1. Industry Investment Rating - No information provided 2. Core Viewpoints - During the Spring Festival holiday, Maersk did not open new bookings for the second week of March. As of now, the online rate for 40 - foot containers in the first week of March is $1950. MSC maintains the pre - holiday quote of $2340 for 40 - foot containers in the first half of March, while other shipping companies mainly announce price increases. The online quotes for 40 - foot containers in the first half of March range from $3030 to $3393. It is expected that after the holiday, as Maersk opens bookings for the second week of March and the cargo - collection progresses, the price gap will gradually narrow [1]. - The US Supreme Court ruled that the large - scale tariff measures implemented by the Trump administration under IEEPA lacked clear legal authorization. Subsequently, Trump imposed an additional 10% tariff on global goods on top of the existing regular tariffs, which was later raised to 15%. This event will boost the market sentiment of the European routes due to the short - term weakening of the US dollar and the rebound of metals, and may strengthen the short - term rush - to - export expectation and the market expectation for shipping companies to support prices in March. However, from a traditional seasonal perspective, especially with this year's late Spring Festival, March is the month with the lightest cargo volume after the holiday. Overall, the cargo volume is insufficient, and it is likely that the freight rate will decline after the holiday [1]. 3. Summary by Relevant Catalogs 3.1 EC Contract Volume and Price | Contract | Latest Transaction Price (Points) | Latest Increase/Decrease (%) | Trading Volume (Change) | Open Interest Unilateral (Change) | Long Position (Top 20 Members) | Short Position (Top 20 Members) | Net Long Position (Top 20 Members) | | --- | --- | --- | --- | --- | --- | --- | --- | | EC2604 | 1269.8 | 3.38 | 25064 (-11330) | 25845 (-5176) | 14723 | 17475 | -2752 | | EC2606 | 1636 | 6.25 | 5648 (1416) | 13960 (573) | - | - | - | | EC2608 | 1694 | 5.45 | 957 (505) | 1402 (0) | - | - | - | | EC2610 | 1137.2 | 0.99 | 1729 (499) | 7931 (-159) | - | - | - | | EC2612 | 1380.5 | -1.44 | 10 (-5) | 123 (1) | - | - | - | | Total | - | - | 33408 | 49261 | 14723 | 17475 | -2752 | [2] 3.2 Latest Spot Freight Rates - European Routes | Spot Index | Indicator | Latest Period | MoM Increase/Decrease | Previous Period | MoM Increase/Decrease | Two Periods Ago | MoM Increase/Decrease | | --- | --- | --- | --- | --- | --- | --- | --- | | (Weekly) | SCFIS - Points | 1573.51 | -2.1% | 1607.27 | -3.1% | 1657.94 | -7.5% | | | SCFI - $/TEU | 1361 | -3.0% | 1403 | -1.1% | 1418 | -11.1% | | Spot Freight Rate | TCI(20GP) $/TEU | 1568 | 0.0% | 1568 | 0.0% | 1568 | 0.0% | | (Daily) | TCI(40GP) $/FEU | 2630 | 0.0% | 2630 | 0.0% | 2630 | 0.0% | [4] 3.3 Basis Spread (Points) - The basis of the previous trading day was 388.14, and the basis of the day before the previous trading day was 399.04, with a MoM change of - 10.9 [6]

1. Report Industry Investment Rating - The investment view of the report is "volatile", and the trading strategy is "bearish on rallies in the off - season", with a 6 - 10 positive spread arbitrage [3] 2. Core View of the Report - The current trading in the container shipping index is sluggish, and there is limited driving force under low valuations. The spot freight rate is affected by the pre - holiday decline and the differentiation adjustment of each alliance, showing a downward trend. Political and economic factors are neutral. The supply of shipping capacity shows a certain change trend, and the demand is bearish in the short and long term. The container shipping index shows a "differentiated pattern under the game between expectations and reality" this week, with the futures and spot markets showing different performances. In the medium and long term, the risk of over - capacity needs to be vigilant [3] 3. Summary According to Relevant Catalogs 3.1 Main Views and Strategy Overview - **Spot Freight Rate**: It is in a pre - holiday decline, with each alliance making differentiated adjustments. For example, in the GEMINI alliance, Maersk's opening price in WK6 dropped to $2000 - 2100/FEU, and further decreased to $1995/FEU in WK7; Hapag - Lloyd maintained at $2300 - 2500/FEU in WK6 and remained stable in WK7. In the OA alliance, the price in WK6 dropped slightly to around $2500/FEU, and in WK7, COSCO Shipping in North China ports adjusted to $2200 - 2300/FEU. In the PA alliance, the price fluctuated between $2200 - 2400/FEU in WK6, and in WK7, affected by ONE's WK8 list price of $2000/FEU, the average price approached $2000/FEU, and some special prices for bulk cargo were $1800/FEU. MSC also slightly lowered its price following the market rhythm. Overall, affected by the pre - holiday cargo volume vacuum period, the quotes of each alliance showed a downward trend [3] - **Political and Economic Factors**: They are neutral. The US and Iran are still sending mixed signals, and the market's probability of predicting military strikes has slightly decreased. The Wall Street Journal reported that the possibility of the US launching an air strike on Iran in the near future is low, and the "Lincoln" aircraft carrier has left the Oman Sea and entered the Indian Ocean [3] - **Shipping Capacity Supply**: It shows different levels in different months. In November 2025, the weekly average shipping capacity was about 270,000 TEU; in December 2025, it was about 300,000 TEU; in January 2026, it was 313,000 - 321,000 TEU; in February 2026, it was 255,000 TEU; in March 2026, it was 280,000 TEU [3] - **Demand**: In the short term, approaching the Spring Festival, shippers have stocked up in advance, but there is no traditional pre - holiday small peak season. In the next two weeks (WK6 - WK7), the cargo volume will enter a pre - holiday vacuum period, and the pressure on shipping companies to attract cargo will increase. Only the rush - export of photovoltaic and other categories in the first quarter will provide a slight support for the cargo volume, mainly for pre - holiday replenishment. In the long term, in 2026, the demand in Europe and the US will be differentiated. European infrastructure and reconstruction may moderately boost the cargo volume, while the US inventory replenishment is delayed and has limited elasticity. Coupled with policy pressures such as the EU's anti - subsidy investigation, the global demand growth rate will slow down, and the growth rate of shipping capacity is higher than that of demand, resulting in an expanding supply - demand gap, and the demand side will continue to be under pressure to support freight rates [3] - **Summary**: This week, the EC shows a "differentiated pattern under the game between expectations and reality", with the futures and spot markets showing different performances. The futures market is supported by multiple expectations and has increased. The core logic lies in the rush - shipping expectation caused by the cancellation of photovoltaic tax refunds, which supports the contracts after April. Coupled with the escalation of geopolitical conflicts and the disturbance of extreme weather in Northwest Europe, it temporarily boosts the market sentiment. The spot market continues to be weak. The pre - holiday cargo volume enters a vacuum period, and shipping companies continue to reduce prices to attract cargo, resulting in an overall decline in freight rates. The SCFIS European line settlement index also decreased month - on - month. The weak supply - demand reality suppresses the near - month contracts. In the medium and long term, the risk of over - capacity needs to be vigilant. The concentrated delivery of new ships in 2026 and the resumption of the Red Sea route will release hidden shipping capacity and continuously suppress the freight rate center. The strategy should be cautious, not chasing high prices. Hedging should be held, and arbitrage positions can be gradually reduced. Key points to track include the implementation of shipping companies' price increase announcements, signals of the Red Sea route resumption, and cargo volume data, and control the operation rhythm and risks [3] 3.2 Price - The report provides line charts of multiple shipping route indexes, including the European line index, the US West line index, the US East line index, etc., but no specific analysis content is provided [6] 3.3 Static Shipping Capacity - **Order Volume**: The report shows the order volume of container ships in different loading capacities over the years, including different loading capacity ranges such as 100 - 2999 TEU, 3000 - 7999 TEU, 8000+ TEU, etc. [11] - **Delivery Volume**: It shows the delivery volume of container ships in different loading capacities over the years, including different loading capacity ranges such as 100 - 2999 TEU, 3000 - 5999 TEU, 6000 - 7999 TEU, 8000+ TEU, etc. [14] - **Demolition Volume**: It shows the demolition volume of container ships in different loading capacities over the years, including different loading capacity ranges such as 100 - 2999 TEU, 3000 - 5999 TEU, 6000 - 7999 TEU, 8000+ TEU, etc. [14][15] - **Future Delivery**: It shows the future delivery volume of container ships in different loading capacities, including different loading capacity ranges such as 0 - 3000 TEU, 3000 - 6000 TEU, 6000 - 8000 TEU, 8000 - 12000 TEU, 12000 - 16999 TEU, >17000 TEU, etc., and also shows the quarterly seasonal chart of future delivery [20][22][23] - **Scrap Price**: It shows the scrap prices of container ships in different loading capacities, including different loading capacity ranges such as about 1000 TEU, about 1700 TEU, about 2000 TEU, etc., and also shows the new - building price index and second - hand price index of container ships [27][33] - **Existing Shipping Capacity**: It shows the existing shipping capacity of container ships in different loading capacities, including the total shipping capacity, the shipping capacity of different age groups, the proportion of idle and retrofitted ships, the average age, and the average age of scrapped ships [42][45][49] 3.4 Dynamic Shipping Capacity - **Shipping Schedule**: It shows the shipping capacity deployment of different alliances (PA + MSC, GEMINI, OCEAN, etc.) on the Shanghai - European base port route from week 13 to week 28 [57][59][61] - **Desulfurization Tower Installation**: It shows the situation of container ships with desulfurization towers installed, being installed, the average age and duration of desulfurization tower installation, and the average speed of container ships [67][70][72] - **Idle Shipping Capacity**: It shows the idle shipping capacity of container ships, including the total idle shipping capacity, the idle shipping capacity in different loading capacity ranges, the proportion of idle shipping capacity, and the hot - idle shipping capacity [75][76][77]

公司本次投资建造船舶，旨在打造经济性高、竞争力强的集装箱运输船队，不断提升企业竞争力，增强 公司赢利能力和可持续发展能力，为股东创造更大价值，符合公司未来的战略规划。本次投资建造船舶 不会对公司财务状况、主营业务及持续经营能力产生重大不利影响，不存在损害公司及股东利益的情 形。 格隆汇1月28日丨中谷物流(603565.SH)公布，公司为进一步优化公司船队结构，拓展船队规模，积极打 造经济性高、竞争力强的集装箱运输船队，不断提升企业竞争力，公司或其子公司拟与恒力造船（大 连）有限公司签订4+2艘6,000TEU集装箱船舶建造合同，合同总金额不超过34.8亿人民币或等值美元 （不含税），其中4艘为确定船，2艘为买方选择权船。 ...

1. Report Industry Investment Rating - The investment rating for the container shipping industry is "震荡" (sideways movement), indicating that the market is expected to have an amplitude of -5% to 5% in the short, medium, and long - term [3][85]. 2. Core Viewpoints of the Report - The talks between Israel and Hamas have entered the second stage, and the sentiment of rush - shipping expectations has subsided. The EC (Container Shipping Index for European Routes) shows a pattern of near - term strength and far - term weakness, with the progress of the Red Sea route's resumption being the core trading variable [3]. - In the short term (first quarter), the rush of exports of products like photovoltaic items supports the cargo volume. Coupled with the fact that 9% - 10% of effective shipping capacity is locked due to Red Sea detours, the near - month contracts are supported by the spot index. In the long - term (2026), the delivery of new ships will lead to a higher growth rate of shipping capacity supply than demand. If the Suez Canal resumes normal operation, a large amount of hidden shipping capacity will be released, continuously suppressing the freight rate center [3]. - The price of spot freight for European routes is showing a pre - holiday decline. The shipping companies' actions to support prices have obvious differences. Investors need to closely monitor the official signals of route resumption, China's export data, and the rhythm of shipping capacity deployment, and be vigilant about the downward risk of far - month contracts [3]. 3. Summary According to Relevant Catalogs 3.1 Main Views and Strategy Overview - **Spot Freight Rate**: It is a negative factor. The 40 - foot container freight rates for European routes vary among different alliances. In the future one or two weeks (from late January to early February), the rates are expected to decline as the cargo volume enters the pre - Spring Festival vacuum period. For example, Maersk's Week 6 opening price will drop to $2000 - 2100 [3]. - **Political and Economic Factors**: They are neutral. The shipping schedules of CMA CGM on European routes show some arrangements for passing through or bypassing the Suez Canal. There are also some political events such as the suspension of additional tariffs on eight European countries and the upcoming "Peace Committee Charter Signing Ceremony" [3]. - **Shipping Capacity Supply**: It is neutral. The weekly average shipping capacity has been increasing from November 2025 to January 2026. In January 2026, the weekly average shipping capacity is concentrated in the range of 313,000 - 321,000 TEU, and the shipping schedules are more evenly distributed [3]. - **Demand**: It is a negative factor. Currently, the cargo volume on European container shipping routes is stable, but the freight rate is continuously loosening. In the next half - month (until early February), approaching the Spring Festival, there is no traditional pre - holiday peak season. With sufficient shipping capacity supply, the freight rate is expected to continue to decline [3]. - **Investment View and Trading Strategy**: The investment view is "sideways movement". The trading strategy for both single - side and arbitrage is to wait and see. The risks to focus on are geopolitical disturbances and domestic and overseas macro - policy disturbances [3]. 3.2 Price - There are charts showing the trends of various container shipping route indices, including the European route index, the US West route index, and the US East route index [6]. 3.3 Static Shipping Capacity - **Order Volume**: There are data and charts showing the order volume of container ships in different loading capacities from 2015 to 2025 [11]. - **Delivery Volume**: There are data and charts presenting the delivery volume of container ships in different loading capacities from 2020 to 2025 [14]. - **Demolition Volume**: There are data and charts showing the demolition volume of container ships in different loading capacities from 2020 to 2025 [15]. - **Future Delivery**: There are predictions and charts about the future delivery volume of container ships in different loading capacities from 2023 to 2029 [20]. - **Ship Prices**: There are data and charts on the scrap prices, new - building prices, and second - hand prices of container ships in different loading capacities and time periods [27][29][33]. - **Existing Shipping Capacity**: There are data and charts showing the existing shipping capacity of container ships in terms of TEU, percentage, age, and loading capacity distribution from 2015 to 2025 [42][45][49]. 3.4 Dynamic Shipping Capacity - **Shipping Schedule**: There are charts showing the total shipping capacity deployment from Shanghai to European base ports from week 13 to week 28, as well as the capacity deployments of different alliances and shipping companies [57][59][61]. - **Desulfurization Tower Installation**: There are data and charts on the container ships with installed, being - installed desulfurization towers in terms of TEU, number of ships, and percentage from 2018 to 2025 [68]. - **Average Speed and Idle Capacity**: There are data and charts on the average speed and idle capacity of container ships in different loading capacities and time periods [72][76].

1. Report Industry Investment Rating - The investment view of the report is "oscillating", indicating that the short - term European line is expected to be volatile, and the main contract's valuation is under pressure after a pull - back [3]. 2. Core View of the Report - The report predicts that the freight rate of the container shipping index for the European line will peak in mid - to late January. Multiple factors, including spot freight rates, political - economic situations, capacity supply, and demand, affect the freight rate trend. The short - term European line shows an oscillating pattern, and there is a risk of further downward movement in freight rates [1][3]. 3. Summary by Relevant Catalogs 3.1 Main Views and Strategy Overview - **Spot freight rates**: They have a positive impact. Maersk's quotes in the fourth week of January are differentiated. Some shipping companies like Hapag - Lloyd and EMC have different price trends, with some showing price drops and others maintaining high prices but with weakened price - holding power [3]. - **Political - economic factors**: They are considered neutral. The US Supreme Court's potential ruling on Trump's global tariff policy, the trend of "shadow fleet" tankers in the US - Venezuela situation, and the peak shipping season in the Asia - Europe route with increased capacity deployment are all influencing factors [3]. - **Capacity supply**: It has a negative impact. The weekly average capacity has been increasing from 2025 to 2026, with 270,000 TEU in November 2025, 300,000 TEU in December 2025, and 313,000 - 321,000 TEU in January 2026 [3]. - **Demand**: It has a positive impact. At the end of 2025, the container shipping demand for the European line remained strong, with continuous growth in booking volume and high fleet loading rates, supported by pre - Spring Festival stocking and European importers' replenishment needs [3]. - **Trading strategy**: It is recommended to adopt a wait - and - see approach for both unilateral and arbitrage trading, and pay attention to geopolitical disturbances and domestic and international macro - policy disturbances [3]. 3.2 Price - The report presents price trends of various shipping routes in the spot market, including the European line index, the US - West line index, and the US - East line index, through charts [6]. 3.3 Static Capacity - **Order volume**: The report shows the order volume of container ships with different loading capacities over a long - term period, including the proportion of the order book to the fleet and new - order volumes [11]. - **Delivery volume**: It presents the delivery volume of container ships with different loading capacities from 2020 - 2025 [14][16]. - **Demolition volume**: It shows the demolition volume of container ships with different loading capacities from 2020 - 2025 [15][17]. - **Future delivery**: It forecasts the future delivery volume of container ships with different loading capacities from 2023 - 2029, including quarterly and annual data [20][22][23]. - **Ship prices**: It includes the scrap price, new - building price, and second - hand price of container ships with different loading capacities, and their price indices [27][29][33]. - **Existing capacity**: It shows the existing capacity of container ships in terms of TEU, proportion, age, and idle/retrofit ratio, including data for different loading capacities and age groups [42][45][46]. 3.4 Dynamic Capacity - **Ship schedule**: It shows the capacity deployment of different alliances (PA + MSC, GEMINI, OCEAN, etc.) on the Shanghai - European basic port route from week 13 to week 28 [57][59][61]. - **Desulfurization tower installation**: It presents the situation of container ships with installed and being - installed desulfurization towers, including the number of ships, TEU, and average age and duration of installation, as well as the average speed of container ships [67][68][71]. - **Idle capacity**: It shows the idle capacity of container ships in terms of TEU, number of ships, and proportion, and the situation of hot - idle and desulfurization - tower - retrofit ships [75][76][79].

Economic Activity Index - The China High-Frequency Economic Activity Index (YHEI) as of January 6, 2026, is 1.13, an increase of 0.05 from December 30, 2025, driven by a rise in the coastal coal freight index [1][3] - The "import dry bulk freight index" remained stable at 1.15, indicating consistent shipping costs [1][3] Manufacturing Sector - The manufacturing PMI for December 2025 is 50.1%, up 0.9 percentage points from the previous month, marking a return to expansion for the first time since April 2025 [17] - High-tech manufacturing, equipment manufacturing, and consumer goods sectors saw PMIs of 52.5%, 50.4%, and 50.4%, respectively, all above the neutral line [17] - New orders index rose from 49.2% to 50.8%, and the production index increased by 1.7 percentage points to 51.7% [2][17] - The procurement volume index also returned to expansion at 51.1%, indicating increased demand for raw materials [2][17] Non-Manufacturing Sector - The non-manufacturing business activity index for December 2025 is 50.2%, up 0.7 percentage points, indicating a return to expansion [18] - The construction and service sectors reported indices of 52.8% and 49.7%, respectively, with construction rebounding after four months of contraction [18] Price Trends - The producer price index increased by 0.7 percentage points to 48.9%, while the main raw material purchase price index remains high at 53.1% [2][17] Financial Market Indicators - The central bank's net cash withdrawal through open market operations was 695.9 billion yuan, with a reverse repurchase rate of 1.4% [5] - The overnight interbank rate decreased by 1 basis point to 1.33%, while the seven-day repo rate fell by 66 basis points to 1.49% [8] Real Estate Market - In the week ending January 6, 2026, new and second-hand home transaction areas in first-tier cities fell by 48.57% and 38.95%, respectively [30] - Second-tier cities saw a decline of 59.67% and 23.04% in transaction areas for new and second-hand homes [30] Consumer Behavior - The average daily box office for movies reached 154 million yuan, an increase of 78.64 million yuan from the previous week [32]

Core Insights - The overall container shipping volume from Asia to the U.S. has decreased, with significant declines from major regions such as China, India, and Taiwan, indicating a trend of reduced trade activity due to geopolitical tensions and tariff concerns [2][4]. Group 1: Shipping Volume Changes - Container shipping volume from mainland China decreased by 16% year-on-year, marking three consecutive months of double-digit declines [4]. - Shipping volume from India saw a 19% reduction, continuing a trend of two months of double-digit decreases following the imposition of additional tariffs by the U.S. [4]. - Taiwan experienced a significant drop of 24% in shipping volume, while Japan's volume decreased by 19% [4]. - Overall, the shipping volume from Asia to the U.S. fell by 6.7% in November, totaling 1,604,016 TEUs (twenty-foot equivalent units) [2]. Group 2: Regional Performance - Other regions also showed declines, with South Korea's shipping volume down by 5% and Singapore's by 3% [4]. - In contrast, countries like Vietnam saw a substantial increase in shipping volume, with a year-on-year growth of 31%, while Thailand and Malaysia reported increases of 28% and 75%, respectively [6]. Group 3: Product Category Trends - The most significant decline in shipping volume was observed in furniture, which decreased by 4%, followed by toys (down 10%) and clothing (down 2%) [6]. - Other categories such as machinery and electronic devices also faced reductions of 8% and 3%, respectively, while steel and automobiles saw declines of 12% and 13% [6]. Group 4: Cumulative Shipping Volume - The cumulative container shipping volume from Asia to the U.S. for the period from January to November was 18,602,053 TEUs, remaining roughly stable compared to the same period in 2024 [7].

1. Report Industry Investment Rating - The investment view for the container shipping industry on European routes is "oscillating", with both short - term, medium - term, and long - term amplitudes expected to be between - 5% and 5% [3][4][87] 2. Core View of the Report - The implementation of container shipping rates has been poor, but shipping companies continue to announce price increases for January rates. The 12 - month contract of container shipping on European routes has entered the delivery month, and the market is verifying previous expectations. Although there are some signs supporting the bulls (such as price increase announcements), the overall market is still suppressed by the downward adjustment expectation. The key to future trends lies in the final announcement of the "late - month freight rates", especially the freight rate performance in mid - to late December [3][4] 3. Summary by Relevant Catalogs 3.1 Main Views and Strategy Overview - **Influencing Factors and Driving Forces** - **Spot Freight Rates**: Bullish. In late December, MSK quoted $2400, HPL quoted $2050, and CMA quoted $3550. MSK announced a price increase to $3500 for January [4] - **Political and Economic Factors**: Bearish. Major global liner company CMA CGM will change its INDAMEX route to pass through the Suez Canal. The traffic volume through the Bab el Mandeb Strait has reached the highest level since January 2024. European - related routes are significantly affected by supply - chain disruptions and supply - demand games. The FEWB route has a low blank - sailing rate of 0.9% in December, and the European Northern and Mediterranean main ports are congested. The TAWB route has serious congestion in Nordic and Mediterranean ports due to labor disputes, and there is a shortage of containers and trailers in many European countries [4] - **Capacity Supply**: Neutral. The weekly average capacity deployment in September was 290,000 TEU, 245,000 TEU in October, 265,000 TEU in November, and 290,000 TEU in December [4] - **Demand**: Neutral. The overall loading rate is lower than the same - period levels of the past two years. There is a differentiation in loading rates, with PA + MSC having the lowest loading rate in the alliance and a higher probability of price cuts, while GEMINI's loading rate is gradually increasing at low prices [4] - **Summary**: Oscillating. The key to future trends is the final announcement of the "late - month freight rates" [4] - **Investment View**: Oscillating [4] - **Trading Strategy**: For unilateral trading, adopt a wait - and - see approach; for arbitrage, also adopt a wait - and - see approach. Pay attention to geopolitical disturbances and domestic and foreign macro - policy disturbances [4] 3.2 Price - The report presents price trends of various shipping routes through charts, including the European route index, the US - West route index, and the US - East route index [8] 3.3 Static Capacity - **Order Volume**: The report shows the order volume of container ships in different loading capacities and time periods through charts [13] - **Delivery Volume**: It presents the delivery volume of container ships in different loading capacities and time periods [16][18] - **Demolition Volume**: It shows the demolition volume of container ships in different loading capacities and time periods [17][19] - **Future Delivery**: It provides information on the future delivery volume of container ships in different loading capacities and time periods, including quarterly and annual data [22][24][25] - **Shipbreaking Price and New - building Price**: The report shows the shipbreaking price of container ships in different loading capacities, the new - building price index, and the new - building price of container ships in different loading capacities [29][31] - **Second - hand Ship Price**: It presents the second - hand ship price index and the second - hand ship prices of container ships with different loading capacities and ages [35][37][39] - **Existing Capacity of Container Ships**: It includes the total existing capacity, the existing capacity in different loading capacities, the existing capacity of ships over 25 years old, the proportion of idle and retrofitted ships, the average age, and the average age of shipbreaking [44][47][51] 3.4 Dynamic Capacity - **Shipping Schedule (Shanghai - European Base Ports)**: It shows the total capacity deployment from Shanghai to European base ports, as well as the capacity deployments of different alliances such as PA + MSC, MSC, GEMINI, and OCEAN [59][63][67] - **Desulfurization Tower Installation**: It presents the number and proportion of container ships with installed desulfurization towers, those being installed, the average age and duration of desulfurization tower installation, and the average speed of container ships [70][73][74] - **Idle Capacity**: It shows the idle capacity of container ships in terms of TEU and the number of ships, the idle capacity in different loading capacities, and the proportion of idle capacity [78][79][83]

1. Report Industry Investment Ratings No relevant content provided. 2. Core Views of the Report - Trump has determined the next Fed Chair nominee, likely Kevin Hassett, which is expected to increase market risk appetite and weaken the US dollar [2][13]. - After a sharp decline, the odds of the bond market have improved, but there is a risk of further adjustment as policy expectations rise [3][23]. - Due to floods in palm oil - producing areas, the supply pressure is expected to ease, and palm oil prices may rebound [4][25]. - CSPT's decision to cut copper production in 2026 and other factors are expected to drive copper prices to continue to rise [4][45]. - OPEC+ has decided to suspend production increases in Q1 2026, and short - term oil prices will maintain a volatile trend [5][67]. 3. Summary by Directory 3.1 Financial News and Comments 3.1.1 Macro Strategy (Gold) - A data center cooling system problem in Chicago led to a trading halt at CME, causing disruptions in multiple markets. Gold rose about 1.5% and silver soared 5% on Friday, driven by expectations of Fed rate cuts. The Shanghai and Shanghai Gold Exchange silver inventories are falling, and the CME trading halt has reduced market liquidity. It is recommended to reduce positions [10]. 3.1.2 Macro Strategy (Foreign Exchange Futures - US Dollar Index) - The Japanese Finance Minister said the rapid yen depreciation is not driven by fundamentals. Trump has determined the next Fed Chair nominee, and it is expected that Hassett will be elected, leading to increased market risk appetite and a weaker US dollar [11][13]. 3.1.3 Macro Strategy (US Stock Index Futures) - Ukraine's new negotiation representative went to the US to discuss ending the war. The CME system failure caused trading interruptions. The US rate - cut expectations are rising, and the market risk appetite has improved. The US stock index is expected to continue to repair and show a strong - biased volatile trend [15][16]. 3.1.4 Macro Strategy (Stock Index Futures) - China's November official manufacturing PMI was 49.2, slightly up from the previous value. The National Development and Reform Commission held a private enterprise symposium. The stock market trading volume has shrunk, and there may be no trend - based market in the short term. It is recommended to evenly allocate long positions in stock indices [18][19]. 3.1.5 Macro Strategy (Treasury Bond Futures) - China's November official manufacturing PMI was 49.2, in line with expectations. The central bank conducted a 3013 - billion - yuan 7 - day reverse repurchase operation, with a net withdrawal of 737 billion yuan on the day. The bond market has a risk of further adjustment as policy expectations rise. It is recommended to short long - term bond varieties on rebounds [21][23]. 3.2 Commodity News and Comments 3.2.1 Agricultural Products (Soybean Oil/Rapeseed Oil/Palm Oil) - Continuous heavy rain in Indonesia's Sumatra has caused floods and landslides. The supply pressure of palm oil is expected to ease, and prices may rebound. It is recommended to consider short - term long positions [25]. 3.2.2 Agricultural Products (Sugar) - As of the end of November, about 30 sugar mills in Guangxi and Yunnan have started production. The sugar production in Guangxi in November is expected to be 100,000 tons, far lower than last year. The Zhengzhou sugar 1 - month contract is expected to oscillate, and the main funds will gradually shift to the 5 - month contract [26][31]. 3.2.3 Agricultural Products (Cotton) - In October, China's cotton product exports decreased year - on - year but increased month - on - month. The EU's clothing imports from China increased in Q3. The US cotton export signing and shipment increased in the week ending October 16. The Zhengzhou cotton is expected to be strongly volatile in the short term and cautiously optimistic in the long term [32][35]. 3.2.4 Black Metals (Rebar/Hot - Rolled Coil) - Malaysia plans to add 48.4 million tons of steel production capacity from 2030 - 2035. China's November automobile dealer inventory warning index was 55.6%, up year - on - year and month - on - month. Steel prices are expected to oscillate with a slight rebound, and it is recommended to take an oscillatory approach [36][38]. 3.2.5 Agricultural Products (Soybean Meal) - Oil mills maintained a high operating rate. Argentina's soybean planting was 39% complete as of November 27. The US sold 312,000 tons of soybeans to China. International markets should focus on China's soybean purchases and South American weather, and domestic soybean meal is expected to oscillate [39][41]. 3.2.6 Agricultural Products (Corn Starch) - The price difference between corn starch and tapioca starch has widened. Corn starch is expected to be strong in the short term, and it is recommended to operate in the price - difference range in the medium - short term and expect it to strengthen in the long term [42][43]. 3.2.7 Agricultural Products (Corn) - As of November 27, the average grain - selling progress in Northeast China was 26%, and in North China was 25%, both faster than last year. Corn futures contracts are expected to have different trends, and it is not recommended to short against the trend in the short term [43][44]. 3.2.8 Non - ferrous Metals (Copper) - CSPT agreed to reduce copper production capacity by over 10% in 2026. Chile's October copper production decreased by 7% year - on - year. Copper prices are expected to rise, and it is recommended to buy on dips [45][48]. 3.2.9 Non - ferrous Metals (Polysilicon) - Hainan's new - energy power price was cleared at the upper limit. Polysilicon prices are under pressure, and it is recommended that investors operate with caution due to high volatility [49][51]. 3.2.10 Non - ferrous Metals (Industrial Silicon) - The operating rates of silicon enterprises in Sichuan and Yunnan are declining. The market is expected to oscillate between 8800 - 9500 yuan/ton, and it is recommended to focus on range - bound operations [52][54]. 3.2.11 Non - ferrous Metals (Lead) - On November 27, LME lead had a large - scale backwardation. The old - standard electric bicycle CCC certificates will be cancelled from December 1. The lead market is short of supply and strong in demand, and it is recommended to buy on dips [55][56]. 3.2.12 Non - ferrous Metals (Zinc) - On November 27, LME zinc had a large - scale contango. Antamina's zinc ore tender price was below $30/dry ton. Zinc prices are likely to rise, and it is recommended to observe buying opportunities on the right side and hold long - spread positions [57][58]. 3.2.13 Non - ferrous Metals (Lithium Carbonate) - Frontier Lithium released its mid - term report. The lithium carbonate market may face short - term callback pressure, and it is recommended to short on highs in the short term and buy on lows in the medium term [59][62]. 3.2.14 Non - ferrous Metals (Nickel) - Indonesia simplified the RKAB approval process. The nickel market is in surplus, and nickel prices are expected to oscillate at the current level [63][64]. 3.2.15 Energy Chemicals (Carbon Emissions) - On November 28, the EUA main contract closed at €83.26/ton. EU carbon prices are supported by auction suspension and reduced supply in 2026 but may be suppressed by warm weather [65]. 3.2.16 Energy Chemicals (Crude Oil) - OPEC+ decided to suspend production increases in Q1 2026. US crude oil production reached a record high in September. Short - term oil prices will maintain a volatile trend, and it is recommended to pay attention to the Russia - Ukraine negotiation progress [67][70]. 3.2.17 Shipping Index (Container Freight Rates) - The UK plans to cancel the small - package tariff exemption in 2029. The SCFI index rose. The container freight market is expected to oscillate, and it is recommended to consider light - position long positions in the 02 contract [71][72].

Group 1 - The A-share market is expected to continue showing a pattern of consolidation, supported by rising domestic policy expectations and the verification of Q3 performance, indicating rich structural opportunities [1] - Investors are advised to maintain strategic focus and actively seek quality assets during the volatile market, with technology growth remaining a long-term market theme [1] - Key sectors to watch for investment opportunities include communication equipment, electronic components, semiconductors, and consumer electronics [1] Group 2 - The non-ferrous metal sector has shown strong performance in 2023, with 108 out of 141 listed companies reporting revenue growth year-on-year, and 96 companies showing an increase in net profit [3] - The industry is expected to see rising prices for resource products in Q4, despite supply disruptions for major metals [3] - The humanoid robot industry is approaching a critical phase, with Tesla's Gen3 and Optimus developments supporting market expectations [3] Group 3 - The electronic industry reported a 15% year-on-year increase in overall revenue and a 46% increase in net profit for Q3 [5] - Demand for AI data centers, mobile phones, and automotive sectors remains strong, with local companies gaining market share in computing power [5] - The container shipping market has seen active price increases, with companies adjusting strategies to meet stable export demand [5] Group 4 - The short-term trend for the market is weak, with no significant new capital entering, leading to a lack of profit-making opportunities [7] - The Shanghai Composite Index is in a downward trend, with individual stocks experiencing larger declines, indicating a continued range-bound market [11] - Goldman Sachs predicts a growth phase for the Chinese stock market, driven by AI, anti-involution, and overseas expansion, with potential returns of about 30% by the end of 2027 [11]