1. Report Industry Investment Rating No relevant content provided. 2. Core Viewpoints of the Report - The extension of US - EU tariffs to July has led to high - level oscillations in the overall market, in line with the daily report's expectations. It is recommended to take profits on rallies and wait for correction opportunities [1]. - Tariffs have become a means in trade negotiations, adding significant uncertainties to future shipping trends. While the easing of the China - US trade war may boost the digestion of US - bound shipping capacity in 90 days, price wars among alliances cannot be avoided. Attention should be paid to the US - bound shipping capacity allocation within 90 days and the feedback of terminal demand under the easing of tariff policies [3]. - In the short - term, due to the volatile external policies, it is difficult to operate. It is recommended to focus on medium - to - long - term contracts if participating. Under the background of tariff easing, the 90 - day exemption will lead to a near - strong and far - weak freight rate pattern, but the window period is short and the fluctuations are large, so a positive arbitrage structure is adopted for now. In the long - term, it is recommended to take profits on rallies, wait for the correction to stabilize, and then try to go long on freight rate rebounds [4]. 3. Summary by Related Catalogs 3.1 Shipping Indexes - **May 12th**: The Shanghai Export Container Settlement Freight Index (SCFIS) for the European route was 1265.30 points, down 2.9% from the previous period; for the US - West route, it was 1446.36 points, down 0.6% from the previous period [2]. - **May 23rd**: The Ningbo Export Container Freight Index (NCFI) for the comprehensive index was 1106.08 points, up 9.02% from the previous period; for the European route, it was 783.58 points, up 4.35% from the previous period; for the US - West route, it was 1894.63 points, up 4.50% from the previous period. The Shanghai Export Container Freight Index (SCFI) was 1586.12 points, up 106.73 points from the previous period. The SCFI price for the European route was 1317 USD/TEU, up 14.12% from the previous period; for the US - West route, it was 3275 USD/FEU, up 5.95% from the previous period. The China Export Container Freight Index (CCFI) for the comprehensive index was 1107.40 points, up 0.2% from the previous period; for the European route, it was 1392.61 points, down 2.6% from the previous period; for the US - West route, it was 908.14 points, up 3.6% from the previous period [2]. 3.2 Economic Data - **Eurozone**: In May, the preliminary manufacturing PMI was 49.4, a 33 - month high; in April, the preliminary service PMI was 49.7 (expected 50.5), and the comprehensive PMI was 50.1 (expected 50.3, previous value 50.9). The April Sentix investor confidence index was - 19.5 (expected - 10, previous value - 2.9) [2]. - **China**: In March, the manufacturing PMI was 50.5%, up 0.3 percentage points from the previous month, and the Caixin China manufacturing PMI was 51.2, up 0.4 percentage points from the previous month, reaching a four - month high [2]. - **US**: In April, the preliminary S&P Global manufacturing PMI was 50.7 (expected 49.1, March final value 50.2); the preliminary service PMI was 51.4 (expected 52.8, March final value 54.4); the preliminary comprehensive PMI was 51.2 (expected 52.2, March final value 53.5) [3]. 3.3 Futures Market - On May 23rd, the main contract 2508 closed at 2224.9, up 2.73%. The trading volume was 74,200 lots, and the open interest was 49,200 lots, with a reduction of 2478 lots from the previous day [3]. 3.4 Market Analysis - The freight rates online in early June are relatively firm, which supports the market to some extent. However, due to the stable cargo volume in the spot market, the market may decline after the peak US - bound shipping season, suppressing the market. Under the game between long and short positions, the overall market fluctuates significantly. Attention should be paid to tariff policies, the Middle - East situation, and spot freight rates [3]. 3.5 Trading Strategies - **Short - term Strategy**: Due to the volatile external policies, it is difficult to operate. If participating in each contract, it is recommended to focus on medium - to - long - term contracts [4]. - **Arbitrage Strategy**: Under the background of tariff easing, the 90 - day exemption will lead to a near - strong and far - weak freight rate pattern, but the window period is short and the fluctuations are large. For now, a positive arbitrage structure is adopted [4]. - **Long - term Strategy**: It is recommended to take profits on rallies for each contract, wait for the correction to stabilize, and then try to go long on freight rate rebounds [4]. 3.6 Contract Rules - The daily limit for contracts 2506 - 2604 is 16%. - The company's margin for contracts 2506 - 2604 is 26%. - The daily opening limit for all contracts 2506 - 2604 is 100 lots [4].

Group 1: Report Summary - The report is about shipping derivatives data and the market situation of EC shipping futures [4][5][9] Group 2: Shipping Rate Index - The current values of Shanghai Export Container Freight Index (SCFI), China Export Container Freight Index (CCFI), SCFI - US West, SCFIS - US West, SCFI - US East, and SCFI - Northwest Europe are 1345, 1106, 2347, 1455, 3335, and 1161 respectively, with daily changes of 0.32%, -1.31%, 3.30%, 10.19%, 1.58%, and -3.25% [5] - The current values of SCFIS - Northwest Europe and SCFI - Mediterranean are 1303 and 2089 respectively, with daily changes of -5.54% and 0.00% [5] Group 3: Shipping Futures - The current values of EC2506, EC2508, EC2510, EC2512, EC2602, and EC2604 are 1685.0, 2280.0, 1445.0, 1595.0, 1419.5, and 1241.7 respectively, with daily changes of -5.72%, -3.36%, -1.34%, -1.01%, -2.04%, and -2.47% [5] - The current values of EC2506, EC2508, EC2410, EC2412, EC2602, and EC2604 positions are 34207, 48759, 23558, 5138, 3214, and 3463 respectively, with daily changes of -4355, 245, -898, 34, -80, and 8 [5] - The current values of the 10 - 12, 12 - 2, and 12 - 4 spreads are 835.0, -150.0, and 353.3 respectively, with daily changes of -59.6, -3.5, and 15.3 [5] Group 4: Market News - China will reduce tariffs on US goods from 125% to 10% for 90 days, and the US will reduce tariffs on Chinese goods from 145% to 30% for 90 days [6] - US President Trump said that the US may unilaterally set new tariff rates for many trading partners in the next two to three weeks [7] - Hamas and Israel held a new round of cease - fire negotiations in Doha [8] - The US reduced the tariff on small parcels from 120% to 54% [8] Group 5: Market Analysis and Strategy - The EC market showed a downward trend with a divergence between near and far months [9] - The average price of May spot remained between 1700 - 1800 $/FEU, with a slight decline compared to early May [9] - Affected by the news of China - US tariff negotiations and the recovery of demand on the US route, airlines collectively tried to raise the freight rate on the European route in June to 3200 $/FEU, except for Maersk, which quoted 1800 $/FEU until mid - June [9] - The market rose rapidly due to the better - than - expected news of the first China - US tariff negotiation in Switzerland and the airlines' simultaneous increase of June freight rates. After filling the gap, short - term positive factors were exhausted, and the near - month contract fell on Friday [9] - The strategy is to gradually take profits on long positions and arbitrage [9]

Report Summary 1. Report Industry Investment Rating No information provided. 2. Core Viewpoints - On Monday, affected by the significant breakthrough in China-US tariff negotiations, the container shipping European route opened higher in the morning. The market expected significant tariff benefits after the closing, and almost all contracts hit the daily limit. On Tuesday, the market sentiment subsided, and concerns about tariff reversals and the strength of the linkage between the European and US routes emerged [9]. - The current spot freight rate has fallen below the long - term contract price and is approaching the cost line, with limited downward space. The 1350$/FEU is an important observation point to see if airlines will "reduce ships" for reporting purposes. The European route freight is in a state of oversupply, with general cargo volume and relatively large supply [9]. - The view that demand is postponed after the tariff suspension has been largely disproven. The 08 peak - season contract will benefit the most, and there may be a rush to export during the peak season in the next 90 days, with some overseas importers starting to replenish inventory for year - end holidays [9]. 3. Summary by Relevant Catalogs 3.1 Shipping Freight Index - **Shanghai Export Container Freight Composite Index (SCFI)**: The present value is 1345, with a 0.32% increase from the previous value of 1341 [5]. - **China Export Container Freight Index (CCFI)**: The present value is 1106, a 1.31% decrease from the previous value of 1121 [5]. - **SCFI Sub - routes**: SCFI - US West increased by 3.30% to 2347; SCFIS - US West rose by 10.19% to 1455; SCFI - US East increased by 1.58% to 3335; SCFI - Northwest Europe decreased by 3.25% to 1161; SCFIS - Northwest Europe dropped by 5.54% to 1303; SCFI - Mediterranean remained unchanged at 2089 [5]. 3.2 EC Contracts - **Contract Prices**: EC2506 increased by 3.55% to 1787.3; EC2508 rose by 7.92% to 2359.3; EC2510 decreased by 5.01% to 1464.7; EC2512 dropped by 5.78% to 1611.2; EC2602 decreased by 4.56% to 1449.0; EC2604 decreased by 3.11% to 1273.2 [5]. - **Contract Positions**: EC2506's position increased by 61 to 38562; EC2508's position increased by 2731 to 48514; EC2410's position increased by 578 to 24456; EC2412's position increased by 110 to 5104; EC2602's position decreased by 29 to 3294; EC2604's position increased by 353 to 3455 [5]. - **Monthly Spreads**: The 10 - 12 spread increased by 250.5 to 894.6; the 12 - 2 spread increased by 21.5 to - 146.5; the 12 - 4 spread decreased by 57.9 to 338.0 [5]. 3.3 Tariff Adjustments - China will reduce tariffs on US goods from 125% to 10% for 90 days, and the US will reduce tariffs on Chinese goods from 145% to 30% for 90 days [5]. - The US will suspend the 24% tariff on Chinese goods (including those from Hong Kong and Macao) for the initial 90 days and retain the remaining 10% tariff, and cancel the additional tariffs imposed by certain executive orders [6]. - The US will reduce the tariff on small parcels from 120% to 54%, maintain a 100 - dollar per - item specific tariff, and cancel the planned increase to 200 dollars [6]. 3.4 Market Strategies - Long positions and arbitrage can be gradually closed for profit [10]

Report Summary 1. Industry Investment Rating No industry investment rating is provided in the report. 2. Core Viewpoints - The core logic for this year lies in the direction of international tariff policies. In April, the US had fluctuations in tariff policies towards Canada, Mexico, Europe and other countries. As the pricing window for long - term contracts on US routes approaches, retaliatory tariffs have become a negotiation tool, adding significant uncertainties to the future of the shipping industry. Although shipping companies intend to support prices, price wars among alliances are inevitable. Two key aspects need attention: the price war between MSK and MSC in the second quarter and the feedback of terminal demand under aggressive tariff policies [4]. - The market is affected by factors such as tariff policies, the Middle East situation, and spot freight rates. The main contract 2506 closed at 1288.2 on May 7, with a decline of 1.83%, a trading volume of 53,600 lots, and an open interest of 39,500 lots, an increase of 3,642 lots from the previous day [4]. 3. Summary by Related Content Shipping Freight Index - On May 5, the Shanghai Export Container Settlement Freight Index (SCFIS) for the European route was 1,379.07 points, a 3.5% decrease from the previous period; the SCFIS for the US - West route was 1,320.69 points, a 7.3% increase from the previous period. The Shanghai Export Container Freight Index (SCFI) announced a price of 1,340.93 points, a decrease of 6.91 points from the previous period. The SCFI price for the European route was 1,200 USD/TEU, a 4.76% decrease from the previous period; the SCFI price for the US - West route was 2,272 USD/FEU, a 6.12% increase from the previous period [2]. - On May 2, the Ningbo Export Container Freight Index (NCFI) (composite index) was 930.24 points, a 2.40% increase from the previous period; the NCFI for the European route was 764 points, a 4.04% decrease from the previous period; the NCFI for the US - West route was 1,477.93 points, a 19.67% increase from the previous period. On April 30, the China Export Container Freight Index (CCFI) (composite index) was 1,121.08 points, a 0.1% decrease from the previous period; the CCFI for the European route was 1,497.15 points, a 0.2% decrease from the previous period; the CCFI for the US - West route was 837.43 points, a 1.7% increase from the previous period [2]. PMI Data - In March, China's Manufacturing Purchasing Managers' Index (PMI) was 50.5%, an increase of 0.3 percentage points from the previous month, indicating a continued recovery in the manufacturing industry's prosperity. The Caixin China Manufacturing Purchasing Managers' Index (PMI) in March was 51.2, 0.4 percentage points higher than the previous month, reaching a four - month high [3]. - In April, the preliminary value of the Eurozone's Manufacturing PMI was 48.7 (expected 47.5); the preliminary value of the Services PMI was 49.7 (expected 50.5); the preliminary value of the Composite PMI was 50.1 (expected 50.3, previous value 50.9). The Eurozone's Sentix Investor Confidence Index in April was - 19.5 (expected - 10, previous value - 2.9) [2]. - The preliminary value of the US S&P Global Manufacturing PMI in April was 50.7 (expected 49.1, final value in March 50.2); the preliminary value of the Services PMI was 51.4 (expected 52.8, final value in March 54.4); the preliminary value of the Composite PMI was 51.2 (expected 52.2, final value in March 53.5) [3]. Trading Strategies - Short - term strategy: Due to the volatile external policies in the short term, the operation is difficult. It is recommended to focus on medium - and long - term contracts if participating [4]. - Arbitrage strategy: Against the backdrop of tariff fermentation, attention can be paid to the reverse - spread structure. The window period is short and the fluctuations are large [4]. - Long - term strategy: Risk - preferring investors can try to go long lightly when the 2508 contract falls below 1,600 points and the 2510 contract falls below 1,200 points, set stop - losses, and take profits when the price rises [4]. Contract Information - On May 7, the main contract 2506 closed at 1288.2, with a decline of 1.83%, a trading volume of 53,600 lots, and an open interest of 39,500 lots, an increase of 3,642 lots from the previous day [4]. - The daily limit for contracts 2504 - 2602 has been adjusted to 19%. The company's margin for contracts 2504 - 2602 has been adjusted to 29%. The daily opening limit for all contracts 2504 - 2602 is 100 lots [4]. Geopolitical and Diplomatic Events - After a large - scale air strike by Israel, the Houthi armed forces in Yemen stated that they would not give up their support for the Gaza Strip at any cost and that the counter - attack would be devastating [4]. - Chinese Vice - Premier He Lifeng will visit Switzerland from May 9 - 12 and hold talks with the US side during the visit. China decided to engage with the US after careful evaluation, considering global expectations, Chinese interests, and the appeals of the US industry and consumers [5].

美国4月标普全球制造业PM1初值50.7，预期49.1，3月终值50.2; 服务业PM1初值51.4，预期52.8，3月终值54.4; 综合PM1初值51.2，预期 52.2, 3月终值53.5。 | 对于今年核心逻辑的预判在于国际关税政策走向，4月美国将对 | | | --- | --- | | 加拿大、墨西哥、欧洲等国家的关税政策再出反复,临近美线长 | | | 协定价窗口,报复性关税被加入谈判手段,对未来海运走向增加 | 短期策略:短期外盘政策动荡,操作难度较大,各合约若要参与建 | | 一个较大的扰动因素,在运价上各船司有意挺价,但绕不开联盟 | 议以中长线为主。 | | 间的价格战。综上述,我们认为一需要关注MSK与MSC在第二 | 套利策略:关税发酵背景下,可关注反套结构,窗口期较短,波动 | | 炭 季度开展的价格战问题,二是激进的关税政策下终端需求的反馈 | 较大。 | | | 长期策略:建议风险偏好者可尝试2508合约跌至1600点以下轻仓 | | | 试多，2510合约1200点以下轻仓试多，设置好止损。 | | 4月30日主力合约2506收盘1324.3, 涨幅为3.42%, 成交量 | ...

Group 1: Report's Investment Rating - No investment rating information is provided in the report. Group 2: Core Viewpoints - The core logic for this year lies in the direction of international tariff policies. In April, the US may change its tariff policies towards countries like Canada, Mexico, and Europe. With the approaching pricing window for long - term contracts on US routes, retaliatory tariffs are added to the negotiation means, which adds a major disturbing factor to the future shipping trend. Shipowners intend to support prices, but price wars among alliances are inevitable. Attention should be paid to the price war between MSK and MSC in the second quarter and the feedback of terminal demand under aggressive tariff policies [3]. - The spot freight rate maintains a downward trend. Under the game between long and short positions, the short - selling sentiment slightly prevails, and the market fluctuates at a low level. Future attention should be paid to tariff policies, the Middle East situation, and the spot freight rate [3]. Group 3: Summary by Related Catalogs Freight Rate Index - On April 28, the Ningbo Export Container Freight Index (NCFI, composite index) was 908.48 points, down 1.39% from the previous period; the Shanghai Export Container Settlement Freight Index (SCFIS, European route) was 1429.39 points, down 5.2% from the previous period; the NCFI (European route) was 796.14 points, down 5.19% from the previous period; the SCFIS (US West route) was 1368.41 points, down 10.1% from the previous period; the NCFI (US West route) was 1235.01 points, up 1.53% from the previous period [1]. - On April 25, the Shanghai Export Container Freight Index (SCFI) was 1347.84 points, down 22.74 points from the previous period; the China Export Container Freight Index (CCFI, composite index) was 1122.40 points, up 1.0% from the previous period; the SCFI European route price was 1260 USD/TEU, down 4.26% from the previous period; the CCFI (European route) was 1499.50 points, up 0.9% from the previous period; the SCFI US West route price was 2141 USD/FEU, up 1.81% from the previous period; the CCFI (US West route) was 823.14 points, up 1.4% from the previous period [1]. PMI and Investor Confidence Index - The eurozone's April manufacturing PMI was 48.7 (expected 47.5), the service PMI was 49.7 (expected 50.5), and the composite PMI was 50.1 (expected 50.3, previous value 50.9). The eurozone's April Sentix investor confidence index was - 19.5 (expected - 10, previous value - 2.9) [1]. - The US April S&P Global manufacturing PMI was 50.7 (expected 49.1, March final value 50.2), the service PMI was 51.4 (expected 52.8, March final value 54.4), and the composite PMI was 51.2 (expected 52.2, March final value 53.5) [2]. Market Conditions - On April 29, the main contract 2506 closed at 1275.6, with a decline of 7.83%, a trading volume of 54,900 lots, and an open interest of 37,600 lots, a decrease of 2001 lots from the previous day [3]. Strategies - Short - term strategy: Due to the volatile external policies in the short term, the operation is difficult. If participating in each contract, it is recommended to focus on the medium - and long - term [4]. - Arbitrage strategy: Against the background of tariff fermentation, the reverse arbitrage structure can be concerned. The window period is short and the fluctuation is large [4]. - Long - term strategy: It is recommended that risk - preferring investors can try to go long lightly when the 2508 contract falls below 1600 points and the 2510 contract falls below 1200 points, and set stop - losses [4]. Policy Adjustments - The daily limit for contracts from 2504 to 2602 is adjusted to 19% [4]. - The margin for contracts from 2504 to 2602 is adjusted to 29% [4]. - The daily opening limit for all contracts from 2504 to 2602 is 100 lots [4]. Other Information - On April 28, the US Treasury Department's Office of Foreign Assets Control (OFAC) announced sanctions on three ships and their owners supporting the Houthi armed forces in Yemen [5]. - In the first quarter, the total ocean production value was 2.5 trillion yuan, a year - on - year increase of 5.7%, 0.3 percentage points higher than the GDP growth rate [5].

1. Report Industry Investment Rating - No information provided 2. Core Views of the Report - The spot freight rate on the European route has been continuously sluggish, with three consecutive price increases failing from March to May due to weak fundamentals. The average freight rate in early May fell below $2000. Although the loading rate at the end of the month was good, the high capacity deployment at the end of April did not lead to a significant improvement in freight rates. It is difficult to raise prices in May as a whole. Usually, freight rates enter the peak season in May, but this year it is expected to lose one - month's price increase slope, and short - term spot freight rates may fluctuate slightly [11]. - The demand on the US route shows resilience, with high trans - shipment demand from Southeast Asia, Japan, and South Korea. The US is at the bottom of the inventory and transportation cycle, and the freight rate is gradually recovering, with the supply - demand situation turning around. However, due to the variable US tariff policy, the peak season on the US route is expected to be postponed [11]. - About 10 additional vessels were transferred from the US route to the European route in May, which may be a one - time adjustment, only impacting the supply on the European route in May. As it takes 3 - 4 months for a round - trip on the European route, it is difficult for the vessels to return to Asia before the peak season, which may lead to a shortage of vessels during the peak season on the US route and push up the peak - season freight rate center on the European and US routes [11]. - After the continuous decline in the futures market, there is no need to panic excessively. The fundamentals are forming an inflection point in late April and May, but the inflection point is not achieved overnight. The peak - season contracts are still bullish at the current level, and investors with relatively high risk tolerance can choose to buy at low prices. Given the variable macro - policies, most investors prefer to wait and see, and it is recommended to reasonably control positions and avoid risks before holidays [11]. 3. Summary by Relevant Catalogs 3.1 Shipping Derivatives Data - **Freight Rate Index**: The current values of Shanghai Export Container Freight Composite Index (SCFI), China Export Container Freight Index (CCFI), SCFI - US West, SCFIS - US West, SCFI - US East, SCFI - Northwest Europe, SCFIS - Northwest Europe, and SCFI - Mediterranean are 1348, 1112, 2141, 1230, 3257, 1260, 1429, and 2129 respectively. The corresponding previous values are 1370, 1111, 2103, 1368, 3251, 1316, 1508, and 2161 respectively, with the respective changes of - 1.62%, 0.13%, 1.81%, - 10.09%, 0.18%, - 4.26%, - 5.24%, and - 1.48% [4]. - **Contract Data**: For contracts EC2506, EC2508, EC2510, EC2512, EC2602, and EC2504, the current values are 1385.0, 1570.8, 1300.7, 1466.8, 1315.2, and 1442.0 respectively. The previous values are 1365.1, 1613.0, 1304.9, 1476.1, 1312.0, and 1440.6 respectively, with the respective changes of 1.46%, - 2.62%, - 0.32%, - 0.63%, 0.24%, and 0.10% [4]. - **Position Data**: The current positions of EC2506, EC2508, EC2410, EC2412, EC2602, and EC2504 are 39636, 32405, 16078, 4018, 2707, and 860 respectively. The previous positions are 40348, 31861, 16123, 4056, 2714, and 875 respectively, with the respective changes of - 712, 544, - 45, - 38, - 7, and - 15 [4]. - **Monthly Spread Data**: The current values of spreads 4 - 6, 6 - 8, and 8 - 10 are 57.0, - 185.8, and 270.1 respectively. The previous values are 75.5, - 247.9, and 308.1 respectively, with the respective changes of - 18.5, 62.1, and - 38.0 [4]. 3.2 Market News - The Trump administration is considering multiple tariff - adjustment plans. One plan may reduce the tariff rate on Chinese goods to about 15% - 65%, and the other "graded plan" will divide Chinese goods into two categories, with tariff rates of 35% and at least 100% respectively [5]. - US Treasury Secretary Bentsen said that China's exemption shows its hope to de - escalate the trade situation, the negotiations with Asian trading partners are progressing smoothly, the US government is in contact with China on all fronts, and India may be one of the first countries to sign a trade agreement with the US [6][7][8]. 3.3 Spot Freight Rate Situation - After the price - increase attempts in March and April failed, the major shipping companies' coordinated price - increase in late April was also ineffective. Maersk's price for the second half of May is $1450, and it maintains $1600 in the first half of May. OOCL's price in the first half of May dropped to $1700, and CMA's announced price increase of $4500 in May has dropped to $2145 as the booking window approaches. HPL and ONE have also lowered their May quotes, and COSCO still uses $1925 offline. It is expected that the price in the first half of May will be between $1800 - $2000 [9]. 3.4 Political Situation - The trade tariff war between the US and China has cast a pessimistic shadow over the future economy and trade volume. Currently, both sides are in a stage of accumulating chips and playing games. US Treasury Secretary Bentsen said that the current tariffs are unsustainable, but the negotiation process is long, and it may take 2 - 3 years to reach a comprehensive trade agreement. Trump also said that he will not lower the tariffs on China unless China gives the US some benefits [10].

Group 1: Report Summary - The report is a container shipping daily report dated March 31, 2025, released by the shipping research team [1] Group 2: Investment Ratings - No investment ratings are provided in the report Group 3: Core Views - The market has a bullish sentiment towards future freight rates, and the market is oscillating at a high level. Risk - takers can attempt a short - term rebound strategy with a light position [2] - The core logic for this year's shipping market lies in international tariff policies. In April, the US will re - evaluate tariff policies with Canada, Mexico, and Europe, adding significant uncertainties to the shipping market [3] - It is necessary to focus on the price war between MSK and MSC in the second quarter and the feedback of terminal demand under aggressive tariff policies [3] Group 4: Freight Index Analysis SCFIS and NCFI - On March 24, the Shanghai Export Container Settlement Freight Index (SCFIS) for the European route was 1506.17 points, down 3.9% from the previous period; the SCFIS for the US West route was 1260.05 points, down 16.4% from the previous period [2] - On March 28, the Ningbo Export Container Freight Index (NCFI) composite index was 983.01 points, up 12.89% from the previous period; the NCFI for the European route was 866.25 points, down 0.65% from the previous period; the NCFI for the US West route was 1524.4 points, up 49.83% from the previous period [2] SCFI and CCFI - On March 28, the Shanghai Export Container Freight Index (SCFI) was 1356.88 points, up 64.13 points from the previous period; the SCFI for the European route was 1318 USD/TEU, up 0.9% from the previous period; the SCFI for the US West route was 2177 USD/FEU, up 16.3% from the previous period [2] - On March 28, the China Export Container Freight Index (CCFI) composite index was 1111.71 points, down 3.1% from the previous period; the CCFI for the European route was 1526.99 points, down 3.8% from the previous period; the CCFI for the US West route was 806.01 points, down 6.3% from the previous period [2] Group 5: PMI and Investor Confidence Index Eurozone - The Eurozone's March manufacturing PMI flash was 48.7 (expected 48.2); the March services PMI flash was 50.4 (expected 51). The March composite PMI flash rose to 50.4, the highest since August [2] - The Eurozone's March Sentix investor confidence index was - 2.9 (expected - 8.4, previous - 12.7) [2] China - China's February manufacturing PMI was 50.2%, up 1.1 percentage points from the previous month, indicating a significant recovery in manufacturing sentiment. China's February Caixin manufacturing PMI was 50.8, the highest in three months, and the employment contraction rate slowed significantly [2] US - The US March S&P Global manufacturing PMI flash was 49.8, the lowest in three months; the March services PMI flash was 54.3, the highest in three months; the March composite PMI flash was 53.5, the highest in three months [3] Group 6: Trading Strategies Short - term Strategy - Risk - takers can try to enter the market at the 1900 - 2000 range of the 2508 contract for a short - term rebound in the peak - season contract and set stop - losses [3] Arbitrage Strategy - Due to the recurrence of geopolitical conflicts and the basic determination of tariff policies, the arbitrage structure is currently chaotic, with short windows and large fluctuations. All positions have been advised to take profits [3] Long - term Strategy - All long - term positions in far - month contracts have been advised to take profits. It is recommended to wait until the price war situation in March becomes clear and the far - month contracts adjust to appropriate prices before making new arrangements [3] Group 7: Contract Information - The daily limit for contracts from 2504 to 2602 is 16% [3] - The company's margin requirement for contracts from 2504 to 2602 is 26% [3] - The daily opening limit for all contracts from 2504 to 2602 is 100 lots [3] - On March 28, the main contract 2506 closed at 2288.0, up 6.14%, with a trading volume of 64,100 lots and an open interest of 34,800 lots, an increase of 811 lots from the previous day [3] Group 8: Geopolitical and Policy Factors - The US trade protectionist policies introduced by Trump have increased global economic uncertainties, and the US - EU trade war may harm both sides [4] - The Palestine - Israel conflict continues, and the delay in the cease - fire agreement negotiation adds uncertainties to the shipping market [3]