Report Summary 1. Report Industry Investment Rating No industry investment rating is provided in the report. 2. Core Viewpoints - The SCFIS has slightly declined, the market sentiment is bearish, and the market is fluctuating weakly with large recent fluctuations. It is not recommended to increase positions, and stop - losses should be set [1]. - Amid geopolitical conflicts and tariff uncertainties, the trading difficulty is high. It is recommended to participate with light positions or wait and see [4]. - The short - term market may rebound. Risk - takers are advised to go long lightly below 1300 for the 2510 contract and take partial profits when a profit margin of over 300 is achieved. For the EC2512 contract, it is advised to go short lightly and take profits. Attention should be paid to subsequent market trends, and it is not recommended to hold losing positions. Stop - losses should be set [4]. - In the context of international situation turmoil, the market is mainly in a positive arbitrage structure with large fluctuations. It is recommended to wait and see or try with light positions [4]. - For the long - term, it is advised to take profits when each contract rises and wait for the market to stabilize after a pullback before making further judgments [4]. 3. Summary by Related Content 3.1 Shipping Indexes - On August 4, the Shanghai Export Container Settlement Freight Index (SCFIS) for the European route was 2297.86 points, down 0.8% from the previous period; for the US - West route, it was 1130.12 points, down 12.0% [2]. - On August 1, the Ningbo Export Container Freight Index (NCFI) (composite index) was 1087.66 points, down 2.06% from the previous period; the NCFI for the European route was 1372.67 points, down 3.53%; for the US - West route, it was 1114.45 points, down 0.54% [2]. - On August 1, the Shanghai Export Container Freight Index (SCFI) composite index was 1550.74 points, down 41.85 points from the previous period; the SCFI for the European route was 2051 USD/TEU, down 1.86%; for the US - West route, it was 2021 USD/FEU, down 2.23% [2]. - On August 1, the China Export Container Freight Index (CCFI) (composite index) was 1232.29 points, down 2.3% from the previous period; the CCFI for the European route was 1789.50 points, up 0.1%; for the US - West route, it was 876.57 points, down 0.5% [2]. 3.2 Economic Data - The eurozone's July manufacturing PMI preliminary value was 49.8, higher than the expected 49.7 and the previous value of 49.5. The July services PMI preliminary value was 51.2, higher than the expected 50.7 and the previous value of 50.5. The July composite PMI preliminary value 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 June's 0.2 and the market - expected 1.1, reaching the highest level since April 2022 [2]. - China's July manufacturing PMI was 49.3%, down 0.4 percentage points from the previous month, indicating a decline in manufacturing prosperity [3]. - The US July S&P Global manufacturing PMI preliminary value was 49.5, lower than the expected 52.7 and the previous value of 52.9; the services PMI preliminary value was 55.2, higher than the expected 53 and the 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 [3]. 3.3 Market News and Policy - Trump continues to impose tariffs on multiple countries, mainly in Southeast Asia, which further hits transit trade. Some shipping companies have announced freight rate increases. The Trump administration has postponed the tariff negotiation date to August 1. The spot market price range is set, with a slight price increase to test the market, leading to a slight rebound in the market [4]. - On August 3, the Yemeni Houthi armed forces launched three "special military operations" against two Israeli military targets and the Haifa port, and an Israeli air defense system shot down a drone from Yemen. There were no casualties reported [4]. - On August 1, the WTO reported that the global service trade growth rate in the first quarter of 2025 slowed to 5%, about half of the growth rates in 2024 and 2023. Service trade exports in Europe and North America only increased by 3% year - on - year, lower than the data in the first quarter of 2024. In contrast, Asia maintained a strong growth of 9%. Financial service exports increased by 3% year - on - year, reflecting a decrease in investment activities due to increased global economic uncertainty [4]. 3.4 Contract Information - On August 4, the closing price of the main contract 2510 was 1421.8, with a decline of 0.72%, a trading volume of 3.03 million lots, and an open interest of 5.11 million lots, a decrease of 1323 lots from the previous day [4]. - The daily limit for contracts from 2508 to 2606 has been adjusted to 18%. The company's margin for contracts from 2508 to 2606 has been adjusted to 28%. The intraday opening limit for all contracts from 2508 to 2606 is 100 lots [4].

Report Summary 1. Investment Rating The report does not provide an investment rating for the industry. 2. Core View The macro - overall sentiment is strong, and the market is oscillating strongly. Amid geopolitical conflicts and tariff fluctuations, the game is difficult, and it is recommended to participate with light positions or wait and see. Attention should be paid to tariff policies, the Middle - East situation, and spot freight rates [2][4]. 3. Summary by Related Content 3.1 Freight Index - On July 21, the Shanghai Export Container Settlement Freight Index (SCFIS) for the European route was 2400.50 points, down 0.9% from the previous period; for the US - West route, it was 1301.81 points, up 2.8% [3]. - On July 18, the Ningbo Export Container Freight Index (NCFI) for the comprehensive index was 1147.96 points, down 5.75% from the previous period; for the European route, it was 1440.25 points, up 0.35%; for the US - West route, it was 1181.87 points, down 0.40% [3]. - On July 18, the Shanghai Export Container Freight Index (SCFI) published price was 1646.90 points, down 86.39 points from the previous period; the SCFI European line price was 2079 USD/TEU, down 1.00%; the SCFI US - West route was 2142 USD/FEU, down 2.4% [3]. - On July 18, the China Export Container Freight Index (CCFI) for the comprehensive index was 1303.54 points, down 0.8% from the previous period; for the European route, it was 1803.42 points, up 4.5%; for the US - West route, it was 941.65 points, down 8.4% [3]. 3.2 PMI Data - Eurozone's June manufacturing PMI initial value was 49.4, expected 49.8, previous value 49.4; services PMI initial value was 50, a 2 - month high, expected 50, previous value 49.7; composite PMI initial value was 50.2, expected 50.5, previous value 50.2; Sentix investor confidence index was 0.2, expected - 6, previous value - 8.1 [3]. - China's Caixin Manufacturing PMI in June was 50.4, 2.1 percentage points higher than May, the same as April, back above the critical point [3]. - US Markit manufacturing PMI initial value in June was 52, the same as May, higher than the expected 51, the highest since February; services PMI initial value was 53.1, lower than the previous value of 53.7, higher than the expected 52.9, a 2 - month low; composite PMI initial value was 52.8, lower than the previous value of 53, higher than the expected 52.1, a 2 - month low [3]. 3.3 Market Strategy - **Short - term Strategy**: The short - term market may rebound. Risk - takers have been advised to go long with a light position in the 2510 contract below 1300 (with a profit margin of over 300 points). If it continues to pull back today, consider taking profits; go short with a light position in the EC2512 contract [4]. - **Arbitrage Strategy**: Against the backdrop of international turmoil, the market is mainly in a positive - spread structure with large fluctuations. It is recommended to wait and see or try with a light position [4]. - **Long - term Strategy**: For each contract, it has been recommended to take profits when the price rises, wait for the price to stabilize after a pull - back, and then judge the subsequent situation [4]. 3.4 Contract Information - On July 24, the main contract 2510 closed at 1583.9, up 3.73%, with a trading volume of 65,200 lots and an open interest of 50,600 lots, an increase of 455 lots from the previous day [4]. - The daily limit for contracts 2508 - 2606 is adjusted to 18% [4]. - The company's margin for contracts 2508 - 2606 is adjusted to 28% [4]. - The daily opening limit for all contracts 2508 - 2606 is 100 lots [4].