Report Summary 1. Report Industry Investment Rating No information provided on the industry investment rating. 2. Core Viewpoints - For the EC2602 contract, as it enters the delivery logic and the subsequent price - decline rhythm is hard to predict, it is not recommended to enter the market at the current level [3]. - The EC2604 contract has a moderately high valuation, but there is a short - term upward risk. The strategy is mainly to go short at high levels [3]. - The far - month contracts are greatly affected by geopolitical factors. Under the long - term logic of resumption of navigation and off - season, the strategy for the EC2610 contract is mainly to go short when the price rises [3]. 3. Summary by Related Content Market Data - **Contract Prices and Changes**: The EC2602 contract closed at 1801.3 with a 0.35% increase; EC2604 at 1166.0 with a 0.50% increase; EC2606 at 1367.9 with a - 0.11% decrease; EC2608 at 1500.0 with a - 0.01% decrease; EC2610 at 1060.0 with a 0.38% increase [2]. - **Volume and Open Interest**: The trading volume of EC2602 was 21505, and the open interest was 24130 with a decrease of 3725; for EC2604, the trading volume was 4507, and the open interest was 20919 with a decrease of 322; for EC2606, the trading volume was 414, and the open interest was 2152 with a decrease of 78; for EC2608, the trading volume was 65, and the open interest was 1195 with a decrease of 1; for EC2610, the trading volume was 319, and the open interest was 6024 with a decrease of 60 [2]. - **Month - to - Month Spreads**: The spread of EC2502 - 2604 was 635.3, with a daily increase of 0.4 and a weekly increase of 0.1; the spread of EC2504 - 2606 was - 201.9, with a daily increase of 7.9 and a weekly decrease of 46.4 [2]. - **Spot Indicators**: The SCEIS (for the European line) was 1742.64 on December 29, 2025, with a 9.66% increase from the previous period and a 5.21% increase from the period before the previous one; the SCH (for the European line) was 1690 dollars/TEU on December 26, 2025, with a 10.24% increase from the previous period and a - 0.3% decrease from the period before the previous one [2]. Spot Situation in the European Line - **Week 2**: MSK's price was flat at 2500 dollars, but the price at Hamburg Port was 2600 dollars (+100). PA had some price drops, and OA had price increases. The central price was 2860 dollars, equivalent to about 2000 points on the disk [4]. - **Price Increase Notices**: Some shipping companies issued price - increase notices for January. MSC announced price increases for 20GP and 40GP containers on the European line to 2400/4000 dollars respectively in the second half of January [4]. - **Week 3**: MSK's opening price was 2600 dollars, and the price at Hamburg was 2700 dollars (+100) [4]. News - **Military Actions**: On January 1, 2026, the Israeli military chief of staff stated that the Israeli army would continue to disarm Hamas. On January 4, Saudi Arabia carried out an air strike on Yemen's eastern province of Mahra [5]. Graphs - The report includes graphs such as the EC main - contract price trend, EC forward curve, price ratio between different contracts (02/04, 04/06), shipping - company quotation structure (converted to the disk), European - line spot freight - rate index, and freight - rate indices of other routes (TCI of various regions) [6][7][11]

Report Industry Investment Rating - No relevant information provided in the reports. Core Views - No clear core views are presented in the given reports. The reports mainly provide various data on different financial products and markets. Summary by Category Stock Index Futures - **Price - Spread Data**: Presented data on spot - futures spreads and inter - delivery spreads for different stock index futures contracts (F, H, IC, IM). For example, the F spot - futures spread was - 8.66 with a change of - 1.61 from the previous day, and the H spot - futures spread was 9.53 with a change of - 4.00. Also included historical percentile data [1]. Treasury Bond Futures - **Price - Spread Data**: Provided data on basis, inter - delivery spreads, and inter - variety spreads for different treasury bond futures contracts (TS, TF, T, TL). For instance, the TS basis on August 18, 2025, was 1.1620 with a change of 0.0332 from the previous day, and the TS - TF inter - variety spread was - 3.1510 with a change of 0.1630 [2]. Precious Metals - **Price Data**: Showed domestic and foreign futures closing prices, spot prices, basis, and other related data for gold and silver. For example, the AU2510 domestic futures contract closed at 777.66 yuan/gram on August 18, 2025, up 1.86 yuan from August 15, with a 0.24% increase [3]. Container Shipping Industry - **Price and Index Data**: Included spot quotes, freight indexes, futures prices, and basis data for container shipping. For example, the MAERSK spot quote for Shanghai - Europe future 6 - week freight on August 19, 2025, was 2443 dollars/FEU, up 85 dollars from August 18, with a 3.60% increase [4]. Trading Calendar - **Data and Events**: Listed overseas and domestic economic data and events to be released on August 19, 2025. For example, the eurozone's seasonally adjusted current account for June (in billions of euros) was to be released at 16:00, and the China's total polysilicon inventory was to be reported at 19:00 [5].

Group 1: Stock Index Futures Spread Daily Report Core Viewpoints - The report presents the latest values, changes from the previous day, 1 - year historical percentiles, and all - time percentiles of various stock index futures spreads and cross - variety ratios on July 22, 2025 [1]. Summary by Category - **Futures - Spot Spreads**: For example, the F futures - spot spread is - 20.81, down 4.06 from the previous day, with a 1 - year percentile of 30.70% and an all - time percentile of 21.70% [1]. - **Inter - delivery Spreads**: Such as the F inter - delivery spread, where the season - month minus the current - month is - 41.00, down 32.20, with a 1 - year percentile of 20.00% and an all - time percentile of 26.40% [1]. - **Cross - Variety Ratios**: For instance, the IC/IF ratio is 1.4898, up 0.0051, with a 1 - year percentile of 62.20% and an all - time percentile of 60.20% [1]. Group 2: Treasury Bond Futures Spread Daily Report Core Viewpoints - The report provides data on IRR, basis, inter - delivery spreads, and cross - variety spreads of treasury bond futures on July 22, 2025, including their changes and historical percentiles [2]. Summary by Category - **IRR**: The 15 - year IRR is 1.6099, down 0.0053 from the previous day, with a historical percentile of 24.90% [2]. - **Basis**: For example, the T basis is 1.5727, down 0.0409, with a historical percentile of 53.80% [2]. - **Inter - delivery Spreads**: Like the TS inter - delivery spread, the current - season minus the alternate - season is - 0.0080, with a historical percentile of 11.60% [2]. - **Cross - Variety Spreads**: Such as the TS - TF spread, which is - 3.5350 on July 22, 2025, up 0.0210, with a historical percentile of 8.10% [2]. Group 3: Precious Metals Futures - Spot Daily Report Core Viewpoints - The report shows the domestic and foreign futures closing prices, spot prices, basis, ratios, interest rates, exchange rates, inventory, and holdings of precious metals on July 22, 2025, along with their changes [4]. Summary by Category - **Futures Closing Prices**: The AU2510 contract closed at 781.70 yuan/gram on July 21, up 4.68 (0.60%) from July 18 [4]. - **Spot Prices**: The London gold price was 3396.67 dollars/ounce on July 21, up 47.01 (1.40%) from July 18 [4]. - **Basis**: The gold TD - Shanghai gold主力 basis is - 4.70, down 1.05, with a 1 - year percentile of 5.60% [4]. - **Ratios**: The COMEX gold/silver ratio is 86.91, down 0.42 (- 0.48%) [4]. - **Interest Rates and Exchange Rates**: The 10 - year US Treasury yield is 4.38%, down 0.06 (- 1.4%) [4]. - **Inventory and Holdings**: The SPRD gold ETF holding is 947 tons, up 3.44 (0.36%) [4]. Group 4: Container Shipping Industry Futures - Spot Daily Report Core Viewpoints - The report offers information on Shanghai - Europe future 6 - week freight rates, container shipping indices, futures prices, basis, and fundamental data on July 22, 2025 [7]. Summary by Category - **Freight Rates**: The CMA CGM's Shanghai - Europe future 6 - week freight rate is 4226 dollars/FEU on July 21, up 124 (3.78%) from July 20 [7]. - **Indices**: The SCFIS (European route) settlement price index is 2400.50 points on July 21, down 21.4 (- 0.89%) from July 14 [7]. - **Futures Prices and Basis**: The EC2602 contract closed at 1486.4 on July 21, down 8.7 (- 0.58%) from July 18, and the basis of the main contract is 956.5, down 22.1 (- 2.26%) [7]. - **Fundamental Data**: The global container shipping capacity supply is 3271.67 on July 22, unchanged from July 21 [7]. Group 5: Trading Calendar Core Viewpoints - The report lists overseas and domestic data and information release schedules on July 22, 2025, including various economic indicators and events [9]. Summary by Category - **Overseas Data**: Such as New Zealand's log exports [9]. - **Domestic Data**: For example, the inventory of manganese ore by variety and the throughput of manganese ore in Qinzhou Port for manganese - silicon [9].