Report Summary Investment Rating No investment rating for the industry is provided in the report. Core Viewpoint Due to geopolitical conflicts and tariff uncertainties, the shipping market has high trading risks and large fluctuations. It is recommended to participate with light positions or stay on the sidelines. Short - term rebounds are possible, and long - term positions should be taken profit when prices rise and wait for the market to stabilize before making further decisions [2][5]. Detailed Summaries Market Price Index - On August 4, the Shanghai Export Container Settlement Freight Index (SCFIS) for the European route was 2297.86 points, down 0.8% from the previous period, and 1130.12 points for the US West route, down 12.0% [3]. - On August 1, the Ningbo Export Container Freight Index (NCFI) for the comprehensive index was 1087.66 points, down 2.06% from the previous period, 1372.67 points for the European route, down 3.53%, and 1114.45 points for the US West route, down 0.54% [3]. - On August 1, the Shanghai Export Container Freight Index (SCFI) announced price was 1550.74 points, down 41.85 points from the previous period, the European line price was 2051 USD/TEU, down 1.86%, and the US West route was 2021 USD/FEU, down 2.23% [3]. - On August 1, the China Export Container Freight Index (CCFI) for the comprehensive index was 1232.29 points, down 2.3% from the previous period, 1789.50 points for the European route, up 0.1%, and 876.57 points for the US West route, down 0.5% [3]. Economic Data - The eurozone's July manufacturing PMI preliminary value was 49.8, higher than the expected 49.7, and the service PMI preliminary value was 51.2, higher than the expected 50.7. The composite PMI preliminary value was 51, higher than the expected 50.8. The SENTIX investor confidence index jumped to 4.5 [3]. - China's July manufacturing PMI was 49.3%, 0.4 percentage points lower than the previous month [4]. - The US July S&P Global manufacturing PMI preliminary value was 49.5, lower than the expected 52.7, and the service PMI preliminary value was 55.2, higher than the expected 53. The composite PMI preliminary value was 54.6, a new high since December 2024 [4]. Policy and Geopolitical Factors - Trump continued to impose tariffs on multiple countries, mainly in Southeast Asia, and postponed the tariff negotiation date to August 1. Some shipping companies announced price increases, and the spot market had a small price increase to test the market [5]. - On August 5, the Houthi armed forces attacked Israel's Ben - Gurion International Airport [5]. - Germany's Deputy Prime Minister called on the EU to take a tougher stance in trade negotiations with the US [6]. Trading Strategies - Short - term: For risk - takers, those who have taken long positions in the 2510 contract below 1300 can take partial profits, and those who have short positions in the EC2512 contract can take profits. Set stop - losses and avoid holding losing positions [5]. - Arbitrage: Due to international instability, it is recommended to stay on the sidelines or take light positions [5]. - Long - term: Take profits when prices rise and wait for the market to stabilize before making further decisions [5]. Market Conditions of Main Contracts - On August 5, the main contract 2510 closed at 1413.0, up 0.63%, with a trading volume of 3.06 million lots and an open interest of 5.21 million lots, an increase of 1055 lots from the previous day [5]. Contract Adjustments - For contracts from 2508 to 2606, the daily limit is adjusted to 18%, the margin is adjusted to 28%, and the daily opening limit is 100 lots [5].

6. 多国谴责以色列官员进入阿克萨清真寺大院公开祈祷。 7. 埃及空军三天内向加沙空投数十吨援助物资。 8. 比利时国防部：比利时空军在加沙投放了系列援助物资中的第一批。 1. 巴勒斯坦红新月会称以色列袭击其加沙总部。 2. 胡塞武装称对以色列发动三次"特殊军事行动"。 3. 以色列国防军：第179旅在加沙地带的活动摧毁数百个恐怖基础设施、地下隧道、军事建筑，并探测 武器。 4. 加沙卫生部：自2023年10月7日新一轮巴以大规模冲突爆发以来，以军在加沙地带的军事行动已导致 60839人死亡，149588人受伤。 5. 叙利亚库尔德武装称一领导人住所遭袭。 金十数据整理：中东局势跟踪（8月4日） 跟踪中东局势动态 +订阅 ...

跟踪中东局势动态 +订阅 伊朗问题： 1. 美国及其盟国谴责伊朗情报机构。 金十数据整理：中东局势跟踪（8月1日） 加沙冲突： 8. 美国总统特朗普：我不喜欢加拿大在承认巴勒斯坦国问题上的做法，但加拿大对巴勒斯坦的立场不会 影响关税协议达成。 1. 黎巴嫩总统：我们寻求10年来每年10亿美元来支持黎巴嫩军队。 2. 美国总统特朗普：结束加沙人道主义危机的最快方式就是哈马斯投降并释放人质。 3. 哈马斯称抵抗不会停止，直至以色列占领结束。 4. 以色列国防部长：以军攻击真主党试图重建的地点。 5. 德国外长：承认巴勒斯坦国的进程必须现在开始，以色列在巴勒斯坦问题上"越来越处于少数"。 6. 美国白宫：美国特使维特科夫会见以色列总理内塔尼亚胡，讨论向加沙运送援助物资事宜。 7. 美国白宫：特朗普不同意法国、加拿大和英国领导人承认巴勒斯坦国的想法。 2. 伊朗外长：美国必须同意赔偿，才能进行核谈判。若美方坚持"零铀浓缩"则美伊无法达成协议。 其他问题： 1. 俄罗斯外长拉夫罗夫：我们希望叙利亚总统将出席10月在莫斯科举行的俄罗斯-阿拉伯峰会。 2. 市场消息：以色列国家安全委员会加强了对在阿联酋停留的以色列人的旅行 ...

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]

1. 市场消息：以军扩大在加沙城东部的地面和空中行动。 2. 本轮巴以冲突已致加沙地带59733人死亡。 3. 哈马斯回应美方称其"不想达成停火协议"：以色列才是真正障碍。 4. 以军称已恢复向加沙地带空投援助物资。 5. 伊朗东南部司法机构大楼发生恐怖袭击事件。 6. 伊朗副外长：伊朗与欧洲三国同意尽快重启核谈判。 7. 胡塞高超音速导弹袭击以色列南部。 金十数据整理：中东局势跟踪（7月27日） ...

金十数据整理：中东局势跟踪（7月24日） 加沙冲突： 1. 以军称在加沙北部推进军事行动，空袭百余个军事目标。 3. 据以色列公共广播公司：哈马斯已对调解人关于加沙的提议做出初步回应。 2. 乌克兰总统泽连斯基：俄罗斯周二的袭击活动导致乌克兰苏梅州22万用户停电。 4. 以色列通过吞并约旦河西岸定居点的"象征性"动议。 伊朗问题： 1. 伊朗官员：以伊冲突期间，伊朗遭超2万次网络攻击。 2. 伊朗总统称将继续进行本土铀浓缩。 3. 据伊朗塔斯尼姆通讯社称，一枚伊朗卫星将于周五使用俄罗斯的联盟号运载火箭发射。 4. 据伊朗伊斯兰共和国广播电视台：伊朗称其在阿曼湾拦截了一艘美国驱逐舰。伊朗称美国的船只已后 退并撤离。 5. 伊朗副外长：伊朗同意国际原子能机构技术小组在下周访问，以讨论联合国核监督机构与德黑兰之间 的关系，技术小组将不会前往伊朗的核设施。 跟踪中东局势动态 +订阅 ...

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]