1. Report Industry Investment Rating No relevant content provided. 2. Core View of the Report - The rally signal has boosted bullish sentiment, causing the market to continue rising. It is not recommended to increase positions, and full profit - taking can be considered. Attention should be paid to the freight rates in November. The tariff issue has a marginal effect, and the core lies in the direction of spot freight rates. The main contract may be in the bottom - building process, and it is recommended to participate with a light position or wait and see. For long - term strategies, it is advisable to take profits when prices rise and wait for the market to stabilize after a pullback before making further decisions [2][3]. 3. Summary According to Relevant Contents Freight Rate Index - On November 3, the Shanghai Export Container Settlement Freight Index (SCFIS) for the European route was 1208.71 points, down 7.9% from the previous period; the SCFIS for the US West route was 1267.15 points, up 14.4% from the previous period. On October 31, the Ningbo Export Container Freight Index (NCFI) (composite index) was 1100.32 points, up 12.60% from the previous period; the NCFI for the European route was 965.62 points, up 17.43% from the previous period; the NCFI for the US West route was 1452.82 points, up 12.30% from the previous period. Also on October 31, the Shanghai Export Container Freight Index (SCFI) announced a price of 1550.70 points, up 147.24 points from the previous period; the China Export Container Freight Index (CCFI) (composite index) was 1021.39 points, up 2.9% from the previous period; the SCFI European line price was 1344 USD/TEU, up 7.87% from the previous period; the SCFI US West route was 2647 USD/FEU, up 22.94% from the previous period; the CCFI for the European route was 1323.81 points, up 2.4% from the previous period; the CCFI for the US West route was 772.67 points, up 4.9% from the previous period [2]. Economic Data - The preliminary Eurozone manufacturing PMI in October was 45.9 (expected 45.1, previous 45), the preliminary service PMI was 51.2 (expected 51.5, previous 51.4), and the preliminary composite PMI was 49.7 (expected 49.7, previous 49.6). The Eurozone Sentix investor confidence index in October had a previous value of - 9.2 and a forecast value of - 8.5. In October in China, the manufacturing PMI was 49.0%, down 0.8 percentage points from the previous month, and the composite PMI output index was 50.0%, down 0.6 percentage points from the previous month. The preliminary US S&P Global service PMI in October was 55.2 (expected 53.5, previous 54.2), the manufacturing PMI was 52.2 (expected 52, previous 52), and the composite PMI was 54.8 (expected 53.1, previous 53.9) [2][3]. Policy and Trade Information - The China - US tariff extension continues, and the negotiation has not made substantial progress. The US will cancel the 10% so - called "fentanyl tariff" on Chinese goods (including those from Hong Kong and Macau), and the 24% reciprocal tariff on Chinese goods will be suspended for another year. China will adjust its counter - measures accordingly, and both sides agree to extend some tariff exclusion measures [2][3][4]. Market Strategy - **Short - term Strategy**: The main contract is weak, and the far - month contracts are strong, which is in line with the bottom - building judgment. Risk - takers who were advised to build positions below 1500 in the EC2512 contract (with a profit of over 300 points) can consider partial profit - taking. Pay attention to the subsequent market trend, do not hold losing positions, and set stop - losses. - **Arbitrage Strategy**: Given the volatile international situation, each contract still follows the seasonal logic with large fluctuations. It is recommended to wait and see or participate with a light position. - **Long - term Strategy**: It is advisable to take profits when prices rise for each contract, wait for the market to stabilize after a pullback, and then judge the subsequent direction [3]. Market Conditions - On November 5, the main contract 2512 closed at 1946.0, up 4.08%, with a trading volume of 4.12 million lots and an open interest of 34,100 lots, an increase of 3157 lots from the previous day. The price limit for contracts 2508 - 2606 has been adjusted to 18%, the margin of the company for contracts 2508 - 2606 has been adjusted to 28%, and the daily opening limit for all contracts 2508 - 2606 is 100 lots [3].

Report Summary 1. Report Industry Investment Rating No information provided. 2. Core Viewpoints - SCFI has risen significantly, but the end - of - month freight rates are still slightly down, and the futures market shows wide - range fluctuations. It is not recommended to increase positions, and stop - loss should be set [1]. - The tariff issue has a marginal effect, and the current core is the trend of spot freight rates. The main contract may be in the bottom - building process, and it is recommended to participate with a light position or just observe [3]. - In the short - term, the main contract is weak, while the far - month contracts are strong, which is in line with the bottom - building judgment. Risk - preferring investors are advised to try to build positions in the EC2512 contract below 1500. Pay attention to the subsequent market trend, and do not hold losing positions. Set stop - loss [3]. - In the long - term, it is recommended to take profits when the contracts rise, and then wait for the correction to stabilize before making further judgments [3]. 3. Summary by Related Content Freight Index - **SCFIS and NCFI**: On October 13, the Shanghai Export Container Settlement Freight Index SCFIS (European route) was 1031.8 points, down 1.4% from the previous period; the SCFIS (US West route) was 862.48 points, down 1.6% from the previous period. On October 17, the Ningbo Export Container Freight Index NCFI (composite index) was 956.45 points, up 16.79% from the previous period; the NCFI (European route) was 803.21 points, up 14.96% from the previous period; the NCFI (US West route) was 1254.46 points, up 48.56% from the previous period [2]. - **SCFI**: On October 17, the Shanghai Export Container Freight Index SCFI was 1310.32 points, up 149.90 points from the previous period. The SCFI European route price was 1145 USD/TEU, up 7.2% from the previous period; the SCFI US West route was 11936 USD/FEU, up 31.9% from the previous period [2]. - **CCFI**: On October 17, the China Export Container Freight Index CCFI (composite index) was 973.11 points, down 4.1% from the previous period; the CCFI (European route) was 1267.91 points, down 1.5% from the previous period; the CCFI (US West route) was 725.47 points, down 6.7% from the previous period [2]. PMI Data - **Eurozone**: In September, the preliminary manufacturing PMI was 49.5, back below the boom - bust line, lower than analysts' expectations and the previous value of 50.7. The preliminary services PMI rose from 50.5 to 51.4, exceeding the expected 50.5. The preliminary composite PMI was 51.2, exceeding analysts' expectations. The Sentix investor confidence index was - 9.2, with an expected - 2 and a previous value of - 3.7 [2]. - **China**: In August, the manufacturing PMI was 49.4%, up 0.1 percentage point from the previous month, and the manufacturing prosperity level improved. The composite PMI output index was 50.5%, up 0.3 percentage point from the previous month, remaining above the critical point, indicating that the overall expansion of Chinese enterprises' production and business activities accelerated [2]. - **US**: In September, the preliminary S&P Global manufacturing PMI was 52 (the final value in August was 53); the preliminary services PMI was 53.9 (the final value in August was 54.5); the preliminary composite PMI was 53.6 (the final value in August was 54.6) [2]. Tariff and Market Situation - The Sino - US tariff extension negotiation has no substantial progress, and the tariff war has gradually evolved into a trade negotiation issue between the US and other countries. Currently, the spot price has a slight decline, and the tariff issue has a marginal effect [3]. Futures Market - On October 17, the main contract 2512 closed at 1654.7, down 0.5%, with a trading volume of 2.98 million lots and an open interest of 2.57 million lots, a decrease of 139 lots from the previous day [3]. - The daily limit for contracts 2508 - 2606 is adjusted to 18%, the margin is adjusted to 28%, and the daily opening limit for all contracts 2508 - 2606 is 100 lots [3]. Geopolitical Situation - There are continuous conflicts in the Israel - Palestine region. On October 19, armed personnel in the Rafah area of the Gaza Strip fired anti - tank missiles and opened fire on the Israeli army. The Israeli army launched air strikes and shelling in the Rafah area and also attacked the Deir al - Balah area in the central Gaza Strip. Israeli Prime Minister Netanyahu instructed to take tough actions in the Gaza Strip, and Israeli senior officials expect more air strikes in the Gaza Strip [3].

Report Summary 1. Report Industry Investment Rating - No relevant information provided. 2. Core Viewpoints - The spot market has a risk of price - cutting recently, and the futures market is expected to remain weak. Contract 12 has a relatively high - neutral valuation and may decline more in the short term. In the medium term, there are multiple upward drivers. Contract 02 has a higher cost - performance for long - positions compared to 12, and contract 04 has a high valuation, is suitable for short - positions in the short term but has low liquidity [2]. 3. Summary by Related Catalogs Futures Contract Information - **Contract Prices and Changes**: EC2510 closed at 1105.9 with a - 0.34% change; EC2512 at 1645.3 with a - 1.60% change; EC2602 at 1566.1 with a - 0.80% change; EC2604 at 1255.2 with a - 2.52% change; EC2606 at 1453.5 with a - 1.03% change [2]. - **Volume and Open Interest**: EC2510 had a trading volume of 19585 and an open interest of 47173 with a change of - 2436; EC2512 had a volume of 9304 and an open interest of 20570 with a change of 183; EC2602 had a volume of 1549 and an open interest of 7215 with a change of 110; EC2604 had a volume of 1289 and an open interest of 8534 with a change of 200; EC2606 had a volume of 68 and an open interest change of 12 [2]. - **Monthly Spread**: EC2510 - 2512 spread was - 539.4, with a day - on - day increase of 22.9 and a week - on - week decrease of 86.8; EC2512 - 2602 spread was 79.2, with a day - on - day decrease of 14.0 and a week - on - week decrease of 30.2 [2]. Spot Index Information - **SCFIS (European Line)**: As of 2025/9/15, it was 0, down 100.00% from the previous period and - 11.68% from two periods ago [2]. - **SCFI**: As of 2025/9/12, it was 1154 dollars/TEU, down 12.24% from the previous period and - 11.21% from two periods ago [2]. - **CCFI**: As of 2025/9/12, it was 1537.28 points, down 6.19% from the previous period and - 2.79% from two periods ago [2]. - **NCFI**: As of 2025/9/12, it was 729.42 points, down 14.78% from the previous period and - 7.92% from two periods ago [2]. Recent European Line Quotation - **Week 39**: The average quotation was 1600 dollars (equivalent to 1150 points). MSK was initially 1500 dollars and then rose to 1570 dollars, PA Alliance was 1550 - 1600 dollars, and OA Alliance was 1600 - 1720 dollars [3]. - **Week 40**: The average was 1525 dollars (equivalent to 1060 points). MSK opened at 1400 dollars, OOCL dropped to 1500 - 1550 dollars, and YML dropped to 1400 dollars [3]. - **Week 41**: MSK quoted 1400 dollars [3]. - **Thursday**: YML lowered the freight rates for Week 39 - 41 to 1300 dollars, the lowest of the year, equivalent to about 900 points. CMA dropped 100 dollars to 1600 dollars, and EMC quoted 1500 dollars for Week 40 [3]. News - On September 19, a Hamas senior official stated that the organization would not conduct negotiations currently due to Israel's continuous attacks. On the same day, the US vetoed a UN Security Council resolution on a cease - fire in Gaza [3].

1. Report Industry Investment Rating - Not provided in the given content 2. Core View of the Report - The short - term view is that the Shanghai zinc futures (ZN2510) are expected to fluctuate and consolidate. The previous trading day saw a rebound in Shanghai zinc with increased trading volume. Both long and short positions reduced, with the reduction of short positions being slightly more. Technically, the price is above the 60 - day moving average with weak support, short - term indicator KDJ is rising and operating in the weak area, the trend indicator is declining, long - position strength is rising, short - position strength is falling, and the long - short forces are starting to be in a stalemate [20]. 3. Summary According to Relevant Catalogs 3.1 Fundamentals - In April 2025, global zinc plate production was 1153000 tons, consumption was 1130200 tons, with a supply surplus of 22700 tons. From January to April, production was 4451400 tons, consumption was 4507900 tons, with a supply shortage of 56500 tons. From January to April, global zinc ore production was 4040600 tons, which is a bullish factor [2]. 3.2 Basis - The spot price is 22240, and the basis is - 35, indicating a neutral situation [2]. 3.3 Inventory - On August 22, LME zinc inventory decreased by 1300 tons to 68075 tons compared to the previous day, and the SHFE zinc inventory warrants increased by 503 tons to 32791 tons compared to the previous day, showing a neutral situation. The LME inventory warrants continue to decrease, and the SHFE warrants remain at a high level [2][6][7]. 3.4 Market Trends - The previous trading day, Shanghai zinc showed a fluctuating rebound trend, closing below the 20 - day moving average, and the 20 - day moving average was downward, which is a bearish factor [2]. 3.5 Main Positions - The main net position is long, changing from short to long, which is a bullish factor [2]. 3.6 Futures Market Quotes on August 22 - For different delivery months of zinc futures, there were price changes. For example, for the 2510 contract, the previous settlement was 22285, the opening price was 22215, the highest price was 22290, the lowest price was 22200, the settlement reference price was 22245, down 10 from the previous settlement and down 40 from another reference. The trading volume was 88662 lots, and the open interest was 107792 lots, a decrease of 2634 lots [3]. 3.7 Domestic Spot Market Quotes on August 22 - The prices of various zinc - related products such as zinc concentrate, zinc ingot, galvanized sheet, etc. showed different degrees of decline. For example, the price of zinc concentrate in Linzhou was 16930 yuan/ton, down 20 yuan/ton; the price of zinc ingot in Aoshang was 22240 yuan/ton, down 20 yuan/ton [4]. 3.8 National Main Market Zinc Ingot Inventory Statistics (August 11 - 21, 2025) - The total inventory of zinc ingots in major Chinese markets increased from 99000 tons on August 11 to 117400 tons on August 21. Compared with August 14, it increased by 7200 tons; compared with August 18, it increased by 2300 tons [5]. 3.9 Futures Exchange Zinc Warehouse Receipt Report on August 22 - The total zinc warehouse receipts in the futures exchange were 32791 tons, an increase of 503 tons. In different regions, the warehouse receipts in Guangdong decreased by 475 tons, and those in Tianjin increased by 978 tons [6]. 3.10 LME Zinc Inventory Distribution and Statistics on August 22 - The LME zinc inventory was 68075 tons, a decrease of 1300 tons compared to the previous day, with a registered warrant of 41825 tons and a cancelled warrant of 26250 tons, and the cancellation ratio was 38.56% [7]. 3.11 National Main City Zinc Concentrate Price Summary on August 22 - The prices of zinc concentrate in different regions such as Jiyuan, Kunming, etc. mostly decreased by 20 yuan/ton, with the price in most regions being 16930 yuan/ton [9]. 3.12 National Market Zinc Ingot Smelter Price Quotes on August 22 - The prices of zinc ingots from different smelters such as Chengshan Yunda, Liaoning Huludao Zinc Industry, etc. all decreased by 30 yuan/ton [13]. 3.13 June 2025 Domestic Refined Zinc Production - The planned production value in June was 459700 tons, the actual production was 471800 tons, a month - on - month increase of 11.67%, a year - on - year decrease of 2.36%, and 2.63% higher than the planned value. The capacity utilization rate was 87.10%, and the planned production in July was 470300 tons [15]. 3.14 Shanghai Futures Exchange Member Zinc Trading and Position Ranking on August 22 - For the zn2510 contract, in terms of trading volume, the top three were CITIC Futures (23380 lots, a decrease of 512 lots), Dongzheng Futures (21436 lots, a decrease of 359 lots), and Guotai Junan (16197 lots, a decrease of 2421 lots). In terms of long positions, the top three were CITIC Futures (15360 lots, a decrease of 633 lots), Guotai Junan (5620 lots, an increase of 70 lots), and Dongzheng Futures (5377 lots, a decrease of 66 lots). In terms of short positions, the top three were CITIC Futures (11446 lots, an increase of 93 lots), Dongzheng Futures (8542 lots, a decrease of 790 lots), and Guotai Junan (7752 lots, an increase of 73 lots) [18].