Economic Overview - The economy is experiencing strong growth, with second-quarter growth reported at nearly 4% and current indicators suggesting similar growth rates [9][10] - Retail sales have increased year-over-year by approximately 7%, indicating that consumers have disposable income and are actively spending [10] - Industrial production is at an all-time high, reflecting a surge in onshoring production and significant investment in the U.S. [10] Inflation and Consumer Prices - The consumer price inflation report indicates a 3% increase over the last 12 months, which is a slight decrease from previous expectations [3][4] - Special factors, such as a refinery shutdown, have contributed to price increases, particularly in gas prices, but expectations are that inflation is decelerating [5] Trade Relations - Trade talks with Canada have been suspended due to frustrations over progress and an incident involving a misleading advertisement [6][8] - The current trade environment is characterized by tariff turmoil, yet the overall economic indicators suggest resilience despite these challenges [9]

Core Insights - The shipping industry is experiencing unprecedented voyage cancellations due to tariff fluctuations and weak demand in the U.S., surpassing levels seen during the COVID-19 pandemic [1][2][4] Group 1: Voyage Cancellations and Market Impact - Carriers are prioritizing market share over profitability, leading to operational profit margins dropping below breakeven on several major routes [2][4] - By October 2025, the number of cancellations between the U.S. and China is expected to reach record levels, with 67 planned cancellations from China to the U.S. and 71 from the U.S. to China [2] - The intensity of cancellations is unprecedented since the onset of the pandemic, aimed at stabilizing freight rates in a tariff-distorted market rather than responding to a crisis [4][6] Group 2: Tariff Effects and Trade Dynamics - The "Liberation Day" tariffs, effective from early August, have created a highly uncertain and volatile environment for global trade [4] - Significant increases in cancellations have been noted on key trade routes, with a 75% year-on-year increase on the route from the U.S. West Coast to Southeast Asia, and increases of 46.5% and 40.7% on routes from China to the U.S. West Coast and Southeast Asia to the U.S. West Coast, respectively [4][6] - U.S. imports from China have declined for five consecutive months, while exports have decreased for nine months, with imports down 27% and exports down 42% year-to-date [4][6] Group 3: Freight Rates and Future Outlook - Carriers are using capacity management as a primary strategy to cope with challenges, with voyage cancellations becoming the preferred method to support freight rates [6] - Despite the large scale of adjustments, procurement patterns remain stable, with most carriers not significantly relocating production from China but rather adjusting shipping schedules in response to rising tariffs [6] - The outlook for 2026 remains heavily dependent on future tariff decisions and trade negotiations, as the impact of tariffs on shipping reliability and timing has been more significant than on supply chain geography [6] Group 4: Customs Fee Increases - The U.S. Customs and Border Protection (CBP) has announced a 34.33% increase in customs service fees, effective October 1, 2025, due to inflation [8][14] - Specific fee adjustments include an increase in the minimum merchandise processing fee from $32.71 to $33.58 and the maximum fee from $634.62 to $651.50 [9][15] - Other notable fee changes include increases in commercial vessel arrival fees and various transportation-related fees, with the overall adjustment reflecting the broader economic pressures [9][15]

1. Report Industry Investment Rating No relevant content provided. 2. Core View of the Report - Spot freight rates are continuously falling, near - month contracts are declining, 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 According to Relevant Content Freight Rate 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; for the US West route, it was 1013.90 points, down 2.6% from the previous period [3]. - 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) was 1445.06 points, up 29.70 points from the previous period; the SCFI for the European route was 1481 USD/TEU, down 11.21% from the previous period; for the US West route, it was 1923 USD/FEU, up 16.97% from the previous period [3]. - On August 29, the China Export Container Freight Index (CCFI) (composite index) was 1156.32 points, down 1.6% from the previous period; for the European route, it 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]. Economic Data - 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, with the composite PMI rising for three consecutive months and reaching the highest since May 2024 [3]. - China's manufacturing PMI in August was 49.4%, up 0.1 percentage points from the previous month; the composite PMI output index was 50.5%, up 0.3 percentage points from the previous month [4]. - The preliminary values of the US S&P Global manufacturing PMI and Markit manufacturing PMI in August were both 53.3, reaching a 39 - month high; the service PMI was 55.4 [4]. Market Strategy - Short - term strategy: For risk - takers, it is recommended to take a light - position trial long at around 1300 for the 2510 contract and increase positions at 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: Given the volatile international situation, it is recommended to stay on the sidelines or make light - position attempts [5]. - Long - term strategy: It is recommended to take profits when the contracts rise, wait for the correction to stabilize, and then judge the subsequent direction [5]. Contract Information - 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]. - The daily limit for contracts from 2508 to 2606 is adjusted to 18%, the company's margin is adjusted to 28%, and the daily opening limit for all contracts from 2508 to 2606 is 100 lots [5]. Geopolitical Events - 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 [5]. - On September 3, the Israeli Defense Forces and the Shin Bet announced that they had killed a leader of the "Jihad Brigades" in the Gaza Strip [5].

Report Industry Investment Rating No information provided Core Viewpoints - Geopolitical conflicts and tariff uncertainties increase the difficulty of market gaming, so it is recommended to participate with a light position or stay on the sidelines [4] - Commodities remain in a bearish trend, with the market under pressure and fluctuating at a low level. It is not recommended to increase positions and stop - loss should be set [1] Summary by Related Content Shipping Freight Index - On August 25, the Shanghai Export Container Settlement Freight Index (SCFIS) for the European route was 1990.20 points, down 8.7% from the previous period; the SCFIS for the US - West route was 1041.38 points, down 5.9% from the previous period. The Ningbo Export Container Freight Index (NCFI) for the European route was 1083.74 points, down 8.83% from the previous period; the NCFI for the US - West route was 963.54 points, down 1.79% from the previous period. The NCFI (composite index) was 1035.79 points, down 1.59% from the previous period [2] - On August 22, the Shanghai Export Container Freight Index (SCFI) was 1415.36 points, down 44.83 points from the previous period; the SCFI for the European route was 1668 USD/TEU, down 8.35% from the previous period; the SCFI for the US - West route was 1759 USD/FEU, down 6.54% from the previous period. The China Export Container Freight Index (CCFI) (composite index) was 1174.87 points, down 1.5% from the previous period; the CCFI for the European route was 1757.74 points, down 1.8% from the previous period; the CCFI for the US - West route was 799.19 points, down 2.9% from the previous period [2] Economic Data of Different Regions - 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); the composite PMI rose to 51.1, higher than July's 50.9, and reached the highest level since May 2024. The Eurozone's Sentix investor confidence index in August was - 3.7 (expected 8, previous value 4.5). In July, the manufacturing PMI was 49.3%, down 0.4 percentage points from the previous month [2] - The preliminary value of the US S&P Global manufacturing PMI in August was 53.3 (estimated 49.5, previous value 49.8), reaching a 39 - month high; 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) [3] Trade and Tariff Issues - The extension of China - US tariffs continues, and there is no substantial progress in the negotiations. The tariff war has evolved into a trade negotiation issue between the US and other countries, and the spot price has slightly decreased [4] - On August 26, the US Department of Commerce announced an anti - dumping preliminary ruling on polypropylene corrugated boxes imported from China, with a preliminary ruling of a unified national tax rate of 83.64% (the margin after offsetting subsidies was adjusted to 73.10%). The anti - dumping final ruling is expected to be combined with the counter - subsidy final ruling on November 12, 2025 [5] Trading Strategies - Short - term strategy: The main contract is weak, and the far - month contract is strong. Risk - preference investors are recommended to lightly test long positions around 1300 for the 2510 contract and add long positions around 1600 for the 2512 contract. Pay attention to the subsequent market trend, do not hold losing positions, and set stop - loss [4] - Arbitrage strategy: Under the background of international situation turmoil, each contract still follows the seasonal logic with large fluctuations. It is recommended to wait and see temporarily or try with a light position [4] - Long - term strategy: High - level profit - taking is recommended for each contract. Wait for the callback to stabilize and then judge the subsequent direction [4] Contract Information - On August 28, the main contract 2510 closed at 1285.0, down 3.31%, with a trading volume of 25,300 lots and an open interest of 54,200 lots, an increase of 523 lots from the previous day [4] - The daily limit and lower limit for contracts 2508 - 2606 were adjusted to 18% [4] - The company's margin for contracts 2508 - 2606 was adjusted to 28% [4] - The daily opening limit for all contracts 2508 - 2606 is 100 lots [4] Geopolitical Events - On August 27, the Houthi armed forces issued a statement saying that their missile forces carried out a military strike on targets in Israel to respond to Israel's continuous military operations in the Gaza Strip. A "Palestine - 2" hypersonic ballistic missile was used to strike Ben - Gurion International Airport south of Tel Aviv, causing the airport to suspend operations [5]

Report Summary 1. Report Industry Investment Rating No information provided. 2. Core Viewpoints - Due to geopolitical conflicts and tariff uncertainties, the game is difficult, and it is recommended to participate with light positions or stay on the sidelines [5]. - The spot price has slightly decreased, and the main contract is weak in the short - term, while the far - month contracts are relatively strong [2][5]. - In the long - term, it is recommended to take profits when the contracts rise and wait for the callback to stabilize [5]. 3. Summary by Content Market Data - **Shipping Indexes**: - On August 18, the Shanghai Export Container Settlement Freight Index SCFIS (European route) was 2180.17 points, down 2.5% from the previous period; SCFIS (US West route) was 1106.29 points, up 2.2% [3]. - On August 22, the Ningbo Export Container Freight Index NCFI (composite index) was 1035.79 points, down 1.59% from the previous period; NCFI (European route) was 1083.74 points, down 8.83%; NCFI (US West route) was 963.54 points, down 1.79% [3]. - On August 22, the Shanghai Export Container Freight Index SCFI composite index was 1415.36 points, down 44.83 points from the previous period; SCFI European line price was 1668 USD/TEU, down 8.35%; SCFI US West route was 1759 USD/FEU, down 6.54% [3]. - On August 22, the China Export Container Freight Index CCFI (composite index) was 1174.87 points, down 1.5% from the previous period; CCFI (European route) was 1757.74 points, down 1.8%; CCFI (US West route) was 799.19 points, down 2.9% [3]. - **Contract Information**: On August 22, the main contract 2510 closed at 1309.0, down 1.82%, with a trading volume of 2.54 million lots and an open interest of 54,300 lots, a decrease of 38 lots from the previous day [5]. Economic Data - **Eurozone**: In July, the manufacturing PMI preliminary value was 49.8 (expected 49.7, previous value 49.5); the services PMI preliminary value was 51.2 (expected 50.7, previous value 50.5); the composite PMI preliminary value was 51 (expected 50.8, previous value 50.6); the SENTIX investor confidence index rose to 4.5, the highest since April 2022 [3]. - **China**: The manufacturing PMI in July was 49.3%, down 0.4 percentage points from the previous month [4]. - **US**: In July, the S&P Global manufacturing PMI preliminary value was 49.5 (expected 52.7, previous value 52.9); the services PMI preliminary value was 55.2 (expected 53, previous value 52.9); the Markit composite PMI preliminary value was 54.6, the highest since December 2024 [4]. Trade Situation - The Sino - US tariff extension continues, and the negotiation has no substantial progress. The tariff war has evolved into a trade negotiation issue between the US and other countries, and the current spot price has slightly decreased [5]. Strategy Recommendations - **Short - term Strategy**: Risk - takers can try to go long lightly around 1300 for the 2510 contract and add 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**: Given the volatile international situation, 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 callback to stabilize [5]. Other Information - The circuit - breaker limits for contracts from 2508 to 2606 are adjusted to 18% [5]. - The margin requirements for contracts from 2508 to 2606 are adjusted to 28% [5]. - The daily opening limit for all contracts from 2508 to 2606 is 100 lots [5].

Price Trends - Shanghai Export Container Freight Index (SCFIS) for Europe route is at 2180.17 points, down 2.5% from the previous period[3] - Ningbo Export Container Freight Index (NCFI) for Europe route is at 1188.7 points, down 5.5% from the previous period[3] - SCFIS for the US West route is at 1106.29 points, up 2.2% from the previous period[3] Market Conditions - Current spot prices are experiencing slight declines amid geopolitical tensions and tariff negotiations, suggesting a cautious market outlook[5] - The main contract closed at 1355.0, with a decline of 1.33% and a trading volume of 27,500 contracts[5] Economic Indicators - Eurozone July Manufacturing PMI is at 49.8, slightly above the expected 49.7, indicating a marginal improvement in manufacturing conditions[3] - US July Manufacturing PMI preliminary value is at 49.5, below the expected 52.7, indicating a contraction in manufacturing activity[4] Strategic Recommendations - Short-term strategy suggests maintaining a weak position in main contracts while considering light positions around 1300 for contract 2510[6] - Long-term strategy advises waiting for stabilization before making further directional judgments on contracts[6]

Report Summary 1. Report Industry Investment Rating - Not provided in the content 2. Core Viewpoints of the Report - Due to geopolitical conflicts and tariff uncertainties, the game is difficult, so it is recommended to participate with a light position or wait and see [5] - The spot freight rate maintains a downward trend, the futures market is weakly volatile with large recent fluctuations, and it is not recommended to increase positions. Set stop - losses [2] - Pay attention to tariff policies, the Middle East situation, and spot freight rates [5] 3. Summary by Related Content Freight Index - On August 18, the Shanghai Export Container Settlement Freight Index (SCFIS) for the European route was 2180.17 points, down 2.5% from the previous period; the SCFIS for the US - West route was 1106.29 points, up 2.2% from the previous period [3] - On August 15, the Ningbo Export Container Freight Index (NCFI) composite index was 1052.5 points, down 0.1% from the previous period; the NCFI for the European route was 1188.7 points, down 5.5% from the previous period; the NCFI for the US - West route was 1042.91 points, down 5.9% from the previous period [3] - On August 15, the Shanghai Export Container Freight Index (SCFI) was 1460.19 points, down 29.49 points from the previous period; the SCFI for the European route was 1820 USD/TEU, down 7.2% from the previous period; the SCFI for the US - West route was 1759 USD/FEU, down 3.5% from the previous period [3] - On August 15, the China Export Container Freight Index (CCFI) composite index was 1193.34 points, down 0.6% from the previous period; the CCFI for the European route was 1790.47 points, down 0.5% from the previous period; the CCFI for the US - West route was 981.1 points, down 5.9% from the previous period [3] Economic Data - In July, the eurozone's manufacturing PMI was 49.8, higher than the expected 49.7 and the previous value of 49.5; the service PMI was 51.2, exceeding the expected 50.7 and the previous value of 50.5; the composite PMI was 51, higher than the expected 50.8 and the previous value of 50.6 [3] - The eurozone's SENTIX investor confidence index in July reached 4.5, significantly higher than 0.2 in June and the market - expected 1.1, hitting the highest level since April 2022 [3] - China's manufacturing PMI in July was 49.3%, down 0.4 percentage points from the previous month, and the manufacturing prosperity level declined [4] - The initial value of the US S&P Global manufacturing PMI in July was 49.5 (expected 52.7, previous value 52.9); the initial value of the service PMI was 55.2 (expected 53, previous value 52.9); the initial value of the Markit composite PMI was 54.6, the highest since December 2024, better than the expected 52.8 and the previous value of 52.9 [4] Market Situation - As of August 20, the Israeli side has not responded to the new cease - fire agreement proposed by Hamas, and the Israeli military has approved an offensive plan for Gaza City [7] - Sino - US tariffs continue to be extended, and there is no substantial progress in the negotiations. 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 August 20, the closing price of the main contract 2510 was 1355.0, a decline of 1.33%, with a trading volume of 27,500 lots and an open interest of 51,700 lots, a decrease of 1072 lots from the previous day [5] Investment Strategies - Short - term strategy: The main contract is weak, and the far - month contract is strong. Risk - takers can try to go long lightly near 1300 for the 2510 contract and near 1750 for the 2512 contract. Pay attention to the subsequent market trend, do not hold losing positions, and set stop - losses [6] - Arbitrage strategy: In the context of international situation turmoil, each contract still follows the seasonal logic with large fluctuations. It is recommended to wait and see or try with a light position [6] - 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 [6] Contract Adjustments - The daily price limit for contracts from 2508 to 2606 is adjusted to 18% [6] - The margin for contracts from 2508 to 2606 is adjusted to 28% [6] - The daily opening limit for all contracts from 2508 to 2606 is 100 lots [6]

Report Industry Investment Rating - Not provided in the given content Core Viewpoints - Due to geopolitical conflicts and tariff uncertainties, it is recommended to participate with light positions or wait and see. The short - term strategy suggests that risk - takers can try to go long lightly near 1300 for the 2510 contract and near 1750 for the 2512 contract. The long - term strategy is to take profits when the contracts rise and wait for a pullback to determine the subsequent direction. The arbitrage strategy advises waiting and seeing or light - position attempts due to large fluctuations [5][6] - The cease - fire news has limited impact on the market, and the market is volatile. Attention should be paid to tariff policies, the Middle East situation, and spot freight rates [2][5] Summary According to Directory Freight Index - On August 18, the Shanghai Export Container Settlement Freight Index (SCFIS) for the European route was 2180.17 points, down 2.5% from the previous period; the SCFIS for the US - West route was 1106.29 points, up 2.2% from the previous period. On August 15, the Shanghai Export Container Freight Index (SCFI) announced a price of 1460.19 points, down 29.49 points from the previous period; the SCFI European route price was 1820 USD/TEU, down 7.2% from the previous period; the SCFI US - West route was 1759 USD/FEU, down 3.5% from the previous period [3] - On August 15, the Ningbo Export Container Freight Index (NCFI) (composite index) was 1052.5 points, down 0.1% from the previous period; the NCFI (European route) was 1188.7 points, down 5.5% from the previous period; the NCFI (US - West route) was 1042.91 points, down 5.9% from the previous period. The China Export Container Freight Index (CCFI) (composite index) was 1193.34 points, down 0.6% from the previous period; the CCFI (European route) was 1790.47 points, down 0.5% from the previous period; the CCFI (US - West route) was 981.1 points, down 5.9% from the previous period [3] Economic Data - In the eurozone, the July manufacturing PMI was 49.8, higher than the expected 49.7 and the previous value of 49.5. The July services PMI was 51.2, exceeding the expected 50.7 and the previous value of 50.5. The July composite PMI was 51, higher than the expected 50.8 and the previous value of 50.6. The July SENTIX investor confidence index jumped to 4.5, significantly higher than 0.2 in June and the market - expected 1.1, reaching the highest level since April 2022 [3] - In the US, the July S&P Global manufacturing PMI preliminary value was 49.5, with an expected 52.7 and a previous value of 52.9; the July S&P Global services PMI preliminary value was 55.2, with an expected 53 and a previous value of 52.9. The July Markit composite PMI preliminary value was 54.6, the highest since December 2024, better than the expected 52.8 and the previous value of 52.9 [4] - The July manufacturing purchasing managers' index (PMI) in China was 49.3%, 0.4 percentage points lower than the previous month, and the manufacturing prosperity level declined [4] Market Conditions - On August 19, the main contract 2510 closed at 1370.3, a decline of 0.80%, with a trading volume of 27,300 lots and an open interest of 52,800 lots, a decrease of 383 lots from the previous day [5] Geopolitical Situation - On August 18, Hamas announced its agreement to the latest cease - fire proposal from Egypt and Qatar, but Israel's Prime Minister Netanyahu seemed uninterested, and Israel was advancing its so - called "takeover" of Gaza City [7] Trading Strategies - Short - term strategy: For risk - takers, try to go long lightly near 1300 for the 2510 contract and near 1750 for the 2512 contract. Pay attention to the subsequent market trend and set stop - losses [6] - Arbitrage strategy: Due to the volatile international situation, it is recommended to wait and see or try with light positions [6] - Long - term strategy: Take profits when the contracts rise and wait for a pullback to determine the subsequent direction [6] Contract Adjustments - The daily limit for contracts 2508 - 2606 is adjusted to 18% [6] - The company's margin for contracts 2508 - 2606 is adjusted to 28% [6] - The daily opening limit for all contracts 2508 - 2606 is 100 lots [6]

Report Investment Rating - No information provided on the industry investment rating Core Viewpoints - The ceasefire news has limited impact on the market, with recent large fluctuations. It is not recommended to increase positions further, and stop - loss orders should be set [2] - Amid geopolitical conflicts and tariff uncertainties, the game is difficult. It is advisable to participate with light positions or stay on the sidelines [5] - Attention should be paid to tariff policies, the Middle - East situation, and spot freight rates [5] Summary by Content Freight Index - On August 18, the Shanghai Export Container Settlement Freight Index (SCFIS) for the European route was 2180.17 points, down 2.5% from the previous period; for the US - West route, it was 1106.29 points, up 2.2% from the previous period [3] - On August 15, the Ningbo Export Container Freight Index (NCFI) (composite index) was 1052.5 points, down 0.1% from the previous period; the NCFI for the European route was 1188.7 points, down 5.5% from the previous period; for the US - West route, it was 1042.91 points, down 5.9% from the previous period [3] - On August 15, the Shanghai Export Container Freight Index (SCFI) announced a price of 1460.19 points, down 29.49 points from the previous period; the SCFI European route price was 1820 USD/TEU, down 7.2% from the previous period; the SCFI US - West route was 1759 USD/FEU, down 3.5% from the previous period [3] - On August 15, the China Export Container Freight Index (CCFI) (composite index) was 1193.34 points, down 0.6% from the previous period; the CCFI for the European route was 1790.47 points, down 0.5% from the previous period; for the US - West route, it was 981.1 points, down 5.9% from the previous period [3] Economic Data - In July, the eurozone's manufacturing PMI was 49.8, higher than the expected 49.7 and the previous value of 49.5. The service PMI was 51.2, exceeding the expected 50.7 and the previous value of 50.5. The composite PMI was 51, higher than the expected 50.8 and the previous value of 50.6. The SENTIX investor confidence index jumped to 4.5, significantly higher than 0.2 in June and the market - expected 1.1, reaching the highest level since April 2022 [3] - In July, China's manufacturing PMI was 49.3%, down 0.4 percentage points from the previous month, indicating a decline in manufacturing prosperity [4] - In July, the US S&P Global manufacturing PMI preliminary value was 49.5 (expected 52.7, previous value 52.9); the service PMI preliminary value was 55.2 (expected 53, previous value 52.9); the Markit composite PMI preliminary value was 54.6, the highest since December 2024, better than the expected 52.8 and the previous value of 52.9 [4] Market Conditions - The Sino - US tariff extension continues, 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 decreased [5] - On August 19, the closing price of the main contract 2510 was 1370.3, a decline of 0.80%, with a trading volume of 27,300 lots and an open interest of 52,800 lots, a decrease of 383 lots from the previous day [5] - Hamas released a ceasefire expectation, but Israel denied the information. Coupled with some liner companies continuously lowering freight rates, the market fluctuated widely [5] Strategy Recommendations Short - term Strategy - The main contract remains weak, while the far - month contracts are stronger. Risk - takers can try to lightly go long on the 2510 contract around 1300 and the 2512 contract around 1750. Pay attention to the subsequent market trend, do not hold losing positions, and set stop - loss orders [6] Arbitrage Strategy - Against the backdrop of international situation turmoil, each contract still follows the seasonal logic with large fluctuations. It is recommended to stay on the sidelines temporarily or try with light positions [6] Long - term Strategy - It is recommended to take profits when each contract rises, wait for the price to stabilize after a pull - back, and then determine the subsequent direction [6] Contract Adjustments - The daily limit for contracts from 2508 to 2606 is adjusted to 18% [6] - The company's margin for contracts from 2508 to 2606 is adjusted to 28% [6] - The daily opening limit for all contracts from 2508 to 2606 is 100 lots [6]

Group 1: Report Industry Investment Rating - No specific industry investment rating is provided in the reports [1][2][3] Group 2: Core Views - The Middle East situation may deteriorate, causing strong fluctuations in the market. It is recommended to participate with light positions or stay on the sidelines due to high game - playing difficulty amidst geopolitical conflicts and tariff turmoil [1][3] - In the short - term, the market may rebound. Risk - takers are advised to take light positions in specific contracts, and partial profit - taking and stop - loss settings are recommended. For the long - term, it is advised to take profits when prices rise and wait for a pullback to stabilize [3] - Amidst the volatile international situation, the market shows a positive spread structure with large fluctuations. It is recommended to stay on the sidelines or try with light positions for arbitrage strategies [3] Group 3: Summary Based on Related Contents Shipping Indexes - 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; for the US - West route, it was 1130.12 points, down 12.0%. On August 8, the Ningbo Export Container Freight Index (NCFI) composite index was 1053.86 points, down 3.11% from the previous period; the European route was 1257.71 points, down 8.37%; the US - West route was 1042.91 points, down 6.42% [1] - On August 8, the Shanghai Export Container Freight Index (SCFI) was 1489.68 points, down 61.06 points from the previous period. The SCFI price for the European route was 1961 USD/TEU, down 4.39%; for the US - West route, it was 1823 USD/FEU, down 9.80%. The China Export Container Freight Index (CCFI) composite index was 1200.73 points, down 2.6%; the European route was 1799.05 points, up 0.5%; the US - West route was 827.84 points, down 5.6% [1] Manufacturing and Service PMIs - In July, the eurozone's manufacturing PMI preliminary value was 49.8, higher than the expected 49.7; 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 eurozone's SENTIX investor confidence index in July jumped to 4.5, the highest since April 2022 [1] - In July, China's manufacturing PMI was 49.3%, down 0.4 percentage points from the previous month. The US's July S&P Global manufacturing PMI preliminary value was 49.5, lower than the expected 52.7; 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 [2] Market and Contract Information - On August 8, the main contract 2510 closed at 1436.0, down 1.34%, with a trading volume of 5.64 million lots and an open interest of 5.66 million lots, an increase of 3006 lots from the previous day [3] - The Trump administration postponed the tariff negotiation date to August 1, and the spot market price range has been set with a small price increase to test the market, leading to a small rebound in the market [3] - The Middle East situation may worsen, and the detour situation cannot be restored in the near term. Maersk raised its full - year profit, making the market sentiment optimistic and the market oscillating strongly [3] Geopolitical Events - On August 10, Israeli Prime Minister Netanyahu said that the Israeli army's next - stage military operations will focus on two locations still controlled by Hamas, and the Israeli army has controlled about 70% - 75% of the Gaza Strip [3][4] - On August 8, the Israeli government's security cabinet passed the so - called "five principles to end the war", including disarming Hamas and other contents [4]