阅读原文 （来源：吴说） 吴说获悉，据 @andyandhii 和 @defioasis 数据，RWA Perp DEX 在 TradFi 资产的周交易量已达 200 亿美元，其中 Hyperliquid HIP-3 占比超 80% 接近 170 亿美元；从资产类别来看，大宗商品占了周交易量的超 60%，其次是指数和股票；白银则是 RWA Perp DEX 中交易量最大的资产，连续两周超过 80 亿美元，甚至是黄金的数倍。 ...

Report Information - Report Title: "Oriental Line Shipping Pulse 2026W07" [3] - Author: Lan Xi - Department: Black and Shipping Department of Orient Securities Derivatives Research Institute - Qualification Numbers: F03086543 (从业资格号), Z0016590 (投资咨询号) Core Findings Loading Rate - In week W6, the average loading rate of the European line fleet departing from China ports reached 93.6%, a 2.2% increase from the previous period (91.4%) [10]. - In week W5, the loading rate of the European line fleet departing from Asian ports was 96.8%, remaining basically flat compared to the previous period (96.7%) [10]. - For different alliances, the OA alliance's China - departing loading rate was 95.9%, up 2.2% from the previous period; the PA + MSC alliance's China - departing loading rate was 94.9%, with a slight 0.5% increase, and its Asian - departing loading rate in week W5 reached 98.6%; the Gemini alliance's China - departing loading rate was 88.9%, up 3.6% from the previous period [10]. Shipping Capacity - The average weekly shipping capacity from late February (weeks W8 - W9) was 224,300 TEUs, slightly lower than the 239,000 TEUs average during the same Spring Festival period last year [13]. - The monthly average weekly shipping capacity in March was 301,000 TEUs, significantly higher than the 258,000 TEUs average during the same period last year. Starting from mid - March, the shipping capacity increased significantly, with the average weekly shipping capacity from weeks W11 - W13 reaching 327,000 TEUs [13]. Shipping Schedule and Index - In week W6, 6 sailings were postponed to week W7, including 1 from Gemini, 1 from OA, and 4 from MSC and PA. The overall operation of Chinese ports was normal. In Shanghai Port, 6 sailings in week W6 were postponed to week W7, and 1 sailing skipped a port [20]. - The SCFIS (European Line) index closed at 1657.94 points, a 7.5% decrease from the previous period [20]. - The actual departing shipping capacity from Shanghai Port on the European line in week W6 was 211,400 TEUs, of which 36% were postponed sailings from week W5. By alliance, the weights of Gemini, OA, PA + MSC, and MSC were 21%, 42%, 23%, and 14% respectively [20]. Port Congestion - In Chinese ports, the average turnaround time at Yangshan Port was about 1.7 days, at Ningbo Port about 2.4 days, and at Yantian Port about 1.3 days. With the approaching Spring Festival, the pressure on domestic ports is expected to gradually ease [23]. - In Southeast Asian ports, the pressure has significantly eased compared to the previous period. The average time ships spent in port at Singapore Port was 1.2 days, and at Port Klang was 1.3 days [23]. - In European ports, the pressure has slightly eased compared to the previous period. However, due to continuous low - temperature and snowfall weather, the port operation outlook remains uncertain. The average time ships spent in port at Antwerp was about 1.5 days, at Rotterdam 2.3 days, at Hamburg 3.5 days, and at Bremen 1.4 days [23].

Group 1 - The article highlights the upcoming online courses offered by Wind in February 2026, aimed at providing quality education to global users [2] - Key topics for the February courses include AI efficiency in capturing industry turning points and constructing public fund benchmark analysis systems [3] - The schedule includes sessions on fund factor analysis for optimizing investment portfolios, with specific dates and times provided for each course [3][4] Group 2 - A recap of January's exciting content is mentioned, indicating that there were valuable sessions that users can revisit [6] - The article encourages users to scan a QR code to book courses of interest and enjoy live broadcasts and replays [7]

Core Viewpoint - The article emphasizes the importance of index funds as a suitable investment option for ordinary investors, highlighting strategies for selecting and investing in them effectively [2][3]. Group 1: Introduction to Index Funds - Many investors start their investment journey with index funds, which are designed to reflect the performance of a specific basket of stocks [5][6]. - Index funds transform the abstract concept of an index into a tradable product, allowing investors to replicate the index's performance [6][8]. Group 2: Selection and Pricing of Index Funds - There are numerous index funds available, particularly those tracking well-known indices like the CSI 300, with hundreds of products developed by different fund companies [8]. - The performance of index funds is closely tied to the underlying index rather than the fund manager's skill, distinguishing them from actively managed funds [8]. Group 3: Investment Strategies - The article suggests that a combination of good quality index funds, favorable pricing, and a long-term holding strategy can lead to good returns [3]. - Dollar-cost averaging is presented as the most suitable investment method for index funds, allowing investors to mitigate market volatility [3].

1. Report Industry Investment Rating - No relevant content provided 2. Core Viewpoints of the Report - The loading rate of the European route fleet departing from China decreased, and the loading difference between Asia and China decreased to the average level of April - May. The supply pressure in October remains high, and the delay of ship schedules has improved, while the decline of the SCFIS index will continue to widen [7][14][18][19] 3. Summary by Relevant Catalogs 3.1. European Route Loading Rate Tracking - W32 European route fleet's average loading rate when departing from China was 89.7%, a 3.0% decrease from the previous period, reaching the lowest point since April. The loading rate of the European route fleet departing from Asia in W31 was 96.8%, a 0.3% decrease from the previous period, and the loading difference between Asia and China decreased to the average level of April - May [7] - Among different alliances, the OA's loading rate when departing from China was 92.2%, with a slight decline; PA and MSC's was 91.3%, continuing to decline; Gemini's was 85.2%, with a large decline, dragging down the comprehensive loading rate [9] 3.2. European Route Ship Schedules and Capacity - The average weekly capacity in August was 326,000 TEU, higher than that in July. The average weekly capacity in September was 308,000 TEU, higher than the average level of June - July. The average weekly capacity in October was 286,000 TEU, higher than that in March and the same period last year, and the supply pressure remains high [14] - The SWAN route's last port was changed from Antwerp to Felixstowe, and the ship schedule delays are expected to improve significantly after October. MSC's ALBATROS route cancelled Shanghai挂靠 from W28, and the BRITANNIA route cancelled Ningbo挂靠 and added new ports from W28 [12][14] 3.3. Ship Schedule Delays and Spot Overview - In W32, 6 ship schedules were delayed to W33, and the delay situation improved compared to last week. The proportion of previously delayed capacity in the actually departed ships last week was over 60%. With relatively calm weather in the northern East China Sea this week, the delay situation is expected to improve further [18] - The SCFIS (European route) index closed at 2235.48 points, a 2.7% decline. Due to the high proportion of previously delayed capacity, the decline of the index was less than expected. As the spot price is adjusted downwards and the ship schedule delays improve, the index decline will continue to widen [19] - The actual departing capacity of the European route from Shanghai Port in W32 was 332,200 TEU, of which 62% were delayed ship schedules from W31. By alliance, the weights of Gemini, OA, and PA + MSC were 18%, 37%, and 45% respectively [19] 3.4. Ship Schedule Delay Observation and Early Warning - Different alliances have different ship schedule delay situations and early - warning routes in different weeks. For example, in W32, OA's AE1 and AE2 routes were delayed, and in W33, there were early - warnings for OA's AE3 and AE5 routes, etc. [21][28][30] 3.5. Related Port Congestion Data - In China, due to the residual impact of previous typhoons, the congestion pressure in Ningbo and Shanghai ports is still high. Yangshan Port's average turnover time is about 2.0 days, Ningbo Port's is about 2.8 days, and Yantian Port's is about 1.2 days. As the shipping volume decreases, the port pressure is expected to ease, but potential weather disturbances need to be monitored [39] - In Southeast Asia, the port congestion pressure has significantly decreased. The average in - port time of ships in Singapore Port is 1.4 days, and in Port Klang is 1.0 days [39] - In Europe, problems such as summer holidays, labor shortages, railway construction in Germany, and low water levels in the Rhine River are still ongoing. The average in - port time of Antwerp Port is about 1.8 days, Rotterdam's is 2.5 days, Hamburg Port's is 2.7 days, and Bremen Port's is 3.1 days [39]

Group 1 - The US real estate ETF increased by 1.50% on June 23 [1] - The Russell 2000 index ETF rose by 1.22% [1] - The Nasdaq 100 ETF gained 1.03% [1] - The S&P 500 ETF saw an increase of 0.99% [1] - The Dow Jones ETF climbed by 0.94% [1] - The emerging markets ETF grew by 0.82% [1] Group 2 - The Euro long ETF increased by 0.56% [1] - The US Treasury 20+ year ETF rose by 0.32% [1] - The gold ETF saw a gain of 0.31% [1] - The agricultural products fund increased by 0.27% [1] - The Yen long ETF rose slightly by 0.02% [1] Group 3 - The long US dollar index ETF decreased by 0.40% [1] - The soybean fund fell by 1.12% [1] - The long volatility index (fear index) dropped by 1.25% [1] - The US Brent oil price fund declined significantly by 7.46% [1]

Group 1 - The German DAX index has experienced a short-term decline, currently down by 0.7% [1] - The price decline of German ten-year government bonds has narrowed [1] - The chairman of the German CDU party, Merz, did not secure a majority in the preliminary voting in the German parliament [1]

Core Viewpoint - The article discusses the growing popularity of index funds in recent years, highlighting their advantages such as diversification, transparency, ease of trading, and lower costs, while also noting the limitations tied to the performance of the underlying index [1][2]. Summary by Sections Understanding Index Funds - Index funds are designed to track specific indices, which are composed of a basket of stocks selected based on certain criteria. For example, the CSI 300 index includes the top 300 stocks based on market capitalization and liquidity [5]. - There are two main types of index funds: broad-based index funds that cover multiple sectors and narrow-based index funds that focus on specific industries, which can present more volatility and trading opportunities [5]. Selection of Index Funds - When selecting index funds, it is important to understand the difference between fully replicated index funds, which passively track an index, and enhanced index funds, which incorporate some active management to potentially achieve excess returns [7][8]. - Key performance indicators for enhanced index funds include tracking error and information ratio, which help assess the fund manager's ability to generate excess returns while managing risk [8]. Investment Strategy - The article emphasizes the importance of aligning investment goals with the type of index fund chosen. For instance, broad-based index funds may not be suitable for investors seeking to significantly outperform the market, while they can be a good option for those looking to match market performance with less effort [9]. - A new index-enhanced fund, the Zhongtai CSI A500 Index Enhanced Fund, is currently being launched, encouraging potential investors to understand the underlying index and the fund manager's strategy before investing [10][13].