Core Viewpoint - The article discusses the collaboration between Hengli Group and Dalian City, focusing on the establishment of Dalian Shipping Co., Ltd. and the investment in two industrial parks, which aim to enhance the shipping and polyester new materials industries in the region [4][5]. Group 1: Company Initiatives - Hengli Group signed three cooperation agreements with Dalian City on March 17, establishing Dalian Shipping Co., Ltd. and investing in a ship power system industrial park and a polyester new materials industrial park [2][4]. - The total investment for the two industrial parks is approximately 16.5 billion yuan, with an expected annual output value of 35 billion yuan upon reaching full production [4][5]. - Dalian Shipping Co., Ltd. will focus on building a shipping fleet and port investment, aiming to quickly enhance fleet capacity and create a specialized fleet for bulk cargo [4][5]. Group 2: Industry Impact - The ship power system industrial park will address the core power system gaps in Dalian's shipbuilding industry, promoting a self-sufficient industrial chain for marine engineering equipment [5]. - The polyester new materials industrial park will leverage the raw material supply advantages of the Longxing Island petrochemical base, extending into high-end polyester and new materials, thus upgrading the petrochemical industry from basic chemicals to high-end fine chemicals [5]. - These projects are expected to significantly improve the supply capabilities of key components in the shipbuilding and marine engineering sectors, as well as enhance the independent innovation capacity of high-end new materials in Liaoning Province [5].

Investment Rating - The report indicates a focus on structural market opportunities, particularly in sectors aligned with market themes and supported by economic conditions [3]. Core Insights - The North Exchange A-share trading volume reached 14.78 billion yuan on March 16, a decrease of 2.409 billion yuan from the previous trading day, with the North Exchange 50 Index closing at 1,391.73, down 0.35% [1][7]. - The report highlights a significant divergence in individual stock performance, with 96 stocks rising, 9 remaining flat, and 193 declining on the same day [1][15]. - Key stocks that saw the largest gains included Guohang Yuanyang (10.5%), Kangnong Agriculture (9.3%), and Meixin Yishen (8.2%), while the largest declines were seen in Lierda (-24.1%) and Mirui Technology (-6.1%) [1][15][16]. Summary by Sections Market Review - The North Exchange A-share trading volume was 14.78 billion yuan, down 2.409 billion yuan from the previous day, with the North Exchange 50 Index at 1,391.73, reflecting a PE_TTM of 58.95 times [1][7]. - The North Exchange specialized and innovative index closed at 2,325.28, down 0.45% [1][7]. Important News - The Ministry of Industry and Information Technology, along with the Ministry of Finance and the National Development and Reform Commission, announced new policies to support the hydrogen energy industry, aiming for a doubling of fuel cell vehicle ownership by 2025 [2][17]. - The report emphasizes the importance of advancing 5G and intelligent computing infrastructure to enhance industrial innovation and integration [2][18]. Key Company Announcements - Haineng Technology reported a revenue of 361.85 million yuan for 2025, a 16.63% increase year-on-year, with net profit rising by 222.30% to 42.13 million yuan [2][19]. - Qiule Agricultural announced the investment of 110 million yuan from idle fundraising into bank products [2][20].

Report Industry Investment Rating - No information provided Core Viewpoints - China's economy had a good start in January - February 2026, and the stagflation narrative suppressed the gold price [1] - Pay attention to the tail - risk of the Iran situation, which mainly affects crude oil, LPG, and shipping sectors, and may drive up oil - related industries and cause inflation concerns [1] - Focus on China's Two Sessions. During the Two Sessions, the stock and commodity markets face pressure, but the stock index recovers after the sessions. The US February non - farm payrolls decreased unexpectedly, and China's economic data shows mixed performance [2] - In the short term, the Iran situation and oil prices dominate commodity fluctuations. It is recommended to go long on stock index, precious metals, and some chemical products at low prices [2][3] Summary by Directory Market Analysis - The Iran conflict has exceeded the initial 4 - 5 - day "end - of - war" expectation of the US and Israel. The tail - risk has increased sharply, affecting energy and shipping sectors. The continuous rise in oil prices has driven oil - chemical and oil - and - fat sectors and raised concerns about inflation and economic recession [1] - The US will launch a 301 investigation against 16 trading partners. The geopolitical situation remains volatile. There are also events related to Powell's case and the nomination of Wash [1] Attention to China's Two Sessions - The 2026 government work report sets the economic growth target at 4.5% - 5%, with a deficit rate of about 4% and a deficit scale of 5.89 trillion yuan. An ultra - long - term special treasury bond of 1.3 trillion yuan will be issued [2] - During the Two Sessions, the A - share market has pressure but the decline is limited. After the sessions, the stock index strengthens, especially the CSI 500 and CSI 1000 [2] - China's economic data in February shows that the official manufacturing PMI is 49, non - manufacturing PMI is 49.5. Exports and imports in US dollars have double - digit growth. The growth rate of catering and upgraded products leads. The added value of industrial enterprises above designated size in January - February increases by 6.3%, while real estate investment and sales decline [2] Commodity Market - Short - term commodity fluctuations are mainly dominated by the Iran situation and oil prices. The non - positive correlation between the non - ferrous metal sector, precious metals, and oil prices is worthy of attention. The IEA has approved the release of a record - high 400 million barrels of crude oil reserves, but there may still be a supply gap [2] - The rise in oil prices drives oil - chemical products such as pure benzene, EB, PVC, PTA, ethylene glycol, and methanol. Agricultural products' oil - and - fat sector is also affected by the spill - over effect of oil prices. The black - metal sector should focus on domestic policy expectations and the possibility of low - valuation repair [2] Strategy - Go long on stock index, precious metals, and some chemical products at low prices [3] Important News - Trump said the US may quickly reach an agreement with Cuba after resolving the Iran issue [5] - The average urban surveyed unemployment rate in January - February is 5.3%, the same as the previous year. In February, the rate is 5.3%, up 0.1 percentage point from the previous month [5] - In January - February, the sales area of newly - built commercial housing decreases by 13.5% year - on - year, and the sales volume decreases by 20.2% [5] - In February, the year - on - year decline in the sales price of newly - built commercial housing in first - tier cities is 2.2%, and the month - on - month decline in first - tier cities turns flat. The decline in second - and third - tier cities narrows [5] - The US plans to announce the establishment of a "convoy alliance" for the Strait of Hormuz. Iran says it will continue to defend and is willing to talk about the safety of ships passing through the strait [5] - On March 15, China and the US started economic and trade consultations in Paris [2][5]

1. Report Industry Investment Rating - No relevant content provided 2. Core Views of the Report - For stocks, in the short - term, if the current conflict ends quickly, its impact on the A - share market is limited; if it turns into a long - term war, it may shock global stock markets. In the medium - term, the A - share market is likely to fluctuate with increased volatility. Since December last year, A - share technology themes have outperformed US - listed Chinese concept stocks and the Hang Seng Technology Index, and the RMB has been appreciating rapidly, which may support the A - share market in the first half of 2026. However, the article "The 2028 Global Intelligence Crisis" may continue to ferment and increase market volatility [1]. - For bonds, the bond market is supported by reasonable and abundant liquidity and the weak economic recovery. But due to improved inflation data and cautious interest - rate cuts, it lacks upward momentum. It maintains a low - interest - rate environment and fluctuates within a certain range [2]. 3. Summary by Directory 3.1 Research Views - **Stock Index Futures**: The market recovered after hitting bottom, with the three major indexes showing mixed performance. Over 2,800 stocks in the Shanghai, Shenzhen, and Beijing stock markets rose, and the trading volume was 2.34 trillion yuan. The Shanghai Composite Index fell 0.26%, the Shenzhen Component Index rose 0.19%, and the ChiNext Index rose 1.41%. The short - and medium - term trends of the A - share market are as mentioned above [1]. - **Treasury Bond Futures**: The 30 - year, 10 - year, 5 - year, and 2 - year treasury bond futures contracts fell by 0.43%, 0.11%, 0.08%, and 0.04% respectively. The central bank carried out 137.3 billion yuan of 7 - day reverse repurchase on March 16 with a winning bid rate of 1.4%, and announced 50 billion yuan of outright reverse repurchase. After offsetting the maturing reverse repurchases, there was a net withdrawal of 1.12 billion yuan. DR001 rose 0.1BP to 1.32%, and DR007 fell to 1.45% [1][2]. 3.2 Price Changes in the Second Quarter - **Stock Index Futures**: IH decreased by 0.17% from 2,957.0 on March 13 to 2,952.0 on March 16; IF increased by 0.10% from 4,658.0 to 4,662.8; IC decreased by 0.43% from 8,213.8 to 8,178.4; IM remained unchanged at 8,187.0 [3]. - **Stock Indexes**: The Shanghai 50 Index decreased by 0.09% from 2,956.8 to 2,954.1; the CSI 300 Index increased by 0.05% from 4,669.1 to 4,671.6; the CSI 500 Index decreased by 0.66% from 8,239.8 to 8,185.2; the CSI 1000 Index decreased by 0.04% from 8,214.3 to 8,211.4 [3]. - **Treasury Bond Futures**: TS decreased by 0.03% from 102.47 to 102.43; TF decreased by 0.08% from 105.97 to 105.89; T decreased by 0.09% from 108.22 to 108.12; TL decreased by 0.39% from 111.06 to 110.63 [3]. 3.3 Market News - **Overall Market**: The market recovered after hitting bottom, with the three major indexes showing mixed performance. Over 2,800 stocks rose, and the trading volume was 2.34 trillion yuan. The Shanghai Composite Index fell 0.26%, the Shenzhen Component Index rose 0.19%, and the ChiNext Index rose 1.41% [5]. - **Industry Sectors**: Storage chips, PCB, agriculture, and liquor sectors led the gains, while precious metals, non - ferrous metals, rare earths, and power grid equipment sectors led the losses [5]. - **Hot Concepts**: The storage chip sector soared, with many stocks such as Langke Technology, Zhaoyi Innovation, and Taiji Industry hitting the daily limit. The shipping sector strengthened, with stocks like China Merchants Nanyou and HNA Technology hitting the daily limit. PCB concept stocks rose, with Chaoying Electronics and Jing An Guo Ji hitting the daily limit. The marine economy concept was active, with stocks like Dongfang Ocean and Youfu Co., Ltd. hitting the daily limit. On the downside, green power concept stocks adjusted, with PowerChina hitting the daily limit down; the precious metals sector declined, with Shanjin International falling more than 6% [5]. 3.4 Chart Analysis - **Stock Index Futures**: The report provides charts of the trends of IH, IF, IM, and IC main contracts, as well as the basis trends of these contracts [7][8][9][10][11]. - **Treasury Bond Futures**: The report includes charts of the trends of treasury bond futures main contracts, treasury bond spot yields, basis, inter - period spreads, cross - variety spreads, and capital interest rates [13][14][15][16][19]. - **Exchange Rates**: The report presents charts of the central parity rates of the US dollar, euro against the RMB, forward exchange rates, the US dollar index, and exchange rates between different currencies [21][22][23][25][26].

Core Insights - The report highlights the complex transmission path of geopolitical events affecting the European shipping market, suggesting a cautious approach to high volatility risks and recommending the exploration of arbitrage opportunities from monthly price differences [2] - It notes a significant increase in freight rates for the European route, with major alliances announcing price hikes, indicating a potential upward trend in shipping costs [3] Market Data Summary - The report provides detailed pricing data for various contracts, with EC2604 closing at 1938.8, showing a decrease of 1.59%, and EC2605 and EC2606 also experiencing declines of 1.83% and 1.87% respectively [2] - The spot market index for the European route (SCFI) increased by 11.43% to 1618 USD/TEU, reflecting a strong upward movement compared to previous periods [2] - The report indicates that the average freight rates for Week 12 were around 2450 USD, with fluctuations noted in the pricing strategies of different shipping companies [3] Geopolitical Context - Recent communications between Iranian officials and U.S. representatives have been reported, with Iran denying any recent contact, which adds to the uncertainty in the geopolitical landscape affecting shipping routes [4] - The report emphasizes the need to monitor geopolitical developments closely, as they could significantly impact market conditions and pricing strategies in the shipping industry [4]

Group 1 - The report highlights the potential decline in efficiency and effective capacity loss if the Middle East conflict persists, with adjustments in shipping routes from the Middle East/Indian subcontinent [1] - Following a significant decrease in traffic through the Strait of Hormuz, many shipping companies have ceased pickups to the Persian Gulf, with alternative routes including detours around Africa's Cape of Good Hope to ports in the Red Sea, such as Jeddah in Saudi Arabia, followed by land transport into Gulf countries [1] - There is a concern about potential congestion at transshipment ports, as goods originally destined for the Persian Gulf may be redirected to international transshipment ports, with a focus on monitoring congestion at ports like Singapore and Port Klang, and the subsequent impact on capacity [1] Group 2 - The land transportation and shipping operations may be affected by fuel supply issues, with the report indicating that if oil and refined product trade from the Middle East continues to be disrupted, countries with high import dependence may experience rising gasoline and diesel prices or supply constraints, impacting land transport systems [1] - The potential shortage of marine fuel could lead to reduced speeds for vessels, and in such scenarios, global demand may also face a decline [1] - The report expresses a positive outlook on leading global companies such as COSCO Shipping Holdings, regional leader Seaspan Corporation, and companies benefiting from container ship leasing like Sinotrans Limited, due to their strong balance sheets and dividend yields [1]

Report Summary 1. Report Industry Investment Rating There is no information about the industry investment rating in the report. 2. Core View The European container shipping line has passed the first - stage after the US - Iran conflict, with the freight rate gradually returning to supply - demand pricing, though still affected by geopolitical changes. In April, as the resumption of work is completed, the cargo volume will increase. Under the condition that the geopolitical conflict does not ease, shipping companies are more likely to raise and maintain prices, and the freight rate is expected to enter an upward - trending channel. MSC has started weekly price - maintaining, with the large - container quote in the 13th week increased by $300 to $3040. Attention should be paid to the release of price - increase letters in April and the new cabins opened by Maersk [1]. 3. Summary by Relevant Catalogs EC Contract Volume and Price - EC2604: The latest成交价 is 1938.8 points, with a decline of 4.03%. The trading volume is 38449 (a decrease of 4369 compared to the previous period), and the long - position holding by the top 20 members is 13527, while the short - position holding is 16754, with a net long - position of - 3227 [2]. - EC2606: The latest成交价 is 2394.4 points, with a decline of 2.30%. The trading volume is 12680 (a decrease of 1027 compared to the previous period), and the open interest is 14383 (an increase of 98 compared to the previous period) [2]. - EC2608: The latest成交价 is 2375 points, with a decline of 1.00%. The trading volume is 1331 (a decrease of 409 compared to the previous period), and the open interest is 2868 (a decrease of 180 compared to the previous period) [2]. - EC2610: The latest成交价 is 1568 points, with a decline of 1.89%. The trading volume is 3635 (a decrease of 46 compared to the previous period), and the open interest is 8472 (a decrease of 93 compared to the previous period) [2]. - EC2612: The latest成交价 is 1814 points, with a decline of 3.02%. The trading volume is 102 (an increase of 30 compared to the previous period), and the open interest is 403 (unchanged compared to the previous period) [2]. - The total trading volume is 56197, and the total open interest is 50729 [2]. Latest Spot Freight Rates - European Routes - Weekly data: The SCFIS index is 1556.49 points, with a week - on - week increase of 0.7%. The SCFI is $1618 per TEU, with a week - on - week increase of 11.4% [4]. - Daily data: The TCI for 20GP is $1767 per TEU, with no change compared to the previous period, and the TCI for 40GP is $2877, also with no change [4]. Basis Spread The basis spread between the previous trading day and the day before the previous trading day changed by 42.33 points, from - 382.31 to - 424.64 [6].

Report Industry Investment Rating - The report provides a possibility judgment on the investment rating of various varieties, with a cautious bullish view on most varieties such as stock indices (IH, IF, IC), crude oil, methanol, etc., and a cautious bearish view on some varieties like rebar, hot-rolled coil, and iron ore [5] Core View of the Report - Due to the expected alleviation of transportation disruptions in the Strait of Hormuz and the anticipation of more countries releasing crude oil reserves, international oil prices have declined, easing inflation concerns and leading to a rise in the three major US stock indices. The market is gradually shifting from "expectation-driven" to "profit-driven", and long-term stock index trends will return to the domestic fundamentals and policies. Geopolitical risks have an impact on various commodity prices, and different varieties have different price trends and influencing factors [1][3] Summary by Directory 1. Key News of the Day International News - On March 16, leaders of Germany, France, the UK, Italy, and Canada issued a joint statement on the Lebanon situation, calling for the easing of the escalating conflict between Israel and Lebanon's Hezbollah and promoting a political negotiation to resolve the crisis [6] Domestic News - On March 16, the Shanghai branch of the People's Bank of China and the Shanghai regulatory bureau of the National Financial Regulatory Administration adjusted the minimum down payment ratio for commercial housing loans in Shanghai to no less than 30% [7][8] Industry News - On March 16, the groundbreaking ceremony of the Global R & D Center (Headquarters) project of Ziehome was held in Zhengzhou. The project has a total investment of 400 million yuan and a total construction area of over 70,000 square meters, aiming to enhance the company's core competitiveness in the global home cross - border e - commerce field [9] 2. Daily Returns of Overseas Markets - The report shows the daily returns of various overseas market varieties from March 13 to March 16, including the S&P 500, FTSE China A50 futures, ICE Brent crude oil, etc., with different price changes and percentage changes [10] 3. Morning Comments on Major Varieties Financial - **Stock Indices**: The three major US stock indices rebounded. The previous trading day, the stock index bottomed out and rebounded. With the disclosure of annual and first - quarter reports, the market will shift from "general rise" to "selecting alpha", and long - term trends will return to domestic fundamentals and policies [3][12][13] - **Treasury Bonds**: Treasury bonds continued to decline. Although short - term treasury bond futures are supported, long - term treasury bond futures are under pressure due to rising inflation expectations [14] Energy and Chemicals - **Crude Oil**: The SC night session declined. Due to the geopolitical situation in the Middle East, oil prices are expected to remain high and volatile in the short term [2][15] - **Methanol**: The methanol night session declined. The operating load of domestic coal (methanol) to olefin plants decreased, and the inventory in coastal areas increased [16] - **Rubber**: Rubber is in the low - production season. With stable demand and relatively independent price trends, the rubber price is expected to be volatile and bullish [17] - **Polyolefins**: Polyolefins closed up on Monday but declined significantly at night. The market is affected by the international oil price and macro factors, and the future trend depends on the actual operating conditions of the plants [18] - **Glass and Soda Ash**: Both glass and soda ash futures declined slightly. There is inventory pressure in both industries, and they should be rationally dealt with in the face of macro - influence [20] Metals - **Precious Metals**: Precious metals oscillated at night. In the long term, the price center of precious metals will continue to rise due to multiple factors [21] - **Copper**: The copper price rose at night. The supply of concentrates is tight, and the copper price may fluctuate in the short term [22] - **Zinc**: The zinc price fell at night. The supply of zinc concentrates is temporarily tight, and the zinc price may follow the overall trend of non - ferrous metals [23] - **Aluminum**: The Shanghai aluminum price fell at night. Due to geopolitical conflicts, the supply risk of electrolytic aluminum in the Middle East is increasing, and the long - term low inventory and stable demand provide support for the price [24] Black Metals - **Coking Coal and Coke**: The main contracts of coking coal and coke oscillated at night. The supply pressure of coking coal is increasing, and the rigid demand is weakening, but the future trend is not overly pessimistic [25] Agricultural Products - **Protein Meal**: The night session of soybean and rapeseed meal was weak. The harvest progress of Brazilian soybeans is lower than the same period, and the price is supported by supply uncertainties [2][26] - **Oils and Fats**: The night session of oils and fats was weak. The de - stocking of Malaysian palm oil was lower than expected, and the price may be affected by geopolitical conflicts [27] - **Hogs**: The national hog market is in a weak and stable state, with a large year - on - year decline in price, and the market is expected to be stable with local narrow - range adjustments [28] - **Sugar**: The main contract of Zhengzhou sugar declined slightly at night. The short - term raw sugar will oscillate, and the domestic sugar price is affected by the external market [29] - **Cotton**: The main contract of Zhengzhou cotton increased in position and rose at night. With the implementation of the import quota policy and tight supply - demand expectations, the cotton price may rise in the long term [30][31] Shipping Index - **Container Shipping to Europe**: The EC index fell 4.03%. The main logic of the European line is gradually returning to supply - demand pricing, and the freight rate is expected to enter an oscillating upward channel [32]

Report Information - Report Title: Container Shipping Index Daily Report [1] - Date: March 17, 2026 [2] - Research Team: Macro Financial Team [4] - Researchers: He Zhuoqiao, Huang Wenxin, Nie Jiayi [3] 1. Investment Rating - No investment rating information is provided in the report. 2. Core View - The spot price for April has been significantly raised, but the cargo volume remains light, and shipping companies may need to lower prices to attract cargo. The supply of shipping capacity in March and April is at a high level compared to the same period in history. Although the Red Sea resumption plan has slowed down, it is difficult to change the fundamental pattern of oversupply of shipping capacity on the European line. Short - term geopolitical conflicts have a greater impact on the far - month sentiment and futures market, which may lead to a phased strengthening of the index, but it is also prone to significant corrections. It is recommended to short the off - season contract 04 when the spot and futures prices converge near the end of March, and go long on the peak - season contracts 07 and 08 at low prices [7]. 3. Summary by Section 3.1 Market Review and Operation Suggestions - **Spot Market**: The April spot price has been significantly raised. For example, the quotation range for the Shanghai - Rotterdam route in the second half of March is 2360 - 3230 US dollars per big container, with a median of about 2750 US dollars. The quoted prices for April from some shipping companies range from 3793 to 4855 US dollars, with a median of 4030 - 4040 US dollars. However, the cargo volume is still light, and it may be necessary to lower prices to attract cargo later [7]. - **Fundamentals**: After the Spring Festival, it is still the off - season for transportation. Short - term tariff issues are unlikely to trigger exporters to rush for shipments, and the demand for photovoltaic exports is limited. The shipping capacity supply in March and April is at a high level compared to the same period in history. Although the blockade of the Strait of Hormuz does not affect the European line, the Red Sea resumption plan has slowed down due to the escalating Middle East situation, which can continue to absorb the shipping capacity pressure, but it is difficult to change the oversupply situation of the European line [7]. - **Operation Suggestions**: Pay attention to the opportunity to short the off - season contract 04 when the spot and futures prices converge near the end of March, and go long on the peak - season contracts 07 and 08 at low prices [7]. 3.2 Industry News - **Comprehensive Index**: Affected by the continuous geopolitical tension, the Shanghai Export Containerized Freight Index continued to rise. On March 13, it was 1710.35 points, a 14.9% increase from the previous period [8]. - **European Routes**: Due to the impact of geopolitical conflicts in the Middle East and Russia - Ukraine, the European economy faces increased uncertainty. On March 13, the freight rate from Shanghai Port to European basic ports was 1618 US dollars/TEU, a 11.4% increase from the previous period; the freight rate to Mediterranean basic ports was 2666 US dollars/TEU, a 13.0% increase from the previous period [8]. - **North American Routes**: The North American market has weak transportation demand and declining cargo volume, but the spot market booking price continues to rise. On March 13, the freight rates from Shanghai Port to the basic ports of the US West and East were 2249 US dollars/FEU and 3111 US dollars/FEU respectively, with increases of 15.9% and 14.5% from the previous period [9]. - **Persian Gulf Routes**: Due to the continuous escalation of regional geopolitical tensions, some shipping companies are forced to take detour and transshipment strategies, resulting in a significant drop in cargo volume and large fluctuations in freight rates. On March 13, the freight rate from Shanghai Port to Persian Gulf basic ports was 3220 US dollars/TEU, a 40.8% increase from the previous period [9]. - **Australia and New Zealand Routes**: The market supply and demand are generally stable, but the growth momentum is insufficient. The average cabin utilization rate of Shanghai Port is about 95%, and the spot booking price has declined. On March 13, the freight rate from Shanghai Port to Australia and New Zealand basic ports was 624 US dollars/TEU, a 6.7% decrease from the previous period [9]. - **South American Routes**: The transportation supply - demand relationship is generally balanced. The cargo volume in the transportation market has declined, and the freight rate has decreased slightly after rising in the previous period. On March 13, the freight rate from Shanghai Port to South American basic ports was 2559 US dollars/TEU, a 2.3% decrease from the previous period [9]. - **Japanese Routes**: The transportation demand is basically stable, and the market freight rate remains stable. On March 13, the freight rate index for the China - Japan route was 957.78 points [9]. - **Geopolitical News**: Trump said that Iran is willing to negotiate a cease - fire, but the current conditions are "not good enough", so the US will not reach a cease - fire agreement with Iran for the time being. Iran's Foreign Minister said that Iran will continue to defend until Trump realizes it is an "unwinnable illegal war". Iran's Islamic Revolutionary Guard Corps carried out attacks on US and Israeli targets. The Strait of Hormuz is open to all except US and its allies' ships. The US plans to form a "convoy alliance" in the Strait of Hormuz, and Israeli Prime Minister Netanyahu said he will continue to act against Iran [9]. - **Fuel Surcharge News**: Due to the sharp rise in fuel prices, CMA CGM will implement an emergency fuel surcharge (EFS) from March 16, 2026. Mediterranean Shipping has also announced emergency fuel surcharges for different routes and cargo types [9]. 3.3 Data Overview - **Container Shipping Spot Prices**: On March 16, 2026, the SCFIS for the European route (basic ports) was 1556.49 points, a 0.7% increase from March 9; the SCFIS for the US West route (basic ports) was 1109.11 points, a 1.1% decrease from March 9 [11]. - **Container Shipping Index (European Line) Futures Market**: The report provides data on the trading of container shipping futures contracts on March 16, including the previous settlement price, opening price, closing price, settlement price, price change, percentage change, trading volume, open interest, and change in open interest for each contract [6]. - **Shipping - Related Data Charts**: The report presents multiple charts, including the Shanghai Export Containerized Freight Index, the trend of the main and secondary main contracts of container shipping futures on the European line, European container ship capacity, global container ship orders, and freight rates from Shanghai to European basic ports and Rotterdam [11][16][17][19]

Report Industry Investment Rating - The investment rating for the shipping container industry is bullish [1] Core Viewpoints - The short - term geopolitical situation continues to dominate market sentiment, but the impact is dulling and market sentiment is diverging [1] Summaries by Directory Market Review - On Monday, the shipping container route to Europe saw a decline with a reduction in positions [1] Important Information - Trump called on multiple countries to send warships to escort in the Strait of Hormuz. France said it would not send ships; Japan will decide on its own response; South Korea's presidential office will carefully consider Trump's call; the UK Ministry of Defence is discussing a series of options [1] - On March 15th local time, the Israeli military said its military operations against Iran will last at least three more weeks [1] - On the afternoon of March 15th local time, Iran's Islamic Revolutionary Guard Corps launched the 54th round of the "True Promise - 4" military operation [1] - On the 14th, Trump said Iran was willing to negotiate a cease - fire but the current conditions were "not good enough", so the US would not reach a war - ending agreement with Iran for now [1] - Trump said attacking the oil infrastructure on Kharg Island, Iran's main oil export hub, was still an option [1] - German Chancellor Merz said on March 16th that Germany would not participate in the Strait of Hormuz escort or the Middle East war [1] - On March 16th, the Israeli Defense Minister announced that the Israeli military had launched a ground operation in Lebanon. Five countries including Germany, France, and the UK called for easing the Israel - Lebanon situation and avoiding a large - scale ground offensive [1] Market Logic - On March 16th, SIFIS closed at 1556.49, up 0.7% from the previous period [1] - Affected by the continuous risk of Red Sea navigation, leading liner companies adjusted their routes and detoured around the Cape of Good Hope again. The temporary tightness of shipping capacity and increased transportation costs pushed up freight rates significantly. The European route freight index was 1071.6 points, up 12.1% from last week [1] - According to a report on the 16th, no ships passed through the Strait of Hormuz on the 14th, the first time since the US and Israel launched military operations against Iran. Before the conflict, an average of 77 ships passed through the strait per day [1] - As of March 16th, 2026, the total number of global operating container ships decreased to 7,516, with a total global operating capacity of 33,884,048 TEU and a total tonnage of 402,342,791 tons. As of the week of March 16th, the trans - Atlantic capacity was 166,216 TEU, the trans - Pacific capacity was 543,927 TEU, and the Far East - Europe capacity was 524,305 TEU [1] Trading Strategy - The short - term geopolitical situation continues to dominate market sentiment, but the impact is dulling and market sentiment is diverging [1]