1. Report Industry Investment Rating - Not provided in the given content 2. Core Viewpoints of the Report - The nickel market is in a state of game between policy and fundamentals. The price of Shanghai nickel has support from Indonesian policy on the downside and is suppressed by the macro and supply - demand pattern on the upside, making it difficult to have a definite one - way market. Stainless steel prices are still mainly affected by nickel prices and are expected to remain volatile [2][4][6] 3. Summary According to Related Catalogs Nickel Variety Market Analysis - On March 25, 2026, the main contract of Shanghai nickel opened at 133,920 yuan/ton and closed at 136,130 yuan/ton, a change of 1.08% from the previous trading day's closing price. The trading volume was 460,381 (+18,036) lots, and the open interest was 188,824 (+7,678) lots [2] - The nickel market is in a game state between policy and fundamentals. Policy - wise, the nickel ore mining quota has decreased from 3.79 billion tons to 2.6 - 2.7 billion tons, resulting in tight supply at the ore end, providing long - term support. Fundamentally, the supply side production continues to rise, and inventories at home and abroad are continuously increasing, with sufficient market supply. The demand side has stable support as stainless steel mills' profits improve and production resumes after the festival, and new energy vehicle production and sales meet expectations, but it is in the off - season of consumption with limited环比 improvement. The Middle East situation affects sulfur supply, raising the production cost of nickel [2] Macro and Supply - related Information - The US President Trump proposed a 15 - point cease - fire plan to Iran through a third - party, suspending the attack on Iranian energy facilities until March 27 and planning a one - month cease - fire negotiation period, but Iran denied the negotiation and refused the proposal. There may be a sign of easing in the geopolitical conflict, leading to a collective rebound in the non - ferrous metals sector. The Indonesian Finance Minister said that President Prabowo approved the levy of tariffs on coal and nickel exports on Wednesday, and the specific tax rate is still under discussion [3] - According to Mysteel, the nickel ore price in the Philippines is firm. Affected by the rising oil price in the Middle East, which pushes up the mining and transportation costs, the fluctuation of freight rates, and the weak procurement of iron plants, the ore price remains stable. The negotiation focus of Indonesian nickel ore has shifted upward. The RKAB quota approval is slow, about 160 million wet tons have been approved, the premium of domestic trade ore has strengthened, the premium of pyrometallurgical nickel ore has reached $45 - 50/wet ton, and the mine plans to raise the premium next month [3] Spot Market - Affected by Indonesian policies, the spot price quotation has strengthened, but downstream enterprises are still waiting and watching, entering the market for procurement cautiously, with mainly rigid - demand transactions. The premium and discount quotations are slightly adjusted with the disk, but the fluctuation is not large. The premium of Jinchuan nickel has changed by - 100 yuan/ton to 6,150 yuan/ton, the premium of imported nickel has changed by 0 yuan/ton to - 150 yuan/ton, and the premium of nickel beans is 2,450 yuan/ton. The previous trading day's Shanghai nickel warehouse receipt volume was 57,605 (-401) tons, and the LME nickel inventory was 282,456 (-432) tons [3] Strategy - Recently, Shanghai nickel has shown strong resilience, maintaining a wide - range shock pattern in a macro - bearish environment, mainly due to the long - term support brought by the supply constraint of Indonesian ore. There are obvious differences between long and short positions. It is expected to remain in the range - shock state in the short term. The strategy is mainly range operation, and there are no strategies for inter - period, cross - variety, spot - futures, and options [4] Stainless Steel Variety Market Analysis - On March 25, 2026, the main contract of stainless steel opened at 14,290 yuan/ton and closed at 14,490 yuan/ton. The trading volume was 221,957 (-40,266) lots, and the open interest was 126,755 (-4,171) lots [4][5] - The price trend of stainless steel is still mainly affected by nickel prices. Fundamentally, on the supply side, the crude steel production schedule in March has increased month - on - month, increasing the supply pressure, and the operating rate of stainless steel plants remains high with sufficient production. On the consumption side, consumption is not good after the Spring Festival, social inventories continue to accumulate, suppressing price rebounds. Although there is an expectation of the "Golden March and Silver April" peak season, short - term demand is difficult to improve significantly [5] Spot Market - The strengthening of the futures disk has driven the inquiry and transaction of stainless steel spot to pick up. Traders' quotations have slightly increased, but downstream acceptance of high prices is limited, and the overall spot price fluctuation is limited. The stainless steel price in the Wuxi market is 14,400 (+50) yuan/ton, the stainless steel price in the Foshan market is 14,350 (+50) yuan/ton, and the premium and discount of 304/2B is 125 to 325 yuan/ton. According to SMM data, the ex - factory tax - included average price of high - nickel pig iron yesterday changed by - 1.00 yuan/nickel point to 1,083.0 yuan/nickel point [5] Strategy - Fundamentally, the supply growth expectation is stronger than the demand side, but there is still cost support. Macro and policy factors are the main drivers of the stainless steel trend. In the short term, stainless steel will still follow the nickel price trend and is expected to maintain a shock. The strategy is neutral, and there are no strategies for inter - period, cross - variety, spot - futures, and options [6]

Core Viewpoint - The global financial markets are expected to show varied trends following recent adjustments, with U.S. stocks likely to maintain a volatile upward trajectory ahead of the midterm elections, supported by easing geopolitical tensions, improved economic expectations, and interest rate cut anticipations [1] Group 1: U.S. Stock Market - U.S. stocks are projected to experience a period of volatile growth before the midterm elections [1] - Factors supporting this trend include a reduction in geopolitical conflicts and a positive shift in economic forecasts [1] - Anticipation of interest rate cuts is also contributing to the expected upward movement in the stock market [1] Group 2: U.S. Treasury Bonds - U.S. Treasury bond yields are expected to decline in the short term due to a dovish stance from the Federal Reserve [1] - However, uncertainties related to fiscal policies, tariffs, and geopolitical factors may lead to an increase in term and inflation premiums [1] Group 3: Currency and Commodities - The U.S. dollar is anticipated to rise initially before experiencing a decline in the short term, while the Chinese yuan may exhibit narrow fluctuations [1] - Gold prices are expected to experience wide fluctuations in the short term but are likely to return to an upward trend within the year [1] - Oil prices may see short-term upward volatility influenced by U.S.-Iran relations [1] Group 4: Domestic Stock Market - The domestic stock market is expected to experience volatility before the Spring Festival, with a potential "spring rally" following the holiday [1]

Group 1 - Domestic refined oil prices are set to decrease by 55 yuan per ton for gasoline and diesel starting from December 8, marking the 24th price adjustment of 2025 and the 11th decrease this year [1] - The recent price adjustment is influenced by a sustained negative change rate in international crude oil prices, attributed to rising U.S. crude oil inventories and a lack of significant trading activity during the Thanksgiving holiday [1] - Analysts indicate that the international oil price trend is weak due to multiple factors, including increasing supply pressure from OPEC+ production plans and rising U.S. crude output, leading to heightened expectations of global oil inventory surplus [1] Group 2 - Concerns about potential supply risks in the oil market persist, with indications that OPEC+ may slow its production increase [2] - The oil market in December is expected to experience a complex interplay of bullish and bearish factors, with global oil supply surplus becoming a market consensus [2] - The demand side will need to monitor changes in winter heating demand in the Northern Hemisphere, while the potential for a peace agreement between Russia and Ukraine could accelerate oil price declines if progress exceeds expectations [2]

Core Viewpoint - Fuel oil prices have declined significantly, reaching a new low for the year, influenced by geopolitical developments and supply expectations [2][6]. Group 1: Market Performance - On Tuesday night, fuel oil opened weakly and continued to decline, with a maximum intraday drop of over 3% on Wednesday, fully reversing last week's gains [2][6]. - The price of fuel oil has created a new annual low, reflecting market sentiment and supply dynamics [2][6]. Group 2: Geopolitical Influences - Recent meetings between Russian President Putin and U.S. envoy Whittaker, along with discussions on a U.S.-proposed peace plan for Ukraine, have contributed to expectations of easing geopolitical tensions [2][6]. - The U.S. Secretary of State indicated some progress in discussions, but noted that "more work needs to be done," which has led to a partial reduction in geopolitical risk premium in oil prices [2][6]. Group 3: Supply Dynamics - Russian oil product exports from the Black Sea port of Tuapse are expected to increase to 1.123 million tons in December, a 21.4% rise from the initially planned 895,000 tons in November [2][6]. - The closure of the East-West arbitrage window is anticipated to reduce the inflow of low-sulfur arbitrage cargoes to Singapore in December, although local inventories remain sufficient [7]. - The influx of low-sulfur fuel oil from Southeast Asia is increasing, ensuring that Singapore maintains ample inventory levels [7]. - The high-sulfur fuel oil market is also expected to face sufficient supply due to stable demand from the Middle East [7].

Report Summary 1. Report Industry Investment Rating - Not provided in the report 2. Core Viewpoints - On Wednesday, the freight index (European Line) futures prices dropped significantly. The main contract EC2602 fell 7.62%, and the far - month contracts fell between 4 - 8%. The poor implementation of the freight rate increase plan led to a sharp decline in the near - month futures prices [1]. - The latest SCFIS European Line settlement freight rate index was 1639.37, up 271.7 points from last week, a 20.7% week - on - week increase. However, China's manufacturing PMI in October declined more than seasonally, and the new export order index dropped 1.9 percentage points to 45.9, indicating that the recovery of terminal transportation demand is not firmly based [1]. - Spot freight rates decreased as Maersk's 50 - week booking price for large containers dropped to $2100 - 2200, down $300 from the previous week, causing other shipping alliances to follow suit [1]. - Geopolitical conflicts, such as the ongoing Russia - Ukraine conflict in a stalemate, and the improvement of the trade war situation, the potential substantial easing of geopolitical conflicts, and the arrival of the fourth - quarter shipping peak season all affect the market. The freight rate market is highly affected by news, and futures prices are expected to fluctuate more. Investors are advised to be cautious and control risks [1]. 3. Summary by Relevant Catalogs Market Data - **Futures Prices**: EC2602 closed at 1072.200, down 68.0; EC2604 closed at 1252, down 102.10; the spread between EC2602 and EC2604 was 315.20, down 11.90; the spread between EC2602 and EC2606 was 135.40, up 19.90; the EC contract basis was 251.97, up 66.10 [1]. - **Futures Positions**: The main contract's open interest was 17998, up 982 [1]. - **Freight Rate Indexes**: SCFIS (European Line) was 1639.37, up 281.70; SCFIS (US West Coast Line) was 1107.85, down 130.57; SCFI (Comprehensive Index) was 1393.56, down 57.82; CCFI (Comprehensive Index) was 1122.79, up 28.76; CCFI (European Line) was 1432.96, up 29.32 [1]. - **Other Indexes**: The Baltic Dry Index was 2309.00, down 14.00; the Panamax Freight Index was 1957.00, down 13.00; the average charter price for Panamax ships was 17564.00, up; the average charter price for Capesize ships was 29150.00, down 1095.00 [1]. - **Container Ship Capacity**: It was 1227.97 (in ten thousand TEUs), up 3.08 [1]. Industry News - Diplomatic news includes positive communication between Chinese and US presidents, progress in the US - drafted peace plan for the Russia - Ukraine conflict, and the expected visit of the Ukrainian president to the US [1]. - The US federal government's budget deficit in October was $284 billion due to the government shutdown [1]. Key Events to Watch - On November 27, key data releases include China's year - to - date profit growth rate of industrial enterprises above a designated size in October, Germany's Gfk consumer confidence index for December, and the eurozone's industrial and economic sentiment indexes for November [1].

Core Viewpoint - The European shipping index futures experienced a rapid increase, reaching a peak of 1843.5 points, with a current report of 1816.7 points, reflecting a rise of 2.10% [1] Group 1: Market Performance - On November 10, the SCFIS European line index recorded 1504.8, a month-on-month increase of 24.5%, exceeding market expectations [2] - The main contract's price is influenced by capital dynamics, with cautious operations recommended [2][3] Group 2: Economic Indicators - China's manufacturing PMI data for October showed a significant seasonal decline, with the new export orders index dropping by 1.9 percentage points to 45.9, indicating a fragile recovery in terminal transportation demand [3] - The German economy outperformed expectations, boosting market confidence and stimulating a recovery in the Eurozone economy [3] Group 3: Geopolitical Factors - The geopolitical situation, particularly the ongoing conflict in the Middle East, remains delicate and unstable, delaying expectations for the reopening of the Red Sea [3] - There is a potential for improvement in trade tensions and a significant easing of geopolitical conflicts, which could positively impact the shipping market [3]

Report Summary 1. Report Industry Investment Rating No relevant content provided. 2. Core Viewpoints of the Report - This week, the futures prices of the Container Shipping Index (European Line) declined slightly. The main contract EC2512 fell 1.2%, and the far - month contracts fell between 1% - 3%. The latest SCFIS European Line settlement freight rate index rose 15.1% week - on - week, which may support freight rates in the short term [8][39]. - The improvement of the trade war situation, the substantial inflection point of geopolitical conflicts, and the price increase announcements of leading shipping companies in November led to a rapid rebound in futures prices. The arrival of the fourth - quarter shipping peak season also had an impact [9][39]. - The current freight rate market is highly influenced by news, and futures prices are expected to fluctuate more. Investors are advised to be cautious, pay attention to operation rhythm and risk control, and track geopolitical, shipping capacity, and cargo volume data in a timely manner [9][39]. 3. Summary by Directory 3.1. Market Review - Futures contracts: The main contract EC2512 closed at 1804.00, down 1.2% or 22.00. Other far - month contracts such as EC2602, EC2604, etc., also showed varying degrees of decline [12]. - Spot index: The SCFIS index closed at 1312.71, up 172.33 points or 15.1% week - on - week [12]. - The main contract price of the Container Shipping Index (European Line) futures declined slightly this week, while the trading volume and open interest of the EC2512 contract increased, indicating a warming market [15][18]. 3.2. News Review and Analysis - The Fed cut interest rates by 25 basis points to 3.75% - 4.00%, and announced to end balance - sheet reduction from December 1. There are significant differences within the Fed on the subsequent policy path [22]. - The Sino - US economic and trade consultations in Kuala Lumpur achieved positive results. The US will cancel the 10% "fentanyl tariff" on Chinese goods, and relevant export control and investigation measures will be suspended for one year. China will adjust or suspend relevant counter - measures accordingly [22]. - The State Administration of Foreign Exchange launched 9 policy measures to facilitate cross - border trade business [22]. - The European Central Bank kept the benchmark interest rate unchanged at 2% for the third consecutive time, believing that inflation has reached the target level [22]. 3.3. Weekly Market Data - The basis and spread of the Container Shipping Index (European Line) futures contracts widened this week [25]. - The export container freight rate index declined this week [28]. - Container shipping capacity continued to grow. The BDI and BPI declined due to geopolitical factors [32]. - The charter price of Panamax ships continued to rise, and the spread between the offshore and on - shore RMB against the US dollar widened [34]. 3.4. Market Outlook and Strategy - The market expects that the GDP of core euro - zone countries such as Germany may achieve a mild positive quarter - on - quarter growth in the fourth quarter, and the economic recovery trend in November is expected to continue [8][39]. - If the German new government's proposed fiscal expansion policy has more specific details, it will enhance investors' confidence in the medium - term growth of the euro - zone [8][39].

1. Report Industry Investment Rating - No information provided in the given content. 2. Report's Core View - On Wednesday, the freight index (European line) futures prices rose significantly, with the main contract EC2512 up 5.08% and the far - month contracts up 1 - 4%. The latest SCFIS European line settlement freight index was 1312.71, up 172.33 points from last week, a 15.1% MoM increase. Spot index gains have expanded, potentially supporting short - term freight rate increases. Mainstream shipping companies have issued price increase notices for November, and Maersk's successful price support in mid - to - late October has boosted market confidence. The suspension of container handling at Rotterdam Port and the easing of the trade war situation, along with the substantial mitigation of geopolitical conflicts and the arrival of the fourth - quarter shipping peak season, have led to a rapid recovery in futures prices. However, the freight rate market is highly influenced by news, and futures prices are expected to fluctuate more severely. Investors are advised to be cautious, control risks, and track geopolitical, capacity, and cargo volume data [1]. 3. Summary by Relevant Catalogs 3.1 Futures Market Data - EC main contract closing price: 1871.000, up 90.5; EC second - main contract closing price: 1606, up 56.7 [1]. - EC2512 - EC2602 spread: 265.00, up 25.40; EC2512 - EC2604 spread: 676.60, up 51.00 [1]. - EC contract basis: - 558.29, down 82.70 [1]. - EC main contract open interest: 31906, up 3006 [1]. 3.2 Spot Market Data - SCFIS (European line) (weekly): 1312.71, up 172.33; SCFIS (US West Coast line) (weekly): 863.46, down 14.34 [1]. - SCFI (composite index) (weekly): 1403.46, up 93.14; Container ship capacity (10,000 TEUs): 1227.97, up 1.66 [1]. - CCFI (composite index) (weekly): 992.74, up 19.63; CCFI (European line) (weekly): 1293.12, up 25.21 [1]. - Baltic Dry Index (daily): 1950.00, up 26.00; Panamax Freight Index (daily): 1904.00, up 17.00 [1]. - Average charter price (Panamax ship): 17564.00, unchanged; Average charter price (Capesize ship): 23479.00, down 1512.00 [1]. 3.3 Industry News - The "15th Five - Year Plan" proposal was released, with economic growth in a reasonable range, improved total factor productivity, and other goals [1]. - On October 28, Japanese Prime Minister Kaoichi Sanae and US President Trump signed an agreement to promote Japan's $550 billion investment plan in the US, with $100 billion for Westinghouse Electric to build nuclear reactors [1]. - The US Senate failed to pass a procedural vote on the "2025 Fiscal Year Continuing Appropriations and Extension Act" for the 13th time, and the government shutdown will continue [1]. 3.4 Key Events to Watch - October 30, 02:00: US Fed interest rate decision (upper limit) as of October 29 [1]. - October 30, 14:30: France's preliminary Q3 GDP annual rate [1]. - October 30, 16:55: Germany's seasonally - adjusted unemployment rate in October [1]. - October 30, 17:00: Germany's preliminary unadjusted Q3 GDP annual rate [1]. - October 30, 18:00: Eurozone's preliminary Q3 GDP annual rate, September unemployment rate, and October industrial sentiment index [1]. - October 30, 21:00: Germany's preliminary October CPI monthly rate [1]. - October 30, 21:15: Eurozone's ECB deposit facility rate as of October 30 [1].

Report Industry Investment Rating - Not provided Core View of the Report - On Tuesday, the futures prices of the container shipping index (European line) fell collectively. The spot index rose, which may support the short - term upward movement of freight rates. The mainstream shipping companies issued price increase letters for November, and Maersk's successful price - holding in mid - to - late October increased market confidence in the November price increase. The easing signals of the trade war, the substantial easing of the geopolitical conflict, and the arrival of the shipping peak season in the fourth quarter contributed to the rapid recovery of futures prices. The current freight market is greatly affected by news, and futures prices are expected to fluctuate more sharply. Investors are advised to be cautious, pay attention to the operation rhythm and risk control, and track geopolitical, capacity, and cargo volume data in a timely manner [2] Summary According to Relevant Catalogs Futures Disk - EC main contract closing price was 1788.300, down 11.9; EC second - main contract closing price was 1548.7, down 38.8. EC2512 - EC2604 spread was 239.60, up 36.2; EC2512 - EC2602 spread was 625.60, up 29.4. EC contract basis was - 475.59, down 13.3. The main contract's open interest was 28,900, up 905 [2] Spot Price - SCFIS (European line) (weekly) was 1312.71, up 172.33; SCFIS (US West line) (weekly) was 863.46, down 14.34. SCFI (composite index) (weekly) was 1403.46, up 93.14; container ship capacity was 1,227.97 (in ten thousand TEUs), up 0.15. CCFI (composite index) (weekly) was 992.74, up 19.63; CCFI (European line) (weekly) was 1,293.12, up 25.21. The Baltic Dry Index (daily) was 1991.00, down 15.00; the Panamax Freight Index (daily) was 1,924.00, down 3.00. The average charter price of Panamax ships was 16,692.00, unchanged; the average charter price of Capesize ships was 25,382.00, down 3,377.00 [2] Industry News - Diplomatic Minister Wang Yi had a phone call with US Secretary of State Rubio, expressing the hope that both sides would work together for high - level exchanges. Spokesperson Guo Jiakun responded to multiple hot issues, saying that the two sides were in close communication about the leaders' meeting. The State Administration of Foreign Exchange will introduce 9 policy measures focusing on trade facilitation, and will also release policies on multinational company's currency - integrated fund pool and domestic enterprises' overseas listing fund management. The 2025 Financial Street Forum Annual Conference opened, and central bank governor Pan Gongsheng, Financial Regulatory Administration head Li Yunze, and CSRC chair Wu Qing made important statements [2] Key Points to Follow - At 22:00 on October 29th, the monthly rate of the US September pending home sales index [2]

Report Summary 1. Report Industry Investment Rating No relevant content provided. 2. Core Viewpoints - This week, the futures prices of the Container Shipping Index (European Line) rose collectively. The main contract EC2512 closed up 10.42%, and the far - month contracts rose between 4 - 10%. The latest SCFIS European Line settlement freight rate index was 1031.80, up 108.58 points from last week, a 10.5% week - on - week increase. The improvement in the spot index boosted the futures price [8][41]. - The improvement of the trade - war situation, the substantial inflection point of the geopolitical conflict towards mitigation, and the successive announcements of price increases by leading shipping companies for November freight rates led to a rapid rebound in futures prices. The arrival of the peak shipping season in the fourth quarter also had an impact [9][42]. - The current freight market is highly influenced by news, and futures prices fluctuate greatly. Investors are advised to be cautious, pay attention to operation rhythm and risk control, and track geopolitical, capacity, and cargo volume data in a timely manner [9][42]. 3. Summary by Directory 3.1. Market Review - The main contract price of the Container Shipping Index (European Line) futures rose significantly this week. The EC2512 contract's trading volume and open interest increased, and market trading became more active [15][21]. - The table shows the weekly price changes of different contracts. For example, EC2510 rose 3.55%, EC2512 rose 10.42%, etc. [12] 3.2. News Review and Analysis - There were various news events, including trade - related communications between China and the EU and the Netherlands, statements from Trump about trade with China, remarks from Putin about US sanctions, and the EU's sanctions on Russian - related and Chinese enterprises. The impacts of these events were rated as neutral, neutral, neutral - bearish, and neutral - bearish respectively [24]. 3.3. Weekly Market Data - The basis and spread of the Container Shipping Index (European Line) futures contracts widened this week [27]. - The export container freight rate index declined this week [30]. - Container ship capacity continued to grow. The BDI and BPI declined due to geopolitical factors [34]. - The charter price of Panamax ships continued to rise this week, and the spread between the offshore and on - shore RMB against the US dollar widened [36]. 3.4. Market Outlook and Strategy - The same as the core viewpoints, including the rise of futures prices, the factors affecting the price increase, and investment suggestions [41][42]