Report Industry Investment Rating No relevant content provided. Core Viewpoints of the Report - The core factors affecting the EC price trend this week are the weak demand in the off - season and the continuous decline of the spot cabin quotes for European routes in early September by major shipping companies, which has led to a decrease in the valuation of futures prices [2]. - The short - term futures price valuation is still relatively weak, but the ruling by the US Federal Circuit Court of Appeals that most of the global tariff measures implemented by former President Trump are illegal brings some positive macro - sentiment, and there is a relatively high possibility of a slight short - term rebound in the futures price [7]. - If the cease - fire agreement in Gaza is reached again or other geopolitical risks in the Middle East suddenly decrease, leading to the resumption of shipping in the Red Sea, the freight rates for European routes will significantly decline. Also, the off - season demand may further weaken in the following months, and the support from demand during peak seasons like December may be relatively weak [8]. Summary According to the Table of Contents Chapter 1: Core Factors and Strategy Recommendations 1.1 Core Factors - The EC price is highly positively correlated with the spot cabin quotes for European routes. Currently, the market is in the off - season, with a significant decline in booking demand and weakened support for European route freight rates [2]. - In the short - term, the futures price may slightly rebound due to positive macro - sentiment, while in the long - term, if the Red Sea resumes shipping and the off - season demand weakens, the European route freight rates will decline [7][8]. 1.2 Trading - Type Strategy Recommendations - **Trend Judgment**: The market is in the middle of a downward trend. The short - term support level for the main contract is in the range of 1200 - 1250, and the pressure level is in the range of 1310 - 1360 [15]. - **Strategy Suggestions**: Considering the off - season and weak demand, one can choose to sell for hedging at high positions, with the recommended entry range being 1350 - 1400 [15]. - **Spot - Futures (Basis) Strategy**: Traders can short the basis at an appropriate time [15]. - **Arbitrage (Inter - period) Strategy**: It is advisable to stay on the sidelines for now [15]. 1.3 Industry Customer Operation Suggestions - **EC Risk Management Strategy Suggestions**: For companies with full shipping capacity or poor booking volume, they can short the container shipping index futures to lock in profits when they are worried about falling freight rates. For companies concerned about rising freight rates, they can buy container shipping index futures to determine booking costs in advance [14]. 1.4 Basic Data Overview - **Comprehensive Freight Index**: The FBX comprehensive route index decreased by 3.46% week - on - week, the CICFI increased by 1.32%, the SCFI increased by 2.1%, the NCFI increased by 6.02%, the CCFI decreased by 1.58%, the CFFI decreased by 4.99%, the SCFIS for European routes decreased by 8.71%, the SCFIS for the US West Coast route decreased by 5.87%, the SCFI for European routes decreased by 11.21%, the SCFI for the US West Coast route increased by 16.97%, and the SCFI for the US East Coast route increased by 9.68% [16]. Chapter 2: This Week's Important Information and Next Week's Events to Watch 2.1 This Week's Important Information - **Positive Information**: The US Federal Circuit Court of Appeals ruled that most of Trump's global tariff measures were illegal. China's Ministry of Commerce is actively promoting Sino - US and Sino - Canadian economic and trade relations. Hamas has expressed its willingness to reach a cease - fire agreement, but Israel's Prime Minister has refused [27]. - **Negative Information**: Trump is trying to break the negotiation deadlock between Israel and Hamas. The spot cabin quotes for European routes in early September by major shipping companies continue to decline, and the SCFI for European routes is accelerating its decline [28][29]. 2.2 Next Week's Important Events to Watch - The release of China's official manufacturing PMI for August and the final manufacturing PMI values for August in Europe and the US at the beginning of September [29]. Chapter 3: Market Interpretation * Basis Structure - The European route of the Shanghai Export Container Freight Settlement Index (SCFIS) continued to decline, with the decline rate increasing to 8.71%. The basis between the main contract EC2510 and the spot market narrowed compared to the previous week. Traders can short the basis at an appropriate time [29]. * Monthly Spread Structure - The spreads of the inter - period contract combinations for European routes in container shipping (EC2510 - 2512, EC2510 - 2602, EC2512 - 2602) have converged. Traders can stay on the sidelines for now [31].

1. Report Industry Investment Ratings - No specific industry investment ratings are provided in the report. 2. Core Views - The Jackson Hole Global Central Bank Annual Meeting saw the Fed Chair's dovish stance, increasing the certainty of a September rate cut, but short - term leveraged funds flowing in too quickly pose risks to the stock index, which may face a slight shock adjustment [3]. - The bond market lacks its own drivers, and its sentiment is significantly suppressed by the equity market. It is in a range - bound state, and the short - term 10 - year Treasury active bond yield around 1.8% may be a resistance level for the upward movement of interest rates [3]. - The dovish attitude of Fed officials continues to suppress the US dollar, and precious metals are strengthening and approaching the upper limit of the fluctuation range [3]. - The EC main contract of the container shipping index (European line) shows a weak trend [3]. - Steel prices are in a weak decline, and iron ore follows steel prices, with a trading range of 770 - 820 [3]. - Copper prices have weak short - term drivers and are in a narrow - range shock [3]. - The supply and demand pressure of PX is not large, but the short - term driver is limited; PTA is under short - term pressure in a weak market atmosphere, but the supply - demand expectation is tight [3]. - The inventory of bottle chips has decreased, and it follows the raw materials, with limited short - term processing fee upward space [3]. - The overseas supply outlook for sugar is relatively loose, and the short - selling position should be held [3]. - The issuance of sliding - scale tax quotas for cotton is lower than expected, and the 01 contract is short - term strong [3]. 3. Summary by Related Catalogs Stock Index - The current basis rates of the main contracts of IF, IH, IC, and IM are 0.05%, 0.06%, - 0.36%, and - 0.67% respectively. The technology main line strongly pulled up, and the stock index reversed intraday. It is recommended to wait until after the earnings report disclosure in September to decide the next - round direction [3]. Treasury Bonds - The stock market is strong, and the bond market sentiment is weak again, in a range - bound state. The short - term 10 - year Treasury active bond yield around 1.8% may be a resistance level for the upward movement of interest rates, corresponding to support for the T2512 contract around 107.4 - 107.6. The short - term bond futures can be temporarily on the sidelines [3]. Precious Metals - Gold is in a shock - strengthening trend. Hold the bull spread strategy of buying gold option AIU2512C776 and selling AU2512C792; hold the long position of silver [3]. Container Shipping Index (European Line) - The EC main contract shows a weak trend. Short the 12 - contract on rallies [3]. Steel and Black Metals - Steel prices are in a weak decline, and it is recommended to wait and see. Iron ore follows steel prices, with a range of 770 - 820, and a strategy of long iron ore and short coking coal can be adopted. Coking coal and coke can be short - sold on rallies, and long iron ore and short coke/coal strategies can be used [3]. Non - ferrous Metals - Copper prices are in a narrow - range shock, with a reference range of 78000 - 80000. Aluminum should pay attention to whether the peak - season demand can be fulfilled, with a reference range of 20400 - 21000 and pay attention to the 21000 pressure level [3]. Energy and Chemicals - For PX, pay attention to the support around 6800 and look for low - buying opportunities; for PTA, pay attention to the support around 4750 and look for low - buying opportunities, and adopt a rolling reverse spread strategy for TA1 - 5 [3]. Agricultural Products - Short - sell sugar. Cotton's 01 contract is short - term strong. Eggs are still bearish in the long - term, and short positions should be held [3]. Special Commodities - For glass, the previous short positions can be closed out at a stage. For rubber, if the raw material supply increases smoothly, short on rallies [3]. New Energy - For polysilicon, wait and see. For lithium carbonate, mainly wait and see [3].

Group 1: Report Industry Investment Rating - No information provided Group 2: Core Viewpoints of the Report - Currently, downstream customers are booking shipping space for the end of August and early September (week35 - 36). Week35's final average price is $2550 (1800 points), and week36's current average quoted price is $2300 (1600 points). Most shipping companies face cargo - receiving pressure at the end of the month, and the shipping capacity in September is generally reduced. The overall situation in September is loose, and the subsequent driving force remains weak. However, the valuation in October is approaching the annual low (1250 - 1300), with limited downside space. Attention can be paid to the long - allocation opportunity of the 12 - contract [2] Group 3: Summary by Related Catalogs EC Futures Contract Information - For EC2510, the closing price is 1285.0, with a decline of 2.36%, the base bond is 705.2, the trading volume is 25330, the open interest is 54248, and the open interest change is 523. Similar data is provided for other contracts such as EC2512, EC2602, etc [2] - The month - spread of EC2510 - 2512 is - 286.0, with a daily increase of 18.5 and a weekly increase of 66.2. The month - spread of EC2512 - 2602 is 171.0, with a daily decrease of 8.7 and a weekly decrease of 25.2 [2] Spot Rate Index Information - The SCFIS (European line) index on August 25, 2025, is 1990.2, with a decline of 8.35% compared to the previous period. The CCFI on August 22, 2025, is 1757.74, with a decline of 1.83% compared to the previous period. The NCFI on August 22, 2025, is 1083.74, with a decline of 8.83% compared to the previous period [2] Recent European Line Quotation Information - For week36, the latest quoted price of shipping companies ranges from $2120 to $2420, with an average of $2250 (1550 points). For week37, the latest average quoted price is $2200 (1500 points) [3] Shipping Capacity Information - The weekly average shipping capacity in September and October 2025 is 300,000 and 320,000 TEU respectively. After considering all TBN as suspended sailings, it is 290,000 and 290,000 TEU respectively. On August 26, the suspension of the FE4 route of the PA Alliance in week38 of September was filled by HMM AOUAMARINE, increasing the weekly average shipping capacity in September to 305,000 TEU [2] Related News - On August 29, the Israeli military stated that it was preparing to expand military operations against Hamas in Gaza City. The Houthi armed leader accused Israel of carrying out large - scale massacres against Palestine [4]

Report Information - Report Type: Daily Report on Container Shipping Index [1] - Date: August 29, 2025 [2] - Research Team: Macro Financial Team [4] - Researchers: He Zhuoqiao, Huang Wenxin, Nie Jiayi [3] Industry Investment Rating - Not provided Core Viewpoints - The SCFIS has dropped below 2000 points for six consecutive weeks, and online quotes have been lowered. The fundamental situation remains unfavorable. However, the current main contract EC2510 has a deep discount, with sufficient expectations for price cuts. Attention should be paid to whether there will be marginal benefits later to help stabilize the market. The EC2510 contract can be shorted on rallies [8]. Summary by Directory 1. Market Review and Operation Suggestions - **Current Market**: The SCFIS has dropped below 2000 points for six consecutive weeks, and online quotes have been lowered again. Taking the Shanghai - Rotterdam route as an example, Maersk's opening prices for the first and second weeks of September are $2210 and $1900 respectively, with an expanding decline. Other airlines have also cut prices to attract cargo. The fundamental situation remains unfavorable. The main 10 - contract has a deep discount, with sufficient expectations for price cuts. Attention should be paid to marginal benefits such as more blank sailings and slower price cuts to help stabilize the market and ease the pessimistic expectations for the 12 - contract and boost the year - end price - support expectations. The 10 - contract can be shorted on rallies [8]. 2. Industry News - **China's Export Container Shipping Market (August 18 - 22)**: The market was basically stable, but the supply - demand fundamentals were weak. Most route freight rates declined, and the comprehensive index continued to adjust. On August 22, the Shanghai Export Containerized Freight Index was 1415.36 points, down 3.1% from the previous period [9]. - **European Routes**: In August, the eurozone's composite PMI rose to 51.1, better than expected. However, due to the impact of US tariff policies, foreign orders in the eurozone's manufacturing industry declined for the second consecutive month. On August 22, the freight rate from Shanghai Port to European basic ports was $1668/TEU, down 8.4% from the previous period [9]. - **Mediterranean Routes**: The market situation was basically the same as that of European routes, and the spot booking prices continued to fall. On August 22, the freight rate from Shanghai Port to Mediterranean basic ports was $2225/TEU, down 2.4% from the previous period [9]. - **North American Routes**: As of the week ending August 16, the number of initial jobless claims in the US increased by 11,000 to 235,000, the highest since June 20, and the number of continued jobless claims reached the highest level since November 2021, indicating a cooling labor market. Under trade protectionism, US companies are reducing recruitment. The freight demand growth was weak, and the supply - demand fundamentals lacked support. On August 22, the freight rates from Shanghai Port to the US West and East basic ports were $1644/FEU and $2613/FEU respectively, down 6.5% and 3.9% from the previous period [9][10]. - **US Furniture Tariff Investigation**: US President Trump announced a "major" tariff investigation on imported furniture, which will be completed within 50 days. New tariffs on imported furniture have pushed up the consumer price of household items by 0.7% in July. The potential furniture import tariffs will further hit the industry that has already been affected by other tariffs [10]. - **Israeli - Palestinian Situation**: Israeli Prime Minister Netanyahu approved the plan for the Israeli army to capture Gaza City and demanded accelerated progress. US President Trump "fully supports" Israel's military goal of controlling Gaza City to eliminate Hamas [10]. 3. Data Overview - **Container Shipping Spot Prices**: From August 18 to August 25, the SCFIS for European routes (basic ports) decreased from 2180.17 to 1990.2, a decline of 8.7%. The SCFIS for US West routes (basic ports) decreased from 1106.29 to 1041.38, a decline of 5.9% [12]. - **Container Shipping Index (European Line) Futures Market**: Provided trading data for multiple contracts on August 28, including EC2510, EC2512, etc., showing information such as opening price, closing price, settlement price, change, and trading volume [6]. - **Shipping - Related Data Charts**: Included charts of European container ship capacity, global container ship orders, Shanghai - European basic port freight rates, and Shanghai - Rotterdam spot freight rates [17][20]

Report Information - Report Title: Container Shipping Index Daily Report [1] - Date: August 28, 2025 [2] - Research Team: Macro Financial Team [4] - Researchers: He Zhuoqiao, Huang Wenxin, Nie Jiayi [3] Industry Investment Rating - Not provided Core Viewpoints - This week, the SCFIS dropped below 2000 points, marking six consecutive weeks of decline. However, the downward trend of online quotes has stabilized. Some shipping companies have announced price increases for September, indicating a willingness to support prices. Considering the uncertainty of tariffs and the high level of supply during the off - season, demand is unlikely to improve significantly this year, and freight rates may show a more pronounced off - season pattern. The short - term decline in futures may narrow, but in the long run, it may still show a downward trend. It is recommended to short the October contract on rallies [8]. Summary by Directory 1. Market Review and Operation Suggestions - **Market Situation**: The SCFIS has fallen below 2000 points for six consecutive weeks, but the decline of online quotes has stabilized. Some shipping companies' September freight rates are higher than those at the end of August, showing a willingness to support prices. Demand is hard to improve significantly due to tariff uncertainties, and supply is at a relatively high level during the off - season. The current main October contract has a deep discount, and the decline in spot freight rates has slowed down, so the short - term decline in futures may narrow. In the long run, it may still decline [8]. - **Operation Suggestion**: Short the October contract on rallies [8]. 2. Industry News - **Overall Market**: From August 18th to 22nd, the China export container shipping market was basically stable, but the supply - demand fundamentals were weak. Most route freight rates declined, and the comprehensive index continued to adjust [9]. - **European Routes**: In August, the eurozone's composite PMI rose to 51.1, better than expected. However, due to US tariff policies, foreign orders in the eurozone's manufacturing industry declined for the second consecutive month. On August 22nd, the freight rate from Shanghai Port to European basic ports was $1668/TEU, a decrease of 8.4% from the previous period [9]. - **Mediterranean Routes**: The market situation was similar to that of European routes, and the spot booking price continued to fall. On August 22nd, the freight rate from Shanghai Port to Mediterranean basic ports was $2225/TEU, a decrease of 2.4% from the previous period [9]. - **North American Routes**: As of the week ending August 16th, the number of initial and continued unemployment claims in the US increased, indicating a cooling labor market. The freight rates from Shanghai Port to the US West and East basic ports on August 22nd were $1644/FEU and $2613/FEU respectively, down 6.5% and 3.9% from the previous period [10]. - **Tariff News**: Trump announced a "major" tariff investigation on imported furniture in the US, which will be completed within 50 days. New tariffs on imported furniture may further impact the industry that has already been affected by other tariffs [10]. - **Geopolitical News**: Israeli Prime Minister Netanyahu approved the plan to capture Gaza City, and the Israeli army is deploying troops. Trump expressed full support for Israel's military goal [10]. 3. Data Overview - **Container Shipping Spot Prices** - **European Routes**: On August 25th, the SCFIS for European basic ports was 1990.2 points, a decrease of 8.7% from August 18th [12]. - **US West Routes**: On August 25th, the SCFIS for US West basic ports was 1041.38 points, a decrease of 5.9% from August 18th [12]. - **Container Shipping Index (European Line) Futures Market** - Provided the trading data of container shipping European line futures on August 27th, including contract information such as EC2510, EC2512, etc., covering opening price, closing price, settlement price, change, change rate, trading volume, open interest, and open interest change [6]. - **Shipping - Related Data Charts** - Included charts of European container ship capacity, global container ship orders, Shanghai - European basic port freight rates, and Shanghai - Rotterdam spot freight rates [17][20]

Report Overview - Report Title: "集运指数日报" [1] - Date: August 27, 2025 [2] - Research Team: Macro Financial Team [4] - Researchers: He Zhuoqiao, Huang Wenxin, Nie Jiayi [3] 1. Industry Investment Rating - No industry investment rating is provided in the report. 2. Core Viewpoints - This week, the SCFIS dropped below 2000 points for six consecutive weeks, but the decline in online quotes has stabilized. Some shipping companies have shown a willingness to support prices in September. Considering the uncertainty of tariffs and weak demand, the freight rate may be weaker in the off - season this year. The short - term futures decline may narrow, but in the long run, it may still show a downward trend. It is recommended to short the 10 - contract on rallies [8]. 3. Summary by Directory 3.1行情回顾与操作建议 - The SCFIS has fallen below 2000 points for six consecutive weeks, and the decline in online quotes has stabilized. For example, the lowest online quote for 40GP large containers on the Shanghai - Rotterdam route in the fourth week of August was $2384 by Maersk, and other airlines also kept stable. CMA CGM, HPL, and ONE have announced higher freight rates for September, showing a willingness to support prices. Due to the impact of tariffs on foreign trade and high off - season capacity supply, the demand is hard to improve significantly. The 10 - contract is deeply discounted, and the short - term futures decline may narrow, but it may still decline in the long run, so it is advisable to short the 10 - contract on rallies [8]. 3.2行业要闻 - From August 18 to 22, the China Export Container Transport Market was basically stable, but the supply - demand fundamentals were weak, and most route freight rates declined. The Shanghai Export Container Composite Freight Index on August 22 was 1415.36 points, down 3.1% from the previous period. In the European route, although the eurozone economy continued to recover, the impact of US tariff policies began to show, and the freight rate on August 22 was $1668/TEU, down 8.4%. The Mediterranean route was similar to the European route, with the freight rate on August 22 at $2225/TEU, down 2.4%. In the North American route, the US labor market cooled, and the freight rates to the US West and East on August 22 were $1644/FEU and $2613/FEU, down 6.5% and 3.9% respectively. Trump announced a "major" tariff investigation on imported furniture, which will impact the industry. Israel's Prime Minister approved the plan to capture Gaza City [9][10]. 3.3数据概览 3.3.1集运现货价格 - From August 18 to August 25, the SCFIS for the European route (basic ports) dropped from 2180.17 to 1990.2, a decrease of 8.7%. The SCFIS for the US West route (basic ports) dropped from 1106.29 to 1041.38, a decrease of 5.9% [12]. 3.3.2集运指数（欧线）期货行情 - The report provides the trading data of container shipping European line futures on August 26, including contract information such as EC2510, EC2512, etc., with details of opening price, closing price, settlement price, change, change rate, trading volume, open interest, and open interest change [6]. 3.3.3航运相关数据走势图 - The report includes various shipping - related data charts, such as the Shanghai - European basic port freight rate and the Shanghai - Rotterdam spot freight rate, but specific data is not further elaborated in the text description [20].

Report Summary 1. Report Industry Investment Rating - Not provided in the given content 2. Core View of the Report - Downstream is currently booking shipping space for late August to early September (week 35 - 36). Week 35 has a potential average of $2550 (1800 points), and week 36's current average quote is $2300 (1600 points). MSK has relatively less pressure to receive goods due to significant price cuts, but most shipping companies face pressure to receive goods at the end of the month. September's overall shipping capacity is generally reduced, but on August 26, two sailings on the FE3/FE4 routes of the PA alliance in week 37/38 of September were refilled, increasing the average weekly shipping capacity in September to 310,000 TEU. The overall situation in September is loose, and the subsequent driving force remains weak. However, the valuation in October is gradually approaching the annual low (1250 - 1300), with limited downside potential. Attention can be paid to the long - allocation opportunity of the 12 - contract [1] 3. Summary by Related Catalogs 3.1 Futures Contract Information - EC2508 closed at 2136.0 with a 0.39% increase, EC2510 at 1358.0 with a 3.74% increase, EC2512 at 1696.7 with a 2.14% increase, EC2602 at 1496.9 with a 2.18% increase, EC2604 at 1284.0 with a 1.54% increase, and EC2606 at 1445.7 with a 1.10% increase. The positions of EC2508 decreased by 91, EC2510 increased by 102, EC2512 increased by 220, EC2602 remained unchanged, EC2604 decreased by 33, and EC2606 decreased by 22 [1] - The month - to - month spreads: EC2508 - 2510 was 778.0, with a daily decrease of 40.7 and a weekly increase of 21.0; EC2510 - 2512 was - 338.7, with a daily increase of 13.5 and a weekly increase of 66.0; EC2512 - 2602 was 199.8, with a daily increase of 3.6 and a weekly decrease of 39.8 [1] 3.2 Spot Market Information - The spot price of Telanat (European line) on August 25, 2025, was 1990.2 points, a decrease of 8.71% from the previous period and 2.47% from the period before the previous one. SCFI was $1668/TEU on August 22, 2025, a decrease of 7.9% from the previous period. CCFI was 1757.74 points on August 22, 2025, a decrease of 1.83% from the previous period. NCFI was 1083.74 points on August 22, 2025, a decrease of 8.83% from the previous period [1] 3.3 Recent European Line Quotation - In week 35, the potential average is $2575 (1770 points), with the PA alliance at $2500, MSK opening at $2300 (later rising to $2490), and the OA alliance at $2700 - $2800. In week 36, the latest quotes from shipping companies range from $2120 - $2420, with an average of $2250 (1550 points). The PA alliance is at $2200 - $2300, MSK at $2100 (later rising to $2200), and the OA alliance at $2300 - $2400 [2] 3.4 Related News - On August 23, US President Trump announced a major tariff investigation on imported furniture into the US, which will be completed within the next 50 days. The tariff rate is to be determined. On August 26, Trump said dealing with Netanyahu was quite difficult and expected a clear and good outcome in the next 2 - 3 weeks [3]

Report Information - Report Title: Container Shipping Index Daily Report [1] - Date: August 26, 2025 [2] - Research Team: Macro Financial Team [4] - Researchers: He Zhuoqiao, Huang Wenxin, Nie Jiayi [3] Industry Investment Rating - Not provided Core Viewpoints - This week, the SCFIS dropped below 2000 points for six consecutive weeks, but the decline in online quotes has stabilized. Some airlines have shown a willingness to support prices in September. Considering the uncertainty of tariffs and the large actual damage to foreign trade, the demand side is difficult to improve significantly, and the shipping capacity supply is at a relatively high level in the off - season. This year's freight rates may show the characteristic of an even weaker off - season. The main October contract has a deep discount, and the decline in spot freight rates has slowed down, so the short - term decline in futures may narrow. In the long run, the freight rates may still show a downward trend, and the October contract should be short - allocated on rallies [8] Summary by Directory 1. Market Review and Operation Suggestions - This week, the SCFIS dropped below 2000 points for six consecutive weeks, and the decline in online quotes has stabilized. For example, the lowest online quote for a 40GP large container on the Shanghai - Rotterdam route in the fourth week of August was $2384 from Maersk, and other airlines also kept their quotes stable in the range of $2500 - $2900. CMA CGM, HPL, and ONE have announced higher freight rates for September, showing a willingness to support prices. The uncertainty of tariffs has a great impact on foreign trade, and the demand side is difficult to improve significantly. The shipping capacity supply is at a relatively high level in the off - season, and this year's freight rates may be weaker in the off - season. The main October contract has a deep discount, and the decline in spot freight rates has slowed down, so the short - term decline in futures may narrow. In the long run, the freight rates may still decline, and the October contract should be short - allocated on rallies [8] 2. Industry News - From August 18th to August 22nd, the China export container shipping market was basically stable, but the supply - demand fundamentals were weak. Most route freight rates declined, and the comprehensive index continued to adjust. On August 22nd, the Shanghai Export Containerized Freight Index was 1415.36 points, down 3.1% from the previous period. In the European route, although the eurozone economy continued to recover, the impact of US tariff policies began to appear, and foreign orders in the eurozone manufacturing industry declined for the second consecutive month. The freight rate from Shanghai Port to European basic ports on August 22nd was $1668/TEU, down 8.4% from the previous period. The Mediterranean route was similar to the European route, and the spot booking price continued to fall. The freight rate from Shanghai Port to Mediterranean basic ports on August 22nd was $2225/TEU, down 2.4% from the previous period. In the North American route, the US labor market cooled, and the freight demand growth was weak. The freight rates from Shanghai Port to the US West and East basic ports on August 22nd were $1644/FEU and $2613/FEU respectively, down 6.5% and 3.9% from the previous period. US President Trump announced a "major" tariff investigation on imported furniture, which will further impact the industry. In addition, the Israeli - Palestinian conflict situation also has potential impacts on the market [9][10] 3. Data Overview 3.1 Container Shipping Spot Prices - On August 25th, 2025, the SCFIS for the European route (basic ports) was 1990.2 points, down 189.97 points (-8.7%) from August 18th. The SCFIS for the US West route (basic ports) was 1041.38 points, down 64.91 points (-5.9%) from August 18th [12] 3.2 Container Shipping Index (European Line) Futures Market - The trading data of container shipping European line futures on August 25th showed different performance for each contract. For example, the EC2510 contract had an opening price of 1323.0, a closing price of 1358.0, a settlement price of 1356.3, a rise of 34.0, and a rise rate of 2.57%. The trading volume was 39234, and the open interest was 54357 with an increase of 102 [6] 3.3 Shipping - Related Data Charts - The report provides multiple charts including the European container ship capacity, global container ship orders on hand, Shanghai - European basic port freight rates, and Shanghai - Rotterdam spot freight rates [17][20]

1. Report Industry Investment Rating No relevant content provided. 2. Core Viewpoints of the Report - The overall market shows complex trends, with different sectors presenting diverse performances. In the stock index futures market, A - shares are booming, while the bond market has a certain degree of repair. The precious metals market is affected by the Fed's interest - rate cut expectations and geopolitical factors. The shipping futures market is weak, and the non - ferrous metals, black metals, and agricultural product markets also have their own characteristics and influencing factors [2][5][7] - For different sectors, corresponding investment strategies are proposed based on their fundamentals and market trends, such as buying put options in the stock index futures market, maintaining a wait - and - see attitude in the bond market, and taking different positions in other sectors according to their specific situations [4][6][12] 3. Summary by Directory Financial Derivatives - Financial Futures Stock Index Futures - **Market Situation**: On Monday, A - shares opened higher and continued to rise. The Shanghai Composite Index rose 1.51%, the Shenzhen Component Index rose 2.26%, and the ChiNext Index rose 3%. The four major stock index futures contracts also rose, and the basis of the main contracts all increased [2][3] - **News**: Shanghai optimized the housing provident fund policy, and there were important meetings between South Korea and Japan overseas [3][4] - **Funding**: On August 25, the A - share trading volume increased significantly, with a total turnover of over 3 trillion. The central bank conducted 2884 billion yuan of 7 - day reverse repurchase operations, with a net investment of 219 billion yuan [4] - **Operation Suggestion**: It is recommended to buy 09 out - of - the - money put options to protect long positions and sell 12 out - of - the - money put options to obtain time - value income [4] Bond Futures - **Market Performance**: Bond futures closed sharply higher, with the 30 - year main contract rising 0.78%, the 10 - year main contract rising 0.27%, etc. The yields of major interest - rate bonds in the inter - bank market generally declined significantly [5] - **Funding**: The central bank's MLF operation showed its intention to support the market. Although the stock market was hot in the short term, the overall liquidity was expected to be stable under the policy [6] - **Operation Suggestion**: Temporarily maintain a wait - and - see attitude, pay attention to whether the key points are broken through, and observe whether the sentiment can continue to stabilize [6] Financial Derivatives - Precious Metals - **Market News**: Trump's administration planned to impose a 50% tariff on Indian products, and there were meetings between the US and South Korea. The Fed's attitude towards interest - rate cuts was divided, and the geopolitical situation in Russia and Ukraine was easing [7][8] - **Market Performance**: The US dollar index rebounded, and precious metals slightly declined. The international gold price closed at 3365.95 US dollars per ounce, down 0.17%, and the international silver price closed at 38.55 US dollars per ounce, down 0.69% [8] - **Outlook**: Gold may冲击 the previous high of 3450 US dollars, and it is recommended to construct a bull spread strategy. Silver prices are generally strong, and it is recommended to hold long positions above 38 US dollars [9][10] - **Funding**: Under the expectation of the Fed's interest - rate cut, financial institutions in Europe and the US continued to increase their holdings of gold and silver through ETFs [10] Financial Derivatives - Shipping Futures - **Spot Quotation**: As of August 26, the spot quotations of major shipping companies showed a downward trend [11] - **Shipping Index**: As of August 25, the SCFIS European line index and the US West line index both declined [11] - **Fundamentals**: The global container shipping capacity increased year - on - year, and the PMI data of the eurozone and the US showed different situations [11] - **Logic**: The decline of the SCFIS European line may suppress market sentiment, and the downward trend of spot prices will put pressure on the futures market [12] - **Operation Suggestion**: It is expected to be weakly volatile, and it is recommended to hold short positions in the 10 - contract [12] Non - Ferrous Metals Copper - **Spot**: As of August 25, the average price of electrolytic copper increased, and the downstream mainly made rigid - demand purchases [13] - **Macro**: The Fed's dovish stance boosted the market's expectation of an interest - rate cut in September, but there were still uncertainties about the subsequent interest - rate cut [13][16] - **Supply**: The spot TC of copper concentrate was at a low level, and the domestic electrolytic copper production in July increased significantly year - on - year [14] - **Demand**: The processing and terminal demand showed different trends, with the overall demand having certain resilience [15] - **Inventory**: The three - place copper inventory decreased [15] - **Logic**: The macro situation and fundamentals jointly affect copper prices. In the absence of a clear recession expectation in the US, copper prices will at least remain volatile [16] - **Operation Suggestion**: The main contract is expected to be in the range of 78500 - 80500, with a short - term view of oscillation [16] Alumina - **Spot**: The spot price of alumina showed a north - south differentiation, with the northern region under pressure and the southern region relatively supported [16] - **Supply**: In July, the production of metallurgical - grade alumina in China increased year - on - year and month - on - month, and the operating capacity was expected to increase slightly in August [17] - **Inventory**: The port inventory decreased, and the registered warehouse receipts increased [17] - **Logic**: The market is in a game between short - term supply disturbances and medium - term capacity relaxation. The price is expected to be in the range of 3000 - 3300 yuan per ton [18] - **Operation Suggestion**: The main contract is expected to operate in the range of 3000 - 3300, with a view of wide - range oscillation and short - selling on rallies in the medium term [18] Aluminum - **Spot**: On August 25, the average price of A00 aluminum increased, and the premium decreased [18] - **Supply**: In July, the domestic electrolytic aluminum production increased year - on - year and month - on - month, and the proportion of molten aluminum decreased [19] - **Demand**: The downstream was in the transition stage between the off - season and the peak season, and the operating rates of some industries increased [19] - **Inventory**: The domestic mainstream consumption - area inventory increased, and the LME inventory decreased [20] - **Logic**: The market is facing supply - demand pressure, and it is expected to be volatile in the short term, with the main contract in the range of 20000 - 21000 yuan per ton [20] - **Operation Suggestion**: The main contract is expected to operate in the range of 20000 - 21000, and pay attention to the pressure level of 21000 [21] Aluminum Alloy - **Spot**: On August 25, the average price of aluminum alloy ADC12 increased [21] - **Supply**: In July, the production of recycled aluminum alloy ingots increased, and the operating rate increased. In August, it was expected to remain stable [21] - **Demand**: In July, the demand was under pressure, and the market trading activity decreased [21] - **Inventory**: The social inventory decreased slightly, and some areas' inventories were close to full [22] - **Logic**: The fundamentals showed marginal improvement, and the spot price was expected to be relatively stable. The main contract is expected to operate in the range of 19600 - 20400 yuan per ton [22] - **Operation Suggestion**: The main contract is expected to operate in the range of 19600 - 20400. If the short - term upward momentum of Shanghai aluminum is strong, it can be considered to participate in the arbitrage of long AD and short AL when the spread is above 500 [22] Zinc - **Spot**: On August 25, the average price of zinc ingots increased, and the downstream mainly made rigid - demand purchases [23] - **Supply**: The zinc ore supply was in a loose cycle, and the domestic refined zinc production increased significantly in July [23] - **Demand**: The spot premium was at a low level, and the operating rates of the three primary processing industries were at a seasonal low [24] - **Inventory**: The domestic social inventory increased, and the LME inventory decreased [24] - **Logic**: The supply - side is loose, and the demand - side is weak, but the decline of LME inventory provides support. The short - term zinc price is expected to be oscillating and slightly stronger [25] - **Operation Suggestion**: The main contract is expected to be in the range of 22000 - 23000, with a short - term view of oscillation [25] Tin - **Spot**: On August 25, the price of 1 tin increased, and the downstream mainly made rigid - demand purchases [25] - **Supply**: In July, the domestic tin ore import volume decreased, and the supply was difficult to improve in the short term [26] - **Demand and Inventory**: The operating rates of solder enterprises decreased, and the demand was expected to be weak. The LME inventory increased slightly, and the social inventory decreased [27][28] - **Logic**: Affected by the Fed's dovish stance, the tin price rose. It is necessary to pay attention to the recovery of tin ore imports from Myanmar [28] - **Operation Suggestion**: Maintain a wait - and - see attitude, with a short - term view of wide - range oscillation [28] Nickel - **Spot**: As of August 25, the average price of electrolytic nickel increased [29] - **Supply**: The production of refined nickel was at a relatively high level, and the monthly production was expected to increase slightly [29] - **Demand**: The demand for electroplating was stable, the alloy demand was good, the stainless - steel demand was general, and the demand for nickel sulfate was under pressure [29] - **Inventory**: The overseas inventory decreased, and the domestic social inventory and bonded - area inventory were relatively stable [30] - **Logic**: The macro - environment improved, and the cost had certain support. The price was expected to be adjusted within a range in the short term [31] - **Operation Suggestion**: The main contract is expected to be in the range of 118000 - 126000, with a short - term view of range oscillation [32] Stainless Steel - **Spot**: As of August 25, the price of 304 cold - rolled stainless steel increased, and the basis decreased [32] - **Raw Materials**: The price of nickel ore was relatively stable, the price of nickel iron increased slightly, and the price of ferrochrome was expected to be stable [32][33] - **Supply**: The estimated production of stainless - steel crude steel in August increased month - on - month [33] - **Inventory**: The social inventory decreased slowly, and the warehouse receipts increased [33] - **Logic**: The cost provided support, but the demand was weak. The short - term market was expected to be oscillating within a range [34] - **Operation Suggestion**: The main contract is expected to operate in the range of 12600 - 13400, with a short - term view of range oscillation [35] Lithium Carbonate - **Spot**: As of August 25, the spot price of lithium carbonate decreased, and the downstream mainly made purchases at low prices [35] - **Supply**: In July, the production of lithium carbonate increased, and the production in August was expected to increase. The supply was expected to contract [36] - **Demand**: The demand was relatively optimistic, and the demand in August was expected to increase [36] - **Inventory**: The overall inventory decreased, with the upstream inventory decreasing and the downstream inventory increasing [37] - **Logic**: The market was in a narrow - range oscillation, and the short - term price was expected to oscillate around 80,000 [38][39] - **Operation Suggestion**: Maintain a wait - and - see attitude, with a short - term view of range oscillation [39] Black Metals Steel - **Spot**: Futures prices rose, and spot prices followed. The steel billet price increased by 40 to 3120 yuan, and the prices of other steel products also changed accordingly [39] - **Cost and Profit**: The cost support was expected to weaken, and the steel profit declined this week [39] - **Supply**: The iron - element production increased year - on - year, and the steel production in August increased compared with July. There was a risk of inventory accumulation from August to September [39] - **Demand**: The overall demand for steel increased year - on - year, and the decline in demand in the off - season was not significant. The current overall apparent demand decreased [40] - **Inventory**: The inventory of the five major steel products increased this week, with the inventory of rebar increasing significantly [40] - **Viewpoint**: It is expected that the spread between rebar and hot - rolled coil will decline, and the steel price will remain oscillating at a high level. It is recommended to try long positions [40] Iron Ore - **Spot**: As of August 25, the spot prices of mainstream iron ore powders increased [41] - **Futures**: The iron ore futures contracts rose [41] - **Basis**: The basis of different iron ore varieties was calculated [42] - **Demand**: The daily average hot - metal production increased slightly, and the blast - furnace operating rate decreased slightly [42] - **Supply**: The global iron ore shipment volume decreased week - on - week, and the arrival volume decreased [42] - **Inventory**: The port inventory decreased slightly, the daily average port clearance volume decreased, and the steel mill's imported iron ore inventory decreased [42] - **Viewpoint**: It is recommended to buy at low prices unilaterally and recommend the 1 - 5 positive spread arbitrage [43] Coking Coal - **Futures and Spot**: The coking coal futures rebounded strongly, and the spot price was relatively stable [44][46] - **Supply**: The coal mine operating rate increased, and the inventory of some coal mines increased [44][45] - **Demand**: The coking plant operating rate increased slightly, and the downstream demand was stable, but the demand was expected to decline in late August [45][46] - **Inventory**: The overall inventory decreased slightly, with different inventory changes in different sectors [45][46] - **View，point**: It is recommended to buy at low prices for the 2601 contract and recommend the arbitrage of long coking coal and short coke [46] Coke - **Futures and Spot**: The coke futures rebounded strongly, and the seventh - round price increase of coke was implemented [47][48] - **Profit**: The average profit per ton of coke increased [47] - **Supply**: The coking plant operating rate increased due to the improvement of profits [47][48] - **Demand**: The hot - metal production was at a high level, but it was expected to decline in August [48] - **Inventory**: The coking plant inventory increased, the port inventory decreased slightly, and the steel mill inventory decreased [48] - **Viewpoint**: It is recommended to buy at low prices for the 2601 contract and recommend the arbitrage of long coking coal and short coke [48] Agricultural Products Meal - **Spot Market**: The prices of domestic soybean meal and rapeseed meal increased, and the trading volume of soybean meal decreased [50] - **Fundamentals**: There were changes in the soybean policies of Brazil and Argentina, and the EU's oilseed imports decreased [50][51] - **Market Outlook**: The cost provided strong support, and the long - term outlook was positive [49][52] Pig - **Spot Situation**: The spot price of pigs was weakly oscillating [53] - **Market Data**: The profit of pig breeding decreased, and the average slaughter weight increased [53][54] - **Market Outlook**: It is recommended to maintain a wait - and - see attitude, and it can be considered to lay out long positions in the far - month 01 contract below 14,000 [54][55] Corn - **Spot Price**: As of August 25, the spot prices of corn in different regions decreased [56] - **Fundamentals**: The grain inventory in Guangzhou Port increased, with the corn inventory increasing significantly [56] - **Market Outlook**: The short - term supply and demand of corn were loose, and the price was expected to be weakly oscillating. In the medium term, the price was expected to move down towards the new - season cost [57]

Report Information - Report Title: Container Shipping Index Daily Report [1] - Date: August 22, 2025 [2] - Researcher: He Zhuoqiao, Huang Wenxin, Nie Jiayi [3] Core Viewpoint - The spot freight rate has entered a downward channel, and the SCFIS has continued to decline this week. Although the price has stabilized, the demand side is difficult to improve significantly, and the shipping capacity supply is at a relatively high level in the off - season. The freight rate this year may show the characteristic of an even weaker off - season. The main October contract has a deep discount, and the short - term futures decline may narrow, but it may still show a downward trend in the long term. It is recommended to short the October contract on rallies [8] Content Summary by Section 1. Market Review and Operation Suggestions - Spot market: The spot freight rate has entered a downward channel, and the SCFIS has continued to decline to 2180.17 points this week. The August freight rate has been reduced, and now the price has stabilized. The 40GP large container price of Maersk on the Shanghai - Rotterdam route in the fourth week of August is about $300 lower than that in the third week. The quotes of other shipping companies are concentrated in the range of $2500 - $2900. CMA CGM and ONE's September freight rates are slightly higher than those at the end of August [8] - Market outlook: Due to the great impact of tariffs on foreign trade and the high shipping capacity supply in the off - season, the demand side is difficult to improve significantly. The main October contract has a deep discount and the decline rate has slowed down. The short - term futures decline may narrow, but it may still decline in the long term. It is recommended to short the October contract on rallies [8] 2. Industry News - Market adjustment: From August 11th to 15th, the China export container shipping market continued to adjust, with most route freight rates falling, dragging down the comprehensive index. The Shanghai Export Containerized Freight Index on August 15th was 1460.19 points, a 2.0% decline from the previous period [9] - European economy: Germany's ZEW economic sentiment index in August dropped to 34.7, far lower than market expectations, and the euro - zone data showed a similar trend. The European economy will continue to face challenges, and the spot market booking price continues to decline. The freight rate from Shanghai Port to European basic ports on August 15th was $1820/TEU, a 7.2% decline from the previous period [9][10] - Mediterranean and North American routes: The Mediterranean route's freight rate continued to decline, with the freight rate from Shanghai Port to Mediterranean basic ports on August 15th at $2279/TEU, a 1.7% decline from the previous period. In the North American route, the US PPI in July increased significantly, and the customs tariff revenue reached $28 billion, a 273% increase year - on - year, but the fiscal deficit still increased by 10%. The freight rates from Shanghai Port to the US West and East basic ports on August 15th decreased by 3.5% and 2.6% respectively from the previous period [10] - Geopolitical events: The threat of the Houthi armed forces to global shipping has escalated, and the international shipping safety situation has continued to deteriorate. The Israeli Air Force's air strikes on Yemen's Hodeidah Port have further disrupted the port's operations [10] - Trade policy: The US will maintain a 25% tariff on Japanese goods and may soon reach a trade agreement with India [10] 3. Data Overview 3.1 Container Shipping Spot Price - European route: The SCFIS of the European route (basic ports) on August 18th was 2180.17 points, a 2.5% decline from August 11th [12] - US West route: The SCFIS of the US West route (basic ports) on August 18th was 1106.29 points, a 2.2% increase from August 11th [12] 3.2 Container Shipping Index (European Line) Futures Market - The trading data of container shipping European line futures on August 21st shows that different contracts have different price changes, trading volumes, open interests, and position changes. For example, the EC2510 contract closed at 1325.0, with a decline of 33.8 and a decline rate of 2.49%, and the trading volume was 35008, with an open interest of 54293 and a position increase of 2566 [6]