1. Report Industry Investment Rating - No information provided in the reports 2. Core Views - The reports provide daily data on various futures, including stock index futures, Treasury bond futures, precious metal futures, and container shipping futures, covering price differences, spreads, spot prices, and related economic indicators [1][2][3][4] 3. Summary by Related Catalogs Stock Index Futures - **Price Differences**: IF, IH, IC, and IM期现价差, with values such as IF期现价差 at 11.70% and changes like -31.62 compared to the previous day [1] - **Inter - period Spreads**: Various inter - period spreads for IF, IH, IC, and IM, e.g., IF跨期价差次月 - 当月 at - 16.60 with a change of - 3.00 [1] - **Cross - variety Ratios**: Ratios like 中证500/沪深300 at 1.5648 with a change of 0.0074 [1] Treasury Bond Futures - **IRR and Basis**: IRR values and basis for TS, TF, T, and TL, e.g., TS基差 at 0.2010 on 2025 - 10 - 27 with a change of - 0.0023 [2] - **Inter - period Spreads**: Spreads for different periods of TS, TF, T, and TL, such as TS跨期价差当季 - 下季 at 0.0900 with a change of 0.0120 [2] - **Cross - variety Spreads**: Spreads between different Treasury bond futures, e.g., TS - TF at - 3.3570 on 2025 - 10 - 27 with a change of - 0.0740 [2] Precious Metal Futures - **Domestic Futures**: AU2512合约 closed at 934.14 yuan/gram on October 27, down 0.42% from October 24; AG2512合约 closed at 11394 yuan/kilogram, up 0.55% [3] - **Foreign Futures**: COMEX黄金主力合约 closed at 3997.00, down 3.15%; COMEX白银主力合约 closed at 46.83 dollars/ounce, down 3.26% [3] - **Spot Prices**: London gold at 4111.56, down 0.36%; London silver at 48.62 dollars/ounce, down 0.47% [3] - **Basis**: Gold TD - 沪金主力 at - 3.85 with a change of - 1.08 and a 1 - year historical percentile of 21.60% [3] Container Shipping Futures - **Spot Quotes**: Quotes for different shipping companies on the Shanghai - Europe route, e.g., MAERSK马士基 at 2358 dollars/FEU on October 28, down 0.25% from October 27 [4] - **Shipping Indexes**: SCFIS (European route) at 1312.71 on October 27, up 15.11% from October 20; SCFIS (US West route) at 1107.32, up 28.24% [4] - **Futures Prices and Basis**: EC2602 at 1571.6, down 1.84%; the basis of the main contract (EC2512) at - 167.6, with a change of 28.7 and a percentage change of - 14.62% [4] - **Fundamental Data**: Global container运力供给 at 3328.67 FTEU on October 28, with a negligible change; Shanghai port准班率 at 42.77 in September, up 133.59% from August [4]

Report Industry Investment Rating - Not provided in the given content Core Viewpoints - The view on the Container Shipping Index (European Line) for this week is wide - range fluctuations. It's necessary to pay more attention to supply - side changes, especially the shipping schedule delays from late November to December caused by port congestion in Europe, which potentially benefit the 2512 contract. The 2512 contract is recommended to be traded with a wide - range fluctuation strategy, and the 2602 contract can also be considered for low - buying opportunities, mainly through 02 - 04 positive spreads for rolling long positions [1][4] Summary by Relevant Catalogs Price Spot Freight and Spot Index Tracking - The average market freight for 43 weeks was 1108 dollars for 20GP and 1812 dollars for 40GP. The SCFIS European Line index on October 13th was 1031.80 points, and it's expected to be around 1100 points on October 20th. The freight of the PA alliance loosened in late October, falling to 1300 - 1500 dollars/FEU [12][14][15] Seasonal Freight Trends of Major Global Routes - The SCFI and NCFI show the seasonal freight trends of major global routes, including Shanghai - Europe, Shanghai - Mediterranean, Shanghai - North America, etc [17][18][20] Demand Side China's Export Perspective - In September 2025, China's US - dollar - denominated export year - on - year growth rate rebounded to 8.2%. Exports to the EU, Africa, and ASEAN remained strong, with the year - on - year growth rate of exports to the EU rising to 14.2% [26] Asia's Export to Europe Perspective - From January to August 2025, the cumulative container trade volume from Asia to Europe (Northwest Europe + Mediterranean) was 13.18 million TEU, with a cumulative year - on - year increase of 9.7% [4] Asia's Export to North America Perspective - In January 2025, the container trade volume from Asia to North America was 2.1188 million TEU, with a year - on - year increase of 8.2% [33] US Import Volume Weekly Tracking - The data shows the weekly container import volume of the US from the world, India, China, etc., updated to October 9th [36][37][38] Supply Side Supply Chain Risk Events - Events include the Middle East geopolitical situation, European port operation efficiency, and Southeast Asian extreme weather. For example, Tropical Storm "Ramil" may affect port operations in South China Sea areas [45][46][47] Shipping Schedule Table - The weekly average capacity in November remained around 300,000 TEU/week (excluding 2 pending voyages), with a month - on - month increase of 16.5% and a year - on - year increase of 6.4%. There are many pending voyages in December, and the capacity may be significantly revised later [4][50] Dynamic Capacity - In the past week, the speed of 8,000 - 11,999TEU container fleets was around 15 knots, and the idle capacity of 8 - 11,999TEU container fleets was 14 ships as of October 10th [59] Turnover Efficiency - Data shows the congestion situations of ports in China, the UK/Europe, the Mediterranean/Black Sea, Southeast Asia, North America, and Asia [61][63][65] Static Capacity - In the past three months, the top ten liner companies received new 12,000+TEU container ships, with some deployed on European, American, and Latin American routes. In the next three months, they are expected to receive 18 new 12,000+TEU container ships [74][75][76]

Report Information - Report Title: Container Industry Risk Management Daily Report - Date: October 16, 2025 - Analyst: Yu Junchen [1] Industry Investment Rating - Not provided in the report Core Viewpoints - Today, the futures prices of the Container Shipping Index (European Line) (EC) continued to decline first and then returned to low - amplitude fluctuations. As of the close, the prices of all EC monthly contracts declined. The decline was due to the relatively weak fundamental support and the attempt of some shipping companies to resume routes in the Red Sea, which brought negative sentiment. In the short term, with geopolitical and tariff issues remaining unstable, the futures prices are likely to continue to fluctuate. Strategies can generally remain on the sidelines or focus on short - term operations, and there are still opportunities for low - buying in the December contract [3]. Grouped Key Points EC Risk Management Strategy - For companies with purchased shipping spaces but full capacity or poor booking volumes and worried about freight rate drops, they can short the container shipping index futures (EC2512) at 1700 - 1750 to lock in profits [2]. - For companies aiming to manage costs, when shipping companies increase blank sailings or enter the peak season, they can buy the container shipping index futures (EC2512) at 1450 - 1500 to fix booking costs in advance [2]. Market Situation Analysis - **Likely Positive Factors**: Maersk's cabin opening quotes at the end of October were the same as the previous two periods, indicating successful price support in mid - to late October. Maersk, CMA CGM, and Hapag - Lloyd all issued price increase letters for November. An Israeli senior official denied reports of a Gaza cease - fire agreement [4]. - **Likely Negative Factors**: The offline PA alliance reduced freight rates to $1500 per FEU. SeaLead and CMA CGM announced route reforms and upgrades [4]. EC Data - **EC Basis Changes**: On October 16, 2025, the basis and its daily and weekly changes of EC2510, EC2512, EC2602, EC2604, EC2606, and EC2608 are provided in the report [5][6]. - **EC Prices and Spreads**: The closing prices, daily and weekly price changes, and price spreads of different EC contracts on October 16, 2025, are presented [6]. Shipping Quotes - **Container Spot Quotes**: Maersk's 20GP and 40GP quotes from Shanghai to Rotterdam on different dates in October showed increases, while some of CMA CGM's quotes decreased [8]. - **Global Freight Rate Indexes**: The latest values, previous values, changes, and change rates of various global freight rate indexes such as SCFIS, SCFI, XSI, and FBX are provided [9]. Port and Shipping Data - **Port Waiting Times**: The waiting times at major global ports on October 15, 2025, and their changes compared to the previous day and the same period last year are presented [16]. - **Shipping Speeds and Waiting Ships**: The average speeds of 8000 +, 3000 +, and 1000 + container ships on October 15, 2025, and the number of container ships waiting at the Suez Canal port anchorages are provided, along with their changes compared to the previous day and the same period last year [25].

Report Summary 1. Report Industry Investment Rating No information provided. 2. Core Viewpoints - Today, the futures price of the Container Shipping Index (European Line) (EC) oscillated at a low level with a slight upward trend. As of the close, the prices of EC contracts showed mixed movements. The main reason for the overall oscillatory trend of today's futures price is that although the US announced a 100% tariff increase on China, subsequent statements on social media by Trump and Vance were more conciliatory, leading to an oscillating macro - sentiment. Additionally, the near - month contracts rebounded due to CMA CGM's announcement of a November freight rate increase. In the short term, the futures price is likely to continue oscillating. It is necessary to closely monitor the cease - fire process in Gaza and Sino - US relations. Strategically, one can generally remain on the sidelines or attempt a 10 - 12 positive spread strategy [3]. 3. Summary by Relevant Catalogs 3.1 EC Risk Management Strategy Recommendations - **Position Management**: For those who have already acquired positions but have full capacity or poor booking volumes during the peak season and are worried about falling freight rates (long position in spot), to prevent losses, they can short the container shipping index futures according to the company's position to lock in profits. The recommended hedging tool is EC2512, with a selling recommendation and an entry range of 1700 - 1750 [2]. - **Cost Management**: When shipping companies increase blank sailings or the market is about to enter the peak season, and they hope to book cabins according to order situations (short position in spot), to prevent an increase in transportation costs due to rising freight rates, they can buy the container shipping index futures at present to determine the cabin - booking cost in advance. The recommended hedging tool is EC2512, with a buying recommendation and an entry range of 1450 - 1500 [2]. 3.2 Core Contradictions - As of the close, for the EC2510 contract, long positions decreased by 1414 lots to 9464 lots, short positions decreased by 1129 lots to 10337 lots, and trading volume decreased by 946 lots to 6566 lots (bilateral) [3]. 3.3利多解读 - On the evening of October 12, US Eastern Time, the US stock futures market rebounded after Friday's sharp decline. Dow Jones futures rose 0.7%, more than 300 points. S&P 500 and Nasdaq futures rose 0.9% and 1% respectively. Earlier in the morning, US President Trump softened his tone, saying that US - China relations "will be fine" and that the US wants to help China rather than harm it [4]. - CMA CGM officially announced a November price increase. Starting from November 1, the quoted price for the Asia - to - Northern Europe route will rise to $1500/TEU and $2600/FEU [4]. 3.4利空解读 - On October 10, 2025, Trump stated that the US would impose a 100% tariff on China and implement new export controls on key software products [5]. 3.5 EC Basis Daily Changes - For EC2510, the basis was - 97.60 points, with a daily change of - 8.30 points and a weekly change of - 79.09 points [6]. - For EC2512, the basis was - 530.70 points, with a daily change of 8.50 points and a weekly change of 125.81 points [6]. - For EC2602, the basis was - 328.10 points, with a daily change of - 21.90 points and a weekly change of 236.41 points [6]. - For EC2604, the basis was - 66.70 points, with a daily change of - 29.50 points and a weekly change of 81.41 points [6]. - For EC2606, the basis was - 236.2 points, with a daily change of - 34.10 points and a weekly change of - 7.62 points [6]. 3.6 EC Price and Spreads - For EC2510, the closing price was 1129.4 points, with a daily increase of 0.74% and a weekly decrease of 0.84% [8]. - For EC2512, the closing price was 1562.5 points, with a daily decrease of 0.54% and a weekly decrease of 12.07% [8]. - For EC2602, the closing price was 1359.9 points, with a daily increase of 1.64% and a weekly decrease of 19.29% [8]. - For EC2604, the closing price was 1098.5 points, with a daily increase of 1.25% and a weekly decrease of 13.41% [8]. - For EC2606, the closing price was 1268.0 points, with a daily increase of 1.55% and a weekly decrease of 14.53% [8]. - For EC2608, the closing price was 1395.8 points, with a daily decrease of 0.66% and a weekly decrease of 13.69% [8]. 3.7集运现舱报价（CY - CY，上海—鹿特丹） - On October 24, for Maersk's shipping schedule from Shanghai to Rotterdam, the total quote for 20GP was $1095, a $10 increase from the previous period, and the total quote for 40GP was $1830, a $20 increase from the previous period [10]. - In late October, for CMA CGM's shipping schedule from Shanghai to Rotterdam, the total quote for 20GP was $1210/1345, a $100 decrease from the previous period, and the total quote for 40GP was $2020/2292, a $200 and $199 decrease from the previous period respectively. For Hapag - Lloyd's shipping schedule from Shanghai to Rotterdam during the same period, the total quote for 20GP was $1185, a $50 decrease from the previous period, and the total quote for 40GP was $1935, a $100 decrease from the previous period [10]. 3.8 Global Freight Rate Index - SCFIS: European Route was 1031.8 points, down 14.7 points (- 1.40%) from the previous value [11]. - SCFIS: US West Route was 862.48 points, down 14.34 points (- 1.64%) from the previous value [11]. - SCFI: European Route was $1068/TEU, up $97 (9.99%) from the previous value [11]. - SCFI: US West Route was $1468/FEU, up $8 (0.55%) from the previous value [11]. - XSI: European Route was $1603/FEU, unchanged from the previous value [11]. - XSI: US West Route was $1478/FEU, down $5 (- 0.3%) from the previous value [11]. - FBX Comprehensive Freight Rate Index was $1540/FEU, unchanged from the previous value [11]. 3.9 Global Major Port Waiting Times - Hong Kong Port: On October 12, 2025, the waiting time was 0.832 days, a decrease of 0.207 days from the previous day, compared with 0.948 days in the same period last year [18]. - Shanghai Port: On October 12, 2025, the waiting time was 0.763 days, a decrease of 0.517 days from the previous day, compared with 1.246 days in the same period last year [18]. - Yantian Port: On October 12, 2025, the waiting time was 1.925 days, a decrease of 0.278 days from the previous day [18]. - Singapore Port: On October 12, 2025, the waiting time was 1.174 days, a decrease of 0.068 days from the previous day, compared with 0.515 days in the same period last year [18]. - Jakarta Port: On October 12, 2025, the waiting time was 1.414 days, an increase of 0.285 days from the previous day, compared with 1.206 days in the same period last year [18]. - Long Beach Port: On October 12, 2025, the waiting time was 1.892 days, a decrease of 0.007 days from the previous day, compared with 1.798 days in the same period last year [18]. - Savannah Port: On October 12, 2025, the waiting time was 1.355 days, an increase of 0.833 days from the previous day, compared with 1.864 days in the same period last year [18]. 3.10 Speed and Number of Container Ships Waiting at Suez Canal Port Anchorages - For 8000 + container ships, on October 12, 2025, the speed was about 15.618 knots, a decrease of 0.005 knots from the previous day, compared with 15.845 knots in the same period last year [26]. - For 3000 + container ships, on October 12, 2025, the speed was about 14.882 knots, a decrease of 0.037 knots from the previous day, compared with 15.081 knots in the same period last year [26]. - For 1000 + container ships, on October 12, 2025, the speed was about 13.352 knots, an increase of 0.116 knots from the previous day, compared with 13.538 knots in the same period last year [26]. - The number of ships waiting at the Suez Canal port anchorage on October 12, 2025, was 11, an increase of 1 from the previous day, compared with 6 in the same period last year [26].

10/12 12/02 1.4 1.2 1.2 J 0.8 OF 0 6 1 SP 7 P 275 0245 age(正常年份) ge(正常年份) - 2024 (绕行后) 2024 02/04 12/次年04 2.3 2.1 1.9 1.7 1.5 1.3 1.1 0.9 2024 (绕行后) e(正常年份) 2024 (绕行后) 欧线现货报价 船司线上报价结构（40GP) 船司线上报价结构(折盘面) -9月15日 9日8日 -9月30日 -10月9日 9月8日 -9月15日 -9月30日 10月9日 1000 EMC MSK MSC CMA ONE OOCI CMA EMC HMM HPL MSK MSC ONE OOCL 翡运早报 | | | | | | | 研究中心能化团队 | | | 2025/10/13 | | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | | | | 合約 | 昨日收盘价 | 涨跌 (%) | 基美 | 昨日成交量 | | 昨日持仓昼 | 持仓变动 | | 期货 | EC2510 | | 1121.1 | ...

Report Summary 1. Report Industry Investment Rating No relevant content provided. 2. Core Viewpoints - Today, the futures price of the Container Shipping Index (European Line) (EC) opened lower, declined, and then fluctuated upwards. By the close, all EC contracts' prices had declined to varying degrees, with the 02 and 06 contracts dropping by over 10%. [3] - The initial low - opening and decline of today's futures price were mainly due to the preliminary agreement on the Gaza cease - fire negotiation, which negatively affected market sentiment and caused the futures price, especially that of the far - month contracts, to fall. Additionally, Maersk's announcement of the European Line booking quotes for late October, which were the same as the previous week's, led to a recovery in the futures price. [3] - In the short term, the futures price is likely to continue fluctuating. However, given past precedents, the Gaza cease - fire process may be volatile, so relevant situations need close attention. Strategically, it is advisable to mainly adopt a wait - and - see approach or conduct intraday short - term operations. [3] 3. Summary by Relevant Catalogs EC Risk Management Strategy Suggestions - **Position Management**: For those who have already obtained positions but have full capacity or poor booking volumes and are worried about falling freight rates (long position), they can short the container shipping index futures (EC2512) to lock in profits at an entry range of 1750 - 1800. [2] - **Cost Management**: When shipping companies increase the frequency of blank sailings or when the peak season is approaching, and they hope to book cabins according to order situations (short position), they can buy the container shipping index futures (EC2512) at an entry range of 1550 - 1600 to prevent rising freight rates from increasing transportation costs. [2] Market Data - **EC Contracts' Price and Position Data**: The EC2510 contract's long - position holders reduced their positions by 2031 lots to 12580 lots, and short - position holders reduced by 1651 lots to 13367 lots. The trading volume increased by 3842 lots to 20660 lots (bilateral). [3] - **EC Contracts' Closing Prices and Changes**: On October 9, 2025, EC2510 closed at 1119.9 points, up 0.84% daily and 0.49% weekly; EC2512 closed at 1688.0 points, down 2.53% daily and 0.50% weekly; EC2602 closed at 1406.0 points, down 14.41% daily and 11.47% weekly; EC2604 closed at 1119.9 points, down 9.95% daily and 11.19% weekly; EC2606 closed at 1277.5 points, down 13.05% daily and 11.61% weekly; EC2608 closed at 1438.6 points, down 9.85% daily and 9.73% weekly. [7] - **Global Freight Rate Index**: SCFIS for the European route was 1046.5 points, down 73.99 points or 6.60% from the previous value; for the US - West route, it was 876.82 points, down 44.43 points or 4.82%. SCFI for the European route was $971/TEU, down $81 or 7.70%; for the US - West route, it was $1460/FEU, down $176 or 10.76%. XSI for the European route was $1783/FEU, down $53 or 2.89%; for the US - West route, it was $1768/FEU, down $4 or 0.2%. The FBX comprehensive freight rate index was $1613/FEU, down $25 or 1.53%. [10] - **Container Shipping Quotes**: On October 24, Maersk's total quotes for 20GP and 40GP from Shanghai to Rotterdam were $1080 and $1800 respectively, the same as the previous week's opening quotes. [9] - **Global Major Ports' Waiting Times**: On October 8, 2025, the waiting time at Hong Kong Port was 1.543 days, up 0.097 days from the previous day; Shanghai Port was 0.821 days, down 0.322 days; Yantian Port was 1.516 days, down 0.315 days; Singapore Port was 0.620 days, up 0.109 days; Jakarta Port was 1.112 days, down 0.031 days; Long Beach Port was 2.209 days, up 0.002 days; Savannah Port was 1.583 days, up 0.565 days. [17] - **Container Ship Speeds and Waiting Ships in Suez Canal**: On October 8, 2025, the average speed of 8000 + container ships was 15.55 knots, up 0.067 knots from the previous day; 3000 + container ships was 14.941 knots, up 0.066 knots; 1000 + container ships was 13.276 knots, up 0.064 knots. The number of ships waiting at the Suez Canal port anchorages was 8, down 6 from the previous day. [25]

Report Overview - Report Title: Container Industry Risk Management Daily Report - Date: September 30, 2025 - Author: Yu Junchen [1] Investment Rating - No investment rating provided in the report Core Viewpoints - Today, the futures price of the Container Shipping Index (European Line) (EC) opened lower, fluctuated upwards, and then significantly declined near the close. As of the close, the prices of EC contracts showed mixed trends. Near the National Day holiday, some investors gradually closed their positions. The futures price is influenced by both long and short factors, and in the short term, it is likely to continue to fluctuate. For the 12 - contract, low - long opportunities can be continuously monitored, and overall, it is advisable to mainly adopt a wait - and - see approach or conduct intraday short - term operations [3] Summary by Section EC Risk Management Strategy Recommendations - For position management, if the position has been acquired but the shipping capacity is full or the booked cargo volume is poor, and there are concerns about falling freight rates (long spot exposure), to prevent losses, short the container shipping index futures according to the company's position to lock in profits. Recommend selling the EC2510 contract at an entry range of 1200 - 1300 [2] - For cost management, if the shipping companies increase the frequency of blank sailings or the market peak season is approaching, and one hopes to book cabins according to the order situation (short spot exposure), to prevent the increase in transportation costs due to rising freight rates, buy the container shipping index futures at present to determine the cabin - booking cost in advance. Recommend buying the EC2510 contract at an entry range of 950 - 1050 [2] Core Contradictions - The EC2510 contract saw a reduction of 2161 long positions to 14922, a reduction of 2106 short positions to 15712, and a decrease in trading volume of 2414 to 17476 (bilateral) [3] - Bullish factor: MSC announced a price increase notice from the Far East to the Nordic route from October 15th to 31st, which has a certain positive impact on the market [3] - Bearish factors: The actual implementation of price increase notices this year has been infrequent, market expectations are relatively weak, MSC lowered the European Line quotes for mid - to - late October, and the new SCFIS European Line is lower than market expectations, pulling down the futures price valuation [3] Bullish Interpretations - MSC announced a price increase notice for mid - to - late October, with sea freight rates of $1320/TEU and $2200/FEU from the Far East to the Nordic region [4] - The Israeli military continues to attack the Gaza Strip, causing dozens of deaths in one day, and Hamas said it has not received any proposals from Trump or mediators [4] Bearish Interpretations - US President Trump and Israeli Prime Minister Netanyahu are scheduled to meet at the White House on the 29th. Trump said on the 28th that he hopes the two sides can finalize a Gaza peace plan, and Netanyahu said that the US and Israel are jointly formulating a new cease - fire plan, with details still under discussion [5] - MSC's European Line quotes declined in early to mid - October [5] EC Basis Daily Changes - On September 30, 2025, the basis of EC2510 was 9.89 points, with a daily increase of 4.40 points and a weekly decrease of 145.03 points [6] - The basis of EC2512 was - 611.41 points, with a daily increase of 24.40 points and a weekly decrease of 242.93 points [6] - The basis of EC2602 was - 522.31 points, with a daily increase of 24.20 points and a weekly decrease of 241.63 points [6] EC Price and Spread - On September 30, 2025, the closing price of EC2510 was 1110.6 points, with a daily decline of 0.39% and a weekly increase of 0.96% [7] - The closing price of EC2512 was 1731.9 points, with a daily decline of 1.39% and a weekly increase of 6.68% [7] - The closing price of EC2602 was 1642.8 points, with a daily decline of 1.45% and a weekly increase of 6.98% [7] Container Shipping Spot Cabin Quotes - For Maersk's sailings from Shanghai to Rotterdam on October 15th, the total quote for 20GP was $1144, a recovery of $5 compared to the previous period, and the total quote for 40GP was $1911, a recovery of $11 [9] - For Maersk's sailings on October 16th, the total quote for 20GP was $1090, a recovery of $5, and the total quote for 40GP was $1820, a recovery of $10 [9] - For MSC's sailings in the past two weeks, the total quote for 20GP was $855, a decrease of $60, and the total quote for 40GP was $1415, a decrease of $100. For mid - to - late October, the total quote for 20GP was $1245, a recovery of $330, and the total quote for 40GP was $2065, a recovery of $550 [9] - For Evergreen's sailings in mid - to - late October, the total quote for 20GP was $1355, a recovery of $300, and the total quote for 40GP was $2060, a recovery of $450 [9] Global Freight Rate Index - The latest value of SCFIS for the European route was 1120.49 points, a decrease of 134.43 points (- 10.71%) from the previous value [10] - The latest value of SCFIS for the US West route was 921.25 points, a decrease of 272.39 points (- 22.82%) from the previous value [10] - The latest value of SCFI for the European route was $971/TEU, a decrease of $81 (- 7.70%) from the previous value [10] Global Major Port Waiting Times - On September 29, 2025, the waiting time at Hong Kong Port was 2.020 days, an increase of 0.450 days from the previous day, and 0.362 days in the same period last year [17] - The waiting time at Shanghai Port was 1.135 days, an increase of 0.252 days from the previous day, and 2.284 days in the same period last year [17] - The waiting time at Yantian Port was 3.218 days, an increase of 0.955 days from the previous day, and 0.447 days in the same period last year [17] Ship Speed and Number of Container Ships Waiting at Suez Canal Port Anchorage - On September 29, 2025, the average speed of 8000 + container ships was 15.547 knots, an increase of 0.008 knots from the previous day, and 15.544 knots in the same period last year [25] - The average speed of 3000 + container ships was 14.741 knots, a decrease of 0.088 knots from the previous day, and 14.924 knots in the same period last year [25] - The average speed of 1000 + container ships was 13.291 knots, an increase of 0.068 knots from the previous day, and 13.437 knots in the same period last year [25] - The number of ships waiting at the Suez Canal port anchorage was 20, an increase of 1 from the previous day, and 7 in the same period last year [25]

1. Report Industry Investment Rating - No relevant content provided 2. Core Views - The futures price of the Container Shipping Index (European Line) (EC) continued its oscillating trend as expected. By the close, the prices of EC contracts showed mixed results. From the changes in the positions of the top 20 institutional investors on the exchange, the long positions of the EC2510 contract decreased by 1,523 lots to 18,659 lots, and the short positions decreased by 1,060 lots to 19,737 lots. The trading volume decreased by 16,778 lots to 26,471 lots (bilateral). As previously expected, some investors gradually closed their positions approaching the National Day holiday [3]. - The positive impact from the rebound in spot cabin quotes has weakened, with no significant change in European Line spot cabin quotes today, making the impact neutral. Trump's additional tariffs on certain specific commodities brought a slight negative impact from a macro - sentiment perspective. In the remaining two trading days next week, attention should still be paid to the risks brought by pre - holiday capital fluctuations. The latest SCFI European Line dropped below $1,000/TEU, which may bring certain negative factors to the market. In the short term, the futures price is more likely to continue to oscillate or oscillate downward; the 12 - contract can continue to focus on low - buying opportunities, and overall, it is mainly advisable to wait and see or conduct intraday short - selling [3]. 3. Summaries by Related Catalogs EC Risk Management Strategy Advice - For position management, if one has already obtained positions but the shipping capacity is full or the booked cargo volume is poor, and is worried about the decline in freight rates (long spot exposure), to prevent losses, one can short the container shipping index futures according to the company's positions to lock in profits. The recommended hedging tool is EC2510, with a selling direction and a recommended entry range of 1,250 - 1,350 [2]. - For cost management, if shipping companies increase the frequency of blank sailings or the market is about to enter the peak season, and they hope to book cabins according to order situations (short spot exposure), to prevent the increase in transportation costs due to rising freight rates, they can buy the container shipping index futures at present to determine the cabin - booking cost in advance. The recommended hedging tool is EC2510, with a buying direction and a recommended entry range of 1,000 - 1,100 [2]. 利多解读 - Maersk's European Line spot cabin quotes for mid - October stopped falling and rebounded significantly, and in the following two weeks, MSC's European Line spot cabin quotes also followed with a slight rebound [4]. 利空解读 - On September 25, Eastern Time, US President Trump announced on social media that starting from October 1, a batch of imported goods would be subject to additional tariffs, including brand drugs, heavy trucks, kitchen cabinets, bathroom sinks and related building materials, and upholstered furniture. Specifically, "any brand or patented drugs" entering the country will be subject to a 100% tariff, but companies building pharmaceutical factories in the US will be exempted. The US will also impose a 25% tariff on all imported heavy trucks, a 50% tariff on kitchen cabinets, bathroom sinks and related building materials, and a 30% tariff on imported upholstered furniture [5]. EC Basis Daily Changes - On September 26, 2025, the basis of EC2510 was 115.92 points, with a daily increase of 34.00 points and a weekly decrease of 88.50 points; the basis of EC2512 was - 522.08 points, with a daily increase of 6.10 points and a weekly decrease of 147.00 points; the basis of EC2602 was - 430.08 points, with a daily increase of 11.20 points and a weekly decrease of 122.50 points; the basis of EC2604 was - 13.68 points, with a daily increase of 16.50 points and a weekly decrease of 18.60 points; the basis of EC2606 was - 228.58 points, with a daily decrease of 1.20 points and a weekly decrease of 229.72 points; the basis of EC2608 was - 362.28 points, with a daily increase of 10.80 points and a weekly decrease of 207.62 points [6][7]. EC Price and Spread - On September 26, 2025, the closing price of EC2510 was 1,139.0 points, with a daily increase of 5.26% and a weekly increase of 6.07%; the closing price of EC2512 was 1,777.0 points, with a daily increase of 5.10% and a weekly increase of 8.38%; the closing price of EC2602 was 1,685.0 points, with a daily increase of 6.81% and a weekly increase of 8.31%; the closing price of EC2604 was 1,268.6 points, with a daily increase of 2.21% and a weekly increase of 2.38%; the closing price of EC2606 was 1,483.5 points, with a daily increase of 2.56% and a weekly increase of 1.98%; the closing price of EC2608 was 1,617.2 points, with a daily increase of 2.29% and a weekly increase of 1.07% [7]. - Regarding price spreads, EC2510 - 2602 was - 523.2 points, with a daily decrease of 49.5 points and a weekly decrease of 63 points; EC2602 - 2606 was 213.9 points, with a daily increase of 71.1 points and a weekly increase of 101.3 points; EC2606 - 2510 was 309.3 points, with a daily decrease of 21.6 points and a weekly decrease of 38.3 points; EC2510 - 2512 was - 610.1 points, with a daily decrease of 28.0 points and a weekly decrease of 70.7 points; EC2512 - 2602 was 86.9 points, with a daily decrease of 21.5 points and a weekly decrease of 14.8 points; EC2602 - 2604 was 411.1 points, with a daily increase of 84 points and a weekly increase of 100.2 points [7]. Container Shipping Spot Cabin Quotes (CY - CY, Shanghai - Rotterdam) - On October 15, for Maersk's ships departing from Shanghai to Rotterdam, the total quote for 20GP was $1,139, a $5 increase from the previous period, and the total quote for 40GP was $1,900, a $10 increase from the previous period. On October 17, the total quote for 20GP was $1,085, a $5 increase from the previous period, and the total quote for 40GP was $1,810, a $10 increase from the previous period [9]. Global Freight Rate Index - The latest value of SCFIS for the European Line was 1,254.92 points, a decrease of 185.32 points (- 12.87%) from the previous value; the latest value of SCFIS for the US West Line was 1,193.64 points, a decrease of 156.2 points (- 11.57%) from the previous value; the latest value of SCFI for the European Line was $971/TEU, a decrease of $81 (- 7.70%) from the previous value; the latest value of SCFI for the US West Line was $1,460/FEU, a decrease of $176 (- 10.76%) from the previous value; the latest value of XSI for the European Line was $1,874/FEU, a decrease of $42 (- 2.19%) from the previous value; the latest value of XSI for the US West Line was $1,844/FEU, a decrease of $27 (- 1.4%) from the previous value; the latest value of the FBX Composite Freight Rate Index was $1,863/FEU, a decrease of $2 (- 0.11%) from the previous value [10]. Global Major Port Waiting Times - On September 25, 2025, the waiting time at Hong Kong Port was 2.079 days, an increase of 0.306 days from the previous day and 0.757 days from the same period last year; at Shanghai Port, it was 1.358 days, an increase of 0.068 days from the previous day and a decrease of 0.282 days from the same period last year; at Yantian Port, it was 0.638 days, an increase of 0.178 days from the previous day and a decrease of 0.204 days from the same period last year; at Singapore Port, it was 2.013 days, an increase of 0.846 days from the previous day and 1.411 days from the same period last year; at Jakarta Port, it was 0.924 days, a decrease of 0.174 days from the previous day and 0.863 days from the same period last year; at Long Beach Port, it was 1.935 days, a decrease of 0.344 days from the previous day and 0.337 days from the same period last year; at Savannah Port, it was 2.241 days, an increase of 0.763 days from the previous day and 0.892 days from the same period last year [15]. Speed and Number of Container Ships Waiting at Suez Canal Port Anchorage - On September 25, 2025, the speed of container ships with a capacity of over 8,000 was 15.398 knots, a decrease of 0.03 knots from the previous day and 0.365 knots from the same period last year; the speed of container ships with a capacity of over 3,000 was 14.567 knots, an increase of 0.034 knots from the previous day and a decrease of 0.564 knots from the same period last year; the speed of container ships with a capacity of over 1,000 was 13.228 knots, a decrease of 0.074 knots from the previous day and 0.217 knots from the same period last year. The number of ships waiting at the Suez Canal port anchorage was 32, an increase of 17 from the previous day and 21 from the same period last year [24].

1. Report Industry Investment Rating No relevant content provided. 2. Report's Core View - This week, Maersk significantly increased the spot freight rates for the second half of October, indicating that shipping companies are starting to support prices for the upcoming peak season. Currently, the overall cargo volume on the European route is weak, and there was some control over shipping capacity in the first half of October due to holidays. Future attention should be paid to the implementation of shipping companies' price - support measures and the market's expectations for the peak season in December [7]. - Bullish factors include the complex situation in the Middle East, which makes short - term navigation in the Red Sea unlikely, and some shipping companies starting to support freight rates for the second half of October [7]. - Bearish factors are that the deployed shipping capacity on the European route is currently relatively high, and the cargo volume remains at the off - season level. The cargo volume in the second half of October may fall short of expectations [7]. 3. Summary According to the Directory 3.1 Fundamental Points - **Latest View**: Maersk's rate hike shows shipping companies' price - support for the peak season. Current European route cargo is weak, with capacity control in early October. Monitor price - support implementation and December peak - season expectations [7]. - **Likely Factors**: Complex Middle East situation affecting Red Sea navigation and some shipping companies' price - support for late October [7]. - **Negative Factors**: High deployed capacity on the European route and low off - season cargo volume, with potential under - performance in late October [7]. - **Price Data**: SCFIS European route on Monday was 1,254.92 (1,440.24) points, down 12.87% month - on - month; SCFIS US West route was 1,193.64 (1,349.84) points, down 11.57% month - on - month. On Friday, SCFI composite index was 1,114.52 (1,198.21), down 6.98% month - on - month, with SCFI European route at 971 (1052) dollars/TEU, down 7.70% month - on - month, and SCFI US West route at 1460 (1636) dollars/FEU, down 10.76% month - on - month [9]. - **Supply Data**: As of Friday, there were 7,414 (7,402) global container ships with a total capacity of 33,101,322 (33,055,884) TEU, up 0.14% from last Friday. In early September, idle capacity was about 486,400 TEU, with an idle capacity ratio of 1.47%. In August, the global main - route comprehensive punctuality rate was 44.21 (45.06)%, arrival and departure service punctuality rate was 40.24 (42.23)%, and pick - up and delivery service punctuality rate was 48.17 (47.89)% [9]. - **Demand Data**: In August, China's export value was 321.81 (321.784) billion dollars, a year - on - year increase of 4.4%. In July, exports to the US were 31.60404 (35.82748) billion dollars, a year - on - year decrease of 33.12%, and exports to the EU were 51.68954 (50.00028) billion dollars, a year - on - year increase of 10.38% [10]. 3.2 Container Transport Prices - **SCFIS**: European route decreased by 12.87% month - on - month on Monday; US West route decreased by 11.57% month - on - month [9]. - **SCFI**: Composite index decreased by 6.98% month - on - month on Friday, with European route down 7.70% and US West route down 10.76% month - on - month [9]. - **Other Prices**: International container charter price index and global container ship average revenue data are presented in graphs, showing historical trends and monthly changes [23]. 3.3 Container Transport Supply - **Global Container Ship Capacity**: As of Friday, there were 7,414 ships with a total capacity of 33,101,322 TEU, up 0.14% from last Friday. Historical capacity data (ships and TEU) are shown in a graph [9][27]. - **Idle Capacity**: In early September, idle capacity was about 486,400 TEU, with a ratio of 1.47%. Historical idle capacity and its proportion are presented in a graph [9][33]. - **Ship Delivery and Orders**: Data on global container ship deliveries (ships and TEU) and new - signed container ship orders (TEU) are shown in graphs [35]. - **China's Container - Related Equipment Exports**: Data on China's container ship and container exports, including monthly values and cumulative year - on - year changes, are presented in graphs [38]. - **Shipping Punctuality Rates**: Global main - route comprehensive punctuality rate, arrival and departure service punctuality rate, and pick - up and delivery service punctuality rate data are provided, along with historical trends. Punctuality rates of global liner companies, alliances, and major ports are also presented in graphs [40][45][48]. - **Ship Fuel Prices**: Graphs show the price differences between high - sulfur and low - sulfur marine fuels in Singapore and Rotterdam [54]. 3.4 Container Transport Demand - **PMI Data**: China's manufacturing PMI and new export order PMI data, along with a comparison of China, the US, and the EU's PMI, are presented in graphs [58]. - **Foreign Demand**: Data on US commercial inventory changes and EU 27 retail sales changes, including monthly and year - on - year changes, are presented in graphs [60]. - **Import and Export Data**: China's customs import and export values and their year - on - year changes, as well as seasonal data on China's exports to the US and the EU, are presented in graphs [63][65]. - **Cargo Volume**: Seasonal data on European and US route cargo volumes are presented in graphs [68]. - **Port Throughput**: National port container throughput data and monthly changes, as well as Shanghai Port's container throughput and its year - on - year changes, are presented in graphs [70][73]. - **Exchange Rates**: Graphs show the spot exchange rates of the US dollar and the euro against the Chinese yuan [75].

Report Industry Investment Rating - Not provided in the given content Core Viewpoints - Today, the futures price of the Container Shipping Index (European Line) (EC) opened higher and fluctuated. As of the close, the prices of all EC contracts rebounded to varying degrees. Some investors gradually closed their positions as the National Day holiday approached. The futures price is likely to continue its oscillating trend in the short term. For the 12 - contract, investors can continue to look for low - buying opportunities and mainly adopt a wait - and - see approach or intraday short - term operations [3]. Summary by Relevant Catalogs EC Risk Management Strategy - For those with full shipping capacity or poor booking volume and worried about falling freight rates, they can short the container shipping index futures (EC2510) at 1250 - 1350 to lock in profits [2]. - For those who want to book cabins according to orders and prevent rising freight rates from increasing transportation costs, they can buy the container shipping index futures (EC2510) at 1000 - 1100 to determine booking costs in advance [2]. Core Contradiction - As of the close, EC contract prices rebounded. The long positions of the EC2510 contract decreased by 2590 lots to 20182 lots, the short positions decreased by 1924 lots to 21185 lots, and the trading volume decreased by 8470 lots to 44801 lots (bilateral). The rise in the spot cabin quotation and the closing of positions by some short - position investors led to the rebound in the futures price valuation. Attention should be paid to the risk of capital fluctuations before the holiday this week [3]. 利多解读 - Maersk's spot cabin quotation for the European Line in mid - October stopped falling and rebounded significantly, and MSC's quotation for the European Line also rebounded slightly in the following two weeks [4]. 利空解读 - On September 24, local time, the Trump administration of the United States announced the implementation of a trade agreement with the EU, imposing a 15% tariff on EU - imported automobiles and auto products starting from August 1. There are also tariff exemptions for certain drug compounds, aircraft parts, and other imported goods. The daily change in the EC basis shows a decline in most contracts [5]. EC Price and Spread - On September 25, 2025, the closing prices of EC contracts showed different degrees of increase, with EC2510 up 5.26% daily and 6.07% weekly, EC2512 up 5.10% daily and 8.38% weekly, etc. The price spreads between different contracts also changed [6]. Container Shipping Spot Cabin Quotation - On October 17, Maersk's 20GP and 40GP opening quotations from Shanghai to Rotterdam rebounded compared with the previous week. In the following two weeks, MSC's 20GP and 40GP total quotations also rebounded slightly. However, CMA CGM's 20GP and 40GP total quotations from Shanghai to Rotterdam decreased compared with the same period [8]. Global Freight Rate Index - Various global freight rate indexes showed a downward trend, such as the SCFIS European Line down 12.87% to 1254.92 points, the SCFIS US West Line down 11.57% to 1193.64 points, etc. [9]. Global Major Port Waiting Time - The waiting times of major ports changed on September 24 compared with September 23. For example, the waiting time at Hong Kong Port decreased by 0.706 days to 1.773 days, while the waiting time at Singapore Port increased by 0.633 days to 1.167 days [14]. Ship Speed and Number of Container Ships Waiting at Suez Canal Ports - The speeds of different types of container ships changed on September 24 compared with September 23. The number of ships waiting at the Suez Canal port anchor decreased by 1 to 15 [23].