Core Viewpoint - South Korea's parliament has passed a special bill to create a state-run investment corporation to manage a $350 billion investment into the U.S., establishing a legal framework for this commitment in exchange for favorable tariff rates [1][2]. Group 1: Investment Details - The investment package includes $150 billion allocated for shipbuilding and $200 billion for strategic sector projects, with an annual cap of $20 billion [3]. - The establishment of the investment corporation is fully government-financed and aims to implement the investment package effectively [2]. Group 2: Trade Relations and Tariffs - The investment commitment was made in response to U.S. President Trump's threat to increase tariffs on South Korea from 15% to 25% [3]. - Following a U.S. Supreme Court ruling that struck down a significant portion of Trump's tariffs, new duties of 10% were imposed under Section 122, although overall export conditions from the Korea-U.S. tariff agreement remain largely intact [4]. - The passage of the bill coincides with U.S. Section 301 investigations into 16 trading partners, including South Korea, which could lead to the imposition of new tariffs [5].

1. Report Information - Report Name: Container Shipping Index Daily Report [1] - Date: March 6, 2026 [2] - Research Team: Macro Financial Team [4] - Researchers: He Zhuoqiao, Huang Wenxin, Nie Jiayi [3] 2. Industry Investment Rating - Not mentioned in the report. 3. Core Viewpoints - After the Spring Festival, it is still the off - season for shipping. Short - term tariff issues may not trigger exporters to rush shipments, and the demand for photovoltaic export rush is limited. The运力 supply in March and April remains at a high level in the same period of history. Although the blockade of the Strait of Hormuz does not affect the European routes, the Red Sea resumption plan is affected by the escalating Middle East situation, which can continue to digest the运力 pressure. However, it is difficult to change the fundamental pattern of oversupply of European routes. Short - term geopolitical conflicts have a greater impact on the sentiment of far - month contracts and the futures market, which may lead to a phased strengthening of the index but is also prone to significant corrections. Pay attention to the convergence of the spot and futures prices around the delivery period in the second half of March, and look for opportunities to short - allocate the off - season contracts 04 and 06 on rallies [8] 4. Summary by Directory 4.1 Market Review and Operation Suggestions - Market situation: In the afternoon, Iran officially stated that it did not block the Strait of Hormuz, and container shipping futures for European routes first soared and then dived. From the supply - demand fundamentals, it is still the off - season after the Spring Festival. The short - term tariff issue is unlikely to trigger exporters to rush shipments, and the photovoltaic export rush demand is limited. The运力 supply in March and April is at a high level in the same period of history. Although the Strait of Hormuz blockade does not affect European routes, the Red Sea resumption plan is slowed down by the escalating Middle East situation, which can digest the运力 pressure. The current off - season price increase may be more for price stabilization and difficult to be actually implemented. Pay attention to the actual cargo - booking situation later [8] - Operation suggestion: Pay attention to the convergence of the spot and futures prices around the delivery period in the second half of March. Look for opportunities to short - allocate the off - season contracts 04 and 06 on rallies [8] 4.2 Industry News - Overall market: After the Spring Festival, the Chinese export container shipping market is generally stable. The freight rates of ocean routes are rising, driving the comprehensive index up. On February 27, the Shanghai Export Containerized Freight Index was 1333.11 points, a 6.5% increase from the previous period [9] - European route: The eurozone's February composite PMI rose to 51.9, and the manufacturing PMI jumped from 49.5 to 50.8, reaching a 44 - month high. The European economy shows a good recovery momentum. The transportation demand remains stable, and the spot - market booking price has increased. On February 27, the market freight rate from Shanghai Port to basic ports in Europe was $1420/TEU, a 4.3% increase from the previous period [9] - Mediterranean route: The market situation is in sync with the European route, and the market freight rate has increased. On February 27, the market freight rate from Shanghai Port to basic ports in the Mediterranean was $2305/TEU, a 5.9% increase from the previous period [10] - North American route: The US February composite PMI preliminary value dropped to 52.3, and the preliminary values of both the manufacturing and service PMIs declined slightly, showing a slowdown in the expansion speed. The US Supreme Court ruled that Trump's large - scale tariff measures were unconstitutional, bringing uncertainty to global trade. The transportation market is relatively stable, and the spot - market booking price has continued to rise. On February 27, the market freight rates from Shanghai Port to basic ports in the US West and East were $1857/FEU and $2691/FEU respectively, with increases of 3.9% and 6.6% from the previous period [10] - Persian Gulf route: Due to the escalating geopolitical tensions and the upcoming "Ramadan", the spot - market freight rate has increased significantly. On February 27, the market freight rate from Shanghai Port to basic ports in the Persian Gulf was $1327/TEU, a 35.4% increase from the previous period [10] - Geopolitical events: Trump said that a nuclear - armed Iran is unacceptable to the US, and the US military operations in Iran may last 4 - 5 weeks. Iran's Supreme National Security Council Secretary said it would not negotiate with the US. An Iranian official said the Strait of Hormuz has been closed. Goldman Sachs estimated that European natural gas prices may rise by 130% and oil prices may rise by $18 per barrel. Morgan Stanley analysts said that if the Strait of Hormuz is completely closed, Middle Eastern oil - producing countries can only continue production for "at most 25 days" [10] - Tariff - related events: The US Supreme Court ruled that the US government's tariffs were illegal. The US Customs and Border Protection will stop collecting relevant tariffs from February 24. The European Parliament postponed the vote on the EU - US trade agreement. Trump warned countries trying to take advantage of the ruling [10] 4.3 Data Overview 4.3.1 Container Shipping Spot Prices - On March 2, 2026, the SCFIS for the European route (basic ports) was 1463.4, a 7.0% decrease from February 23; the SCFIS for the US West route (basic ports) was 1045.08, a 6.0% decrease from February 23 [12] 4.3.2 Container Shipping Index (European Route) Futures Market - The report provides the trading data of container shipping futures for European routes on March 5, including contract information such as EC2604 - EC2612, with details on previous settlement prices, opening prices, closing prices, settlement prices, price changes, price change percentages, trading volumes, open interests, and changes in open interests [6] 4.3.3 Shipping - Related Data Charts - The report presents multiple shipping - related data charts, including the Shanghai Export Containerized Freight Index, container shipping futures for European routes, European container ship capacity, global container ship orders, Shanghai - European basic port freight rates, and Shanghai - Rotterdam spot freight rates, with data sources from Wind and the Research and Development Department of CCB Futures [13][17][19]

Report Industry Investment Rating No relevant content provided. Core Viewpoints - Corn: The near - month 2603 contract led the rally on Friday, with the May and July contracts following. Corn and starch main - contract prices increased with rising positions, and the futures - spot market is expected to remain strong. As of February 26, the national weekly average corn price was 2,340 yuan/ton, up 7 yuan/ton from last week. Northeast corn prices are running strongly, and North China prices rose first and then stabilized. The main 2605 contract is approaching the 2,350 integer mark, and there is uncertainty about breaking the previous high. Short - term profit - taking funds may exit at high prices, and long positions should set up option protection [1]. - Soybean and Soybean Meal: On Thursday, CBOT soybeans hit a 20 - month high but ended lower due to profit - taking and doubts about US soybean export prospects. The US EPA will submit a new biofuel blending volume authorization proposal to the White House on Wednesday, which may be finalized by the end of March. The news of re - allocating at least 50% of the exempted biofuel blending obligations to large refineries boosted the soybean meal market. US soybean export sales were at the lower end of the market forecast range. Domestically, protein meal prices rose, but the expected ample supply limited the increase. The strategy is to participate in short - term long positions [1]. - Palm Oil and Other Oils: On Thursday, BMD palm oil closed lower for the fifth consecutive day, following the weakness of the surrounding market. High - frequency data showed that the export of Malaysian palm oil from February 1 - 25 decreased by 12.1% - 16.1% month - on - month. US crude oil hovered at a 7 - month high, and US soybean oil rose further. The US EPA's biofuel proposal may be finalized by the end of March. Canadian rapeseed showed a pattern of near - term weakness and long - term strength. The Canadian Prime Minister's visit is expected to increase rapeseed exports by 4.24%. About 30% of Ukraine's winter rapeseed planting areas were damaged by bad weather. Domestically, oils continued to diverge, with palm oil weak and soybean oil firm. The strategy is to focus on short - term trading [1]. - Eggs: On Thursday, egg futures pulled back. The main 2604 contract fluctuated in the morning and then declined, closing up 0.89% at 3,239 yuan/500 kilograms. The national egg price was 2.88 yuan/jin, up 0.03 yuan/jin. In the short term, egg prices in production areas may be mostly stable with a slight increase, and in sales areas, procurement costs may be mostly stable with a few increases. The market is in the off - season after the Spring Festival, and the fundamental situation is likely to remain weak. Short - term short positions can be carefully considered, and attention should be paid to the impact of inventory and restocking data on market sentiment [1]. - Pigs: On Thursday, live - hog futures fluctuated. The main 2605 contract closed down 0.61% at 11,395 yuan/ton. The national daily average live - hog price was 10.78 yuan/kg, up 0.04 yuan/kg. As the end of the month approaches, some farms' slaughter plans are reduced, but terminal demand is still weak. The start of the school term will boost short - term demand, but the market is entering the off - season, and the supply side has not improved substantially. Pig prices are unlikely to have a trending upward market. Short - term trading is recommended, and attention should be paid to capacity - related data and market sentiment [2]. Summary by Directory Research Views - Analyzes the market conditions of various agricultural products including corn, soybean, soybean meal, palm oil, eggs, and pigs, and provides corresponding trading strategies [1][2]. Market Information - The US Customs and Border Protection will stop collecting tariffs under the IEEPA as the US Supreme Court ruled them illegal [2]. - There is still a risk of the US launching a military strike against Iran despite negotiation signals [2]. - China's Ministry of Commerce is evaluating the impact of the US Supreme Court's tariff ruling and urges the US to cancel unilateral tariffs [3]. - Malaysian palm oil production from February 1 - 20 decreased compared to the same period last month [3]. - Goldman Sachs assumes that the Iran issue will not affect oil supply, and the oil market will have a surplus in 2026 [3]. - The Trump administration is considering new "national security tariffs" on six industries [3]. - Trump is dissatisfied with limited military options against Iran, and advisors warn of potential large - scale conflicts [3]. - China's iron ore arrivals at ports decreased from February 16 - 22 [4]. - Morgan Stanley raises the short - term forecast for Brent crude oil prices but expects them to fall later in the year [4]. - UBS reaffirms a positive stance on gold, with a target price of $6,200 per ounce [4]. - International precious metal futures rose due to geopolitical risks and trade concerns [4]. Variety Spreads - Presents various contract spreads and contract basis charts for different agricultural products, including corn, soybean, soybean meal, oil, eggs, and pigs [5][6][8][9][12][14][15][18][22][26]. Team Member Introduction - Introduces the members of the agricultural product research team, including their positions, honors, and contact information [30].

1. Report Industry Investment Rating - Not provided in the given content 2. Core Viewpoints of the Report - The 04 contract is unlikely to decline significantly in the short - term due to potential rush shipments in March that may alleviate the decline slope of freight rates from March to April, along with geopolitical tensions and macro - sentiment. However, the spot market is under great pressure, and the lack of actual impact from rush shipments and the decline in spot prices are leading the futures prices down. The current valuation is neutral, and investors should wait for opportunities to short on rallies [3]. - For far - month contracts, it is difficult to anchor the valuation of peak - season contracts, shipping companies have a large space for price adjustment, and the open interest is not high. Therefore, cautious operation is recommended. The 10 - contract valuation is relatively high, and shorting on rallies is advisable [3]. - For new contracts, the reasonable valuation ranges of the 09 and 07 contracts are 1100 - 1300 and 1600 - 1800 points respectively. The overall strategy is to short the 09 contract and go long on the 07 contract, but the valuations given by the market are relatively reasonable. The 05 contract is at the node of the off - season transition, and it is difficult to take a unilateral position. It is recommended to wait for the 4 - 5 reverse spread opportunity [3]. 3. Summary by Relevant Catalogs Futures Contract Data - **Contract Prices and Changes**: The closing prices of EC2604, EC2605, EC2606, EC2607, EC2608, EC2609, EC2610, and EC2612 are 1236.0, 1414.8, 1621.1, 1812.0, 1715.0, 1325.0, 1152.9, and 1435.0 respectively, with price changes of - 3.33%, - 1.41%, - 2.28%, - 0.92%, - 0.88%, 0.23%, - 0.46%, and - 0.66% [2]. - **Trading Volume and Open Interest**: The trading volumes of EC2604, EC2605, EC2606, EC2607, EC2608, EC2609, EC2610, and EC2612 are 28825, 178, 5854, 41, 384, 0, 1509, and 19 respectively. The open interests are 36174, 300, 16649, 225, 1381, 142, 10314, and 134 respectively, with open - interest changes of 819, 44, 287, 18, 44, 2, 413, and 8 [2]. - **Month - to - Month Spreads**: The spreads of EC2604 - 2606, EC2604 - 2605, and EC2606 - 2610 are - 385.1, - 178.8, and 468.2 respectively, with day - on - day changes of - 4.7, - 22.4, and - 32.6, and week - on - week changes of - 70.1, - 97.4, and 41.3 [2]. Spot Market Data - **Spot Index Changes**: The spot index (Oriental Line) on 2026/2/23 is 1573.51 points, a decrease of 2.10% from the previous period. The SCFI (Oriental Line) on 2026/2/13 is 1361 dollars/TEU, a decrease of 2.99% from the previous period [2]. European Line Spot Situation - **Week 7 - 9**: MSK opened at 1950 dollars (a decrease of 100 dollars compared to the previous period), PA was around 2000 dollars, MSC was 2140 dollars, and OA was 2300 dollars. The central price was 2130 dollars, equivalent to 1500 points on the futures market. In March, shipping companies announced price increases, with MSC taking the lead, followed by CMA, COSCO, and HPL, raising the price to 3000 - 3100 dollars [4]. - **Week 10**: MSK opened at 1950 dollars. MSC dropped to 2140 dollars (the same as the end of February). OOCL's online price dropped to 2380 dollars (an increase of 100 dollars compared to the previous period), EMC rose to 2530 dollars, YML was 2050 dollars, and ONE opened at 2200 dollars (an increase of 200 dollars compared to the previous period) [4]. - **Week 11**: MSK opened at 1850 dollars (a decrease of 100 dollars compared to the previous period). YML was 2050 dollars, and ONE reported 2200 dollars. It is expected that OA and PA will offer special - price ships or price cuts for the March shipping period [4]. Related News - **Geopolitical News**: On February 26, 2026, the Israeli Defense Forces launched an attack on Hezbollah's "Radwan Force" infrastructure in the Baalbek region of Lebanon, stating that Hezbollah had repeatedly violated the cease - fire agreement. Hezbollah has not responded yet [5]. - **Diplomatic News**: On February 26, 2026, Iranian Foreign Minister Araqchi said that the third round of indirect negotiations between Iran and the United States had made good progress, and the two sides' technical teams will hold technical negotiations in Vienna, Austria on March 2. However, sources familiar with the Geneva Iran - US nuclear negotiations said that the differences between the two sides are still large, and the situation is not optimistic [5]. - **Trade News**: US Trade Representative Greer said that the 10% global tariff implemented by President Trump will be raised to 15% for "some" countries, and "even higher for others." The tariff on China is expected to remain at the current level [5].

Core Viewpoint - Colombia has imposed a 30% tariff on 23 products imported from Ecuador in response to Ecuador's recent tariff increases on Colombian exports [1] Group 1: Tariff Details - The tariff affects a range of products including agricultural goods, food items, chemical products, and certain industrial goods [1] - Specific products impacted include dry beans, rice seeds, fish oil, animal and vegetable oils, unsweetened cocoa powder, agricultural fungicides, unplasticized polyvinyl chloride, and drill bits [1]

Group 1 - The court ruled that Trump's imposition of tariffs through emergency powers without congressional approval is illegal, undermining the legitimacy of the entire tariff framework [1] - India has chosen to delay negotiations for three months, waiting for the U.S. to resolve the tariff issue through proper legislative channels, indicating a strategic approach to avoid legitimizing an illegal framework [1] - The situation reflects a broader trend where countries are seeking to navigate around U.S. tariffs and trade policies, with India engaging in strategic dialogues with China and signing free trade agreements with the EU [3][6] Group 2 - India's oil imports from Russia constituted 40% of its total imports in June 2025, driven by lower prices, but rising prices have led to a decline in interest in such purchases [5] - The U.S. punitive tariffs have caused Indian textile manufacturers to shift orders to Vietnam and Bangladesh, resulting in an increased trade deficit [5] - Japan's announced investment of $550 billion is primarily aimed at establishing manufacturing facilities in the U.S. to circumvent tariffs, while other countries like Brazil are also seeking to reduce reliance on the U.S. by trading in alternative currencies [6]

Fundamental Analysis - Gold prices experienced a significant pullback, dropping nearly 2.5% to around $5094 before closing at $5141.43, marking a decline of approximately 1.65% and interrupting a four-day upward trend [1][3] - The adjustment was primarily driven by profit-taking behavior and a strengthening U.S. dollar, which pressured gold prices as they are denominated in dollars [1][3] - Despite the price drop, there was buying support at lower levels, with market participants closely watching President Trump's upcoming State of the Union address, which is expected to address key issues such as fiscal policy and trade tariffs [3] Market Dynamics - The recent hawkish signals from Federal Reserve officials have bolstered the dollar's attractiveness, further pressuring gold prices [3] - The relationship between gold and the dollar is typically negative; as the dollar strengthens, gold often faces downward pressure [3][4] - Ongoing uncertainties in U.S. trade policy and tensions in the Middle East are seen as factors limiting gold's downside potential [4] Technical Analysis - Current gold price trends indicate a support level around $5093, with a bullish outlook suggested by the MACD indicators [9] - The market is advised to adopt a cautious trading approach, focusing on low-risk positions and following the prevailing market trends [9] Investment Strategy - Suggested trading strategy includes positioning for long trades near the $5093 support level with a stop-loss at $5080 and a target profit range of $5250 to $5060 [10]

Report Information - Report Name: "集运指数日报" [1] - Date: February 25, 2026 [2] - Research Team: Macro Financial Team [4] - Researchers: He Zhuoqiao, Huang Wenxin, Nie Jiayi [3] 1. Report Industry Investment Rating - No information provided 2. Core Viewpoints - EC futures continued their pre - Spring Festival strength and rose across the board, mainly due to the spill - over effect of the US - Iran conflict boosting oil freight prices. However, from the supply - demand fundamentals, it is still the off - season after the Spring Festival. After the IEEPA tariff was ruled invalid, Trump announced a 10% tariff and a further increase to 15% under Trade Law 122, but according to the Kuala Lumpur Consensus, the tariffs China faces may still decline. So, it's difficult to trigger exporters' rush shipments in the short term. The demand for photovoltaic rush exports is limited, and the shipping capacity supply in March is at a high level in the same period of history. The resumption of navigation in the Red Sea will further increase the shipping capacity supply pressure. Although leading shipping companies announced price increases in early February, the current price increase in the off - season may be more for price stabilization and difficult to be actually implemented. Currently, with strong sentiment, low index levels, and European port congestion, it may continue to show a relatively strong performance in the short term. Wait for opportunities to short - allocate the off - season contracts of 04 and 06 [7]. 3. Summary by Directory 3.1行情回顾与操作建议 - **Market Review**: EC futures continued their pre - Spring Festival strength and rose across the board, affected by the US - Iran conflict's impact on oil freight prices. But the off - season fundamentals, tariff policies, limited export demand, high shipping capacity supply, and the Red Sea resumption all affect the market [7]. - **Operation Suggestion**: Wait for opportunities to short - allocate the off - season contracts of 04 and 06 [7]. 3.2行业要闻 - The US Supreme Court ruled that the tariffs imposed by the US government under the IEEPA are illegal. The Chinese Ministry of Commerce is evaluating the impact and urges the US to cancel the tariffs. The US CBP will stop collecting IEEPA - based tariffs from February 24. The European Parliament's negotiation team suspended the approval work of the EU - US trade agreement and postponed the vote [8]. - Trump warned that countries using the Supreme Court ruling to "play tricks" will face higher tariffs. He also said reports of a possible war with Iran are false [9]. - Israeli officials announced measures to strengthen control over the West Bank, which was strongly condemned by 19 countries and relevant organizations [9]. - The Gemini Alliance announced the resumption of the ME11/IMX route through the Red Sea - Suez Canal in February 2026. Maersk reported that bad weather affected ports and shipping routes in Western and South - Western Europe [9]. 3.3数据概览 3.3.1集运现货价格 - The Shanghai Export Container Settlement Freight Index for the European route decreased from 1607.27 on February 16 to 1573.51 on February 23, a decrease of 2.1%. The index for the US - West route decreased from 1131.74 to 1112.01, a decrease of 1.7% [11]. 3.3.2集运指数（欧线）期货行情 - The trading data of EC2604 - EC2612 contracts on February 24 are provided, including pre - settlement price, opening price, closing price, settlement price, price change, price change rate, trading volume, open interest, and change in open interest [6]. 3.3.3航运相关数据走势图 - Multiple charts show shipping - related data, including European container ship capacity, global container ship orders, Shanghai - Europe basic port freight rates, and Shanghai - Rotterdam spot freight rates [16][18]

Group 1 - The new 10% global tariff imposed by Trump took effect on Tuesday, following a Supreme Court ruling that invalidated his previous comprehensive tariffs, marking an effort to maintain his trade agenda [2][10] - Trump signed an executive order authorizing the 10% import tax shortly after the Supreme Court ruling, and although he threatened to raise it to 15%, no formal directive was issued by the time the 10% tariff went into effect [2][10] - The White House is reportedly preparing a formal order to increase the global tariff rate to 15%, but the timeline for implementation remains uncertain [2][10] Group 2 - The new tariff order includes exemptions for goods that comply with the North American trade agreement and certain agricultural products, resulting in an average effective tariff rate of approximately 10.2%, down from 13.6% prior to the court ruling [3][11] - Under a potential 15% global tariff, the effective tariff rate is estimated to be around 12% [3][11] Group 3 - Trump's administration emphasized that tariffs will remain central to its trade policy and plans to expedite investigations that would allow unilateral tariff imposition, aiming to rebuild the tariff system disrupted by the court ruling [6][14] - The government has not announced new trade investigations, which could take months to complete, and officials are urging trade partners to adhere to previously negotiated agreements [6][14] Group 4 - The threat of increasing the global benchmark tariff to 15% has unsettled traditional allies who had previously negotiated a 10% rate, potentially putting their exporters at a disadvantage [7][15] - Following the tariff implementation, Trump is expected to address Congress, focusing on his economic agenda amid rising public dissatisfaction with his trade policies, as polls indicate that 64% of Americans disapprove of his handling of tariffs [7][15]

Group 1 - The EU is preparing to suspend the approval process for the trade agreement with the US and is requesting more details regarding the new tariff plans from the Trump administration [2] - The chief negotiator for the European People's Party, Zeljana Zovko, stated that the EU has "no choice" but to delay the approval process to seek clarity on the current situation [2] - An emergency meeting will be held on February 23 to reassess the trade agreement expected to be reached with the US by 2025 [2] Group 2 - The US Supreme Court ruled on February 20 that the large-scale tariff policy implemented by the Trump administration under the International Emergency Economic Powers Act was illegal [2] - In response, Trump announced on the same day that he would invoke Section 122 of the Trade Act of 1974 to impose a 10% import tariff on global goods for 150 days, replacing the tariffs deemed illegal by the Supreme Court [2] - On February 21, Trump further increased the tariff rate from 10% to 15% [2]