集装箱运输市场日报 —— 期货标的降幅扩大，08合约交割 2025/8/25 投资咨询业务资格：证监许可【2011】1290号 俞俊臣 投资咨询证号：Z0021065 EC风险管理策略建议 | 行为导向 | 情景分析 | 现货敞口 | 策略推荐 | 套保工具 | 买卖方向 建议入场区间 | | | --- | --- | --- | --- | --- | --- | --- | | 舱位管理 已入手舱位，但运力偏饱满，或订舱货量不佳，旺季不 | 旺，担心运价下跌 | 多 | 为防止损失，可根据企业舱位，做空集运指数期货来 锁定利润 | EC2510 | 卖出 | 1450~1550 | | 成本管理 船司空班力度加大，或即将进入市场旺季，希望根据订单 | 情况进行订舱 | 空 | 为防止运价上涨而增加运输成本，可以在当前买入集 运指数期货，以提前确定订舱成本 | EC2510 | 买入 | 1200~1300 | source： 南华期货 【核心矛盾】 今日集运指数（欧线）期货各月合约价格先震荡上行，后回归震荡。截至收盘，除EC2606外，EC各月 合约价格均有所回升。从交易所排名前20大机构持仓增减去看， ...

集装箱运输市场日报 投资咨询业务资格：证监许可【2011】1290号 俞俊臣 投资咨询证号：Z0021065 EC风险管理策略建议 | 行为导向 情景分析 | 现货敞口 | 策略推荐 | 套保工具 | 买卖方向 建议入场区间 | | | --- | --- | --- | --- | --- | --- | | 舱位管理 已入手舱位，但运力偏饱满，或订舱货量不佳，旺季不 旺，担心运价下跌 | 多 | 为防止损失，可根据企业舱位，做空集运指数期货来 锁定利润 | EC2510 | 卖出 | 1450~1550 | | 成本管理 船司空班力度加大，或即将进入市场旺季，希望根据订单 情况进行订舱 | 空 | 为防止运价上涨而增加运输成本，可以在当前买入集 运指数期货，以提前确定订舱成本 | EC2510 | 买入 | 1200~1300 | source： 南华期货 —— SCFI降幅再度扩大 2025/8/22 【核心矛盾】 今日集运指数（欧线）期货各月合约价格整体走势震荡略偏下行。截至收盘，除EC2508外，EC各月合 约价格均有所下行。从交易所排名前20大机构持仓增减去看，EC2510合约多头减仓119手至2 ...

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].

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].

Report Summary 1. Investment Rating No investment rating for the industry is provided in the report. 2. Core View The futures prices of the container shipping index (European line) continued their downward trend. As of the close, most monthly contracts declined, with the EC2508 contract showing a slight increase. The continuous reduction of spot cabin quotes on the European line pulled down the futures price valuation, and the far - month contracts declined significantly due to the capital side. The EC2508 contract was supported based on the basis convergence logic. In the future, it is expected that the EC is likely to fluctuate and decline or continue to fluctuate, and in the medium - term, without sudden events, the overall futures price may still decline slightly [1]. 3. Summary by Relevant Content EC Risk Management Strategy - For those with over - booked or under - subscribed container space and worried about falling freight rates, it is recommended to short the container shipping index futures (EC2510) at 1500 - 1600 to lock in profits [1]. - For those aiming to control costs when shipping companies increase blank sailings or approach the peak season, it is recommended to buy the container shipping index futures (EC2510) at 1200 - 1300 to pre - determine booking costs [1]. Market Situation - **Futures Market**: The EC2510 contract had 3067 more long positions (reaching 32036) and 1911 more short positions (reaching 36027), with trading volume increasing by 35198 to 78498 (bilateral) [1]. - **Spot Market**: CMA CGM continued to lower spot cabin quotes on the European line, and the SCFIS European line continued to decline with an expanded decline [3]. EC Basis and Price - **Basis**: On August 13, 2025, the basis of EC2508 was 152.48 points, down 1 point daily and 74.08 points weekly. The basis of EC2510 was 902.38 points, up 84.5 points daily and 24.62 points weekly [4][5]. - **Price and Spread**: On August 13, 2025, the closing price of EC2508 was 2083.0 points, up 0.05% daily and 0.56% weekly; EC2510 closed at 1333.1 points, down 5.96% daily and 6.13% weekly [5]. Shipping Quotes - Maersk's 20GP total quote from Shanghai to Rotterdam on August 28 was $1385, up $30 from the previous period, and 40GP was $2330, up $60 [7]. - Hapag - Lloyd's 20GP opening quote from Shanghai to Rotterdam this week was $1535, down $200 from the previous period, and 40GP was $2435, down $400 [7]. Global Freight Index - SCFIS European route was at 2235.48 points, down 62.38 points (-2.71%); SCFIS US - West route was at 1082.14 points, down 47.98 points (-4.25%) [8]. Port Waiting Time - On August 12, 2025, Hong Kong Port's waiting time was 0.340 days, down 0.057 days; Shanghai Port's was 1.523 days, down 0.363 days [15]. Ship Speed and Waiting Ships - On August 12, 2025, the speed of 8000 + container ships was 15.968 knots, down 0.22 knots; the number of ships waiting at the Suez Canal port anchorage was 9, down 1 from the previous day [24].

Group 1: Report Industry Investment Rating - No relevant content found Group 2: Core Viewpoints of the Report - Today, the futures prices of each contract of the Container Shipping Index (European Line) opened significantly lower and then fluctuated upwards. By the close, all contracts except EC2508 slightly declined. The suspension of the 24% mutual tariffs between China and the US for 90 days has a relatively neutral impact on futures prices from a macro - sentiment perspective. MSC's reduction of the spot cabin quotation for the European Line has lowered the futures price estimate. The EC2508 contract has some support at the bottom based on the basis convergence logic, showing a slight oscillation. In the future, it is more likely that the EC will oscillate downward or continue to oscillate. In the medium - term, without sudden events, the overall futures price may still slightly decline [1] Group 3: Summary of Related Catalogs 1. EC Risk Management Strategy Recommendations - **Position Management**: For those who have bought cabin positions but face full capacity or poor booking volume and are worried about falling freight rates (long spot exposure), they can short the container shipping index futures (EC2510) in the range of 1500 - 1600 to lock in profits [1] - **Cost Management**: For those expecting to book cabins according to orders when shipping companies increase blank sailings or the peak season is approaching (short spot exposure), they can buy the container shipping index futures (EC2510) in the range of 1200 - 1300 to fix booking costs in advance [1] 2. Market Sentiment Analysis - **Likely Positive Factor**: On August 11 local time, a Hamas delegation was to arrive in Cairo to restart the stalled cease - fire negotiations in the Gaza Strip [2] - **Negative Factors**: MSC continued to reduce the spot cabin quotation for the European Line, and the SCFIS European Line continued to decline with an enlarged decline [2] 3. EC Basis and Price Data - **EC Basis Daily Change**: On August 12, 2025, the basis of EC2508 was 153.48 points, down 2.00 points daily and 55.58 points weekly; EC2510 was 817.88 points, down 8.80 points daily and 66.98 points weekly; EC2512 was 493.48 points, up 8.00 points daily and down 113.88 points weekly [3] - **EC Price and Spread**: On August 12, 2025, the closing price of EC2508 was 2082.0 points, up 0.10% daily and down 0.33% weekly; EC2510 was 1417.6 points, up 0.62% daily and 0.33% weekly; EC2512 was 1742.0 points, down 0.46% daily and up 3.05% weekly; EC2602 was 1528.0 points, up 0.72% daily and 2.39% weekly; EC2604 was 1350.0 points, down 0.91% daily and up 1.43% weekly; EC2606 was 1482.1 points, down 1.00% daily and up 0.71% weekly. There were also corresponding changes in price spreads [4] 4. Spot Cabin Quotations - On August 28, Maersk's 20GP total quotation for the Shanghai - Rotterdam route was $1355, up $20 from the previous period, and 40GP was $2270, up $40. In the past three weeks, MSC's 20GP opening quotation for the same route was $1700, down $120, and 40GP was $2840, down $200 [6] 5. Global Freight Rate Index - SCFIS European Line was 2235.48 points, down 62.38 points (- 2.71%); SCFIS US West Line was 1082.14 points, down 47.98 points (- 4.25%); SCFI European Line was $1961/TEU, down $90 (- 4.39%); SCFI US West Line was $1823/FEU, down $198 (- 9.80%); XSI European Line was $3239/FEU, down $52 (- 1.58%); XSI US West Line was $1954/FEU, down $25 (- 1.3%); FBX Composite Freight Rate Index was $2175/FEU, up $40 (1.87%) [7] 6. Global Major Port Waiting Times - On August 11, 2025, compared with the previous day, the waiting time at Hong Kong Port decreased by 0.206 days to 0.397 days; Shanghai Port increased by 0.230 days to 1.886 days; Yantian Port decreased by 0.044 days to 0.584 days; Singapore Port increased by 0.157 days to 0.588 days; Jakarta Port decreased by 0.048 days to 1.046 days; Long Beach Port decreased by 0.190 days to 2.070 days; Savannah Port increased by 0.419 days to 1.919 days [12] 7. Ship Speed and Number of Container Ships Waiting at Suez Canal Ports - On August 11, 2025, compared with the previous day, the speed of 8000 + container ships increased by 0.153 knots to 16.188 knots; 3000 + increased by 0.076 knots to 14.870 knots; 1000 + decreased by 0.019 knots to 13.287 knots. The number of ships waiting at the Suez Canal port anchor decreased by 13 to 12, compared with 5 in the same period last year [21]

Report Summary 1. Report Industry Investment Rating No information provided in the given content. 2. Core Viewpoints - The prices of each monthly contract of the container shipping index (European Line) futures fluctuated first and then declined significantly near the close. Except for a slight rebound in the EC2508 contract, the prices of other monthly contracts decreased slightly. The decline was mainly due to the downward opening quotation of MSK's new - week European Line, leading to a downward re - valuation of the European index futures price. In the future, it is expected that the EC may continue to fluctuate and decline or maintain a fluctuating trend. In the medium term, without sudden event factors, the overall futures price trend may still be slightly downward [1]. - A.P. 穆勒 - 马士基集团 (Maersk) 2025 Q2 performance was strong, with revenue increasing by 2.8% year - on - year and EBIT reaching $845 million. The company raised its full - year 2025 financial guidance, benefiting from the strong terminal business, increased shipping volume in the shipping sector, enhanced profitability of the logistics and service business, and continuous optimization of operations and strict cost control in each business segment [2]. 3. Summary by Related Catalogs EC Risk Management Strategy - **Position Management**: For those who have obtained positions but have full capacity or poor booking volume and are worried about falling freight rates (long position), to prevent losses, 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 recommendation in the range of 1500 - 1600 [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 (short position), to prevent the 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. The recommended hedging tool is EC2510, with a buying recommendation in the range of 1200 - 1300 [1]. Market Data - **EC Basis and Price**: On August 11, 2025, the basis of EC2508 was 155.48 points, with a daily decrease of 9.00 points and a weekly decrease of 20.08 points. The closing price of EC2508 was 2080.0 points, with a daily increase of 0.43% and a weekly decrease of 1.99%. Different contracts had different basis, price, and spread changes [4]. - **Global Freight Index**: SCFIS European Line decreased by 2.71% to 2235.48 points; SCFIS US - West Line decreased by 4.25% to 1082.14 points; SCFI European Line decreased by 4.39% to $1961/TEU; SCFI US - West Line decreased by 9.80% to $1823/FEU; XSI European Line decreased by 0.66% to $3291/FEU; XSI US - West Line decreased by 1.6% to $1979/FEU; FBX comprehensive freight index decreased by 2.69% to $2135/FEU [7]. - **Container Shipping Quotes**: On August 21, the total quotes for Maersk's 20GP and 40GP from Shanghai to Rotterdam increased compared to the previous period. On August 28, the opening quotes for 20GP and 40GP decreased compared to the previous week, with current quotes of $1335/TEU and $2230/FEU respectively [6]. Port and Shipping Data - **Global Main Port Waiting Time**: On August 10, 2025, compared with August 9, the waiting time at Hong Kong Port decreased by 0.437 days to 0.603 days; Shanghai Port increased by 0.234 days to 1.656 days; etc. Each port had different waiting - time changes [14]. - **Shipping Speed and Waiting Ships in Suez Canal**: On August 10, 2025, the average speed of 8000 + container ships was 16.035 knots, an increase of 0.042 knots compared to the previous day; the number of ships waiting at the Suez Canal port anchorage was 12, a decrease of 13 compared to the previous day [22].

Investment Rating of the Report The provided content does not mention the industry investment rating. Core Viewpoints of the Report - Gold prices are trending upward with strong performance, influenced by the risk - aversion sentiment due to the implementation of reciprocal tariffs by the US. The potential US tariff on Swiss gold imports has significantly increased the premium of COMEX gold over London gold. The short - term trend of the US dollar is weak. The US stock index futures face the need for more data to verify the intensification of economic downward pressure, and there is a risk of correction at the current level. The bond market is in a favorable period in early August, but the upward rhythm is relatively tortuous. For various commodities, their prices are affected by factors such as supply - demand relationships, policies, and international situations [14][19][23][31]. Summary by Directory 1. Financial News and Comments 1.1 Macro Strategy (Gold) - The US allows 401(k) investors to invest in alternative assets. Trump nominates a new Fed governor. China's gold reserves increased by 1.86 tons in July. Gold prices are trending upward, and there are arbitrage opportunities due to the widening regional price difference [12][13][14]. 1.2 Macro Strategy (Foreign Exchange Futures - US Dollar Index) - Miran is nominated as a Fed governor by Trump. The US dollar is expected to weaken in the short term [18][19]. 1.3 Macro Strategy (US Stock Index Futures) - Trump nominates Stephen Miran as a Fed governor. The risk in the job market has increased, and inflation expectations have risen in July. The possibility of a Fed rate cut within the year has increased in the short term, but the long - term independence of the Fed is affected. Attention should be paid to the risk of correction [21][22][23]. 1.4 Macro Strategy (Stock Index Futures) - China's import and export data in July exceeded expectations. It is recommended to allocate various stock indices evenly [25][27][28]. 1.5 Macro Strategy (Treasury Bond Futures) - The central bank conducted reverse repurchase operations. China's import and export data in July exceeded expectations. The sustainability of strong export growth is questionable. The bond market is in a favorable period in early August, but the upward rhythm is tortuous, and the timing of going long should be carefully grasped [29][30][31]. 2. Commodity News and Comments 2.1 Agricultural Products (Soybean Meal) - China imported 1166.6 million tons of soybeans in July. ANEC expects Brazil to export 815 million tons of soybeans in August. US soybean exports were better than expected, and CBOT soybeans stopped falling and stabilized. The supply in China may tighten in the fourth quarter if no US soybeans are purchased. The operating center of soybean meal futures prices is expected to move up [33][35][37]. 2.2 Agricultural Products (Soybean Oil/Rapeseed Oil/Palm Oil) - China imported 53.4 million tons of edible vegetable oil in July. The oil market is expected to maintain a strong - side oscillating trend. It is not recommended to enter the market today, and existing long positions can be held [39]. 2.3 Black Metals (Rebar/Hot - Rolled Coil) - The excavator monthly operation rate in July was 56.7%. The inventory of five major steel products increased this week, suppressing the market. Steel prices are driven by policies, but it is difficult for spot prices to rise. It is recommended to be cautious about market rallies [40][41][42]. 2.4 Agricultural Products (Corn Starch) - The operating rate of the corn starch industry increased, and inventory accumulated again. The supply - demand situation does not support the strengthening of the rice - flour price difference, and the regional price difference may be unfavorable to the 09 contract [44][45]. 2.5 Agricultural Products (Corn) - The northern port inventory is similar to that of the same period last year. The inventory of deep - processing enterprises decreased, and consumption slightly increased. It is recommended to hold new - crop short positions and pay attention to the weather [47][48][49]. 2.6 Black Metals (Steam Coal) - The price of steam coal in the northern port market was strong on August 7. The coal price is expected to remain strong in the short term, but it is difficult to continue to rebound. Attention should be paid to the change in daily consumption in mid - August [49]. 2.7 Black Metals (Iron Ore) - China imported 10462.3 million tons of iron ore and its concentrates in July. The ore price is expected to be weakly oscillating in the short term [50][51]. 2.8 Agricultural Products (Cotton) - India's cotton planting area in the 25/26 season is 1058.7 million hectares. Vietnamese textile enterprises have weak restocking intentions. Textile and clothing exports declined in July. Zhengzhou cotton is expected to have limited room for further decline in the short term and may rebound [52][53][54]. 2.9 Black Metals (Coking Coal/Coke) - The online auction price of coking coal in Jinzhong Lingshi market increased. The coking coal market has strong speculation sentiment due to policy and inspection factors, and the impact on the fundamentals depends on further policies [58][59]. 2.10 Non - ferrous Metals (Alumina) - A large - scale alumina enterprise in Guangxi postponed the maintenance of a roasting furnace to August 16. The alumina futures price is expected to be weakly oscillating, and it is recommended to wait and see [60][61]. 2.11 Non - ferrous Metals (Polysilicon) - Jingao's project is under pre - approval publicity. The spot transaction price has increased, and the polysilicon price is expected to operate between 45000 - 57000 yuan/ton in the short term. A strategy of selling out - of - the - money put options can be considered [62][63][64]. 2.12 Non - ferrous Metals (Industrial Silicon) - The social inventory of industrial silicon increased by 0.7 million tons. The supply may increase slightly in August, and the balance sheet may still show inventory reduction. It is recommended to pay attention to the opportunity of going long at 8000 - 8500 yuan/ton [65][67]. 2.13 Non - ferrous Metals (Copper) - China's copper import volume increased in July. A copper mine accident in Chile affected production. The macro - sentiment is favorable to copper prices in the short term, but inventory accumulation suppresses the market. It is recommended to wait and see for single - side trading and pay attention to the internal - external reverse arbitrage strategy [68][70][71]. 2.14 Non - ferrous Metals (Nickel) - LME nickel inventory decreased by 240 tons on August 7. The nickel price is difficult to decline deeply in the short term. It is recommended to pay attention to short - term band opportunities and medium - term short - selling opportunities at high prices [73][74][75]. 2.15 Non - ferrous Metals (Lithium Carbonate) - Australia will invest in a lithium project. The demand is strong in August, and the supply risk remains. It is recommended to wait and see before the risk event is resolved and take profit on the 9 - 11 reverse arbitrage [76][77]. 2.16 Non - ferrous Metals (Lead) - Pan American Silver's lead concentrate production increased in the second quarter. The lead price has cost support at the bottom. It is recommended to pay attention to the opportunity of going long at low prices and wait and see for arbitrage [78][79]. 2.17 Non - ferrous Metals (Zinc) - Pan American Silver's zinc concentrate production increased in the second quarter. The zinc price may continue to rise in the short term. It is recommended to wait and see for single - side trading and pay attention to the medium - term positive arbitrage opportunity [80][81][82]. 2.18 Energy and Chemicals (Liquefied Petroleum Gas) - China's LPG weekly commodity volume increased slightly, and the inventory situation changed. The fundamentals are weak, and attention should be paid to the behavior of factory warehouses [83][84]. 2.19 Energy and Chemicals (Carbon Emission) - The CEA price is oscillating. It is recommended to buy on dips cautiously for enterprises with quota demand [85][86]. 2.20 Energy and Chemicals (Caustic Soda) - The price of liquid caustic soda in Shandong decreased, and the inventory increased. The downward space of caustic soda is limited [87][88][89]. 2.21 Energy and Chemicals (Pulp) - The price of imported wood pulp is stable. The pulp market is expected to be weakly oscillating in the short term [91]. 2.22 Energy and Chemicals (PVC) - The PVC powder market is locally weak. The PVC price is expected to oscillate in the short term due to cost support from coal [92][93]. 2.23 Energy and Chemicals (PX) - PX supply may increase, and PTA is in a loss. PX may accumulate inventory in August - September, and the market is expected to oscillate in the short term [93][94]. 2.24 Energy and Chemicals (PTA) - The operating rate in Jiangsu and Zhejiang has been adjusted locally. The downstream is still in the off - season, and the PTA market is expected to oscillate in the short term [95][96][97]. 2.25 Energy and Chemicals (Styrene) - A new styrene device of Jingbo has produced qualified products. The styrene market is expected to oscillate at the current price [99]. 2.26 Energy and Chemicals (Soda Ash) - The inventory of soda ash manufacturers increased. In the medium term, a strategy of short - selling at high prices can be considered for soda ash [100]. 2.27 Energy and Chemicals (Float Glass) - The inventory of float glass manufacturers increased. The glass price is expected to oscillate. It is recommended to be cautious in single - side trading and focus on arbitrage [101][102]. 2.28 Shipping Index (Container Freight Rate) - China's import and export data from January to July was released. The container freight rate is expected to be weakly oscillating, and attention should be paid to the opportunity of short - selling on rebounds [103][104].