1. Report Information - Report Name: Container Shipping Index Daily Report [1] - Date: March 18, 2026 [2] - Researchers: He Zhuoqiao, Huang Wenxin, Nie Jiayi [3] 2. Core Viewpoints - Spot prices for April have been significantly raised, but cargo volume remains light. The supply-demand fundamentals show that it's still the off - season after the Spring Festival, with high运力 supply in March and April. The Red Sea re - navigation plan is slowed by the Middle - East situation, which can relieve some运力 pressure but can't change the oversupply situation. Geopolitical conflicts may cause short - term strengthening of the index but also lead to sharp corrections. Consider shorting the 04 off - season contract when the spot and futures converge in late March, and going long on the 07 and 08 peak - season contracts [7]. 3. Summary by Sections 3.1 Market Review and Operation Suggestions - **Spot Market**: April quotes have been greatly increased. For example, the Shanghai - Rotterdam route's March second - half quotes are between $2360 - 3230 per big container, with a median of about $2750. Airlines like CMA CGM, HPL, and ONE have offered April quotes in the range of $3793 - 4855, with a median of $4030 - 4040. However, cargo volume is still light, and the Middle - East route has high quotes but low transactions [7]. - **Supply - Demand Fundamentals**: It's the off - season after the Spring Festival. Short - term tariff issues are unlikely to trigger exporters' rush to ship, and the demand for photovoltaic exports is limited. The运力 supply in March and April is at a high level. Although the Strait of Hormuz blockade doesn't affect the European route, the Red Sea re - navigation plan is delayed due to the Middle - East situation, which can ease the运力 pressure but can't change the oversupply pattern [7]. - **Operation Suggestions**: Pay attention to the opportunity to short the 04 off - season contract when the spot and futures converge in late March, and go long on the 07 and 08 peak - season contracts [7]. 3.2 Industry News - **Overall Index**: Affected by the continuous geopolitical tension, the Shanghai Export Containerized Freight Index rose by 14.9% to 1710.35 on March 13 [8]. - **European Routes**: European economic uncertainty has increased due to geopolitical conflicts. The freight rate of the Asia - Europe route has fluctuated more. On March 13, the freight rate from Shanghai Port to European basic ports rose 11.4% to $1618 per TEU, and to Mediterranean basic ports rose 13.0% to $2666 per TEU [8]. - **North American Routes**: Energy prices are rising, and the US economy faces challenges. The transport demand in the North American market is weak, but the spot booking price is rising. On March 13, the freight rates from Shanghai Port to the US West and East basic ports rose 15.9% and 14.5% to $2249 per FEU and $3111 per FEU respectively [9]. - **Persian Gulf Routes**: Due to the tense geopolitical situation, some shipping companies have to detour, resulting in a sharp drop in cargo volume but large fluctuations in freight rates. On March 13, the freight rate from Shanghai Port to Persian Gulf basic ports rose 40.8% to $3220 per TEU [9]. - **Australia and New Zealand Routes**: The market supply - demand is stable but lacks growth momentum. The average cabin utilization rate in Shanghai Port is about 95%, and the spot booking price has dropped. On March 13, the freight rate from Shanghai Port to Australia and New Zealand basic ports fell 6.7% to $624 per TEU [9]. - **South American Routes**: The transport supply - demand is balanced. The cargo volume has decreased, and the freight rate has slightly dropped after rising last period. On March 13, the freight rate from Shanghai Port to South American basic ports fell 2.3% to $2559 per TEU [9]. - **Japanese Routes**: The transport demand is stable, and the freight rate remains unchanged. On March 13, the China - Japan route freight rate index was 957.78 points [9]. - **Geopolitical News**: Trump said Iran is willing to negotiate a cease - fire but the conditions are not good. Iran's Foreign Minister said Iran will continue to defend. Iran has launched attacks on US and Israeli targets. The US plans to form a "convoy alliance" in the Strait of Hormuz. Fuel prices have risen due to geopolitical tensions, and shipping companies like CMA CGM and Mediterranean Shipping have implemented emergency fuel surcharges [9]. 3.3 Data Overview - **Container Shipping Spot Prices**: On March 16, 2026, the SCFIS for the European route (basic ports) was 1556.49, up 0.7% from March 9; the SCFIS for the US West route (basic ports) was 1109.11, down 1.1% from March 9 [11]. - **Container Shipping Index (European Route) Futures Quotes**: Included data on contracts EC2604 - EC2612, such as opening price, closing price, settlement price, change, change rate, trading volume, open interest, and open interest change on March 17 [6]. - **Shipping - Related Data Trends**: Provided various shipping - related data trend charts, including container ship运力 in Europe, global container ship orders, Shanghai - European basic port freight rates, and Shanghai - Rotterdam spot freight rates [17][19]

Report Information - Report Title: "集运指数日报" [1] - Date: March 12, 2026 [2] - Researchers: He Zhuoqiao, Huang Wenxin, Nie Jiayi [3] Core Viewpoint - The freight index futures fluctuated greatly due to the rapid change in the Middle - East situation. The market recovered today, possibly affected by the potential continuous impact of mine - laying in the Strait of Hormuz on navigation. Although the suspension of the Middle - East route may lead to an overflow of shipping capacity to other routes, the impact is limited, and the fundamental pattern of oversupply of shipping capacity on the European route remains unchanged. Short - term geopolitical conflicts have a greater impact on the sentiment of far - month contracts and the futures market, which may cause the index to strengthen periodically but is also prone to significant corrections. Attention should be paid to the convergence of spot and futures prices in the second half of March when approaching delivery, and there are opportunities to short - allocate off - season contracts 04 and 06 [7] Industry Investment Rating - Not provided in the report Summary by Directory 1. Market Review and Operation Suggestions - **Market Situation**: The freight index futures fluctuated greatly due to the Middle - East situation. The market recovered today, possibly affected by the potential continuous impact of mine - laying in the Strait of Hormuz on navigation. After the Spring Festival, it is still the off - season for transportation. Short - term tariff issues are unlikely to trigger exporters to rush shipments, and the demand for photovoltaic exports is limited. The shipping capacity supply in March and April is still at a high level in the same period of history. Although the blockade of the Strait of Hormuz does not affect the European route, the Red Sea resumption plan has slowed down, which can continue to digest the shipping capacity pressure [7] - **Spot Price**: Leading shipping companies announced price increases in early February, but the prices in early March still mainly follow the late - February prices. The price increase in the off - season may be more for price stabilization and difficult to be actually implemented. Attention should be paid to the actual cargo - booking situation later [7] - **Operation Suggestion**: Short - term geopolitical conflicts have a greater impact on the sentiment of far - month contracts and the futures market, which may cause the index to strengthen periodically but is also prone to significant corrections. Attention should be paid to the convergence of spot and futures prices in the second half of March when approaching delivery, and there are opportunities to short - allocate off - season contracts 04 and 06 [7] 2. Industry News - **Overall Market**: The China Export Container Transport Market was affected by the sharp escalation of the geopolitical situation. The transport market faced challenges, the freight rates of relevant routes fluctuated sharply, and the comprehensive index rose. On March 6, the Shanghai Export Container Comprehensive Freight Index was 1489.19 points, a 11.7% increase from the previous period [8] - **European Route**: The eurozone's unemployment rate in January fell slightly to 6.1%, indicating a stable economic growth. However, the uncertainty has increased significantly recently. The war in the Middle - East has pushed up energy prices, and the US tariff policy is undecided. The European economy still faces many uncertainties. The transport market on the Asia - Europe route was basically stable this week, with flat demand and a slight increase in freight rates. On March 6, the freight rate from Shanghai Port to European basic ports was $1452/TEU, a 2.3% increase from the previous period [8][9] - **Mediterranean Route**: The market situation was basically the same as that of the European route, and the spot - market booking prices continued to rise. On March 6, the freight rate from Shanghai Port to Mediterranean basic ports was $2360/TEU, a 2.4% increase from the previous period [9] - **North American Route**: The US ADP employment in February increased by 63,000, better than market expectations. The employment market showed signs of stabilization. The US military operations in the Middle - East pushed up energy prices, which may lead to increased inflation pressure. The transport demand was weak this week, and the freight rates continued to rise. On March 6, the freight rates from Shanghai Port to the US West and East basic ports were $1940/FEU and $2717/FEU respectively, with increases of 4.5% and 1.0% from the previous period [9] - **Other News**: Trump said the war with Iran might end soon. The number of ships passing through the Strait of Hormuz was increasing, and he considered taking over the strait. Affected by this news, US oil prices plunged. The G7 finance ministers held a phone meeting to discuss how to deal with the soaring oil prices. They basically reached a consensus not to release strategic oil reserves for the time being. The Iranian Islamic Revolutionary Guard Corps said the Strait of Hormuz was closed. Goldman Sachs estimated that European natural gas prices might rise by 130% and oil prices by $18 per barrel. The US Supreme Court ruled that some US tariffs were illegal, and China urged the US to cancel them [9] 3. Data Overview - **Container Shipping Spot Prices**: On March 9, 2026, the SCFIS for the European route (basic ports) was 1545.46 points, an 82.06 - point increase (5.6%) from March 2; the SCFIS for the US West route (basic ports) was 1121.22 points, a 76.14 - point increase (7.3%) from March 2 [11] - **Container Shipping Index (European Route) Futures Quotes**: The report provides trading data for multiple contracts such as EC2604, EC2605, etc., including opening price, closing price, settlement price, price change, price change rate, trading volume, open interest, and open interest change [6] - **Shipping - Related Data Charts**: The report includes charts of European container ship capacity, global container ship orders, Shanghai - European basic port freight rates, and Shanghai - Rotterdam spot freight rates [17][19]

Report Summary 1. Report Industry Investment Rating - No investment rating information is provided in the given reports. 2. Core Views - **Stock Index Futures**: The report presents the latest values, historical quantiles, and daily changes of price spreads for various stock index futures contracts, including IF, IH, IC, and IM, along with cross - variety ratios. However, no clear investment suggestions are made other than presenting data [1]. - **Treasury Bond Futures**: It shows the IRR, basis, cross - period spreads, and cross - variety spreads of different treasury bond futures contracts such as TS, TF, T, and TL, with data on their changes and historical quantiles [2]. - **Precious Metals**: Gold is expected to be bullish above the 20 - day moving average, and investors can hold long positions and sell out - of - the - money call options with strike prices above 1200 yuan. Silver's long - term upward logic remains valid, but short - term factors limit its upside, and selling out - of - the - money call options is recommended. For platinum and palladium, prices are generally supported, and for platinum, a strategy of buying on dips near the 20 - day moving average is suggested, and going long on the platinum - palladium ratio is also advisable [3]. - **Container Shipping**: Due to the recent military conflict between the US and Iran, the sentiment impact on the 04 contract of container shipping European routes is greater than the fundamental impact. It is expected that the main contract 2604 will open significantly higher, and attention should be paid to the subsequent development of the conflict and the collection of war surcharges [5]. 3. Summary by Relevant Catalogs Stock Index Futures - **Price Spreads**: The current values of IF, IH, IC, and IM futures - spot spreads are 3.15, 5.97, - 13.05, and - 29.44 respectively. The historical 1 - year quantiles are 93.80%, 93.40%, 83.60%, and 25.00% respectively. There are also detailed cross - period spreads and cross - variety ratios provided [1]. Treasury Bond Futures - **Basis**: On February 27, 2026, the basis values of TS, TF, T, and TL are - 0.0112, 1.4278, 1.5179, and 1.3159 respectively, with corresponding historical quantiles of 16.70%, 35.10%, 52.10%, and 38.80% [2]. - **Cross - Period Spreads**: Different contracts have various cross - period spread values, such as the "current quarter - next quarter" spread of TS being 0.0000, with a change of - 0.0160 and a historical quantile of 25.60% [2]. - **Cross - Variety Spreads**: For example, the "TS - TF" spread is - 0.0010 on February 27, 2026, with a historical quantile of 8.30% [2]. Precious Metals - **Futures Prices**: On February 27, 2026, the domestic futures closing prices of AU2604, AG2604, PT2606, and PD2606 are 1147.90 yuan/gram, 23019 yuan/kilogram, 623.75 yuan/gram, and 464.85 yuan/gram respectively, showing different degrees of increase compared to the previous day [3]. - **Spot Prices**: London gold, London silver, and other spot prices also changed on the same day. For example, London gold rose from 5181.25 to 5278.26 US dollars/ounce, with a growth rate of 1.87% [3]. - **Basis and Ratios**: The basis of gold TD - Shanghai gold main contract is - 5.42, with a historical 1 - year quantile of 46.10%. There are also various price ratios such as COMEX gold/silver, which decreased by 4.13% to 56.11 [3]. - **Interest Rates and Exchange Rates**: The 10 - year US Treasury bond yield decreased to 3.97% with a decline of 1.2%, and the US dollar index decreased to 97.64 with a decline of 0.14% [3]. - **Inventory and Positions**: The inventories of Shanghai Futures Exchange gold and silver decreased by - 0.01% and - 11.48% respectively, while the positions of some ETFs changed [3]. Container Shipping - **Shipping Rates**: The freight rates of some shipping companies such as MAERSK, CMA, and MSC remained stable, while ONE's freight rate decreased by 9.88%. The settlement price index of SCFIS (European route) and SCFIS (US West route) decreased, while the Shanghai Export Container Freight Index (SCFI) increased [5]. - **Futures Prices and Basis**: The prices of EC2604 (main contract) decreased by 0.94%, while the basis (main contract) increased by 3.44% [5]. - **Fundamentals**: The global container shipping capacity supply remained unchanged. The port punctuality rate in Shanghai decreased by 8.68%, and some overseas economic indicators such as the US manufacturing PMI index increased by 9.81% [5].

1. Report Industry Investment Rating No information about the report industry investment rating is provided in the given documents. 2. Core Views 2.1 Stock Index Futures - The report presents the latest values, changes from the previous day, historical 1 - year percentiles, and all - time percentiles of various stock index futures spreads, including F, H, IC, and IM. It also shows the cross - period spreads and cross - variety ratios [1]. 2.2 Bond Futures - The report provides the basis, cross - period spreads, and cross - variety spreads of TS, TF, T, and TL bond futures, along with their latest values, changes, and percentiles since listing [2]. 2.3 Precious Metals - Gold: After a callback, it seeks support at the 20 - day moving average. Short - term trends are volatile, and it is recommended to wait and see. Long positions can take profits at high prices or sell out - of - the - money call options for protection. - Silver: The long - term upward logic of supply inventory shortage and strong investment demand remains valid, but short - term price increases are restricted. It is recommended to sell out - of - the - money call options to earn time value. - Platinum and Palladium: Supported by macro - financial attributes and a tight supply pattern, but dragged down by gold and silver, they maintain a weak shock in the short term. It is recommended to sell out - of - the - money call options [3]. 2.4 Container Shipping - The Middle East conflict has affected shipping routes. MSK has opened the freight rate for March at $2200, corresponding to around 1700 points on the disk. After a continuous sharp rise, the futures price has a premium over the current freight rate. It is expected to have larger fluctuations and operate in a shock. Investors should participate rationally and hold positive spreads [5]. 3. Summary by Directory 3.1 Stock Index Futures - **Futures - Spot Spreads**: F: - 18.69, up 52.80% from the previous day, 25.40% in the 1 - year percentile and 47.10% in the all - time percentile; H: - 1.45, up 0.56, 56.50% in the 1 - year percentile and 47.10% in the all - time percentile; IC: - 53.57, down 24.03, 48.30% in the 1 - year percentile and 16.40% in the all - time percentile; IM: - 41.12, down 10.80, 25.00% in the 1 - year percentile and 39.10% in the all - time percentile [1]. - **Cross - Period Spreads**: For example, the next - month - to - current - month spread of F is - 14.00, down 3.40, 42.20% in the 1 - year percentile and 31.10% in the all - time percentile [1]. - **Cross - Variety Ratios**: For example, IC/IF is 1.7835, down 0.0069, 94.60% in the 1 - year percentile and 99.00% in the all - time percentile [1]. 3.2 Bond Futures - **Basis**: TS: 1.4270, down 0.0291, 18.60% since listing; TF: 1.3913, up 0.0399, 34.00% since listing; T: 1.4327, up 0.0624, 48.90% since listing; TL: 1.3325, up 0.5289, 39.80% since listing [2]. - **Cross - Period Spreads**: For example, the current - season - to - next - season spread of TF is 0.0050, up 0.0250, 23.20% since listing [2]. - **Cross - Variety Spreads**: For example, TS - TF is - 3.6130, up 0.0140, 6.60% since listing [2]. 3.3 Precious Metals - **Domestic Futures Closing Prices**: AU2604: 1152.00 yuan/g, down 1.06, - 0.09%; AG2604: 21639 yuan/10g, down 215, - 0.98%; PT2606: 563.05, up 0.45, 0.08%; PD2606: 428.00 yuan/g, down 5.80, - 1.34% [3]. - **Foreign Futures Closing Prices**: COMEX gold: 5093.30, down 58.30, - 1.13%; COMEX silver: 82.52, down 1.25, - 1.49%; NYMEX platinum: 2128.20, down 37.60, - 1.74%; NYMEX palladium: 1650.00, down 48.50, - 2.86% [3]. - **Spot Prices**: London gold: 5084.69, down 35.85, - 0.70%; London silver: 82.26, down 1.28, - 1.54%; Spot platinum: 2120.10, down 46.90, - 2.16%; Spot palladium: 1629.50, down 38.00, - 2.28% [3]. - **Differences**: Gold TD - Shanghai gold: - 3.44, down 3.33, 46.10%; Silver TD - Shanghai silver: - 571, down 278, 60.60% [3]. - **Price Ratios**: COMEX gold/silver: 61.72, up 0.22, 0.36%; SHFE gold/silver: 53.24, up 0.48, 0.90% [3]. - **Interest Rates and Exchange Rates**: 10 - year US Treasury yield: 4.13, up 0.04, 1.0%; 2 - year US Treasury yield: 3.57, up 0.03, 0.8%; 10 - year TIPS Treasury yield: 1.82, up 0.02, 1.1%; US dollar index: 99.04, up 0.25, 0.25%; Offshore RMB exchange rate: 6.9184, up 0.0238, 0.35% [3]. - **Inventory and Positions**: SHFE gold inventory: 105033, unchanged, 0.00%; SHFE silver inventory: 272721 kg, down 22102, - 7.50%; COMEX gold inventory: 33100294, up 29808, 0.18%; COMEX silver inventory: 351341925, down 877946, - 0.25% [3]. 3.4 Container Shipping - **Spot Quotes**: MAERSK: $2240/FEU, up 30, 1.36%; CMA: $4193/FEU, unchanged, 0.00%; MSC: $2740/FEU, up 100, 3.79%; ONE: $2735/FEU, unchanged, 0.00%; OOCL: $4030/FEU, unchanged, 0.00% [5]. - **Container Shipping Indexes**: SCFIS (European route): 1463.40, down 110.1, - 7.00%; SCFIS (US West route): 1045.08, down 66.9, - 6.02%; SCFI composite index: 1333.11, up 81.6, 6.52% [5]. - **Futures Prices and Basis**: EC2604 (main contract): 1768.0, down 141.5, - 7.41%; Basis (main contract): - 304.6, up 141.5, - 31.72% [5]. - **Fundamental Data**: Global container shipping capacity supply: 3388.34 ATEU, unchanged, 0.00%; Port punctuality rate (Shanghai): 38.18, down 3.63, - 8.68%; Port berthing situation (Shanghai): 351.00, down 3.00, - 0.85% [5]. - **Overseas Economy**: Eurozone composite PMI: 51.90, up 0.60, 1.17%; EU consumer confidence index: - 11.70, unchanged, 0.00%; US manufacturing PMI index: 52.40, down 0.20, - 0.38% [5].

Group 1: Report Overview - Report Title: "Container Shipping Index Daily Report" [1] - Date: March 5, 2026 [2] - Research Team: Macro Financial Team [4] - Researchers: He Zhuoqiao, Huang Wenxin, Nie Jiayi [3] Group 2: Industry Investment Rating - No industry investment rating is provided in the report Group 3: Core Viewpoints - The escalation of the Middle - East situation has strengthened market sentiment, and shipping companies have postponed their resumption of Red Sea routes. The container shipping index futures continued to be strong. Although the actual impact of geopolitical conflicts on container shipping supply and demand is limited, it has a greater impact on the far - month sentiment and futures market, potentially causing the index to strengthen periodically. Attention should be paid to the convergence of spot and futures prices near the delivery period in mid - to late March. There are opportunities to short - allocate off - season contracts 04 and 06 on rallies [7] Group 4: Summary by Directory 1. Market Review and Operation Suggestions - Market situation: The escalation of the Middle - East situation has strengthened market sentiment, and shipping companies have postponed Red Sea resumption. The container shipping index futures continued to be strong. After the Spring Festival, it is still the off - season for transportation. The short - term tariff issue is unlikely to trigger exporters' rush to ship, and the demand for photovoltaic exports is limited. The shipping capacity in March and April remains at a high level in the same period of history, but the Red Sea resumption plan has slowed down, which can continue to ease the shipping capacity pressure. The price increase of leading shipping companies in March may be more for price stability and difficult to implement. Geopolitical conflicts have a greater impact on far - month sentiment and the futures market [7] - Operation suggestions: Pay attention to the convergence of spot and futures prices near the delivery period in mid - to late March, and look for opportunities to short - allocate off - season contracts 04 and 06 on rallies [7] 2. Industry News - Overall situation: After the "Spring Festival" holiday, the Chinese export container shipping market was generally stable, and the freight rates on ocean routes showed an upward trend, driving the comprehensive index up. On February 27, the Shanghai Export Containerized Freight Index was 1333.11 points, up 6.5% from the previous period [8] - European routes: The eurozone's February composite PMI rose to 51.9, with the manufacturing PMI rising from 49.5 to 50.8, hitting a 44 - month high and standing above the boom - bust line for the first time since August last year. The transportation demand remained stable compared with the pre - holiday level, and the spot market booking price increased. On February 27, the freight rate from Shanghai Port to basic European ports was $1420/TEU, up 4.3% from the previous period [8] - Mediterranean routes: The market situation was in line with that of European routes, and the market freight rates increased. On February 27, the freight rate from Shanghai Port to basic Mediterranean ports was $2305/TEU, up 5.9% from the previous period [9] - North American routes: The preliminary value of the US February composite PMI dropped to 52.3, with the preliminary values of both manufacturing and service PMIs slightly falling. Although it remained in the expansion range, the expansion speed showed signs of slowing down. The US Supreme Court ruled that the large - scale tariff measures implemented by the Trump administration were unconstitutional, leading to great uncertainty in global trade. The transportation market was relatively stable, and the spot market booking price continued to rise. On February 27, the freight rates from Shanghai Port to basic ports in the US West and East were $1857/FEU and $2691/FEU respectively, up 3.9% and 6.6% from the previous period [9] - Persian Gulf routes: The geopolitical tension in the region has been escalating, and the approaching "Ramadan" has pushed the spot market freight rates up significantly. On February 27, the freight rate from Shanghai Port to basic Persian Gulf ports was $1327/TEU, up 35.4% from the previous period [9] - Other news: Trump made statements on Iran, the US continued military operations in Iran, and there were statements about the closure of the Strait of Hormuz. High - profile institutions made assessments on the impact of the Iran situation on energy prices. The US Supreme Court ruled that certain tariffs were illegal, and relevant responses were made by different parties [9] 3. Data Overview 3.1 Container Shipping Spot Prices - The Shanghai Export Container Settlement Freight Index for European routes (basic ports) on March 2, 2026, was 1463.4, down 110.11 (-7.0%) from February 23, 2026. The index for US West routes (basic ports) was 1045.08, down 66.93 (-6.0%) from February 23, 2026 [11] 3.2 Container Shipping Index (European Line) Futures Market - The report provides the trading data of container shipping European line futures on March 4, including contract information such as EC2604 - EC2612, with details on the previous settlement price, opening price, closing price, settlement price, price change, price change rate, trading volume, open interest, and change in open interest [6] 3.3 Shipping - Related Data Charts - The report includes multiple shipping - related data charts, such as the container ship capacity in Europe, the global container ship order backlog, the Shanghai - European basic port freight rate, and the Shanghai - Rotterdam spot freight rate [16][18]

Report Industry Investment Rating - Not provided in the documents Core Views - **Precious Metals**: For gold, due to the Middle - East situation and US non - farm data's impact on Fed's rate - cut expectations, it's recommended to wait and see in the short - term and sell out - of - the - money call options on rallies. For silver, the long - term logic of rising prices still holds, but short - term factors limit the upside, and selling out - of - the - money call options is advised. Platinum and palladium prices are supported but dragged by gold and silver, showing weak short - term oscillations [3] - **Container Shipping**: The ongoing Middle - East conflict has more of an emotional impact than a fundamental one on the EC2604 contract of container shipping European routes and affects the ship scheduling from May to July. The implementation of price hikes during the off - season is the key trading focus, and the market volatility is expected to increase [5] Summary by Related Catalogs 1. Stock Index Futures Spread Daily Report - **Date**: March 5, 2026 - **Data**: Presents the latest values, changes from the previous day, and historical percentile data of various stock index futures spreads such as IF, IH, IC, and IM, including inter - period spreads and inter - variety ratios [1] 2. Bond Futures Spread Daily Report - **Date**: March 4, 2026 - **Data**: Provides data on basis, inter - period spreads, and inter - variety spreads of TS, TF, T, and TL bond futures, including the latest values, changes from the previous trading day, and historical percentile data [2] 3. Precious Metals Spot - Futures Daily Report - **Date**: March 4, 2026 - **Domestic Futures**: AU2604, AG2604, PT2606, and PD2606 contracts showed price declines, with AG2604 having a significant - 11.40% drop [3] - **Foreign Futures**: COMEX gold, silver, NYMEX platinum, and palladium futures all declined, with NYMEX platinum dropping - 9.87% [3] - **Spot Prices**: London gold, silver, platinum, and palladium spot prices also decreased, along with domestic spot precious metals prices [3] - **Price Differences and Ratios**: Data on price differences between spot and futures and price ratios of different precious metals are provided [3] - **Interest Rates and Exchange Rates**: 10 - year US Treasury yield, 2 - year US Treasury yield, 10 - year TIPS Treasury yield, US dollar index, and offshore RMB exchange rate all had slight upward changes [3] - **Inventory and Positions**: Some inventories such as COMEX gold and silver decreased, while SLV silver ETF positions increased slightly [3] 4. Container Shipping Industry Spot - Futures Daily Report - **Date**: March 3, 2026 - **Spot Quotes**: Shanghai - Europe future 6 - week freight rates of some shipping companies like CMA CGM increased significantly [5] - **Container Shipping Indexes**: SCFIS (European and US West routes) decreased, while SCFI comprehensive and sub - indexes increased [5] - **Futures Prices and Basis**: Futures prices of EC2604 - EC2612 contracts all increased, and the basis of the main contract decreased significantly [5] - **Fundamentals**: Global container shipping capacity supply remained unchanged, Shanghai port on - time rate decreased, monthly export amount increased, and some overseas economic indicators showed slight changes [5] 5. Capital Flow and Key Seats' Position Change Daily Report - Information on capital inflow and outflow of varieties and the position changes of key seats is presented, but specific data is not clearly extracted from the text [6]

Report Information - Report Type: Daily Report on Container Shipping Index [1] - Date: March 4, 2026 [2] - Research Team: Macro Financial Team [4] - Researchers: He Zhuoqiao, Huang Wenxin, Nie Jiayi [3] Investment Rating - No investment rating information provided in the report. Core Viewpoint - The escalation of the Middle East situation has boosted market sentiment, and airlines have postponed their resumption of Red Sea routes, leading to most container shipping index futures hitting the daily limit. Despite the current off - season in transportation after the Spring Festival, limited export demand, and high运力 supply in March and April, the slowdown of the Red Sea resumption plan can relieve the运力 pressure. Although the actual impact of geopolitical conflicts on container shipping supply and demand is limited, it has a greater impact on long - term sentiment and the futures market, potentially causing the index to strengthen periodically. It is advisable to pay attention to the convergence of spot and futures prices in the second half of March near the delivery date and look for opportunities to short - allocate off - season contracts such as 04 and 06 [8]. Section Summaries 1. Market Review and Operation Suggestions - **Market Situation**: The escalation of the Middle East situation has strengthened market sentiment, and airlines have postponed Red Sea resumption, resulting in most container shipping index futures hitting the daily limit. The post - Spring Festival period is still an off - season for transportation. Short - term tariff issues are unlikely to trigger exporters to rush shipments, and the demand for photovoltaic exports is limited. The运力 supply in March and April remains at a high level in the same period of history. However, the slowdown of the Red Sea resumption plan can continue to digest the运力 pressure. [8] - **Spot Price**: Leading airlines such as MSC, CMA, and HPL announced in early February that they would raise the freight rate in March to over $3000 per large container. However, the current price in early March still mainly follows the late - February price of $2000 - $2300 per large container. The off - season price increase may be more for price stabilization and difficult to implement. [8] - **Operation Suggestion**: Geopolitical conflicts have a limited actual impact on container shipping supply and demand but a greater impact on long - term sentiment and the futures market, potentially causing the index to strengthen periodically. Pay attention to the convergence of spot and futures prices in the second half of March near the delivery date and look for opportunities to short - allocate off - season contracts such as 04 and 06. [8] 2. Industry News - **Overall Market**: After the traditional "Spring Festival" holiday, the Chinese export container shipping market was generally stable. The freight rates in the ocean - going routes showed an upward trend, driving up the composite index. On February 27, the Shanghai Export Containerized Freight Index was 1333.11 points, up 6.5% from the previous period. [9] - **European Routes**: The eurozone's February composite PMI rose to 51.9, with the manufacturing PMI jumping from 49.5 to 50.8, reaching a 44 - month high and crossing the boom - bust line for the first time since August last year, indicating a good economic recovery momentum and an accelerated manufacturing expansion. The transportation demand remained stable compared to before the holiday, with a solid supply - demand fundamental, and the spot market booking price increased. On February 27, the market freight rate (including shipping and shipping surcharges) from Shanghai Port to European basic ports was $1420 per TEU, up 4.3% from the previous period. [9] - **Mediterranean Routes**: The market situation was in sync with the European routes, and the market freight rate increased. On February 27, the market freight rate (including shipping and shipping surcharges) from Shanghai Port to Mediterranean basic ports was $2305 per TEU, up 5.9% from the previous period. [9] - **North American Routes**: The US February composite PMI preliminary value dropped to 52.3, with both the manufacturing and service PMI preliminary values slightly declining. Although still in the expansion range, the expansion speed showed signs of slowing down. The US Supreme Court ruled that the large - scale tariff measures implemented by the Trump administration were unconstitutional, leading to great uncertainty in global trade. The transportation market was relatively stable, and the spot market booking price continued to rise. On February 27, the market freight rates (including shipping and shipping surcharges) from Shanghai Port to the basic ports in the US West and East were $1857 per FEU and $2691 per FEU respectively, up 3.9% and 6.6% from the previous period. [10] - **Persian Gulf Routes**: The recent geopolitical tension in the region has continued to escalate, and the traditional "Ramadan" is approaching, driving up the spot market freight rate significantly this week. On February 27, the market freight rate (including shipping and shipping surcharges) from Shanghai Port to Persian Gulf basic ports was $1327 per TEU, up 35.4% from the previous period. [10] - **Geopolitical Events**: Trump stated that a nuclear - armed Iran is unacceptable to the US, and the US will continue large - scale military operations in Iran, which may last for 4 - 5 weeks, but they are prepared for a longer - term operation. He also said that if the next Iranian leader is pragmatic, he may lift the sanctions on Iran. Iran's Supreme National Security Council Secretary Ali Larijani said that Iran will not negotiate with the US. The advisor to the commander of the Islamic Revolutionary Guard Corps said that the Strait of Hormuz has been closed, and Iran will attack all ships trying to pass through the Strait. Goldman Sachs estimated that the European natural gas price may rise by 130%, and the oil price may increase by $18 per barrel, equivalent to a 6 - week blockade of the Strait of Hormuz. A JPMorgan analyst said that if the Strait of Hormuz is completely closed due to the Middle East conflict, Middle - Eastern oil - producing countries may only be able to continue production for "at most 25 days". [10] - **Tariff Issues**: The US Supreme Court ruled that the US government's additional tariffs on relevant trading partners under the International Emergency Economic Powers Act are illegal. The Chinese Ministry of Commerce is comprehensively evaluating the relevant content and impact and urges the US to cancel the additional unilateral tariff measures on trading partners. The US Customs and Border Protection (CBP) announced that it will stop collecting tariffs imposed under the International Emergency Economic Powers Act (IEEPA) from February 24, US Eastern Time. The Chairman of the European Parliament's International Trade Committee, Bernd Lange, said that the European Parliament's negotiation team decided to suspend the approval work of the EU - US trade agreement and postpone the vote on the agreement originally scheduled for February 24. Trump warned that any country trying to "play tricks" using the Supreme Court's ruling will face higher tariffs and more serious consequences. [10] 3. Data Overview - **Container Shipping Spot Prices**: The Shanghai Export Container Settlement Freight Index for the European route (basic ports) on March 2, 2026, was 1463.4, down 110.11 (-7.0%) from February 23. The index for the US West route (basic ports) was 1045.08, down 66.93 (-6.0%) from February 23. [12] - **Container Shipping Index (European Line) Futures Market**: The report provides trading data for multiple container shipping European line futures contracts on March 3, including the previous settlement price, opening price, closing price, settlement price, price change, percentage change, trading volume, open interest, and change in open interest. [6] - **Shipping - Related Data Charts**: The report includes charts of European container ship运力, global container ship orders on hand, Shanghai - European basic port freight rates, and Shanghai - Rotterdam spot freight rates. [17][19]

1. Report Industry Investment Rating No information provided. 2. Core Viewpoints of the Report The current core contradiction in the market lies in the intense game between the "weak reality" of the seasonal decline in cargo volume before the Spring Festival and the "strong expectation" of the escalation of geopolitical risks and the improvement of Asia - Europe trade relations. The market presents a pattern of "near - term weakness and far - term strength"[2]. 3. Summary According to the Directory 3.1 Core Factors and Strategy Recommendations 3.1.1 Core Factors - The core contradiction is the game between the weak reality of pre - Spring Festival cargo volume decline and the strong expectation of geopolitical risks and trade improvement. The risk of the Red Sea crisis spreading to the Persian Gulf has increased, and macro - trade positives have strengthened the long - term expectations, while the weak pre - Spring Festival reality suppresses near - term contracts[2]. - The SCFI index continued to decline this week. The latest SCFI comprehensive index was 1316 points (-9.68%), with the European route at 1418 (-11%), the US West route at 1867 (-10%), and the US East route at 2605 (-10%)[2]. - Spot freight rates showed an obvious downward trend, with the price center shifting down by 10% from the third to the ninth week[3]. - In terms of valuation, the 02 contract price is currently about 15% lower than last year, and the 04 contract is about 17% lower. The 06 and 08 contracts have some upward space, but the profit - loss ratio is not ideal if the geopolitical crisis eases[4]. - The near - term trading logic focuses on the pricing depth of the "weak reality", and the near - term contracts are mainly volatile. The far - term trading logic is driven by the "strong expectation", and geopolitical risks and trade relations have pushed up far - term contracts[15][16]. 3.1.2 Trading - Type Strategy Recommendations This week, the market showed a pattern of "near - term pressure and far - term strength", with geopolitical sentiment dominating risk preference, and the weak pre - Spring Festival spot market restricting the upside of near - term contracts. The market is driven by expectations and has increased volatility[19]. 3.1.3 Industry Customer Operation Recommendations - For companies with full - capacity or under - performing cargo bookings, to prevent losses from falling freight rates, they can short container shipping index futures (EC2604) to lock in profits at an entry range of 1350 - 1300[21]. - For shipping companies facing increased empty - sailing or approaching the peak season, to prevent cost increases from rising freight rates, they can buy container shipping index futures (EC2604) to fix booking costs at an entry range of 1100 - 1150[21]. 3.1.4 Basic Data Overview - SCFIS: The latest value of the European route's 3 - period average was 1923.2967 (1.11% week - on - week), SCFI was 1316.75 (-9.68% week - on - week), and other routes also showed different degrees of decline[21]. - Other comprehensive freight rate indices: The FBX comprehensive route index was 2218.00 (-7.54% week - on - week), CICFI was 647.68 (0.91% week - on - week), etc.[22]. 3.2 This Week's Important Information 3.2.1 Bullish Information - Geopolitical risks have significantly escalated, with concerns about Red Sea and Strait of Hormuz navigation safety rising, and the long - term resumption of navigation expected to be postponed[42]. - Favorable trade relations: The India - EU free trade agreement and UK - China economic and trade cooperation are expected to benefit Asia - Europe route cargo volume in the long term[42]. - European bad weather has affected freight flow and port efficiency, intensifying short - term supply chain tension[42]. 3.2.2 Bearish Information - Spot freight rates have been continuously lowered by major shipping companies, reflecting pre - Spring Festival cargo - attracting pressure[43]. - Cargo volume has a seasonal decline due to the approaching Spring Festival, weakening fundamental support[43]. - The SCFI index has declined, objectively reflecting the decline in shipping prices in early February[43]. 3.3 Disk Interpretation 3.3.1 Unilateral Trends and Capital Movements This week, the market showed a pattern of "far - term stronger than near - term". The main contract EC2604 rebounded after getting support at around 1200 points, rising about 7.8% for the week, and the secondary main contract EC2606 was more strongly boosted by geopolitical sentiment, rising more than 9%. Trading volume remained active, and capital showed a trend of shifting from near - term to far - term contracts[44]. 3.3.2 Basis and Inter - Month Spread Structure - The basis: The price of the main futures contract EC2604 (about 1250 points) is deeply in discount to the current SCFIS spot index (1859.31 points), with a discount of over 600 points, reflecting the market's expectation of a decline in spot freight rates from February to April[47]. - The inter - month spread: The 02 - 04 inter - month spread weakened significantly this week. The 02 contract is basically priced, and the 04 contract is expected to strengthen due to the aforementioned bullish factors[47].

Group 1: Stock Index Futures Spread Daily Report - The report presents the latest values, historical quantiles, and changes from the previous day of various stock index futures spreads, including F, H, IC, and IM. For example, the F spot-futures spread is 30.13, with a historical 1-year quantile of 99.50% and a change of 15.32 from the previous day [1]. - It also provides cross-variety ratios such as IC/IF, IC/IH, and IF/IH, along with their historical quantiles and changes [1]. Group 2: Treasury Bond Futures Spread Daily Report - The report shows the IRR, basis, and cross-period spreads of different treasury bond futures, including TS, TF, T, and TL. For instance, the TS worst IRR is 1.3254, with a change of 0.0137 from the previous day and a historical quantile of 13.20% [2]. - Cross-variety spreads like TS - TF, TS - T, and TF - T are also presented, along with their historical quantiles and changes [2]. Group 3: Precious Metals Spot and Futures Daily Report - The report provides domestic and overseas futures closing prices, spot prices, basis, and other data for precious metals such as gold, silver, platinum, and palladium. For example, the AU2604 contract closed at 1249.12 yuan/gram on January 29, with a daily increase of 62.92 yuan and a daily increase rate of 5.30% [5]. - It also offers investment suggestions, such as taking profit on gold long positions at high prices, buying at low prices for single-sided trading, and paying attention to risk control measures for silver [5]. Group 4: Container Shipping Industry Spot and Futures Daily Report - The report shows the settlement price indices of container shipping, including SCFIS for European and US - West routes, and Shanghai Export Container Freight Index. For example, the SCFIS (European route) was 1859.31 points on January 26, with a decrease of 94.9 points and a decrease rate of 4.86% compared to January 19 [7]. - It also provides futures prices, basis, and fundamental data such as container shipping capacity supply, port - related indicators, and overseas economic data [7].

1. Report Industry Investment Rating - No information provided regarding the industry investment rating in the given reports. 2. Core Views 2.1. Precious Metals - The short - term market for precious metals is affected by geopolitical situations and the upcoming Fed decision. Gold prices are expected to maintain a strong and volatile trend. It is recommended to take profits on gold long positions at high prices and buy out - of - the - money call options instead of taking long positions. [3] - For silver, rising raw material costs may reduce industrial demand, but new demand from AI and other fields may support prices. ETF holdings are falling due to regulatory restrictions, and short - term prices may experience sharp fluctuations. It is advisable to pay attention to risk - control measures and adopt a strategy of buying on dips with light positions. [3] - Platinum and palladium prices are supported by their macro - financial attributes and tight supply, and their price centers are rising in tandem with gold. However, the easing supply in the London spot market may limit the upside. It is recommended to buy on dips and sell at high prices within a day. [3] 2.2. Container Shipping - The container shipping market shows a downward trend in freight rates. The SCFIS and SCFI indices for major routes have declined, and most futures contracts have also decreased. Although there are some positive signs in fundamentals such as an increase in port punctuality and export volume, the overall market remains under pressure. [5] 3. Summary by Relevant Catalogs 3.1. Stock Index Futures Spread Daily Report - **Spot - Futures Spread**: F has a spot - futures spread of 12.51, H has 11.61, IC has - 1.33, and IM has - 24.95. Their historical 1 - year and all - time percentiles vary, and there are also changes compared to the previous day. [1] - **Inter - delivery Spread**: There are significant differences in inter - delivery spreads (such as next - month minus current - month, quarterly - month minus current - month, etc.) among different varieties, and their percentiles also show different levels. [1] - **Cross - Variety Ratio**: Ratios such as CSI 300/Shanghai Stock Exchange 50, CSI 1000/CSI 300, and others have their own values, changes, and percentiles. [1] 3.2. Treasury Bond Futures Spread Daily Report - **IRR and Basis**: Different varieties (TS, TF, T, TL) have their own implied repo rates (IRR) and basis values, along with changes compared to the previous day and their percentiles since listing. [2] - **Inter - delivery Spread**: Each variety has inter - delivery spreads (such as current - quarter minus next - quarter, next - quarter minus the quarter after next), with corresponding changes and percentiles. [2] - **Cross - Variety Spread**: Spreads between different varieties (TS - T, TF - T, etc.) are provided, along with their changes and percentiles. [2] 3.3. Precious Metals Spot - Futures Daily Report - **Domestic Futures Closing Prices**: For AU2604, AG2604, PT2606, and PD2606 contracts, their closing prices on January 27 and 26, price changes, and percentage changes are given. [3] - **Foreign Futures Closing Prices**: Closing prices, price changes, and percentage changes of COMEX gold, silver, NYMEX platinum, and palladium futures on January 27 and 26 are presented. [3] - **Spot Prices**: Spot prices of London gold, silver, platinum, and palladium, as well as Shanghai Gold Exchange's T + D products, are provided, along with their changes and percentage changes. [3] - **Basis**: The basis values of gold TD - Shanghai gold main contract, silver TD - Shanghai silver main contract, etc., their changes, and historical 1 - year percentiles are shown. [3] - **Price Ratios**: Ratios such as COMEX gold/silver, Shanghai Futures Exchange gold/silver, etc., their changes, and percentage changes are given. [3] - **Interest Rates and Exchange Rates**: Values, changes, and percentage changes of 10 - year and 2 - year US Treasury yields, 10 - year TIPS Treasury yields, US dollar index, and offshore RMB exchange rate are presented. [3] - **Inventory and Holdings**: Inventory and holding data of Shanghai Futures Exchange and COMEX for gold and silver, as well as ETF holdings, are provided, along with their changes and percentage changes. [3] 3.4. Container Shipping Industry Spot - Futures Daily Report - **Shipping Indices**: SCFIS (European and US - West routes) and SCFI (composite, European, US - West, and US - East routes) indices show their values, changes, and percentage changes on different dates. [5] - **Futures Prices and Basis**: Futures prices of different contracts (EC2602, EC2604, etc.) and the basis of the main contract are provided, along with their changes and percentage changes. [5] - **Fundamental Data**: Global container shipping capacity supply, port punctuality, port calls, monthly export volume, and overseas economic indicators (such as Eurozone PMI, EU consumer confidence index, US manufacturing PMI, etc.) are presented, along with their changes and percentage changes. [5]