Group 1 - The State Council is researching standards and policies for government procurement of domestic products, which is seen as an important measure to improve the procurement system and ensure fair competition [1] - The People's Bank of China announced adjustments to the 14-day reverse repurchase operations to maintain liquidity and meet funding needs, with operations determined by liquidity management [1] - In the steel industry, there has been an increase in the scale of maintenance at steel mills, with 12 provinces involved, affecting production by approximately 29.96 million tons this week [1] Group 2 - In the soybean meal sector, actual soybean crushing volume reached 2.4275 million tons with an operating rate of 67.76%, which is 30,100 tons higher than estimated [1] - The lithium carbonate price index for battery-grade lithium carbonate is reported at 73,534 yuan per ton, reflecting a week-on-week increase of 70 yuan [1] - The PVC industry shows a capacity utilization rate of 76.96%, down 2.98% from the previous period, with specific methods showing varying declines [1] Group 3 - The styrene industry reported a daily profit of -411 yuan per ton for non-integrated units, indicating an increase in losses compared to the previous working day [1] - As of September 19, the Shanghai export container freight index was reported at 1,198.21 points, a decrease of 199.90 points from the previous period [1] - Citigroup forecasts that Brent crude oil prices will drop to $60 per barrel by the end of 2025, with an average of $62 per barrel in the second to fourth quarters of 2026 [1]

Report Industry Investment Rating No relevant content provided. Core Viewpoints of the Report - The container shipping market is in a weak state, with spot prices in a downward channel and the overall freight rate center expected to decline in the second half of the year due to tariff pressure. The dry bulk shipping market shows mixed performance among different ship - types, with large - ship market lacking upward momentum and medium - ship market expected to be range - bound. The oil tanker transportation market remains stable overall, with different performances among different ship - types and potential price increases in some segments [5][6][18][23]. Summary According to Related Catalogs Container Shipping - Container Shipping Index (European Line) Market Analysis and Strategy Recommendation - **Market Performance**: On September 3, 2025, EC2510 closed at 1323 points, down 1.32% from the previous day. The SCFI European Line reported $1481/TEU on August 29, down 11.21% month - on - month, and the latest SCFIS European Line reported 1773.6 points on Monday after the market, down 10.9% month - on - month. The spot market is in a rapid decline, and the loading rate continues to fall [5]. - **Fundamental Factors**: In the second half of the year, export pressure is greater than in the first half due to tariffs. The loading rate of shipping companies in September continues to decline, and the freight rate center further drops. The US imposed reciprocal tariffs on August 1, increasing trade pressure [6]. - **Trading Strategies**: Unilateral trading is expected to be weakly volatile. There is an expectation of downward revision of the valuation center in October, but attention should be paid to the situation of empty sailings in October. For arbitrage, conduct rolling operations on the 10 - 12 reverse spread at low prices [7][8]. Industry News - Trump will hold an emergency meeting on tariff rulings on Wednesday, and may appeal to the Supreme Court. If the tariff appeal is rejected, tariffs may be withdrawn [10]. - The US ISM Manufacturing PMI in August was 48.7, lower than the expected 49 [11]. - The EU is considering postponing the schedule for imposing a unified tax on aviation and shipping fuel by 10 years [11]. - There are military actions in the Red Sea area, and the Houthi armed forces launched attacks on Israeli - related ships [12][13]. Dry Bulk Shipping Market Analysis and Outlook - **Market Performance**: The Baltic Dry Bulk Freight Index (BDI) fell to a more than one - week low on September 2, down 1.88% to 1986 points. Freight rates for all ship - types declined. The freight rates of Cape - size and Panamax ships decreased [15]. - **Spot Freight Rates**: On September 2, the freight rate of the Cape - size ship iron ore route from Tubarao, Brazil to Qingdao was $24.27/ton, down 0.82% month - on - month, and from Western Australia to Qingdao was $10.11/ton, down 1.51% month - on - month [16]. - **Shipping Data**: From August 25 to 31, 2025, the global iron ore shipping volume was 3556.8 million tons, an increase of 241.0 million tons month - on - month. The expected soybean export volume from Brazil from August 24 to 30 was 163.07 million tons, a decrease from the previous week [17]. - **Logic Analysis**: The activity of the two major markets for Cape - size ships was low, and the freight rates declined slightly. The Panamax ship market performed averagely, with an increase in available capacity and a slight decline in freight rates. The freight rates of large - ships are expected to be range - bound in the near term, and may be supported by the improvement of iron ore shipping volume in late September. The medium - ship market is expected to be range - bound in the short term, with relatively stable demand for South American grain transportation and weak coal demand [18]. Industry News - From August 25 to 31, the total iron ore inventory at seven major ports in Australia and Brazil was 1248.7 million tons, an increase of 48.2 million tons month - on - month, but still at a relatively low level [19]. - India's power generation increased by 4% year - on - year in August, and coal - fired power generation increased year - on - year for the first time in the past five months [19]. - The price of Supramax bulk carriers is rising due to market recovery and purchases by Chinese shipowners [19]. - From January to July, European fertilizer imports increased by 12% year - on - year, and Chinese suppliers have become the largest alternative suppliers in the EU [20]. Oil Tanker Transportation Market Analysis and Outlook - **Market Performance**: On September 2, the Baltic Dirty Tanker Index (BDTI) was 1041, up 0.19% month - on - month and 20.21% year - on - year. The Baltic Clean Tanker Index (BCTI) was 629, up 0.32% month - on - month and 8.26% year - on - year [23]. - **Market Situation**: The oil tanker transportation market remains stable overall. The crude oil market has declined after the previous rise, and the demand for some routes has slowed down, but the medium - sized oil tanker market performs strongly. The performance of different ship - types in the refined oil market is differentiated, and the freight rates of some ship - types may further increase [23]. Industry News - As of the week ending September 3, the total refined oil inventory at the Port of Fujairah in the UAE decreased by 150.3 million barrels to 1450.6 million barrels [24]. - Due to factors such as the European situation and US tariff policies, the domestic refined oil retail price limit is likely to increase on September 9, which will boost the domestic market sentiment. Diesel demand is expected to improve, while gasoline demand support is insufficient [25].

Report Industry Investment Rating - No specific industry investment rating is provided in the reports [1][2][3] Core Views - Amid geopolitical conflicts and tariff uncertainties, the game in the shipping market is challenging, so it's advisable to participate with light positions or stay on the sidelines [3] - Spot freight rates are continuously falling, and after a brief rebound, the market is under pressure again. Attention should be paid to tariff policies, the Middle - East situation, and spot freight rates [3] - In the face of international situation turmoil, contracts maintain seasonal logic with large fluctuations. It's recommended to wait and see or make light - position attempts for arbitrage strategies [3] Summary by Related Content Shipping Market Data - On August 22 - 25, shipping freight rate indices such as NCFI and SCFIS showed declines. For example, the NCFI (composite index) dropped by 1.59%, and the SCFIS (European route) fell by 8.7% [1] - On August 22, other shipping freight rate indices like SCFI and CCFI also decreased. The SCFI composite index dropped by 44.83 points, and the CCFI (European route) fell by 1.8% [1] Market Strategy - Short - term strategy: For risk - takers, try to go long lightly at around 1300 for the 2510 contract and add positions at around 1600 for the 2512 contract. Pay attention to the market trend and set stop - losses [3] - Arbitrage strategy: Due to international situation instability, it's recommended to wait and see or make light - position attempts [3] - Long - term strategy: Take profits when contracts rise, wait for the market to stabilize after a pullback, and then judge the subsequent trend [3] Market Conditions - On August 26, the main contract 2510 closed at 1318.9, with a decline of 2.76%, a trading volume of 2.58 million lots, and an open interest of 54,400 lots, an increase of 52 lots from the previous day [3] - The 2508 contract's delivery price was 2135.2 [3] Geopolitical Events - The Islamic Cooperation Organization held a special meeting to discuss Israel's aggression against Palestine and issued a joint statement opposing Israel's actions [3] - The Trump administration plans to impose a 50% tariff on Indian products, which has drawn condemnation from the Indian government [3] Economic Data - The preliminary value of the Eurozone's August manufacturing PMI was 50.5, the service PMI was 50.7, and the composite PMI rose to 51.1 [2] - The preliminary value of the US August manufacturing PMI was 53.3, and the service PMI was 55.4 [2] Contract Adjustments - The daily limit for contracts 2508 - 2606 was adjusted to 18% [3] - The margin for contracts 2508 - 2606 was adjusted to 28% [3] - The daily opening limit for all contracts 2508 - 2606 was set at 100 lots [3]

Report Summary 1. Report Industry Investment Rating - Not provided in the given content 2. Core View of the Report - Downstream is currently booking shipping space for late August to early September (week 35 - 36). Week 35 has a potential average of $2550 (1800 points), and week 36's current average quote is $2300 (1600 points). MSK has relatively less pressure to receive goods due to significant price cuts, but most shipping companies face pressure to receive goods at the end of the month. September's overall shipping capacity is generally reduced, but on August 26, two sailings on the FE3/FE4 routes of the PA alliance in week 37/38 of September were refilled, increasing the average weekly shipping capacity in September to 310,000 TEU. The overall situation in September is loose, and the subsequent driving force remains weak. However, the valuation in October is gradually approaching the annual low (1250 - 1300), with limited downside potential. Attention can be paid to the long - allocation opportunity of the 12 - contract [1] 3. Summary by Related Catalogs 3.1 Futures Contract Information - EC2508 closed at 2136.0 with a 0.39% increase, EC2510 at 1358.0 with a 3.74% increase, EC2512 at 1696.7 with a 2.14% increase, EC2602 at 1496.9 with a 2.18% increase, EC2604 at 1284.0 with a 1.54% increase, and EC2606 at 1445.7 with a 1.10% increase. The positions of EC2508 decreased by 91, EC2510 increased by 102, EC2512 increased by 220, EC2602 remained unchanged, EC2604 decreased by 33, and EC2606 decreased by 22 [1] - The month - to - month spreads: EC2508 - 2510 was 778.0, with a daily decrease of 40.7 and a weekly increase of 21.0; EC2510 - 2512 was - 338.7, with a daily increase of 13.5 and a weekly increase of 66.0; EC2512 - 2602 was 199.8, with a daily increase of 3.6 and a weekly decrease of 39.8 [1] 3.2 Spot Market Information - The spot price of Telanat (European line) on August 25, 2025, was 1990.2 points, a decrease of 8.71% from the previous period and 2.47% from the period before the previous one. SCFI was $1668/TEU on August 22, 2025, a decrease of 7.9% from the previous period. CCFI was 1757.74 points on August 22, 2025, a decrease of 1.83% from the previous period. NCFI was 1083.74 points on August 22, 2025, a decrease of 8.83% from the previous period [1] 3.3 Recent European Line Quotation - In week 35, the potential average is $2575 (1770 points), with the PA alliance at $2500, MSK opening at $2300 (later rising to $2490), and the OA alliance at $2700 - $2800. In week 36, the latest quotes from shipping companies range from $2120 - $2420, with an average of $2250 (1550 points). The PA alliance is at $2200 - $2300, MSK at $2100 (later rising to $2200), and the OA alliance at $2300 - $2400 [2] 3.4 Related News - On August 23, US President Trump announced a major tariff investigation on imported furniture into the US, which will be completed within the next 50 days. The tariff rate is to be determined. On August 26, Trump said dealing with Netanyahu was quite difficult and expected a clear and good outcome in the next 2 - 3 weeks [3]

Report Industry Investment Rating No relevant content provided. Core Viewpoints of the Report - The spot market for container shipping is in a downward trend, and the EC futures market is expected to remain weakly volatile. The dry bulk shipping market has seen a decline in the Baltic Dry Index due to falling freight rates for Capesize vessels, while the tanker market shows a divergence between the crude oil and refined oil sectors [6][14][22]. Summary by Directory Part I: Container Shipping - Container Freight Index (Europe Line) Market Analysis and Strategy Recommendation - **Market Performance**: On August 20, the EC2510 contract closed at 2123 points, down 0.2% from the previous day. The SCFI Europe Line reported on August 15 was $1820/TEU, down 7.2% month-on-month. The second-phase settlement index of EC2508 reported on Monday was 2180.17 points, down 2.5% month-on-month, slightly exceeding market expectations [6]. - **Logic Analysis**: With the decline in cargo volume and sufficient capacity supply, spot freight rates are accelerating their decline. The tariff policy has put pressure on the market, and geopolitical factors such as the Israel-Palestine ceasefire negotiations may affect the far - month contracts [7]. - **Trading Strategy**: Unilateral trading should expect a weak and volatile market. For arbitrage, consider rolling operations on the 10 - 12 reverse spread at low levels [8][9]. Industry News - Trump believes there is a good chance to stop the Russia-Ukraine conflict. The US added 407 product categories to the steel and aluminum tariff list. Korea's KMTC ordered 4 container ships and returned to the Trans - Pacific route [11]. Part II: Dry Bulk Shipping Market Analysis and Outlook - **Market Performance**: The Baltic Dry Index fell to a two - week low on Tuesday due to falling Capesize vessel freight rates. The Capesize vessel freight index and daily earnings decreased, while the Panamax vessel freight index and daily earnings increased slightly [14]. - **Spot Rates**: On August 19, the Capesize vessel iron ore route rates from Tubarao, Brazil to Qingdao and from Western Australia to Qingdao decreased. Weekly data showed mixed trends for different routes [15]. - **Shipping Data**: From August 11 - 17, the global iron ore shipment volume increased, and Brazilian soybean and corn shipments showed certain growth compared to the same period last year [17]. - **Logic Analysis**: The Capesize vessel market has few cargoes and weak market sentiment, while the Panamax vessel market has limited coal and grain cargoes. The short - term freight rates of large - sized vessels are under pressure, and the support for medium - sized vessel freight rates from coal transportation demand is expected to weaken [18]. Industry News - The iron ore inventory at seven major ports in Australia and Brazil decreased slightly. The US added product categories to the steel and aluminum tariff list. A coal - laden bulk carrier explosion closed the main channel of the Baltimore Port [19]. Part III: Tanker Transportation Market Analysis and Outlook - **Market Performance**: On August 19, the BDTI was 999, down 1.58% month - on - month and up 8.0% year - on - year. On August 18, the BCTI was 612, up 1.16% month - on - month and down 4.38% year - on - year [22]. - **Logic Analysis**: The crude oil market is stable, with VLCC and Aframax vessel freight rates supported by tight capacity. The refined oil market has an imbalance between supply and demand, and short - term and long - term factors need to be monitored [22]. Industry News - The refined oil inventory at the Fujairah Port in the UAE decreased. India's imports of Russian crude oil decreased in July, and state - owned refineries will seek alternative sources in August and September [23][24]. Part IV: Related Attachments - The report provides multiple charts showing the trends of container shipping, dry bulk shipping, and tanker transportation indices and freight rates over different time periods [26][37][43].

Investment Rating - The industry investment rating is "Positive" [2] Core Insights - The report highlights a recovery in dry bulk throughput and a positive year-on-year change in crude oil throughput for June [1][3] - Overall cargo throughput performance remains stable, maintaining a "Positive" rating for the shipping and port sector [6] Summary by Sections Overview: National Import and Export Volume and Cargo Throughput - In the first half of 2025, the national import and export total reached 21.79 trillion yuan, a year-on-year increase of 2.9%. The import total was 8.79 trillion yuan, down 2.7%, while the export total was 13 trillion yuan, up 7.2% [5][13] - Coastal major ports achieved a cargo throughput of 5.703 billion tons, a year-on-year increase of 2.5% [5][30] Container: Shipping Rates and Container Throughput - As of August 1, 2025, the China Container Freight Index (CCFI) was at 1232.29 points, down 43.49% year-on-year [5][34] - Container throughput for the first half of 2025 reached 15.227 million TEUs, a year-on-year increase of 7.1% [5][40] Liquid Bulk: Oil Shipping Rates and Crude Oil Throughput - The Baltic Dirty Tanker Index (BDTI) was at 965 points on August 4, 2025, a year-on-year increase of 2.66% [6][42] - Crude oil imports for the first half of 2025 totaled 279 million tons, a year-on-year increase of 1.4% [6][50] Dry Bulk: Shipping Rates and Iron Ore, Coal Throughput - The Baltic Dry Index (BDI) was at 1970 points on August 4, 2025, a year-on-year increase of 17.47% [6][57] - Iron ore throughput for the first half of 2025 was 686 million tons, a year-on-year increase of 1.56% [6][63] Monthly Throughput of Key Port Listed Companies - In June 2025, Shanghai Port Group's cargo throughput was 0.52 billion tons, down 1.57% year-on-year, while Ningbo Port's cargo throughput was 1.01 billion tons, up 11.63% year-on-year [6][75]

1. Report Industry Investment Rating - No information provided in the given content. 2. Core Viewpoints of the Report - The EC futures contracts show different price trends, with some experiencing declines and others increases. For example, EC2508 decreased by 1.58% to 2088.8, while EC2602 increased by 1.51% to 1492.4 [2][30]. - The month - to - month spreads of EC futures also have fluctuations. For instance, the day - on - day change of EC2508 - 2510 was - 24.7, and the week - on - week change was 5.5 [2][30]. - Shipping freight indices have various trends. SCFIS decreased by 0.81% to 2297.86, SCFI decreased by 1.87% to 2051 dollars/TEU, CCFI increased by 0.13% to 1789.5 points, and NCFI decreased by 3.53% to 1372.7 points [2][30]. - In the European line, there are supply and demand issues. In August, the first - week (week32) had good cargo collection but few container usages. Week33 had different cargo collection situations among alliances, and starting from late August, the supply pressure is very high [2][30]. - The recent European line quotes show price drops among many shipping companies. For example, CMA dropped 200 dollars to 3245 dollars, and HPL dropped 300 dollars to 2835 dollars [2][30]. 3. Summaries According to Relevant Catalogs 3.1 EC Futures Contracts - EC2508 closed at 2088.8 with a - 1.58% change, trading volume of 209.1, and an open interest of 3946 [2][30]. - EC2510 closed at 1413.0 with a - 0.62% change, trading volume of 884.9, and an open interest of 52108 with a change of - 421 [2][30]. - EC2512 closed at 1690.5 with a 0.79% change, trading volume of 607.4, and an open interest of 8208 with a change of - 179 [2][30]. - EC2602 closed at 1492.4 with a 1.51% change, trading volume of 805.5, and an open interest of 4116 with a change of - 23 [2][30]. - EC2604 closed at 1331.0 with a 1.21% change, trading volume of 966.9, and an open interest of 4195 with a change of 49 [2][30]. - EC2606 closed at 1471.6 with a 1.27% change, trading volume of 826.3, and an open interest of 789 with a change of - 6 [2][30]. 3.2 Month - to - Month Spreads of EC Futures - EC2508 - 2510: The previous day's spread was 675.8, with a day - on - day change of - 24.7 and a week - on - week change of 5.5 [2][30]. - EC2510 - 2512: The previous day's spread was - 277.5, with a day - on - day change of - 22.1 and a week - on - week change of - 8.2 [2][30]. - EC2512 - 2602: The previous day's spread was 198.1, with a day - on - day change of - 8.9 and a week - on - week change of - 7.9 [2][30]. 3.3 Shipping Freight Indices - SCFIS: Updated weekly on Mondays, the latest value on August 4, 2025, was 2297.86 points, with a 0.81% decline from the previous period and a 3.50% decline from two periods ago [2][30]. - SCFI: Updated weekly on Fridays, the value on August 1, 2025, was 2051 dollars/TEU, with a 1.87% decline from the previous period and a 0.53% increase from two periods ago [2][30]. - CCFI: Updated weekly on Fridays, the value on August 1, 2025, was 1789.5 points, with a 0.13% increase from the previous period and a 0.90% decline from two periods ago [2][30]. - NCFI: Updated weekly on Fridays, the value on August 1, 2025, was 1372.7 points, with a 3.53% decline from the previous period and a 1.20% decline from two periods ago [2][30]. 3.4 European Line Supply and Demand - In August, week32 had good cargo collection but few container usages. Week33 had different cargo collection situations among alliances, with MSK performing better, OA average, and PA worse. Starting from late August, the supply pressure is very high, with week34/35 having a capacity of 340,000 TEU and the average weekly capacity in September 2025 (tentative) being 343,000 TEU (323,000 TEU excluding TBN) [2][30]. 3.5 European Line Quotes - CMA dropped 200 dollars to 3245 dollars, HPL dropped 300 dollars to 2835 dollars, MSC dropped 300 dollars to 3040 dollars, and OOCL dropped 100 dollars to 3100 dollars. MSK opened the week34 booking at 2600 dollars, a 200 - dollar decline from the previous week, and then the price rose to 2640 dollars. The current average quote for week34 is equivalent to about 2050 points on the futures. Week33 quotes dropped to 2800 - 3200 dollars, with an average of 3000 dollars (equivalent to about 2100 points on the futures) [2][30]. 3.6 Related News - On August 4, the EU Commission spokesman said that the EU would suspend two sets of counter - measures against US tariffs for six months, targeting US tariffs on steel and aluminum products and the Trump administration's benchmark and auto tariffs [3][31]. - On August 6, Israeli Prime Minister Netanyahu decided to fully occupy Gaza, and the plan will be submitted for a vote on August 7. As of August 5, the Israeli army had controlled about 75% of the Gaza Strip, and the new plan aims to occupy the remaining area [3][31]. 3.7 Index Delay - The XSI - C index will be delayed by three working days for publication [4][32].

1. Report Industry Investment Rating - No relevant information provided in the documents. 2. Core Viewpoints of the Report - Overall, under the suppression of high capacity, as demand gradually enters the off - season, freight rates will be under pressure in the future [2][6]. 3. Summary According to Related Catalogs 3.1 EC Futures Contracts and Price Trends - EC2508 had a price of 2111.0 with a decline of 3.31%, EC2510 had a price of 1460.0 with a decline of 2.85%, EC2512 had a price of 1735.0 with a decline of 0.16%, EC2602 had a price of 1521.3 with a decline of 1.28%, EC2604 had a price of 1370.0, and EC2606 had a price of 1504.9 with an increase of 0.76% [2][6]. - For month - spreads, EC2508 - 2510 was 680.4, EC2510 - 2512 was - 40.0, and EC2512 - 2602 was 16.9 [2][6]. 3.2 Freight Rate Indexes - SCEIS had a decline of 3.50% on 2025/7/28, SCFI had a decline of 0.95% on 2025/7/25, CCFI (European line) had relevant data on 2025/7/25, NCFI (European line) had a decline of 1.20% on 2025/7/25, and TCI had a value of 1062.48 with no change on 2025/7/18 [2][6]. 3.3 European Line Supply and Demand - In August and September (temporarily), the average weekly capacity was about 325,000 and 324,000 TEU respectively. The capacity in week32/33/34/35 was 330,000, 305,000, 350,000, and 316,000 TEU respectively, with high capacity pressure especially in the second half of August. There was a transfer from the US line to the European line. Under the support of the shipping company's base cargo, the shipping company's load factor in July had no significant pressure. In early August, the base cargo still provided some support, but the cargo volume gradually weakened and entered the off - season [2][6]. 3.4 Recent European Line Quotations - In July, the quotations remained stable at around 2400 points. In August, the PA alliance's quotation dropped by 200 - 300 to 3100 US dollars, MSK's quotation first dropped slightly (2900 - 3000 US dollars) and then increased slightly, OA continued to use 3400 - 3500 US dollars. In week31, the quotation landed at about 3300 US dollars (equivalent to 2300 points on the disk). On Tuesday, HPL reduced the price by 200 to 3100 US dollars [2][6]. 3.5 Related News - On 7/29, China and the US reached a consensus in the Stockholm talks to extend the previously suspended 24% reciprocal tariffs and China's counter - measures for 90 days, but the final agreement needs to be decided by President Trump [2][6]. - On 7/29, Israel was considering a full - scale military occupation of the Gaza Strip, the US State Department refused to hold a "two - state solution" meeting on the Gaza issue, and German government was expected to approve a 2026 budget with a record investment of 126.7 billion euros [2][6].

Report Summary 1. Industry Investment Rating No investment rating information is provided in the report. 2. Core View - Under high - capacity pressure and with demand entering the off - season, the freight rates will face downward pressure in the future [2] 3. Summary by Relevant Content EC Futures Contracts and Spreads - The closing prices of EC futures contracts such as EC2508, EC2510, etc., showed different degrees of decline or increase on July 28, 2025. For example, EC2508 closed at 2212.6 with a - 1.44% decline [2] - The month - to - month spreads like EC2508 - 2510, EC2510 - 2512 also had changes compared to previous days and weeks [2] Shipping Freight Indexes - The SCFI (European Line) updated on July 25, 2025, was 2090 dollars/TEU, with a 0.53% increase compared to the previous period [2] - Other indexes like CCFI, NCFI, and TCI also had their respective data and changes [2] European Line Supply and Demand - In August and September (temporarily), the average weekly capacity is 325,000 and 324,000 TEU respectively. The capacity in weeks 32, 33, 34, and 35 is 330,000, 305,000, 350,000, and 316,000 TEU respectively, with high capacity pressure especially in the second half of August [2] - There is a transfer of shipping schedules from the US line to the European line. With the support of the shipping companies' base cargo volume, the shipping companies' stowage rate in late July was not under great pressure, but the cargo volume in early August is gradually weakening [2] European Line Quotations - In July, the European line quotations remained stable at around 2400 points [3] - In August, the PA Alliance's quotations dropped by 200 - 300 to 3100 dollars, MSK's quotations decreased slightly at first and then increased slightly, and OA mainly maintained at 3400 - 3500 dollars (considering a decline). The quotation in week 31 was about 3300 dollars (equivalent to 2300 points on the futures market) [13] Relevant News - On July 27, 2025, US President Trump announced that the US and the EU had reached a trade agreement, including a 15% tariff on EU goods exported to the US, a 600 - billion - dollar increase in EU investment in the US, and the EU's purchase of US military equipment and 750 - billion - dollar energy products [4] - The Yemen Houthi rebels stated that they would attack any ships belonging to companies with business at Israeli ports [4] - The cease - fire negotiation between Israel and Hamas in Gaza was deadlocked. Israel was considering measures to pressure Hamas, while Hamas officials said they were ready to complete the negotiation and that Israel's negative statements were an attempt to avoid the negotiation results [5]

Report Summary 1. Report Industry Investment Rating No information provided regarding the industry investment rating. 2. Core Viewpoints - The shipping capacity in August is relatively high, with an average weekly capacity of 320,000 TEU, a month - on - month increase of 8%. However, there is still support from base cargo at the beginning of August. In the next half - month, the market may remain stable or see a slight decline in quotes from some shipping companies [1]. - The downstream is currently booking shipping space for early August (week 30 - 31). The quotes were stable throughout July, around 2400 points. In the fifth week of July (week 31), the quote was $3400, equivalent to around 2400 points on the futures market [2]. 3. Summary by Relevant Catalogs EC Futures Contracts - EC2508 had a closing price of 2367.3, a change of 33.2, a trading volume of 11341, and an open interest of 13245 [1]. - For different EC futures contracts, there were various price changes, trading volumes, and open interest. For example, EC2510 had a closing price of 1644.7, a change of 755.8, a trading volume of 72757, and an open interest of 52717 [1]. - The month - to - month spreads also showed different trends. For instance, the spread between EC2508 - 2510 was 722.6, with a day - on - day increase of 69.7 [1]. Spot Freight Rate Index - SCHI2 on July 21, 2025, was 2400.5 points, a decrease of 0.89% compared to the previous period [1]. - SCFI on July 18, 2025, was $2079 per TEU, a decrease of 0.95% compared to the previous period [1]. - CCFI on July 18, 2025, was 1803.42 points, an increase of 4.46% compared to the previous period [1]. - NCFI on July 18, 2025, was 1440.25 points, an increase of 0.35% compared to the previous period [1]. - TCI on July 18, 2025, was 1054.56 points, a decrease of 0.75% compared to the previous period [1]. Recent European Line Quotes - The downstream is booking space for early August. Quotes were stable in July, around 2400 points. In week 31 of July, the quote was $3400, equivalent to around 2400 points on the futures market [2]. - On July 21, CMA lowered its quotes. The quote at the end of July decreased from $3645 to $3445, from $4145 to $3745 in early August, and from $5245 to $4145 in late August [2]. Related News - On July 19, Hamas reached a comprehensive cease - fire agreement, but Israel rejected it. Hamas was ready for a long - term battle and was willing to release all hostages in Gaza as part of the cease - fire agreement [3]. - On July 21, the Israeli Defense Forces started a ground operation in southern Deir al - Balah in the central Gaza Strip [3]. - On July 22, US President Trump hoped to end the conflict in Gaza through negotiation, achieve a cease - fire, and secure the release of all hostages [3].