涨跌 昨日成交 昨日持仓 持仓变动 昨日成交/持仓 前日成交/持仓 EC2510 1,157.6 -5.27% 27,358 47,611 -1,896 0.57 0.66 EC2512 1,610.2 -1.41% 9,853 19,637 612 0.50 0.53 EC2602 1,500.8 -0.56% 1,680 6,327 326 0.27 0.21 EC2510 - EC2512 单 位 SCFIS：欧洲航线 点 SCFIS：美西航线 点 单 位 SCFI：欧洲航线 $/TEU SCFI：美西航线 $/FEU $/40'GP $/20'GP Maersk 3 8 1590 950 MSC 4 8 1590 950 OOCL 3 7 1700 1200 EMC 4 2 1710 1105 ...