Group 1: Investment Rating - No investment rating information is provided in the report. Group 2: Core Views - In early November, the planned capacity on European and American routes declined from a high level. The container volume of cargo - carrying containers sent from China to the US decreased again, while that from Vietnam rebounded. The arrival volume at US ports continued to decline, and the throughput at domestic ports rebounded and remained higher than the same period last year. There was a rebound in US bookings in mid - October [1][2][3]. Group 3: Summary by Content High - frequency Capacity - In the 45th week (November 2 - 9 planned capacity), the capacity on the US - West route was 273,000 TEU, a significant decline of 30% year - on - year and 19% week - on - week. The capacity on the US - East route was 164,000 TEU, down 9.5% year - on - year and 23.9% week - on - week. The capacity on the China - Southeast Asia route was at a high level, reaching 583,000 TEU, with a year - on - year positive growth of 40.6% and a week - on - week decline of 8.5% [1]. - In the 45th week, the planned capacity on the China - North Europe route increased both year - on - year and week - on - week, reaching 325,000 TEU, with a week - on - week decline of 5.6% and a year - on - year increase of 23.5%. The capacity on the Mediterranean route was 230,000 TEU, up 36.8% year - on - year and down 14.8% week - on - week [2]. Container Volume of Cargo - carrying Containers Sent to the US - As of October 27, the container volume of cargo - carrying containers sent from China to the US was 342,000 TEU, a 6.5% decline from the previous week, and the number of ships was 43, also a 6.5% decline from the previous week. The container volume of cargo - carrying containers sent from Vietnam to the US rebounded, reaching 140,000 TEU, a 47.3% increase from the previous week [2]. Arrival Volume at US Ports - As of October 28, the weekly total arrival volume of imported goods at US ports was 465,000 TEU, a 15.7% decline from the previous week. The arrival volume of imported goods from China was 160,000 TEU, with a slight increase of 0.5% from the previous week. The arrival volume of imported goods from Vietnam was 61,000 TEU, a 41.7% increase from the previous week [2]. Domestic Port Throughput - In the week of October 26, the container throughput at domestic ports decreased by 8.5% week - on - week, was basically flat year - on - year, and reached 5.903 million TEU [2]. Booking Data - From October 13 - 20, the total US bookings reached 353,000 TEU, a 11.4% increase from the previous week and a 0.8% increase year - on - year. Bookings from China were 141,000 TEU, a 27% increase from the previous week and a 0.1% decrease year - on - year [3].

Report Overview - Report Title: 【中信期货航运】美西、欧洲计划运力高位回落,至美国发运量维持低位 -- 数据报告20250916 - Research Team: Industrial and Cyclical Group - Research Analysts: An Jierui, Wu Xilu 1. Report Industry Investment Rating - Not provided in the given content 2. Core Viewpoints - The planned shipping capacities for the US West Coast and Europe are declining from their peak levels, while the shipping volume to the United States remains low [1] 3. Summary by Relevant Catalogs High - frequency Shipping Capacity - In the 39th week (from September 21st to September 28th), the planned shipping capacity on the US West Coast route dropped to 340,000 TEU, a year - on - year decrease of 9.3% and a month - on - month decrease of 11.4%. The shipping capacity on the US East Coast route was 217,000 TEU, a year - on - year increase of 7.5% and a month - on - month increase of 31% [4] - The shipping capacity on the China - Southeast Asia route is operating at a high level, with a year - on - year positive growth of 37% but a narrowing increase, and a month - on - month decline of 12.5% with an expanding decline [4] - In the 39th week, the shipping capacity on the China - North Europe route decreased month - on - month, dropping to 325,000 TEU, a month - on - month decrease of 8.4% and a year - on - year decrease of 23.2%. The shipping capacity on the Mediterranean route increased by 46.7% year - on - year and decreased by 8% month - on - month [4] Shipping Volume of Containerized Cargo to the United States - As of September 15th, the shipping volume of containerized cargo from China to the United States reached 444,000 TEU, a week - on - week decrease of 8%, and the number of ships was 54, a week - on - week decrease of 1.8% [4] - The shipping volume of containerized cargo from Vietnam to the United States rebounded last week, reaching 130,000 TEU, a week - on - week increase of 44% [4] Port Arrival Volume in the United States - In the 37th week, the weekly arrival volume of imported goods in the United States was 531,000 TEU, a week - on - week decrease of 20%. The weekly arrival volume of imported goods from China was 189,000 TEU, a week - on - week decrease of 24.6%, and that from Vietnam was 68,000 TEU, a week - on - week decrease of 14.9% [5] - This week, the weekly arrival volume of imported goods in the United States was 486,000 TEU, a week - on - week decrease of 8.4%. The weekly arrival volume of imported goods from China was 170,000 TEU, a week - on - week decrease of 10.5%, and that from Vietnam was 61,000 TEU, a week - on - week decrease of 9.9% [5] Domestic Port Throughput - In the week of September 14th, the container throughput of domestic ports increased by 0.1% week - on - week and 13.5% year - on - year, reaching 6652,000 TEU [5] Vizion Booking Data - From August 18th to August 25th, the total bookings in the United States were 336,000 TEU, a week - on - week decrease of 5.2% and a year - on - year decrease of 17.2%. The bookings from China to the United States were 122,000 TEU, a week - on - week decrease of 3.2% and a year - on - year decrease of 30% [5] - In the first three weeks of August, the average weekly total booking volume in the United States was 355,000 TEU, a month - on - month decrease of 7.1% compared to July. The average weekly booking volume of imports from China to the United States was 124,000 TEU, a month - on - month decrease of 9.6% compared to July [5]