Report Summary 1. Report Industry Investment Rating - No information provided in the report. 2. Core View - The report provides daily data on the passage of ships through the Strait of Hormuz and shipping freight rates, including VLCC, refined oil, and container shipping [4]. 3. Summary by Relevant Catalogs Strait Passage - On March 9, 2 ships passed through the Strait of Hormuz (with AIS on), the same as the previous day. As of 13:00 on March 10, 2 ships passed through in the past 24 hours (with AIS on), including 1 liquid bulk ship operated by MHK Shipping Corp [4]. VLCC Daily Freight - On March 9, the freight rates from the Middle East to China and from West Africa to China were $14.36 and $13.28 per barrel respectively, with daily环比 increases of +0.9% and -2.9% compared to last Friday [4]. Refined Oil Daily Freight - On March 9, the freight rates from Saudi Ras Tanura to Singapore LR (105kt) and from Saudi Ras Tanura to Yokohama, Japan (105kt) were updated to $6.81 and $11.64 per barrel respectively, both decreasing by -3.7% compared to last Friday [4]. Container Shipping Freight - According to the data released by the Tianjin International Trade and Shipping Service Center at 11:00 on March 10, the TCI Tianjin - Persian Gulf basic port index increased by 10.4K to 942.8 points, and there was no freight rate record, possibly due to the stagnation of Middle East shipments. The freight rate from Tianjin to European basic ports was $2991.4 per FEU, with the index rising by 28 compared to the previous day. The freight rates from Tianjin to the western and eastern Mediterranean basic ports were $3790.8 and $3936 per FEU respectively, with the index increasing by 2.4%环比 [4].

Group 1: Report Information - Report Title: "European Line Shipping Pulse 2026W11" [3] - Research Department: Black and Shipping Department of Orient Securities Derivatives Research Institute [3] - Analyst: Lan Xi [3] - Qualification Numbers: F03086543 (从业资格号), Z0016590 (投资咨询号) [3] Group 2: Loading Rate - W10 European line fleet's average loading rate from Chinese ports was 87.5%, a 4.5% decrease from the previous period (92.0%) [10] - W9 European line fleet's loading rate from Asian ports was 99.2%, unchanged from the previous period (99.1%) [10] - The loading rate difference between Asian and Chinese ports was 6.9% [10] - OA's loading rate from Chinese ports was 90.5%, a 2.6% decrease from the previous period [10] - PA and MSC's loading rate from Chinese ports was 85.7%, a 6.0% decrease, and their W9 loading rate from Asian ports was 100.8% [10] - Gemini's loading rate from Chinese ports was 85.4%, a 5.1% decrease, and its W9 loading rate from Asian ports was 98.8% [10] Group 3: Shipping Capacity - In the second half of March (W12 - W13), the weekly average shipping capacity was 312,000 TEU, higher than the 261,000 TEU average in the first half [14] - The monthly average weekly shipping capacity in April was 314,000 TEU, with 3 TBN, higher than the 307,000 TEU average of the same period last year [14] - At the beginning of April, the supply pressure was relatively moderate. W14's shipping capacity was 272,000 TEU. From W15 - W16 in the middle of the month, the supply pressure was significant, with a weekly average of 341,000 TEU. In the late April (W17 - W18), the supply pressure was relatively moderate, with a weekly average of 265,000 TEU, but there were concentrated pending voyages in the second half [14] Group 4: Shipping Schedule Delays and Index Trends - In W10, 2 voyages were delayed to W11, including 0 from Gemini, 1 from OA, and 1 from MSC and PA [20] - In Shanghai Port in W10, 2 voyages were delayed [20] - The SCFIS (European Line) index closed at 1545.46 points, a 5.6% increase from the previous period [21] - In W10, the actual departing shipping capacity from Shanghai Port on the European line was 151,200 TEU, with 0% being previously delayed voyages. By alliance, the independent weights of Gemini, OA, PA + MSC, and MSC were 12%, 54%, 23%, respectively [21] Group 5: Port Congestion - In China, the average turnaround time at Yangshan Port was about 1.5 days, at Ningbo Port about 1.2 days, and at Yantian Port about 1.1 days. The operating conditions of Chinese ports have significantly improved due to the weakening market demand [25] - In Southeast Asia, the pressure on ports has significantly eased compared to the previous period. The average time ships spent in Singapore Port was 1.5 days, and in Port Klang was 1.4 days [25] - In Europe, the pressure on ports has continued to improve compared to the previous period. The average time ships spent in Antwerp Port was about 1.9 days, in Rotterdam 2.2 days, in Hamburg Port 2.8 days, and in Bremen Port 1.3 days [25] Group 6: Futures and Spot - The report presents data on SCFIS (European Line) seasonality, EC historical contract delivery settlement prices and current contract settlement prices, EC forward curves, and SCFI (European Line) seasonal coefficients [27] - It also shows the price differences between different contract months, such as 4 - 6, 4 - 8, 6 - 8, and 8 - 10 [27]

Report Summary 1. Report Industry Investment Rating - Not provided in the given content 2. Core View of the Report - The current container shipping European line (EC) market is dominated by geopolitical sentiment, showing a strong - fluctuating pattern, centered around the game between geopolitical unrest and industry fundamentals, fitting the recent "off - season not off" theme [4]. - The core contradiction is the tug - of - war between the upward momentum brought by geopolitical sentiment and the constraints of the off - season fundamentals. The European line is in a seasonal off - season with insufficient cargo volume support, and the effectiveness of shipping companies' price - holding actions remains to be verified. There is also a potential risk of capacity spillover from the suspended Middle - East routes [4]. - In the short term, the market is mainly affected by geopolitical news with large fluctuations and is relatively strong; in the long term, it depends on the progress of the geopolitical situation, the seasonal recovery schedule of April cargo volume, and the dynamic balance of capacity allocation, gradually returning to fundamentals. There is a risk of market correction if geopolitical sentiment eases [4] 3. Summary by Related Catalogs Market News - Israel carried out air strikes on multiple targets in Iran. Iran launched ballistic missiles at all Gulf countries except Oman. The Houthi rebels will resume attacks on shipping in the Red Sea corridor [2] Shipping Price Index - **China Export Container Freight Index**: The current values of SCFI - US West, SCFIS - US West, SCFI - US East, SCFI - Northwest Europe, CCFI, and the comprehensive SCFI index are 1489, 2717, 1452, 1054, 1121, and 1940 respectively, with corresponding increases of 11.71%, 0.93%, 4.47%, 7.27%, 0.97%, and 2.25%. The current values of SCFI - Mediterranean and SCFIS - Northwest Europe are 2360 and 1545 respectively, with increases of 5.60% and 2.39% [1][2] Market Trend - The overall market situation is rising. The European line market is mainly influenced by geopolitical sentiment, with short - term strength and large fluctuations, and long - term return to fundamentals [3][4] Strategy - Adopt a wait - and - see approach and consider 4 - 5 reverse arbitrage [5]

Group 1 - President Trump emphasizes the importance of the Strait of Hormuz for oil flow and warns of US retaliation if Iran disrupts it [1] - Iran's Revolutionary Guard threatens to halt all oil exports from the region if US strikes continue, indicating a potential long-term disruption to global shipping [1][2] - The Iranian Foreign Ministry spokesperson warns that there is no timeline for reopening the Strait of Hormuz, suggesting ongoing risks for maritime navigation [2] Group 2 - Iran claims that the current instability in the region is a result of aggression from the US and Israel, affecting not only the Strait of Hormuz but the entire region [3][4] - The closure of the Strait of Hormuz could have significant global implications, impacting oil prices, global growth, and inflation [4] - Iran asserts that it is not responsible for the current situation, attributing the conflict to actions initiated by the US and its allies [5][6] Group 3 - The Iranian spokesperson questions how safety can be ensured for vessels in the Strait of Hormuz while Iran is under attack, indicating a complex security situation [7] - Iran maintains that it is not actively closing the Strait of Hormuz but is responding to the war situation imposed by external forces [8] - The Pentagon reports that 75% of Iran's missile launches have been neutralized recently, raising questions about Iran's ability to sustain its military efforts [8][9]

1. Report Industry Investment Rating - Not provided in the content 2. Core Viewpoints of the Report - The main contract EC2604 is approaching delivery, and the price - holding willingness of shipping companies and actual price adjustments should be monitored. The conflict between Israel and Iran has led shipping companies to attempt to hold prices during the off - season. CMA's implementation of an emergency fuel surcharge (EFS) will increase the valuation of near - month contracts. The current high geopolitical risks and the game between price - holding expectations and actual landing prices will amplify the volatility of the EC2604 contract. It is recommended that investors closely follow the spot market and operate flexibly [5][6]. - For the relatively peak - season contracts of June, July, and August, the current expectations are strong. The reasons include the low probability of the Suez Canal's reopening in the first half of the year, the relatively small pressure of ultra - large container ship deliveries in the first half of 2026, and the relatively high year - on - year growth rate of the demand side of Asia - Europe trade. However, the actual freight rates in the future are still uncertain, and investors need to respond flexibly [7]. - The recommended strategy is to go long on EC2606 and short on EC2610 [9]. 3. Summary by Relevant Catalogs 3.1 Futures Prices - As of March 9, 2026, the total open interest of all contracts of the container shipping index European line futures was 67,535.00 lots, and the single - day trading volume was 102,972.00 lots. The closing prices of EC2604, EC2605, EC2606, EC2607, EC2608, EC2609, EC2610, and EC2512 contracts were 2236.40, 2257.00, 2494.00, 2590.40, 2422.60, 1742.30, 1617.20, and 1861.00 respectively [8]. 3.2 Spot Prices - On March 6, the SCFI (Shanghai - Europe route) price was 1452 US dollars/TEU, the SCFI (Shanghai - US West route) price was 1940 US dollars/FEU, and the SCFI (Shanghai - US East) price was 2717 US dollars/FEU. On March 9, the SCFIS (Shanghai - Europe) was 1545.46 points, and the SCFIS (Shanghai - US West) was 1121.22 points [8]. 3.3 Container Ship Capacity Supply - **Static Supply**: As of February 28, 2026, 27 container ships with a total capacity of 174,232 TEU had been delivered in 2026. Among them, 6 ships with a capacity of 12,000 - 16,999 TEU (total 86,000 TEU) and 1 ship with a capacity of over 17,000 TEU (17,148 TEU) were delivered. In the future, the delivery of ships with a capacity of 12,000 - 16,999 TEU from 2026 to 2029 will be 679,000 TEU (46 ships), 944,600 TEU (64 ships), 1,224,000 TEU (84 ships), and 415,400 TEU (29 ships) respectively; the delivery of ships with a capacity of over 17,000 TEU from 2026 to 2029 will be 192,900 TEU (8 ships), 862,800 TEU (40 ships), 1,603,000 TEU (80 ships), and 1,636,000 TEU (81 ships) respectively. The delivery pressure of ultra - large ships in 2026 is relatively small [3][4]. - **Dynamic Supply**: The average weekly capacity of China - European basic ports in the remaining 4 weeks of March was 320,700 TEU, with the capacities of WEEK11/12/13/14 being 362,300/341,900/293,100/285,400 TEU respectively. The average weekly capacity in April was 324,900 TEU, with the capacities of WEEK15/16/17/18 being 361,400/239,900/404,500/294,000 TEU respectively. There were 8 blank sailings in March and 2 TBNs in April [4]. 3.4 Supply Chain - Geopolitically, on March 9, the Israeli Defense Forces completed a new round of air strikes on Iran, targeting multiple missile launch sites and command centers. The Houthi rebels may resume attacks on shipping in the Red Sea corridor, and the reopening of the Suez Canal in the first half of the year is less likely [3][7]. - Shipping companies are trying to hold prices during the off - season. Maersk's price for the first week of the second half of March increased by 400 US dollars compared to the second week of March, and MSC's online quote for the second half of March increased by 100 US dollars/FEU compared to the first half. CMA announced an emergency fuel surcharge (EFS) starting from March 23 [5]. 3.5 Demand and European Economy - The year - on - year growth rate of the demand side of Asia - Europe trade has been relatively high, with the year - on - year growth rate of container trade volume in most months exceeding 10%. After the outbreak of the Israel - Iran conflict, new expectations have emerged for peak - season contracts. It is necessary to pay attention to whether developed countries in Europe and the United States will increase imports due to concerns about inflation, which will drive up China's export demand [7].

Report Industry Investment Rating - Not provided in the given content Core Viewpoints - The current market sentiment is high, and the monthly spread valuation is also relatively high. Once there is negative news, there may be a significant decline. It is recommended to wait and see in the short term. Additionally, focus on fuel costs, the congestion level of the Singapore port, and the possible release of a price increase notice for April by shipping companies this week [2][24] Summary by Relevant Catalogs Contract Information - EC2604 closed at 2236.4 with a 18.19% increase, EC2605 at 2257.0 with a 19.27% increase, EC2606 at 2494.0 with a 15.39% increase, EC2607 at 2590.4 with a 14.14% increase, EC2608 at 2422.6 with a 11.13% increase, EC2609 at 1742.3 with a 10.20% increase, EC2610 at 1617.2 with a 10.84% increase, and EC2612 at 1861.0 with a 9.70% increase [2][24] - The trading volumes of EC2604, EC2605, EC2606, EC2607, EC2608, EC2609, EC2610, and EC2612 were 62636, 3291, 19008, 1154, 3608, 829, 10794, and 1652 respectively [2][24] - The open interests of EC2604, EC2605, EC2606, EC2607, EC2608, EC2609, EC2610, and EC2612 were 31202, 2019, 19423, 693, 3078, 69, 10068, and 527 respectively, with changes of -2793, -282, -896, -105, 63, 69, -949, and 193 respectively [2][24] Monthly Spread Information - The monthly spread of EC2604 - 2606 was -257.6, with a month - on - month increase of 11.6 and a week - on - week increase of 279.3 [2][24] - The monthly spread of EC2604 - 2605 was -20.6, with a month - on - month decrease of -20.4 and a week - on - week decrease of -257.2 [2][24] - The monthly spread of EC2606 - 2610 was 876.8, with a month - on - month increase of 174.4 and a week - on - week increase of 164.9 [2][24] Spot Market Information - The spot price of the European line on March 9, 2026, was 1545.46 points, with a 5.61% increase from the previous period [2][24] - The SCFI of the European line on March 6, 2026, was 1452 dollars/TEU, with a 2.25% increase from the previous period [2][24] - OOCL's online quote was 2800, YML's was 2700. The current average quotes were OA 2800, MSC 2700 (special price 2500), PA 2700, MSK 2300, and the average converted to the futures price was about 1750 points. Further adjustments need to be monitored [3][25] News - On March 9, US President Trump said it was "far from" the time to send troops to Iran [4][26] - On March 9, G7 finance ministers reached a consensus not to release oil war reserves for the time being [4][26] - On March 10, Iran planned to charge fees for some ships in the Persian Gulf. An Iranian source said the Hormuz Strait was "closed" [4][26] - On March 10, Trump said if Iran blocked oil flow in the Hormuz Strait, the US would strike Iran 20 times harder [4][26] - On March 10, Trump said the military operation against Iran would end soon and the oil price increase was lower than expected [4][26]

Group 1: Industry Insights on Holiday Consumption - The bright performance of holiday consumption during the Spring Festival in 2026 is attributed to a combination of the holiday consumption pulse effect, intensified policy support, and an extended holiday duration [1][12] - Service consumption saw a significant increase, with tourism spending rising by 18.7% year-on-year, while retail and catering consumption grew by 5.7%, surpassing the previous year's growth rates [1][12] - The pulse effect of holiday consumption is particularly pronounced among wage earners, whose consumption behavior is more reliant on holiday windows, leading to concentrated spending during the holiday period [12][13] Group 2: Consumer Trends and Policy Impact - The high growth in goods consumption during the holiday is primarily driven by the implementation of the "old-for-new" policy, rather than a significant holiday pulse effect [12][13] - Sales of six categories of home appliances and four categories of digital products benefiting from the "old-for-new" subsidies increased by 21.7% year-on-year, significantly outpacing overall goods consumption growth during the holiday [12][13] - The overall consumer demand remains weak when combining data from January and February, indicating that the foundation for a comprehensive recovery is not yet solid [4][12] Group 3: Sector-Specific Performance - In the energy and resources sector, coal supply constraints have intensified, while demand remains weak and stable, leading to a mixed price performance [3][26] - The real estate sector experienced a notable decline in new and second-hand housing transaction volumes, with investment continuing to drop during the seasonal low [3][34] - The financial sector saw an increase in A-share market activity, with new credit issuance exceeding expectations in January [3][11] Group 4: Future Outlook - The transmission of consumer recovery from corporate profit stabilization to disposable income growth is critical for future consumption trends [2][13] - The ongoing decline in disposable income growth, which was approximately 4.3% year-on-year as of December 2025, poses a constraint on consumption [2][13] - The adjustment of consumption targets by local governments for 2026 indicates a cautious outlook for overall consumer recovery, with many provinces lowering their retail sales growth targets [2][13]

Report Summary 1. Report Industry Investment Rating - Not provided in the given content 2. Core View of the Report - Since the escalation of the Middle - East geopolitical conflict, the market is dominated by strong expectations. The focus is on the increased supply - chain uncertainty after the blockade of the Strait of Hormuz. The chaotic supply chain in the Middle - East routes may spill over to the European routes. Three shipping companies on the European routes have announced a price increase to $4000 per 40 - foot container in the second half of March [1]. - After the son of Khamenei officially took over as the new supreme leader of Iran on the early morning of March 9, the market's expectation that the short - term Middle - East conflict may not end has further increased, leading to a linear extrapolation of subsequent freight rate increases. The strong expectation is gradually being transmitted to the spot market, and Maersk has started to raise its opening prices [1]. - Currently, major shipping companies have suspended bookings on Middle - East routes, and some airlines have redeployed their original Middle - East capacity to other routes. If the shipping companies' route arrangements are in a chaotic pattern, it may lead to a structural shortage of capacity, which may cause a chain reaction in the global container shipping supply chain and make freight rates enter a period of amplified fluctuations [1]. 3. Summary by Relevant Catalogs EC Contract Volume and Price | Contract | Latest Transaction Price (Points) | Latest Percentage Change (%) | Trading Volume (Change) | Open Interest (Change) | Long Positions (Top 20 Members) | Short Positions (Top 20 Members) | Net Long Positions (Top 20 Members) | | --- | --- | --- | --- | --- | --- | --- | --- | | EC2604 | 2236.4 | 20.00 | 62636 (-22534) | 31202 (-2793) | 17099 | 20589 | -3490 | | EC2606 | 2494 | 19.07 | 19008 (1927) | 19423 (-896) | - | - | - | | EC2608 | 2422.6 | 14.61 | 3608 (1081) | 3078 (63) | - | - | - | | EC2610 | 1617.2 | 12.07 | 10794 (3842) | 10068 (-949) | - | - | - | | EC2612 | 1861 | 10.06 | 1652 (1471) | 527 (193) | - | - | - | | Total | - | - | 97698 | 64298 | 17099 | 20589 | -3490 | [2] Latest Spot Freight Rates - European Routes | Spot Index | Indicator | Latest Period | Percentage Change | Previous Period | Percentage Change | Two Periods Ago | Percentage Change | | --- | --- | --- | --- | --- | --- | --- | --- | | (Weekly) | SCFIS - Points | 1545.46 | 5.6% | 1463.4 | -7.0% | 1573.51 | -2.1% | | | SCFI - $/TEU | 1420 | 4.3% | 1361 | -3.0% | 1403 | -1.1% | | Spot Freight Rates | TCI(20GP) $/TEU | 1623 | 0.0% | 1623 | 0.0% | 1623 | 9.0% | | (Daily) | TCI(40GP) $/FEU | 2699 | 0.0% | 2699 | 0.0% | 2699 | 7.5% | [4] Basis Spread (Points) - The basis spread of the previous trading day was - 690.94, and the basis spread of the day before the previous trading day was - 428.8, with a change of - 262.14 [6]

交通运输部约谈马士基集团、地中海航运公司。 据交通运输部网站，2026年3月9日，交通运输部就国际航运经营行为分别约谈了马士基集团、地中海航运公司有关负责人。 | 索引号: | 000019713008/2026-00009 | 机构分类: | 水运局 | | | --- | --- | --- | --- | --- | | 文号: | 无 | 主题分类: | 其他 | | | 公开日期: | 2026年03月10日 | 公文类型: | 其他 | | | 主题词: | 国际航运 | | | | | | 交通运输部约谈马士基集团、地中海航运公司 | | | | | | | | | 字号:【大】 【中】 【小】 【打印】 | | | 2026年3月9日. 交通运输部就国际航运经营行为分别约谈了马士基集团、地中海航运公司有关负责人。 | | | | 来源：交通运输部网站 责编：万健祎 校对： 盘达 版权声明 证券时报各平台所有原创内容，未经书面授权，任何单位及个人不得转载。我社保留追 究相关 行 为主体法律责任的权利。 转载与合作可联系证券时报小助理，微信ID：SecuritiesTimes ...

1. Report Industry Investment Rating - No information provided in the report 2. Core Viewpoints of the Report - **Stock Index**: The market bottomed out and rebounded throughout the day, with all three major indices adjusting. Most stocks declined, and about 4,000 stocks in the Shanghai, Shenzhen, and Beijing stock markets were in the red, with a trading volume of 2.67 trillion yuan. The SSE Composite Index fell 0.67%, the Shenzhen Component Index fell 0.74%, and the ChiNext Index fell 0.64%. The conflict between the US and Iran significantly affected market risk appetite, causing most global equity markets to decline, and the A-share market also adjusted accordingly. In the short term, if the conflict ends quickly, its impact on the A-share market will be limited, but if it turns into a long - term war and triggers global financial risks, it may impact stock markets around the world. In the medium term, the A - share market is likely to remain volatile, but volatility may increase. Since December last year, A - share technology themes have had significant excess returns compared to Chinese concept stocks listed in the US and the Hang Seng Technology Index, and the RMB has entered a rapid appreciation channel, which may be related to the dominant position of Chinese technology companies in the global AI industry chain. Capital is more inclined towards domestic RMB assets, which may be an important support for the A - share market in the first half of 2026. On the other hand, the release of the article "The 2028 Global Intelligence Crisis" in late February has raised concerns about AI squeezing out the traditional economy, and the software, service, and finance sectors mentioned in the article have seen concentrated declines in the Chinese and US stock markets, and this topic may continue to ferment and increase market volatility [1]. - **Treasury Bonds**: On Monday, the 30 - year Treasury bond futures main contract fell 1.11%, the 10 - year main contract fell 0.21%, the 5 - year main contract fell 0.14%, and the 2 - year main contract fell 0.04%. The central bank conducted a 485 - day reverse repurchase on March 9, with a winning bid rate of 1.4%. There were 135 billion yuan of 7 - day reverse repurchases due in the open market, resulting in a net withdrawal of 86.5 billion yuan. In terms of the money market, DR001 rose slightly by 0.4 BP to 1.32%, and DR007 rose by 3 BP to 1.45%. The reasonable and sufficient money supply and the weak recovery of the economic fundamentals are the core supports for the bond market. At the same time, the improvement of inflation data and the cautious attitude towards interest rate cuts have limited the bond market's upward momentum. The bond market generally maintains low interest rates and continues to oscillate within a range with a ceiling and a floor [1][2]. 3. Summary by Directory Research Views - **Stock Index**: The market adjusted, affected by the US - Iran conflict. In the short - term, the impact on the A - share market depends on the duration of the conflict. In the medium - term, the A - share market is likely to be volatile. A - share technology themes have excess returns, and the RMB's appreciation may support the A - share market. The "The 2028 Global Intelligence Crisis" article may increase market volatility [1]. - **Treasury Bonds**: Treasury bond futures prices declined. The central bank's open - market operations led to a net withdrawal of funds. The money market is reasonably sufficient, and the economic fundamentals are in a weak recovery. The bond market lacks upward momentum and oscillates within a range [1][2]. Daily Price Changes - **Stock Index Futures**: IH fell from 2,990.0 to 2,962.4, a decrease of 0.92%; IF fell from 4,646.0 to 4,599.2, a decrease of 1.01%; IC fell from 8,322.6 to 8,267.0, a decrease of 0.67%; IM fell from 8,211.8 to 8,191.0, a decrease of 0.25% [3]. - **Stock Indexes**: The Shanghai Composite 50 Index fell from 2,992.7 to 2,963.0, a decrease of 0.99%; the CSI 300 Index fell from 4,660.4 to 4,615.5, a decrease of 0.97%; the CSI 500 Index fell from 8,360.3 to 8,279.5, a decrease of 0.97%; the CSI 1000 Index fell from 8,248.9 to 8,203.9, a decrease of 0.55% [3]. - **Treasury Bond Futures**: TS fell from 102.50 to 102.46, a decrease of 0.04%; TF fell from 106.11 to 105.98, a decrease of 0.12%; T fell from 108.54 to 108.32, a decrease of 0.20%; TL fell from 112.78 to 111.52, a decrease of 1.12% [3]. Market News - **Overall Trend**: The market bottomed out and rebounded, with all three major indices adjusting. About 4,000 stocks in the Shanghai, Shenzhen, and Beijing stock markets were in the red, and the trading volume was 2.67 trillion yuan. The SSE Composite Index fell 0.67%, the Shenzhen Component Index fell 0.74%, and the ChiNext Index fell 0.64% [5]. - **Industry Sectors**: OpenClaw, methanol, smart grid, and coal - chemical sectors led the gains, while civil aviation airports, cultivated diamonds, CPO, and engineering machinery sectors led the losses [5]. - **Popular Concepts**: OpenClaw concept stocks soared, with many stocks such as Qingyun Technology and Shunwang Technology hitting the daily limit. The smart grid concept was repeatedly active, with stocks like Shunna Co., Ltd. and Yinxing Energy hitting the daily limit. The shipping sector declined, and COSCO Shipping Energy hit the daily limit down at the end of the trading session [5]. 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]. - **Treasury Bond Futures**: The report provides charts of the trends of Treasury bond futures main contracts, Treasury bond spot yields, basis, inter - period spreads, cross - variety spreads, and money market interest rates [13][14][15][16][18][19]. - **Exchange Rates**: The report provides charts of the central parity rates of the US dollar, euro, pound, and yen against the RMB, as well as forward exchange rates and exchange rate indices [21][22][23][25][26].