Report Summary 1. Report Industry Investment Rating No information provided in the given documents. 2. Core Viewpoints - The core issue is 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 [2]. - The tariff issue has a marginal effect. The focus should be on the spot freight rate trend, and the bearish sentiment on the market is due to the spot freight rate being lower than the expected increase [2]. 3. Summary by Related Content Freight Rate Index - From November 14th to 17th, the Ningbo Export Container Freight Index (NCFI) composite index dropped 5.12% to 999.69 points. The Shanghai Export Container Settlement Freight Index (SCFIS) for the European route decreased 9.8% to 1357.67 points, while the NCFI for the European route rose 7.42% to 979.34 points. The SCFIS for the US - West route fell 6.9% to 1238.42 points, and the NCFI for the US - West route dropped 21.99% to 1052.43 points [1]. - The Shanghai Export Container Freight Index (SCFI) announced price on November 14th was 1451.38 points, down 43.72 points from the previous period. The China Export Container Freight Index (CCFI) composite index rose 3.4% to 1094.03 points. The SCFI European line price increased 7.1% to 1417 USD/TEU, and the CCFI for the European route rose 2.7% to 1403.64 points. The SCFI US - West route decreased 17.59% to 1823 USD/FEU, and the CCFI for the US - West route rose 3.9% to 846.24 points [1]. PMI Data - In the eurozone in October, the manufacturing PMI preliminary value was 45.9 (expected 45.1, previous 45), the services 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 had a previous value of - 9.2 and a forecast of - 8.5 [1]. - In China in October, 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 [1]. - In the US in October, the S&P Global services PMI preliminary value was 55.2 (expected 53.5, previous 54.2), the manufacturing PMI preliminary value was 52.2 (expected 52), and the composite PMI preliminary value was 54.8 (expected 53.1, previous 53.9) [2]. Market Conditions - On November 19th, the main contract 2602 closed at 1640.1, with a decline of 2.66%. The trading volume was 18,700 lots, and the open interest was 40,200 lots, an increase of 1384 lots from the previous day [2]. - The bearish sentiment persisted, and the spot freight rate was lower than the expected increase, causing the market to be under pressure. Attention should be paid to tariff policies, the Middle - East situation, and spot freight rates [2]. Strategies - Short - term strategy: For risk - preferring investors, it is recommended to take a light - position long in the EC2602 contract in the 1550 - 1600 range, consider partial profit - taking, pay attention to spot trends, and set stop - losses [3]. - Arbitrage strategy: In the context of international turmoil, it is recommended to wait and see or take a light - position attempt due to large fluctuations [3]. - Long - term strategy: It is recommended to take profit when the contracts rise, wait for the callback to stabilize, and then judge the subsequent direction [3]. Contract Adjustments - The daily limit for contracts 2508 - 2606 is adjusted to 18%. - The company's margin for contracts 2508 - 2606 is adjusted to 28%. - The daily opening limit for all contracts 2508 - 2606 is 100 lots [3].