1. Report Industry Investment Rating No relevant content provided. 2. Core Viewpoints of the Report - The futures prices of the container shipping index (European routes) are expected to remain weak and volatile in the short term, with a relatively high possibility of a continued oscillating and declining trend, but be aware of the risk of a low - level rebound in some contracts [1]. - The continued reduction of the spot cabin quotes for European routes in early September by MSC and CMA CGM is negative for the futures price trend, and geopolitical risks may also decline [1]. 3. Summary by Relevant Catalogs EC Risk Management Strategy Recommendation - For position management, if one has already obtained positions but the shipping capacity is full or the booked cargo volume is poor, and there are concerns about falling freight rates, one can short the container shipping index futures (EC2510) at 1350 - 1450 to lock in profits [1]. - For cost management, if the shipping companies increase the frequency of blank sailings or the peak season is approaching, and one hopes to book cabins according to the order situation, one can buy the container shipping index futures (EC2510) at 1150 - 1250 to determine the booking cost in advance [1]. Market Data EC Contract Data - As of August 29, 2025, the closing prices of EC contracts all declined. For example, EC2510 closed at 1285.0, down 2.36% daily and 3.02% weekly [4]. - In terms of the long - short positions of the EC2510 contract, the long positions increased by 643 to 28949, the short positions decreased by 1003 to 30997, and the trading volume increased by 8352 to 28093 (bilateral) [1]. Spot Cabin Quotes - On September 11, Maersk's 20GP and 40GP total quotes from Shanghai to Rotterdam remained the same as the previous period. In early September, MSC's 20GP and 40GP total quotes decreased by $50 compared to the previous period, and CMA CGM's 20GP and 40GP total quotes decreased by $100 and $200 respectively [6]. Global Freight Rate Index - Most global freight rate indices declined, such as the SCFIS European route index, which dropped 189.97 points to 1990.2, a decrease of 8.71% [6]. Port Waiting Time - On August 28, 2025, the waiting times of some ports changed compared to the previous day. For example, the waiting time at Hong Kong Port increased by 0.071 days to 0.542 days, while that at Shanghai Port decreased by 0.035 days to 1.646 days [13]. Ship Speed and Waiting Ship Quantity - On August 28, 2025, the speeds of some container ships increased slightly, such as the 8000 + container ship with a speed of 15.911 knots, up 0.092 knots from the previous day. The number of container ships waiting at the Suez Canal port anchor decreased by 1 to 0 [21]. News and Events - The Chinese Ministry of Commerce's delegation visited Canada and will go to the US. China is willing to work with the US to maintain the healthy and stable development of Sino - US economic and trade relations [2]. - US President Trump held a meeting to break the negotiation deadlock between Israel and Hamas and formulate a post - Gaza war plan [3].

Group 1: Industry Overview - The global container shipping industry is experiencing increased volatility due to factors such as tariff changes and geopolitical tensions, yet international trade volume continues to grow, indicating a shift towards "re-globalization" with emerging markets in Africa, South America, and South Asia becoming key growth nodes [1][8] - The container supply chain sentiment index remains in a positive range, with a reported index of 176.61 in July 2025, reflecting an upward trend in new container production and slight price increases [4][5] Group 2: Company Performance - CIMC Group reported a significant increase in revenue and profit for the first half of 2025, achieving operating income of 76.09 billion yuan and a net profit of 1.278 billion yuan, marking a year-on-year growth of 47.63% [2] - The container manufacturing segment remains a strong pillar for CIMC Group, with revenues of 21.735 billion yuan and a net profit of 1.444 billion yuan, reflecting a 13.2% increase year-on-year, alongside a record sales volume of 1.1259 million TEU for dry containers [2][3] Group 3: Market Dynamics - Despite uncertainties from tariff changes, domestic trade in China is steadily growing, with a reported import and export volume of 21.79 trillion yuan in the first half of 2025, up 2.9% year-on-year [4] - The demand for refrigerated containers has surged, with sales reaching 92,000 TEU, doubling year-on-year, driven by strong export demand for fruits from South America [2][5] Group 4: Future Outlook - The global container shipping market is projected to see a trade volume increase of 2.5% by the end of 2025, reaching 219 million TEU, supported by a significant rise in imports to the U.S. and exports from the EU [5][6] - Shipping companies are actively preparing for emerging markets and new shipping routes, with new container ship orders reaching 1.9201 million TEU in the first half of 2025, a 25.78% increase from the same period in 2024 [9]

Core Viewpoint - The container shipping volume from Asia to Europe reached a historical high in the first half of 2025, primarily driven by increased exports from China and Hong Kong, which accounted for nearly 80% of the total volume, reflecting a year-on-year growth of 9.7% [1][6]. Group 1: Container Shipping Volume - In the first half of 2025, the container shipping volume from Asia to Europe was 9.571 million TEUs, marking an 8.9% year-on-year increase and setting a record for the highest volume in the first half of the year [3]. - The previous record was 8.79 million TEUs in the first half of 2024, influenced by disruptions in the Red Sea and Suez Canal, which led to a surge in cargo shipments [3]. - The overall shipping volume for 2024 was also a record high at 18.18 million TEUs [3]. Group 2: Impact of Trade Policies - The increase in container shipping volume is significantly influenced by the escalating US-China trade tensions, which have led China to pivot towards Europe as an alternative market for exports [1][6]. - The US government's substantial tariff hikes on Chinese goods have resulted in a decline in shipping volumes from China to the US, with three consecutive months of lower volumes compared to the previous year [6]. Group 3: Economic Conditions and Future Outlook - Despite the increase in shipping volumes, the European economy lacks strong momentum, leading to an uncertain outlook for cargo transportation [1][8]. - In June 2025, the shipping volume from Asia to Europe was 1.625 million TEUs, showing a modest year-on-year growth of 1.3%, but a slight decline of 0.3% from the previous month [8]. - Factors such as Germany's large-scale fiscal stimulus may boost cargo transport, but the ongoing "de-risking" initiatives in Europe could reduce reliance on Chinese imports, creating uncertainty for future shipping volumes [8]. Group 4: Freight Rates and Supply Chain Dynamics - The freight rates for container shipping between China and Europe have begun to decline, with the current rate at $1,668 per 20-foot container [9]. - The influx of new ships since 2024 has led to signs of oversupply in the container shipping market, contributing to the downward pressure on freight rates [9]. - The reallocation of container ships from European routes to US routes has created temporary tightness in supply, but as ships return to European routes, freight rates are expected to fluctuate [9].

Report Industry Investment Rating - Not provided Core Viewpoints - Today, the prices of each monthly contract of the Container Shipping Index (European Line) futures first oscillated upwards and then returned to oscillation. As of the close, except for EC2606, the prices of each monthly contract of EC have rebounded. Affected by commodity sentiment, the futures price rebounded from a short - term low. Considering the current spot cabin quotes on the European line and the situation of the futures underlying, it is more likely that EC will continue to oscillate with a downward bias or maintain an oscillating trend [1] - The rise of the main commodity contracts is positive for the short - term sentiment of container shipping [2] - ONE has lowered its September European line quotes [3] Summary by Relevant Catalogs EC Risk Management Strategy - For cabin management, if one has already obtained cabins but the shipping capacity is full or the booked cargo volume is poor, and there are concerns about a decline in freight rates, to prevent losses, one can short the container shipping index futures according to the company's cabin situation to lock in profits. For the EC2510 contract, the recommended selling entry range is 1450 - 1550 [1] - For cost management, if the shipping companies increase the frequency of blank sailings or the market is about to enter the peak season, and one hopes to book cabins according to the order situation, to prevent an increase in transportation costs due to rising freight rates, one can buy the container shipping index futures at present to determine the cabin - booking cost in advance. For the EC2510 contract, the recommended buying entry range is 1200 - 1300 [1] EC Contract Data - As of the close, from the changes in the positions of the top 20 institutional holders on the exchange, for the EC2510 contract, the long positions increased by 614 lots to 28,928 lots, the short positions increased by 1393 lots to 32,916 lots, and the trading volume increased by 16,486 lots to 47,955 lots (bilateral). Today, the EC2508 contract was delivered, and the delivery settlement price was 2135.3 points, basically consistent with the final closing price of 2136.0 points [1] - On August 26, 2025, the closing price of EC2508 was 2136.0 points, with a daily increase of 0.39% and a weekly increase of 2.29%; the closing price of EC2510 was 1358.0 points, with a daily increase of 3.74% and a weekly decrease of 1.10%; and so on for other contracts. There are also detailed data on price differences between different contracts [4] - On August 26, 2025, the basis of EC2508 was - 145.80 points, with a daily decrease of 8.30 points and a weekly decrease of 237.77 points; the basis of EC2510 was 632.20 points, with a daily decrease of 49.00 points and a weekly decrease of 174.87 points; and so on for other contracts [3] Spot Cabin Quotes - According to Geek Rate, on September 4, for Maersk's Shanghai - Rotterdam sailings, the total quote for 20GP was $1310, an increase of $5 compared to the previous period, and the total quote for 40GP was $2200, an increase of $10 compared to the previous period. In early September, for ONE's Shanghai - Rotterdam sailings, the total quote for 20GP was $1654, a decrease of $460 compared to the previous period, and the total quote for 40GP was $2343, a decrease of $700 compared to the previous period [6] Global Freight Rate Index - The latest value of SCFIS for the European route was 1990.2 points, a decrease of 189.97 points or 8.71% compared to the previous value; the latest value of SCFIS for the US - West route was 1041.38 points, a decrease of 64.91 points or 5.87% compared to the previous value; and so on for other freight rate indices [7] Global Major Port Waiting Time - On August 25, 2025, the waiting time at Hong Kong Port was 0.452 days, a decrease of 0.112 days compared to the previous day; the waiting time at Shanghai Port was 1.800 days, a decrease of 0.120 days compared to the previous day; and so on for other ports [13] Ship Speed and Waiting Ship Quantity at Suez Canal - On August 25, 2025, the average speed of 8000 + container ships was 15.872 knots, an increase of 0.094 knots compared to the previous day; the average speed of 3000 + container ships was 14.742 knots, a decrease of 0.09 knots compared to the previous day; the average speed of 1000 + container ships was 13.385 knots, an increase of 0.143 knots compared to the previous day. The number of container ships waiting at the Suez Canal port anchorage was 18, a decrease of 3 compared to the previous day [23]

1. Report Industry Investment Rating - Not provided in the given content 2. Core Viewpoints of the Report - On August 22, 2025, the prices of all monthly contracts of the container shipping index (European routes) futures showed a slightly downward - trending oscillation. Except for EC2508, the prices of all EC monthly contracts declined. Based on the changes in the positions of the top 20 institutions on the exchange, the long positions of the EC2510 contract decreased by 119 lots to 28,388 lots, the short positions increased by 129 lots to 31,701 lots, and the trading volume decreased by 11,209 lots to 32,130 lots (bilateral). The overall oscillation and slight decline in futures prices were affected by the spot container quotes on European routes. The opening quotes of major shipping companies (CMA CGM, Hapag - Lloyd) for European routes in early September continued to decrease, and the average price of large containers was below $2300. Considering the current spot container quotes on European routes and the SCFI situation, it is more likely that EC will continue to oscillate and decline or return to an oscillating trend. Attention should be paid to the risk of a rebound after some contracts fall to low levels [1]. 3. Summary by Relevant Catalogs 3.1 EC Risk Management Strategy Recommendations - **Position Management**: For those who have already obtained container positions but have full capacity or poor booking volumes, and are worried about falling freight rates (long spot exposure), to prevent losses, they can short the container shipping index futures according to the company's container positions to lock in profits. The recommended hedging tool is EC2510, with a selling direction and a suggested entry range of 1450 - 1550 [1]. - **Cost Management**: When shipping companies increase the frequency of blank sailings or are about to enter the peak market season, and hope to book containers 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 container - booking cost in advance. The recommended hedging tool is EC2510, with a buying direction and a suggested entry range of 1200 - 1300 [1]. 3.2 Market Influencing Factors - **Positive Factors**: Maersk slightly increased its quotes in early September [2]. - **Negative Factors**: CMA CGM and Hapag - Lloyd lowered their quotes for European routes in early September [3]. 3.3 EC Basis and Price Data - **Basis**: On August 22, 2025, the basis of EC2508 was 52.47 points, with a daily decrease of 2.70 points and a weekly decrease of 43.90 points; the basis of EC2510 was 871.17 points, with a daily increase of 16.00 points and a weekly increase of 64.60 points; the basis of EC2512 was 518.97 points, with a daily increase of 60.20 points and a weekly increase of 101.80 points; the basis of EC2602 was 715.17 points, with a daily increase of 48.00 points and a weekly increase of 65.10 points; the basis of EC2604 was 915.67 points, with a daily increase of 25.00 points and a weekly increase of 67.50 points; the basis of EC2606 was 750.17 points, with a daily increase of 40.10 points and a weekly increase of 2.19 points [3]. - **Prices and Spreads**: On August 22, 2025, the closing price of EC2508 was 2127.7 points, with a daily increase of 0.13% and a weekly increase of 2.11%; the closing price of EC2510 was 1309.0 points, with a daily decrease of 1.21% and a weekly decrease of 4.70%; the closing price of EC2512 was 1661.2 points, with a daily decrease of 3.50% and a weekly decrease of 5.77%; the closing price of EC2602 was 1465.0 points, with a daily decrease of 3.17% and a weekly decrease of 4.25%; the closing price of EC2604 was 1264.5 points, with a daily decrease of 3.07% and a weekly decrease of 5.07%; the closing price of EC2606 was 1430.0 points, with a daily decrease of 2.73% and a weekly decrease of 3.87%. There were also corresponding price differences and their daily and weekly changes between different contracts [4]. 3.4 Spot Container Quotes - On September 4, Maersk's total quote for 20GP from Shanghai to Rotterdam was $1305, an increase of $15 compared to the previous value; the total quote for 40GP was $2190, an increase of $30 compared to the previous value. In early September, CMA CGM's total quote for 20GP from Shanghai to Rotterdam was $1410, a decrease of $100 compared to the previous value; the total quote for 40GP was $2420, a decrease of $200 compared to the previous value. In early September, Hapag - Lloyd's total quote for 20GP from Shanghai to Rotterdam was $1385, a decrease of $150 compared to the previous value; the total quote for 40GP was $2135, a decrease of $300 compared to the previous value [6]. 3.5 Global Freight Rate Index - On August 22, 2025, SCFIS for European routes was 2180.17 points, a decrease of 55.31 points (2.47%) compared to the previous value; SCFIS for US - West routes was 1106.29 points, an increase of 24.15 points (2.23%) compared to the previous value; SCFI for European routes was $1668 per TEU, a decrease of $152 (8.35%) compared to the previous value; SCFI for US - West routes was $1644 per FEU, a decrease of $115 (6.54%) compared to the previous value; XSI for European routes was $2989 per FEU, a decrease of $31 (1.03%) compared to the previous value; XSI for US - West routes was $1826 per FEU, a decrease of $7 (0.4%) compared to the previous value; the FBX comprehensive freight rate index was $1965 per FEU, an increase of $1 (0.05%) compared to the previous value [7]. 3.6 Global Major Port Waiting Times - On August 21, 2025, the waiting time at Hong Kong Port was 0.488 days, a decrease of 0.120 days compared to the previous day and 0.029 days less than the same period last year; the waiting time at Shanghai Port was 1.592 days, a decrease of 0.047 days compared to the previous day and 0.438 days more than the same period last year; the waiting time at Yantian Port was 1.820 days, an increase of 0.659 days compared to the previous day and 1.535 days more than the same period last year; the waiting time at Singapore Port was 0.500 days, a decrease of 1.127 days compared to the previous day and 0.026 days less than the same period last year; the waiting time at Jakarta Port was 1.502 days, a decrease of 0.125 days compared to the previous day and 0.717 days more than the same period last year; the waiting time at Long Beach Port was 2.051 days, a decrease of 0.597 days compared to the previous day and 0.005 days more than the same period last year; the waiting time at Savannah Port was 1.190 days, a decrease of 0.043 days compared to the previous day and 0.935 days less than the same period last year [12]. 3.7 Ship Speed and Waiting Ship Numbers in Suez Canal - On August 21, 2025, the average speed of 8000 + container ships was 15.703 knots, a decrease of 0.061 knots compared to the previous day and 0.199 knots less than the same period last year; the average speed of 3000 + container ships was 14.909 knots, an increase of 0.039 knots compared to the previous day and 0.400 knots less than the same period last year; the average speed of 1000 + container ships was 13.346 knots, an increase of 0.028 knots compared to the previous day and 0.101 knots less than the same period last year. The number of container ships waiting at the Suez Canal port anchorage was 8, a decrease of 4 compared to the previous day and 6 more than the same period last year [21].

Report Industry Investment Rating - Not provided Core Viewpoints - Today, the prices of each monthly contract of the Container Shipping Index (European Line) futures first fluctuated slightly downward and then rebounded. As of the close, the prices of each EC contract showed mixed gains and losses. Looking at the changes in the positions of the top 20 institutional holders on the exchange, in the EC2510 contract, long positions decreased by 150 lots to 27,425 lots, short positions decreased by 609 lots to 31,390 lots, and trading volume increased by 1,556 lots to 34,557 lots (bilateral). The opening price of the futures price today slightly declined, which should be affected by the spot cabin quotes on the European Line. After yesterday's close, CMA CGM once again lowered its spot cabin quotes on the European Line for the next two weeks. However, it then rebounded. On one hand, it should be because the spot cabin quotes on the European Line for some newly opened voyages of MSK in the next two weeks have increased to a certain extent compared to before, which is somewhat positive for the valuation of the futures price. On the other hand, it may come from the recurrence of geopolitical risks. For the future market, it is still relatively likely that the EC will continue to show a volatile trend, and some contracts may rebound from low levels [1]. Summary by Related Catalogs EC Risk Management Strategy Recommendations - For those who have already obtained cabin positions but have full capacity or poor booking volume, and are worried about falling freight rates, they can short the container shipping index futures according to the company's cabin positions to lock in profits. The recommended hedging tool is EC2510, with a selling recommendation and an entry range of 1450 - 1550 [1]. - For those who want to book cabins according to order situations due to increased blank sailings by shipping companies or the approaching peak season, 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 recommendation and an entry range of 1200 - 1300 [1]. 利多解读 (Positive Interpretations) - The spot cabin quotes on the European Line for some newly opened voyages of MSK in the next two weeks have increased to a certain extent compared to before [2]. - According to the "Israel Times" report on the 20th local time, Israeli Defense Minister Katz has approved the Israeli army's offensive plan against Gaza City in northern Gaza. The offensive operation is named "Gideon's Chariot B" [2]. 利空解读 (Negative Interpretations) - CMA CGM has lowered the quotes on the European Line for the end of August and early September [3]. EC Basis Daily Changes - On August 20, 2025, the basis of EC2508 was 57.17 points, with a daily increase of 4.30 points and a weekly decrease of 95.31 points [4]. - The basis of EC2510 was 825.17 points, with a daily increase of 15.30 points and a weekly decrease of 77.21 points [5]. - The basis of EC2512 was 404.27 points, with a daily decrease of 0.90 points and a weekly decrease of 131.11 points [5]. - The basis of EC2602 was 648.17 points, with a daily increase of 3.40 points and a weekly decrease of 99.31 points [5]. - The basis of EC2604 was 865.87 points, with a daily increase of 8.80 points and a weekly decrease of 41.01 points [5]. - The basis of EC2606 was 700.17 points, with a daily increase of 12.30 points and a weekly decrease of 62.31 points [5]. EC Price and Spread - On August 20, 2025, the closing price of EC2508 was 2123.0 points, with a daily decrease of 0.20% and a weekly increase of 1.92% [5]. - The closing price of EC2510 was 1355.0 points, with a daily decrease of 1.12% and a weekly increase of 1.64% [5]. - The closing price of EC2512 was 1775.9 points, with a daily increase of 0.05% and a weekly increase of 4.46% [5]. - The closing price of EC2602 was 1532.0 points, with a daily decrease of 0.22% and a weekly increase of 2.96% [5]. - The closing price of EC2604 was 1314.3 points, with a daily decrease of 0.87% and a weekly decrease of 1.08% [5]. - The closing price of EC2606 was 1480.0 points, with a daily decrease of 0.82% and a weekly increase of 0.48% [5]. - The spread of EC2508 - 2512 was 347.1 points, with a daily decrease of 5.2 points and a weekly decrease of 35.8 points [5]. - The spread of EC2512 - 2604 was 461.6 points, with a daily increase of 9.7 points and a weekly increase of 56.5 points [5]. - The spread of EC2604 - 2508 was - 808.7 points, with a daily decrease of 4.5 points and a weekly decrease of 73.6 points [5]. - The spread of EC2508 - 2510 was 768.0 points, with a daily decrease of 5.2 points and a weekly increase of 18.1 points [5]. - The spread of EC2510 - 2512 was - 420.9 points, with a daily decrease of 16.2 points and a weekly decrease of 53.9 points [5]. - The spread of EC2512 - 2602 was 243.9 points, with a daily increase of 4.3 points and a weekly increase of 11 points [5]. Container Shipping Spot Cabin Quotes - On August 28, for Maersk's sailings from Shanghai to Rotterdam, the total quote for 20GP was $1490/1564, an increase of $10/74 compared to the previous value/same - period quotes of other sailings; the total quote for 40GP was $2530/2656, an increase of $20/125 compared to the same - period quotes of other sailings [7]. - On September 4, for Maersk's sailings from Shanghai to Rotterdam, the total quote for 20GP was $1285/1349, an increase of $20/64 compared to the previous value/same - period quotes of other sailings; the total quote for 40GP was $2150/2257, an increase of $40/107 compared to the previous value/same - period quotes of other sailings [7]. - In late August and early September, for CMA CGM's sailings from Shanghai to Rotterdam, the total quote for 20GP was $1510, a decrease of $50/650 compared to the previous value; the total quote for 40GP was $2620, a decrease of $100/800 compared to the previous value [7]. Global Freight Rate Index - The latest value of SCFIS for the European route was 2180.17 points, a decrease of 55.31 points and a decline of 2.47% compared to the previous value [8]. - The latest value of SCFIS for the US - West route was 1106.29 points, an increase of 24.15 points and a rise of 2.23% compared to the previous value [8]. - The latest value of SCFI for the European route was $1820/TEU, a decrease of $141 and a decline of 7.19% compared to the previous value [8]. - The latest value of SCFI for the US - West route was $1759/FEU, a decrease of $64 and a decline of 3.51% compared to the previous value [8]. - The latest value of XSI for the European Line was $3074/FEU, a decrease of $9 and a decline of 0.29% compared to the previous value [8]. - The latest value of XSI for the US - West Line was $1837/FEU, a decrease of $12 and a decline of 0.7% compared to the previous value [8]. - The latest value of the FBX comprehensive freight rate index was $1962/FEU, a decrease of $13 and a decline of 0.66% compared to the previous value [8]. Global Major Port Waiting Times - On August 19, 2025, the waiting time at Hong Kong Port was 0.395 days, a decrease of 0.625 days compared to the previous day and 0.924 days in the same period last year [15]. - The waiting time at Shanghai Port was 1.823 days, an increase of 0.014 days compared to the previous day and 1.439 days in the same period last year [15]. - The waiting time at Yantian Port was 0.880 days, a decrease of 0.058 days compared to the previous day and 0.605 days in the same period last year [15]. - The waiting time at Singapore Port was 0.563 days, a decrease of 0.546 days compared to the previous day and 0.601 days in the same period last year [15]. - The waiting time at Jakarta Port was 1.822 days, an increase of 0.294 days compared to the previous day and 0.980 days in the same period last year [15]. - The waiting time at Long Beach Port was 2.529 days, an increase of 0.218 days compared to the previous day and 1.999 days in the same period last year [15]. - The waiting time at Savannah Port was 1.528 days, an increase of 0.290 days compared to the previous day and 2.141 days in the same period last year [15]. Ship Speed and Number of Container Ships Waiting at Suez Canal Ports - On August 19, 2025, the speed of container ships over 8000 was 15.846 knots, a decrease of 0.12 knots compared to the previous day and 16.009 knots in the same period last year [23]. - The speed of container ships over 3000 was 14.902 knots, a decrease of 0.069 knots compared to the previous day and 15.169 knots in the same period last year [23]. - The speed of container ships over 1000 was 13.344 knots, an increase of 0.075 knots compared to the previous day and 13.49 knots in the same period last year [23]. - The number of ships waiting at the Suez Canal port anchorages was 12, a decrease of 7 compared to the previous day and 7 in the same period last year [23].

Report Summary 1. Investment Rating No investment rating for the industry is provided in the report. 2. Core View The prices of each monthly contract of the Container Shipping Index (European Line) futures fluctuated slightly downward in the morning and rebounded in the afternoon. Except for a slight increase in the EC2508 contract, the prices of other monthly contracts declined slightly. The opening price of the futures dropped due to Hamas' compromise on the cease - fire plan and MSC and Evergreen's price cuts for the European Line in late August. However, the price rebounded later because MSK's new - week spot cabin quotes for the European Line decreased less than the previous value and market expectations. Overall, it is more likely that EC will continue to fluctuate, and some contracts may rebound from low levels [1]. 3. Summary by Relevant Content EC Risk Management Strategy - For those with full - capacity or poor booking volume and worried about falling freight rates, they can short the container shipping index futures (EC2510) at 1450 - 1550 to lock in profits [1]. - For those who want to book cabins according to orders to prevent rising freight rates and increased costs, they can buy the container shipping index futures (EC2510) at 1200 - 1300 to determine booking costs in advance [1]. Market Factors Analysis - **Negative Factors**: Hamas compromised on the cease - fire plan, reducing geopolitical risks and dampening market sentiment. MSC and Evergreen cut the European Line quotes in late August [1][2]. - **Positive Factor**: MSK's new - week spot cabin quotes for the European Line decreased less than the previous value and market expectations [1]. EC Contract Data - **Position and Trading Volume**: In the EC2510 contract, long positions decreased by 347 to 27701, short positions increased by 122 to 32102, and trading volume decreased by 955 to 33432 (bilateral) [1]. - **Price and Spread**: On August 19, 2025, EC2508 closed at 2127.3 with a daily increase of 1.87% and a weekly increase of 2.18%. EC2510 closed at 1370.3 with a daily decrease of 0.20% and a weekly decrease of 3.34%. Other contract data are also provided, along with price spreads between different contracts [4]. Spot Cabin Quotes - **Maersk**: On August 28, the 20GP total quote for Shanghai - Rotterdam was $1480 (up $30 from the previous value), and the 40GP was $2510 (up $60). On September 4, the 20GP opening quote was $1265 (down $55 from the previous week), and the 40GP was $2110 (down $90 from the previous week) [6]. - **MSC**: In the past two weeks, the 20GP total quote for Shanghai - Rotterdam was $1550 (down $150), and the 40GP was $2590 (down $250). In early September, the 20GP total quote was $1556 (up $6), and the 40GP was $2602 (up $12) [6]. - **Evergreen**: In late August, the 20GP total quote for Shanghai - Rotterdam was $1805 (down $150), and the 40GP was $2760 (down $200) [7]. Global Freight Rate Index - **SCFIS**: The European Line was at 2180.17 (down 55.31, - 2.47%), and the US - West Line was at 1106.29 (up 24.15, 2.23%) [7]. - **SCFI**: The European Line was at $1820/TEU (down $141, - 7.19%), and the US - West Line was at $1759/FEU (down $64, - 3.51%) [7]. - **XSI**: The European Line was at $3083/FEU (down $36, - 1.15%), and the US - West Line was at $1849/FEU (down $13, - 0.7%) [7]. - **FBX**: The comprehensive freight rate index was at $1975/FEU (down $162, - 7.58%) [7]. Global Port Waiting Time - On August 18, 2025, Hong Kong Port's waiting time was 1.020 days (up 0.527 from the previous day), Shanghai Port's was 1.809 days (down 0.220), and other port data are also provided [14]. Ship Speed and Waiting Ship Number - On August 18, 2025, the average speed of 8000 + container ships was 15.966 knots (down 0.014 from the previous day), and the number of ships waiting at the Suez Canal port anchor was 19 (up 4 from the previous day) [22].

Report Industry Investment Rating - Not provided Core Viewpoints - The freight index (European Line) futures contracts generally showed an opening increase, followed by a volatile decline, and a slight recovery near the close. Most contracts ended slightly higher, except for EC2604. The EC2510 contract saw a reduction in long and short positions, and trading volume decreased. The market sentiment was relatively calm, with some short - positions taking profits. In early September, the spot freight quotes of some shipping companies on the European Line stopped falling and rebounded, supporting the futures prices. The EC is likely to continue its oscillating trend, and some contracts may recover from low levels [1]. Summary by Related Content EC Risk Management Strategy - For those with existing shipping space but facing full capacity or poor booking volume and worried about falling freight rates, it is recommended to short the container shipping index futures (EC2510) at 1450 - 1550 to lock in profits [1]. - For those aiming to manage costs and concerned about rising freight rates, it is advisable to buy the container shipping index futures (EC2510) at 1200 - 1300 to pre - determine booking costs [1]. EC Contract Data - As of August 19, 2025, the EC2508 contract had a base of 91.97 points, a daily decline of 4.40 points, and a weekly decline of 63.51 points. The EC2510 contract had a base of 807.07 points, a daily increase of 0.50 points, and a weekly decline of 19.61 points. Different contracts had various price changes and spreads [3][5]. Freight Quotes - On August 28, Maersk's 20GP total quote for Shanghai - Rotterdam was $1450, up $45 from the previous period, and 40GP was $2450, up $80. In late August, CMA CGM's 20GP quote decreased by $150, and 40GP by $300. In early September, CMA CGM's 20GP quote recovered by $600, and 40GP by $700. ONE's 20GP quote in early September increased by $330 on average, and 40GP by $500 [7]. Global Freight Index - The SCFIS European Line decreased by 2.47% to 2180.17 points; the SCFIS US West Line increased by 2.23% to 1106.29 points. Other indices also showed different degrees of increase or decrease [8]. Port Waiting Time - On August 18, 2025, the waiting time at Hong Kong Port was 0.493 days, up 0.074 days from the previous day; Shanghai Port was 2.029 days, up 0.476 days. Different ports had different waiting time changes [15]. Ship Speed and Waiting Ships - On August 18, 2025, the speed of 8000 + container ships was 15.98 knots, down 0.04 knots from the previous day. The number of ships waiting at the Suez Canal port anchor decreased by 1 to 15 [24].

Core Viewpoint - The report from CICC indicates an upward revision of SeaLand International's (01308) net profit for 2025 and 2026 by 38.9% to $1.26 billion and $1.06 billion respectively, based on better-than-expected market freight rates [1] Group 1: Financial Performance - The company reported 1H25 revenue of $1.664 billion, a year-on-year increase of 28.0%, with a net profit of $630 million, translating to basic earnings per share of $0.24, up 79.7% year-on-year, slightly exceeding CICC's expectations due to better freight rates [2] - In 2Q25, the company achieved a container shipping volume of 1.034 million TEU, a 7.7% year-on-year increase, while 1H25 volume grew by 7.3% year-on-year [3] - The gross margin and net margin for 1H25 improved significantly, with increases of 9.3 and 10.9 percentage points year-on-year, respectively, driven by strong freight rate performance [3] Group 2: Dividend Policy - The company announced a mid-term dividend payout ratio of approximately 70%, consistent with the previous year's mid-term dividend rate, suggesting an attractive dividend yield of 9.5% for 2025 and 7.9% for 2026 based on current stock prices [4] Group 3: Market Dynamics - The supply of small vessels (under 3,000 TEU) remains tight, with only 5.4% of orders in hand, while 11.2% of the fleet consists of vessels over 25 years old, indicating a potential inefficiency in the fleet due to aging vessels [5] - The demand for small vessels has increased, leading to high charter rates and longer lease terms, which diverges from the performance of spot freight rates [5] Group 4: Growth Prospects - The company is expected to benefit from economic growth in Southeast Asian countries and ongoing industrial transfers within the Asian region, with a projected increase in trade volume between China and ASEAN countries of 9.4% year-on-year for the first seven months of 2025 [6] - The company, as a leading player in Asian routes, is positioned to achieve growth rates above the industry average, with container volume in the Asian region expected to grow by 3.6% and 3.0% in 2025 and 2026 respectively [6]

1. Report Industry Investment Rating No relevant content provided. 2. Core View of the Report - Today, the prices of all monthly contracts of the Container Shipping Index (European Line) futures continued to fluctuate. Except for a slight decline in the EC2510 contract, the prices of the remaining monthly contracts slightly rebounded. After consecutive declines, most contracts have reached short - term lows, some short - sellers took profits and left the market, and the market trading sentiment was relatively calm, so the futures prices rebounded today. For the future, the current futures prices are gradually approaching the spot cabin quotation level, and it is expected that the EC will likely continue to fluctuate. In the medium term, without sudden event factors, based on fundamental considerations, the overall futures price trend may still decline slightly [1]. 3. Summary by Relevant Catalogs 3.1 EC Risk Management Strategy Recommendations - **Position Management**: For those who have already obtained positions but have full capacity or poor booking volume and are worried about the decline in freight rates, they 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 an entry range of 1450 - 1550 [1]. - **Cost Management**: When the shipping company's blank - sailing intensity increases or the market peak season is approaching, and one hopes to book cabins according to the order situation, they can buy the container shipping index futures at present to prevent the increase in transportation costs due to the rise in freight rates and determine the cabin - booking cost in advance. The recommended hedging tool is EC2510, with a buying direction and an entry range of 1200 - 1300 [1]. 3.2 Market News and Influencing Factors - **Positive Factors**: Israeli Prime Minister Benjamin Netanyahu's statement about expanding Israel's boundaries has caused controversy and anger in Arab countries, which may potentially affect the shipping market [2]. - **Negative Factors**: Evergreen continues to lower the spot cabin quotation for the European Line, and the SCFIS European Line continues to decline with an enlarged decline [3]. 3.3 EC Data - **EC Basis Daily Changes**: On August 14, 2025, the basis of EC2508 was 151.58 points, with a daily decline of 0.90 points and a weekly decline of 73.58 points; the basis of EC2510 was 875.98 points, with a daily decline of 26.40 points and a weekly decline of 1.48 points; etc. [4]. - **EC Prices and Spreads**: On August 14, 2025, the closing price of EC2508 was 2083.9 points, with a daily increase of 0.04% and a weekly increase of 0.54%; the closing price of EC2510 was 1359.5 points, with a daily increase of 1.98% and a weekly decline of 4.29%; etc. [4]. 3.4 Spot Cabin Quotations - On August 28, for Maersk's Shanghai - Rotterdam shipping schedule, the total quote for 20GP was $1390, an increase of $5 compared to the previous period, and the total quote for 40GP was $2340, an increase of $10 compared to the previous period. At the end of August, for Evergreen's Shanghai - Rotterdam shipping schedule, the opening quote for 20GP was $1955, a decrease of $100 compared to the previous period, and the total quote for 40GP was $2960, a decrease of $200 compared to the previous period [6]. 3.5 Global Freight Rate Indexes - On August 14, 2025, the latest value of SCFIS for the European Line was 2235.48 points, a decrease of 62.38 points or 2.71% compared to the previous value; the latest value of SCFIS for the US West Line was 1082.14 points, a decrease of 47.98 points or 4.25% compared to the previous value; etc. [7]. 3.6 Global Major Port Waiting Times - On August 13, 2025, the waiting time at Hong Kong Port was 0.486 days, an increase of 0.146 days compared to the previous day; the waiting time at Shanghai Port was 1.386 days, a decrease of 0.137 days compared to the previous day; etc. [14]. 3.7 Ship Speed and Number of Container Ships Waiting at Suez Canal Port Anchorage - On August 13, 2025, the speed of 8000 + container ships was 15.952 knots, a decrease of 0.016 knots compared to the previous day; the speed of 3000 + container ships was 15.031 knots, an increase of 0.209 knots compared to the previous day; the number of ships waiting at the Suez Canal port anchorage was 8, a decrease of 1 compared to the previous day [23].