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]

Group 1: Report Industry Investment Ratings - No specific industry investment ratings are provided in the report. Group 2: Core Views of the Report - The short - term view of gold is bearish, with short - term decline, medium - term oscillation, and intraday decline, due to geopolitical conflict easing and large technical pressure on gold prices [1]. - The short - term view of copper is bullish, with short - term, medium - term, and intraday increases, as the macro - risk preference recovers and copper prices rise [1]. Group 3: Summary by Variety Gold - The core logic for the bearish view is that last week, gold prices continued to decline, with both domestic and foreign gold prices falling below the 60 - day moving average. The cease - fire between Iran and Israel led to short - term geopolitical conflict easing, increased market risk preference, and significant drops in crude oil and gold prices, while US and A - shares rose. The recent increase in market expectations of Fed rate cuts and the continuous weakening of the US dollar index provided some support for gold prices. FedWatch Tool data shows that the probability of three rate cuts this year exceeds 50%. Technically, after gold prices fell below the 60 - day moving average, the willingness of previous short - sellers to close positions may increase, and gold prices are expected to remain weak, while the gold - silver ratio may continue to weaken [3]. Copper - The core logic for the bullish view is that last week, copper prices increased with rising positions, and after reaching a high on Friday, they oscillated below 80,000. The spread between July and August continued to weaken. At the macro level, the cease - fire between Iran and Israel improved market risk preference, leading to a general rise in non - ferrous metals. At the industrial level, the significant strengthening of the premium of LME copper recently indicates a shortage of overseas electrolytic copper spot. In the macro background of the slowdown of US tariff policies and the cease - fire between Iran and Israel, market risk preference may continue to recover, driving copper prices up. Technically, attention should be paid to the long - short game at the 80,000 mark, and copper prices are expected to maintain a strong operation [4].

Report Summary 1. Report Industry Investment Rating - No industry investment rating is provided in the report. 2. Report's Core View - The report provides short - term, medium - term, and intraday views on gold and copper futures, suggesting a short - term weakening for gold and a short - term strengthening for copper [1]. 3. Summary by Variety Gold (AU) - **View**: Short - term: decline; Medium - term: oscillation; Intraday: decline; Overall: short - term bearish [1][3] - **Core Logic**: Recent significant drops in crude oil and gold, along with rallies in US and A - shares. The cease - fire between Iran and Israel has eased short - term geopolitical conflicts, increasing market risk appetite and pressuring gold prices. Gold prices rebounded after falling to the 60 - day moving average, indicating technical support. If the 60 - day moving average of Shanghai gold and New York gold is broken, gold may remain weak in the short term. Also, the decline in safe - haven demand may cause the gold - silver ratio to continue weakening [3]. Copper (CU) - **View**: Short - term: increase; Medium - term: increase; Intraday: increase; Overall: short - term bullish [1][4] - **Core Logic**: This week, copper prices have oscillated upwards, with an increase in open interest. The main futures price is approaching the 79,000 yuan mark, and the monthly spread continues to weaken. Short - term macroeconomic improvement has pushed up copper prices. Overseas macroeconomics have clearly improved since Tuesday due to the cease - fire between Iran and Israel, reducing safe - haven demand and increasing risk appetite. Crude oil and gold have significantly declined, while global equity and commodity markets have risen. In the context of the slowdown of US tariff policies and the cease - fire between Iran and Israel, market risk appetite may continue to rise, pushing up copper prices. Technically, attention should be paid to the pressure at the 80,000 yuan mark. If the market trades on the production - cut expectation again, the macro and industrial factors may resonate, and copper prices may perform well [4].

1. Report Industry Investment Rating - No relevant content provided 2. Core Viewpoints of the Report - Gold is expected to be weak in the short - term, with short - term and intraday outlooks of decline and a mid - term outlook of oscillation due to geopolitical conflict easing and significant technical pressure on gold prices [1][3] - Nickel is expected to be strong in the short - term, with short - term and intraday outlooks of increase and a mid - term outlook of oscillation. Short - term geopolitical conflict easing, improved overseas macro conditions, and increased market risk appetite may lead to a rebound in nickel prices [1][5] 3. Summary by Variety Gold (AU) - **Viewpoints**: Short - term decline, mid - term oscillation, intraday decline, and a short - term weak outlook [1][3] - **Core Logic**: Geopolitical conflict between Israel and Iran has eased as both sides agreed to a full cease - fire. Market risk appetite has increased, putting pressure on gold prices. Attention should be paid to the support of the 60 - day moving average of Shanghai gold and New York gold [3] Nickel (NI) - **Viewpoints**: Short - term increase, mid - term oscillation, intraday increase, and a short - term strong outlook [1][5] - **Core Logic**: The main nickel futures price stabilized at the 117,000 level and rebounded slightly at night. With the cease - fire between Iran and Israel, the overseas macro situation has improved, and market risk appetite has increased. Fundamentally, nickel ore in the Philippines and Indonesia remains strong, stainless steel is weak, nickel sulfate is stable, and inventory shows internal - external differentiation. The short - term macro improvement may lead to a rebound in non - ferrous metals and a bottom - up recovery of nickel prices. Attention should be paid to the technical pressure at the 120,000 level [5]

Report Summary 1. Report Industry Investment Rating - No information provided on the industry investment rating. 2. Report's Core View - The report provides short - term, medium - term, and intraday views on gold and nickel futures, with corresponding core logics [1]. 3. Summary by Variety Gold - **View**: Short - term: decline; Medium - term: oscillation; Intraday: decline; Overall: short - term bearish [1][3]. - **Core Logic**: Geopolitical conflicts have eased as the US President Trump announced on June 23 that Israel and Iran had agreed to a full cease - fire, leading to a rise in market risk appetite and downward pressure on gold prices. Attention should be paid to the support of the 60 - day moving average of Shanghai gold [3]. Nickel - **View**: Short - term: rise; Medium - term: oscillation; Intraday: rise; Overall: short - term bullish [1][5]. - **Core Logic**: After the cease - fire between Iran and Israel, geopolitical conflicts have eased, and market risk appetite has increased. Although nickel's fundamentals were weak last week, short - term macroeconomic improvement may lead to a rebound in non - ferrous metals and a bottom - up recovery of nickel prices [5].

Group 1 - The article emphasizes that the fundamental outlook is expected to improve in a pulse-like manner, supported by the stabilization of capital market expectations through the balanced fund [2] - The market is currently engaged in a game where public fund holdings are aligning with performance benchmarks, indicating a focus on thematic investments [2] - Global risk appetite is rising due to easing geopolitical tensions, as indicated by positive movements in major indices like the S&P 500 and Nasdaq 100 [3] Group 2 - The demand is showing slight recovery, but asset turnover rates are declining, which is negatively impacting profitability [6] - The future rhythm of the industry remains unchanged, with key catalysts for the domestic AI industry still pending [7] - The article suggests a focus on consumer sectors such as air conditioning, white goods, liquor, education publishing, traditional Chinese medicine, dairy products, and non-sports apparel [20]