Market News - The National Bureau of Statistics will release the Purchasing Managers' Index (PMI) monthly report on September 30, with market attention on whether the manufacturing sector can continue its recovery trend [2] - The People's Bank of China will have 516.6 billion yuan in reverse repos maturing this week, with significant amounts maturing on Monday and Tuesday [3] - The China Securities Depository and Clearing Corporation announced arrangements for securities fund clearing during the 2025 National Day and Mid-Autumn Festival holidays [3] - New financial regulations will take effect on October 1, including the "Management Measures for the Protection of Permanent Basic Farmland" and various guidelines from the central bank and the CSRC [3] Sector Matters - Starting October 1, internet platform companies will officially report identity and income information of operators and employees as per new tax reporting regulations [6] - The Hefei International New Energy Vehicle Conference will be held from September 29 to October 5, focusing on smart connectivity, AI technology, chips, and supply chains [6] - The U.S. government will no longer provide tax credits for electric vehicles starting September 30 under the "Big and Beautiful" Act [6] Individual Stock Events - Zhongxin Co. announced that the U.S. Department of Commerce made a final anti-dumping ruling on "hot-formed molded fiber products" from China and Vietnam [8] - Yidao Information is planning a major asset restructuring involving the acquisition of stakes in two companies, leading to a temporary suspension of its stock [8] - ST Tianmao announced that the Shenzhen Stock Exchange approved the voluntary termination of its stock listing, with delisting scheduled for September 30 [8] - New Light Optoelectronics received a notice of investigation against its controlling shareholder and CEO [8] - Koli announced plans to reduce its shareholding by up to 14.875 million shares, accounting for 2% of its total shares [8] Restricted Stock Unlocking - A total of 36 restricted stocks will be unlocked this week, with approximately 4.882 billion shares released, valued at around 40.081 billion yuan, a decrease of 35.3% from the previous week [16] - The highest unlocking value is from Ningbo Port, Wan Kai New Materials, and Jiao Cheng Ultrasound, with values of 13.202 billion yuan, 4.665 billion yuan, and 4.374 billion yuan respectively [20] New Stock Calendar - One new stock will be issued this week, with Daosheng Tianhe starting online subscriptions on September 29 at a price of 5.98 yuan per share [22] Market Outlook - The current market shows healthy trends in sectors like optical modules, PCB, innovative drugs, and non-ferrous metals, while innovative drugs are experiencing consolidation [24] - According to Everbright Strategy, the market is expected to continue its upward trend after the National Day holiday, with reasonable valuations and no significant overextension [25]

Group 1 - U.S. Treasury Secretary Becerra expressed dissatisfaction with Fed Chair Powell's lack of a clear interest rate cut agenda, suggesting a need for a reduction of 100 to 150 basis points by year-end [2] - Powell acknowledged the dual risks of a weak job market and rising inflation, indicating a challenging policy environment with no risk-free path [2] - Becerra praised newly appointed Fed Governor Stephen Miran for advocating aggressive rate cuts, noting Miran's dissent against a recent 25 basis point cut, favoring a 50 basis point reduction instead [2] Group 2 - Becerra criticized the Fed for its rigidity and called for fresh perspectives, emphasizing the importance of open-minded participation in discussions [3] - He is interviewing 11 candidates for Powell's successor, planning to submit a shortlist of 3 to 4 strong candidates to President Trump after further interviews [3] - Becerra highlighted concerns over recent employment data revisions, indicating potential internal economic issues, while focusing on the impact of economic conditions on low-income Americans [3]

Report Industry Investment Rating No relevant content provided. Core Viewpoints of the Report - This week, most prices of the container shipping index (European Line) futures declined. The main contract EC2510 closed down 4.66%, and the far - month contracts declined between 3 - 5%. The latest SCFIS European Line settlement freight rate index was 2180.17, down 55.31 points from last week, a 2.5% month - on - month decrease, and the spot indicator continued to decline [6][46]. - In the context of the lack of significant improvement in demand, over - capacity remains a huge pressure on the supply side in the future, limiting the recovery space of shipping prosperity. Whether the price increase announced by leading shipping companies in December can be implemented depends on the cargo volume in the fourth quarter, but the current economic data of the eurozone is not optimistic overall. With high tariff uncertainty, the market is generally waiting and watching. Freight and industry profitability are expected to be under pressure, and the traditional peak season this year may show the characteristic of "not prosperous in the peak season", with freight rates expected to fluctuate weakly [7][47]. Summary by Directory 1. Market Review - The prices of the main contract of the container shipping index (European Line) futures declined this week. Specifically, EC2508 rose 2.20%, EC2510 fell 4.66%, EC2512 fell 5.04%, EC2602 fell 4.22%, EC2604 fell 5.25%, and EC2606 fell 3.81%. The SCFIS index fell 2.5% [9]. - The trading volume and open interest of the EC2510 contract declined collectively [18]. 2. News Review and Analysis - The US added 407 product categories to the steel and aluminum tariff list with a 50% tax rate, which is bearish for the market [21]. - The EU and the US reached a new trade agreement. The US will impose a 15% tariff on most EU goods, while the EU will cancel tariffs on US industrial products and purchase US energy and AI chips, which is bullish for the market [21]. - The Fed's July meeting minutes showed that most policymakers supported not cutting interest rates in July. There were differences among Fed officials regarding inflation, employment, and the impact of tariffs on inflation, which is neutral for the market [21]. - The central bank proposed to implement a moderately loose monetary policy, which is neutral for the market [21]. 3. Weekly Market Data - The basis and spread of the container shipping index (European Line) futures contracts converged this week [28]. - The export container freight rate index declined this week [32]. - Container shipping capacity declined in the short term. The BDI and BPI rebounded due to geopolitical factors [36]. - The charter price of Panamax ships rebounded rapidly this week. The spread between the offshore and on - shore RMB against the US dollar fluctuated mainly [40]. 4. Market Outlook and Strategy - The container shipping index (European Line) futures prices mostly declined this week. Spot indicators continued to decline. Leading shipping companies started a "price war", and the market expected to turn cold. Trump's plan to impose additional tariffs increased uncertainty in global trade. The Fed's attitude towards interest rates and the eurozone's economic situation also had an impact on the market [46]. - Due to over - capacity and high tariff uncertainty, freight rates are expected to fluctuate weakly. Attention should be paid to factors such as the actual follow - up increase of shipping companies' cabin opening prices in December, the frequency of Houthi attacks, and trade war - related information [47].