Report Investment Rating - No investment rating information provided Core Viewpoints - The potential meeting between Chinese and US leaders has led to a positive macro sentiment, driving up the market, which aligns with the daily report's rebound expectation. It is not recommended to increase positions, and stop - loss should be set. The tariff issue has a marginal effect, and the core is the trend of spot freight rates. The main contract may be in the bottom - building process, and it is recommended to participate lightly or wait and see [1]. - In the short - term, the main contract is weak while the far - month contracts are strong, which is in line with the bottom - building judgment. Risk - preferring investors are advised to try to build positions in the EC2512 contract below 1500. Attention should be paid to the subsequent market trend, and it is not recommended to hold losing positions. In the long - term, it is recommended to take profits when the contracts rise, wait for the callback to stabilize, and then judge the subsequent trend. For the arbitrage strategy, due to the volatile international situation, each contract still follows the seasonal logic with large fluctuations, so it is recommended to wait and see or participate lightly [1]. Content Summary by Related Information Freight Index - On October 27, the Shanghai Export Container Settlement Freight Index SCFIS (European route) was 1312.71 points, up 15.1% from the previous period, and the SCFIS (US West route) was 1107.32 points, up 28.2% from the previous period. On October 24, the Ningbo Export Container Freight Index NCFI (composite index) was 977.21 points, up 2.17% from the previous period, the NCFI (European route) was 822.3 points, up 2.38% from the previous period, and the NCFI (US West route) was 1293.75 points, up 3.13% from the previous period [1]. - On October 24, the Shanghai Export Container Freight Index SCFI announced price was 1403.46 points, up 93.14 points from the previous period. The SCFI European route price was 1246 USD/TEU, up 8.8% from the previous period, and the SCFI US West route was 2153 USD/FEU, up 11.2% from the previous period. The China Export Container Freight Index CCFI (composite index) was 992.74 points, up 2.0% from the previous period, the CCFI (European route) was 1293.12 points, up 2.0% from the previous period, and the CCFI (US West route) was 736.23 points, up 1.5% from the previous period [1]. PMI Data - The eurozone's September manufacturing PMI preliminary value was 49.5, falling below the boom - bust line, lower than analysts' expectations and the previous value of 50.7. The service PMI preliminary value rose from 50.5 to 51.4, exceeding the expected 50.5. The eurozone's September composite PMI preliminary value was 51.2, exceeding analysts' expectations. The eurozone's September Sentix investor confidence index was - 9.2, with an expected - 2 and a previous value of - 3.7 [1]. - In August, China's manufacturing PMI was 49.4%, up 0.1 percentage points from the previous month, and the composite PMI output index was 50.5%, up 0.3 percentage points from the previous month, indicating an accelerated overall expansion of Chinese enterprises' production and business activities [1]. - The preliminary value of the US September S&P Global manufacturing PMI was 52 (the final value in August was 53), the preliminary value of the service PMI was 53.9 (the final value in August was 54.5), and the preliminary value of the composite PMI was 53.6 (the final value in August was 54.6) [1]. Market and Contract Information - On October 29, the main contract 2512 closed at 1871.0, with a涨幅 of 5.08%, a trading volume of 34,500 lots, and an open interest of 31,900 lots, an increase of 3006 lots from the previous day [1]. - The daily limit for contracts 2508 - 2606 was adjusted to 18%, the margin for contracts 2508 - 2606 was adjusted to 28%, and the intraday opening limit for all contracts 2508 - 2606 was 100 lots [1]. Other Information - The Israel Defense Forces announced on October 29 that they had started to re - implement the Gaza cease - fire agreement after a series of strikes on "terrorist targets" and "terrorists". China's President Xi Jinping will meet with US President Trump in Busan, South Korea on October 30 to exchange views on Sino - US relations and issues of common concern [2].

Report Overview - Report Date: October 29, 2025 - Report Type: Container Shipping Daily Report - Research Group: Shipping Research Team 1. Report Industry Investment Rating - Not provided in the report 2. Core Viewpoints - Although SCFIS rebounded significantly again, due to strong wait - and - see sentiment, the implementation of price increases in November is uncertain, and the market is in a weak and volatile state. The core is the trend of spot freight rates, and the main contract may be in the bottom - building process. It is recommended to participate lightly or wait and see [5]. - The tariff issue has a marginal effect, and the current focus is on the direction of spot freight rates. The main contract may be at the bottom - building stage, suggesting light - position participation or waiting and seeing [5]. 3. Summary by Relevant Content 3.1 SCFIS and NCFI Freight Rate Indexes - On October 27, the Shanghai Export Container Settlement Freight Index (SCFIS) for the European route was 1312.71 points, up 15.1% from the previous period; for the US West route, it was 1107.32 points, up 28.2% from the previous period [2]. - On October 24, the Shanghai Export Container Freight Index (SCFI) was 1403.46 points, up 93.14 points from the previous period. The SCFI price for the European route was 1246 USD/TEU, up 8.8% from the previous period; for the US West route, it was 2153 USD/FEU, up 11.2% from the previous period [3]. - On October 24, the Ningbo Export Container Freight Index (NCFI) composite index was 977.21 points, up 2.17% from the previous period. The NCFI for the European route was 822.3 points, up 2.38% from the previous period; for the US West route, it was 1293.75 points, up 3.13% from the previous period [4]. - On October 24, the China Export Container Freight Index (CCFI) composite index was 992.74 points, up 2.0% from the previous period. The CCFI for the European route was 1293.12 points, up 2.0% from the previous period; for the US West route, it was 736.23 points, up 1.5% from the previous period [4]. 3.2 Economic Data of Different Regions - In the Eurozone, the preliminary manufacturing PMI in September was 49.5, falling below the boom - bust line, lower than analysts' expectations and the previous value of 50.7. The preliminary services PMI rose from 50.5 to 51.4, exceeding the expected 50.5. The preliminary composite PMI was 51.2, exceeding analysts' expectations. The Sentix investor confidence index in September was - 9.2, with an expected - 2 and a previous value of - 3.7 [5]. - In China, in August, the manufacturing PMI was 49.4%, up 0.1 percentage points from the previous month, with the manufacturing prosperity level improving. The composite PMI output index was 50.5%, up 0.3 percentage points from the previous month, remaining above the critical point, indicating that the overall expansion of enterprises' production and operation activities has accelerated [5]. - In the US, the preliminary S&P Global manufacturing PMI in September was 52 (the final value in August was 53); the preliminary services PMI was 53.9 (the final value in August was 54.5); the preliminary composite PMI was 53.6 (the final value in August was 54.6) [5]. 3.3 Trading Strategies - **Short - term Strategy**: The main contract is weak, and the far - month contracts are strong, which is in line with the bottom - building judgment. Risk - preferring investors are advised to try to build positions below 1500 for the EC2512 contract. Pay attention to the subsequent market trend, do not hold losing positions, and set stop - losses. The main contract may be in the bottom - building process, suggesting light - position participation or waiting and seeing [5]. - **Arbitrage Strategy**: Against the backdrop of international turmoil, each contract still follows the seasonal logic with large fluctuations. It is recommended to wait and see temporarily or try with a light position [5]. - **Long - term Strategy**: For each contract, it is recommended to take profits when the price rises, wait for the price to pull back and stabilize, and then judge the subsequent trend [5]. 3.4 Contract Information - On October 28, the main contract 2512 closed at 1788.3, with a decline of 0.66%, a trading volume of 26,000 lots, and an open interest of 28,900 lots, an increase of 905 lots from the previous day [5]. - The daily limit for contracts 2508 - 2606 is adjusted to 18%. The company's margin for contracts 2508 - 2606 is adjusted to 28%. The daily opening limit for all contracts 2508 - 2606 is 100 lots [5].

Report Summary 1. Report Industry Investment Rating No industry investment rating is provided in the report. 2. Core Viewpoints - Although the SCFIS has rebounded significantly again, due to strong wait - and - see sentiment, the situation of price increases in November is unclear, and the market is oscillating weakly. The core now is the direction of spot freight rates, and the main contract may be in the bottom - building process. It is recommended to participate with a light position or just observe [1][5]. - The tariff issue has shown a marginal effect. The key is the trend of spot freight rates, and the main contract may be in the bottom - building process [5]. 3. Summary by Related Content a. Freight Indexes - On October 27, the Shanghai Export Container Settlement Freight Index (SCFIS) for the European route was 1312.71 points, up 15.1% from the previous period; for the US West route, it was 1107.32 points, up 28.2% from the previous period [2]. - On October 24, the Shanghai Export Container Freight Index (SCFI) was 1403.46 points, up 93.14 points from the previous period. The SCFI price for the European line was 1246 USD/TEU, up 8.8% from the previous period; for the US West route, it was 2153 USD/FEU, up 11.2% from the previous period [3]. - On October 24, the Ningbo Export Container Freight Index (NCFI) composite index was 977.21 points, up 2.17% from the previous period; the NCFI for the European route was 822.3 points, up 2.38% from the previous period; for the US West route, it was 1293.75 points, up 3.13% from the previous period. The China Export Container Freight Index (CCFI) composite index was 992.74 points, up 2.0% from the previous period; for the European route, it was 1293.12 points, up 2.0% from the previous period; for the US West route, it was 736.23 points, up 1.5% from the previous period [4]. b. Economic Data - The eurozone's September manufacturing PMI preliminary value was 49.5, back below the boom - bust line, lower than analysts' expectations and the previous value of 50.7. The service PMI preliminary value rose from 50.5 to 51.4, exceeding the expected 50.5. The composite PMI preliminary value was 51.2, exceeding analysts' expectations. The Sentix investor confidence index was - 9.2, with an expected - 2 and a previous value of - 3.7 [5]. - In August, China's manufacturing PMI was 49.4%, up 0.1 percentage point from the previous month, and the manufacturing sentiment improved. The composite PMI output index was 50.5%, up 0.3 percentage point from the previous month, remaining above the critical point, indicating that the overall expansion of Chinese enterprises' production and business activities accelerated [5]. - The preliminary value of the US September S&P Global manufacturing PMI was 52, the August final value was 53; the service PMI preliminary value was 53.9, the August final value was 54.5; the composite PMI preliminary value was 53.6, the August final value was 54.6 [5]. c. Market Strategies - Short - term strategy: The main contract remains weak, and the far - month contracts are stronger, which is in line with the bottom - building judgment. Risk - preferring investors are advised to try to build positions below 1500 for the EC2512 contract. Pay attention to the subsequent market trend, do not hold losing positions, and set stop - losses. [5] - Arbitrage strategy: Against the backdrop of international turmoil, each contract still follows the seasonal logic with large fluctuations. It is recommended to wait and see or try with a light position [5]. - Long - term strategy: For each contract, it is recommended to take profits when the price rises, wait for the callback to stabilize, and then judge the subsequent trend [5]. d. Contract Information - On October 28, the main contract 2512 closed at 1788.3, with a decline of 0.66%, a trading volume of 26,000 lots, and an open interest of 28,900 lots, an increase of 905 lots from the previous day [5]. - The daily limit for contracts 2508 - 2606 is adjusted to 18%. The company's margin for contracts 2508 - 2606 is adjusted to 28%. The intraday opening limit for all contracts 2508 - 2606 is 100 lots [5].

Report Industry Investment Rating - Not provided Core Viewpoints - The EC market is in a downward trend mainly due to some airlines starting to lower quotes for the first ten days of November. The European line is in the regular year - end price - holding stage, with the first attempt in late October showing initial results in stopping the decline, and it has entered the second round in early November. Future price - holding attempts are expected in the next two months. The strategy is to wait and see, and future attention should be paid to changes in Sino - US relations, end - of - month loading conditions, and empty flights in November [5][6] Summary by Relevant Information Shipping Derivatives Data - **Freight Rate Index**: The Shanghai Export Container Freight Index (SCFI) has a current value of 1403, a previous value of 1310, and a change of 7.11%. For different routes, SCFI - US West has a current value of 2153, a change of 11.21%; SCFIS - US West has a current value of 1107, a change of 28.42%; SCFI - US East has a current value of 3032, a change of 6.27%; SCFI - Northwest Europe has a current value of 1246, a change of 8.82%; SCFIS - Northwest Europe has a current value of 1312, a change of 15.09%; SCFI - Mediterranean has a current value of 1746, a change of 8.25%. The China Export Container Freight Index (CCFI) has a previous value of 973, with a change of - 100.00% [3] - **Contracts**: For contracts like EC2506, EC2608, etc., most show a downward trend in price. For example, EC2506 has a current value of 1387.1, a previous value of 1397.9, and a change of - 0.77% [3] - **Positions**: There are changes in positions for different contracts. For example, EC2606 position has a current value of 1371, a previous value of 1377, and a change of (6) [3] - **Monthly Spreads**: The 10 - 12 monthly spread has a current value of - 644.1, a previous value of - 693.2, and a change of 49.1; the 12 - 2 monthly spread has a current value of 203.4, a previous value of 230.0, and a change of (26.6); the 12 - 4 monthly spread has a current value of 596.2, a previous value of 651.4, and a change of (55.2) [3] Market News - The US Treasury Secretary Scott Bessent said he reached a "very substantial framework agreement" with Chinese Vice - Premier He Lifeng, which will avoid 100% US tariffs on Chinese products and extend China's rare - earth export controls. US President Donald Trump is confident of reaching an agreement with Chinese leaders after the Sino - US high - level economic officials' trade consultations [4] - CMA CGM, Maersk, and Mediterranean Shipping have started to re - flag some ships to India. India's shipping policies attract shipping orders and ship registrations, while the US's shipping revitalization in 2025 has weaker results [4] - The Suez Canal Authority expects its 2026 revenue to reach about $8 billion, up from the current about $4 billion as the regional situation stabilizes and ship traffic returns to pre - crisis levels [4] - The US and Vietnam have agreed to establish a "reciprocal, fair, and balanced trade framework agreement" to strengthen bilateral economic relations and provide market access for exporters [4] EC Market - **Spot Prices**: In late October, Maersk quoted 1800 - 1900, HPL quoted 1900, 00CL quoted 2600, etc. In early November, ISK quoted 2400, HPL quoted 2500, etc., with some prices showing changes [5] - **Strategy**: The recommended strategy is to wait and see [6]

Report Summary 1. Report Industry Investment Rating No information provided. 2. Core View of the Report - SCFIS has risen significantly, but some long - position holders have taken profits and left the market, leading to a weak and volatile market, which is in line with the daily report's rebound expectation. It is not recommended to add positions, and stop - losses should be set. - The tariff issue has a marginal effect, and the core is the trend of spot freight rates. The main contract may be in the bottom - building process, and it is recommended to participate lightly or wait and see. - In the short - term, risk - preference investors are advised to try to build positions in the EC2512 contract below 1500; in the long - term, it is recommended to take profits when the contracts rise and wait for the correction to stabilize before judging the subsequent direction. - In the context of the volatile international situation, each contract still follows the seasonal logic with large fluctuations, and it is recommended to wait and see or try lightly [2][7]. 3. Summary by Related Content a. Shipping Indexes - **SCFIS**: On October 27, the Shanghai Export Container Settlement Freight Index (SCFIS) for the European route was 1312.71 points, up 15.1% from the previous period; for the US - West route, it was 1107.32 points, up 28.2% from the previous period [3]. - **SCFI**: On October 24, the Shanghai Export Container Freight Index (SCFI) was 1403.46 points, up 93.14 points from the previous period. The SCFI price for the European line was 1246 USD/TEU, up 8.8% from the previous period; for the US - West route, it was 2153 USD/FEU, up 11.2% from the previous period [4]. - **NCFI**: On October 24, the Ningbo Export Container Freight Index (NCFI) (composite index) was 977.21 points, up 2.17% from the previous period; for the European route, it was 822.3 points, up 2.38% from the previous period; for the US - West route, it was 1293.75 points, up 3.13% from the previous period [5]. - **CCFI**: On October 24, the China Export Container Freight Index (CCFI) (composite index) was 992.74 points, up 2.0% from the previous period; for the European route, it was 1293.12 points, up 2.0% from the previous period; for the US - West route, it was 736.23 points, up 1.5% from the previous period [5]. b. Economic Data of Different Regions - **Eurozone**: In September, the preliminary manufacturing PMI was 49.5, falling back below the boom - bust line, lower than analysts' expectations and the previous value of 50.7. The preliminary services PMI rose from 50.5 to 51.4, exceeding the expected 50.5. The preliminary composite PMI was 51.2, exceeding analysts' expectations. The Sentix investor confidence index was - 9.2, with an expected - 2 and a previous value of - 3.7 [6]. - **China**: In August, the manufacturing PMI was 49.4%, up 0.1 percentage points from the previous month, and the manufacturing sentiment improved. The composite PMI output index was 50.5%, up 0.3 percentage points from the previous month, remaining above the critical point, indicating that the overall expansion of enterprises' production and business activities accelerated [6]. - **US**: In September, the preliminary S&P Global manufacturing PMI was 52 (the final value in August was 53); the preliminary services PMI was 53.9 (the final value in August was 54.5); the preliminary composite PMI was 53.6 (the final value in August was 54.6) [6]. c. Contract Information - On October 27, the main contract 2512 closed at 1775.0, with a decline of 2.79%, a trading volume of 27,700 lots, and an open interest of 28,000 lots, a decrease of 2254 lots from the previous day [7]. - The up - limit and down - limit for contracts 2508 - 2606 were adjusted to 18%. - The company's margin for contracts 2508 - 2606 was adjusted to 28%. - The daily opening position limit for all contracts 2508 - 2606 was 100 lots [7].

Report Summary 1. Report Industry Investment Rating - Not provided in the given content 2. Core Viewpoints - The shipping derivatives market shows a mixed performance with some indices rising and others falling. The EC market is generally on the rise. For the spot market, the European routes are in the year - end price - holding stage, and the first round of price - holding in late October has initially stopped the decline, and now it has entered the second round in early November. The strategy is to wait and see as the short - term peak - season price increase cannot be disproven, and the market is in a strong - biased oscillation [3][4][5] 3. Summary by Related Catalogs Shipping Derivatives Data - **Freight Rate Index**: The Shanghai Export Container Freight Composite Index (SCFI) is at 1310, up 12.92% from the previous value; the China Export Container Freight Index (CCFI) is at 973, down 4.11%. SCFI - West US is up 31.88% to 1936, SCFIS - West US is down 1.60% to 862, SCFI - East US is up 16.35% to 2853, SCFI - Northwest Europe is up 7.21% to 1145, SCFIS - Northwest Europe is down 1.43% to 1031, and SCFI - Mediterranean is up 3.53% to 1613 [4] - **Contract Data**: For contracts such as EC2506, EC2608, etc., the changes are as follows: EC2506 is at 1353.3, down 0.57%; EC2608 is at 1474.8, down 0.55%; EC2510 is at 1136.6, up 0.14%; EC2512 is at 1788.3, up 1.07%; EC5602 is at 1582.9, up 0.95%; EC2604 is at 1171.4, up 0.65% [4] - **Position Data**: EC2606 position is 1399, down 23; EC2608 position is 1184; EC2410 position is 5583, down 789; EC2412 position is 29008, up 574; EC2602 position is 10664, up 431; EC2604 position is 14317, up 13 [4] - **Monthly Spread**: The 10 - 12 monthly spread is - 651.7, down 17.4; the 12 - 2 monthly spread is 205.4, up 4.1; the 12 - 4 monthly spread is 616.9, up 11.4 [4] Market News - Shipping companies are delaying their return to the Red Sea route. The resumption of the Suez Canal route is unlikely to be rapid in the short term due to factors such as complex route network adjustment, security risks in the Red Sea, and potential port congestion [4] - Egypt claims to have lost over $9 billion due to Houthi attacks on Red Sea shipping [4] - The US may soon announce a tariff exemption list, and intense lobbying is expected [4] - The US Treasury Secretary plans to meet with China's Vice - Premier He Lifeng to prevent further escalation of Sino - US tariffs [4] - A White House envoy will go to the Middle East to promote the implementation of the Gaza agreement [4] - China's Minister Wang Wentao and the EU's Trade and Economic Security Commissioner held a video meeting and agreed to hold an "upgraded" China - EU export control dialogue mechanism meeting [4] Spot Market - In late October, Maersk quoted 1800 - 1900, HPL quoted 1900, CMA quoted 2100, etc. In early November, HPL quoted 2500, CMR quoted 2800, etc. The current sanctions have little impact on European routes, which are in the year - end price - holding stage. The first round of price - holding in late October has initially stopped the decline, and now it has entered the second round in early November [5] Strategy - The strategy is to wait and see as the short - term peak - season price increase cannot be disproven, and the market is in a strong - biased oscillation [6]

Report Industry Investment Rating - Not provided in the content Core Viewpoints - SCFIS stopped falling and rebounded significantly, boosting bullish sentiment, but the market fluctuated widely. It is not recommended to increase positions, and stop - loss should be set [1] - The tariff issue has a marginal effect, and the core is the trend of spot freight rates. The main contract may be in the bottom - building process, and it is recommended to participate with a light position or wait and see [2] Summary by Related Catalogs Freight Index - On October 20, the Shanghai Export Container Settlement Freight Index (SCFIS) for the European route was 1140.38 points, up 10.5% from the previous period; the SCFIS for the US West route was 863.46 points, up 0.1% from the previous period [2] - On October 17, the Ningbo Export Container Freight Index (NCFI) composite index was 956.45 points, up 16.79% from the previous period; the NCFI for the European route was 803.21 points, up 14.96% from the previous period; the NCFI for the US West route was 1254.46 points, up 48.56% from the previous period [2] - On October 17, the Shanghai Export Container Freight Index (SCFI) was 1310.32 points, up 149.90 points from the previous period; the SCFI price for the European line was 1145 USD/TEU, up 7.2% from the previous period; the SCFI for the US West route was 1936 USD/FEU, up 31.9% from the previous period [2] - On October 17, the China Export Container Freight Index (CCFI) composite index was 973.11 points, down 4.1% from the previous period; the CCFI for the European route was 1267.91 points, down 1.5% from the previous period; the CCFI for the US West route was 725.47 points, down 6.7% from the previous period [2] PMI Data - The eurozone's September manufacturing PMI preliminary value was 49.5, back below the boom - bust line, lower than analysts' expectations and the previous value of 50.7. The service PMI preliminary value rose from 50.5 to 51.4, exceeding expectations. The composite PMI preliminary value was 51.2, exceeding analysts' expectations [2] - In August, China's manufacturing PMI was 49.4%, up 0.1 percentage points from the previous month, and the manufacturing sentiment improved. The composite PMI output index was 50.5%, up 0.3 percentage points from the previous month, indicating an accelerated overall expansion of enterprise production and operation activities [2] - The US September S&P Global manufacturing PMI preliminary value was 52 (the August final value was 53); the service PMI preliminary value was 53.9 (the August final value was 54.5); the composite PMI preliminary value was 53.6 (the August final value was 54.6) [2] Tariff and Trade - Sino - US tariffs continue to be extended, and the negotiation has not made substantial progress. The tariff war has evolved into a trade negotiation issue between the US and other countries, and the spot price has decreased slightly [2] Trading Strategies - Short - term strategy: The main contract remains weak, and the far - month contract is stronger, which is in line with the bottom - building judgment. Risk - preferring investors are recommended to try to build positions below 1500 for the EC2512 contract. Pay attention to the subsequent market trend, do not hold losing positions, and set stop - loss [2] - Arbitrage strategy: Under the background of international situation turmoil, each contract still follows the seasonal logic with large fluctuations. It is recommended to wait and see or try with a light position [2] - Long - term strategy: It is recommended to take profit when each contract rises, wait for the callback to stabilize, and then judge the subsequent direction [2] Market Conditions of Main Contracts - On October 20, the main contract 2512 closed at 1682.0, up 1.44%, with a trading volume of 24,300 lots and an open interest of 26,100 lots, an increase of 442 lots from the previous day [2] Contract Adjustments - The up - limit and down - limit for contracts 2508 - 2606 were adjusted to 18% [2] - The company's margin for contracts 2508 - 2606 was adjusted to 28% [2] - The daily opening position limit for all contracts 2508 - 2606 was set at 100 lots [2]

Report Summary 1. Investment Rating - No investment rating for the industry is provided in the report. 2. Core Viewpoint - The SCFI has risen significantly, but the freight rates at the end of October still declined slightly. The futures market is experiencing wide - range fluctuations. It is recommended to participate with light positions or observe. The core issue is the trend of spot freight rates, and the main contract may be in the bottom - building process [1][3]. 3. Summary by Content Freight Index - On October 13, the Shanghai Export Container Settlement Freight Index (SCFIS) for the European route was 1031.8 points, down 1.4% from the previous period; for the US - West route, it was 862.48 points, down 1.6% from the previous period [2]. - On October 17, the Ningbo Export Container Freight Index (NCFI) composite index was 956.45 points, up 16.79% from the previous period; the European route was 803.21 points, up 14.96% from the previous period; the US - West route was 1254.46 points, up 48.56% from the previous period [2]. - On October 17, the Shanghai Export Container Freight Index (SCFI) was 1310.32 points, up 149.90 points from the previous period; the European line price was 1145 USD/TEU, up 7.2% from the previous period; the US - West route was 11936 USD/FEU, up 31.9% from the previous period [2]. - On October 17, the China Export Container Freight Index (CCFI) composite index was 973.11 points, down 4.1% from the previous period; the European route was 1267.91 points, down 1.5% from the previous period; the US - West route was 725.47 points, down 6.7% from the previous period [2]. PMI Data - Eurozone's September manufacturing PMI preliminary value was 49.5, back below the boom - bust line; the service PMI preliminary value rose from 50.5 to 51.4; the composite PMI preliminary value was 51.2 [2]. - China's August manufacturing PMI was 49.4%, up 0.1 percentage point from the previous month; the composite PMI output index was 50.5%, up 0.3 percentage point from the previous month [2]. - US September S&P Global manufacturing PMI preliminary value was 52; the service PMI preliminary value was 53.9; the composite PMI preliminary value was 53.6 [2]. Tariff and Market Situation - The Sino - US tariff extension negotiation has no substantial progress, and the tariff issue has a marginal effect. The core is the trend of spot freight rates. The main contract may be in the bottom - building process [3]. Futures Market - On October 17, the main contract 2512 closed at 1654.7, down 0.5%, with a trading volume of 2.98 million lots and an open interest of 2.57 million lots, a decrease of 139 lots from the previous day [3]. Trading Strategies - Short - term strategy: The main contract is weak, and the far - month contracts are strong, in line with the bottom - building judgment. Risk - preferring investors are recommended to try to build positions below 1500 for the EC2512 contract. Pay attention to the subsequent market trend, do not hold losing positions, and set stop - losses [3]. - Arbitrage strategy: Due to the volatile international situation, each contract still follows the seasonal logic with large fluctuations. It is recommended to observe temporarily or try with light positions [3]. - Long - term strategy: It is recommended to take profits when the contracts rise, wait for the callback to stabilize, and then judge the subsequent trend [3]. Other Information - The shipping companies continue to announce price increases for November freight rates, which support the futures market, but the freight rates at the end of October still decline slightly [3]. - The daily limit for contracts 2508 - 2606 is adjusted to 18%, and the margin is adjusted to 28%. The daily opening limit for all contracts 2508 - 2606 is 100 lots [3].

1. Report Industry Investment Rating - No relevant information provided 2. Core Viewpoints of the Report - The shipping market shows a weak and volatile trend. The main reason is that CM4 raised the November freight rate to 3000, and MSK kept the freight rate for the second week of October at 1400, which increased the expectation of stopping the decline. However, the confidence in price increases gradually declined, and there was a reduction in positions and a price drop before the holiday [7]. - In late September, shipping companies collectively lowered prices to compete for goods, and the freight rate once dropped to 1300 US dollars/FEU. Before the peak season at the end of the year, Maersk took the lead in announcing a 400 - dollar/FEU increase for the second half of October. But with the decline in both supply and demand in October, it is likely to return to the off - season market. Subsequently, European routes will focus on stabilizing and supporting prices during the transition between the off - season and peak season, and it is difficult for shipping companies' announced price increases to materialize [8]. - The recommended strategy is to conduct a long - short spread trade between the October and December contracts [9]. 3. Summary by Relevant Catalogs 3.1 Shipping Freight Index - **Spot Freight 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, and SCFI - Northwest Europe are 1115, 1087, 1460, 921, 2385, and 971 respectively, with corresponding declines of - 6.97%, - 2.93%, - 10.76%, - 22.80%, - 6.73%, and - 7.70% compared to the previous values. The current values of SCFIS - Northwest Europe and SCFI - Mediterranean are 1120 and 1485 respectively, with declines of - 6.12% and - 9.34% [5]. - **Contract Freight Index**: The current values of contracts EC2506, EC2608, EC2510, EC2512, EC5602, and EC2604 are 1452.7, 1595.0, 1115.0, 1756.3, 1667.0, and 1253.0 respectively, with declines of - 2.08%, - 1.37%, - 2.11%, - 1.16%, - 1.07%, and - 1.23% compared to the previous values [5]. - **Contract Positions**: The current positions of EC2606, EC2608, EC2410, EC2412, EC2602, and EC2604 are 930, 530, 29314, 20683, 8852, and 9110 respectively. The position changes are - 8, - 12, - 3117, - 1012, 84, and 11 respectively [5]. - **Monthly Spread**: The current monthly spreads of 10 - 12, 12 - 2, and 12 - 4 are - 641.3, 89.3, and 503.3 respectively, with changes of - 3.3, - 2.7, and - 5.1 compared to the previous values [5]. 3.2 Market News and Analysis - Trans - Pacific shipping companies are increasing capacity cuts to curb the decline in freight rates. On the east - west trans - Pacific routes, the spot freight rate has fallen below the fixed contract price signed by medium - sized retailers in May. In the next four weeks, trans - Pacific liner companies will accelerate the implementation of blank sailings to stabilize the continuously falling spot freight rate. The market is unusually weak before the Golden Week this year [6]. - The spot prices this week: GEMINI in early October dropped to 1500, OA to 1550, PA to 1400, and MSC to 1600. The market FMK freight rate center in late September was at 1500 [7].

Report Summary 1. Investment Rating No specific industry investment rating is provided in the report. 2. Core Viewpoints - The market is in a bottom - building process under the game of long and short positions. It is not recommended to increase positions, and stop - loss should be set. The core issue is the trend of spot freight rates, and the main contract may be at the bottom - building stage. It is advisable to participate with a light position or just observe [1][3]. - Attention should be paid to tariff policies, the Middle - East situation, and spot freight rate conditions [3]. 3. Summary by Content 3.1 Freight Index - On September 22, the Shanghai Export Container Settlement Freight Index (SCFIS) for the European route was 1254.92 points, down 12.9% from the previous period; for the US - West route, it was 1193.64 points, down 11.6% [2]. - On September 19, the Ningbo Export Container Freight Index (NCFI) for the comprehensive index was 783.71 points, down 13.24% from the previous period; for the European route, it was 673.61 points, down 7.65%; for the US - West route, it was 944.89 points, down 23.30% [2]. - On September 19, the Shanghai Export Container Freight Index (SCFI) was 1198.21 points, down 199.90 points from the previous period; the SCFI price for the European route was 1052 USD/TEU, down 8.8%; for the US - West route, it was 1636 USD/FEU, down 31.0% [2]. - On September 19, the China Export Container Freight Index (CCFI) for the comprehensive index was 1125.30 points, down 2.1% from the previous period; for the European route, it was 1537.28 points, down 6.2%; for the US - West route, it was 757.45 points, down 2.2% [2]. 3.2 Market Conditions - On September 24, the main contract 2510 closed at 1100.0, with a 2.67% increase, a trading volume of 24,680 lots, and an open interest of 40,900 lots, a decrease of 568 lots from the previous day [3]. - Market pessimism has been repaired. The rise in crude oil prices may have boosted the bullish sentiment, but the market pulled back after rising due to capital withdrawal in the afternoon, showing a strong - side volatile trend [3]. 3.3 Strategies - **Short - term Strategy**: The main contract is weak, and far - month contracts are strong. It is recommended to stop losses on long positions and wait for bottom - building opportunities. Pay attention to subsequent market trends, do not hold losing positions, and set stop - losses [4]. - **Arbitrage Strategy**: Given the volatile international situation, each contract still follows seasonal logic with large fluctuations. It is recommended to wait and see or try with a light position [4]. - **Long - term Strategy**: It is recommended to take profits when prices rise for each contract, wait for the price to stabilize after a pull - back, and then determine the subsequent direction [4]. 3.4 Policy and Geopolitical Events - The extension of Sino - US tariffs has shown a marginal effect, and the current focus is on the trend of spot freight rates [3]. - On September 23, a ship reported an explosion in the sea area about 222 kilometers east of Aden, Yemen, and the ship and crew were safe [5]. - The United Nations stated that Israel intends to permanently control the Gaza Strip, and in July, Israel's control area in the Gaza Strip expanded to 75% [5]. - The Ministry of Transport and other departments issued an action plan to promote the in - depth integration of container rail - water intermodal transportation from 2025 - 2027, aiming for an average annual growth of about 15% in container rail - water intermodal transportation volume by 2027 [5]. 3.5 Contract Adjustments - The daily limit for contracts from 2508 to 2606 is adjusted to 18% [4]. - The company's margin for contracts from 2508 to 2606 is adjusted to 28% [4]. - The daily opening limit for all contracts from 2508 to 2606 is 100 lots [4].