Report Investment Rating - No specific investment rating for the industry is provided in the report. Core Viewpoints - The container shipping index (European Line) is expected to experience high-level fluctuations. It is recommended to hold the 10 - 12 and 10 - 02 reverse spreads lightly. [1][9] - The 2508 contract's performance is influenced by Maersk's freight rates. Depending on different scenarios, its delivery settlement price may fall within different ranges. [8] - The 2510 contract is in the traditional off - season for the European Line. The market's fundamental trading logic is to short on rallies, but in the short term, it may show high - level fluctuations due to factors such as concentrated short positions and market sentiment. [9] Summary by Relevant Catalogs 1. Futures Market Data - **Contract Prices and Changes**: The EC2508 contract closed at 2,265.9 points, up 5.80%; EC2510 closed at 1,613.0 points, up 1.55%; EC2512 closed at 1,791.0 points, up 2.22%. Over the past week, the main 2510 contract rose 16.7% and added 22,398 lots; the secondary main 2512 contract rose 16.2% and added 2,131 lots; the near - month 2508 contract rose 235.3 points and reduced 13,984 lots. [1][6] - **Volume and Open Interest**: The trading volume and open interest of different contracts showed different trends. For example, the trading volume of EC2510 was 68,673, and its open interest was 51,371, with an increase of 1,346 in open interest. [1] 2. Freight Rate Index - **SCFIS and SCFI**: The SCFIS for the European route was 2,421.94 points, up 7.3% week - on - week; the SCFIS for the US West route was 1,266.59 points, down 18.7% week - on - week. The SCFI for the European route was $2,079/TEU, down 1.0% bi - weekly; the SCFI for the US West route was $2,142/FEU, down 2.4% bi - weekly. [1] - **Spot Freight Rates**: In late July, MSC and Yang Ming slightly decreased their rates, while other shipping companies' FAK remained stable. In August, ONE's offline rates remained the same, and the OA Alliance and MSC may announce rate increases. [7] 3. Shipping Capacity - **Weekly and Monthly Average Shipping Capacity**: Data on weekly and monthly average shipping capacities from China to European basic ports are presented, but specific analysis is not provided in the report. Future sailings may be dynamically adjusted, and the pending voyages in September are not included in the shipping capacity statistics. [4] 4. Market Fundamentals - **Cargo Volume**: Benefiting from the strong FOB cargo volume, shipping companies' loading conditions at the end of July were optimistic, and the cargo volume at the beginning of August still had support. However, on a monthly basis, August is likely to see an increase in supply and a decrease in demand, but the inflection point of cargo volume is unclear. [8] - **Contract Analysis**: Different scenarios for the 2508 contract's delivery settlement price are analyzed based on Maersk's freight rates. For the 2510 contract, due to it being in the off - season, the fundamental trading logic is to short on rallies, but short - term high - level fluctuations are expected. [8][9] 5. Macro News - **Geopolitical Events**: A new round of cease - fire negotiations in Gaza is expected to reach an agreement within two weeks. The Israeli military issued an evacuation warning and will launch a ground offensive in Deir al - Balah in central Gaza. Iran agreed to hold a new round of negotiations with three European countries on the nuclear issue. [5][6]

Core Viewpoint - The sixth round of talks between the United States and Iran is scheduled to take place on June 13 in Oslo, Norway, or on June 15 in Muscat, Oman, marking a significant step in diplomatic efforts following the U.S. withdrawal from the Iran nuclear deal in May 2018 [1]. Group 1 - The first round of indirect talks occurred on April 12 in Muscat, Oman, representing the first formal negotiations since the U.S. exited the nuclear agreement [1]. - A total of four rounds of indirect negotiations have taken place since the initial meeting [1].

新华社德黑兰5月12日电（记者陈霄 沙达提）伊朗总统佩泽希齐扬11日表示，伊朗对其与美国的谈判 是认真的，但不接受销毁伊朗全部核设施。 根据伊朗总统府11日发表的声明，佩泽希齐扬当天在首都德黑兰举行的内阁会议上发表讲话说，伊朗可 以保证不发展核武器，但销毁伊朗全部核设施是不可接受的。伊朗需要原子能和相关科学成果，用于放 射性药物、医疗、农业、环境和工业等领域的和平用途。他强调，伊朗将继续全力开展和平核活动。 他同时说："我们在谈判中是认真的，并寻求达成协议。我们举行会谈是因为我们追求和平。" 伊朗与美国4月12日在马斯喀特举行了首轮间接会谈，这是自2018年5月美国单方面退出伊核协议以来双 方首次正式开启谈判。此后，双方分别于4月19日和26日举行了两轮间接会谈。（完） 责任编辑：何俊熹 伊朗外长阿拉格齐11日接受伊朗国家电视台采访时表示，伊朗与美国之间的第四轮间接会谈与前几轮相 比"严肃、坦诚得多"，"我们在很大程度上摆脱了一般性问题，进入了细节问题。在这种情况下，谈判 自然会变得更加复杂"。 他还说，尽管困难重重，但双方还是进行了"非常有益的讨论"，对彼此的立场有了更好的理解，立场更 加接近。 阿曼外交大 ...