Report Industry Investment Rating - Not provided in the given content Core Viewpoints - Due to geopolitical conflicts and tariff uncertainties, it is recommended to participate with light positions or wait and see. The short - term strategy suggests that risk - takers can try to go long lightly near 1300 for the 2510 contract and near 1750 for the 2512 contract. The long - term strategy is to take profits when the contracts rise and wait for a pullback to determine the subsequent direction. The arbitrage strategy advises waiting and seeing or light - position attempts due to large fluctuations [5][6] - The cease - fire news has limited impact on the market, and the market is volatile. Attention should be paid to tariff policies, the Middle East situation, and spot freight rates [2][5] Summary According to Directory Freight Index - On August 18, the Shanghai Export Container Settlement Freight Index (SCFIS) for the European route was 2180.17 points, down 2.5% from the previous period; the SCFIS for the US - West route was 1106.29 points, up 2.2% from the previous period. On August 15, the Shanghai Export Container Freight Index (SCFI) announced a price of 1460.19 points, down 29.49 points from the previous period; the SCFI European route price was 1820 USD/TEU, down 7.2% from the previous period; the SCFI US - West route was 1759 USD/FEU, down 3.5% from the previous period [3] - On August 15, the Ningbo Export Container Freight Index (NCFI) (composite index) was 1052.5 points, down 0.1% from the previous period; the NCFI (European route) was 1188.7 points, down 5.5% from the previous period; the NCFI (US - West route) was 1042.91 points, down 5.9% from the previous period. The China Export Container Freight Index (CCFI) (composite index) was 1193.34 points, down 0.6% from the previous period; the CCFI (European route) was 1790.47 points, down 0.5% from the previous period; the CCFI (US - West route) was 981.1 points, down 5.9% from the previous period [3] Economic Data - In the eurozone, the July manufacturing PMI was 49.8, higher than the expected 49.7 and the previous value of 49.5. The July services PMI was 51.2, exceeding the expected 50.7 and the previous value of 50.5. The July composite PMI was 51, higher than the expected 50.8 and the previous value of 50.6. The July SENTIX investor confidence index jumped to 4.5, significantly higher than 0.2 in June and the market - expected 1.1, reaching the highest level since April 2022 [3] - In the US, the July S&P Global manufacturing PMI preliminary value was 49.5, with an expected 52.7 and a previous value of 52.9; the July S&P Global services PMI preliminary value was 55.2, with an expected 53 and a previous value of 52.9. The July Markit composite PMI preliminary value was 54.6, the highest since December 2024, better than the expected 52.8 and the previous value of 52.9 [4] - The July manufacturing purchasing managers' index (PMI) in China was 49.3%, 0.4 percentage points lower than the previous month, and the manufacturing prosperity level declined [4] Market Conditions - On August 19, the main contract 2510 closed at 1370.3, a decline of 0.80%, with a trading volume of 27,300 lots and an open interest of 52,800 lots, a decrease of 383 lots from the previous day [5] Geopolitical Situation - On August 18, Hamas announced its agreement to the latest cease - fire proposal from Egypt and Qatar, but Israel's Prime Minister Netanyahu seemed uninterested, and Israel was advancing its so - called "takeover" of Gaza City [7] Trading Strategies - Short - term strategy: For risk - takers, try to go long lightly near 1300 for the 2510 contract and near 1750 for the 2512 contract. Pay attention to the subsequent market trend and set stop - losses [6] - Arbitrage strategy: Due to the volatile international situation, it is recommended to wait and see or try with light positions [6] - Long - term strategy: Take profits when the contracts rise and wait for a pullback to determine the subsequent direction [6] Contract Adjustments - The daily limit for contracts 2508 - 2606 is adjusted to 18% [6] - The company's margin for contracts 2508 - 2606 is adjusted to 28% [6] - The daily opening limit for all contracts 2508 - 2606 is 100 lots [6]

Report Summary 1) Report Industry Investment Rating No specific industry investment rating is provided in the report. 2) Core Viewpoints - Due to geopolitical conflicts, tariff hikes, and high negotiation difficulty, it is recommended to participate with light positions or stay on the sidelines [4]. - The short - term market may rebound. Risk - takers are advised to take light long positions below 1300 for the 2510 contract, partially take profits, and take light short positions for the EC2512 contract, paying attention to subsequent market trends and setting stop - losses [4]. - In the context of international turmoil, the market is mainly in a positive spread structure with large fluctuations. It is recommended to wait and see or take light positions for arbitrage strategies [4]. - For long - term strategies, it is recommended to take profits when the contracts rise, wait for the market to stabilize after a pullback, and then determine the subsequent direction [4]. 3) Summary by Related Content Market Conditions - On July 28, the Shanghai Export Container Settlement Freight Index (SCFIS) for the European route was 2400.50 points, down 0.9% from the previous period; the SCFIS for the US West route was 1301.81 points, up 2.8% from the previous period [3]. - On July 25, the Ningbo Export Container Freight Index (NCFI) composite index was 1110.57 points, down 3.26% from the previous period; the NCFI for the European route was 1422.9 points, down 1.20% from the previous period; the NCFI for the US West route was 1120.51 points, down 5.19% from the previous period [3]. - On July 25, the Shanghai Export Container Freight Index (SCFI) composite index was 1592.59 points, down 54.31 points from the previous period; the SCFI for the European route was 2090 USD/TEU, up 0.53% from the previous period; the SCFI for the US West route was 2067 USD/FEU, down 3.50% from the previous period [3]. - On July 25, the China Export Container Freight Index (CCFI) composite index was 1261.35 points, down 3.2% from the previous period; the CCFI for the European route was 1787.24 points, down 0.9% from the previous period; the CCFI for the US West route was 880.99 points, down 6.4% from the previous period [3]. - On July 30, the main contract 2510 closed at 1468.7, down 0.45%, with a trading volume of 66,300 lots and an open interest of 54,900 lots, an increase of 4148 lots from the previous day [4]. Economic Data - The preliminary value of the Eurozone's June manufacturing PMI was 49.4, expected to be 49.8, the same as the previous value; the preliminary value of the service PMI was 50, a two - month high; the preliminary value of the composite PMI was 50.2, expected to be 50.5, the same as the previous value; the Sentix investor confidence index was 0.2, expected to be - 6, higher than the previous value of - 8.1 [3]. - The Caixin China Manufacturing PMI in June was 50.4, 2.1 percentage points higher than in May, the same as in April, back above the critical point [3]. - The preliminary value of the US Markit manufacturing PMI in June was 52, the same as in May, higher than the expected 51, the highest since February; the preliminary value of the service PMI was 53.1, lower than the previous value of 53.7, higher than the expected 52.9, a two - month low; the preliminary value of the composite PMI was 52.8, lower than the previous value of 53, higher than the expected 52.1, a two - month low [3]. Policy and Event Impact - Trump continued to impose tariffs on many countries, mainly in Southeast Asia, which further hit re - export trade. Some shipping companies announced freight rate increases [4]. - The Trump administration postponed the tariff negotiation date to August 1. The spot market price range has been determined, with a slight price increase [4]. - The China - US economic and trade talks ended. It was stated that the 24% part of the US reciprocal tariffs that had been suspended and China's counter - measures would continue to be extended for 90 days. The overall market sentiment was strong, and the market rose and then fell back [4]. Trading Strategies - Short - term strategy: Risk - takers are advised to take light long positions below 1300 for the 2510 contract (with a profit margin of over 300 points), partially take profits; take light short positions for the EC2512 contract, pay attention to subsequent market trends, and set stop - losses [4]. - Arbitrage strategy: In the context of international turmoil, it is mainly in a positive spread structure with large fluctuations. It is recommended to wait and see or take light positions [4]. - Long - term strategy: Take profits when the contracts rise, wait for the market to stabilize after a pullback, and then determine the subsequent direction [4]. Contract Adjustments - The up - limit and down - limit for contracts 2508 - 2606 are adjusted to 18% [4]. - The margin for contracts 2508 - 2606 is adjusted to 28% [4]. - The daily opening limit for all contracts 2508 - 2606 is 100 lots [4].

Report Summary 1. Investment Rating No investment rating for the industry is provided in the report. 2. Core Viewpoints - SCFIS is stabilizing, with the main contract rising and then falling, and the near - month contract maintaining basis repair. If there is a callback today, adding positions can be considered [2]. - Amid geopolitical conflicts and tariff fluctuations, the game is difficult, and it is recommended to participate with a light position or stay on the sidelines [5]. - Short - term, the market may rebound. Long - term, it is recommended to take profits when the contracts rise and wait for a callback to stabilize before judging the subsequent direction [6]. 3. Summary by Content a. Shipping Indexes - On July 21, SCFIS (European route) was 2400.50 points, down 0.9% from the previous period; SCFIS (US West route) was 1301.81 points, up 2.8% [3]. - On July 21, NCFI (composite index) was 1147.96 points, down 5.75% from the previous period; NCFI (European route) was 1440.25 points, up 0.35%; NCFI (US West route) was 1181.87 points, down 0.40% [3]. - On July 21, SCFI (composite index) was 1646.90 points, down 86.39 points from the previous period; SCFI (European route) was 2079 USD/TEU, down 1.00%; SCFI (US West route) was 2142 USD/FEU, down 2.4% [3]. - On July 18, CCFI (composite index) was 1303.54 points, down 0.8% from the previous period; CCFI (European route) was 1803.42 points, up 4.5%; CCFI (US West route) was 941.65 points, down 8.4% [3]. b. Market Situation and Influencing Factors - Trump continues to impose tariffs on multiple countries, mainly in Southeast Asia, hitting re - export trade. Some shipping companies have announced freight rate increases. The tariff negotiation date has been postponed to August 1 [5]. - The slight decline in SCFIS may be due to doubts about the implementation of the announced freight rate increase in August [5]. - There are geopolitical factors such as the Gaza cease - fire negotiation in Doha and the Iranian - European issue regarding the "rapid restoration of sanctions" [7]. c. Contract Information - On July 21, the main contract 2510 closed at 1592.7, down 2.35%, with a trading volume of 69,300 lots and an open interest of 51,200 lots, a decrease of 186 lots from the previous day [5]. - The daily limit for contracts 2508 - 2606 is adjusted to 18%, the margin is adjusted to 28%, and the daily opening limit for all contracts 2508 - 2606 is 100 lots [6]. d. Trading Strategies - Short - term: The market may rebound. Risk - takers are advised to go long on contract 2510 with a light position below 1300 (already with a profit margin of over 300). If there is a further pullback today, adding positions can be considered. Consider shorting contract EC2512 with a light position above 1950 [6]. - Arbitrage: In the context of international situation turmoil, the structure is mainly positive arbitrage, with large fluctuations. It is recommended to stay on the sidelines or try with a light position [6]. - Long - term: It is recommended to take profits when the contracts rise and wait for a callback to stabilize before judging the subsequent direction [6].

Report Industry Investment Rating - Not provided in the given content Core Viewpoints - The far - month basis has been repaired, meeting the daily report's expectations. With the US Treasury Secretary stating that China - US negotiations are in a "good situation", investors can consider partial profit - taking if the market rises today [2]. - Amid geopolitical conflicts and tariff fluctuations, the game is difficult, and it is recommended to participate with a light position or stay on the sidelines [3]. - The short - term market is expected to rebound. Risk - takers who went long on the 2510 contract below 1300 can consider partial profit - taking if it continues to rise today, and it is recommended to short the EC2512 contract lightly above 1650 (with a stop - loss if participating). In the context of international situation turmoil, the structure is mainly in positive carry, with large fluctuations, so it is recommended to wait and see or try with a light position. For the long - term, it is recommended to take profits when the contracts rise and wait for the market to stabilize after a pullback before judging the subsequent direction [4]. Summary by Related Content Shipping Indexes - On July 14, the Shanghai Export Container Settlement Freight Index (SCFIS) for the European route was 2421.94 points, up 7.3% from the previous period; the SCFIS for the US West route was 1266.59 points, down 18.7% from the previous period. The Ningbo Export Container Freight Index (NCFI) composite index was 1218.03 points, down 3.19% from the previous period; the NCFI for the European route was 1435.21 points, down 0.50% from the previous period; the NCFI for the US West route was 1186.59 points, up 0.85% from the previous period [2]. - On July 11, the Shanghai Export Container Freight Index (SCFI) composite index was 1733.29 points, down 30.20 points from the previous period; the SCFI for the European route was 2099 USD/TEU, down 0.10% from the previous period; the SCFI for the US West route was 2194 USD/FEU, up 5.03% from the previous period. The China Export Container Freight Index (CCFI) composite index was 1313.70 points, down 2.2% from the previous period; the CCFI for the European route was 1726.41 points, up 1.9% from the previous period; the CCFI for the US West route was 1027.49 points, down 5.2% from the previous period [2]. Economic Data - In the Eurozone, the preliminary manufacturing PMI in June was 49.4 (expected 49.8, previous 49.4), the preliminary services PMI was 50 (a two - month high, expected 50, previous 49.7), the preliminary composite PMI was 50.2 (expected 50.5, previous 50.2), and the Sentix investor confidence index was 0.2 (expected - 6, previous - 8.1) [2]. - The Caixin China Manufacturing PMI in June was 50.4, 2.1 percentage points higher than in May, the same as in April, and back above the critical point [2]. - In the US, the preliminary Markit manufacturing PMI in June was 52 (the same as in May, higher than the expected 51, the highest since February); the preliminary services PMI was 53.1 (lower than the previous 53.7, higher than the expected 52.9, a two - month low); the preliminary composite PMI was 52.8 (lower than the previous 53, higher than the expected 52.1, a two - month low) [2]. Market and Policy - Trump continued to impose tariffs on multiple countries, mainly in Southeast Asia, which further hit re - trade. The Trump administration postponed the tariff negotiation date to August 1. Some shipping companies announced price increases, and the spot market had a small price increase to test the market, with a slight rebound in the market [3]. - On July 15, the main contract 2510 closed at 1655.6, up 15.38%, with a trading volume of 107,800 lots and an open interest of 46,600 lots, an increase of 13,685 lots from the previous day [3]. - The sharp rise in the SCFIS for the European route drove bullish sentiment. With the roll - over of the main contract and the basis repair logic, the 2510 contract rose significantly. Future attention should be paid to tariff policies, the Middle East situation, and spot freight rates [3]. Trade Tensions - The EU is prepared to impose additional counter - tariffs on US imports worth about 84 billion US dollars if the US - EU trade negotiation fails. Trump announced on July 12 that he would impose a 30% tariff on some EU imports starting from August 1 [5]. - A US Republican senator threatened countries including China with a 500% tariff if they continue to trade with Russia. China firmly opposes any illegal unilateral sanctions and long - arm jurisdiction and hopes for peaceful solutions to the Ukraine crisis [5]. Trading Regulations - 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].

Report Summary 1. Investment Rating No investment rating for the industry is provided in the report. 2. Core View Amid geopolitical conflicts and tariff uncertainties, trading in the shipping market is challenging. It is recommended to participate with light positions or stay on the sidelines. Attention should be paid to tariff policies, the Middle East situation, and spot freight rates [1][2]. 3. Summary by Related Content Market Situation - Trump plans to impose a unified tariff of 15% or 20% on almost all remaining trading partners, targeting Southeast Asian countries to crack down on re - export trade. The tariff negotiation date has been postponed to August 1st, and some shipping companies have announced freight rate increases. The spot market price range is set, with small price hikes to test the market, leading to a slight rebound in the market [2][4]. - The cease - fire in Gaza cannot be reached immediately, and the Houthi rebels continue to attack Israeli - related ships. Spot freight rates are stable, and the market is filled with mixed long and short information, causing the market to fluctuate widely [2]. - On July 11, the main contract 2508 closed at 2030.6, down 0.71%, with a trading volume of 34,600 lots and an open interest of 30,900 lots, a decrease of 403 lots from the previous day [2]. Freight Rate Index - On July 7, the Shanghai Export Container Settlement Freight Index (SCFIS) for the European route was 2258.04 points, up 6.3% from the previous period; the SCFIS for the US West route was 1557.77 points, down 3.8% from the previous period [1]. - On July 11, the Ningbo Export Container Freight Index (NCFI) composite index was 1218.03 points, down 3.19% from the previous period; the NCFI for the European route was 1435.21 points, down 0.50% from the previous period; the NCFI for the US West route was 1186.59 points, up 0.85% from the previous period [1]. - On July 11, the Shanghai Export Container Freight Index (SCFI) was 1733.29 points, down 30.20 points from the previous period; the SCFI European route price was 2099 USD/TEU, down 0.10% from the previous period; the SCFI US West route was 2194 USD/FEU, up 5.03% from the previous period [1]. - On July 11, the China Export Container Freight Index (CCFI) composite index was 1313.70 points, down 2.2% from the previous period; the CCFI for the European route was 1726.41 points, up 1.9% from the previous period; the CCFI for the US West route was 1027.49 points, down 5.2% from the previous period [1]. Economic Data - The preliminary value of the Eurozone's manufacturing PMI in June was 49.4, with an expected value of 49.8 and a previous value of 49.4. The preliminary value of the service PMI was 50, a two - month high, with an expected value of 50 and a previous value of 49.7. The preliminary value of the composite PMI was 50.2, with an expected value of 50.5 and a previous value of 50.2. The Sentix investor confidence index was 0.2, with an expected value of - 6 and a previous value of - 8.1 [1]. - The Caixin China Manufacturing Purchasing Managers' Index (PMI) in June was 50.4, 2.1 percentage points higher than in May, the same as in April, and back above the critical point [1]. - The preliminary value of the US Markit manufacturing PMI in June was 52, the same as in May, higher than the expected value of 51, the highest level since February; the preliminary value of the service PMI was 53.1, lower than the previous value of 53.7, higher than the expected value of 52.9, a two - month low; the preliminary value of the composite PMI was 52.8, lower than the previous value of 53, higher than the expected value of 52.1, a two - month low [1]. Trading Strategies - Short - term strategy: The short - term market is likely to rebound. Risk - takers are advised to take a light long position below 1300 for the 2510 contract (already with a profit margin of over 100 points). Consider partial profit - taking when the market rallies today. For the EC2512 contract, a light short position is recommended above 1650, with stop - loss and take - profit levels set [3]. - Arbitrage strategy: Against the backdrop of international instability, the market shows a positive - spread structure with large fluctuations. It is recommended to stay on the sidelines or take a light - position attempt [3]. - Long - term strategy: For all contracts, take profit when the price rallies, wait for the price to stabilize after a pullback, and then determine the subsequent direction [3]. Contract Adjustments - The daily limit for contracts 2506 - 2604 is adjusted to 16%. - The company's margin for contracts 2506 - 2604 is adjusted to 26%. - The daily opening limit for all contracts 2506 - 2604 is 100 lots [3].

Report Summary 1. Industry Investment Rating No information provided in the documents. 2. Core Views - The market is affected by factors such as China - US trade talks, tariff policies, and spot freight rates. Under the current situation, the market shows a pattern of near - term weakness and long - term strength, and the spot market lacks significant positive news, making the futures market prone to decline and difficult to rise [3]. - Attention should be paid to the 90 - day spot freight rate range, the feedback of terminal demand under the relaxation of tariff policies, and the final result of the court's ruling [3]. 3. Specific Summaries Market Conditions - On June 9, the Shanghai Export Container Settlement Freight Index (SCFIS) for the European route was 1622.81 points, up 29.5% from the previous period; the SCFIS for the US - West route was 2185.08 points, up 27.2% from the previous period. On June 6, the Ningbo Export Container Freight Index (NCFI) for the European route was 1123.64 points, up 5.25% from the previous period; the NCFI for the US - West route was 3259.14 points, down 9.10% from the previous period [2]. - The Shanghai Export Container Freight Index (SCFI) announced a price of 2240.35 points on June 6, up 167.64 points from the previous period. The SCFI price for the European line was 1667 USD/TEU, up 5.04% from the previous period; the SCFI price for the US - West route was 5606 USD/FEU, up 8.39% from the previous period [2]. - The China Export Container Freight Index (CCFI) composite index was 1154.98 points on June 6, up 3.3% from the previous period; the CCFI for the European route was 1397.02 points, up 1.6% from the previous period; the CCFI for the US - West route was 1034.94 points, up 9.6% from the previous period [2]. - On June 11, the main contract 2508 closed at 2001.5, down 2.10%, with a trading volume of 55,100 lots and an open interest of 44,600 lots, a decrease of 891 lots from the previous day [3]. Economic Data - The eurozone's May manufacturing PMI preliminary value was 49.4 (expected 49.3, previous value 49); the May services PMI preliminary value was 48.9 (expected 50.3, previous value 50.1); the May composite PMI was 49.5 (expected 50.7, previous value 50.4). The eurozone's May Sentix investor confidence index was - 8.1 (expected - 11.5, previous value - 19.5) [2]. - The May Caixin China Manufacturing Purchasing Managers' Index (PMI) was 48.3, down 2.1 percentage points from April, falling below the critical point for the first time since October 2024 [2]. - The US May Markit manufacturing PMI was 52.3, a three - month high (expected 49.9, previous value 50.2); the services PMI preliminary value was 52.3, a two - month high (expected 51, previous value 50.8); the composite PMI preliminary value was 52.1 (expected 50.3, previous value 50.6) [2]. Trade Data - In the first five months of this year, ASEAN was China's largest trading partner, with a total trade value of 3.02 trillion yuan, up 9.1%, accounting for 16.8% of China's total foreign trade value. Exports to ASEAN were 1.9 trillion yuan, up 13.5%; imports from ASEAN were 1.12 trillion yuan, up 2.3% [5]. - The EU was China's second - largest trading partner, with a total trade value of 2.3 trillion yuan, up 2.9%, accounting for 12.8%. Exports to the EU were 1.57 trillion yuan, up 7.7%; imports from the EU were 728.33 billion yuan, down 6.1% [5]. - The US was China's third - largest trading partner, with a total trade value of 1.72 trillion yuan, down 8.1%, accounting for 9.6%. Exports to the US were 1.27 trillion yuan, down 8.7%; imports from the US were 447.51 billion yuan, down 6.3% [5]. - China's total imports and exports to countries along the Belt and Road Initiative in the same period were 9.24 trillion yuan, up 4.2%. Exports were 5.34 trillion yuan, up 10.4%; imports were 3.9 trillion yuan, down 3.2% [5]. Trading Strategies - Short - term strategy: For the 2506 contract, focus on the logic of basis convergence; for the 2508 contract, it is recommended to lightly short when it rebounds above 2250 and set a stop - loss [4]. - Arbitrage strategy: Under the background of tariff relaxation, the 90 - day exemption will lead to a situation where the near - term freight rate is strong and the long - term freight rate is weak. Pay attention to the court's ruling result. Currently, use a positive arbitrage structure [4]. - Long - term strategy: It is recommended to take profits when each contract rises, wait for the price to stabilize after a pullback, and then judge the subsequent direction [4]. Other Information - The daily trading limit for contracts 2506 - 2604 has been adjusted to 16% [4]. - The margin for contracts 2506 - 2604 has been adjusted to 26% [4]. - The daily opening position limit for all contracts 2506 - 2604 is 100 lots [4].

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].

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].

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].