Report Summary 1. Report Industry Investment Rating - No information provided regarding the industry investment rating. 2. Core Viewpoints - On Wednesday, the freight index (European line) futures prices rose slightly, with the main contract EC2602 closing up 0.92% and far - month contracts rising between 1 - 2%. Shipping companies' planned price hikes in late December drove up the futures prices. The latest SCFIS European line settlement freight index was 1483.65, down 155.72 points from last week but up 9.5% month - on - month. China's manufacturing PMI in November showed a slight recovery, and the new export orders index rose to 47.9, indicating a pre - Christmas recovery in terminal transport demand. Spot freight rates from Maersk and MSC increased slightly. Geopolitical conflicts remained deadlocked, while Germany's economic performance boosted market confidence in the eurozone. The current freight market is highly influenced by news, and futures prices are expected to fluctuate more. Investors are advised to be cautious and control risks [2]. 3. Summary by Directory 3.1 Futures Market - **Futures Prices**: EC main contract closed at 1083.100, up 9.1; EC secondary main contract closed at 1254.5, up 21.30. The price difference between EC2602 - EC2604 was - 5.10 lower at 457.00, and the price difference between EC2602 - EC2606 was - 15.40 lower at 285.60. The EC contract basis was - 161.62 lower at - 56.45 [2]. - **Futures Positions**: The main EC contract's open interest decreased by 156 to 18997 hands [2]. 3.2 Spot Market - **Spot Freight Index**: SCFIS (European line) weekly was 1483.65, down 155.72; SCFIS (US West line) weekly was 948.77, down 159.08; SCFI (composite index) weekly was 1403.13, up 9.57; CCFI (composite index) weekly was 1121.80, down 0.99; CCFI (European line) weekly was 1449.34, up 16.38 [2]. - **Other Spot Indicators**: The Baltic Dry Index daily was 2600.00, down 17.00; the Panamax Freight Index daily was 1915.00, up 19.00. The average charter price for Panamax ships was 17695.00, unchanged; the average charter price for Capesize ships was 36180.00, down 860.00 [2]. 3.3 Industry News - **Geopolitical News**: China and Russia held strategic security consultations, reaching new consensus on major strategic security issues. The US and Ukraine held high - level talks to improve the peace plan. The OECD predicted that the global economic growth rates for this year and next would be 3.2% and 2.9% respectively, with the US economy expected to grow 2% and 1.7%, and the eurozone economy 1.3% and 1.2% [2]. 3.4 Key Points to Watch - On December 4th, key data includes the eurozone's October retail sales month - on - month rate at 18:00, the US November Challenger job - cuts in thousands at 20:30, and the US initial jobless claims for the week ending November 29th in thousands at 21:30 [2].

Report Summary 1. Investment Rating - No investment rating information is provided in the report. 2. Core View - On Tuesday, the futures price of the container shipping index (European line) dropped significantly. The main contract EC2602 closed down 7.78%, and the far - month contracts closed down between 1 - 2%. The poor implementation of the freight rate increase plan led to a sharp decline in the near - month futures prices. The recovery of terminal transport demand is not solid, and the spot freight rate expectations continue to fall. Geopolitical conflicts remain deadlocked, while the German economy boosts market confidence. The freight rate market is highly affected by news, and futures prices are expected to fluctuate more violently. Investors are advised to be cautious and pay attention to operation rhythm and risk control, and track geopolitical, capacity, and cargo volume data in a timely manner [2]. 3. Summary by Relevant Catalogs Futures Market Data - **Futures Prices**: The main contract EC2602 closed at 1126.400, down 14.6; the second - main contract closed at 1338, down 25.9. The EC2602 - EC2604 spread was 327.10, down 99.40; the EC2602 - EC2606 spread was 115.50, down 94.90. The EC contract basis was 185.87, up 115.10 [2]. - **Futures Positions**: The main contract's open interest was 17016 hands, an increase of 920 [2]. Spot Market Data - **Shipping Indexes**: The SCFIS (European line) (weekly) was 1639.37, up 281.70; the SCFIS (US West line) (weekly) was 1107.85, down 130.57. The SCFI (composite index) (weekly) was 1393.56, down 57.82; the container ship capacity was 1227.97 (in ten thousand TEUs), up 0.06. The CCFI (composite index) (weekly) was 1122.79, up 28.76; the CCFI (European line) (weekly) was 1432.96, up 29.32 [2]. - **Freight Indexes**: The Baltic Dry Index (daily) was 2275.00, up 20.00; the Panamax Freight Index (daily) was 1928.00, up 16.00. The average charter price of Panamax ships was 17564.00, unchanged; the average charter price of Capesize ships was 29150.00, down 1165.00 [2]. Industry News - **Sino - US Relations**: On the evening of November 24, Chinese President Xi Jinping had a phone call with US President Trump. Sino - US relations have been generally stable and positive since the Busan meeting [2]. - **Ukraine - Russia Conflict**: The US and Ukraine completed a new 19 - point peace agreement draft, but sensitive issues remain to be decided. European countries warned that an agreement cannot be quickly reached in the short term, and Russia said the European peace plan is not constructive [2]. - **Sino - Japan - Korea Relations**: China's Foreign Ministry Spokesperson Mao Ning responded to the media report that China rejected Japan's proposal for a Sino - Japan - Korea leaders' meeting in January next year, stating that the three parties have not reached a consensus on the meeting date, and Japan's wrong remarks on the Taiwan issue have damaged the cooperation atmosphere [2]. Key Data to Watch - November 26, 21:30: US initial jobless claims for the week ending November 22 (in ten thousand people); US durable goods orders monthly rate for September [2]. - November 26, 22:45: US Chicago PMI for November [2].

Report Summary 1. Report Industry Investment Rating No relevant information provided. 2. Core View of the Report - On Wednesday, the futures prices of the container shipping index (European line) declined collectively. The main contract EC2602 fell 2.66%, and the far - month contracts fell between 1 - 2%. The latest SCFIS European line settlement freight rate index dropped 147.13 points from last week, a 9.8% decline, leading to a drop in futures prices. The recovery of terminal transportation demand is not solid. Shipowners are more active in price support, but the implementation needs to be observed. The resumption of shipping in the Red Sea is postponed due to the unstable Middle - East situation. The German economy boosts market confidence, and if the German government's fiscal expansion policy has clear details, it will enhance investors' confidence in the medium - term growth of the eurozone. Currently, the freight rate market is affected by news, and futures prices are expected to fluctuate more. Investors are advised to be cautious and control risks [1]. 3. Summary by Relevant Catalogs Futures Market Data - EC main contract closing price: 1162.7, down 44.9; EC secondary main contract closing price: 1640.100, down 22.30. EC2602 - EC2606 spread: 258.10, EC2602 - EC2604 spread: 477.40, down 35.00. EC contract basis: - 282.43, up 38.00. EC main contract open interest: 40244, up 1384 [1]. Spot Market Data - SCFIS (European line) (weekly): 1357.67, down 147.13; SCFIS (US West line) (weekly): 1238.42, down 91.29. SCFI (composite index) (weekly): 1451.38, down 43.72; container ship capacity: 1227.97 (ten thousand TEUs), up 0.31. CCFI (composite index) (weekly): 1094.03, up 35.86; CCFI (European line) (weekly): 1403.64, up 36.79. Baltic Dry Index (daily): 2216.00, down 63.00; Panama - type freight index (daily): 1882.00, up 5.00. Average charter price of Panama - type ships: 17564.00, unchanged; average charter price of Cape - type ships: 30147.00, up 2377.00 [1]. Industry News - Chinese and Japanese diplomatic officials held consultations, and China was dissatisfied with the results. China called on Japan to correct its mistakes. Premier Li Qiang called for free trade and strengthened cooperation at the SCO meeting. The US modified patent invalidation application rules, and China will safeguard the legitimate rights of Chinese enterprises [1]. Key Data to Watch - November 20, 15:00: Germany's October PPI monthly rate. November 20, 21:30: US September unemployment rate, US September seasonally - adjusted non - farm payrolls (in ten thousand people), US initial jobless claims for the week ended November 15 (in ten thousand people). November 20, 23:00: Eurozone's November preliminary consumer confidence index [1].

1. Report Industry Investment Rating - There is no information about the report industry investment rating in the provided content. 2. Core Viewpoints of the Report - On Monday, the futures prices of the container shipping index (European line) rose collectively. The main contract EC2602 closed up 6.73%, and the far - month contracts rose between 1 - 3%. The latest SCFIS European line settlement freight rate index was 1357.67, down 147.13 points from last week, a 9.8% month - on - month decline, falling again. The manufacturing PMI data in China in October declined more than seasonally, and the new export order index dropped significantly by 1.9 percentage points to 45.9, with export growth turning from an increase to a decrease, indicating that the recovery foundation of terminal transportation demand is not solid. Shipping companies are more active in price support than before, and cooperate with blank sailings to adjust capacity, promoting a rebound in freight rates. The geopolitical situation, especially the Israel - Palestine conflict, is in a very delicate and unstable stage, delaying the expectation of the resumption of navigation in the Red Sea. The better - than - expected German economy has boosted market confidence and stimulated the economic recovery in the eurozone. If the proposed fiscal expansion policy of the new German government has clearer details, it will enhance investors' confidence in the medium - term growth of the eurozone. The current freight rate market is greatly affected by news, and the futures price is 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 [1]. 3. Summary According to Relevant Catalogues 3.1 Futures Market Data - EC main contract closing price: 1726.00, up 108.8; EC second - main contract closing price: 1187.7, up 24.6. - EC2602 - EC2605 spread: 538.30, up 91.00; EC2602 - EC2606 spread: 322.10, up 95.00. - EC contract basis: - 368.33, down 268.13. - EC main contract open interest: 38880, up 837 [1]. 3.2 Spot Market Data - SCFIS (European line) (weekly): 1357.67, down 147.13; SCFIS (US West line) (weekly): 1238.42, down 91.29. - SCFI (composite index) (weekly): 1451.38, down 43.72; container ship capacity (10,000 TEUs): 1227.97, unchanged. - CCFI (composite index) (weekly): 1094.03, up 35.86; CCFI (European line) (weekly): 1403.64, up 36.79. - Baltic Dry Bulk Index (daily): 2125.00, down 48.00; Panamax Freight Index (daily): 1897.00, unchanged. - Average charter price (Panamax ship): 17564.00, unchanged; average charter price (Cape - size ship): 26315.00, up 2265.00 [1]. 3.3 Industry News - The US Trade Representative Greer will visit Europe from November 19th to 22nd for more trade negotiations. Greer said that the tariffs imposed by the EU on US export products are still too high. - The Ministry of Culture and Tourism has reminded Chinese tourists to avoid traveling to Japan recently, and the Ministry of Education has issued a study - abroad warning. - The European Council announced that EU finance ministers agreed to abolish the rule that allows goods worth less than 150 euros to enter the EU duty - free. - South Korea and the US reached an agreement on tariffs and defense issues and signed a memorandum of understanding on a $350 billion investment project by South Korea in the US. For South Korean products exported to the US with a tax rate of 15% or more, the US will no longer impose "additional tariffs", and products with a tax rate lower than 15% will be raised to 15%. The US will also reduce the tariffs on South Korean cars, auto parts, wood, sawn timber and wood products to 15% [1]. 3.4 Key Data to Focus On - November 18th, 22:15: US industrial production monthly rate for October. - November 18th, 23:00: US NAHB housing market index for November. - November 18th, 23:00: US factory orders monthly rate for August [1].

Group 1: Report Industry Investment Rating - Not provided in the document Group 2: Core Viewpoints of the Report - This week, the freight index (European Line) futures prices showed mixed trends. The main contract EC2512 closed down 3.71%, and the far - month contracts had fluctuations ranging from - 1% to 1%. The latest SCFIS European Line settlement freight rate index was 1208.71, down 104 points from last week, a 7.9% week - on - week decline, indicating weakened freight rate support [6][40]. - Although the Sino - US economic and trade consultations in Kuala Lumpur achieved positive results and improved the market's expectations for the trade war situation, the positive impact has not yet reached China's demand side. China's manufacturing PMI data in October declined seasonally, and the new export order index dropped significantly. In October, China's exports decreased by 1.1% year - on - year, far lower than the expected 3%, reflecting that the recovery foundation of terminal transportation demand is not solid [6][40]. - Mainstream shipping companies have issued price increase notices for November, and Maersk's price - holding in mid - to - late October was basically successful, boosting market confidence in the November price increase [6][40]. - The Middle East situation, especially the Israel - Palestine conflict, is in a delicate and unstable stage, delaying the expected resumption of navigation in the Red Sea. The better - than - expected German economy has boosted market confidence and stimulated the economic recovery of the Eurozone. If the proposed fiscal expansion policy of the new German government has more specific details, it will enhance investors' confidence in the medium - term growth of the Eurozone [6][40]. - Overall, although the trade war situation has improved and there is a turning point in geopolitical conflicts, it has not affected the trade side yet. China's export performance in October was poor, and freight rates lack support. With the arrival of the peak shipping season in the fourth quarter, the demand side may pick up. The current freight rate market is greatly affected 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 [7][41] Group 3: Summary by Directory 1. Market Review - The main contract price of the freight index (European Line) futures declined slightly this week. The EC2512 contract's trading volume and open interest decreased, and the market trading was cold. The specific price and trading volume data of each contract are as follows: EC2512 closed at 1812.00, down 3.71%; EC2602 closed at 1592.00, up 0.52%; EC2604 closed at 1164.60, down 1.05%; EC2606 closed at 1376.10, down 1.28%; EC2608 closed at 1499.20, up 0.42%; EC2610 closed at 1133.40, down 0.18%. The SCFIS index closed at 1208.71, down 7.9% [9][10][13] 2. News Review and Analysis - Positive news: China announced specific measures to implement the consensus of the Sino - US economic and trade consultations in Kuala Lumpur, including canceling some tariffs on US - made goods and other measures [20]. - Negative news: The US federal government's "shutdown" has reached 36 days, which may reduce the fourth - quarter economic growth rate by up to 2 percentage points. If the deadlock continues until Thanksgiving week, about $14 billion in economic losses will be irreparable. Also, the US Treasury Secretary mentioned the possibility of imposing additional tariffs on China if China restricts rare - earth exports [20]. - Neutral news: A 2026 Federal Reserve voting member said that high inflation levels are not conducive to further interest - rate cuts, and the current reason for further policy action is not obvious [20] 3. Weekly Market Data - The basis of the freight index (European Line) futures contracts shrank, and the spread widened this week. The export container freight rate index declined. Global container shipping capacity continued to increase, while European Line shipping capacity decreased slightly under the guidance of shipping company blank sailings. The BDI and BPI declined due to geopolitical factors. The charter price of Panamax ships fluctuated at a high level, and the spread between the offshore and on - shore RMB against the US dollar narrowed [27][31][32] 4. Market Outlook and Strategy - The same as the core viewpoints of the report, including the price trends of futures contracts, the impact of economic and trade consultations, the fundamentals of demand, the price - increase expectations of shipping companies, the geopolitical situation, market expectations, and investment suggestions [40][41]

Report Summary 1. Investment Rating - No investment rating for the industry is provided in the report. 2. Core View - On Thursday, the freight index (European line) futures prices fell collectively, with the main contract EC2512 down 3.91% and the far - month contracts down 1 - 2%. The latest SCFIS European line settlement freight rate index decreased by 7.9% week - on - week, weakening the freight rate support. The recovery of terminal transportation demand is not solid. Although mainstream shipping companies have issued price increase notices for November and Maersk's price support in mid - and late October was successful, the freight rate market is affected by multiple factors. The current freight rate market is greatly influenced by news, and the futures price is expected to fluctuate more violently. Investors are advised to be cautious, pay attention to the operation rhythm and risk control, and track geopolitical, shipping capacity and cargo volume data in a timely manner [1]. 3. Summary by Relevant Content Futures Market Data - EC2512 main contract closed at 1848.200, down 75.2; EC2602 (secondary main) closed at 1601, down 30.4. The spread between EC2512 - EC2602 was 247.20, down 46.80; the spread between EC2512 - EC2604 was 670.20, down 76.20. The EC contract basis was - 639.49, up 97.80. The main contract's open interest was 28412 hands, down 5660 [1]. Spot Market Data - SCFIS (European line) (weekly) was 1208.71, down 104.00; SCFIS (US West line) (weekly) was 1107.32, up 159.83. SCFI (composite index) (weekly) was 1550.70, up 147.24. Container ship capacity was 1227.97 (ten thousand TEUs), unchanged. CCFI (composite index) (weekly) was 1021.39, up 28.65; CCFI (European line) (weekly) was 1323.81, up 30.69. The Baltic Dry Index (daily) was 2003.00, down 45.00; the Panamax Freight Index (daily) was 1793.00, down 5.00. The average charter price of Panamax ships was 17564.00, unchanged; the average charter price of Capesize ships was 26482.00, up 2605.00 [1]. Industry News - China announced measures to implement the consensus of the China - US economic and trade consultations in Kuala Lumpur, including stopping the additional tariffs on some US - made imports announced on March 4, continuing to suspend the 24% reciprocal tariffs for one year while retaining the 10% additional tariff rate, etc. [1] - The US federal government's "shutdown" has entered the 36th day, breaking the previous record. The Congressional Budget Office said it may reduce the Q4 economic growth rate by up to 2 percentage points, and if the stalemate continues until Thanksgiving week, about $14 billion in economic losses will be irrecoverable [1]. - EU climate ministers reached an agreement on the 2040 climate change target, aiming to reduce greenhouse gas emissions by 90% with flexibility, and member states can offset up to 5% of the emission reduction tasks by purchasing international carbon credits [1]. Key Data to Watch - November 7: China's October export year - on - year rate in US dollars (to be determined), China's October import year - on - year rate in US dollars (to be determined), US October unemployment rate (to be determined), US October seasonally adjusted non - farm payrolls (in ten thousand people) (to be determined), Germany's September seasonally adjusted trade balance (in billion euros) at 15:00, and the preliminary value of the US November University of Michigan consumer confidence index at 23:00 [1]

Report Summary 1. Report Industry Investment Rating - Not provided in the given content 2. Core View of the Report - The prices of the container shipping index (European line) futures mostly declined on Thursday, with the main contract EC2512 rising 0.15% and the far - month contracts falling between 1% - 2%. The latest SCFIS European line settlement freight rate index increased by 172.33 points from last week, a 15.1% week - on - week increase. Spot index gains may support short - term freight rate increases. Trade war situation improvement, geopolitical conflict reaching a substantial easing inflection point, and leading shipping companies announcing November freight rate increases have led to a rapid recovery in futures prices. The fourth - quarter shipping peak season also has an impact. 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 [1] 3. Summary by Relevant Catalogs 3.1 Futures Market Data - EC main contract closing price: 1843.800, EC secondary main contract closing price: 1583, a 15.60 decline; EC2512 - EC2602 spread: 260.80, a 4.20 decline; EC2512 - EC2604 spread: 667.90, an 8.70 decline; EC contract basis: - 531.09, a 27.20 increase; EC main contract open interest: 30114, a 1792 decline [1] 3.2 Spot Market Data - SCFIS (European line) (weekly): 1312.71, a 172.33 increase; SCFIS (US West line) (weekly): 863.46, a 14.34 decline; SCFI (composite index) (weekly): 1403.46, a 93.14 increase; container ship capacity (10,000 TEUs): 1227.97, no change; CCFI (composite index) (weekly): 992.74, a 19.63 increase; CCFI (European line) (weekly): 1293.12, a 25.21 increase; Baltic Dry Index (daily): 1961.00, an 11.00 decline; Panama - type freight index (daily): 1885.00, a 19.00 increase; average charter price (Panama - type ship): 17564.00, no change; average charter price (Cape - type ship): 23582.00, a 103.00 increase [1] 3.3 Industry News - Chinese President Xi Jinping will meet with US President Trump in Busan, South Korea on October 30 to exchange views on China - US relations and common concerns. The Fed cut interest rates by 25 basis points to 3.75% - 4.00% early today, the second cut this year, and will end balance - sheet reduction from December 1. The US Senate passed a bill to end the national emergency used by the Trump administration to impose a 50% tariff on Brazilian goods, but the House Republican leadership has blocked a vote on overturning the tariff until next March [1] 3.4 Key Data to Watch - October 31: US September core PCE price index annual rate (TBD), Japan September unemployment rate (07:30), China October official manufacturing PMI (09:30), France October CPI monthly rate preliminary value (15:45), Eurozone October CPI annual rate preliminary value (18:00) [1]

Core Viewpoint - The domestic futures market shows mixed performance, with the European shipping index futures experiencing a volatile upward trend, indicating a potential for continued fluctuations in the near term [1][2]. Group 1: Market Performance - The European shipping index futures opened at 2195.0 points, reaching a high of 2419.7 points and a low of 2190.0 points, resulting in a 2.19% increase [1]. - The overall market sentiment has shifted, with previous macroeconomic influences largely exhausted, leading to expectations of a short-term consolidation in price movements [1]. Group 2: Price Forecasts and Influences - Multiple shipping companies have announced June pricing for the European line exceeding $3000 per FEU, with Maersk's pricing being a critical indicator for market stability [2]. - The estimated capacity for the European line in the second week of June is projected to drop to 265,000 TEU, although the average weekly capacity may still hold at 290,000 TEU when including pending vessels [2]. - A potential shortage of container equipment due to a surge in demand could become a new variable influencing price increases [2]. Group 3: Geopolitical and Trade Considerations - The geopolitical landscape remains volatile, with the trade war situation showing short-term improvement, which may positively affect demand for the European shipping index [2]. - Egypt's recent announcement of a 15% transit fee discount for large container ships aims to attract traffic back to the Red Sea route, although a return to normalcy for major shipping lines may take time [2].

Report Industry Investment Rating - Not provided Core Viewpoints - The freight futures prices of the container shipping index (European line) mostly rose on Tuesday, with the main contract EC2506 up 5.79% and EC2508 up 12.38%. The improvement in the trade - war situation drove the futures prices up rapidly. The latest SCFIS European line settlement freight rate index dropped 76.45 points from last week, a 5.5% decline [1]. - The joint statement of the Sino - US high - level economic and trade talks led to a significant reduction in bilateral tariff levels. The US cancelled 91% of the additional tariffs, and China cancelled 91% of the counter - tariffs. The US suspended the 24% "reciprocal tariff", and China also suspended the 24% counter - tariff. China also suspended or cancelled non - tariff counter - measures against the US [1]. - The Ministry of Commerce will help foreign trade enterprises, and the improvement in the trade - war situation, the warming expectation of the Red Sea re - navigation, and the recovery of the European manufacturing PMI support the European line freight rates. The demand expectation of the container shipping index (European line) is expected to improve [1]. - The European Central Bank should be cautious about the next interest - rate action due to the high uncertainty of Trump's economic policies. The trade tension usually has a negative impact on economic growth. Investors are advised to be cautious, pay attention to the operation rhythm and risk control, and closely monitor the US policies towards Europe and Sino - European foreign trade data [1]. Summary by Relevant Content Futures Market Data - EC2506 closing price: 1465.200, up 80.2; EC2508 closing price: 1896, up 208.8. The EC2506 - EC2508 spread was - 103.00 (down), and the EC2506 - EC2510 spread was - 430.80, with a change of + 70.30 [1]. - EC contract basis: + 1.00 (up). The main contract EC2506 open interest was 36838, unchanged [1]. Spot Market Data - SCFIS (European line) (weekly): 1302.62, down 76.45; SCFIS (US West Coast line) (weekly): 1455.31, up 134.62. SCFI (composite index) (weekly) dropped 4.24 [1]. - CCFI (composite index) (weekly) rose 14.70; CCFI (European line) (weekly): 1497.15, up 51.91 [1]. - Baltic Dry Index (daily): 1299.00, up 5.00; Panama Freight Index (daily): 1353.00, down 11.00 [1]. - Average charter price (Panamax ship): 9963.00, up 32.00; average charter price (Cape - size ship): 13668.00, down 228.00 [1]. Industry News - The Sino - US high - level economic and trade talks issued a joint statement on tariff reduction, and both sides will continue to negotiate on economic and trade relations [1]. - Xinhua News Agency commented on the Sino - US economic and trade talks, emphasizing the need for rational expectations and awareness of the long - term, complex and arduous process of eliminating differences [1]. - A Fed governor said Trump's tariff policy may push up inflation and drag down economic growth, and it's difficult for the Fed to predict future economic growth and inflation trends [1]. - Two members of the European Central Bank's Governing Council said the ECB should be cautious about the next interest - rate action due to the high uncertainty of Trump's economic policies [1]. Key Points to Follow - The German April CPI monthly rate final value at 14:00 on May 14 [1]

Report Industry Investment Rating - No relevant information provided Core Viewpoints - The freight futures price of the container shipping index (European line) rose significantly on Monday, with most contracts closing up 16.0%. The improvement in the trade war situation drove the futures price to rise rapidly. Although the trade war situation and geopolitical situation are fluctuating, they are gradually improving, and the expectation of the demand recovery of the container shipping index (European line) will also improve. If the US tariff increase on Europe is better than expected, the performance of the far - month futures price may be better than that of the near - month contracts. Investors are advised to be cautious, pay attention to the operation rhythm and risk control, and closely monitor the US policies towards Europe and China - EU foreign trade data [1] Summary by Relevant Catalogs Futures Market Data - EC main contract closing price: 202.2 (up), EC sub - main contract closing price: 1466.200, with a increase of 247.40 [1] - EC2506 - EC2508 spread: - 48.80 (down), EC2506 - EC2510 spread: - 327.80, with a decrease of 4.40 [1] - EC contract basis: - 87.13, with a decrease of 216.40 [1] - EC main contract open interest: 37399, unchanged [1] Spot Market Data - SCFIS (European line) (weekly): 1302.62, down 76.45 points from last week, a 5.5% week - on - week decline; SCFIS (US West line) (weekly): 1455.31, up 134.62 [1] - SCFI (composite index) (weekly): 1340.93, down 4.24; container ship capacity: 1227.97 (ten thousand TEUs), up 0.13 [1] - CCFI (composite index) (weekly): 1121.08, up 14.70; CCFI (European line) (weekly): 1497.15, up 51.91 [1] - Baltic Dry Index (daily): 1299.00, up 17.00; Panamax Freight Index (daily): 1353.00, up 10.00 [1] - Average charter price (Panamax ship): 9963.00, down 99.00; average charter price (Capesize ship): 13668.00, down 691.00 [1] Industry News - The US will adjust the tariff rate on Chinese goods, suspending the collection of 24 percentage points for 90 days, and canceling the additional tariffs imposed on these goods according to relevant executive orders [1] - The China - US high - level economic and trade talks from May 10th to 11th in Geneva were candid, in - depth, and constructive, reaching important consensus and making substantial progress. The two sides agreed to establish a China - US economic and trade consultation mechanism [1] - Japanese Prime Minister Ishiba Shigeru plans to reach a trade agreement with the US around the July Senate election. He hopes to revoke the additional tariffs on Japanese cars rather than just reducing them [1] Key Data to Watch - UK unemployment rate in April on May 13th at 14:00 [1] - German ZEW Economic Sentiment Index in May on May 13th at 17:00 [1] - Eurozone ZEW Economic Sentiment Index in May on May 13th at 17:00 [1] - US unadjusted core CPI annual rate in April on May 13th at 20:30 [1] - US unadjusted CPI annual rate in April on May 13th at 20:30 [1]