Group 1: Gaza Conflict - Israeli military operations in Gaza have resulted in over 60,000 Palestinian deaths [1] - Israeli Prime Minister Netanyahu stated that ceasefire negotiations are ongoing despite Hamas's refusal [1] - Israeli Defense Minister Katz emphasized that the Israeli Defense Forces must be able to operate anywhere within Gaza [1] Group 2: Iran Issues - Iran claims that Israel attempted to assassinate 35 Iranian officials, including the President and Foreign Minister [1] - A closed-door briefing on Iranian airstrikes was held by the U.S. Senate Military Committee [1] - Iran's top military commander expressed distrust towards any commitments from the U.S. or Israel and stated readiness to respond to future aggression [1] Group 3: Other Issues - The Netherlands declared two Israeli ministers as "unwelcome individuals" [1] - The UK stated that if Israel does not cease fire, it will recognize the state of Palestine in September [1] - U.S. President Trump indicated that he does not seek to pressure Israel and is looking for a long-term solution to the Gaza issue, stating that discussions on the UK's recognition of Palestine will not occur unless Israel takes action in Gaza [1]

Report Industry Investment Rating - No relevant information provided Core Views - Amid geopolitical conflicts and tariff uncertainties, trading is challenging, and it's recommended to participate with light positions or stay on the sidelines [3] - The short - term market may rebound, with specific trading strategies for different contracts; the arbitrage strategy suggests waiting or light - position attempts; long - term contracts should take profits on rallies and wait for a stable pullback [4] Summary by Related Content Shipping Indexes - On July 25, compared with July 21, NCFI (composite) dropped 3.26% to 1110.57 points, SCFIS (European route) fell 0.9% to 2400.50 points, NCFI (European route) declined 1.20% to 1422.9 points, SCFIS (US West route) rose 2.8% to 1301.81 points, and NCFI (US West route) dropped 5.19% to 1120.51 points [1] - On July 25, SCFI was 1592.59 points, down 54.31 points; CCFI (composite) fell 3.2% to 1261.35 points; SCFI (European route) rose 0.53% to 2090 USD/TEU; CCFI (European route) dropped 0.9% to 1787.24 points; SCFI (US West route) fell 3.50% to 2067 USD/FEU; CCFI (US West route) dropped 6.4% to 880.99 points [1] Economic Data - Eurozone's June manufacturing PMI was 49.4, services PMI was 50, and composite PMI was 50.2; Sentix investor confidence index was 0.2 [2] - China's Caixin manufacturing PMI in June was 50.4, up 2.1 points from May [2] - US June Markit manufacturing PMI was 52, services PMI was 53.1, and composite PMI was 52.8 [2] Market and Policy - Trump added tariffs on multiple countries, mainly in Southeast Asia. The tariff negotiation was postponed to August 1. The spot market had a small price increase, and the futures market rebounded slightly [3] - On July 25, the 2510 contract closed at 1527.5, down 2.71%, with a trading volume of 42,800 lots and an open interest of 50,000 lots, a decrease of 609 lots [3] Geopolitical Situation - The new round of Gaza cease - fire negotiations is back on track, and the Abraham Accords may expand. US - Iran and Russia - Ukraine negotiations may also resume [5] - Syrian and Israeli officials held talks on easing the situation in southern Syria but reached no agreement and will continue negotiations [5] Trading Strategies - Short - term: The short - term market may rebound. Risk - takers were advised to go long on the 2510 contract below 1300 and consider taking profits if it retraces; short the EC2512 contract with a light position [4] - Arbitrage: Due to international instability, the market has a positive spread structure with large fluctuations. It's recommended to wait or try with a light position [4] - Long - term: Take profits on rallies for all contracts and wait for a stable pullback to determine the next direction [4] Contract Adjustments - The daily limit for contracts 2508 - 2606 is adjusted to 18% [4] - The company's margin for contracts 2508 - 2606 is adjusted to 28% [4] - The daily opening limit for all contracts 2508 - 2606 is 100 lots [4]

Group 1 - The Israeli military has expanded ground and air operations in eastern Gaza City [1] - The ongoing Israel-Palestine conflict has resulted in 59,733 deaths in the Gaza Strip [2] - Hamas responded to the U.S. statement claiming it "does not want to reach a ceasefire agreement," stating that Israel is the real obstacle [3] Group 2 - The Israeli military has resumed air-dropping aid supplies to the Gaza Strip [4] - A terrorist attack occurred at a judicial building in southeastern Iran [5] - Iran's Deputy Foreign Minister announced that Iran and the three European countries agreed to quickly resume nuclear negotiations [6] - Houthi hypersonic missiles targeted southern Israel [7]

Group 1: Gaza Conflict - The Israeli military claims to have advanced military operations in northern Gaza, conducting airstrikes on over a hundred military targets [1] - Hamas has provided a preliminary response to mediators regarding proposals about Gaza, according to Israeli public broadcasting [1] Group 2: Iran Issues - Iranian officials report that Iran has faced over 20,000 cyberattacks during the conflict with Israel [2] - The Iranian president states that the country will continue domestic uranium enrichment [2] - An Iranian satellite is set to be launched using a Russian Soyuz rocket, as reported by Tasnim News Agency [2] - Iran claims to have intercepted a U.S. destroyer in the Gulf of Oman, stating that U.S. vessels have retreated [2] - The Iranian deputy foreign minister announces that Iran has agreed to a visit from an International Atomic Energy Agency technical team next week to discuss relations with the UN nuclear oversight body, clarifying that the team will not visit Iran's nuclear facilities [2]

Report Summary 1. Investment Rating No investment rating for the industry is provided in the report. 2. Core Viewpoints - The short - term market may rebound. Amid geopolitical conflicts and tariff uncertainties, trading is challenging, and it is recommended to participate with a light position or stay on the sidelines. Attention should be paid to tariff policies, the Middle - East situation, and spot freight rates [1][3]. 3. Summaries by Related Content 3.1 Freight Indexes - **July 18 - 21 Changes**: The NCFI (composite index) was 1147.96 points on July 21, down 5.75% from the previous period; SCFIS (European route) was 2400.50 points, down 0.9%; NCFI (European route) was 1440.25 points, up 0.35%; SCFIS (US West route) was 1301.81 points, up 2.8%; NCFI (US West route) was 1181.87 points, down 0.40% [1]. - **July 18 Changes**: SCFI was 1646.90 points, down 86.39 points; CCFI (composite index) was 1303.54 points, down 0.8%; SCFI (European route) was 2079 USD/TEU, down 1.00%; CCFI (European route) was 1803.42 points, up 4.5%; SCFI (US West route) was 2142 USD/FEU, down 2.4%; CCFI (US West route) was 941.65 points, down 8.4% [1]. 3.2 Economic Data - **Eurozone in June**: Manufacturing PMI was 49.4, Services PMI was 50 (2 - month high), Composite PMI was 50.2, and Sentix Investor Confidence Index was 0.2 [2]. - **China in June**: Caixin Manufacturing PMI was 50.4, up 2.1 points from May [2]. - **US in June**: Markit Manufacturing PMI was 52, Services PMI was 53.1 (2 - month low), and Composite PMI was 52.8 (2 - month low) [2]. 3.3 Market Influences - Trump's tariff policy targeting Southeast Asian countries has increased trading difficulty, and some shipping companies have announced freight rate hikes. The tariff negotiation is postponed to August 1. The market is affected by geopolitical conflicts, tariff uncertainties, and spot freight rate adjustments [3]. - On July 22, the main contract 2510 closed at 1548.0, down 6.10%, with a trading volume of 66,700 lots and an open interest of 51,700 lots, an increase of 549 lots from the previous day [3]. 3.4 Trading Strategies - **Short - term**: The short - term market may rebound. Risk - takers are recommended to go long on the 2510 contract below 1300 (already with a profit margin of over 300), and consider adding positions if it continues to decline. Consider shorting the EC2512 contract above 1950 [4]. - **Arbitrage**: In the context of international instability, the market has a positive arbitrage structure with large fluctuations. It is recommended to wait and see or try with a light position [4]. - **Long - term**: Take profit when contracts rise, and wait for the market to stabilize after a decline before making further decisions [4]. 3.5 Contract Adjustments - **Price Limits**: The price limits for contracts 2508 - 2606 are adjusted to 18% [4]. - **Margin Requirements**: The margin for contracts 2508 - 2606 is adjusted to 28% [4]. - **Intraday Position Limits**: The intraday position limit for all contracts 2508 - 2606 is 100 lots [4].

Group 1: Tariff Risks - The U.S. may implement a second round of tariff increases by late July to early August, depending on negotiation outcomes[6] - If U.S. financial markets show limited reaction to tariff actions, President Trump is likely to proceed with the scheduled tariff increases[6] - The focus on U.S. industry tariffs, particularly under Section 232, is expected to rise, with new investigations announced for drones and polysilicon[6] Group 2: Middle East Stability - The political environment in Israel is deteriorating, increasing the risk of instability in the Middle East[6] - Recent withdrawals from the ruling coalition by right-wing parties may lead to a loss of parliamentary majority for Netanyahu's government[6] - If the Israeli parliament is not dissolved by the end of July, there is a risk of aggressive policies being adopted by the Netanyahu government to salvage its political standing[6]

Group 1: Gaza Conflict - Houthi forces claim to have used hypersonic ballistic missiles to attack Israeli airports [1] - US officials state that Middle East envoy Wittekopf will travel to Europe this week to discuss issues including Gaza and will continue to push for a ceasefire [1] - The Israeli Defense Forces Chief of Staff indicates that the military needs to take offensive actions on multiple fronts while maintaining air superiority and conducting intelligence operations [1] Group 2: Iran Issues - The Iranian government spokesperson reports that the death toll from military conflicts with Israel has risen to 1,062 [2] - The Israeli Chief of Staff states that actions against Iran are not yet concluded [2] - The Iranian Revolutionary Guard's intelligence department warns of increased recruitment activities by hostile intelligence agencies [2] - The Israeli Defense Minister suggests that there may be a renewed military action against Iran [2] Group 3: Other Issues - The UK Foreign Secretary emphasizes the need to pressure the Israeli government to heed the 83% of its citizens calling for an end to the war [3] - The Israeli military has arrested arms dealers in southern Syria [3] - The US Treasury has imposed sanctions on certain entities in Yemen and the UAE [3]

Core Viewpoint - Significant progress has been made in the ceasefire negotiations in Gaza, with discussions focusing on the deployment scale and positioning of Israeli troops in specific areas [1] Group 1 - The negotiations are taking place in Doha, Qatar, and have reached a critical stage [1] - Israeli public broadcasting reported that flexibility shown by Israel on troop deployment has contributed to the progress [1] - There is optimism among the parties involved that an agreement may soon be reached [1]

Group 1: Gaza Conflict - The Israeli military has issued evacuation warnings and is set to launch a ground offensive in central Gaza, specifically in Deir al-Balah [1] - The Israeli military claims to have killed a Hamas weapons development official [1] - The ongoing Israel-Palestine conflict has resulted in 58,895 deaths in the Gaza Strip [1] - The number of Palestinians killed by Israeli shelling while waiting for aid trucks in northern Gaza has risen to 67 [1] - The Israeli Defense Ministry has signed a 500 million shekel (approximately 150 million USD) agreement to procure hundreds of light vehicles for the Israeli Defense Forces' ground troops [1] Group 2: Other Regional Developments - Iran has agreed to hold a new round of negotiations with three European countries on July 25 [2] - A joint naval exercise between Iran and Russia is scheduled to take place in the Caspian Sea on the 21st [2] - Putin met with a senior advisor to Iran's Supreme Leader to discuss the Iran nuclear issue [2] - The Israeli Prime Minister's office announced that Netanyahu has been diagnosed with intestinal inflammation and will manage affairs from home for the next three days [2] - According to AXIOS, dissatisfaction is rising within Trump's team following Israeli airstrikes in Syria, with claims that Netanyahu is acting irrationally [2]

Group 1: Gaza Conflict - Israeli military continued attacks on Gaza, resulting in 70 deaths on July 19 [1] - Israeli strikes near a humanitarian distribution point in Gaza led to 32 additional deaths [1] - The ongoing Israel-Palestine conflict has resulted in a total of 58,765 deaths in Gaza [1] Group 2: Regional Developments - An Israeli drone strike in southern Lebanon's Shiyam region resulted in at least 1 death [1] - Iranian Foreign Minister stated that the resumption of nuclear negotiations depends on the U.S. stance [1] - Former President Trump claimed that Iran's three nuclear facilities have been completely destroyed [1] - A U.S. lawmaker openly referred to Israel as a nuclear state and called for cuts to military aid [1] - Jordan, Syria, and the U.S. held trilateral talks regarding the situation in Syria [1] - Israeli military operations in southern Lebanon resulted in the death of a Hezbollah member [1]