Report Industry Investment Rating - Not provided Core Viewpoints - Amid geopolitical conflicts and tariff fluctuations, trading is challenging, and it's recommended to participate with a light position or stay on the sidelines [2] - The short - term market may rebound, and risk - takers can consider partial profit - taking when the price surges today. For long - term strategies, take profits when the price rises and wait for the price to stabilize after a pullback before determining the next direction [1][3] Summary by Related Contents Shipping Market Information - On July 7, the Shanghai Export Container Settlement Freight Index (SCFIS) for European routes was 2258.04 points, up 6.3% from the previous period; for the US West routes, it was 1557.77 points, down 3.8% from the previous period. On July 4, the Ningbo Export Container Freight Index (NCFI) composite index was 1285.2 points, down 7.92% from the previous period [1] - On July 4, the Shanghai Export Container Freight Index (SCFI) was 1763.49 points, down 98.02 points from the previous period. The SCFI European line price was 2101 USD/TEU, up 3.50% from the previous period; the US West route was 2089 USD/FEU, down 18.97% from the previous period [1] - The China Export Container Freight Index (CCFI) composite index on July 4 was 1342.99 points, down 1.9% from the previous period; the European route was 1694.30 points, up 3.3% from the previous period; the US West route was 1084.28 points, down 10.5% from the previous period [1] Market News - The Trump administration has continued to impose tariffs on multiple countries, mainly in Southeast Asia, and postponed the tariff negotiation date to August 1. Some shipping companies have announced price increases, and the spot market has a small price increase to test the market [2] - China and the US are expected to hold consultations on trade issues next month. Houthi has stated that it will attack Israeli ships, and the cease - fire negotiation in Gaza is ongoing, with the market full of mixed long and short information [2] Market Data - On July 9, the main contract 2508 closed at 2012.5, up 1.69%. The trading volume was 25,400 lots, and the open interest was 31,300 lots, a decrease of 3709 lots from the previous day [2] Strategy Recommendations - Short - term strategy: The short - term market may rebound. Risk - takers were recommended to go long on the 2510 contract at below 1300 (with a profit margin of over 100 points). Consider partial profit - taking when the price surges today. For the EC2512 contract, go short lightly above 1650 and set stop - loss and take - profit levels [3] - Arbitrage strategy: Due to the volatile international situation, it's recommended to stay on the sidelines for now [3] - Long - term strategy: For each contract, take profits when the price rises, wait for the price to stabilize after a pullback, and then determine the subsequent direction [3] Contract Adjustments - The daily limit for contracts 2506 - 2604 is adjusted to 16% [3] - The company's margin for contracts 2506 - 2604 is adjusted to 26% [3] - The daily opening limit for all contracts from 2506 - 2604 is 100 lots [3]

Report Summary 1. Investment Rating - No investment rating for the industry is provided in the report. 2. Core Viewpoints - Contracts continue to decline, in line with the daily report's expectations. Given the high difficulty of trading recently, it is recommended to participate with a light position or stay on the sidelines. In the context of geopolitical conflicts, the trading difficulty is high, and the market is prone to decline and difficult to rise without more positive news. [2][3] 3. Summary by Related Content Market Performance - On June 23, the Shanghai Export Container Settlement Freight Index (SCFIS) for the European route was 1937.14 points, up 14.1% from the previous period; the SCFIS for the US - West route was 2083.46 points, down 28.4% from the previous period. On June 20, the Ningbo Export Container Freight Index (NCFI) composite index was 1382.05 points, down 10.07% from the previous period. [2] - On June 20, the Shanghai Export Container Freight Index (SCFI) was 1869.59 points, down 218.65 points from the previous period; the SCFI for the European route was 1835 USD/TEU, down 0.49% from the previous period; the SCFI for the US - West route was 2772 USD/FEU, down 32.86% from the previous period. The China Export Container Freight Index (CCFI) composite index was 1342.46 points, up 8.0% from the previous period. [2] - On June 25, the main contract 2508 closed at 1740.2, down 3.07%, with a trading volume of 50,800 lots and an open interest of 43,500 lots, a decrease of 1263 lots from the previous day. [3] Macroeconomic Data - Eurozone's May manufacturing PMI flash was 49.4 (expected 49.3, previous 49); services PMI flash was 48.9 (expected 50.3, previous 50.1); composite PMI was 49.5 (expected 50.7, previous 50.4). The Sentix Investor Confidence Index in May was - 8.1 (expected - 11.5, previous - 19.5). [2] - China's Caixin Manufacturing PMI in May was 48.3, down 2.1 percentage points from April, falling below the critical point for the first time since October 2024. [2] - US May Markit manufacturing PMI was 52.3 (a three - month high, expected 49.9, previous 50.2); services PMI flash was 52.3 (a two - month high, expected 51, previous 50.8); composite PMI flash was 52.1 (expected 50.3, previous 50.6). [2] Strategy Recommendations - Short - term strategy: Without an obvious fundamental turnaround, it is recommended to try shorting on rallies. It has been suggested to short lightly when the 2508 contract rebounds above 2000. Hold existing short positions and stop - loss long positions, setting stop - loss and take - profit levels. [4] - Arbitrage strategy: In the context of international turmoil and large fluctuations, it is advisable to stay on the sidelines for now. [4] - Long - term strategy: It has been recommended to take profits when contracts rally and wait for a pullback to stabilize before determining the subsequent direction. [4] - Circuit breakers: The circuit breakers for contracts 2506 - 2604 are adjusted to 16%. [4] - Margin: The margin for contracts 2506 - 2604 is adjusted to 26%. [4] - Daily opening limit: The daily opening limit for all contracts 2506 - 2604 is 100 lots. [4] Geopolitical News - Iran's Atomic Energy Organization Chairman Mohammad Eslami said on the 24th that the Iranian government has taken necessary measures to ensure the continuation of the Iranian nuclear program after military strikes by Israel and the US. [5] - Iranian President Pezeshkian announced on the 24th that the 12 - day war initiated by Israel has ended, and he called on all agencies to focus on reconstruction. [5]