Core Points - The company announced the resignation of Vice Chairman Sun Yanjun and Supervisor Wang Jiong due to job changes, effective September 28, 2025 [1] - Sun Yanjun also resigned from his positions as a director and a member of the board's strategic committee [1] - Following their resignations, both individuals will no longer hold any other positions within the company [1] - The resignation of Sun Yanjun will not affect the normal operation of the board, and the company will promptly carry out the process to elect a new director [1] - Wang Jiong's resignation will not impact the normal operation of the supervisory board [1] - The company expressed gratitude for the contributions made by both individuals [1]

受中美关税影响，美线航运市场在经历一轮狂热之后迎来了迅速回落，本应是航运市场传统旺季的9月，相比往年却显得尤为冷清：一方面，美线航运价 大幅跳水，另一方面，出货量也不及预期。 "这波运价跌幅确实有点大，欧美线的航运价格甚至跌破了部分船公司的成本价了。"众包物流总经理甘建军对记者表示。为航运电商提供运价服务的Geek Rate官网显示，根据9月29日最新报价，10月7日从上海至美国洛杉矶15日航程的航线报价为1220美元/40尺货柜，这较两周前的价格跌幅超30%。欧洲线方 面，上海至鹿特丹航线最低报价为1400美元/FEU，也较9月中旬有所下滑。 宁波航运交易所9月27日NCFI指数亦显示，美西航线运价指数报868.22 点，环比下滑 8.11%；美东航线报834.04 点，环比下滑4.99%。此外，欧洲线也呈现 较大跌幅，环比下滑 8.83%。此外，上海集装箱运价指数在9 月15日—19 日创下2016年以来最大的单周跌幅，大跌14%。 欧美航线运价下跌幅度之大，甚至跌破部分船公司的成本价。"9月份欧线价格都已经跌到三位数了，正常情况下绕行好望角的成本要比走苏伊士运河高 30%，现在加起来反而比以前还便宜很多 ...

Core Viewpoints - The shipping industry is experiencing high volatility in crude oil freight rates while container shipping rates on long-distance routes are declining [3] - The first hybrid tilt-rotor unmanned aerial vehicle (eVTOL) model has been accepted for application by the Southwest Civil Aviation Administration, and a collaboration between Saudi Arabia and Ehang is set to launch autonomous flying vehicles and air taxi services [3] - China's first national standard for logistics enterprise digitization has been officially released, and the "parallel port" logistics model has achieved a throughput of over 76,000 tons in its first year of operation [3] Shipping Industry - As of September 25, the China Import Crude Oil Comprehensive Index (CTFI) was reported at 1908.03 points, a decrease of 3.4% from September 18 [3] - The VLCC market in the Middle East is seeing a slowdown in cargo availability, while the Atlantic and Gulf routes remain relatively calm [3] - The shipping rates from Shanghai to Europe and the U.S. have decreased, with rates to Europe at $971/TEU (down 7.7%) and to the U.S. West and East coasts at $1460/FEU (down 10.8%) and $2385/FEU (down 6.7%) respectively [3] Aviation Industry - The first hybrid tilt-rotor eVTOL model application has been accepted, marking a significant milestone in China's aviation sector [3] - Saudi Arabia's Front End and Cluster2Airports are collaborating with Ehang to introduce autonomous flying vehicles and air taxi services [3] Logistics and New Transportation Models - The national standard for logistics enterprise digitization was released on September 26, focusing on general requirements [3] - The "parallel port" logistics model has been operational for one year, achieving a throughput of 76.61 million tons and 37,000 standard containers [3] Investment Recommendations - Companies in the equipment and manufacturing export chain are recommended for attention, including COSCO Shipping Specialized, China Merchants Energy Shipping, and Huamao Logistics [6] - Opportunities related to the construction of hydropower stations in the Yarlung Tsangpo River downstream are highlighted, with a focus on Sichuan Chengyu, Chongqing Port, and Fulmin Transportation [6] - The low-altitude economy and highway-railway sectors are also suggested for investment, with specific companies recommended for consideration [7]

Investment Rating - The transportation industry is rated as "Outperform" [2] Core Insights - Crude oil freight rates are fluctuating at high levels while container shipping rates on long-distance routes are declining [3][14] - The first hybrid tilt-rotor unmanned aerial vehicle (eVTOL) model has been accepted for certification by the Southwest Regional Administration of Civil Aviation of China, and a collaboration between Saudi Arabia and Ehang is planned to launch autonomous aerial vehicles and air taxi services [3][16] - China's first national standard for logistics enterprise digitization has been officially released, and the "Parallel Port" logistics model has achieved a cargo throughput of over 760,000 tons in its first year of operation [3][24] Summary by Sections 1. Industry Hot Events - Crude oil freight rates are experiencing high volatility, with the China Import Crude Oil Composite Index (CTFI) reported at 1908.03 points, down 3.4% from September 18 [3][14] - Container shipping rates are declining, with the Shanghai port export rate to Europe at $971/TEU, down 7.7%, and to the US West and East coasts at $1460/FEU and $2385/FEU, down 10.8% and 6.7% respectively [3][15] - The DF600 unmanned aerial vehicle has received certification acceptance, marking a significant step in the eVTOL sector [3][16] - The "Parallel Port" logistics model has successfully handled 760,000 tons of cargo, significantly improving logistics efficiency [3][25] 2. Industry High-Frequency Data Tracking - Air cargo prices remain stable, with the Shanghai outbound air freight price index at 4516.00 points, down 6.6% year-on-year [4][26] - Domestic freight volumes for August 2025 increased by 12.29% year-on-year, with total express delivery volume reaching 16.15 billion pieces [4][50] - The shipping market shows a mixed trend, with the Baltic Dry Index (BDI) at 2259 points, up 2.54% week-on-week [4][44] 3. Investment Recommendations - Focus on the equipment and manufacturing export chain, recommending companies like COSCO Shipping Specialized, China Merchants Energy Shipping, and Huamao Logistics [5] - Attention to the transportation demand increase driven by hydropower station construction in the Yarlung Tsangpo River downstream area, recommending Sichuan Chengyu, Chongqing Port, and Fulimin Transportation [5] - Opportunities in the low-altitude economy sector, recommending CITIC Offshore Helicopter [5] - Investment opportunities in the highway and railway sectors, recommending Gansu Guangdong Expressway, Beijing-Shanghai High-Speed Railway, and others [5] - The cruise and water ferry sector is highlighted, recommending Bohai Ferry and Straits Shares [5] - E-commerce and express delivery investment opportunities are recommended, including SF Express, Jitu Express, and Yunda Shares [5] - Opportunities in the aviation sector, recommending China National Aviation, Southern Airlines, Spring Airlines, and others [5]

1. Report Industry Investment Rating No relevant content provided. 2. Core Viewpoints The report presents a comprehensive overview of the futures market, including spot prices, fundamental information, macro - news, and capital flows. It covers multiple commodities such as palm oil, soybeans, and their derivatives, as well as related macro - economic indicators and policy actions. 3. Summary by Directory 01 Spot Quotes - The closing price of BMD Malaysian palm oil futures contract 12 was 4396.00, with a previous - day decline of 0.99% [1]. - Brent crude oil futures contract 12 on ICE closed at 68.82, with a previous - day increase of 0.03% and an overnight decline of 1.40% [1]. - NYMEX WTI crude oil futures contract 11 closed at 65.19, with a previous - day decline of 0.05% and an overnight decline of 1.72% [1]. - CBOT soybean futures contract 11 closed at 1014.00, with a previous - day increase of 0.20% and an overnight decline of 0.07% [1]. - The US dollar index was at 98.16, with a decline of 0.28% [1]. 02 Spot Quotes (Continued) - For DCE palm oil futures contract 2601, the spot price in North China was 9340, with a basis of 90 and a daily basis change of - 10 [2]. - For DCE soybean oil futures contract 2601, the spot price in Shandong was 8420, with a basis of 222 [2]. - For DCE soybean meal futures contract 2601, the spot price in Shandong was 2920, with a basis of - 25 and a daily basis change of 11 [2]. - The CNF quote for Brazilian imported soybeans was 478 dollars per ton, with a CNF premium of 290 cents per bushel [2]. 03 Important Fundamental Information 3.1 Production Area Weather - From October 1 to 5, high - temperature conditions will continue in major US soybean - producing states, with varying precipitation levels [3]. - The weather in the US Midwest will become dry over the weekend and this week, which is conducive to corn harvesting. However, scattered showers may delay the harvesting progress in the south and east regions until Thursday, but the drought situation may improve [5]. 3.2 International Supply and Demand - From September 1 - 25, 2025, Malaysian palm oil production decreased by 4.14% month - on - month, with a 3.19% decrease in yield per unit area and a 0.18% decrease in oil extraction rate [7]. - From September 1 - 25, 2025, Malaysian palm oil product exports were 795,947 tons, a 14.73% decrease compared to the same period last month [7]. - India's edible oil imports in the 2025/26 fiscal year are expected to increase by 4.6% to a record 17.1 million tons, driven by a 13.4% surge in palm oil imports to 9.3 million tons [8]. - As of the week ending September 23, CBOT soybean long positions decreased by 1407 lots to 165,944 lots, and short positions increased by 14,032 lots to 160,196 lots [8]. - Brazil's 2025/26 new - season soybean planting has started rapidly, with 4.16% of the expected planting area already sown, compared to 0.54% in the same period last year [9]. - As of last Friday, the soybean planting progress in Mato Grosso, Brazil, reached 5.97%, much faster than the 0.53% in the same period last year [9]. - After Argentina suspended the grain export tax from last Tuesday to Wednesday, it still has 7.6 million tons of soybean derivatives and 8.9 million tons of corn available for export, with a total value of 4.93 billion dollars [9]. - Consulting firm Expana has raised its forecast for EU rapeseed production in the current year to 20.4 million tons, a 21.4% increase from the previous year [10]. - As of the week ending September 24, the rapeseed harvesting rate in Saskatchewan, Canada, was 41.7% [10]. - In 2024, rapeseed accounted for less than a quarter of the raw materials for biodiesel and renewable diesel in Canada. Canada imported a large amount of used biodiesel and renewable diesel [11]. - On Friday, the Baltic Dry Index decreased by 7 points or 0.31% to 2259 points, with a weekly increase of 2.5% [12]. 3.3 Domestic Supply and Demand - On September 28, the trading volume of soybean oil and palm oil was 0 tons, a 100% decrease compared to the previous trading day [14]. - On September 28, the trading volume of soybean meal in major domestic oil mills was 30,500 tons, a decrease of 32,000 tons compared to the previous trading day [14]. - In the 39th week (September 20 - 26), the actual soybean crushing volume of domestic oil mills was 2.2672 million tons, with an operating rate of 63.28%, 120,600 tons lower than the forecast [14]. - As of the week ending September 26, the self - breeding and self - raising pig farming profit was a loss of 74.11 yuan per head, and the profit from purchasing piglets for farming was a loss of 236.57 yuan per head [15]. - On September 28, the "Agricultural Product Wholesale Price 200 Index" was 118.85, up 0.07 points from last Friday [15]. 04 Macroeconomic News 4.1 International News - The final value of the US one - year inflation rate expectation in September was 4.7%, lower than the expected 4.8% [17]. - The final value of the US Michigan Consumer Confidence Index in September was 55.1, lower than the expected 55.4 [17]. - The US core PCE price index annual rate in August was 2.9%, in line with expectations [17]. - The EU has appealed the panel report on the Indonesian biodiesel import tariff dispute at the WTO [17]. 4.2 Domestic News - On September 26, the US dollar/Chinese yuan exchange rate was reported at 7.1152, up 34 points (depreciation of the Chinese yuan) [19]. - On September 26, the People's Bank of China conducted 165.8 billion yuan of 7 - day reverse repurchase operations, resulting in a net withdrawal of 188.5 billion yuan [19]. - In August, the profits of industrial enterprises above the designated size in China increased by 20.4% year - on - year, compared to a 1.5% decline in the previous month [20]. - The third - quarter (110th) regular meeting of the Monetary Policy Committee of the People's Bank of China was held on September 23, emphasizing the implementation of a moderately loose monetary policy [20]. 05 Capital Flows - On September 26, 2025, the futures market had a net capital outflow of 7.678 billion yuan, including a net outflow of 7.205 billion yuan in the commodity futures market, 246 million yuan in the stock index futures market, and 132 million yuan in the treasury bond futures market [22]. 06 Arbitrage Tracking No relevant content provided.

Report Summary 1. Report Industry Investment Rating No information provided in the given content. 2. Core View of the Report - The shipping market is currently in a state of flux, with spot freight rates on the trans - Pacific route falling and carriers taking measures to stabilize prices. The European route is expected to experience a transition between the off - season and peak season, and the implementation of shipping companies' price increases is uncertain. A 10 - 12 positive spread strategy is recommended [4][6][7][8][9]. 3. Summary by Related Catalogs 3.1 Shipping Freight Index - **Spot Freight Index**: The Shanghai Export Container Freight Index (SCFI) and China Export Container Freight Index (CCFI) both declined. SCFI dropped by 6.97% to 1115, and CCFI decreased by 2.93% to 1087. Rates on various routes such as the US West, US East, Northwest Europe, and Mediterranean also saw significant drops, with the SCFIS - Northwest Europe falling 17.15% to 1193 and the SCFI - Mediterranean down 9.34% to 1485 [5]. - **Contract Freight Index**: Most of the contract freight indices showed a slight decline, except for EC2506 which had a 0.08% increase to 1483.5. EC2608 decreased by 0.66% to 1617.2, EC2510 dropped by 2.90% to 1139.0, etc. [5]. - **Position and Spread**: Positions in some contracts decreased, like EC2606 position decreased by 14 to 938 and EC2608 by 14 to 542. The 10 - 12 spread decreased by 27.9 to - 638.0, the 12 - 2 spread increased by 5.1 to 92.0, and the 12 - 4 spread increased by 10.4 to 508.4 [5]. 3.2 Market News and Its Impact - Trans - Pacific shipping companies are increasing capacity cuts to stop the decline in freight rates. Spot freight rates on the east - west trans - Pacific route have fallen below the fixed contract prices signed by medium - sized retailers in May. In the next four weeks, trans - Pacific liner companies will accelerate the implementation of blank sailings to stabilize falling spot freight rates [6]. 3.3 EC Market Review - **Market Trend**: The market is in a state of oscillation. The main reason is that CM4 has raised the November freight rate to 3000, and MSK's unchanged freight rate in the second week of October has increased the expectation of a halt in the decline. MSK has announced a price increase of 400 for the late - October freight rate to 1800 [7]. - **Spot Prices**: This week, the GEMINI October upper - half price dropped to 1500, OA to 1550, PA to 1400, and MSC to 1600. In late September, the FMK freight rate center was around 1500 [7]. 3.4 Market Logic and Strategy - **Logic**: In late September, shipping companies collectively cut prices to grab cargo, and the freight rate once dropped to 1300 dollars/FEU. Before the peak season at the end of the year, Maersk took the lead in announcing a 400 - dollar/FEU price increase for late October. However, due to the decline in both supply and demand in October, it is likely to return to the off - season market. The European route will focus on price stabilization and support during the transition between the off - season and peak season, and the implementation of shipping companies' price increases is uncertain [8]. - **Strategy**: A 10 - 12 positive spread strategy is recommended [9].

Group 1: Domestic Developments - The "Cultural Enrichment of Villages" work plan (2025-2027) has been jointly issued by seven departments, focusing on creating popular artistic works for farmers and supporting their cultural activities [2] - The first international standard in the carbon capture field, ISO 27927:2025, has been officially released, providing a unified technical guideline for CO2 capture materials and processes [3] - As of August 2025, the total number of electric vehicle charging facilities in China has reached 17.348 million, marking a year-on-year increase of 53.5% [4] Group 2: Corporate Practices and Innovations - Mengniu has shared its leading experience in the Taskforce on Nature-related Financial Disclosures (TNFD), becoming the first domestic company to publish a nature-related financial report [6] - Vipshop held its second ESG DAY event themed "Creating a Sustainable World," focusing on sustainability values and achieving zero plastic and waste during the event [7] - COSCO Shipping and China Classification Society showcased their latest technologies and practices in green and sustainable development during the London Shipping Week [9]

1. Report Industry Investment Rating - No relevant information provided 2. Core Viewpoints of the Report - After the holiday, there are multiple upward drivers, with ships being launched successively. Overall, shipping companies have a high degree of maneuverability in reducing speed and suspending voyages; December - January is the long - term contract signing season. Meanwhile, the economy in Northwest Europe is deteriorating. It is not recommended to chase high prices, and short - term volatile operation is expected. The current valuation of the 04 contract is high, and as an off - season contract, it is more suitable for short - selling in the short term. Attention should be paid to the low liquidity, which may cause short - term susceptibility to disturbances. Contracts 12 and 02 already have high valuations [3][31] 3. Summary by Related Catalogs Futures Contract Information - **EC Futures Contracts**: The closing prices of EC2510, EC2512, EC2602, EC2604, and EC2606 on the previous day were 1139.0, 1777.0, 1685.0, 1268.6, and 1483.5 respectively, with changes of - 2.90%, - 0.34%, - 0.66%, - 1.23%, and 0.08%. The trading volumes were 22035, 19314, 6466, 1657, and 97 respectively, and the open interests were 32431, 21695, 8768, 9099, and 938 respectively, with changes of - 3095, - 1300, 0, 142, and - 14 respectively [2][30] - **Month - to - Month Spreads**: The spreads of EC2510 - 2512 were - 638.0, - 610.1, and - 582.1 for the previous day, two days ago, and three days ago respectively, with a daily change of - 27.9. The spreads of EC2512 - 2602 were 92.0, 86.9, and 108.4 for the previous day, two days ago, and three days ago respectively, with a daily change of 5.1 [2][30] Spot Index Information - **SCF**: Updated every Monday, as of September 22, 2025, it was 1254.92 points, showing a decline of 12.87% compared to the previous period and 8.06% compared to the period before the previous one [2][30] - **CCFI (European Line)**: Updated every ninth day of the week, as of September 26, 2025, it was 1401.91 points, showing a decline of 4.69% compared to the previous period [2][30] - **NCFI**: Updated every ninth day of the week, as of September 26, 2025, it was 614.14 points, showing a decline of 8.85% compared to the previous period [2][30] Recent European Line Quotation Information - **Week 39**: The average quotation was 1600 US dollars (equivalent to 1150 points on the futures market). Among them, MSK quoted 1500 US dollars (later increased to 1570), PA Alliance quoted between 1550 - 1600 US dollars, and OA Alliance quoted between 1600 - 1720 US dollars [4][32] - **Weeks 40 - 41**: The average quotation was 1450 US dollars (equivalent to 1020 points on the futures market). Among them, MSK quoted 1400 US dollars, PA quoted between 1300 - 1500 US dollars, YML quoted 1300 US dollars (the lowest price of the year), and OA quoted between 1400 - 1600 US dollars [4][32] - **Week 42**: MSK opened the cabin with a quotation of 1800 US dollars (a month - on - month increase of 400). Other shipping companies successively announced price increases to 2000 US dollars after the holiday [4][32] News - On September 29, Trump claimed that the Middle East peace agreement "will surely be reached." He was optimistic about reaching a cease - fire agreement in Gaza and would meet with Israeli Prime Minister Netanyahu on Monday to finalize the agreement framework. - On September 28, Hamas stated that it had not received a new cease - fire proposal, and the Palestine - Israel negotiations were at an impasse. - On September 28, the Israeli Defense Minister stated that the military operations in the Gaza Strip would not stop [4][32]

1. Report Industry Investment Rating No relevant content provided. 2. Core Views of the Report - The "peak season" before the 2025 National Day Golden Week was lackluster. Ship operators withdrew an additional 544,000 TEU from the US and European routes in the past month, and the suspension of sailings by alliances increased significantly from W40 to W43, leading to an overall decline in shipping capacity [4]. - In the long run, when ship operators' stock prices fall from their highs, adjustments in operating strategies may make route layouts more complex and variable. A decline in the comprehensive profitability of routes will definitely prompt ship operators to change their operating strategies [4]. - The profitability of ship operators continued to deteriorate in the second quarter of 2025, which may affect their route capacity layout and thus freight rates [41]. 3. Summary by Related Catalogs 3.1. Research Summary and Market Outlook 3.1.1. Research Summary - A cross - border e - commerce enterprise in South China has more than 50% of its cargo volume in the European and American regions. The impact of US tariffs on its exports is not significant. Before and after Trump's potential presidency, the enterprise increased inventory in advance, with a significant increase in shipping volume. Currently, the long - term agreement price is higher than the spot freight rate. The enterprise plans to transfer 30% of its remaining exports to Vietnam by the end of the year, with a total of 90% of its goods exported from Vietnam [2]. - A freight forwarding enterprise in South China mainly operates Southeast Asian and West African routes. Since 2025, the company's shipping volume has increased by 30% year - on - year, but due to overcapacity and falling freight rates, its revenue has only increased by 10%. The company uses a "30% direct shipping + 70% transshipment" model for exports to the US [3]. - A port in South China has seen an increase in the number of US routes after the US imposed tariffs, bringing an increase in shipping volume. The shipping capacity of Southeast Asian and West African routes has also increased significantly. In the first eight months, the port's container throughput exceeded 2000 TEU, with more than half being ocean - going container transportation [3]. 3.1.2. Market Outlook - In the long run, the adjustment of ship operators' operating strategies may make route layouts more complex. The profitability of a single European route has limited decisive influence on ship operators' profitability. Even if the price drops, it may not change the overcapacity situation, but a decline in comprehensive route profitability will prompt ship operators to change strategies [4]. 3.2. Research Background - As of August 12, 2025, Trump extended the China - US tariff truce period by 90 days to November 10. Currently, the US has a 30% tariff cap on Chinese imports, and China has a 10% tariff cap on US goods. The two sides continue to negotiate [5]. - In 2025, there were multiple rounds of trade negotiations between China and the US on various topics such as soybean purchases, Boeing parts purchases, and restrictions on technology product sales [5]. 3.3. Research Objects and Conclusions 3.3.1. A Large Cross - border E - commerce Enterprise in South China - Before the National Day, the enterprise's inventory situation was similar to the previous two years. Affected by tariff policies, the enterprise stocked up in advance, and the procurement volume in August was normal [22]. - The enterprise builds factories in Vietnam and Thailand to avoid US tariffs. It is expected that 90% of US orders will be produced in Vietnam by the end of the year. The production cost in Vietnam is 6% - 7% higher than in China [23]. - The European market accounts for 20% - 30% of the enterprise's sales, with the German market growing rapidly. The enterprise has increased advertising and marketing investment in the European market [24]. - The freight rate of European routes has been continuously falling, with the price of small containers dropping to over $1000 and large containers below $2000 [25]. 3.3.2. A Freight Enterprise in South China - The enterprise is a leading freight forwarder in South China, mainly focusing on Southeast Asian routes. It has a long - term contract with shipping companies, with advantages in guaranteed cabin space and stable prices [27]. - The enterprise uses a combination of long - term agreement and spot prices for booking, with the long - term agreement price accounting for 50%. Its sales increased by about 10% this year, lower than the expected 20% [29]. - The uncertainty of China - US trade is the biggest pain point. Global freight rates are generally falling, and the profit margin of the freight forwarding industry is extremely low [30]. - The enterprise's Southeast Asian cargo volume has increased by 30% - 40% this year, mainly due to the rise of cross - border e - commerce, industrial transfer, and increased domestic demand in Southeast Asia [31]. 3.3.3. A Port in South China - The port's overall performance is stable. Last year, it completed a total cargo throughput of about 592 million tons, with foreign trade throughput of about 150 million tons, a year - on - year increase of about 5.5%. The container throughput exceeded 25 million TEU, with foreign trade container volume of about 11.8 million TEU [36]. - The port's traditional advantageous routes are Southeast Asian and African routes. The Southeast Asian route has seen significant cargo volume growth this year, and the US route has also increased in both cargo volume and the number of routes [37]. - The port has advantages in location, facilities, and cooperation with shipping companies. It has a mature process for route opening, a clear fee structure, and a high - planned operation [38][39]. 3.4. Ship Operators' Profitability and Operating Strategies - In the second quarter of 2025, the total EBIT of major ship operators was $2.73 billion, lower than the same period from 2021 - 2024 and slightly higher than the same period in 2020. The operating profitability of most ship operators has weakened since 2021 [41]. - The "peak season" during the National Day Golden Week in 2025 was lackluster. Ship operators withdrew additional capacity from US and European routes, and the suspension of sailings by alliances increased significantly from W40 to W43 [4][41].

Industry Investment Rating No information provided regarding the industry investment rating. Core Viewpoints - The container shipping index (European line) is in a volatile market, and attention should be paid to the emotional impact of price increase announcements. The probability of price increases materializing is uncertain, and it is necessary to focus on whether msk will open bookings this week and the potential for other shipping companies to adjust freight rates in late October after the holiday [9][11]. - The supply - side capacity shows different trends in different months. The demand - side lacks a solid foundation for price increases in the spot market, and there are significant differences in the loading performance among shipping companies [11]. Summary by Relevant Catalogs 1. Fundamental Tracking Futures - EC2510 closed at 1,139.0, down 1.86% with a trading volume of 22,035 and an open interest of 32,431, a decrease of 3,095. The trading volume to open interest ratio was 0.68, compared to 1.09 the previous day [1]. - EC2512 closed at 1,777.0, up 1.74% with a trading volume of 19,314 and an open interest of 21,695, a decrease of 1,300. The trading volume to open interest ratio was 0.89, compared to 1.02 the previous day [1]. - EC2602 closed at 1,685.0, up 2.26% with a trading volume of 6,466 and an open interest of 8,768, an increase of 59. The trading volume to open interest ratio was 0.74, compared to 0.63 the previous day [1]. Freight Rates - The SCFIS European route index was 1,254.92 points, down 12.9% week - on - week; the SCFIS US West route index was 1,193.64 points, down 11.6% week - on - week [1]. - The SCFI European route was $971/TEU, down 7.7% bi - weekly; the SCFI US West route was $1,460/FEU, down 10.8% bi - weekly [1]. Spot Freight - The 40 - 41 week list price center dropped to the range of $1380 - 1420/FEU, and the corresponding SCFIS index was about 960 - 1000 points (±30 points). Some shipping companies have announced price increases in late October, with Maersk offering the lowest price of $1800/FEU and COSCO the highest of $3000/FEU [9]. Exchange Rates - The US dollar index was 98.20, and the US dollar to offshore RMB exchange rate was 7.11 [1]. 2. Capacity - In September, the number of blank sailings decreased by 1 to 6, and the weekly average capacity remained at 29.6 million TEU/week. In October, the weekly average capacity was slightly revised down to 26.5 million TEU/week. In November, the weekly average capacity was 30.8 million TEU/week, with the number of blank sailings remaining at 5 and the number of pending sailings increasing by 1. The November weekly average capacity was +9.4% year - on - year and +16.1% month - on - month [11]. 3. Macro News - On September 29, US President Trump was optimistic about reaching a Gaza cease - fire agreement and would meet with Israeli Prime Minister Netanyahu on Monday to finalize the agreement framework [8]. - Starting from October 1, 2025, Trump will impose a 50% tariff on all kitchen cabinets, bathroom vanities and related products, and a 30% tariff on upholstered furniture [8]. 4. Trend Intensity - The trend intensity of the container shipping index (European line) is 0, indicating a neutral trend [13].