1. Report Industry Investment Rating No information is provided regarding the report industry investment rating. 2. Core Viewpoints of the Report - The container shipping index showed a strong and volatile trend yesterday. The main 2510 contract closed at 1583.9 points, up 3.73%, with an increase of 455 lots; the second main 2512 contract closed at 1779.9 points, with an increase of 295 lots; the near - month 2508 contract closed at 2249.9 points, up 10 points, with a decrease of 1355 lots [9]. - In terms of spot freight rates, Evergreen and MSC plan to increase rates by $200/FEU in early August, while MSK will decrease rates by $100 - 200/FEU, and the PA Alliance's average quoted price will decrease by $200/FEU. Overall, freight rates in early August show signs of peaking, with the average static quoted price in week 32 around $3360/FEU [10]. - Fundamentally, the average weekly shipping capacity in August is 321,000 TEU/week. The number of undetermined voyages in September has decreased from 7 to 5. Without considering undetermined voyages, the average weekly shipping capacity in September has been revised up from 299,000 to 306,000 TEU/week. It is expected that the cargo volume in early August may remain resilient, and Christmas orders may be gradually shipped out in early August. There is a certain probability that the inflection point of market cargo volume will appear in mid - to - late August. The fundamental trading logic remains to go short on rallies. In the short term, capital - level games are the core driver. The EC2512 and far - month contracts have relatively low positions and relatively large increases. It is expected that the 2510 contract may rise first and then fall; strategies include holding the 10 - 12 and 10 - 02 reverse spreads [11]. 3. Summary by Relevant Catalogs 3.1 Market Conditions of Container Shipping Index Futures | Contract | Closing Price | Daily Increase | Position Change | | --- | --- | --- | --- | | EC2508 | 2,249.9 | 1.47% | - 1,355 | | EC2510 | 1,583.9 | 3.73% | + 455 | | EC2512 | 1,779.9 | 5.45% | + 295 | [1] 3.2 Freight Rate Index | Freight Rate Index | Current Value | Unit | Weekly Increase | Bi - weekly Increase | | --- | --- | --- | --- | --- | | SCFIS: European Route | 2,400.50 | points | - 0.9% | - | | SCFIS: US West Route | 1,301.81 | points | 2.8% | - | | SCFI: European Route | 2,079 | $/TEU | - | - 1.0% | | SCFI: US West Route | 2,142 | $/FEU | - | - 2.4% | [1] 3.3 Spot Freight Rates - In early August, Evergreen and MSC plan to increase rates by $200/FEU, MSK will decrease rates by $100 - 200/FEU, and the PA Alliance's average quoted price will decrease by $200/FEU. The average static quoted price in week 32 is around $3360/FEU [10]. 3.4 Shipping Capacity - The average weekly shipping capacity in August is 321,000 TEU/week. The number of undetermined voyages in September has decreased from 7 to 5. Without considering undetermined voyages, the average weekly shipping capacity in September has been revised up from 299,000 to 306,000 TEU/week [11]. 3.5 Macro News - Xi Jinping met with European Council President Costa and European Commission President von der Leyen [8]. - The US withdrew from the Doha cease - fire negotiations between Israel and Hamas [8]. - The European Central Bank kept its three key interest rates unchanged, warning of a highly uncertain external environment, and President Lagarde did not rule out the possibility of future interest rate hikes [8]. - The EU passed a €93 billion counter - tariff plan against the US, which will take effect on August 7 if no agreement is reached [8].

1. Report Industry Investment Rating - Not provided in the given content 2. Core Viewpoints of the Report - The container shipping index (European Line) is expected to experience high - level fluctuations in the short term. For the main 2510 contract, the market's fundamental trading logic remains to short on rallies, but the downward trend may not be smooth. For the 2508 contract, its valuation depends on the freight rate trend in early August [1][4]. - The shipping market in August is likely to face a situation of increasing supply and decreasing demand, but the inflection point of cargo volume is not clear [4]. 3. Summary by Relevant Catalogs 3.1 Supply - In August, the weekly average capacity is 321,000 TEU/week, with Maersk adding 2 additional vessels. In September, there are currently 2 blank sailings and 7 pending voyages (1 less than last week). Excluding pending voyages, the weekly average capacity in September is 299,000 TEU/week, and this value currently has limited reference significance [4][49]. - Regarding static capacity, in the first half of 2025, the top ten liner companies received a certain number of new ships, with some deployed on European lines. From July - December, it is expected to receive 36 ships (558,000 TEU) of 12,000 - 16,999 TEU, and only Evergreen has a plan to receive a 24,000 TEU ship in the second half of the year [55][58]. 3.2 Demand - The cargo volume during the peak season from July - August this year is better than expected, which is related to the resilience of the European economy and some exporters shifting from the US market to Europe. It is expected that the cargo volume may remain resilient in early August, and it is necessary to observe whether the inflection point of cargo volume appears in mid - August [4]. - From the perspective of the US import, in June, the total US import container volume was 2,381,063 TEU, a year - on - year decrease of 2.1%. China's exports to the US decreased by 24.9% year - on - year, while exports to Southeast Asia and India increased by 25.2% year - on - year [24]. - From the perspective of China's exports, in June, the decline in exports to the US narrowed, and exports to the EU, ASEAN, Africa, and Japan maintained resilience [26]. - From the perspective of Asia's exports to Europe, the container trade volume has shown certain fluctuations. In May, Asia's exports of containers to Europe reached 1.81 million TEU, a month - on - month increase of 10.1% and a year - on - year increase of 16.0% [30][38]. 3.3 Price - On July 18, the SCFI European Line closed at $2,079/TEU, a week - on - week decrease of $20/TEU, reflecting the price cuts of MSC and Yangming in late July. On July 14, the SCFIS index closed at 2421.94 points, a week - on - week increase of 7.3% [11]. - In late July, MSC and Yangming had small price cuts, while other liner companies' FAK remained stable. In August, ONE's offline freight rates remained unchanged, and the OA Alliance and MSC may announce price increases. The expected time for the freight rate inflection point has been postponed to mid - August [13]. 3.4 Strategy - For unilateral trading, some long positions in the 2508 contract should be liquidated for profit, and the remaining positions can be dynamically liquidated for profit based on the implementation of the announced price increase in early August. - For arbitrage, hold the 10 - 12 and 10 - 02 reverse spreads [4].

Report Industry Investment Ratings No specific industry investment ratings are provided in the report. Core Viewpoints - The report provides operation suggestions for various futures contracts across different sectors, including stock index, treasury bond, precious metal, shipping, steel, energy, chemical, agricultural products, and new energy, based on their respective market conditions and trends [2][3][4]. Summary by Related Catalogs Stock Index - A-share market opened lower, oscillated, and showed differentiation, with finance and consumption sectors performing better. Index futures have stable lower support but face upward breakthrough pressure, and are affected by tariff negotiations and news in the short term. It is recommended to wait and see [2]. Treasury Bond - Treasury bond futures showed differentiated trends, with ultra-long bonds performing strongly. Attention should be paid to tax periods and cross - half - year liquidity. For the 10 - year bond, 1.6% is the downward resistance level. In the unilateral strategy, it is advisable to appropriately allocate long positions on dips, and in the cash - futures strategy, pay attention to the positive arbitrage strategy of TS2509 [2]. Precious Metal - Gold is in a short - term range - bound oscillation, with a possibility of hitting the $3400 mark. A double - selling strategy for gold options can be used to earn time value. Attention should be paid to the flow of speculative funds in silver, and long positions should temporarily exit [2]. Shipping - The main contract of the container shipping index (European line) is oscillating. It is considered to buy on dips or focus on the 12 - 10 reverse arbitrage opportunity [2]. Steel - Industrial material demand and inventory are deteriorating. For steel, unilateral operation should wait and see, and pay attention to the long - steel short - raw material arbitrage operation. Iron ore is in a range - bound oscillation, and attention should be paid to the marginal change in terminal demand [2]. Energy and Chemical - For crude oil, consider buying on dips for the main contract or focus on the 12 - 10 reverse arbitrage opportunity. For various chemical products, different operation suggestions are given according to their supply - demand and price trends, such as short - selling on rallies for some products and range - bound operation for others [2][3]. Agricultural Products - Different agricultural product futures have different trends. For example, sugar is recommended to be short - sold on rallies, and palm oil may test the 7800 support level [3]. New Energy - Polysilicon futures increased in positions and declined, and short positions should be held. Lithium carbonate futures are under pressure and are expected to run in the range of 56,000 - 62,000 [4].