Report Summary 1. Report Industry Investment Rating - Not provided in the given content 2. Core View - The Middle East situation is stalemated and its impact is gradually dulled. The short - term market is expected to experience wide - range fluctuations with high volatility risks. It is recommended to observe while trading and focus on risk control [1] 3. Summary by Directory **Market Review** - On Friday, the EC2604 contract of container shipping to Europe opened low and closed high, closing with a positive line [1] **Important Information** - On March 21, US President Trump threatened to attack Iranian power plants if Iran didn't fully open the Strait of Hormuz within 48 hours. The Iranian speaker responded that if Iranian infrastructure was targeted, important facilities in the Middle East would be legitimate targets and oil prices would rise in the long - term [1] - On March 22, an anonymous Iranian official said Iran put forward six conditions for a cease - fire, including ensuring no more war, closing US military bases in the Middle East, and getting compensation from the aggressors [1] - On March 22, Iranian President Pezeshkian stated that threats would strengthen Iran's unity, the Strait of Hormuz is open to all except those who violate Iranian territory, and Iran will resist threats on the battlefield [1] - France, the UK, Germany, Italy, the Netherlands, and Japan announced in a joint statement that they are ready to take appropriate measures to ensure the safety of navigation in the Strait of Hormuz [1] **Market Logic** - On March 16, SIFIS closed at 1556.49, up 0.7% from the previous period [1] - In February, China's container exports were 250,000, a year - on - year decrease of 16.7%. The cumulative exports from January to February were 640,000, a year - on - year decrease of 18.6%. In February, China's container ship exports were 8, a year - on - year increase of 100%. The cumulative exports from January to February were 16, a year - on - year decrease of 38.5%. In February, China's bulk carrier exports were 30, a year - on - year increase of 87.5%. The cumulative exports from January to February were 91, a year - on - year increase of 26.4%. In February, China's ship imports were 576, a year - on - year decrease of 1.2%. The cumulative imports from January to February were 1,027, a year - on - year decrease of 25.5% [1] - On March 18, the Baltic Freight Index (FBX) closed at $1782/FEU, down 0.89% or $16/FEU from the previous value [1] **Trading Strategy** - Due to the stalemate in the Middle East situation, the market is expected to have wide - range short - term fluctuations with high risks. It is advisable to observe while trading and focus on risk control [1]

Report Summary 1. Report Industry Investment Rating - No information provided. 2. Core View - The EC of the container shipping European line decreased by 1.42%. The average spot freight rate for large containers at the end of February remained around $2,080, corresponding to around 1,400 points, with the actual discount narrowing. There is a low expectation of market-driven factors at the spot level. Maersk opened new bookings for the first week of March, with the large container price remaining at $1,900, the same as the last three weeks of February, showing no price increase. This may indicate that the price support may be false. Before the holiday, the market is expected to be in a volatile pattern. After the holiday, it will enter the verification period for the rush export of photovoltaic products and the verification period for the actual implementation of the March price increase letters. Pay attention to the possible falsification of expectations brought by the spot market after the holiday [1]. 3. Summary by Relevant Catalogs EC Contract Volume and Price - EC2604: The latest transaction price was 1,177.9 points, a decrease of 1.42%. The trading volume was 17,204, with a decrease of 12,356 compared to the previous period. The open interest on one side was 33,027, a decrease of 872. The long position of the top 20 members was 17,882, the short position was 22,457, and the net long position was -4,575 [2]. - EC2606: The latest transaction price was 1,501 points, a decrease of 0.93%. The trading volume was 3,655, a decrease of 500. The open interest on one side was 14,185, a decrease of 555 [2]. - EC2608: The latest transaction price was 1,581 points, a decrease of 1.05%. The trading volume was 263, a decrease of 77. The open interest on one side was 1,371, a decrease of 45 [2]. - EC2610: The latest transaction price was 1,105 points, a decrease of 1.07%. The trading volume was 954, a decrease of 139. The open interest on one side was 8,308, an increase of 237 [2]. - EC2612: The latest transaction price was 1,395 points, an increase of 1.34%. The trading volume was 9, a decrease of 29. The open interest on one side was 125, a decrease of 2 [2]. - Total: The total trading volume was 22,085, and the total open interest on one side was 57,016. The long position of the top 20 members was 17,882, the short position was 22,457, and the net long position was -4,575 [2]. Latest Spot Freight Rates - European Routes - SCFIS (weekly): The latest index was 1,657.94 points, a decrease of 7.5% compared to the previous period. The previous period was 1,792.14 points, a decrease of 3.6%, and the period before that was 1,859.31 points, a decrease of 4.9% [4]. - SCFI ($/TEU): The latest price was $1,403, a decrease of 1.1% compared to the previous period. The previous period was $1,418, a decrease of 11.1%, and the period before that was $1,595, a decrease of 4.8% [4]. - TCI (20GP) ($/TEU, daily): The latest price was $1,568, with no change compared to the previous period. The previous period was $1,568, an increase of 1.1%, and the period before that was $1,551, with no change [4]. - TCI (40GP) ($/FEU, daily): The latest price was $2,630, with no change compared to the previous period. The previous period was $2,630, a decrease of 0.2%, and the period before that was $2,636, with no change [4]. - Basis difference: The basis difference on the previous trading day was 480.04 points, an increase of 1.1 points compared to the day before [4].

Report Summary 1. Industry Investment Rating - No industry investment rating is provided in the report. 2. Core View - The EC of container shipping to Europe decreased by 0.39%. The average price of 40 - foot containers in the spot market at the end of February is around $2060, and the premium/discount rate has flattened. There is relatively limited driving force for the spot market in February. After MSC announced a price - increase notice for March on February 4th, HPL and CMA followed suit over the weekend. Compared with the market performance after the release of the March price - increase notice in the same period of 2025, the current market is more rational. The market is expected to be in a volatile pattern before the Spring Festival. After the festival, it will enter a verification period for the rush - export of photovoltaic products and the implementation of the March price - increase notice. Pay attention to the possible falsification of expectations brought by the spot market after the festival under strong expectations [1]. 3. Summary by Relevant Catalogs 3.1 EC Contract Volume and Price - **EC2602**: The latest increase/decrease is 0.79%. The trading volume is 124 (a decrease of 99 compared to the previous period), and the open interest on one side is 1437 (an increase of 8). The long - position and short - position holdings of the top 20 members are 1128 and 1278 respectively, with a net long - position of - 150 [2]. - **EC2604**: The latest trading price is 1238 points, with a decrease of 0.39%. The trading volume is 14384 (a decrease of 15067), and the open interest on one side is 31132 (a decrease of 295). The long - position and short - position holdings of the top 20 members are 17381 and 21507 respectively, with a net long - position of - 4126 [2]. - **EC2606**: The latest trading price is 1553 points, with a decrease of 0.03%. The trading volume is 2206 (a decrease of 2694), and the open interest on one side is 14726 (a decrease of 86). The long - position and short - position holdings of the top 20 members are both 0 [2]. - **EC2608**: The latest trading price is 1614.8 points, with an increase of 0.29%. The trading volume is 269 (a decrease of 213), and the open interest on one side is 1414 (an increase of 27) [2]. - **EC2610**: The latest trading price is 1126.1 points, with an increase of 0.25%. The trading volume is 615 (a decrease of 499), and the open interest on one side is 7893 (an increase of 15) [2]. - **EC2612**: The latest trading price is 1425.5 points, with an increase of 0.66%. The trading volume is 7 (a decrease of 5), and the open interest on one side is 138 (a decrease of 1) [2]. - **Total**: The total trading volume is 17605, the total open interest on one side is 56740. The total long - position and short - position holdings of the top 20 members are 18509 and 22785 respectively, with a net long - position of - 4276 [2]. 3.2 Latest Spot Freight Rates - European Routes - **Weekly Spot Index**: The SCFIS is 1657.94 points, a decrease of 7.5% compared to the previous period; the SCFI is $1403/TEU, a decrease of 1.1% [4]. - **Daily Spot Freight Rates**: The TCI (20GP) is $1551/TEU, with no change; the TCI (40GP) is $2636/FEU, with no change [4]. 3.3 Basis Spread - The basis of the previous trading day was 419.94 points, and the basis of the day before the previous trading day was 560.94 points, with a decrease of 141 points [6].

Group 1 - The main futures contract for container shipping on the European route has seen an intraday increase of 5%, reaching 1694 points [1]

Group 1 - The core point of the article is that the main contract for the European shipping futures has seen an intraday increase of 3% on August 6 [1]

Report Summary 1) Report Industry Investment Rating No information provided. 2) Core Viewpoints of the Report - Tuesday's sharp rise in the main European line futures was mainly influenced by spot quotes. The high opening of quotes in late August indicates that the peak season may last until late August or later, breaking the previous market expectation that July would be the peak for airline quotes. The market has adjusted the price difference between the 10 and 08 contracts, and the 12 - contract has also risen significantly due to the traditional peak - season factor [3]. - The current futures price trend is mainly affected by spot quotes. If other airlines follow the high - opening quotes, the main contract will continue to rise; if the quotes in August are conservative, the market may turn into a volatile trend. It is recommended that investors considering long positions prioritize the 12 - contract [11]. 3) Summary by Relevant Sections Market Overview - On Tuesday, the EC2510 main contract opened higher at 1454 points, showed a volatile upward trend. Although the intraday gain narrowed, it further rose in the late session, with a nearly 18% intraday increase and a closing price of 1655.6 points, up 15.38% [2]. Trading Logic - The significant rise in the main European line futures on Tuesday, with the 10 - contract rising by over 15%, was mainly due to spot quotes. The CMA's online quotes for large containers in late August increased by nearly $1000 compared to the first half of August, indicating a potential delay in the peak - season rhythm this year compared to last year. The price difference between the 10 and 08 contracts was adjusted, and the 12 - contract also rose significantly [3]. Fundamental Analysis - **Quotes**: As of July 16, Maersk's quotes were $1780 - 1982/TEU and $2960 - 3262/TEU, slightly up from before; CMA's quotes were $2035 - 3135/TEU and $3645 - 5345/TEU. The quotes of other airlines were relatively stable [5][7]. - **Supply and Demand**: As of July 15, the global container total capacity was 32.7 million TEU, an 8.2% increase year - on - year. In June, the eurozone's composite PMI was 50.2, manufacturing PMI was 49.4, and service PMI was 50.0; the US manufacturing PMI was 49, and the new order index was 46.4. The OECD leading index for the G7 group in June was 100.40 [7]. Outlook - The current futures price is mainly affected by spot quotes. Since the 10 - contract has become the main contract and the quotes are still in the July - August peak - season range, the futures will be affected by the upward sentiment of quotes. If other airlines follow the high - opening quotes, the main contract will continue to rise; if the quotes in August are conservative, the market may turn volatile. Due to the 12 - contract being a peak - season contract, investors considering long positions can prioritize it [11].

Group 1 - The main contract for European shipping index has experienced a short-term decline, currently reported at 1663.6 points, with the increase narrowing to 5.55% after previously rising over 9% [1]

Group 1 - The main futures contract for European shipping lines surged over 5%, reaching 2119.8 points [1]

Core Viewpoint - The main futures contract for the European shipping index has seen a significant intraday decline, with a drop of up to 6% [1] Group 1 - The European shipping index futures are experiencing increased volatility, indicating potential market instability [1] - The decline in the futures contract may reflect broader trends in the shipping industry, possibly influenced by supply chain disruptions or changes in demand [1] - Investors should monitor the situation closely as further fluctuations could impact shipping companies' performance and profitability [1]

Core Insights - The main contract for the European shipping index experienced a sharp decline, opening at 1900.0 points and nearly reaching the limit up, but the current increase has narrowed to 9% [1] Group 1 - The European shipping index's main contract opened at 1900.0 points, indicating strong initial market interest [1] - The contract was close to hitting the upper limit, suggesting potential volatility in trading [1] - The current increase in the index has decreased to 9%, reflecting a shift in market sentiment [1]