Report Summary 1. Investment Rating No investment rating for the industry is provided in the report. 2. Core Views - The current tariff issue has a marginal effect, and the core lies in the direction of spot freight rates. The main contract may be in the process of bottom - building, and it is recommended to participate with a light position or wait and see [2][3]. - The bullish signals released by liner companies have warmed the market sentiment. Long - position funds have continuously entered, pushing up the futures price. Attention should be paid to tariff policies, the Middle - East situation, and spot freight rates [2][3]. - For different time - frame strategies: in the short - term, risk - preference investors who have built positions in the EC2512 contract below 1500 can consider partial profit - taking; in the long - term, it is recommended to take profits when the contract price surges and wait for the price to stabilize after the correction before making further judgments [3]. 3. Summary by Relevant Content a. Freight Index - **SCFIS and NCFI**: On November 3, the Shanghai Export Container Settlement Freight Index (SCFIS) for the European route was 1208.71 points, down 7.9% from the previous period; for the US - West route, it was 1267.15 points, up 14.4%. On October 31, the Ningbo Export Container Freight Index (NCFI) for the comprehensive index was 1100.32 points, up 12.60%; for the European route, it was 965.62 points, up 17.43%; for the US - West route, it was 1452.82 points, up 12.30% [2]. - **SCFI and CCFI**: On October 31, the Shanghai Export Container Freight Index (SCFI) was 1550.70 points, up 147.24 points from the previous period. The SCFI price for the European route was 1344 USD/TEU, up 7.87%; for the US - West route, it was 2647 USD/FEU, up 22.94%. The China Export Container Freight Index (CCFI) for the comprehensive index was 1021.39 points, up 2.9%; for the European route, it was 1323.81 points, up 2.4%; for the US - West route, it was 772.67 points, up 4.9% [2]. b. PMI Data - **Eurozone**: In October, the manufacturing PMI preliminary value was 45.9 (expected 45.1, previous 45), the service PMI preliminary value was 51.2 (expected 51.5, previous 51.4), and the composite PMI preliminary value was 49.7 (expected 49.7, previous 49.6). The Sentix investor confidence index was expected to be - 8.5, with the previous value of - 9.2 [2]. - **China**: In October, the manufacturing PMI was 49.0%, down 0.8 percentage points from the previous month, and the comprehensive PMI output index was 50.0%, down 0.6 percentage points from the previous month, indicating overall stable corporate production and operation activities [2]. - **US**: In October, the S&P Global service PMI preliminary value was 55.2 (expected 53.5, previous 54.2), the manufacturing PMI preliminary value was 52.2 (expected 52, previous 52), and the composite PMI preliminary value was 54.8 (expected 53.1, previous 53.9) [3]. c. Tariff and Trade - Sino - US tariffs continue to be extended, 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 slightly decreased [2][3]. d. Market Strategy - **Short - term Strategy**: The main contract is weak while the far - month contract is strong, which is in line with the bottom - building judgment. Risk - preference investors who have built positions in the EC2512 contract below 1500 can consider partial profit - taking. Follow - up market trends should be monitored, and it is not recommended to hold losing positions. Stop - loss should be set [3]. - **Arbitrage Strategy**: Given the volatile international situation, each contract still follows the seasonal logic with large fluctuations. It is recommended to wait and see or participate with a light position [3]. - **Long - term Strategy**: It is recommended to take profits when the contract price surges and wait for the price to stabilize after the correction before making further judgments [3]. e. Market Conditions on November 5 - The main contract 2512 closed at 1946.0, with a 4.08% increase, a trading volume of 4.12 million lots, and an open interest of 34,100 lots, an increase of 3157 lots from the previous day [3]. - The daily trading limit for contracts 2508 - 2606 was adjusted to 18%, the margin was adjusted to 28%, and the intraday opening limit for contracts 2508 - 2606 was set at 100 lots [3].

1. Report Industry Investment Rating No relevant content provided. 2. Core View of the Report - The rally signal has boosted bullish sentiment, causing the market to continue rising. It is not recommended to increase positions, and full profit - taking can be considered. Attention should be paid to the freight rates in November. The tariff issue has a marginal effect, and the core lies in the direction of spot freight rates. The main contract may be in the bottom - building process, and it is recommended to participate with a light position or wait and see. For long - term strategies, it is advisable to take profits when prices rise and wait for the market to stabilize after a pullback before making further decisions [2][3]. 3. Summary According to Relevant Contents Freight Rate Index - On November 3, the Shanghai Export Container Settlement Freight Index (SCFIS) for the European route was 1208.71 points, down 7.9% from the previous period; the SCFIS for the US West route was 1267.15 points, up 14.4% from the previous period. On October 31, the Ningbo Export Container Freight Index (NCFI) (composite index) was 1100.32 points, up 12.60% from the previous period; the NCFI for the European route was 965.62 points, up 17.43% from the previous period; the NCFI for the US West route was 1452.82 points, up 12.30% from the previous period. Also on October 31, the Shanghai Export Container Freight Index (SCFI) announced a price of 1550.70 points, up 147.24 points from the previous period; the China Export Container Freight Index (CCFI) (composite index) was 1021.39 points, up 2.9% from the previous period; the SCFI European line price was 1344 USD/TEU, up 7.87% from the previous period; the SCFI US West route was 2647 USD/FEU, up 22.94% from the previous period; the CCFI for the European route was 1323.81 points, up 2.4% from the previous period; the CCFI for the US West route was 772.67 points, up 4.9% from the previous period [2]. Economic Data - The preliminary Eurozone manufacturing PMI in October was 45.9 (expected 45.1, previous 45), the preliminary service PMI was 51.2 (expected 51.5, previous 51.4), and the preliminary composite PMI was 49.7 (expected 49.7, previous 49.6). The Eurozone Sentix investor confidence index in October had a previous value of - 9.2 and a forecast value of - 8.5. In October in China, the manufacturing PMI was 49.0%, down 0.8 percentage points from the previous month, and the composite PMI output index was 50.0%, down 0.6 percentage points from the previous month. The preliminary US S&P Global service PMI in October was 55.2 (expected 53.5, previous 54.2), the manufacturing PMI was 52.2 (expected 52, previous 52), and the composite PMI was 54.8 (expected 53.1, previous 53.9) [2][3]. Policy and Trade Information - The China - US tariff extension continues, and the negotiation has not made substantial progress. The US will cancel the 10% so - called "fentanyl tariff" on Chinese goods (including those from Hong Kong and Macau), and the 24% reciprocal tariff on Chinese goods will be suspended for another year. China will adjust its counter - measures accordingly, and both sides agree to extend some tariff exclusion measures [2][3][4]. Market Strategy - **Short - term Strategy**: The main contract is weak, and the far - month contracts are strong, which is in line with the bottom - building judgment. Risk - takers who were advised to build positions below 1500 in the EC2512 contract (with a profit of over 300 points) can consider partial profit - taking. Pay attention to the subsequent market trend, do not hold losing positions, and set stop - losses. - **Arbitrage Strategy**: Given the volatile international situation, each contract still follows the seasonal logic with large fluctuations. It is recommended to wait and see or participate with a light position. - **Long - term Strategy**: It is advisable to take profits when prices rise for each contract, wait for the market to stabilize after a pullback, and then judge the subsequent direction [3]. Market Conditions - On November 5, the main contract 2512 closed at 1946.0, up 4.08%, with a trading volume of 4.12 million lots and an open interest of 34,100 lots, an increase of 3157 lots from the previous day. The price limit for contracts 2508 - 2606 has been adjusted to 18%, the margin of the company for contracts 2508 - 2606 has been adjusted to 28%, and the daily opening limit for all contracts 2508 - 2606 is 100 lots [3].