Core Insights - The article discusses the potential for a new "3 trillion" investment, focusing on the transition of demand towards the service sector as GDP per capita reaches between $10,000 and $30,000, while highlighting the current supply constraints in services and the investment gap that exists [4]. Group 1: Deep Dive Topics - The article emphasizes the need for investment in human capital to bridge the existing gaps in service supply and to facilitate the transition towards a service-oriented economy [4]. Group 2: Hot Topics - The article explores the contrasting expectations and realities of inflation in the U.S. post-tariff implementation, questioning whether inflation will resurge in the latter half of the year [8]. - It also discusses the significance of the "15th Five-Year Plan" as a critical period leading up to the 2035 vision, outlining potential focus areas for development [10]. - The article addresses geopolitical risks, specifically regarding Iran's decision to block the Strait of Hormuz, and evaluates the credibility of such threats and their potential market impacts [13]. Group 3: High-Frequency Tracking - Domestic shipping prices have been on the rise, indicating a recovery in port freight volumes despite overall weak infrastructure construction activity [15]. - In the U.S., recent bond auctions have performed better than expected, while retail sales data for May fell short of projections, indicating mixed economic signals [20].

Core Viewpoint - The article discusses the potential investment opportunities in the context of the new "three trillion" investment, focusing on the transition of demand towards the service sector as GDP per capita reaches between $10,000 and $30,000, while highlighting the current supply constraints in services and the investment gap that exists [4]. Group 1: Deep Topics - The article emphasizes the need for investment in human capital to bridge the existing investment gap in the service sector [4]. Group 2: Hot Topics - The article analyzes the contrasting expectations and realities of inflation in the U.S. following the implementation of reciprocal tariffs, questioning whether inflation will resurge in the latter half of the year [8]. - It discusses the key areas of focus for the "15th Five-Year Plan" as a critical period leading to the 2035 vision, outlining the progress and potential priorities [10]. - The article addresses the implications of Iran's parliamentary decision to block the Strait of Hormuz, assessing the credibility of such threats and their potential market impacts [13]. Group 3: High-Frequency Tracking - Domestic shipping prices have been continuously rising, indicating a recovery in port freight volumes despite weak overall infrastructure construction [15]. - In the U.S., the recent bond auction performed better than expected, while retail sales in May fell short of forecasts, reflecting mixed economic signals [20]. - The article outlines various recent domestic policy initiatives aimed at enhancing financial market regulation and promoting digital currency operations, including the establishment of a personal credit agency and offshore trade financial services [22].

1. Report Industry Investment Rating No relevant information provided in the content. 2. Core View of the Report - The freight rates of the US route in June increased significantly due to the mismatch between supply and demand. The demand on the China-US route has rapidly increased, and the freight rates have soared under the background of the mismatch between supply and demand. The freight rates of the European route in June have a downward trend, and the Maersk's second-half-of-June quotation is relatively high, with a price increase expected in July. The 06 contract will gradually return to the "real" end trading as the delivery deadline approaches, and the 08 contract has a strong game between expectation and reality. It is recommended to conduct arbitrage operations. The main strategy is that the main contract fluctuates, and the arbitrage strategies are to go long on 08 and short on 10, and go long on 06 and short on 10 [3][5][7]. 3. Summary According to Relevant Catalogs 3.1 Futures Price - As of June 4, 2025, the total open interest of all contracts of the container shipping index European route futures was 91,264 lots, and the single-day trading volume was 113,681 lots. The closing prices of EC2602, EC2604, EC2506, EC2508, EC2510, and EC2512 contracts were 1399.80, 1239.20, 1970.30, 2199.10, 1383.00, and 1570.10 respectively [6]. 3.2 Spot Price - On May 30, the SCFI (Shanghai - Europe route) price was 1587.00 US dollars/TEU, the SCFI (Shanghai - US West route) price was 5172.00 US dollars/FEU, and the SCFI (Shanghai - US East) price was 6243.00 US dollars/FEU. On June 2, the SCFIS (Shanghai - Europe) was 1252.82 points, and the SCFIS (Shanghai - US West) was 1718.11 points [6]. 3.3 Container Ship Capacity Supply - In 2025, it is still a big year for container ship deliveries. As of May 30, 2025, a total of 34 ships of 12,000 - 16,999 TEU were delivered, with a total of 513,200 TEU; 4 ships of over 17,000 + TEU were delivered, with a total of 94,864 TEU. From January to May, a total of 115 container ships were delivered, with a total of 903,900 TEU [6]. 3.4 Supply Chain - There was an attack on Israel's Ben - Gurion International Airport by the Houthi armed forces, which may have an impact on the supply chain [3]. 3.5 Demand and European Economy - The demand on the China - US route has increased rapidly due to the reduction of Sino - US tariffs, and the demand on the European route has a downward trend. The monthly average weekly capacity of the Shanghai - European route in June was about 268,200 TEU, and the weekly capacity in weeks 23/24/25/26 was 273,200/227,100/298,400/273,700 TEU, an increase of more than 20% compared with the same period last year [3][4].