Report Summary 1. Report Industry Investment Rating No information provided. 2. Core Viewpoints - For the October contract, the downside space is limited, and it's recommended to take profit and close positions [1]. - The December contract has a relatively high valuation but has multiple upward drivers (such as shipping companies' multiple price - support measures and main funds' position transfer), so it should be treated with a cautiously bullish mindset [1]. - Since the Spring Festival in 2026 is late (February 17, 2026), the settlement price of the February 2026 contract may be high, and its current valuation is low. The cost - performance of long - allocation for the February contract is higher than that of the December contract. To avoid the potential price - cutting risk of shipping companies in October, a long - short spread strategy for the February - April contracts can be deployed [1]. 3. Summary by Related Content Futures Contract Data - **Contract Prices and Changes**: The EC2510 contract closed at 1157.6, down 3.84%; EC2512 at 1610.2, up 0.07%; EC2602 at 1500.8, up 0.23%; EC2604 at 1230.4, down 0.93%; EC2606 at 1410.5, down 1.41% [1]. - **Trading Volume and Open Interest**: The trading volume of EC2510 was 27358, and the open interest was 47611 with a decrease of 1896; for EC2512, the trading volume was 9853, and the open interest was 19637 with an increase of 612; for EC2602, the trading volume was 1680, and the open interest was 6327 with an increase of 326; for EC2604, the trading volume was 966, and the open interest was 7993 with an increase of 202; for EC2606, the trading volume was 155, and the open interest was 997 with an increase of 34 [1]. - **Month - to - Month Spreads**: The EC2510 - 2512 spread was - 452.6, a daily decrease of 47.3 and a weekly decrease of 78.6; the EC2512 - 2602 spread was 109.4, a daily decrease of 2.3 and a weekly decrease of 37.0 [1]. Spot Market Data - **Shipping Company Quotes**: In Week 39, the average quote of shipping companies was 1640 US dollars (equivalent to 1150 points on the futures market). The offline quote of YML decreased by 100 to 1550 US dollars, and that of MSC decreased by 150 to 1590 US dollars [1]. - **Index Changes**: The SCFI (European line) index was 1154 US dollars/TEU, down 12.24%; the CCFI index was 1537.28 points, down 6.19%; the NCFI index was 729.42 points, down 14.78% [1]. Recent European Line Quotation Situation - Currently, downstream customers are booking space for mid - September (Week 37 - 38) [2]. - Week 37: The average quote was 2100 US dollars (equivalent to 1450 points on the futures market), with MSK quoting 1900 US dollars (later rising to 1950), PA at 2100 - 2150, and OA at 2100 - 2300 [3]. - Week 38: The average quote was 1800 US dollars (equivalent to 1260 points on the futures market), with MSK quoting 1700 US dollars (later rising to 1760), PA and MSC at 1800 - 1950, and OA at 1650 - 2020 [3]. - Week 39: The average quote was 1640 US dollars (equivalent to 1150 points on the futures market), with MSK quoting 1500 US dollars (later rising to 1560), PA Alliance at 1550 - 1600 US dollars, and OA Alliance at 1540 - 1735 US dollars [3].

1. Report Industry Investment Rating - No relevant content provided 2. Core View of the Report - Week39 ship - line average is $1660 (equivalent to 1150 points on the disk), the basis of contract 10 is - 53 points, and the spread between contracts 10 and 12 is - 405.3 points. The spot price has little change today. The price of contract 10 on the disk drops significantly because the spot price breaks through the previous low of the year, indicating the edge of ship - line competition. The valuation space below contract 10 decreases significantly, and position reduction can be considered. The price of contract 12 also drops, and the change in the spread between contracts 10 and 12 is small and relatively reasonable. Currently, the cargo is still in the spot downward period, the ship - line loading rate is not high, and the overall driving force is still downward [2][23] 3. Summary by Relevant Catalogs Futures - For EC2510, the closing price is 1203.8, with a change of - 5.02%, trading volume of 32766, open interest of 49507, and an open - interest change of 2187 [2][23] - For EC2512, the closing price is 1609.1, with a change of - 3.88%, trading volume of 10045, open interest of 19025, and an open - interest change of 1417 [2][23] - For EC2602, the closing price is 1497.4, with a change of - 1.75%, trading volume of 1268, open interest of 6001, and an open - interest change of 59 [2][23] - For EC2604, the closing price is 1242.0, with a change of - 0.32%, trading volume of 919, open interest of 7791, and an open - interest change of 279 [2][23] - For FC2606, the closing price is 1430.6, with a change of - 0.92%, trading volume of 67, and open interest of 963 [2][23] Month - to - Month Spreads - The spread of EC2510 - 2512 is - 405.3, compared to - 406.6 the previous day and - 414.2 the day before the previous day, with a change of 1.3 and a week - on - week change of - 5.0 [2][23] - The spread of FC2512 - 2602 is 111.7, compared to 150.0 the previous day and 155.5 the day before the previous day, with a change of - 38.3 and a week - on - week change of - 61.9 [2][23] Indicators - SCHIS is updated weekly, and on September 8, 2025, it is 1566.46 points, down 11.68% from the previous period and 10.88% from the period before the previous period [2][23] - SCFI (European line) is updated at a certain frequency, and on September 5, 2025, it is $1315/TEU, down 11.21% from the previous period and 11.21% from the period before the previous period [2][23] - CCFI is updated at a certain frequency, and on September 5, 2025, it is 1638.77 points, down 2.79% from the previous period and 4.09% from the period before the previous period [2][23] - NCFI is updated at a certain frequency, and on September 5, 2025, it is 855.93 points, down 7.92% from the previous period and 14.23% from the period before the previous period [2][23] Recent European Line Quotations - Week37: The average quotation is $2100 (equivalent to 1450 points on the disk). Among them, MSK quotes $1900 (later raised to $1950), PA quotes $2100 - 2150, and OA quotes $2100 - 2300 [2][23] - Week38: The average quotation is $1800 (equivalent to 1260 points on the disk). Among them, MSK quotes $1700 (later raised to $1760), PA & MSC quote $1800 - 1950, and OA quotes $1650 - 2020 [2][23] - Week39: The average quotation is $1660 (equivalent to 1150 points on the disk). Among them, MSK quotes $1550, PA's quotation drops to $1600 - 1700, and OA quotes $1650 - 1700 [2][23] Related News - On September 11, a Hamas spokesman stated that the cease - fire conditions in Gaza remain unchanged, and the US and Israel are conspiring to undermine the negotiation process - On September 12, Israeli Prime Minister Netanyahu approved a plan to build 3401 housing units in the "E1 area" between the Jewish settlement of Ma'ale Adumim in the West Bank and East Jerusalem. Netanyahu declared that the eastern border of Israel will be the Jordan Valley, not Ma'ale Adumim, and that "everything starting in Gaza will end in Gaza, and we will defeat Hamas, and the Palestinian state will cease to exist." The expansion of Jewish settlements in the "E1 area" will divide the West Bank into two north - south regions, preventing the Palestinian areas of East Jerusalem, Bethlehem, and Ramallah from being connected, and creating a continuous Jewish community between Jerusalem and Ma'ale Adumim. This plan has been opposed by the international community and has also sparked intense controversy within Israel [2][23]

1. Report Industry Investment Rating - No relevant information provided 2. Core View of the Report - The overall driver remains downward as shipping companies' loading rates are low during the spot price decline period. The 10 - contract on the futures market dropped significantly as the spot price broke through the previous low of the year, showing signs of shipping companies' price competition. The valuation space below the 10 - contract has significantly decreased, and investors can consider reducing their positions. The 12 - contract followed the decline, and the 10 - 12 spread changed little and is relatively reasonable. Currently, the spot price has little change [1][8]. 3. Summary by Relevant Catalogs 3.1 Futures Contract Information - **Yesterday's Closing Price and Changes**: EC2510 closed at 1203.8, down 5.02%; EC2512 at 1609.1, down 3.88%; EC2602 at 1497.4, down 1.75%; EC2604 at 1242.0, down 0.32%; EC2606 at 1430.6, down 0.92% [1]. - **Basis**: EC2510's basis is 362.7; EC2512's is - 42.6; EC2602's is 69.1; EC2604's is 324.5; EC2606's is 135.9 [1]. - **Yesterday's Trading Volume and Open Interest**: EC2510's trading volume is 32766, and open interest is 49507; EC2512's trading volume is 10045, open interest is 19025 with a change of 1417; EC2602's trading volume is 1268, open interest is 6001 with a change of 59; EC2604's trading volume is 919, open interest is 7791 with a change of 279; EC2606's trading volume is 67, open interest change is 6 [1]. - **Monthly Spread**: EC2510 - 2512 spread is - 405.3, with a daily increase of 1.3 and a weekly decrease of 5.0; EC2512 - 2602 spread is 111.7, with a daily decrease of 38.3 and a weekly decrease of 61.9 [1]. 3.2 Spot Index Information - **SCFIS (European Line)**: On September 8, 2025, it was 1566.46 points, down 11.68% from the previous period; on September 5, 2025, it was 1773.60 points, down 10.88% from the previous period [1]. - **CCFI**: On September 5, 2025, it was 1638.77 points, down 2.79% from the previous period [1]. - **NCFI**: On September 5, 2025, it was 855.93 points, down 7.92% from the previous period [1]. 3.3 Recent European Line Quotation Situation - **Week 37**: The average quotation was 2100 US dollars (equivalent to 1450 points on the disk), among which MSK was 1900 US dollars (later rose to 1950), PA was 2100 - 2150, and OA was 2100 - 2300 [2]. - **Week 38**: The average quotation was 1800 US dollars (equivalent to 1260 points on the disk), among which MSK was 1700 US dollars (later rose to 1760), PA&MSC was 1800 - 1950, and OA was 1650 - 2020 [2]. - **Week 39**: The average quotation was 1660 US dollars (equivalent to 1150 points on the disk), among which MSK opened at 1550 US dollars, PA dropped to 1600 - 1700 US dollars, and OA quoted 1650 - 1700 US dollars [2].

Report Summary 1. Report Industry Investment Rating No information provided. 2. Core Viewpoints - Spot freight rates are continuously declining, near - month contracts are falling, and the market is in the bottom - building process with large recent fluctuations. It is not recommended to increase positions, and stop - losses should be set [2]. - Amid geopolitical conflicts and tariff uncertainties, the game is difficult. It is recommended to participate with light positions or stay on the sidelines [5]. 3. Summary by Related Content Market Data - On September 1, the Shanghai Export Container Settlement Freight Index (SCFIS) for the European route was 1773.60 points, down 10.9% from the previous period; for the US - West route, it was 1013.90 points, down 2.6% from the previous period. On August 29, the Ningbo Export Container Freight Index (NCFI) composite index was 1098.17 points, up 6.02% from the previous period; the NCFI for the European route was 929.56 points, down 14.23% from the previous period; for the US - West route, it was 1396.85 points, up 44.97% from the previous period [3]. - On August 29, the Shanghai Export Container Freight Index (SCFI) announced price was 1445.06 points, up 29.70 points from the previous period; the SCFI European line price was 1481 USD/TEU, down 11.21% from the previous period; the SCFI US - West route was 1923 USD/FEU, up 16.97% from the previous period. The China Export Container Freight Index (CCFI) composite index was 1156.32 points, down 1.6% from the previous period; the CCFI for the European route was 1685.80 points, down 4.1% from the previous period; for the US - West route, it was 774.39 points, down 3.1% from the previous period [3]. - On September 4, the main contract 2510 closed at 1300.7, down 1.77%, with a trading volume of 25,800 lots and an open interest of 50,000 lots, a decrease of 1983 lots from the previous day [5]. Economic Indicators - The preliminary value of the Eurozone's manufacturing PMI in August was 50.5 (forecast 49.5, previous value 49.8), the preliminary value of the service PMI was 50.7 (forecast 50.8, previous value 51), and the preliminary value of the composite PMI rose to 51.1, higher than 50.9 in July, the highest since May 2024 and 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) [3]. - In August, China's manufacturing PMI was 49.4%, up 0.1 percentage points from the previous month, and the comprehensive PMI output index was 50.5%, up 0.3 percentage points from the previous month [4]. - The preliminary value of the US S&P Global manufacturing PMI in August was 53.3 (forecast 49.5, previous value 49.8), the preliminary value of the service PMI was 55.4 (forecast 54.2, previous value 55.7), and the preliminary value of the Markit manufacturing PMI was 53.3, the highest since May 2022 (expected 49.7, previous value 49.8) [4]. Trade and Geopolitical Situation - Sino - US tariffs are still extended, 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, and the spot price has slightly decreased [5]. - On September 4, the Houthi armed forces launched a military operation against Israel, targeting Ben - Gurion International Airport near Tel Aviv with a "Zulfiqar" ballistic missile, which hit the target. On September 3, the Israeli Defense Forces and the Shin Bet announced that they had killed a leader of the "Jihadist Brigade" in the Gaza Strip [5]. Trading Strategies - Short - term strategy: For risk - takers, it is recommended to lightly test long positions around 1300 for the 2510 contract and increase long positions around 1600 for the 2512 contract. Pay attention to the subsequent market trend, do not hold losing positions, and set stop - losses [5]. - Arbitrage strategy: In the context of international situation turmoil, each contract still follows the seasonal logic with large fluctuations. It is recommended to stay on the sidelines or try with light positions [5]. - Long - term strategy: It is recommended to take profits when the contracts rise and wait for the price to stabilize after a pull - back before judging the subsequent direction [5]. Contract Adjustments - The daily limit for contracts 2508 - 2606 is adjusted to 18%. - The company's margin for contracts 2508 - 2606 is adjusted to 28%. - The daily opening limit for all contracts 2508 - 2606 is 100 lots [5].

Report Summary 1. Industry Investment Rating No industry investment rating information is provided in the report. 2. Core Viewpoints - The overall pattern in September is loose, and the driving force is weak for at least the next two weeks. The decline in October depends on shipping companies' suspension of voyages, but the valuation is close to the annual low (1250 - 1300), with limited downside space. - The December contract follows the downward trend in the short - term, but considering the peak season and long - term contract negotiation season, investors can look for low - buying opportunities [1]. 3. Summary by Related Content EC Futures Contract Information | Contract | Yesterday's Closing Price | Change (%) | Basis | Yesterday's Trading Volume | Yesterday's Open Interest | Open Interest Change | | --- | --- | --- | --- | --- | --- | --- | | EC2510 | 1300.7 | - | 472.9 | 25760 | 49963 | -1983 | | EC2512 | 1676.0 | -1.48 | 97.6 | 9231 | 16447 | 61 | | EC2602 | 1518.7 | -1.00 | 254.9 | 1479 | 5653 | -122 | | EC2604 | 1247.8 | -0.53 | 525.8 | 645 | 7306 | - | | EC2606 | 1443.0 | - | 330.6 | 87 | - | -15 | [1] Month - to - Month Spread Information | Month Spread | Previous Day | Two Days Ago | Three Days Ago | Day - on - Day Change | Week - on - Week Change | | --- | --- | --- | --- | --- | --- | | EC2510 - 2512 | -375.3 | -378.2 | -392.8 | - | -7.6 | | EC2512 - 2602 | 157.3 | 167.2 | 183.4 | - | 2.7 | [1] Index Information | Index | Update Frequency | Announcement Date | Unit | Current Period | Previous Period | Current Period Change | Previous Period Change | | --- | --- | --- | --- | --- | --- | --- | --- | | - | Weekly | 2025/9/1 | Points | 1773.6 | 1990.20 | -10.88% | -8.71% | | SCFI (European Line) | Weekly | 2025/8/29 | USD/TEU | 1481 | 1668 | -11.21% | -8.5% | | CCFI (European Line) | Weekly | 2025/8/29 | Points | 1685.8 | 1757.74 | -4.09% | -1.83% | | NCFI (European Line) | Weekly | 2025/8/29 | Points | 929.56 | 1083.74 | -14.23% | -8.83% | [1] Shipping Capacity Information - As of 9/4 update, during the National Day holiday (week40 - 41), the shipping capacity will be reduced to 310,000 and 237,000 TEU respectively. The weekly average in October is 289,000 TEU. After considering all TBN as suspended voyages, the shipping capacity in September and October is 296,000 and 260,000 TEU respectively [2]. Recent European Line Quotation Information - Week37: The average quotation is 2100 US dollars (equivalent to 1450 points). MSK quoted 1900 US dollars (later rose to 1950), PA 2100 - 2150, OA 2100 - 2300. - Week38: The average quotation is 1870 US dollars (equivalent to 1300 points). MSK quoted 1700 US dollars (later rose to 1740), PA&MSC 1800 - 2000, OA 1850 - 2020. - On Wednesday, YML quoted 1800 US dollars for the second half of September and the first half of October offline. - On Thursday, CMA reduced the price by 200 to 2220 US dollars, HPL by 200 to 1735, OOCL by 100 to 1850. EMC quoted 1900 US dollars offline, and HMM quoted 1900 (1700 for one route) [3].

Report Summary 1. Industry Investment Rating - No industry investment rating was provided in the report. 2. Core Viewpoints - The overall situation in September is stable, and the driving force will continue to be positive for at least the next two weeks. The decline in October depends on shipping companies' suspension of voyages. In terms of valuation, the price in October is close to the annual low (1250 - 1300), with limited downside. The December contract will decline in the short - term following the driving force, but considering the peak season and long - term agreement negotiation season, attention can be paid to the opportunity of buying at low prices [1]. 3. Summary by Relevant Content Futures Contract Information - **Contract Prices and Changes**: For futures contracts such as FC2510, EC2512, EC2602, etc., prices showed different degrees of change. For example, FC2510 had a - 1.32% change, and EC2512 had a - 1.86% change. The price differences between different contracts also changed, like the EC2510 - 2512 spread was - 378.2, with a 14.6 day - on - day change and a - 92.2 week - on - week change [1]. - **Volume and Open Interest**: The trading volume and open interest of each contract varied. For instance, the trading volume of EC2510 was 51946, and the open interest was 25510 [1]. Spot Index Information - **Index Changes**: Indicators such as SCHIS, SCFI, CCFI, and NCFI all showed declines. SCHIS decreased by - 100.00% compared to the previous period, and SCFI dropped by - 11.21% [1]. Shipping Capacity Information - **Original Shipping Capacity**: In September and October, the weekly average shipping capacity was 29.6 and 30.9 million TEU respectively. After considering all TBN as suspended voyages, it was 29.6 and 28.1 million TEU respectively. After the September 4th update, due to the suspension of voyages during the National Day holiday, the shipping capacity in week 40 and 41 decreased to 31 and 23.7 million TEU respectively, and the weekly average in October was 28.9 million TEU. After considering all TBN as suspended voyages, the shipping capacity in September and October was 29.6 and 26 million TEU respectively [1][2]. Price Quotation Information - **Recent Quotations**: Currently, downstream customers are booking spaces for mid - September (week 37 - 38). In week 36, the shipping company's quotation was between 2120 - 2420, with an average of 2250 US dollars (1550 points). In week 37, the average quotation was 2100 US dollars (1450 points), and in week 38, it was 2000 US dollars (1370 points). On Wednesday, YML quoted 1800 US dollars for the second half of September and the first half of October [3]. News Information - **Military News**: On September 2, the Israeli military stated that its military operations in Gaza City had advanced to new areas. On September 4, Hamas reiterated its willingness to reach a comprehensive agreement in Gaza and release all Israeli hostages [4].

Report Industry Investment Rating No relevant content provided. Core Viewpoints - Spot freight rates are continuously falling, and the market is in the process of bottom - building with large recent fluctuations. It is not recommended to increase positions, and stop - losses should be set [1]. - Amid geopolitical conflicts and tariff uncertainties, the game is difficult. It is recommended to participate with light positions or stay on the sidelines [3]. - After the bullish sentiment is exhausted, combined with the continuous decline of spot freight rates and the repeated Middle - East situation, the market stops rising and starts to fall. Attention should be paid to tariff policies, the Middle - East situation, and spot freight rates [3]. Summary by Relevant Aspects Market Data - On September 1, the Shanghai Export Container Settlement Freight Index SCFIS (European route) was 1773.60 points, down 10.9% from the previous period; the SCFIS (US West route) was 1013.90 points, down 2.6% from the previous period [2]. - On August 29, the Ningbo Export Container Freight Index NCFI (composite index) was 1098.17 points, up 6.02% from the previous period; the NCFI (European route) was 929.56 points, down 14.23% from the previous period; the NCFI (US West route) was 1396.85 points, up 44.97% from the previous period [2]. - On August 29, the Shanghai Export Container Freight Index SCFI announced a price of 1445.06 points, up 29.70 points from the previous period; the SCFI European route price was 1481 USD/TEU, down 11.21% from the previous period; the SCFI US West route was 1923 USD/FEU, up 16.97% from the previous period [2]. - On August 29, the China Export Container Freight Index CCFI (composite index) was 1156.32 points, down 1.6% from the previous period; the CCFI (European route) was 1685.80 points, down 4.1% from the previous period; the CCFI (US West route) was 774.39 points, down 3.1% from the previous period [2]. - On September 3, the main contract 2510 closed at 1323.0, with a decline of 3.04%, a trading volume of 25,500 lots, and an open interest of 51,900 lots, a decrease of 2211 lots from the previous day [3]. Economic Indicators - The eurozone's August manufacturing PMI was 50.5 (estimated 49.5, previous value 49.8); the services PMI was 50.7 (estimated 50.8, previous value 51); the composite PMI rose to 51.1, higher than July's 50.9, the highest since May 2024 and higher than the expected 50.7 [2]. - The eurozone's August Sentix investor confidence index was - 3.7 (expected 8, previous value 4.5) [2]. - In August, China's manufacturing PMI was 49.4%, up 0.1 percentage point from the previous month; the composite PMI output index was 50.5%, up 0.3 percentage point from the previous month [2]. - The US August 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); the Markit manufacturing PMI was 53.3, the highest since May 2022 (expected 49.7, previous value 49.8) [2]. Strategies - **Short - term Strategy**: The main contract remains weak, and the far - month contracts are stronger. Risk - preferring investors are advised to lightly test long positions around 1300 for the 2510 contract and increase long positions around 1600 for the 2512 contract. Pay attention to subsequent market trends, do not hold losing positions, and set stop - losses [4]. - **Arbitrage Strategy**: Against the backdrop of international turmoil, each contract still follows seasonal logic with large fluctuations. It is recommended to stay on the sidelines or lightly attempt [4]. - **Long - term Strategy**: It is recommended to take profits when each contract rises, wait for the callback to stabilize, and then judge the subsequent direction [4]. Other Information - The US - China tariff extension negotiation has no substantial progress, and the tariff war has evolved into a trade negotiation issue between the US and other countries. Currently, the spot price has slightly decreased [3]. - The Israeli - Palestinian conflict situation: Israeli Prime Minister Netanyahu said that the Israeli army is preparing to attack Gaza City, and the Israeli army is conducting large - scale reserve recruitment [5]. - The daily limit and circuit breaker for contracts from 2508 - 2606 are adjusted to 18% [4]. - The company's margin for contracts from 2508 - 2606 is adjusted to 28% [4]. - The daily opening limit for all contracts from 2508 - 2606 is 100 lots [4].

Group 1: Report Industry Investment Rating - No relevant content Group 2: Core Viewpoints of the Report - MSC announced the National Day suspension plan, and the market rebounded significantly yesterday, in line with the daily report's expectation. Due to large recent fluctuations, it's not recommended to increase positions, and stop - loss should be set [2] - Considering geopolitical conflicts and tariff uncertainties, the game is difficult, so it's recommended to participate with a light position or stay on the sidelines [4] - Attention should be paid to tariff policies, the Middle - East situation, and spot freight rates [4] Group 3: Summary by Related Catalog Freight Index - On September 1, the Shanghai Export Container Settlement Freight Index (SCFIS) for the European route was 1773.60 points, down 10.9% from the previous period; the NCFI (European route) was 929.56 points, down 14.23% from the previous period; the SCFIS (US West route) was 1013.90 points, down 2.6% from the previous period; the NCFI (US West route) was 1396.85 points, up 44.97% from the previous period [2] - On August 29, the Shanghai Export Container Freight Index (SCFI) was 1445.06 points, up 29.70 points from the previous period; the SCFI European line price was 1481 USD/TEU, down 11.21% from the previous period; the CCFI (composite index) was 1156.32 points, down 1.6% from the previous period; the CCFI (European route) was 1685.80 points, down 4.1% from the previous period; the SCFI US West route was 1923 USD/FEU, up 16.97% from the previous period; the CCFI (US West route) was 774.39 points, down 3.1% from the previous period [2] Economic Data - The preliminary value of the Eurozone's August manufacturing PMI 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); the preliminary value of the composite PMI rose to 51.1, higher than July's 50.9, improving for three consecutive months and reaching the highest since May 2024, higher than the expected value of 50.7; the August Sentix investor confidence index was - 3.7 (expected 8, previous value 4.5) [2] - China's July manufacturing PMI was 49.3%, down 0.4 percentage points from the previous month, indicating a decline in manufacturing prosperity [2] - The preliminary value of the US August S&P Global manufacturing PMI 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 Markit manufacturing PMI was 53.3, the highest since May 2022 (expected 49.7, previous value 49.8) [3] Market Conditions - The Sino - US tariff extension continued, with no substantial progress in negotiations. The tariff war has evolved into a trade negotiation issue between the US and other countries, and the spot price has slightly declined [4] - On September 2, the main contract 2510 closed at 1340.7, up 3.62%, with a trading volume of 77,900 lots and an open interest of 54,100 lots, an increase of 1886 lots from the previous day [4] Strategies - Short - term strategy: The main contract is weak, and the far - month contract is strong. Risk - takers are advised to try going long lightly around 1300 for the 2510 contract and add long positions around 1600 for the 2512 contract. Pay attention to subsequent market trends, don't hold losing positions, and set stop - losses [5] - Arbitrage strategy: Against the backdrop of international turmoil, each contract still follows seasonal logic with large fluctuations. It's recommended to wait and see or try lightly [5] - Long - term strategy: It's recommended to take profits when each contract rallies, wait for the callback to stabilize, and then judge the subsequent direction [5] Other Information - The daily limit for contracts from 2508 to 2606 is adjusted to 18% [5] - The company's margin for contracts from 2508 to 2606 is adjusted to 28% [5] - The daily opening limit for all contracts from 2508 to 2606 is 100 lots [5] - Geopolitical conflicts include the Houthi rebels' attack on an Israeli oil tanker in the Red Sea and explosions in multiple places in Syria [6]

Investment Rating - The investment rating for the company is "Accumulate" (maintained) [6] Core Views - The company reported a year-on-year revenue growth of 7.78% in the first half of 2025, with a total revenue of 109.1 billion yuan, despite a slight decline of 3.39% in Q2 [8] - The growth in container shipping volume and profitability from port operations supported the company's performance [8] - The company plans to distribute a cash dividend of 0.56 yuan per share for the mid-term, reflecting a dividend payout ratio of approximately 50%, which is a 7.69% increase compared to the same period in 2024 [8] - The company is expected to maintain stable profits in the future due to a solid industry structure and its dividend attributes [8] Financial Summary - Revenue projections for the company are as follows: 2023: 175.448 billion yuan, 2024: 233.859 billion yuan, 2025E: 192.372 billion yuan, 2026E: 180.483 billion yuan, 2027E: 191.742 billion yuan [7] - The net profit attributable to the parent company is projected to be: 2023: 23.86 billion yuan, 2024: 49.1 billion yuan, 2025E: 25.525 billion yuan, 2026E: 19.036 billion yuan, 2027E: 20.09 billion yuan [7] - The company’s earnings per share (EPS) are expected to be: 2023: 1.54 yuan, 2024: 3.17 yuan, 2025E: 1.65 yuan, 2026E: 1.23 yuan, 2027E: 1.30 yuan [7] - The return on equity (ROE) is projected to be: 2023: 12.17%, 2024: 20.92%, 2025E: 10.32%, 2026E: 7.41%, 2027E: 7.52% [7]

1. Report Industry Investment Rating - Not provided in the given content 2. Core Viewpoints of the Report - Currently, downstream customers are booking shipping space for the first half of September (week36 - 37). The average quote for week36 is $2,270 (equivalent to 1,600 points on the futures market), and for week37 it's $2,125 (1,450 points). There are price adjustments among different shipping alliances. The overall situation in September has a loose supply - demand pattern, and the downward trend will continue for at least two more weeks. The decline in October depends on shipping companies' suspension of voyages. The price of the October contract is close to the annual low (1,250 - 1,300), with limited downside. The December contract may decline in the short - term but presents opportunities to go long at low prices as it is in the peak season and long - term contract negotiation period [2][16] 3. Summary by Related Catalogs Futures Contract Information - EC2510: Yesterday's closing price was 1,291.4, up 2.41%, with a benchmark of 482.2, a trading volume of 29,155, an open interest of 52,271, and a decrease of 989 in open interest [2][16] - EC2512: Yesterday's closing price was 1,640.9, up 5.00%, with a benchmark of 132.7, a trading volume of 11,198, an open interest of 16,495, and a decrease of 828 in open interest [2][16] - EC2602: Yesterday's closing price was 1,461.3, up 3.78%, with a benchmark of 312.3, a trading volume of 1,540, an open interest of 4,846, and a change of 1 - 7 in open interest [2][16] - EC2604: Yesterday's closing price was 1,241.8, up 3.11%, with a benchmark of 531.8, a trading volume of 1,721, an open interest of 7,069, and a decrease of 67 in open interest [2][16] - EC2606: Yesterday's closing price was 1,428.5, up 3.81%, with a benchmark of 345.1, a trading volume of 174, an open interest of 890, and an increase of 23 in open interest [2][16] Month - to - Month Spread - EC2510 - 2512: The previous day's spread was - 349.5, with a daily decrease of 47.8 and a weekly decrease of 24.5 [2][16] - EC2512 - 2602: The previous day's spread was 179.6, with a daily increase of 25.0 and a weekly increase of 5.0 [2][16] Spot Indexes - SCFI (European route): As of September 1, 2025, it was 1,773.6, down 10.88% from the previous period and 8.71% from the same period last year [2][16] - CCFI: As of August 29, 2025, it was 1,685.8, down 4.09% from the previous period and 1.83% from the same period last year [2][16] - NCFI: As of August 29, 2025, it was 929.56, down 14.25% from the previous period and 8.83% from the same period last year [2][16] Recent European Route Quotations - Week36: The latest quotes from shipping companies range from $2,120 - 2,420, with an average of $2,250 (1,550 points). PA Alliance quotes are between $2,200 - 2,300, MSK was initially $2,100 and then rose to $2,200, and OA Alliance quotes are between $2,300 - 2,400 [3][17] - Week37: The latest average quote is $2,100 (1,450 points). MSK's quote was initially $1,900 and then rose to $1,950, PA Alliance quotes are between $2,100 - 2,150, and OA Alliance quotes are between $2,100 - 2,300 [3][17] Fundamental Information - The weekly average shipping capacity in September and October is 296,000 and 309,000 TEU respectively. After considering all TBN as suspended voyages, it becomes 296,000 and 281,000 TEU [2][16] News - On September 1, US media reported that the US plans to rebuild Gaza and control the region for at least 10 years [4][18] - On September 1, the Houthi armed forces claimed to have attacked an oil tanker in the northern Red Sea. The Israeli military launched an air strike on Sana'a on August 28, and on August 31, Houthi leader Abdul - Malik al - Houthi said they would launch retaliation and escalate military attacks and shipping blockades against Israel [4][18]