Report Summary 1. Report Industry Investment Rating - No information provided on the industry investment rating [1] 2. Core Viewpoints - The freight rate is supported by the ongoing geopolitical conflict, but the supply - demand pattern remains unchanged, and the freight rate pressure is still significant. The "price war" has led to continuous pressure on the fundamentals. The demand expectation of the container shipping index (European line) is weak, and the futures price fluctuates greatly. Investors are advised to be cautious, pay attention to the operation rhythm and risk control, and track geopolitical, capacity and cargo volume data in a timely manner [1] 3. Summary by Relevant Catalogs 3.1 Futures Market Data - EC main contract closing price: 1100.000, EC second - main contract closing price: 1623.4, down 45.80 [1] - EC2510 - EC2512 spread: - 523.40, up 36.80; EC2510 - EC2602 spread: - 435.60, up 44.30 [1] - EC contract basis: 154.92, down 6.30 [1] - EC main contract position: 41508, down 4522 [1] 3.2 Spot Market Data - SCFIS (European line) (weekly): 1440.24, down 185.32; SCFIS (US West line) (weekly): 1193.64, down 156.20 [1] - SCFI (composite index) (weekly): 1198.21, down 199.90; container ship capacity (10,000 TEUs): 1227.97, up 0.09 [1] - CCFI (composite index) (weekly): 1120.23, down 5.07; CCFI (European line) (weekly): 1470.97, down 66.31 [1] - Baltic Dry Index (daily): 2203.00, down 31.00; Panama freight index (daily): 1845.00, down 23.00 [1] - Average charter price (Panamax ship): 14490.00, down 26.00; average charter price (Cape - size ship): 29975.00, up 975.00 [1] 3.3 Industry News - At the press conference, it was introduced that as of the end of June this year, China's banking industry's total assets were nearly 470 trillion yuan, ranking first in the world; the stock and bond market scale ranked second in the world; the foreign exchange reserve scale ranked first in the world for 20 consecutive years. The total assets of the banking and insurance industries exceeded 500 trillion yuan, with an average annual growth of 9% in the past 5 years; the assets under management of trust, wealth management, and insurance asset management institutions were nearly 100 trillion yuan; the loans for "whitelist" projects exceeded 7 trillion yuan, supporting the construction and delivery of nearly 20 million housing units [1] - Trump said he would meet with Chinese leaders during the APEC Economic Leaders' Meeting. The Chinese Foreign Ministry spokesperson said that the two heads of state maintain close communication, and the two sides are communicating on the specific issue [1] - Fed officials have different views on interest rate cuts. Some believe that the current interest rate level is between "slightly restrictive and neutral" and the space for further interest rate cuts is limited, while others advocate for interest rate cuts [1] 3.4 Market Situation - On Tuesday, the futures prices of the container shipping index (European line) rose collectively. The main contract EC2510 rose 2%, and the far - month contracts rose between 1 - 2%. The latest SCFIS European line settlement freight rate index was 1254.92, down 185.32 points from last week, a 12.9% month - on - month decline. The spot indicators continued to decline and the decline widened [1] - Before the National Day holiday, liner companies lowered freight rates to increase cargo collection. The opening quotes of 20GP and 40GP decreased compared with the previous week. The average quote of the Gemini Alliance dropped to 1920 US dollars/FEU, triggering a "price war" [1] - The Fed cut interest rates by 25 basis points, and the market expects an over 90% probability of another interest rate cut in October. The internal demand in the eurozone is still weak, and the GDP growth in the second quarter was only 0.1% quarter - on - quarter [1] 3.5 Key Points to Watch - German IFO business climate index for September on September 24 at 16:00 - US new home sales annualized total for August (in 10,000 units) on September 24 at 22:00 [1]

Core Viewpoint - The Ministry of Education emphasizes the importance of "health first" during the 14th Five-Year Plan, promoting comprehensive physical activities in schools and fostering a collaborative educational environment [1] Group 1 - The implementation of 2 hours of comprehensive physical activities daily in primary and secondary schools is a key initiative [1] - Local governments are exploring the implementation of 15-minute breaks between classes to enhance student well-being [1] - The phrase "sweaty bodies and bright eyes" reflects the positive changes in students' health and engagement [1] Group 2 - The construction of a "home-school-community" educational alliance is being prioritized to create a supportive ecosystem for student development [1] - The initiative aims to foster a collaborative environment for education, enhancing the overall quality of schooling [1]

Report Summary 1. Investment Rating - No investment rating for the industry is provided in the report. 2. Core Viewpoints - On September 21, the four major index futures contracts for the current month showed mixed trends. IF rose 0.59%, IH rose 0.36%, IC rose 0.24%, and IM fell 0.02%. The total trading volume of index futures declined, indicating a cooling of investors' trading enthusiasm. In terms of positions, the total positions of all index futures decreased [3][4]. - The stock market declined across the board, with the Shanghai Composite Index down 0.3%, the Shenzhen Component Index down 0.04%, and the ChiNext Index down 0.16%. The A - share market volume shrank, with over 3400 stocks closing lower [9]. 3. Summary by Catalog 3.1 Index Futures Data Tracking - **Closing Prices and Fluctuations**: - The closing prices of various index futures contracts showed different trends. For example, IF2509 closed at 4510, up 0.59%; IH2509 closed at 2918.4, up 0.36%; IC2509 closed at 7181.8, up 0.24%; and IM2509 closed at 7448, down 0.02% [3][5]. - **Basis**: - The basis of different index futures contracts also varied. For instance, the basis of IF2509 was 8.08, and that of IH2509 was 8.66 [3]. - **Trading Volume and Open Interest**: - The trading volume and open interest of each index futures contract changed. The total trading volume of IF, IH, IC, and IM decreased, and the total open interest also decreased. Specifically, IF's total trading volume decreased by 56943 lots, and its total open interest decreased by 31650 lots [3][4]. 3.2 Index Futures Member Positions - The long and short positions of the top 20 members in each index futures contract changed. For example, in IF2509, the long - position change was - 21047, and the short - position change was - 18377 [7]. 3.3 Trend Strength and Important Drivers - **Trend Strength**: - The trend strength of IF and IH was 1, and that of IC and IM was also 1. The trend strength ranges from - 2 (most bearish) to 2 (most bullish) [8]. - **Important Drivers**: - There was a phone call between Chinese President Xi Jinping and US President Trump, which was positive for Sino - US relations. Shanghai adjusted its personal housing property tax policy [8]. 3.4 Stock Market Conditions - The Shanghai Composite Index, Shenzhen Component Index, and ChiNext Index all closed lower, with the market volume shrinking. The real - estate stocks showed frequent fluctuations, and the technology stocks had intensified divergence. The sectors of excavators, coal, and lithography machines led the gains, while the robot, SPD, and Xiaomi car concepts led the losses [9].

Group 1 - The State Council Information Office will hold a press conference on September 8, 2025, focusing on the high-quality completion of the "14th Five-Year Plan" [1] - The Minister of Justice, He Rong, will introduce the progress of socialist rule of law construction and judicial administration during the "14th Five-Year Plan" period [1] - The conference aims to discuss how these efforts will serve the high-quality development of the economy and society [1]

Group 1 - The core viewpoint is that during the "14th Five-Year Plan" period, energy investment in China is characterized by rapid growth, improved structure, and strong vitality [1] - Energy investment has a significant impact on the growth of fixed asset investment, indicating a robust contribution to the overall economy [1] - China has established the world's most comprehensive and largest energy system, highlighting the scale and extensive chain of the energy industry [1]

Group 1 - The State Council Information Office held a press conference on August 18 to discuss the high-quality completion of the "14th Five-Year Plan" [1] - Officials from various government departments provided insights into the development of socialist democracy during the "14th Five-Year Plan" period [1] - Key figures from the Central United Front Work Department, National People's Congress, and National Committee of the Chinese People's Political Consultative Conference participated in the event [1]

Group 1 - The State Council Information Office will hold a press conference on July 23, 2025, at 3 PM to discuss the high-quality completion of the "14th Five-Year Plan" [1] - The conference will feature Deputy Minister Qi Yanjun from the Public Security Department, who will provide insights on ensuring high-level security for the successful implementation of the "14th Five-Year Plan" [1] - The event will include a Q&A session for journalists to inquire about related topics [1]