Report Industry Investment Rating - Not provided in the given content Core Viewpoints - The EC2604 contract is expected to trade in a narrow range as it is basically at par with the market's neutral forecast after Maersk's price cut in the third week. The EC2605 contract is expected to follow real - world fluctuations and gradually narrow its premium over the EC2604. The EC2606 and far - month contracts will fluctuate widely with geopolitical factors. In the short term, it is difficult for geopolitical tensions to truly cool down, resulting in large one - sided fluctuations. Seasonal spread opportunities to widen at low levels should be continuously monitored [8][9][10] Summary by Relevant Catalogs 1. Fundamental Tracking - **Contract Price and Trading Data**: The EC2604 contract closed at 1,672.9 points, down 4.79% with a decrease of 1,524 in positions. The EC2605 contract closed at 1,905.3 points, down 7.01% with an increase of 1,622 in positions. The EC2606 contract closed at 2,394.1 points, down 6.74% with a decrease of 1,369 in positions. The EC2607 contract closed at 2,586.2 points, down 3.14% with a decrease of 35 in positions. The EC2608 contract closed at 2,435.8 points, down 4.31% with an increase of 2,639 in positions. The EC2610 contract closed at 1,592.8 points, down 3.85% with a decrease of 47 in positions [1] - **Spot Freight Rates**: The weekly increase in the European - route freight rate index was 14.5%, and the bi - weekly increase was 4.1%. The freight rate of Maersk from April 13 - 19 (week16) was reduced by 100 to 2200/2300 (40GP/40HC). MSC reduced its price by about 200 to 2640 dollars/FEU from April 1 - 12. OOCL reduced its price by about 50 to 2650 dollars/FEU from April 8 - 14, and the special price of the overtime ship CSCL GLOBE was 2550 dollars/FEU. Evergreen temporarily reported 2900 dollars/FEU from April 7 - 14 [1][9] 2. Supply - side Situation - **Weekly Average Capacity**: The latest weekly average capacity in April was 31.9 million TEU/week, with the first and second half - months being 32.5 and 31.4 million TEU/week respectively. In May, the capacity was 31.6 million TEU/week, and the recent capacity reduction mainly came from 3 sailings suspended by the PA alliance after the May Day holiday [8] - **Red Sea and Mandeb Strait Risks**: The threat in the Red Sea and the Mandeb Strait remains active. In the short term, the Houthis are likely to maintain a restrained stance. The most significant impact on the container shipping market may be the interference with the oil exports from Yanbu Port, which will cause the shipping companies' fuel costs to rise [8] 3. Demand - side Situation - **Loading Pressure**: With the upgrade of the PA ship group route, the loading differences among shipping companies continue. The FE4 route in Shanghai Port faces great cargo - collection pressure, especially for ONE, which has the largest cabin - space share. The lower limit of market loading depends on the cargo - collection situation of this route [8] 4. Mid - to - Long - term Outlook - **Global Trade Growth**: The WTO predicts that the global trade growth rate in 2026 will slow down from 4.6% in 2025 to 1.9%, with the Middle East conflict and energy price fluctuations being the main downward risks [9] 5. Valuation - **Freight Rate Forecast**: In the first week of April (week14), the freight rate center was revised down by 50 to 2550 dollars/FEU. It is estimated that in the second week of April (week15), the market freight rate center may fall to around 2400 - 2450 dollars/FEU, equivalent to about 1700 - 1800 points on the SCFIS, which will be included in the first - phase delivery settlement price of the 2604 contract. In the third week of April, the market freight rate center may fall to around 2350 dollars/FEU, equivalent to about 1600 - 1700 points on the SCFIS, which will be included in the second - phase delivery settlement price of the 2604 contract [10] 6. Trend Intensity - The trend intensity of the container shipping index (European route) is 0, indicating a neutral outlook [11]

1. Report Industry Investment Rating - Not provided in the given content 2. Core Viewpoints of the Report - On Tuesday, the futures prices of the container shipping index (European route) declined across the board. The main contract EC2606 closed down 6.74%, and the far - month contracts fell between 2 - 7%. The latest SCFIS European route settlement freight rate index was 1752.54, up 59.28 points from last week, a 3.5% increase. The Middle East situation has become tense again, increasing uncertainty risks. Oil prices remain above $110 per barrel, leading to high container transportation costs. The European route has maintained a detour pattern and is not affected by the potential blockade of the Mandeb Strait, causing the futures price increase to reverse. The 15 - week average quoted price is about $2400 for large containers, equivalent to about 1800 points. Shipping companies may try to hold up prices in April, but the increase is expected to be small due to the supply - demand pattern. The eurozone's January unemployment rate unexpectedly dropped to 6.1%, a record low, and inflation accelerated unexpectedly. The ECB kept interest rates unchanged as expected, but concerns about imported inflation have led to an increase in expectations of a tightening ECB policy. The market fully anticipates that the ECB will restart interest rate hikes in July. Overall, the geopolitical situation is undetermined, the detour expectation is gradually being realized, the fundamentals of the shipping industry have not changed, and the upward space in April is limited. Shipping companies' adjustment of freight rates has also decreased compared to before. It is recommended that investors be cautious, pay attention to the operation rhythm and risk control, and track shipping company quotes, cargo volume data, and the continuation of the US - Iran conflict [2] 3. Summary by Relevant Catalogs Futures Disk - EC main contract closing price was 1672.900, down 84.2; EC sub - main contract closing price was 2394.1, down 173.1. The spread between EC2604 - EC2606 was - 721.20, up 91.40; the spread between EC2604 - EC2608 was - 762.90, up 56.40. The EC contract basis was 79.64, up 46.80. The main contract position of EC was 5505, down 1524 [2] Spot Price - SCFIS (European route) (weekly) was 1752.54, up 59.28; SCFIS (US West route) (weekly) was 1826.77, unchanged; SCFI (composite index) (weekly) was 1263.40, up 119.82. CCFI (composite index) (weekly) was 1139.04, up 18.43; CCFI (European route) (weekly) was 1485.47, up 21.72. The Panama - type freight index (daily) was 2031.00, down 14.00; the Baltic Dry Bulk Index (daily) was 1756.00, down 14.00. The average charter price of Panama - type ships was unchanged; the average charter price of Cape - type ships was 22291.00, down 2304.00 [2] Industry News - US President Trump said that Iran has agreed to "most of the content" in the "15 - point cease - fire plan". The US is in serious consultations with Iran to end military operations in Iran. Trump threatened to destroy all of Iran's power plants, oil wells, Kharg Island, and possibly all desalination plants if an agreement cannot be reached in the short term. The White House Press Secretary said Trump hopes to reach an agreement with Iran by April 6 and intends to call on Arab countries to bear the costs of the US military operations against Iran. Iran stated that if its power facilities are attacked, it will cause a power outage in the entire region. Iran's President said that ending the war should be based on safeguarding national dignity, interests, and security. The Iranian Foreign Ministry spokesman said that Iran has not had any direct negotiations with the US so far and that the so - called "15 - point cease - fire plan" is "excessive and unreasonable". Iran will not participate in the war - related meeting led by Pakistan. Iran's First Vice - President warned Trump not to send troops to Kharg Island, saying that whether the US can withdraw troops will not be under its control. The Speaker of the Iranian Islamic Parliament said that it is a "major mistake" for the US and Israel to threaten Iran, and Iran will make any aggressor pay a price under the command of the Supreme Leader [2] Key Points of Attention - On April 1, there are a series of economic data releases, including France's March manufacturing PMI final value at 15:50, Germany's March manufacturing PMI final value at 15:55, the eurozone's March manufacturing PMI final value at 16:00, the UK's March manufacturing PMI final value at 16:30, the eurozone's February unemployment rate at 17:00, the US's March ADP employment number (in ten thousand people) at 20:15, the US's February retail sales monthly rate at 20:30, and the US's March ISM manufacturing PMI at 22:00 [2]

1. Report Industry Investment Rating - Not provided in the given content 2. Core Viewpoints of the Report - On Monday, most futures prices of the Container Shipping Index (European Line) rose, with the main contract EC2606 closing up 6.32% and far - month contracts rising between 2 - 7%. The latest SCFIS European Line settlement freight rate index was 1752.54, up 59.28 points from last week, a 3.5% increase. The geopolitical situation in the Middle East is tense, with the US - Iran conflict and Houthi attacks on Israel increasing uncertainty. High oil prices drive up container transportation costs, leading to an increase in futures prices. Shipowners may try to raise prices in April, but the increase is expected to be small due to supply - demand factors. The eurozone's unemployment rate dropped to a record low of 6.1% in January, and inflation accelerated unexpectedly in February with a 1.9% year - on - year increase in CPI. The ECB kept interest rates unchanged, but concerns about imported inflation led to an increased expectation of a policy tightening. The market fully anticipates the ECB to restart rate hikes in July. Overall, with the geopolitical situation uncertain, the detour expectation gradually materializing, and the shipping industry's fundamental pattern unchanged, along with limited upside in April, shipowners' price adjustment efforts have decreased. It is recommended that investors be cautious, pay attention to operation rhythm and risk control, and track airline quotes, cargo volume data, and the persistence of the US - Iran conflict [1] 3. Summary by Relevant Catalogs 3.1 Futures Market Data - EC main contract closing price: 1719.700, down 19.3; EC secondary main contract closing price: 2532.3, up 150.6 - EC2604 - EC2606 spread: - 812.60, down 162.60; EC2604 - EC2608 spread: - 819.30, down 151.30 - EC contract basis: - 26.44, up 15.30 - EC main contract open interest: 7029, down 2233 [1] 3.2 Spot Market Data - SCFIS (European Line) (weekly): 1752.54, up 59.28; SCFI (Comprehensive Index) (weekly): 1826.77, up 239.29; SCFIS (US West Line) (weekly): 119.82, up - CCFI (Comprehensive Index) (weekly): 1139.04, up 18.43; CCFI (European Line) (weekly): 1485.47, up 21.72 - Baltic Dry Index (daily): 2031.00, down 17.00; Panama Freight Index (daily): 1756.00, up 14.00 - Average charter price (Panamax): 0.00, up 0.00; Average charter price (Capesize): 22291.00, down 1177.00 [1] 3.3 Industry News - The US - Israel - Iran conflict is intense and stalemated. Iran has increased its attacks on the US and Israel, and the US is preparing for a ground operation in Iran. The People's Bank of China held a financial stability meeting in 2026, aiming to improve the financial risk prevention and resolution system [1] 3.4 Key Events to Watch - March 31st: Japan's February unemployment rate at 07:30; China's March official manufacturing PMI at 09:30; UK's Q4 GDP annual rate final value at 14:00; France's March CPI monthly rate preliminary value at 14:45; Germany's March seasonally - adjusted unemployment rate at 15:55; Eurozone's March CPI annual rate preliminary value at 17:00; US' January S&P/CS20 major cities unadjusted house price index annual rate at 21:00; US' March Chicago PMI at 21:45 [1]

1. Report Industry Investment Rating There is no information provided in the report regarding the industry investment rating. 2. Core Viewpoints of the Report - The freight rates of the container shipping index (European Line) futures varied this week. The main contract EC2604 closed down 8.7%, and the far - month contracts had a decline ranging from 7% to 4%. The latest SCFIS European Line settlement freight rate index was 1693.26, up 136.77 points from last week, a month - on - month increase of 8.8% [6][36]. - Geopolitical expectations have improved, causing the prices of near - month container shipping index (European Line) futures to decline. The spot price is affected by the high oil price. The opening price of Maersk's large container in week w14 at the beginning of the month was $2600, and the high - cube container was $2700, a $400 increase compared to the end of March. CMA issued a written price increase notice, with the large container price about $3500, slightly higher than the previously announced price of $3100 in late March [6][36]. - The eurozone's unemployment rate unexpectedly dropped to 6.1% in January, reaching a record low. Inflation accelerated unexpectedly, with the CPI in February rising 1.9% year - on - year, higher than market expectations. The ECB kept interest rates unchanged as expected, but concerns about imported inflation led to an increase in the expectation of a tightening ECB policy. The market fully priced in the ECB's resumption of interest rate hikes in July [6][36]. - The geopolitical situation is uncertain, but the detour expectation is gradually being realized. The fundamental pattern of the shipping industry has not changed, and the upward space in April is limited. The adjustment of freight rates by shipping companies has also decreased compared to before. It is recommended that investors be cautious, pay attention to the operation rhythm and risk control, and track shipping company quotes, cargo volume data, and the development of the US - Iran conflict and the subsequent transfer of power in Iran [7][37]. 3. Summary According to the Table of Contents 3.1 Market Review - The prices of the container shipping index (European Line) futures varied this week. The main contract EC2604 closed down 8.7%, and the far - month contracts had different changes. The latest SCFIS European Line settlement freight rate index was 1693.26, up 136.77 points from last week, a month - on - month increase of 8.8% [6][10][36]. - The price of the main contract of the container shipping index (European Line) futures retreated after a small improvement in the geopolitical situation. The trading volume and open interest of the EC2604 contract declined this week [12][14]. 3.2 News Review and Analysis | News | Impact | | --- | --- | | US President Trump postponed the strike on Iranian energy facilities by 10 days until 8 pm on April 6, 2026, Eastern Time. He also denied being eager to reach an agreement with Iran and said that the US military operations against Iran were continuing. Iran responded to the US 15 - point cease - fire proposal, putting forward several conditions | Bearish | | The OECD predicted that the global economic growth rate would be 2.9% in 2026 and rise slightly to 3% in 2027. The US economic growth rate would slow from 2% in 2026 to 1.7% in 2027, and the inflation rate this year would reach 4.2%, much higher than the Fed's expectation | Neutral | | Chinese Foreign Minister Wang Yi had a phone call with Iranian Foreign Minister Araqchi. Both sides hoped to promote the cooling of the situation and start the peace - negotiation process | Neutral | | Goldman Sachs said that the probability of the US economy falling into a recession in the next 12 months had risen to 30% due to the soaring oil and gas prices. Fed Governor Milan thought it was too early to judge the impact of oil prices on the US economy and advocated further interest rate cuts | Slightly Bullish | 3.3 Weekly Market Data - The basis of the container shipping index (European Line) futures contracts shrank, and the spread widened this week [23]. - The global container shipping capacity continued to grow, and the European Line capacity fluctuated and rebounded. The BDI and BPI dropped rapidly this week, and the freight rates fluctuated slightly [28]. - The charter price of Capesize ships dropped significantly this week, and the spread between the offshore and on - shore RMB against the US dollar widened rapidly [31]. 3.4 Market Outlook and Strategy - The freight rates of the container shipping index (European Line) futures varied this week. Geopolitical expectations have improved, causing the prices of near - month futures to decline, and the spot price is affected by the high oil price. The eurozone's inflation accelerated unexpectedly, and the market fully priced in the ECB's resumption of interest rate hikes in July [36]. - The geopolitical situation is uncertain, but the detour expectation is gradually being realized. The fundamental pattern of the shipping industry has not changed, and the upward space in April is limited. The adjustment of freight rates by shipping companies has also decreased compared to before. It is recommended that investors be cautious, pay attention to the operation rhythm and risk control, and track shipping company quotes, cargo volume data, and the development of the US - Iran conflict and the subsequent transfer of power in Iran [7][37].

1. Report Industry Investment Rating No relevant content available. 2. Core Viewpoints of the Report - The OECD expects the global economic growth rate to be 2.9% in 2026 and rise slightly to 3% in 2027. The US economic growth rate is expected to slow from 2% in 2026 to 1.7% in 2027, and the inflation rate in the US this year will reach 4.2%, much higher than the Fed's expectation. The eurozone economic growth rate is expected to drop to 0.8% in 2026 and rebound to 1.2% in 2027. The uncertainty in the Middle East situation poses a test to global economic resilience. If energy prices remain high for a long time, it will significantly increase corporate costs, push up the inflation level, and drag down the global economic growth outlook [5][18]. - The Chinese government's work report in 2026 sets an annual economic growth target range of 4.5% - 5% and requires efforts to achieve better results in actual work. The overall labor productivity needs to be higher than the GDP growth rate, and R & D investment is used to drive the improvement of total factor productivity to offset the decline of the demographic dividend. The urbanization rate target is raised to 71.0%, with the focus shifting to quality improvement, and domestic demand potential is released through citizenization. It is expected that the 10 - year Treasury bond yield will tend to fluctuate within a narrow range at a low level due to the downward - shifting growth target, and the growth of labor productivity provides a lower - bound support through the wage - inflation spiral [26]. 3. Summary by Relevant Catalogs 3.1 Macro Data Quick View - GDP in Q4 2025 grew by 4.5% year - on - year, down from 4.8% in the previous quarter and 5.4% in the same period last year [1]. - In February 2026, the manufacturing PMI was 49.0%, down from 49.2% in the previous month and 50.2% in the same period last year; the non - manufacturing PMI for business activities was 49.5%, the same as the previous month but down from 50.4% in the same period last year [1]. - In February 2026, the monthly value of social financing scale was 2385.5 billion yuan, down from 2492.6 billion yuan in the previous month but up from 2233.1 billion yuan in the same period last year [1]. - In February 2026, M0, M1, and M2 increased by 14.1%, 5.9%, and 9.0% year - on - year respectively, higher than the previous month and the same period last year. The new RMB loans of financial institutions in February 2026 were 900 billion yuan, up from 390 billion yuan in the previous month but down from 1010 billion yuan in the same period last year [1]. - In February 2026, CPI increased by 1.3% year - on - year, up from 0.7% in the previous month and - 0.7% in the same period last year; PPI decreased by 0.9% year - on - year, an improvement from - 2.2% in the previous month and the same period last year [1]. - In February 2026, the cumulative year - on - year growth rate of fixed - asset investment was 1.8%, up from - 2.6% in the previous period but down from 4.1% in the same period last year; the cumulative year - on - year growth rate of total retail sales of consumer goods was 2.8%, down from 4.0% in the previous period and the same period last year [1]. - In February 2026, the monthly export amount increased by 39.6% year - on - year, up from 5.9% in the previous month and - 3.1% in the same period last year; the monthly import amount increased by 13.8% year - on - year, up from 1.9% in the previous month and 1.6% in the same period last year [1]. 3.2 Commodity Investment Reference 3.2.1 Comprehensive - The Ministry of Commerce will promote the implementation of policies to stimulate inbound consumption and expand service exports. It is expected that China's foreign trade will maintain a stable and positive trend, and efforts will be made to attract foreign investment [2]. - The Shanghai International Energy Exchange has set trading limits and margin ratios for the EC2703 contract of the container shipping index (European line) futures [2]. - On March 26, 34 domestic commodity varieties had positive basis, and 35 had negative basis. Among them, Shanghai tin, Shanghai nickel, and Zhengzhou cotton had the largest basis, while apples, strong wheat, and common wheat had the smallest basis [3]. - US President Trump will visit China from May 14 to 15, 2026, and the two sides are in communication about this [3][16]. - Trump postponed the strike on Iranian energy facilities by 10 days to 8 p.m. on April 6, 2026, US Eastern Time. Iran responded to the US cease - fire proposal with four conditions [4][16]. - The US Department of Defense is formulating a so - called "final blow" military option against Iran, and Iran has organized over one million people for ground combat and warned of opening a new front [5][16]. 3.2.2 Metals - In the two weeks after the Iran war, the Turkish central bank sold and swapped about 60 tons of gold, putting downward pressure on gold prices. The Turkish gold reserve decreased by 6 tons in the week of March 13 and 52.4 tons in the week of March 20 [6]. - In January 2026, there was a surplus of 17,000 tons in the global refined copper market [6]. - On March 25, the inventory of aluminum, zinc, tin, copper, nickel, lead decreased, while the inventory of aluminum alloy and cobalt remained stable [6]. - As of the week of March 20, Russia's central bank gold and foreign exchange reserves were 776.8 billion US dollars, down from 803.2 billion US dollars in the previous period [7]. - In February, Hong Kong's gold exports to the Chinese mainland were 63.818 metric tons, up from 36.544 metric tons in January [7]. - On March 25, the price of battery - grade lithium carbonate rose by 4960 yuan to 152,500 yuan per ton, rising for two consecutive days [8]. 3.2.3 Coal, Coke, Steel, and Minerals - In February 2026, China exported 783.8 tons of steel, a month - on - month increase of 1.1%, and the export average price was 729 US dollars per ton, a month - on - month increase of 6.7% [9]. - The Indian steel ministry is seeking help from the petroleum ministry to deal with the liquefied petroleum gas shortage in steel mills [9]. - A new large - scale light rare - earth mine was discovered in Sichuan, with an additional rare - earth resource amount of 966.6 million tons in the Maoniuping mining area [9]. 3.2.4 Energy and Chemicals - The fuel surcharge for domestic airline tickets will increase on April 5, 2026 [10]. - The BASF (Guangdong) integrated base has been fully put into operation, with 18 sets of equipment, 32 production lines, and more than 70 products [10]. - As of the week of March 20, the US natural gas inventory was 182.9 billion cubic feet, a decrease of 5.4 billion cubic feet from the previous week, an increase of 9 billion cubic feet from the same period last year, and an increase of 1.4 billion cubic feet from the five - year average [11]. - The Trump administration is reported to be studying the economic impact of oil prices soaring to 200 US dollars per barrel, but the White House denies this [11]. - Due to the blockade of the Strait of Hormuz, Iraq has to cut oil production, and the output of its southern main oil fields has dropped by 80% to about 800,000 barrels per day [11]. - Two major Russian oil shipping ports in the Baltic Sea were attacked by Ukrainian drones, and about 40% of Russia's crude oil export capacity has been suspended [12]. - Barclays Bank warns that if the blockade of the Strait of Hormuz lasts for more than a few weeks, the global oil market may lose up to 14 million barrels of supply per day [12]. - The US diesel market shows signs of supply shortage, and the average diesel price in California has exceeded the historical high [12]. 3.2.5 Agricultural Products - As of March 25, 2026, the import of Australian beef has reached 50% of the annual quota, and a 55% tariff will be imposed thereafter [13]. - The domestic pig price is expected to remain low in the first half of 2026 and may strengthen around July. The supply of standard pigs will be concentrated from March to July 2026, and the market is in a situation of strong supply and weak demand [13][14]. - The EU Commission predicts that the available output of EU common wheat in the 2026/27 season will be 125.9 million tons, down from 134.2 million tons in the 2025/26 season [14]. 3.3 Financial News Compilation 3.3.1 Open Market - On March 26, the central bank conducted 224 billion yuan of 7 - day reverse repurchase operations, with a net investment of 211 billion yuan [15]. 3.3.2 Key News - Trump will visit China from May 14 to 15, 2026, and the two sides are in communication [3][16]. - Trump postponed the strike on Iranian energy facilities, and Iran responded to the US cease - fire proposal [4][16]. - The US Department of Defense is formulating a military option against Iran, and Iran has made preparations for ground combat [5][16]. - The central budget in 2026 has added 49 specific projects, and the disclosure of departmental budgets and budget performance targets has been strengthened [17]. - Eight departments including the National Healthcare Security Administration have issued a plan to establish a long - term care insurance system, with a total premium rate of about 0.3% [17]. - The OECD released an economic outlook report, predicting global and regional economic growth rates and warning of the impact of the Middle East situation on the global economy [5][18]. - The State Administration for Market Regulation held a symposium on fair competition among enterprises and will strengthen antitrust supervision and support enterprises to expand overseas markets [18]. - The South Korean Ministry of Finance will repurchase 5 trillion won of national bonds in two batches to stabilize the bond market [19]. - There are major events in the bond market, including new defaults, changes in controlling shareholders, mergers, and bond redemptions [19]. - Credit rating agencies have made ratings and rating adjustments for some domestic and foreign entities [19]. 3.3.3 Bond Market Summary - The inter - bank bond market in China has warmed up, with the yields of major interest - rate bonds falling, and the bond futures rising. The money market is generally loose, and the short - term interest rates show different trends [20][21][22]. - The exchange bond market has mixed performance, with some bonds rising and some falling [20]. - The convertible bond index has fallen, with some convertible bonds rising and some falling [20][21]. - The yields of European and US bonds have generally risen [23][24]. 3.3.4 Foreign Exchange Market Express - The on - shore RMB against the US dollar closed down on March 26, and the RMB central parity rate against the US dollar was depreciated. The US dollar index rose, and non - US currencies generally fell [25]. 3.3.5 Research Report Highlights - CITIC Securities believes that the government work report in 2026 has set an economic growth target, and the 10 - year Treasury bond yield is expected to fluctuate at a low level [26]. 3.3.6 Today's Reminders - On March 27, 179 bonds will be listed, 134 bonds will be issued, 163 bonds will be paid, and 320 bonds will pay principal and interest [27]. 3.4 Stock Market Key News - The A - share market fell with shrinking trading volume. The battery industry chain rose, while insurance stocks and some technology - related sectors fell [28]. - The Hong Kong stock market fell, with the Hang Seng Index and the Hang Seng Technology Index both dropping significantly. Consumer and technology stocks were hit hard, and southbound funds had a net inflow [28].

Report Summary 1. Report's Investment Rating for the Industry - No investment rating information is provided in the report. 2. Core Viewpoints of the Report - The geopolitical situation between the US and Iran remains deadlocked, driving wide - ranging fluctuations in the freight rate market. Although the geopolitical situation has deteriorated, the detour expectation is gradually being realized. Coupled with the unchanged fundamentals of the shipping industry and limited upward space in March and April, it is difficult for shipping companies' price increases to be implemented. The main logic is supported by news, so investors are advised to be cautious, pay attention to operation rhythms and risk control, and track shipping company quotes, cargo volume data, the persistence of the US - Iran conflict, and the progress of the subsequent Iranian regime transition [2]. 3. Summary by Relevant Catalogs Futures Market - EC main contract closing price was 1771.400, down 15.0; EC sub - main contract closing price was 2417.3, up 98.70. The EC2604 - EC2606 spread was - 645.90, down 84.80; the EC2604 - EC2608 spread was - 641.00, down 89.80. The EC contract basis was - 78.14, up 31.60. The main contract holding volume was 10730 hands, down 1330 [2]. Spot Market - The SCFI (composite index) (weekly) was 1706.95, down 3.40; the container ship capacity was 1227.97 (ten thousand TEUs), down 0.18. The latest SCFIS European line settlement freight rate index was 1693.26, up 136.77 points from last week, a month - on - month increase of 8.8% [2]. Industry News - The US - Iran negotiations are uncertain. Iran rejects the US cease - fire proposal, while the US says the negotiations are ongoing. Iran has put forward five conditions for a cease - fire. The Iranian Permanent Mission to the UN states that non - belligerent ships can pass through the Strait of Hormuz after coordination. COSCO Shipping Lines resumes new bookings for ordinary containers to some Middle Eastern countries but ships will not pass through the Strait of Hormuz for now [2]. Price Trends and Influencing Factors - On Thursday, most prices of the container shipping index (European line) futures rose, with the main contract EC2604 down 0.84% and far - month contracts down between 1 - 5%. The freight rate is affected by high oil prices. The unemployment rate in the euro area unexpectedly dropped to 6.1% in January, and inflation accelerated in February with a 1.9% year - on - year increase in CPI. The ECB kept interest rates unchanged, but concerns about imported inflation led to an increase in expectations of a tighter ECB policy, and the market fully priced in a rate hike by the ECB in July [2]. 4. Key Points to Watch - China's year - to - date profit rate of industrial enterprises above designated size in February on March 27 at 09:30; UK's seasonally adjusted retail sales month - on - month rate in February on March 27 at 15:00; US Michigan Consumer Sentiment Index final value for March on March 27 at 22:00; US one - year inflation rate expectation final value for March on March 27 at 22:00 [2]

1. Report Industry Investment Rating - Not provided in the given content 2. Core View of the Report - On Wednesday, the futures prices of the container shipping index (European line) declined across the board, with the main contract EC2604 dropping 6.04% and the far - month contracts falling between 2 - 8%. The latest SCFIS European line settlement freight rate index was 1693.26, up 136.77 points from last week, a month - on - month increase of 8.8%. The US proposed an agreement to end the war with 15 points to Iran, improving geopolitical expectations and causing wide - range fluctuations in the freight market. The spot price was affected by the high oil price. The euro - area unemployment rate in January dropped to a record low of 6.1%, and inflation accelerated unexpectedly, with the February CPI rising 1.9% year - on - year, higher than market expectations. The ECB maintained interest rates as expected, but the expectation of tighter policies due to imported inflation concerns increased, and the market fully priced in the ECB's resumption of interest rate hikes in July. Overall, although the geopolitical situation has deteriorated, the detour expectation has gradually materialized. Coupled with the unchanged fundamentals of the shipping industry and limited upward space in March and April, it's difficult for shipping companies' price increase announcements to be implemented. The main logic is the support from news. Investors are advised to be cautious, pay attention to operation rhythm and risk control, and track airline quotes and cargo volume data, as well as the persistence of the US - Iran conflict and the progress of the subsequent Iranian regime transition [1] 3. Summary According to Relevant Catalogs Futures Market Data - EC main contract closing price: 1803.000, down 116.0; EC secondary main contract closing price: 2364.1, down 177.10 - EC2604 - EC2608 spread: - 561.10, down 20.80; EC2604 - EC2606 spread: - 551.20, down 39.30 - EC contract basis: - 109.74, up 95.90 - EC main contract open interest: 12060, down 3207 [1] Spot Market Data - SCFIS (European line) (weekly): 1693.26, up 136.77; SCFIS (US West line) (weekly): 1024.11, down 85.00 - SCFI (composite index) (weekly): 1706.95, down 3.40; container ship capacity (10,000 TEUs): 1227.97, unchanged - CCFI (composite index) (weekly): 1120.61, up 48.45; CCFI (European line) (weekly): 1463.75, up 18.88 - Baltic Dry Index (daily): 1989.00, up 48.00; Panamax Freight Index (daily): 1839.00, up 49.00 - Average charter price (Panamax ship): unchanged; average charter price (Capesize ship): 23468.00, down 764.00 [1] Industry News - The US government proposed a 15 - condition plan to end the conflict with Iran through Pakistan, including requirements such as dismantling existing nuclear capabilities, promising not to develop nuclear weapons, and allowing full verification by the IAEA - US President Trump said the US was communicating with the "right people", Iran "wanted to reach an agreement", and the US - Iran negotiation "might be quite close to reaching an agreement" - European Central Bank Governing Council members said the ECB must be "highly flexible and vigilant" to control prices due to the approaching stagflation risk caused by the Iran war, and was ready to deal with inflation if energy price increases spread to other sectors [1] Key Points to Watch - Germany's April Gfk consumer confidence index at 15:00 on March 26 - US initial jobless claims (in 10,000 people) for the week ending March 21 at 20:30 on March 26 [1]

Report Summary 1. Report Industry Investment Rating No information provided. 2. Core Viewpoints - On Tuesday, the futures prices of the container shipping index (European route) declined collectively. The main contract EC2604 fell 5.4%, and the far - month contracts fell between 2 - 7%. The latest SCFIS European route settlement freight rate index was 1693.26, up 136.77 points from last week, a month - on - month increase of 8.8% [1]. - The geopolitical situation has shown signs of deterioration, but the detour expectation is gradually being realized. The fundamental pattern of the shipping industry remains unchanged, and the upward space in March and April is limited. It is difficult for shipping companies' price increase announcements to be implemented. The main logic is supported by news. Investors are advised to be cautious, pay attention to the operation rhythm and risk control, and track shipping company quotes, cargo volume data, and the persistence of the US - Iran conflict and the progress of the subsequent Iranian regime transition [1]. 3. Summary by Relevant Catalogs 3.1 Futures Market Data - EC main contract closing price: 1898.900, down 108.3; EC second - main contract closing price: 2439.2, down 158.6 [1]. - EC2604 - EC2606 spread: - 540.30, up 195.20; EC2604 - EC2608 spread: - 511.90, up 94.70 [1]. - EC contract basis: - 205.64, up 58.50 [1]. - Futures positions (lots): 15267, EC main contract open interest decreased by 2429 [1]. 3.2 Spot Market Data - SCFIS (European route) (weekly): 1693.26, up 136.77; SCFIS (US West route) (weekly): 1024.11, down 85.00 [1]. - SCFI (composite index) (weekly): 1706.95, down 3.40; container ship capacity (10,000 TEUs): 1227.97, unchanged [1]. - CCFI (composite index) (weekly): 1120.61, up 48.45; CCFI (European route) (weekly): 1463.75, up 18.88 [1]. - Baltic Dry Index (daily): 2056.00, down 19.00; Panamax Freight Index (daily): 1904.00, down 16.00 [1]. - Average charter price (Panamax ship): 0.00, unchanged; average charter price (Cape - size ship): 24559.00, up 327.00 [1]. 3.3 Industry News - The US - Iran negotiation is in a state of uncertainty. Trump said the US and Iran had "strong" talks and formed the main points of an agreement, and would suspend attacking Iranian energy facilities for 5 days. However, Iran has repeatedly denied having talks with the US [1]. - A senior Iranian official said Trump has no right to set conditions or deadlines for the negotiation. Iran and the US have exchanged information through Egypt and Turkey to ease tensions, but the US has not accepted Iran's two core conditions [1]. - Goldman Sachs said that due to the soaring oil and gas prices, the probability of the US economy falling into a recession in the next 12 months has risen to 30%, 5 percentage points higher than the previous estimate [1]. 3.4 Key Events to Watch - UK February CPI monthly rate at 15:00 on March 25 [1]. - UK February retail price index monthly rate at 15:00 on March 25 [1]. - Germany March IFO business climate index at 17:00 on March 25 [1]. - US February import price index monthly rate at 20:30 on March 25 [1].

Report Industry Investment Rating - Not provided Core Viewpoints - The geopolitical situation has deteriorated, but the detour expectation is gradually being realized. The fundamental pattern of the shipping industry remains unchanged, and the upward space in March and April is limited. It is difficult for shipping companies' price increase announcements to materialize. The main logic is the support from news. Investors are advised to be cautious, pay attention to the operation rhythm and risk control, and timely track airline quotes and cargo volume data, as well as the persistence of the US-Iran conflict and the progress of the subsequent Iranian regime transition [1] Summary by Relevant Catalogs Futures Market - EC main contract closing price is 1957.400, up 57.0; EC secondary main contract closing price is 2692.9, up 338.90. The spread between EC2604 - EC2606 is -428.80, up 49.50; the spread between EC2604 - EC2608 is -408.60, up 24.40. The EC contract basis is -264.14, up 123.37. The EC main contract position is 17696 lots, down 74 [1] Spot Market - SCFIS (European Line) (weekly) is 1693.26, up 136.77; SCFIS (US West Line) (weekly) is 1024.11, down 85.00. SCFI (Comprehensive Index) (weekly) is 1706.95, down 3.40; container ship capacity is 1227.97 ten thousand TEUs, up 0.10. CCFI (Comprehensive Index) (weekly) is 1120.61, up 48.45; CCFI (European Line) (weekly) is 1463.75, up 18.88. The Baltic Dry Index (daily) is 2056.00, up 1.00; the Panamax Freight Index (daily) is 1904.00, up 5.00. The average charter price of Panamax ships is 0.00, unchanged; the average charter price of Capesize ships is 24559.00, down 159.00 [1] Industry News - US President Trump demanded that Iran open the Strait of Hormuz within 48 hours, or the US will attack and destroy Iran's "various power plants". Iran's parliamentary speaker pointed out that if Iran's power plants are attacked, the entire Middle East's energy and oil facilities will be regarded as legitimate targets. Iran's Islamic Revolutionary Guard Corps said it will take four measures if Trump's threat is carried out. Iran's Foreign Ministry stated that the Strait of Hormuz is not closed, and ships from non - hostile countries can pass safely [1] - The central bank governor Pan Gongsheng said that the central bank will maintain a supportive monetary policy stance, continue to implement a moderately loose monetary policy, and keep liquidity abundant [1] Market Performance - On Monday, the freight index (European Line) futures prices rose rapidly in the afternoon. The main contract EC2604 rose 3%, and the far - month contracts rose between 6 - 14%. The latest SCFIS European Line settlement freight index is 1693.26, up 136.77 points from last week, a month - on - month increase of 8.8%. The US - Iran conflict has led to higher oil prices, which has pushed up container transportation costs and driven up futures prices. Spot prices have also risen due to high oil prices [1] Economic Data - The eurozone's unemployment rate in January unexpectedly dropped to 6.1%, a record low, and inflation unexpectedly accelerated. The CPI in February increased by 1.9% year - on - year, higher than market expectations. The ECB kept interest rates unchanged as expected, but concerns about imported inflation have increased the expectation of a tighter ECB policy, and the market fully prices in the ECB's resumption of interest rate hikes in July [1] Key Events to Watch - March 24, 07:30, Japan's February core CPI annual rate; 16:15, France's March manufacturing PMI preliminary value; 16:30, Germany's March manufacturing PMI preliminary value; 17:00, eurozone's March manufacturing PMI preliminary value; 17:30, UK's March manufacturing PMI preliminary value; 21:45, US's March S&P Global manufacturing PMI preliminary value [1]

1. Report Industry Investment Rating - Not provided in the content 2. Core View of the Report - This week, the futures price of the Container Shipping Index (European Line) declined slightly. The main contract EC2604 fell 3.78%, and the far - month contracts had declines ranging from - 6% to - 2%. The latest SCFIS European Line settlement freight rate index was 1556.49, up 11.03 points from last week, a 0.7% increase. Although the geopolitical situation has deteriorated, the detour expectation has been gradually realized. Coupled with the unchanged fundamental pattern of the shipping industry and the limited upward space in March and April, it is difficult for shipping companies to implement price increases. The support from news is the main logic. Investors are advised to be cautious, pay attention to operation rhythm and risk control, and track airline quotes, cargo volume data, and the sustainability of the US - Iran conflict and the progress of the subsequent Iranian regime transition [6][35] 3. Summary According to the Catalog 3.1. Market Review - The main contract price of the Container Shipping Index (European Line) futures this week saw a retracement of gains after the detour expectation through the Strait of Hormuz was realized. The trading volume and open interest of the EC2604 contract declined. The week - on - week changes of different contracts were as follows: EC2604 fell 3.78% (- 76.30), EC2605 fell 2.78% (- 62.60), EC2606 fell 1.16% (- 28.40), EC2607 rose 2.20% (55.40), EC2608 fell 0.92% (- 22.10), EC2609 fell 0.73% (- 12.80), EC2610 fell 1.78% (- 28.40), and EC2612 fell 5.98% (- 111.80). The SCFIS index rose 0.7% (11.03) to 1556.49 [9][11][13] 3.2. News Review and Analysis - US President Trump said he was "unaware" of Israel's attacks on Iranian oil and gas facilities and told Israel not to attack Iranian energy facilities. The US Treasury Secretary said the US might lift sanctions on Iranian oil at sea in the coming days and release strategic oil reserves again. The White House said the US would not impose an oil export ban, which is bearish for the market. The Fed raised inflation and economic growth expectations, and Fed Chairman Powell denied that the US economy was in stagflation, emphasizing that the policy stance was appropriate and that interest rate cuts required sustained progress in inflation. The probability of a future interest rate hike was mentioned, which is neutral for the market. Middle - East energy facilities were at a sharply increased risk of being attacked. Iran's largest gas field and some petrochemical facilities were attacked. Iran announced it would strike US - related oil facilities and listed the energy facilities of Saudi Arabia, the UAE, and Qatar as legitimate targets, which is slightly bullish for the market. China and the US held economic and trade consultations in Paris, reaching some new consensuses and agreeing to study the establishment of a cooperation mechanism to promote bilateral trade and investment. China will take necessary measures to safeguard its legitimate rights and interests, which is neutral for the market [16] 3.3. Weekly Market Data - The basis and spread of the Container Shipping Index (European Line) futures contracts contracted this week. The export container freight rate index was lifted by the geopolitical situation. Global container shipping capacity continued to grow, and the European - line capacity fluctuated and rebounded. The BDI and BPI dropped rapidly this week, and the freight rate fluctuated slightly. The charter price of Capesize ships dropped significantly, and the spread between the offshore and on - shore RMB against the US dollar contracted rapidly [22][23][27] 3.4. Market Outlook and Strategy - The futures price of the Container Shipping Index (European Line) declined slightly this week. The main contract EC2604 fell 3.78%, and the far - month contracts had declines ranging from - 6% to - 2%. The latest SCFIS European Line settlement freight rate index was 1556.49, up 11.03 points from last week, a 0.7% increase. Although the US - Israel - Iran conflict continued to escalate, the market's expectation of detouring through the Strait of Hormuz had been fully realized, and the freight rate still had some support. The shipping company quotes in early April mostly remained unchanged, with an average of about $2370 per large container, equivalent to 1720 points of the underlying index, remaining stable. The euro - zone unemployment rate in January unexpectedly dropped to 6.1%, a record low, and inflation accelerated unexpectedly, with the CPI in February rising 1.9% year - on - year, higher than market expectations. The ECB kept interest rates unchanged as expected, but concerns about imported inflation led to an increase in the expectation of a tighter ECB policy. The market fully priced in the ECB's resumption of interest rate hikes in July. Investors are advised to be cautious, pay attention to operation rhythm and risk control, and track airline quotes, cargo volume data, and the sustainability of the US - Iran conflict and the progress of the subsequent Iranian regime transition [6][35]