Report Summary 1. Investment Rating No investment rating for the industry is provided in the report. 2. Core View The current geopolitical conflicts and tariff uncertainties have increased the difficulty of market gaming. Spot freight rates are continuously declining, and the market sentiment is pessimistic. The main contracts are fluctuating weakly, and it is recommended to participate with light positions or stay on the sidelines. [2][5] 3. Detailed Summaries Freight Rate Index - On August 4, the Shanghai Export Container Settlement Freight Index (SCFIS) for the European route was 2,297.86 points, down 0.8% from the previous period, and the SCFIS for the US - West route was 1,130.12 points, down 12.0% from the previous period. [3] - On August 1, the Ningbo Export Container Freight Index (NCFI) (composite index) was 1,087.66 points, down 2.06% from the previous period, and the NCFI for the European route was 1,372.67 points, down 3.53% from the previous period. [3] - On August 1, the Shanghai Export Container Freight Index (SCFI) announced a price of 1,550.74 points, down 41.85 points from the previous period, the SCFI European line price was 2,051 USD/TEU, down 1.86% from the previous period, and the SCFI US - West route was 2,021 USD/FEU, down 2.23% from the previous period. [3] - On August 1, the China Export Container Freight Index (CCFI) (composite index) was 1,232.29 points, down 2.3% from the previous period, the CCFI for the European route was 1,789.50 points, up 0.1% from the previous period, and the CCFI for the US - West route was 876.57 points, down 0.5% from the previous period. [3] PMI 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 eurozone's July services PMI preliminary value reached 51.2, exceeding the expected 50.7 and the previous value of 50.5. The eurozone's July composite PMI preliminary value was 51, higher than the expected 50.8 and the previous value of 50.6. The eurozone's 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] - China's July manufacturing PMI was 49.3%, down 0.4 percentage points from the previous month, indicating a decline in manufacturing prosperity. [4] - The US July S&P Global manufacturing PMI preliminary value was 49.5, with an expected value of 52.7 and a previous value of 52.9; the July S&P Global services PMI preliminary value was 55.2, with an expected value of 53 and a previous value of 52.9. The US July Markit composite PMI preliminary value was 54.6, reaching a new high since December 2024, better than the expected 52.8 and the previous value of 52.9. [4] Policy and Market Situation - Trump continues to impose tariffs on many countries, mainly in Southeast Asia, which further hits re - export trade. The Trump administration has postponed the tariff negotiation date to August 1. Some shipping companies have announced freight rate increases, and the spot market has a small price increase to test the market, leading to a small rebound in the market. [5] Trading Strategies - **Short - term Strategy**: The short - term market may mainly rebound. Risk - takers are advised to lightly test long positions below 1,300 in the 2510 contract (it has made a profit of over 300 points), and partially stop profit. For the EC2512 contract, it is advised to lightly test short positions and set a stop - profit. Pay attention to the subsequent market trend, do not hold losing positions, and set stop - losses. [5] - **Arbitrage Strategy**: In the context of international situation turmoil, the market is mainly in a positive spread structure with large fluctuations. It is recommended to temporarily stay on the sidelines or lightly try. [5] - **Long - term Strategy**: It is advised to take profits when each contract rises, wait for the market to pull back and stabilize, and then judge the subsequent situation. [5] Market Data of Main Contracts On August 7, the main contract 2510 closed at 1,420.4, down 0.98%, with a trading volume of 261,000 lots and an open interest of 536,000 lots, a decrease of 765 lots from the previous day. [5] Contract Adjustment Information - The daily limit for contracts 2508 - 2606 has been adjusted to 18%. [5] - The margin of the company for contracts 2508 - 2606 has been adjusted to 28%. [5] - The daily opening limit for all contracts 2508 - 2606 is 100 lots. [5]