Report Industry Investment Rating - Not provided Core Viewpoints - The freight index (European Line) futures contracts generally showed an opening increase, followed by a volatile decline, and a slight recovery near the close. Most contracts ended slightly higher, except for EC2604. The EC2510 contract saw a reduction in long and short positions, and trading volume decreased. The market sentiment was relatively calm, with some short - positions taking profits. In early September, the spot freight quotes of some shipping companies on the European Line stopped falling and rebounded, supporting the futures prices. The EC is likely to continue its oscillating trend, and some contracts may recover from low levels [1]. Summary by Related Content EC Risk Management Strategy - For those with existing shipping space but facing full capacity or poor booking volume and worried about falling freight rates, it is recommended to short the container shipping index futures (EC2510) at 1450 - 1550 to lock in profits [1]. - For those aiming to manage costs and concerned about rising freight rates, it is advisable to buy the container shipping index futures (EC2510) at 1200 - 1300 to pre - determine booking costs [1]. EC Contract Data - As of August 19, 2025, the EC2508 contract had a base of 91.97 points, a daily decline of 4.40 points, and a weekly decline of 63.51 points. The EC2510 contract had a base of 807.07 points, a daily increase of 0.50 points, and a weekly decline of 19.61 points. Different contracts had various price changes and spreads [3][5]. Freight Quotes - On August 28, Maersk's 20GP total quote for Shanghai - Rotterdam was $1450, up $45 from the previous period, and 40GP was $2450, up $80. In late August, CMA CGM's 20GP quote decreased by $150, and 40GP by $300. In early September, CMA CGM's 20GP quote recovered by $600, and 40GP by $700. ONE's 20GP quote in early September increased by $330 on average, and 40GP by $500 [7]. Global Freight Index - The SCFIS European Line decreased by 2.47% to 2180.17 points; the SCFIS US West Line increased by 2.23% to 1106.29 points. Other indices also showed different degrees of increase or decrease [8]. Port Waiting Time - On August 18, 2025, the waiting time at Hong Kong Port was 0.493 days, up 0.074 days from the previous day; Shanghai Port was 2.029 days, up 0.476 days. Different ports had different waiting time changes [15]. Ship Speed and Waiting Ships - On August 18, 2025, the speed of 8000 + container ships was 15.98 knots, down 0.04 knots from the previous day. The number of ships waiting at the Suez Canal port anchor decreased by 1 to 15 [24].

Report Summary 1. Report Industry Investment Rating No information provided. 2. Core Viewpoints - On Thursday, the freight index (Europe line) futures prices showed mixed trends. The main contract EC2508 closed up 0.11%, while the far - month contracts had declines ranging from -1% to -1%. The current price index continued to improve, supporting the futures price of the main contract. The latest SCFIS Europe line settlement freight rate index was 2123.24, up 186.1 points from last week, a 9.6% week - on - week increase. - The US economic data indicated challenges. The 6 - month ADP employment unexpectedly decreased by 33,000, and the service industry employment had the largest decline since the pandemic. The US interest rate futures fully priced in the Fed's September rate - cut expectation. - The euro - zone economy showed signs of bottoming out under the support of tariff expectation easing and Germany's fiscal expansion policy. However, the manufacturing industry was still under pressure, with a 2.4% month - on - month drop in industrial output. - There was still uncertainty in the trade war, and the demand expectation for the freight index (Europe line) was weak, with large fluctuations in futures prices. But the rapid recovery of spot - end price indicators might drive the futures prices to rise in the short term. Investors were advised to be cautious, pay attention to the operation rhythm and risk control, and track geopolitical, shipping capacity, and cargo volume data [1]. 3. Summary by Relevant Catalogs Futures Disk - EC main contract closing price: 1896.900, up 2.0; EC second - main contract closing price: 1363.9, down 10.6. - EC2508 - EC2510 spread: +17.40 up; EC2508 - EC2512 spread: 358.20, up 2.70. - EC contract basis: -13.40 down, at 226.34. - EC main contract open interest: down 388, at 35947 [1]. Spot Price - SCFIS (Europe line) (weekly): 2123.24, up 186.10; SCFIS (US West line) (weekly): 1619.19, down 464.27. - SCFI (composite index) (weekly): 1861.51, down 8.08; container ship capacity (10,000 TEUs): 1227.97, unchanged. - CCFI (composite index) (weekly): 1369.34, up 26.88; CCFI (Europe line) (weekly): 1640.72, up 62.12. - Baltic Dry Index (daily): 1443.00, up 15.00; Panama Freight Index (daily): 1492.00, up 8.00. - Average charter price (Panamax): 12089.00, down 247.00; average charter price (Capesize): 10261.00, up 338.00 [1]. Industry News - The US military assessment was that Iran's nuclear facilities were destroyed, and its nuclear program was postponed by 1 - 2 years. - China's National Development and Reform Commission arranged over 300 billion yuan to support the third - batch "two major" construction projects in 2025, and the 800 - billion - yuan project list for this year was fully issued. - The US 6 - month ADP employment unexpectedly decreased by 33,000, and the service industry employment had the largest decline since the pandemic. The US interest rate futures fully priced in the Fed's September rate - cut expectation. - The US President announced a trade agreement with Vietnam, with Vietnam's exports to the US subject to a 20% tariff and trans - shipped goods subject to a 40% tariff. Vietnam agreed to cancel all taxes on imported US goods [1]. Key Points to Watch - July 4, 14:45, France's May industrial output monthly rate. - July 4, 17:00, Euro - zone May PPI monthly rate [1].

Core Viewpoint - The announcement by the State Council Tariff Commission regarding the adjustment of tariffs on imports from the United States has led to a significant increase in orders from American clients for Chinese export companies, indicating a positive shift in trade relations and market confidence [1][2][5]. Group 1: Impact on Export Companies - Many foreign trade companies have reported a resurgence in orders from American clients following the tariff adjustment, with some companies in Guangzhou experiencing a notable increase in export orders to the U.S. and even facing shipping congestion [1][2][5]. - The general manager of Yangjiang Yuzhong Daily Necessities Co., Ltd. stated that U.S. clients have resumed placing orders for the second half of the year, indicating a strong recovery in demand [2]. - Other companies, such as Shenzhen Sidagao Porcelain Art Co., Ltd., have also reported that previously delayed orders are now being reinstated, reflecting a return to normalcy in trade with U.S. clients [2]. Group 2: Shipping and Freight Market Dynamics - The freight market has seen a "peak shipping" situation, with reports of increased shipping rates and a surge in demand for container bookings, particularly on routes to the U.S. [5][6]. - According to the Guangzhou Cross-border E-commerce Industry Association, the order volume for this month has increased by 20% to 40% compared to the previous month, while the average price has decreased by about 5% [5]. - The shipping costs for U.S. routes have begun to rise, with the average price for the West Coast increasing by over 30% and the East Coast by over 20% [5][6]. Group 3: Market Sentiment and Future Outlook - There is a general sense of optimism among export companies, with many expressing confidence in the recovery of orders and the ability to fulfill them in the near term [2][5]. - The adjustment in tariffs has led to an increase in inquiries from new clients, suggesting potential growth opportunities for exporters [5]. - The shipping industry is currently experiencing a tight market, with expectations that the recovery in U.S. shipping volumes may alleviate some pressure on European shipping routes in the coming months [6].

Report Summary 1. Investment Rating - Not provided in the report. 2. Core View - On Tuesday, the freight index (European Line) futures prices mostly declined, with the main contract down 4.24% and far - month contracts down 1 - 4%. The escalation of the Sino - US trade war has dampened foreign trade demand and restricted freight rates. The latest SCFIS European Line settlement freight rate index rose 7.6% week - on - week. Trump's statements may lead to a decrease in US commodity imports and a subsequent decline in shipping demand. The eurozone's manufacturing PMI in March was in the contraction zone, and the German manufacturing slump may pressure the eurozone economy. In the short term, panic and risk - aversion sentiment may dominate the market, increasing the volatility of the freight index (European Line) futures. In the long - term, it depends on global economic resilience and export substitution effects. If China - EU trade volume increases or US tariffs on Europe are better than expected, far - month futures prices may outperform near - month contracts. Investors are advised to be cautious and pay attention to subsequent US policies towards Europe and China - EU foreign trade data [1]. 3. Summary by Category Futures Market Data - EC main contract closing price: 1456.800, down 64.5; EC sub - main contract closing price: 1625, down 75.60. - EC2506 - EC2508 spread: - 168.20, up 22.60; EC2506 - EC2510 spread: 164.80, down 46.10. - EC contract basis: + 65.20, up; EC main contract open interest: 38691, down 118 [1]. Spot Market Data - SCFIS (European Line) (weekly): 1508.44, up 106.09; SCFIS (US West Coast Line) (weekly): 1368.41, down 219.43. - SCFI (composite index) (weekly): 1370.58, down 24.10; container ship capacity: 1227.97 (in ten thousand TEUs), unchanged. - CCFI (composite index) (weekly): 1110.94, up 3.66; CCFI (European Line) (weekly): 1486.14, down 9.31. - Baltic Dry Index (daily): 1261.00, down 20.00; Panamax Freight Index (daily): 1273.00, down 35.00. - Average charter price (Panamax ship): 11777.00, up 119.00; average charter price (Cape - size ship): 12059.00, down 218.00 [1]. Industry News - China's financial market has shown resilience after short - term fluctuations due to the US "reciprocal tariff" policy. - The Trump administration may scale back US activities in Africa and close many embassies. - Trump claims that Powell should cut interest rates, and the Fed should do so to benefit the US [1]. Key Data to Watch - France's April manufacturing PMI flash on April 23 at 15:15. - Germany's April manufacturing PMI flash on April 23 at 15:30. - Eurozone's April manufacturing PMI flash on April 23 at 16:00. - UK's April manufacturing PMI flash on April 23 at 16:30. - US April S&P Global manufacturing PMI flash on April 23 at 21:45 [1].