1. Report Industry Investment Rating - No relevant information provided 2. Core View of the Report - SCFIS continues to rise, spot freight rates maintain an upward trend, and the market shows a strong and volatile pattern. Attention should be paid to the freight rate trend in February [2] - The impact of the US raid on Venezuela on the market is expected to be limited. The premium space caused by weather and congestion is also limited. The current core factor is the direction of spot freight rates [4] - The main contract has shown a seasonal rebound. It is recommended to participate with a light position or wait and see [4] - After the holiday, the freight rates of various shipping companies have increased slightly, which supports the market to some extent, but there are differences in the subsequent increase. The overall market is strongly volatile. Attention should be paid to tariff policies, the Middle - East situation, and spot freight rates [4] 3. Summary by Relevant Catalogs 3.1 Freight Rate Indexes - On January 5, the Shanghai Export Container Settlement Freight Index (SCFIS) for the European route was 1795.83 points, up 3.1% from the previous period; for the US - West route, it was 1250.12 points, down 3.9% from the previous period [3] - On January 2, the Ningbo Export Container Freight Index (NCFI) (composite index) was 1296.7 points, up 10.40% from the previous period; for the European route, it was 1258.31 points, up 9.96% from the previous period; for the US - West route, it was 1743.56 points, up 38.94% from the previous period [3] - On December 26, the Shanghai Export Container Freight Index (SCFI) announced price was 1656.32 points, up 103.4 points from the previous period; the European - line price was 1690 USD/TEU, up 10.24% from the previous period; the US - West route price was 2188 USD/FEU, up 9.84% from the previous period [3] - On December 26, the China Export Container Freight Index (CCFI) (composite index) was 1124.73 points, up 0.6% from the previous period; for the European route, it was 1473.90 points, up 0.2% from the previous period; for the US - West route, it was 792.06 points, down 0.9% from the previous period [3] 3.2 Economic Data - The preliminary value of the eurozone's December composite PMI was 51.9, with an expected value of 52.6 and a previous value of 52.8. The preliminary value of the services PMI was 52.6, lower than the market - expected 53.3, indicating a weakening growth momentum in the service sector [3] - The eurozone's December Sentix investor confidence index was -6.2, with an expected value of -7 and a previous value of -7.4 [3] - In November, the manufacturing purchasing managers' index (PMI) was 49.2%, up 0.2 percentage points from the previous month, and the business climate improved [4] - In October, the composite PMI output index was 49.7, down 0.3 percentage points from the previous month, and it fell below the boom - bust line for the first time since 2023 [4] - The preliminary value of the US December S&P Global services PMI was 52.9, a six - month low, with an expected value of 54 and a previous value of 54.1. The preliminary value of the US December S&P Global composite PMI was 53, with an expected value of 53.9 and a previous value of 54.2 [4] 3.3 Market Conditions of the Main Contract - On January 5, the main contract 2602 closed at 1855.5, with a gain of 1.48%, a trading volume of 22,900 lots, and an open interest of 26,000 lots, an increase of 1,916 lots from the previous day [4] 3.4 Investment Strategies - Short - term strategy: The main contract has reached a new high. It has been recommended to take all profits. It is recommended to wait and see in the short term and not to add more positions [5] - Arbitrage strategy: Against the backdrop of international geopolitical turmoil, each contract still follows the seasonal logic and has large fluctuations. It is recommended to wait and see or try with a light position [5] - Long - term strategy: It has been recommended to take profits when each contract reaches a high. Wait for the price to stabilize after a pull - back and then judge the subsequent direction [5] 3.5 Contract Adjustments - The daily price limit for contracts 2508 - 2606 has been adjusted to 18% [5] - The company's margin for contracts 2508 - 2606 has been adjusted to 28% [5] - The daily opening position limit for all contracts 2508 - 2606 is 100 lots [5]

1. Report Industry Investment Rating - No information provided 2. Core Viewpoints of the Report - On Wednesday, the freight index (European line) futures prices fluctuated slightly, with the main contract EC2602 closing down 1.63% and the far - month contracts closing down between -1% and -1%. The latest SCFIS European line settlement freight index was 1589.20, up 78.64 points from last week, a 5.2% week - on - week increase. The SCFI rebounded for the second consecutive week, rising 46.46 points to 1552.92 points, a 3.08% increase. The full - load of shipping companies drove the futures price up. The new export order index in November rose to 47.9, indicating a pre - Christmas recovery in terminal transportation demand. The 52 - week average spot freight quote was $2450 for large containers, and some voyages were over - booked. The Red Sea resumption of navigation expectation improved, and the euro - zone economy continued to recover. Trade war situation improvement and the shipping peak season are conducive to the futures price recovery, while the short - term impact of geopolitical situation on freight rates has weakened. The freight market is mainly affected by seasonal demand. It is recommended that investors 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: 1795.80, down 29.8; EC sub - main contract closing price: 1165, down 0.8. EC2602 - EC2604 spread: 630.80, down 17.80; EC2602 - EC2606 spread: 476.80, up 1.90. EC contract basis: - 206.60, up 10.80. EC main contract open interest: 34316, down 688 [1] 3.2 Spot Market Data - SCFIS (European line) (weekly): 1589.20, up 78.64; SCFIS (US West Coast line) (weekly): 962.10, up 37.74. SCFI (composite index) (weekly): 1552.92, up 46.46. Container ship capacity: 1227.97 (ten thousand TEUs), unchanged. CCFI (composite index) (weekly): 1124.73, up 6.66; CCFI (European line) (weekly): 1473.90, up 3.35. Baltic Dry Index (daily): 1889.00, up 90.00; Panamax Freight Index (daily): 1266.00, up 16.00. Average charter price of Panamax ships: 0.00, unchanged; Average charter price of Capesize ships: 22120.00, down 4660.00 [1] 3.3 Industry News - Chinese President Xi Jinping emphasized that central enterprises should focus on their main responsibilities, optimize the layout of the state - owned economy, strengthen core functions and competitiveness, focus on the real economy, strengthen key core technology research, and deepen reforms. US President Trump posted that he hopes the next Fed chair will cut interest rates when the economy and the market are performing well, and criticized the current market logic. He said low - interest rates can boost the stock market, the economy and improve the housing burden, and a rising stock market may increase the US GDP by 10, 15, 20 or more percentage points [1] 3.4 Key Points to Follow - Multiple regions will have Christmas holidays on December 25th [1]

Report Summary 1. Report Industry Investment Rating No information provided. 2. Core Viewpoints - Spot cargo volume is warm, the market is fluctuating strongly, in line with the daily report's expectations. Attention should be paid to the pre - Spring Festival shipping market, and freight rates show no obvious fluctuations. The core issue of freight rate trends lies in traditional seasonality and the resumption of shipping in the Red Sea. The impact of the tariff issue has become marginal [1][2]. - The eurozone's November comprehensive PMI remains above the boom - bust line, with a slight decline compared to October. The US November service and comprehensive PMI show positive trends. China's November manufacturing PMI improves, while the October comprehensive PMI output index drops below the boom - bust line [1][2]. 3. Summary by Related Content Freight Rate Index - **SCFIS and NCFI**: On December 8, the Shanghai Export Container Settlement Freight Index (SCFIS) for the European route was 1509.10 points, up 1.7% from the previous period, and for the US West route was 960.51 points, up 1.2%. On December 12, the Ningbo Export Container Freight Index (NCFI) for the comprehensive index was 1060.86 points, up 10.23%, for the European route was 1064.13 points, up 9.98%, and for the US West route was 1029.8 points, up 17.28% [1]. - **SCFI, CCFI**: On December 12, the Shanghai Export Container Freight Index (SCFI) comprehensive index was 1506.461 points, up 108.83 points; the European line price was 1538 USD/TEU, up 9.86%; the US West route was 1780 USD/FEU, up 14.84%. The China Export Container Freight Index (CCFI) comprehensive index was 1118.07 points, up 0.3%; the European route was 1470.55 points, up 1.6%; the US West route was 798.95 points, down 2.3% [1]. Economic Data - **Eurozone**: The eurozone's November comprehensive PMI preliminary value was 52.4, slightly lower than October's 52.5. The service PMI preliminary value was 53.1, higher than the previous and expected values. The December Sentix investor confidence index was - 6.2, better than the expected - 7 [1]. - **China**: In November, the manufacturing PMI was 49.2%, up 0.2 percentage points from the previous month. In October, the comprehensive PMI output index was 49.7, down 0.3 percentage points from the previous month, falling below the boom - bust line for the first time since 2023 [2]. - **US**: The US November S&P Global service PMI preliminary value was 55, higher than the expected 54.6 and the previous 54.8. The comprehensive PMI preliminary value was 54.8, rising for the second consecutive month [2]. Market Strategy - **Short - term Strategy**: The main contract rebounds after a pullback, and the far - month contract's fluctuation slows down. Risk - takers are advised to take a small - position long in the main contract, then take all profits, not add more positions, not hold losing positions, and set stop - losses [2]. - **Arbitrage Strategy**: Given the volatile international situation, each contract maintains a seasonal logic with large fluctuations. It is recommended to wait and see or take a small - position attempt [2]. - **Long - term Strategy**: Each contract is advised to take profits when the price rises, wait for the price to stabilize after a pullback, and then judge the subsequent trend [2]. Contract Information - On December 12, the main contract 2602 closed at 1677.8, up 0.32%, with a trading volume of 27,000 lots and an open interest of 31,700 lots, an increase of 41 lots from the previous day [2]. - The up - limit and down - limit for contracts 2508 - 2606 are adjusted to 18%, and the margin for contracts 2508 - 2606 is adjusted to 28%. The daily opening position limit for all contracts 2508 - 2606 is 100 lots [2].

Report Summary 1. Report Industry Investment Rating No relevant content provided. 2. Core Viewpoints - The market has optimistic sentiment towards February freight rates, and the futures market is fluctuating upwards. However, the spot price has slightly decreased. The core factors affecting freight rates are the traditional seasonality and the resumption of shipping in the Red Sea. The impact of the tariff issue has been marginalized [2][3]. - The market is in a fierce long - short game. Attention should be paid to tariff policies, the Middle East situation, and spot freight rates [3]. 3. Summaries by Related Content Freight Rate Index - On November 28 and December 1, different freight rate indices showed various trends. For example, the Ningbo Export Container Freight Index (NCFI) (composite index) was 972.63 points, up 2.77% from the previous period; the Shanghai Export Container Settlement Freight Index (SCFIS) (European route) was 1483.65 points, down 9.5% from the previous period [2]. - The Shanghai Export Container Freight Index (SCFI) announced a price of 1403.13 points on November 28, up 9.57 points from the previous period; the China Export Container Freight Index (CCFI) (composite index) was 1121.80 points, down 0.1% from the previous period [2]. Economic Data - In October, the Eurozone's manufacturing PMI initial value was 45.9, the service PMI initial value was 51.2, and the composite PMI initial value was 49.7. The Sentix investor confidence index had a previous value of - 9.2 and a forecast value of - 8.5 [2]. - In October in China, the manufacturing PMI was 49.0%, down 0.8 percentage points from the previous month; the composite PMI output index was 50.0%, down 0.6 percentage points from the previous month. In the US, the October S&P Global service PMI initial value was 55.2, the manufacturing PMI initial value was 52.2, and the composite PMI initial value was 54.8 [2][3]. Market Conditions - On December 4, the main contract 2602 closed at 1585.0, with a gain of 3.32%, a trading volume of 27,300 lots, and an open interest of 34,200 lots, a decrease of 786 lots from the previous day [3]. Strategies - Short - term strategy: For risk - preferring investors, it is recommended to take a small long position in the main contract. Do not add positions when the market dips slightly, and do not hold losing positions. Set stop - losses [4]. - Arbitrage strategy: In the context of international turmoil, it is recommended to wait and see or take a small - scale attempt [4]. - Long - term strategy: It is recommended to take profits when the contracts rise, wait for the market to stabilize after a pull - back, and then determine the subsequent direction [4]. Contract Adjustments - The daily limit for contracts 2508 - 2606 is adjusted to 18%. - The company's margin for contracts 2508 - 2606 is adjusted to 28%. - The daily opening limit for all contracts 2508 - 2606 is 100 lots [4].

1. Report Industry Investment Rating - No relevant information provided 2. Core Viewpoints of the Report - The market has optimistic sentiment towards February freight rates, and the market is oscillating upward. The main contract has shown a seasonal rebound, and it is recommended to participate with a light position or wait and see. Attention should be paid to tariff policies, the Middle - East situation, and spot freight rates [2][3] - The tariff issue has a marginal effect, and the current core is the trend of spot freight rates [3] 3. Summary by Related Content Freight Rate Indexes - On November 28th, the Ningbo Export Container Freight Index (NCFI, comprehensive index) was 972.63 points, up 2.77% from the previous period; the Shanghai Export Container Settlement Freight Index (SCFIS, European route) was 1483.65 points, down 9.5%; the NCFI (European route) was 1024.64 points, up 7.67%; the SCFIS (US West route) was 948.77 points, down 14.4%; the NCFI (US West route) was 881.66 points, down 7.77% [2] - On November 28th, the Shanghai Export Container Freight Index (SCFl) announced price was 1403.13 points, up 9.57 points from the previous period; the China Export Container Freight Index (CCFI, comprehensive index) was 1121.80 points, down 0.1%; the SCFl European route price was 1404 USD/TEU, up 2.71%; the CCFI (European route) was 1449.34 points, up 1.1%; the SCFI US West route was 1632 USD/FEU, down 0.79%; the CCFI (US West route) was 841.86 points, down 1.1% [2] Economic Data of Different Regions - In October, the eurozone's manufacturing PMI preliminary value was 45.9 (expected 45.1, previous value 45), the service PMI preliminary value was 51.2 (expected 51.5, previous value 51.4), the composite PMI preliminary value was 49.7 (expected 49.7, previous value 49.6), and the Sentix investor confidence index's previous value was - 9.2, forecast value - 8.5 [2] - In October in China, the manufacturing PMI was 49.0%, down 0.8 percentage points from the previous month; the composite PMI output index was 50.0%, down 0.6 percentage points from the previous month [3] - In October in the US, the S&P Global service PMI preliminary value was 55.2 (expected 53.5, previous value 54.2), the manufacturing PMI preliminary value was 52.2 (expected 52), and the composite PMI preliminary value was 54.8 (expected 53.1, previous value 53.9) [3] Market Conditions of the Main Contract - On December 4th, the main contract 2602 closed at 1585.0, with a gain of 3.32%, a trading volume of 27,300 lots, and an open interest of 34,200 lots, a decrease of 786 lots from the previous day [3] Trading Strategies - **Short - term Strategy**: The main contract rebounds after a pullback, and the fluctuation of far - month contracts slows down. Risk - preferring investors are advised to try long positions with a light position in the main contract. When the market dips slightly, it is not recommended to add positions, not to hold losing positions, and to set stop - losses [4] - **Arbitrage Strategy**: Against the backdrop of international turmoil, each contract still follows seasonal logic with large fluctuations. It is recommended to wait and see or try with a light position [4] - **Long - term Strategy**: It is recommended to take profits when each contract reaches a high point, wait for the callback to stabilize, and then judge the subsequent direction [4] Contract Rules Adjustments - The daily price limit for contracts from 2508 to 2606 is adjusted to 18% [4] - The margin of the company for contracts from 2508 to 2606 is adjusted to 28% [4] - The daily opening position limit for all contracts from 2508 to 2606 is 100 lots [4] Geopolitical Events - On December 3rd local time, the Israeli Defense Forces announced that Hamas violated the cease - fire agreement, attacked Israeli troops in the Rafah area of the Gaza Strip, and injured 5 soldiers. In response, the Israeli military carried out an air strike on a Hamas member in southern Gaza [5]

Industry Investment Rating - No investment rating information provided in the report Core Viewpoints - Affected by pessimistic sentiment, the market continued to decline significantly. It is recommended to wait and see, and there was no obvious fluctuation in freight rates [1] - The tariff issue has shown a marginal effect. Currently, the core is the direction of spot freight rates. The main contract has shown a seasonal rebound. It is recommended to participate with a light position or wait and see [3] - Pessimistic sentiment persists, spot freight rates are falling, the market has plunged, trading volume has increased, and the long - short game is fierce. The market is oscillating at a low level. Attention should be paid to tariff policies, the Middle East situation, and spot freight rates [3] Summary by Related Content Freight Index Changes - On November 24, the Ningbo Export Container Freight Index (NCFI) (composite index) was 946.44 points, a decrease of 5.33% from the previous period; the Shanghai Export Container Settlement Freight Index (SCFIS) (European route) was 1639.37 points, an increase of 20.7% from the previous period; the NCFI (European route) was 951.65 points, a decrease of 2.83% from the previous period; the SCFIS (US West route) was 1107.85 points, a decrease of 10.5% from the previous period; the NCFI (US West route) was 955.93 points, a decrease of 9.17% from the previous period [2] - On November 21, the Shanghai Export Container Freight Index (SCFI) announced a price of 1393.56 points, a decrease of 57.82 points from the previous period; the China Export Container Freight Index (CCFI) (composite index) was 1122.79 points, an increase of 2.6% from the previous period; the SCFI European route price was 1367 USD/TEU, a decrease of 3.53% from the previous period; the CCFI (European route) was 1432.96 points, an increase of 2.1% from the previous period; the SCFI US West route was 1645 USD/FEU, a decrease of 9.76% from the previous period; the CCFI (US West route) was 850.96 points, an increase of 0.6% from the previous period [2] PMI Data - In October, China's manufacturing PMI was 49.0%, a decrease of 0.8 percentage points from the previous month, and the manufacturing prosperity level declined; the composite PMI output index was 50.0%, a decrease of 0.6 percentage points from the previous month, indicating that the overall production and operation activities of Chinese enterprises were stable [3] - The initial value of the eurozone's October manufacturing PMI was 45.9, expected to be 45.1, and the previous value was 45; the initial value of the service PMI was 51.2, expected to be 51.5, and the previous value was 51.4; the initial value of the composite PMI was 49.7, expected to be 49.7, and the previous value was 49.6; the Sentix investor confidence index was - 9.2 in the previous period and the predicted value was - 8.5 [2] - The initial value of the US October S&P Global service PMI was 55.2, expected to be 53.5, and the previous value was 54.2; the initial value of the manufacturing PMI was 52.2, expected to be 52; the initial value of the composite PMI was 54.8, expected to be 53.1, and the previous value was 53.9 [3] Contract Information - On November 26, the main contract 2602 closed at 1387.4, a decline of 7.62%, with a trading volume of 38,100 lots and an open interest of 44,100 lots, a decrease of 4222 lots from the previous day [3] Strategy Suggestions - Short - term strategy: The main contract has retraced, and the far - month contracts are relatively strong. Risk - preferring investors are recommended to try to go long lightly in the 1550 - 1600 range of the EC2602 contract. After the market plunges, do not recommend additional positions or holding losses. Set stop - losses [4] - Arbitrage strategy: Against the backdrop of international turmoil, each contract still follows the seasonal logic with large fluctuations. It is recommended to wait and see or try with a light position [4] - Long - term strategy: It is recommended to take profits when each contract rises, wait for the callback to stabilize, and then judge the subsequent direction [4] Other Information - The Sino - US tariff issue is still resolved in the form of an extension in the short term. The logic of the freight rate trend still returns to the traditional seasonality and the issue of when the Red Sea will resume navigation. Currently, the spot price has decreased slightly [3] - On November 25, the Egyptian Intelligence Bureau chief and the Qatari Deputy Prime Minister and Foreign Minister held talks in Cairo on the Gaza cease - fire issue and agreed to continue to strengthen cooperation and coordination with the US to ensure the maintenance of the Gaza cease - fire and implement the second phase of the cease - fire agreement [5] - The CEO of Maersk said that he was encouraged by the Gaza peace process, which would help establish freedom of navigation in the Mandeb Strait and restore normal trade routes [5]

Core Insights - The Drewry Asia Container Freight Index (IACI) increased by 24% in the first half of November, reaching $630 per FEU [1] - Seasonal demand has declined post the November holiday, prompting shipping companies to implement measures such as sailing suspensions to boost freight rates [1] - Freight rate performance is varied, with rates from Shanghai to Jakarta and Linchaban reaching their highest levels since July, while rates from Shanghai to Manila have fallen to historical lows [1]

Report Summary 1. Investment Rating No investment rating for the industry is provided in the report. 2. Core View - SCFIS has risen significantly, but some long - position holders have taken profits and left the market, leading to a weak and volatile market, which is in line with the daily report's rebound expectation. It is not recommended to increase positions, and stop - loss should be set [2]. - The tariff issue has a marginal effect, and the core is the trend of spot freight rates. The main contract may be in the bottom - building process, and it is recommended to participate with a light position or wait and see [7]. 3. Summary by Relevant Content 3.1 Shipping Indexes - **SCFIS**: On October 27, the Shanghai Export Container Settlement Freight Index (SCFIS) for the European route was 1312.71 points, up 15.1% from the previous period; for the US - West route, it was 1107.32 points, up 28.2% from the previous period [3]. - **SCFI**: On October 24, the Shanghai Export Container Freight Index (SCFI) was 1403.46 points, up 93.14 points from the previous period. The SCFI price for the European line was 1246 USD/TEU, up 8.8% from the previous period; for the US - West route, it was 2153 USD/FEU, up 11.2% from the previous period [4]. - **NCFI**: On October 24, the Ningbo Export Container Freight Index (NCFI) composite index was 977.21 points, up 2.17% from the previous period; for the European route, it was 822.3 points, up 2.38% from the previous period; for the US - West route, it was 1293.75 points, up 3.13% from the previous period [5]. - **CCFI**: On October 24, the China Export Container Freight Index (CCFI) composite index was 992.74 points, up 2.0% from the previous period; for the European route, it was 1293.12 points, up 2.0% from the previous period; for the US - West route, it was 736.23 points, up 1.5% from the previous period [5]. 3.2 Economic Data - **Eurozone**: In September, the preliminary manufacturing PMI was 49.5, falling below the boom - bust line, lower than analysts' expectations and the previous value of 50.7. The preliminary services PMI rose from 50.5 to 51.4, exceeding the expected 50.5. The preliminary composite PMI was 51.2, exceeding analysts' expectations. The Sentix investor confidence index was - 9.2, with an expected - 2 and a previous value of - 3.7 [6]. - **China**: In August, the manufacturing PMI was 49.4%, up 0.1 percentage points from the previous month, indicating an improvement in manufacturing prosperity. The composite PMI output index was 50.5%, up 0.3 percentage points from the previous month, remaining above the critical point, showing that the overall expansion of enterprise production and operation activities has accelerated [6]. - **US**: In September, the preliminary S&P Global manufacturing PMI was 52 (the final value in August was 53); the preliminary services PMI was 53.9 (the final value in August was 54.5); the preliminary composite PMI was 53.6 (the final value in August was 54.6) [6]. 3.3 Market Strategy - **Short - term Strategy**: The main contract is weak, and the far - month contracts are strong, which is in line with the bottom - building judgment. Risk - preferring investors have been advised to try to build positions in the EC2512 contract below 1500. Pay attention to the subsequent market trend, do not hold losing positions, and set stop - loss [7]. - **Arbitrage Strategy**: Against the backdrop of international turmoil, each contract still follows the seasonal logic with large fluctuations. It is recommended to wait and see or try with a light position [7]. - **Long - term Strategy**: It has been recommended to take profits when the contracts rise, wait for the callback to stabilize, and then judge the subsequent direction [7]. 3.4 Market Conditions - On October 27, the main contract 2512 closed at 1775.0, with a decline of 2.79%, a trading volume of 27,700 lots, and an open interest of 28,000 lots, a decrease of 2254 lots from the previous day [7]. - Sino - US trade shows signs of easing, but the overall long - position sentiment has subsided. Coupled with some long - position holders taking profits and leaving the market, the market is weakly volatile. Attention should be paid to tariff policies, the Middle - East situation, and spot freight rates [7]. 3.5 Contract Adjustments - The daily limit for contracts 2508 - 2606 has been adjusted to 18%. - The company's margin for contracts 2508 - 2606 has been adjusted to 28%. - The daily opening limit for all contracts 2508 - 2606 is 100 lots [7].

Report Summary 1. Report Industry Investment Rating No industry investment rating is provided in the report. 2. Core Viewpoints - The bulk market is generally warm, but liner companies have slightly lowered freight rates. The market has fluctuated significantly recently, and it is not recommended to increase positions. Stop - loss should be set [2]. - Amid geopolitical conflicts and tariff uncertainties, the game is difficult. It is recommended to participate with light positions or stay on the sidelines [5]. 3. Summary According to Related Content Market Indexes and Economic Data - On August 4, the Shanghai Export Container Settlement Freight Index SCFIS (European route) was 2297.86 points, down 0.8% from the previous period; SCFIS (US West route) was 1130.12 points, down 12.0%. On August 1, the Ningbo Export Container Freight Index NCFI (composite index) was 1087.66 points, down 2.06%; NCFI (European route) was 1372.67 points, down 3.53%; NCFI (US West route) was 1114.45 points, down 0.54% [3]. - On August 1, the Shanghai Export Container Freight Index SCFI published price was 1550.74 points, down 41.85 points from the previous period; SCFI European route price was 2051 USD/TEU, down 1.86%; SCFI US West route was 2021 USD/FEU, down 2.23%. The China Export Container Freight Index CCFI (composite index) was 1232.29 points, down 2.3%; CCFI (European route) was 1789.50 points, up 0.1%; CCFI (US West route) was 876.57 points, down 0.5% [3]. - The eurozone's July manufacturing PMI preliminary value was 49.8, higher than the expected 49.7; the services PMI preliminary value was 51.2, exceeding the expected 50.7; the composite PMI preliminary value was 51, higher than the expected 50.8. The July SENTIX investor confidence index jumped to 4.5, the highest since April 2022 [3]. - China's July manufacturing PMI was 49.3%, down 0.4 percentage points from the previous month. The US July S&P Global manufacturing PMI preliminary value was 49.5, lower than the expected 52.7; the services PMI preliminary value was 55.2, higher than the expected 53; the Markit composite PMI preliminary value was 54.6, the highest since December 2024 [4]. Policy and Market Situation - Trump continued to impose tariffs on multiple countries, mainly in Southeast Asia, hitting re - export trade. The Trump administration postponed the tariff negotiation date to August 1. The spot market price range is set, with a 25% small price increase to test the market, and the market rebounded slightly [5]. Trading Strategies - Short - term strategy: The short - term market may mainly rebound. Risk - takers are advised to take light positions below 1300 in the 2510 contract (already with a profit margin of over 300 points) and take partial profits. For the EC2512 contract, light - position short - selling has been recommended, and profit - taking is advised. Pay attention to the subsequent market trend, do not hold losing positions, and set stop - losses [5]. - Arbitrage strategy: Against the backdrop of international situation turmoil, the market is mainly in a positive arbitrage structure with large fluctuations. It is recommended to stay on the sidelines or try with light positions [5]. - Long - term strategy: For each contract, it is recommended to take profits when the price rises, wait for the price to stabilize after a pull - back, and then judge the subsequent trend [5]. Contract Information - On August 6, the main contract 2510 closed at 1420.1, up 0.64%, with a trading volume of 48,600 lots and an open interest of 54,400 lots, an increase of 2253 lots from the previous day [5]. - The daily limit for contracts 2508 - 2606 is adjusted to 18%. The company's margin for contracts 2508 - 2606 is adjusted to 28%. The daily opening limit for all contracts 2508 - 2606 is 100 lots [5].

Core Insights - The Shanghai Export Container Freight Index for European routes is reported at 2297.86 points as of August 4, 2025, reflecting a decrease of 0.8% compared to the previous period [1] Industry Summary - The index indicates a slight decline in shipping rates for exports from Shanghai to Europe, which may suggest a softening demand or increased capacity in the shipping industry [1]