Report on Stock Index Futures Price Difference Core Information - On October 27, 2025, the report presented data on stock index futures price differences, including price differences between futures and spot, across different periods, and among different varieties [1]. - For price differences between futures and spot, the IF was -0.34, the IH was 2.78, the IC was -98.73, and the IM was -121.24 [1]. - Regarding cross - period price differences, there were various values for different combinations such as “next month - current month”, “far month - current month” etc. For example, the “next month - current month” of F was -13.60 [1]. - In terms of cross - variety ratios, IC/IF was 1.5448, IC/IH was 2.3486, etc. [1]. Report on Bond Futures Basis and Price Difference Core Information - On October 24, 2025, the report provided data on bond futures basis, cross - period price differences, and cross - variety price differences [2]. - For basis, the TS was 1.2902, the TF was 1.5400, the T was 1.6139, and the TL was 1.7674 [2]. - Regarding cross - period price differences, different combinations like “current quarter - next quarter” had specific values. For example, the “current quarter - next quarter” of TS was 0.0780 [2]. - In terms of cross - variety price differences, TS - TF was -3.2830, TS - T was -5.6730, etc. [2]. Report on Precious Metals Futures and Spot Core Information - On October 24, 2025, the report included data on domestic and foreign futures closing prices, spot prices, basis, price ratios, interest rates, exchange rates, inventory, and positions of precious metals [3]. - Domestic futures closing prices: the AU2512 contract was 938.10, and the AG2512 contract was 11332 [3]. - Foreign futures closing prices: the COMEX gold主力合约 was 4126.90, and the COMEX silver主力合约 was 48.41 [3]. - Spot prices: London gold was 4111.56, and London silver was 48.62 [3]. - Basis: “gold TD - Shanghai gold主力” was -2.77, “silver TD - Shanghai silver主力” was -15, etc. [3]. - Price ratios: COMEX gold/silver was 85.25, and Shanghai Futures Exchange gold/silver was 82.78 [3]. Report on Container Shipping Industry Futures and Spot Core Information - On October 27, 2025, the report covered spot quotes, container shipping indices, futures prices, basis, and fundamental data of the container shipping industry [4]. - Spot quotes: MAERSK Maersk was 2364 dollars/FEU, CMA CGM was 3425 dollars/FEU, etc. [4]. - Container shipping indices: SCFIS (European route) was 1140.38 points, SCFIS (US West route) was 863.46 points, etc. [4]. - Futures prices: EC2602 was 1601.0, EC2604 was 1179.6, etc. [4]. - Fundamental data: global container shipping capacity supply was 3327.99 million TEU, port on - time rate in Shanghai was 42.77%, etc. [4].

Report Summary 1. Report Industry Investment Rating No relevant content provided. 2. Core Viewpoints of the Report - Short - term lack of conditions to support price increases, with the futures market likely to fluctuate at a low level. Do not recommend further adding positions and set stop - losses [2]. - The tariff issue has a marginal effect, and the current focus is on the direction of spot freight rates. The main contract may be in the process of bottom - building, suggesting light - position participation or observation [5]. - In the short - term, the main contract remains weak while the far - month contracts are stronger, which is in line with the bottom - building judgment. Risk - preferring investors are advised to take profits. Pay attention to the subsequent market trend, do not hold losing positions, and set stop - losses. In the context of international turmoil, each contract still follows seasonal logic with large fluctuations, so it is recommended to wait and see or try with a light position. In the long - term, each contract is advised to take profits when the price rises, and then wait for the price to stabilize after a pullback before judging the subsequent direction [6]. 3. Summary by Related Content 3.1 SCFIS, NCFI and Other Freight Rate Indexes - On October 13, the Shanghai Export Container Settlement Freight Index (SCFIS) for the European route was 1031.8 points, a 1.4% decrease from the previous period; the SCFIS for the US West route was 862.48 points, a 1.6% decrease from the previous period [3]. - On October 10, the Ningbo Export Container Freight Index (NCFI) (composite index) was 818.97 points, an 11.50% increase from the previous period; the NCFI for the European route was 698.67 points, an 11.39% increase from the previous period; the NCFI for the US West route was 844.43 points, a 0.34% decrease from the previous period [3]. - On October 10, the Shanghai Export Container Freight Index (SCFI) announced price was 1160.42 points, a 45.90 - point increase from the previous period; the SCFI European line price was 1068 USD/TEU, a 9.9% increase from the previous period; the SCFI US West route was 1468 USD/FEU, a 10.76% increase from the previous period [3]. - On October 10, the China Export Container Freight Index (CCFI) (composite index) was 1014.78 points, a 6.7% decrease from the previous period; the CCFI for the European route was 1287.15 points, an 8.2% decrease from the previous period; the CCFI for the US West route was 777.77 points, a 5.7% decrease from the previous period [3]. 3.2 PMI Data - In August, China's Manufacturing Purchasing Managers' Index (PMI) was 49.4%, a 0.1 - percentage - point increase from the previous month, indicating an improvement in the manufacturing prosperity level. The Composite PMI Output Index was 50.5%, a 0.3 - percentage - point increase from the previous month, indicating that the overall expansion of Chinese enterprises' production and business activities has accelerated [4]. - In September, the preliminary value of the Eurozone's manufacturing PMI was 49.5, falling below the boom - bust line, lower than analysts' expectations and the previous value of 50.7. The preliminary value of the service industry PMI rose from 50.5 to 51.4, exceeding the expected 50.5. The preliminary value of the Eurozone's composite PMI was 51.2, exceeding analysts' expectations. The Eurozone's Sentix Investor Confidence Index in September was - 9.2, with an expected value of - 2 and a previous value of - 3.7 [3]. - In September, the preliminary value of the US S&P Global Manufacturing PMI was 52 (the final value in August was 53); the preliminary value of the service industry PMI was 53.9 (the final value in August was 54.5); the preliminary value of the composite PMI was 53.6 (the final value in August was 54.6) [4]. 3.3 Market and Policy - related Information - The extension of Sino - US tariffs continues, and the negotiation has not made substantial progress. The tariff war has gradually evolved into a trade negotiation issue between the US and other countries. Currently, the spot price has decreased slightly [5]. - On October 10, the main contract 2512 closed at 1570.0, a 3.04% decline, with a trading volume of 31,500 lots and an open interest of 28,100 lots, an increase of 3834 lots from the previous day [5]. - The situation in the Middle East continues to improve. Although the SCFI index has rebounded, the overall atmosphere remains bearish, and the market is under pressure to decline. Attention should be paid to tariff policies, the Middle East situation, and spot freight rate conditions [5]. - The daily limit for contracts 2508 - 2606 has been adjusted to 18%. The company's margin for contracts 2508 - 2606 has been adjusted to 28%. The daily opening limit for all contracts 2508 - 2606 is 100 lots [6]. 3.4 Geopolitical Information - According to Israeli Army Radio on October 10, the Israeli Defense Forces will soon withdraw to the "preliminary withdrawal line" area as per US President Trump's plan. This withdrawal line is roughly the same as the control line of the Israeli army in the Gaza Strip before the large - scale offensive on Gaza City in September. The cease - fire agreement between Israel and Hamas has come into effect, and the Israeli army has stopped military operations in the Gaza Strip. However, according to reports from Al - Jazeera and the Palestinian Holy City News Network, the Israeli army's attacks on multiple areas such as Gaza City and Khan Younis are still ongoing [7]. - According to CCTV News on the evening of October 9, Khalil al - Hayya, a senior Hamas official and chief negotiator, issued a statement announcing the achievement of a cease - fire agreement. This is the first public statement by the Hamas negotiation delegation since the first - stage cease - fire agreement in Gaza was reached. Khalil al - Hayya said that Hamas has received guarantees from mediators including the US. "The war in Gaza is over." Khalil al - Hayya mentioned the cease - fire, the withdrawal of the Israeli army, the entry of humanitarian aid into Gaza, the opening of border ports, and the exchange of Israeli detainees and Palestinian prisoners in the statement, but did not mention issues such as Hamas' disarmament and the transfer of Gaza's management rights in US President Trump's "20 - point plan" [7].

Report Summary 1. Investment Rating No investment rating for the industry is provided in the report. 2. Core Viewpoints - Spot freight rates are continuously falling, and the bullish sentiment has faded. The market is weakening, and it is not recommended to add more positions. Stop - loss should be set [2]. - The market shows a pattern of near - term strength and long - term weakness. Attention should be paid to tariff policies, the Middle East situation, and spot freight rates [4]. - Tariff issues have a marginal effect. In the short - term, wait for the market to bottom; in the long - term, take profit on rallies and wait for the market to stabilize after a pullback [4]. 3. Summary by Content Freight Rate Indexes - From September 19th to 22nd, multiple freight rate indexes declined. For example, the NCFI (composite index) dropped 13.24%, the SCFIS (European route) fell 12.9%, and the NCFI (US West route) decreased 23.30% [3]. Economic Data - In August, the manufacturing PMI in China was 49.4%, up 0.1 percentage points from the previous month, and the composite PMI output index was 50.5%, up 0.3 percentage points [4]. - The eurozone's August manufacturing PMI, services PMI, and composite PMI all showed improvement. The Sentix investor confidence index was - 3.7 [3]. - The US August manufacturing and services PMI data were better than expected [4]. Trading Strategies - Short - term strategy: The main contract is weak, and it is recommended to stop loss on long positions and wait for the bottoming opportunity. Do not hold positions stubbornly and set stop - loss [4]. - Arbitrage strategy: Due to the volatile international situation, it is recommended to temporarily observe or participate with a light position [4]. - Long - term strategy: Take profit on rallies and wait for the market to stabilize after a pullback before making further decisions [4]. Market Conditions - On September 23rd, the main contract 2510 closed at 1100.0, with a decline of 0.18%, a trading volume of 28,500 lots, and an open interest of 41,500 lots, a decrease of 4,522 lots from the previous day [4]. - The daily trading limit for contracts 2508 - 2606 was adjusted to 18%, the margin was adjusted to 28%, and the intraday opening limit for all contracts 2508 - 2606 was 100 lots [4]. Geopolitical Events - On September 23rd, a ship reported an explosion in the sea area about 222 kilometers east of Aden, Yemen, but the ship and its crew were safe [4]. - Australia, Canada, and the UK announced the recognition of the State of Palestine, and the international community's call for the implementation of the "two - state solution" has increased [4].

Summary of Conference Call Records Industry Overview - The records primarily discuss the futures market and shipping industry, focusing on the impact of tariff policies and market dynamics on shipping rates and cargo volumes [1][2][4][5]. Key Points and Arguments 1. **Market Reaction to Tariff Policies** The futures market has shown a strong rebound, particularly in August contracts, which are influenced by current spot prices due to the ban on certain contracts. This indicates a close correlation between spot prices and futures contracts [1][2]. 2. **Impact of Recent Negotiations** Negotiations that began on July 7 between the U.S. and other countries have led to a more favorable outcome compared to April's tariffs. This has resulted in a market rebound as negative sentiments have eased [2][7]. 3. **Future Tariff Pressures** Despite the recent rebound, there are concerns about increased tariffs set to take effect before 2024, which will continue to exert pressure on future contracts due to rising costs [2][9]. 4. **Stability in Freight Rates** Current high-frequency data indicates that freight rates remain stable, with no significant increases or decreases in shipping capacity and cargo volume [3][6]. 5. **Cargo Volume Trends** The shipping industry has seen varied trends in cargo volumes across different routes, with significant increases noted in African shipping routes, which have absorbed a lot of shipping capacity [5][10]. 6. **Seasonal Freight Rate Patterns** Seasonal patterns in freight rates have been observed, with a notable increase in rates following a period of tariff-induced export slowdowns. This has led to a recovery in shipping demand and rates [6][12]. 7. **Regional Shipping Dynamics** The records highlight that shipping capacity to regions like Africa and the Mediterranean is increasing, indicating a positive outlook for cargo volumes in these areas [10][11]. 8. **Future Market Expectations** There is a cautious optimism regarding future market conditions, with expectations that freight rates may continue to rise if shipping capacity and demand remain aligned [14][15]. Other Important Insights - The records emphasize the need for continuous monitoring of high-frequency data to capture rapid changes in the shipping market [3][12]. - The relationship between shipping capacity and freight rates is crucial, as fluctuations in one can significantly impact the other [14]. - The potential for further negotiations and tariff adjustments remains a critical factor influencing market sentiment and trading strategies [8][9].

Group 1: Report Overview - Date of the report: July 7, 2025 [1] - Report type: Container Shipping Daily Report - Research group: Shipping Research Group Group 2: Industry Investment Rating - No industry investment rating is provided in the report. Group 3: Core Views - Amid geopolitical conflicts, the market has high complexity and uncertainty, with multiple long - and short - term factors intertwined, making it difficult to predict. It is recommended to participate with a light position or stay on the sidelines [2][4] - The short - term market may rebound, and it is advised to stop losses on short positions. Risk - takers can try to go long on the 2510 contract below 1300 with stop - loss and take - profit set [5] - In the context of international turmoil, it is recommended to wait and see for arbitrage strategies [5] - For long - term strategies, it is advised to take profits when the contracts rise and wait for a pullback to stabilize before determining the subsequent direction [5] Group 4: Market Information Freight Index - On July 4, the Shanghai Export Container Settlement Freight Index (SCFIS) for the European route was 2123.24 points, up 9.6% from the previous period; the SCFIS for the US West route was 1619.19 points, down 22.3% from the previous period [3] - The Ningbo Export Container Freight Index (NCFI) composite index was 1285.2 points, down 7.9% from the previous period; the NCFI for the European route was 1442.5 points, unchanged from the previous period; the NCFI for the US West route was 1176.6 points, down 24.3% from the previous period [3] - The Shanghai Export Container Freight Index (SCFI) was 1763.49 points, down 98.02 points from the previous period; the SCFI for the European route was 2101 USD/TEU, up 3.50% from the previous period; the SCFI for the US West route was 2089 USD/FEU, down 18.97% from the previous period [3] - The China Export Container Freight Index (CCFI) composite index was 1342.99 points, down 1.9% from the previous period; the CCFI for the European route was 1694.30 points, up 3.3% from the previous period; the CCFI for the US West route was 1084.28 points, down 10.5% from the previous period [3] Economic Data - Eurozone's June manufacturing PMI flash was 49.4 (expected 49.8, previous 49.4); services PMI flash was 50 (2 - month high, expected 50, previous 49.7); composite PMI flash was 50.2 (expected 50.5, previous 50.2); Sentix investor confidence index was 0.2 (expected - 6, previous - 8.1) [3] - China's Caixin Manufacturing PMI in June was 50.4, 2.1 percentage points higher than May and the same as April, back above the critical point [3] - US June Markit manufacturing PMI flash was 52 (same as May, higher than expected 51, 2 - month high); services PMI flash was 53.1 (lower than previous 53.7, higher than expected 52.9, 2 - month low); composite PMI flash was 52.8 (lower than previous 53, higher than expected 52.1, 2 - month low) [3] Market News - The US claims that new tariffs will be imposed starting in August, and the Houthi rebels attacked merchant ships again [2] - Hamas is consulting on a cease - fire proposal for the Gaza Strip, and the US and Israel had a long - term discussion on the Gaza situation, with Israel agreeing to the necessary conditions for a 60 - day cease - fire agreement [6] - US trade data in May showed that imports and exports both shrank, and the trade deficit widened further. The import of consumer goods decreased by $4 billion, and the export of industrial supplies and raw materials declined significantly, with overall exports down 4% [6] Group 5: Contract Information - On July 4, the closing price of the 2508 main contract was 1849.9, down 1.71%, with a trading volume of 47,800 lots and an open interest of 36,400 lots, an increase of 431 lots from the previous day [4] - The daily trading limit for contracts from 2506 to 2604 has been adjusted to 16% [5] - The company's margin for contracts from 2506 to 2604 has been adjusted to 26% [5] - The daily opening limit for all contracts from 2506 to 2604 is 100 lots [5]

Core Viewpoint - The shipping market is experiencing a significant surge in freight rates, particularly for routes from China to the U.S., driven by a "rush for shipping" phenomenon among major shipping companies [1][2]. Group 1: Freight Rate Increases - Major shipping companies, including Mediterranean Shipping Company, Hapag-Lloyd, and Evergreen Marine, have announced increases in freight rates for 40-foot containers from Chinese coastal ports to the U.S. ranging from $700 to $1,500 [1]. - Freight rates from Vietnam to the U.S. have also risen by approximately $500 [1]. - As of May 9, freight rates from China to the U.S. West and East coasts increased by $75 and $52 per 40-foot container, representing a 20% and 7.5% rise, respectively [2]. Group 2: Market Dynamics - A large shipping company representative confirmed the existence of a rush for shipping, predicting that this trend will continue for the next 2-3 months [1]. - The shipping market is entering a peak season in May, with many shipping companies planning to impose additional peak season surcharges ranging from $1,600 to $2,000 [1]. - The shipping market sentiment is positive, with expectations of a significant rebound in freight rates from May to July due to the acceleration of previously delayed shipments [4]. Group 3: Future Projections - Shipping analysts predict that freight rates may rise by 20% in the short term, with foreign trade companies facing tight deadlines to complete orders within 90 days [4]. - The shipping futures market has shown strong upward momentum, with the main EC2506 contract closing at its limit up, indicating bullish sentiment in the shipping trade market [4]. - If a large-scale rush for shipping occurs on the U.S. routes, shipping companies may reallocate capacity from European routes, potentially tightening supply and driving up European freight rates [4].