Core Points - The company has resumed new booking services for ordinary containers from the Far East to the Middle East, specifically for the following countries: UAE, Saudi Arabia, Bahrain, Qatar, Kuwait, and Iraq [1][2] - Due to the volatile situation in the Middle East, the arrangements for new bookings and actual transportation may be subject to change [1][2] - Customers are advised to contact local agents, customer service representatives, or the company directly for specific booking arrangements, costs, and transportation terms [1][2] - The new booking arrangements will not affect the rights of the company regarding previously accepted bookings for the same region [1][2] - The company will continue to monitor the developments in the Middle East and provide updates through its official website and customer service channels [1][2] Company Communication - The announcement was made on March 25, 2026, indicating the company's proactive approach to customer communication during a challenging period [2][4] - The company expresses gratitude for customer understanding and support during this special time [3]

Report Industry Investment Rating - The rating for the European route is fluctuating with an upward bias [7] Core Viewpoint of the Report - Currently, the pricing of freight rates is shifting from fundamental - driven to a dual - driven model of cost support and geopolitical risk premium. In the second quarter, if geopolitical disturbances persist, there may be opportunities to enter long positions on dips, but the risk of amplified freight rate fluctuations should be watched out for. If the geopolitical conflict is resolved or the Strait of Hormuz is navigable, there may be opportunities to short sell off - season contracts on rallies [5] Summary by Relevant Catalog 1. Impact of the Strait of Hormuz Blockade on Container Shipping Supply and Demand is Limited - The Strait of Hormuz blockade has a significant impact on the regional shipping market, but its influence on the global container shipping market is limited. The cargo volume of the Persian Gulf region accounts for only 11.7% of the global container shipping trade, and the proportion passing through the Strait of Hormuz is about 2.8%. The container ship capacity in the Middle East and India - Pakistan region accounts for about 11.6% of the world, and the capacity of the Persian Gulf region may not exceed 6%. Even if there is a detour, the possible capacity gap is no more than 3% [12] - The ship - type structure in the Persian Gulf region has a low overlap with the mainstream east - west routes. The Middle East - India - Pakistan route mainly uses non - main - force ship types, with an average ship size of about 6000TEU. In contrast, the mainstream east - west routes are dominated by medium - and large - sized ships. So the disturbance in the Strait of Hormuz has a relatively limited impact on the core capacity of the European route [19] 2. There are Diverse Alternative Transport Solutions, but Hidden Concerns Remain in the Peak Season - After the conflict, some shipping companies have introduced three alternative transport solutions for Persian Gulf goods: detouring around the Cape of Good Hope and transiting through Jeddah Port; transiting through Mediterranean ports; using ports outside the Strait of Hormuz as transfer hubs. Currently, the overall effectiveness of these solutions is high, and the spill - over effect is controllable [31][32] - However, in the peak season, if the proportion of transshipment through the Mediterranean route increases, it may squeeze the space in the Mediterranean line, which may indirectly affect the European line [2][32] 3. Cost Transmission: Rising Energy Prices Push up the Freight Rate Floor - The continuous blockade of the Strait of Hormuz has pushed up the prices of crude oil and fuel oil. Fuel cost accounts for 30% - 40% of the total cost of the European route, and its increase has supported the freight rate. Many shipping companies have announced the collection of emergency fuel surcharges, and the new cost will be passed on to the shippers [35] - If the Strait of Hormuz remains blocked, energy prices are likely to stay high, continuously raising the cost support level of the European route. During the peak season, if there are potential supply - side disturbances, the upward space of freight rates may be further opened [36] 4. The Delivery Rhythm of New Ships is Easing, and the Increment on the European Route is Limited - In the first quarter, 14 new 12000 - 17000TEU ships and 2 over - 17000TEU ships were delivered. With the entry of new ships, the supply stability of the European route has been continuously enhanced, and the flight - scheduling rate has risen above 90%. In the second quarter, the proportion of new ships delivered to the European route is expected to further decline [39] 5. Excess Pressure Still Exists, and Macroeconomic Disturbances Increase Uncertainty - In the first quarter, the demand on the European route was supported by pre - tax - refund rush shipments. After the export tax refund was cancelled, the demand may not match the current high capacity level. The market cargo volume is expected to gradually recover from May and enter the peak season around mid - June [45] - In April, the weekly average capacity of shipping companies was close to the saturation limit, and the supply excess pressure was obvious. Although the delivery rhythm of new ships has slowed down, the excess pressure still exists. At the macro level, there are uncertainties in the European economy due to geopolitical disturbances and energy cost surges [46][48] 6. Summary and Outlook - Currently, the fundamentals of the European route are still under pressure, but the negative impact is being offset by geopolitical conflicts and rising energy costs. The pricing of freight rates is shifting from fundamental - driven to a dual - driven model [55] - Three aspects should be focused on: the linkage between the European route and oil prices; the alternative solutions of shipping companies that have not resumed Middle East bookings; and the price changes of shipping companies. In the second quarter, if geopolitical disturbances persist, there may be opportunities to enter long positions on dips. If the conflict is resolved or the Strait of Hormuz is navigable, there may be opportunities to short sell off - season contracts on rallies [55][56]

Group 1: Futures Market Data - EC2604 contract had a closing price of 1898.9, a decline of 2.99%, a basis of -342.4, a trading volume of 18908, an open interest of 15267, and a change in open interest of -2429 [2] - EC2605 contract had a closing price of 2178.2, a decline of 8.43%, a basis of -621.7, a trading volume of 1142, an open interest of 1569, and a change in open interest of -245 [2] - EC2606 contract had a closing price of 2439.2, a decline of 9.42%, a basis of -882.7, a trading volume of 11832, an open interest of 13405, and a change in open interest of -907 [2] - EC2607 contract had a closing price of 2567.0, a decline of 7.76%, a basis of -1010.5, a trading volume of 318, an open interest of 913, and a change in open interest of -79 [2] - EC2608 contract had a closing price of 2410.8, a decline of 5.98%, a basis of -854.3, a trading volume of 1175, an open interest of 2828, and a change in open interest of -117 [2] - EC2609 contract had a closing price of 1720.0, a decline of 6.29%, a basis of -163.5, a trading volume not provided, an open interest of 495, and a change in open interest of -7 [2] - EC2610 contract had a closing price of 1573.0, a decline of 4.55%, a basis of -16.5, a trading volume of 2309, an open interest of 7502, and a change in open interest of -15 [2] - EC2612 contract had a closing price of 1774.0, a decline of 2.26%, a basis of -217.5, a trading volume of 70, an open interest of 448, and a change in open interest of 10 [2] Group 2: Spread Data - The spread of EC2604 - 2606 was -540.3, with a day - on - day change of 195.2 and a week - on - week change of -103.6 [2] - The spread of EC2604 - 2605 was -279.3, with a day - on - day change of 142.1 and a week - on - week change of -231.7 [2] - The spread of EC2606 - 2610 was 866.2, with a day - on - day change of -178.7 and a week - on - week change of 49.6 [2] Group 3: Spot Market Data - The spot index (Oriental Line) updated weekly on Mondays, with a value of 1556.49 on March 16, 2026, a rise of 0.71% from the previous period [2] - The SCFI (Oriental Line) updated on Fridays, with a value of 1636 dollars/TEU on March 20, 2026, a rise of 1.11% from the previous period [2] Group 4: Market Analysis - The EC2604 contract is entering the delivery logic, with a contradiction between weak fundamentals and potential fuel cost increases; the EC2610 contract follows the cost - support logic, with high geopolitical risks. On Tuesday, both aspects of news were bearish, and the market is expected to be weak [3] Group 5: European Line Spot Situation - In Week 13, MSK was flat at 2250 dollars, PA was reported at 2400 - 2500 dollars, and some voyages were at 2200 dollars (2000 dollars for large orders). The average spot price converted to the futures price was about 1700 - 1800 points. COSCO announced a price increase for the European Line in April to 5100 dollars, and CMA issued a price - increase letter for April at 3500 dollars [4] - In Week 14, MSK was reported at 2650 dollars (a 400 - dollar increase from the previous week) [4] - On Tuesday of Week 15, after the market closed, the price was reported at 2350 dollars (a 300 - dollar decrease from the previous week) [4] - In early April, ONE was reported at 2500 dollars, EMC at 3160 dollars, and OOCL at 3100 dollars [4] Group 6: Related News - On March 25, US media reported that the US had sent a 15 - point plan to Iran to end the Middle East war. The plan involved Iran's ballistic missile and nuclear programs and maritime shipping lanes. Pakistan's Army Chief Munir had become an important communication bridge between the US and Iran, and Egypt and Turkey encouraged Iran to engage constructively [5]

Core Viewpoint - China COSCO Shipping International (00517.HK) reported a profit attributable to equity holders of HKD 771 million for the fiscal year 2025, representing a 9% year-on-year increase, driven by higher income and profits from joint ventures, as well as increased foreign exchange gains [1] Financial Performance - The company's total revenue for the year was HKD 3.706 billion, up 2% year-on-year [1] - Revenue from the core shipping services segment was HKD 3.697 billion, a 6% increase year-on-year, accounting for 99.8% of total revenue, primarily due to increased income from the paint and ship trading agency segments [1] - The general trading segment reported revenue of HKD 9.134 million, a significant decline of 93% year-on-year, representing only 0.2% of total revenue [1] - Gross profit rose by 6% to HKD 895 million, mainly due to increased gross profit from the paint segment and the ship trading agency segment [1] - Gross profit margin increased to 24%, attributed to a higher contribution from segments with better profit margins [1] Dividend Proposal - The board proposed a final dividend of HKD 0.19 per share and an additional special dividend of HKD 0.10 per share [1] Cash Position - As of December 31, 2025, the company reported a net cash position of HKD 5.817 billion, which includes non-current bank deposits, restricted bank deposits, current deposits, and cash and cash equivalents [1]

Core Viewpoint - China COSCO Shipping International announced a 2% increase in revenue to HKD 3.706 billion for 2025, primarily driven by the rise in revenue from the coatings and ship trading agency segment [1] Financial Performance - The profit attributable to equity holders increased by 9% to HKD 771 million, mainly due to the rise in revenue and the profit from a joint venture, as well as an increase in net foreign exchange gains [1]

Core Viewpoint - China COSCO Shipping International (00517) reported a 2% increase in revenue to HKD 3.706 billion for the year ending December 31, 2025, primarily driven by higher income from the coatings and ship trading agency segments [1] Financial Performance - The profit attributable to equity holders rose by 9% to HKD 771 million, mainly due to increased revenue and profits from a joint venture, as well as a net gain from foreign exchange [1] - Basic and diluted earnings per share increased by 9% to HKD 0.526 [1] Dividend Proposal - The board of directors proposed a final dividend of HKD 0.19 per share and an additional special dividend of HKD 0.10 per share [1]

1. Report Industry Investment Rating - No information about the report industry investment rating is provided in the given content. 2. Core Viewpoints of the Report - The "stagflation" concern has slightly eased, and major asset classes have rebounded. However, due to the unclear geopolitical conflict situation, investors are advised to be cautious about risk assets in the short term [1]. - The Iran - geopolitical situation continues to impact the financial market. Trump's statement about peace talks with Iran led to a sharp decline in crude oil on the evening of the 23rd and a rebound in major asset classes, but Iran officials denied direct negotiations with the US on the 24th. This statement can somewhat ease the market's concern about the "stagflation" risk [1]. - The "15th Five - Year Plan" outlines an increase in the target for the added value of the core digital economy industry, adds indicators related to people's livelihood, childcare, elderly care, and green non - fossil energy, and improves the unified market and dual - carbon assessment and certification systems. The current domestic macro - economy is generally stable, and external demand remains resilient [1]. - The stock index, non - ferrous metals, and precious metals sectors need to be vigilant against the drag caused by the further deterioration of market risk appetite. It is relatively recommended to allocate TS and TF. The US stagflation expectation faces large uncertain fluctuations, and the global stock market continues to be weak, which may suppress risk assets [1]. 3. Summary According to Relevant Catalogs 3.1 Overseas Macro - The Iran - geopolitical situation continues to affect the financial market. Trump's statement on peace talks led to a sharp decline in crude oil on the evening of the 23rd and a rebound in major asset classes. But on the 24th, Iran officials denied direct negotiations with the US. Although Trump's statement cannot substantially relieve the Strait blockade, it can ease the market's concern about the "stagflation" risk to some extent [1]. 3.2 Domestic Macro - The "15th Five - Year Plan" continues the "14th Five - Year" indicator framework, raises the target for the added value of the core digital economy industry, adds relevant indicators, and improves relevant systems. The current domestic macro - economy is stable, and external demand remains resilient [1]. 3.3 Asset Views - Due to the unclear geopolitical conflict situation, investors are advised to be cautious about risk assets in the short term. The stock index, non - ferrous metals, and precious metals sectors need to be vigilant against the drag of the further deterioration of market risk appetite. It is relatively recommended to allocate TS and TF. The US stagflation expectation faces large uncertain fluctuations, and the global stock market continues to be weak, which may suppress risk assets [1]. 3.4 Market Conditions of Various Varieties - **Financial**: Stock index futures show a shrinking - volume rebound, index options' implied volatility falls, and the sentiment has not fully warmed up. Treasury bond futures price in the easing of the US - Iran situation, and the long - end sentiment of bonds warms up. All are expected to be volatile [4]. - **Precious Metals**: Gold and silver are in a post - oversold repair - type rebound in the short term, but need to be vigilant against the risk of repeated conflicts. They are expected to be volatile [4]. - **Shipping**: The freight rate of the European container shipping line has decreased month - on - month, and the spot market has declined. It is expected to be weakly volatile [4]. - **Black Building Materials**: Affected by repeated geopolitical conflicts, the market is expected to be volatile. For example, steel has strong cost support, and iron ore fluctuates at a high level [4]. - **Non - ferrous Metals and New Materials**: The pessimistic sentiment has eased, and basic metals are expected to stop falling and fluctuate. For example, aluminum is expected to be strongly volatile, and nickel is expected to be strongly volatile [4]. - **Energy and Chemicals**: The Middle East geopolitical situation remains deadlocked, and the energy and chemical sector continues to fluctuate at a high level. For example, crude oil fluctuates at a high level, and methanol fluctuates within a range [5]. - **Agriculture**: The supply of live pigs is abundant, and the price continues to weaken. Natural rubber rebounds slightly, and synthetic rubber fluctuates at a high level. Cotton fluctuates within a range [5]. 3.5 Financial Market and Industry Index Fluctuations - **Financial Market Fluctuations**: On March 24, 2026, the stock index futures of CSI 300, SSE 50, CSI 500, and CSI 1000 all rose, while the 2 - year, 5 - year, 10 - year, and 30 - year treasury bond futures showed different trends. The US dollar index fell, and the US and Chinese bond yields also changed [7]. - **Industry Index Fluctuations**: On March 24, 2026, most industries in the CITIC industry index rose, such as non - ferrous metals, basic chemicals, and steel. However, the petroleum and petrochemical industry fell [8][9]. - **Overseas Commodity Fluctuations**: On March 24, 2026, NYMEX WTI crude oil and ICE Brent oil rose slightly, while NYMEX natural gas and ICE UK natural gas fell. Precious metals, non - ferrous metals, and agricultural products also showed different trends [10][11]. - **Domestic Commodity Fluctuations**: On March 24, 2026, most domestic commodities showed different degrees of fluctuations. For example, gold and silver rose significantly, while crude oil and fuel oil fell significantly [12][13][14].

Market Performance - A-shares halted their decline, with the Shanghai Composite Index rising by 1.78% to 3881.28 points, and the Shenzhen Component Index increasing by 1.43%[1] - The Hang Seng Index opened higher, gaining 2.79% to close at 25063.71 points, while the Hang Seng Technology Index surged by 2.51%[1] - The total market turnover in Hong Kong reached 3030.734 million HKD[1] Geopolitical Developments - President Trump hinted at a potential diplomatic breakthrough with Iran, suggesting that Iran has made a significant gesture related to the Strait of Hormuz, with negotiations ongoing[12] - The U.S. is reportedly seeking a one-month ceasefire to facilitate diplomatic discussions with Iran, proposing a 15-point plan to end the conflict[12] Economic Indicators - The S&P Global PMI indicated that U.S. business activity growth slowed to its lowest level in nearly a year, with input prices rising following the outbreak of the Iran conflict[12] - The composite output index fell to 51.4, with a reading above 50 indicating expansion, while input prices rose to their highest level since May[12] Investment Trends - China's sovereign wealth fund, CIC, is reportedly re-engaging with U.S. asset management firms, including Blackstone and TPG, after previously reducing exposure to the U.S.[12]

Group 1: Futures Market Data - EC2604 had a closing price of 1898.9, a decline of 2.99%, a basis of -342.4, a trading volume of 18908, an open interest of 15267, and a change in open interest of -2429 [2] - EC2605 had a closing price of 2178.2, a decline of 8.43%, a basis of -621.7, a trading volume of 1142, an open interest of 1569, and a change in open interest of -245 [2] - EC2606 had a closing price of 2439.2, a decline of 9.42%, a basis of -882.7, a trading volume of 11832, an open interest of 13405, and a change in open interest of -907 [2] - EC2607 had a closing price of 2567.0, a decline of 7.76%, a basis of -1010.5, a trading volume of 318, an open interest of 913, and a change in open interest of -79 [2] - EC2608 had a closing price of 2410.8, a decline of 5.98%, a basis of -854.3, a trading volume of 1175, an open interest of 2828, and a change in open interest of -117 [2] - EC2609 had a closing price of 1720.0, a decline of 6.29%, a basis of -163.5, a trading volume not shown, an open interest of 495, and a change in open interest of -7 [2] - EC2610 had a closing price of 1573.0, a decline of 4.55%, a basis of -16.5, a trading volume of 2309, an open interest of 7502, and a change in open interest of -15 [2] - EC2612 had a closing price of 1774.0, a decline of 2.26%, a basis of -217.5, a trading volume of 70, an open interest of 448, and a change in open interest of 10 [2] Group 2: Month - to - Month Spread Data - The spread of EC2604 - 2606 was -540.3, with a day - on - day increase of 195.2 and a week - on - week decrease of 103.6 [2] - The spread of EC2604 - 2605 was -279.3, with a day - on - day increase of 142.1 and a week - on - week decrease of 231.7 [2] - The spread of EC2606 - 2610 was 866.2, with a day - on - day decrease of 178.7 and a week - on - week increase of 49.6 [2] Group 3: Spot Market Data - The spot price of the European line (Tallat) on March 16, 2026, was 1556.49 points, with a 0.71% increase from the previous period [2] - The SCFI of the European line on March 20, 2026, was 1636 dollars/TEU, with a 1.11% increase from the previous period [2] Group 4: Market Analysis - The EC2604 contract is entering the delivery logic, with a contradiction between weak fundamentals and potential fuel cost increases; the EC2610 contract follows the cost - support logic with high geopolitical risks. On Tuesday, both aspects of news were bearish, and the market is expected to be weak [3] Group 5: European Line Spot Situation - In Week 13, MSK's price was flat at 2250 dollars, PA reported 2400 - 2500 dollars, and some voyages were 2200 dollars (2000 dollars for large - volume orders). The average spot price converted to the futures price was about 1700 - 1800 points. COSCO announced a price increase for the European line in April to 5100 dollars, and CMA issued a price - increase letter for April of 3500 dollars [4] - In Week 14, MSK reported 2650 dollars (a 400 - dollar increase from the previous week) [4] - In Week 15, after Tuesday's market close, the price was reported at 2350 dollars (a 300 - dollar decrease from the previous week) [4] - In early April, ONE reported 2500 dollars, EMC reported 3160 dollars, and OOCL reported 3100 dollars [4] Group 6: Related News - On March 25, US media reported that the US had sent a 15 - point plan to Iran to end the Middle - East war. The plan involved Iran's ballistic missile and nuclear programs and maritime shipping lanes. Pakistan's Army Chief Munir had become an important communication bridge between the US and Iran, and Egypt and Turkey encouraged Iran to engage constructively [5]

Report Industry Investment Rating No relevant content provided. Core Viewpoints of the Report The report provides a comprehensive analysis of various futures markets, including financial derivatives, agricultural products, black metals, non - ferrous metals, shipping and carbon emissions, and energy chemicals. It takes into account factors such as geopolitical conflicts, supply and demand, and policy changes to offer trading strategies for different futures products. Summary by Category Financial Derivatives - **Stock Index Futures**: The rebound is expected to continue. The market rebounded on Tuesday, but it is a weak - market rebound. The probability of a future rebound is high, and trading strategies include grid operations, IM/IC 2609 long + ETF short arbitrage, and option watching [18][21]. - **Treasury Bond Futures**: Partially stop - profit on cross - variety arbitrage positions. The bond market is recommended to wait and see in the short term, and the 30Y - 7Y term spread short position (TL - 3T) can be partially stopped - profit and then continue to hold in moderation [22][24]. Agricultural Products - **Protein Meal**: Supply pressure increases, and the market is generally downward. It is recommended to place a small number of long orders in the far - month contracts and narrow the MRM09 spread [25][27]. - **Sugar**: International sugar prices soar, while domestic sugar prices fluctuate. It is recommended to build long positions on Zhengzhou sugar at low prices and sell put options [27][31]. - **Edible Oils**: Oils maintain high - level fluctuations. In the short term, they may fluctuate at a high level, and p59 can consider short - selling opportunities at high prices [31][34]. - **Corn/Corn Starch**: Corn supply increases, and the market fluctuates weakly. It is recommended to go long on the 05 corn on dips and narrow the 05 corn - starch spread [34][38]. - **Hogs**: Supply pressure increases, and prices are mainly downward. It is recommended to wait and see and sell wide - straddle options [39][41]. - **Peanuts**: Peanut spot prices are strong, and the market fluctuates strongly. It is recommended to go long on the 05 peanut on dips and sell pk605 - P - 7700 options [41][43]. - **Eggs**: The enthusiasm for culling hens decreases, and egg prices are mainly stable. It is recommended to short the June contract on rallies [43][46]. - **Apples**: The inventory reduction speed is fast, and apple prices are firm. It is recommended to wait and see for the May contract [47][49]. - **Cotton - Cotton Yarn**: Cotton prices have strong support below, and the trend is oscillating and strengthening. It is recommended to build long positions on dips [49][52]. Black Metals - **Steel**: Overseas sentiment affects futures prices, and there is no trending market. It is recommended to maintain an oscillating trend and short the coil - coal ratio [54][56]. - **Coking Coal and Coke**: Fluctuations are large, and attention should be paid to the progress of geopolitical conflicts. It is recommended to wait and see and be cautious about short - term trading [56][59]. - **Iron Ore**: Supply disturbances increase, and ore prices are at a high level. It is recommended for spot enterprises to hedge at high prices and conduct 5/9 month - spread short - selling [60][61]. - **Ferroalloys**: Driven by energy costs, they fluctuate strongly. It is recommended to go long on a rising trend and sell out - of - the - money put options [62][63]. Non - Ferrous Metals - **Gold and Silver**: There is a glimmer of hope for the easing of the Middle East situation, and gold and silver prices recover. If Shanghai gold and silver can stand firm on the 120 - day moving average, consider an oscillating trading strategy [64][66]. - **Platinum and Palladium**: The expectation of peace talks strengthens, and precious metal prices rise. It is recommended for high - risk - tolerance investors to go long on platinum cautiously, and conduct long - platinum and short - palladium arbitrage [68][70]. - **Copper**: Geopolitical risks are expected to ease, and copper prices rebound slightly. It is recommended to pay attention to macro changes in a low - level oscillation [71][73]. - **Alumina**: Attention should be paid to the mining policy in Guinea and the Middle East geopolitical conflict. It is recommended to wait and see as the price oscillates weakly [73][76]. - **Electrolytic Aluminum**: There is uncertainty in the geopolitical conflict. It is recommended to wait and see as the price oscillates and rebounds [76][80]. - **Cast Aluminum Alloy**: There is uncertainty in the geopolitical conflict. It is recommended to wait and see as the price oscillates and rebounds with aluminum prices [80][82]. - **Zinc**: Attention should be paid to macro and capital sentiment. Zinc prices may oscillate at a low level in the short term [82][85]. - **Lead**: It oscillates at a low level. It is recommended to wait and see [86][88]. - **Nickel**: The short - term price is dominated by the macro situation. It is recommended to wait for the macro situation to stabilize [88][90]. - **Stainless Steel**: Supported by costs, it follows the nickel price. It is recommended to wait for the macro situation to stabilize [90][92]. - **Industrial Silicon**: It oscillates within a range. It is recommended to buy on dips at the lower end of the range [93][94]. - **Polysilicon**: It is weak in the short term, and attention should be paid to policy guidance. It is recommended to be cautious about liquidity risks [97][99]. - **Lithium Carbonate**: Low prices attract downstream buyers. It is recommended to go long as the price is strong [99][102]. - **Tin**: Tin prices change with macro sentiment. It is recommended to pay attention to the negative impact of helium blockade on tin consumption [103][107]. Shipping and Carbon Emissions - **Container Shipping**: The US proposes a one - month cease - fire agreement, and short - term geopolitical sentiment eases. The short - term market is expected to continue to correct, but geopolitical risks should be vigilant [108][111]. - **Dry Bulk Freight**: Iran sets up a safety corridor for ships, which may improve the shipping environment. Attention should be paid to the shipping situation in the Middle East and the impact of fuel prices on freight rates [111][114]. - **Carbon Emissions**: The Chinese carbon market has dull trading, while the EU carbon market's confidence and price are recovering. The Chinese carbon price is expected to oscillate strongly in the short term, and the EU carbon price is expected to be strong in the medium and long term [114][118]. Energy Chemicals - **Crude Oil**: The trend closely follows the geopolitical situation, with sharp intraday fluctuations. It is recommended to go long at a high level [120][122]. - **Asphalt**: Geopolitical tensions ease, and attention should be paid to the short - term oil price fluctuation risk. It is recommended to go long on the BU2606 contract on dips [122][125]. - **Fuel Oil**: Geopolitical tensions ease, and attention should be paid to the short - term oil price fluctuation risk. It is recommended to wait and see and pay attention to the spread between high - and low - sulfur fuel oils [125][128]. - **LPG**: The decline in the external market drives the internal market down. It is recommended to wait and see as the price oscillates strongly at a high level [128][129]. - **Natural Gas**: Geopolitical risks persist, and the upward trend remains unchanged. It is recommended to sell deep out - of - the - money put options on TTF [130][134]. - **PX & PTA**: There is an expected unplanned reduction in supply, and PTA enterprises may be forced to cut production. It is recommended to wait and see [136][138]. - **BZ & EB**: There are concerns about raw material supply, and styrene exports are good. It is recommended to wait and see [139][143]. - **Ethylene Glycol**: The import volume is revised down. It is recommended to wait and see [143][146]. - **Short - Fiber**: The processing margin fluctuates within a range. It is recommended to wait and see [146][148]. - **Bottle Chips**: Inventory is continuously being reduced. It is recommended to wait and see [148][152]. - **Propylene**: Supply is tight. It is recommended to wait and see due to the volatile Middle East situation [152][155]. - **Plastic PP**: Reduce long positions. It is recommended to wait and see for L and PP, and reduce the SPC L2605&PP2605 spread position [155][157]. - **Caustic Soda**: Caustic soda weakens. It is recommended to oscillate and follow the market sentiment caused by the US - Iran conflict [158][159]. - **PVC**: It falls weakly. It is recommended to wait and see [160][162]. - **Soda Ash**: It oscillates at a high level. It is recommended to short at high levels and sell call options [163][164]. - **Glass**: It falls weakly. It is recommended to short at high levels and sell call options [164][166]. - **Methanol**: It continues to be weak. It is expected to oscillate weakly [166][169]. - **Urea**: It oscillates mainly. It is recommended to close long positions and wait and see, and sell put options on pullbacks [169][172]. - **Pulp**: High inventory suppresses the pulp price, and the rebound is weak. It is recommended to operate within a range and buy on dips, and sell SP2605 - P - 5100 options [173][177]. - **Offset Printing Paper**: The market purchases based on rigid demand, and the upward movement is weak. It is recommended to short at high levels and sell OP2604 - C - 4250 options [177][180]. - **Logs**: The shipment improves, and log prices are strong. It is recommended to buy on dips [181][185]. - **Natural Rubber and No. 20 Rubber**: The import of dark - colored rubber continues to decrease. It is recommended to hold long positions in RU and NR, and hold the NR2605 - RU2605 spread position [185][188]. - **Butadiene Rubber**: The domestic automobile inventory is slightly reduced. It is recommended to hold long positions in the BR 05 contract and hold the BR2505 - RU2505 spread position [189][191].