1. Report Industry Investment Rating No relevant content provided. 2. Core Viewpoints of the Report - The market opened high and moved low on Monday. In the morning, it might have been trading on the price support in mid - October (CMA price increase) and the suspension of the China - Europe Railway Express (with limited actual impact), and then the decline was likely affected by the falling spot prices. The basis for October was around 60 points, and the spread between October and December was - 560 (-20) [1]. - The price is still falling in early October. There is an expected price increase in late October, but under the suppression of the off - season, the expectation may not be well - realized, and it is more likely to stabilize. In the medium term, there are multiple upward drivers [1]. - The valuation of the December contract is not low. The 02 contract may have a higher cost - performance ratio for long - allocation than the December contract because the Spring Festival in 2026 is relatively late (February 17, 2026), and the settlement price of the 02 contract may be higher. The current valuation of the 04 contract is also high, and as an off - season contract, it is more suitable for short - allocation in the short term, but its low liquidity may make it vulnerable to fluctuations. Therefore, the long - 02 and short - 04 spread trading can be considered. In addition, attention should be paid to the fluctuations caused by pre - holiday position reduction, and the risk of capital position transfer for the October contract with a large number of open positions [1]. 3. Summary by Relevant Catalogs 3.1 Futures Market Information - **Futures Contract Prices and Changes**: The closing prices of EC2510, EC2512, EC2602, EC2604, and EC2606 were 1093.7, 1653.9, 1573.6, 1275.0, and 1454.5 respectively, with changes of 4.11%, 1.47%, 0.71%, 2.00%, and 1.07%. The open interest of EC2510, EC2512, EC2602, EC2604, and EC2606 was 46030 (-1685), 21956 (-124), 7398 (122), 8922 (81), and 0 (-33) respectively [1]. - **Monthly Spreads**: The spreads of EC2510 - 2512, EC2512 - 2602 were - 560.2 and 80.3 respectively, with month - on - month changes of 19.3 and 12.8, and week - on - week changes of - 56.1 and - 21.4 [1]. 3.2 Spot Market Information - **Spot Freight Indexes**: The SCHIC SCFI (European line) was 1440.24 dollars/TEU on September 15 and 1052 dollars/TEU on September 19, with decreases of 8.06% and 8.84% compared to the previous period. The CCFI was 1470.97 points on September 19, a decrease of 4.31% from the previous period. The NCFI was 673.61 points on September 19, a decrease of 7.65% from the previous period [1]. 3.3 Recent European Line Quotation Information - **Week 39 (End of September)**: The average quotation was 1600 US dollars (equivalent to 1150 points on the futures market). MSK's quotation was initially 1500 US dollars and then rose to 1570 US dollars. The PA Alliance's quotation was 1550 - 1600 US dollars, and the OA Alliance's was 1600 - 1720 US dollars [2]. - **Weeks 40 - 41 (Early October)**: The average quotation was 1450 US dollars (equivalent to 1030 points on the futures market). MSK's quotation was 1400 US dollars, the PA Alliance's was 1300 - 1500 US dollars (YML's 1300 US dollars was the lowest of the year), and the OA Alliance's was 1400 - 1600 US dollars [2]. - **Monday Changes**: OOCL's price dropped 50 to 1400 US dollars, and MSC's dropped 100 to 1490 US dollars. HPL - SPOT quoted 1435 for early October, 2035 for late October, and 2525 for November (HPL - SPOT's quotations usually fluctuate greatly and have limited reference value) [2]. 3.4 Related News - As of September 22, 2025, 157 out of 193 UN member states had recognized the State of Palestine. Israel stated that its war goal "is not limited to Gaza", and the rift in the Western world's consensus on Israel's policy was gradually widening [3].

1. Report Industry Investment Rating No relevant content provided in the given documents. 2. Core View of the Report - Spot prices are still falling, but the decline is expected to slow down and gradually bottom out in October. The shipping company's Week 39 quote is 1550 - 1650 US dollars (equivalent to 1150 points on the disk). The far - month futures prices have risen significantly, reflecting the expectation of a slower decline and multiple rounds of price increases in the future. The 10 - 12 spread is - 493.1, and the valuation of the December contract is relatively neutral to high. There are multiple upward drivers in the future, so the December contract is cautiously bullish. The Spring Festival in 2026 is relatively late (February 17, 2026), so the settlement price of the February 2026 contract may be higher, and its current valuation is low, with a higher cost - performance ratio for long positions compared to the December contract. To avoid the potential price - cutting risk of shipping companies in October, a long - February 2026/short - April 2026 spread trade can be considered. [1] 3. Summary by Relevant Catalogs 3.1 Futures Market Data - **Contract Prices and Changes**: The closing prices of EC2510, EC2512, EC2602, EC2604, and EC2606 contracts are 1163.1, 1656.2, 1516.9, 1253.9, and 1431.9 respectively, with daily changes of 0.48%, 2.86%, 1.07%, 1.91%, and 1.52%. [1] - **Trading Volume and Open Interest**: The trading volumes of EC2510, EC2512, and EC2602 contracts are 17803, 10786, and 1953 respectively, and the open interests are 47772, 19598, and 6330 respectively, with open interest changes of 161, 39, and 0. [1] - **Month - to - Month Spreads**: The spreads of EC2510 - 2512 and EC2512 - 2602 are - 493.1 and 139.3 respectively, with daily changes of - 40.5 and 29.9, and weekly changes of - 78.9 and - 16.2. [1] 3.2 Spot Market Data - **Spot Price Indexes**: The current spot price index is 1440.24, down 8.06% from the previous period. The SCFI (European Line) is 1154 US dollars/TEU, down 12.24% from the previous period. The CCFI (European Line) is 1537.28 points, down 6.19% from the previous period. The NCFI (European Line) is 729.42 points, down 14.78% from the previous period. [1] 3.3 Recent European Line Quotations - **Week 37**: The average quote is 2100 US dollars (equivalent to 1450 points on the disk). MSK's quote is 1900 US dollars (later increased to 1950), PA's is 2100 - 2150, and OA's is 2100 - 2300. [2] - **Week 38**: The average quote is 1800 US dollars (equivalent to 1260 points on the disk). MSK's quote is 1700 US dollars (later increased to 1760), PA and MSC's are 1800 - 1950, and OA's is 1650 - 2020. [2] - **Week 39**: The average quote is 1550 - 1650 US dollars (equivalent to 1150 points on the disk). MSK's quote is 1500 US dollars (later increased to 1560), PA Alliance's is 1550 - 1600 US dollars, and O4 Alliance's is 1600 - 1720 US dollars. [2]

Report Summary 1. Industry Investment Rating - No industry investment rating was provided in the report. 2. Core Viewpoints - The overall situation in September is stable, and the driving force will continue to be positive for at least the next two weeks. The decline in October depends on shipping companies' suspension of voyages. In terms of valuation, the price in October is close to the annual low (1250 - 1300), with limited downside. The December contract will decline in the short - term following the driving force, but considering the peak season and long - term agreement negotiation season, attention can be paid to the opportunity of buying at low prices [1]. 3. Summary by Relevant Content Futures Contract Information - **Contract Prices and Changes**: For futures contracts such as FC2510, EC2512, EC2602, etc., prices showed different degrees of change. For example, FC2510 had a - 1.32% change, and EC2512 had a - 1.86% change. The price differences between different contracts also changed, like the EC2510 - 2512 spread was - 378.2, with a 14.6 day - on - day change and a - 92.2 week - on - week change [1]. - **Volume and Open Interest**: The trading volume and open interest of each contract varied. For instance, the trading volume of EC2510 was 51946, and the open interest was 25510 [1]. Spot Index Information - **Index Changes**: Indicators such as SCHIS, SCFI, CCFI, and NCFI all showed declines. SCHIS decreased by - 100.00% compared to the previous period, and SCFI dropped by - 11.21% [1]. Shipping Capacity Information - **Original Shipping Capacity**: In September and October, the weekly average shipping capacity was 29.6 and 30.9 million TEU respectively. After considering all TBN as suspended voyages, it was 29.6 and 28.1 million TEU respectively. After the September 4th update, due to the suspension of voyages during the National Day holiday, the shipping capacity in week 40 and 41 decreased to 31 and 23.7 million TEU respectively, and the weekly average in October was 28.9 million TEU. After considering all TBN as suspended voyages, the shipping capacity in September and October was 29.6 and 26 million TEU respectively [1][2]. Price Quotation Information - **Recent Quotations**: Currently, downstream customers are booking spaces for mid - September (week 37 - 38). In week 36, the shipping company's quotation was between 2120 - 2420, with an average of 2250 US dollars (1550 points). In week 37, the average quotation was 2100 US dollars (1450 points), and in week 38, it was 2000 US dollars (1370 points). On Wednesday, YML quoted 1800 US dollars for the second half of September and the first half of October [3]. News Information - **Military News**: On September 2, the Israeli military stated that its military operations in Gaza City had advanced to new areas. On September 4, Hamas reiterated its willingness to reach a comprehensive agreement in Gaza and release all Israeli hostages [4].

Group 1: Report Summary - The report is from the Energy and Chemicals Team of the Research Center on September 2, 2025 [2] Group 2: Futures Contract Information - For the EC2510 contract, the previous closing price was 1291.4, with a 2.41% increase, a basis of 482.2, a trading volume of 29155, an open interest of 52271, and a change in open interest of -989 [2] - For the EC2512 contract, the previous closing price was 1640.9, with a 5.00% increase, a basis of 132.7, a trading volume of 11198, an open interest of 16495, and a change in open interest of -823 [2] - For the EC2602 contract, the previous closing price was 1461.3, with a 3.78% increase, a basis of 312.3, a trading volume of 1540, an open interest of 4846, and a change in open interest of 157 [2] - For the EC2604 contract, the previous closing price was 1241.8, with a 3.11% increase, a basis of 531.8, a trading volume of 1721, an open interest of 7069, and a change in open interest of -67 [2] - For the EC2606 contract, the previous closing price was 1428.5, with a 3.81% increase, a basis of 345.1, a trading volume of 174, an open interest of 890, and a change in open interest of 23 [2] Group 3: Month - Spread Information - The EC2510 - 2512 month - spread was -349.5, with a day - on - day change of -47.8 and a week - on - week change of -24.5 [2] - The EC2512 - 2602 month - spread was 179.6, with a day - on - day change of 25.0 and a week - on - week change of 5.0 [2] Group 4: Spot Index Information - The SCHIS SCFI (European Line) index was 1773.6 points on September 1, 2025, down 10.88% from the previous period, and the previous decline was 8.71% [2] - The SCFI (European Line) was 1481 dollars/TEU on September 1, 2025, down 11.21% from the previous period, and the previous decline was 8.35% [2] - The CCFI was 1685.8 points on August 29, 2025, down 4.09% from the previous period, and the previous decline was 1.83% [2] - The NCFI was 929.56 points on August 29, 2025, down 14.25% from the previous period, and the previous decline was 8.83% [2] Group 5: Weekly Outlook - Currently, downstream customers are booking cabins for the first half of September (week 36 - 37). The average quote for week 36 is 2270 dollars (equivalent to 1600 points on the disk), and for week 37 is 2125 dollars (equivalent to 1450 points on the disk) [2] - In September, the overall shipping capacity has been adjusted downward. The FAL3 of the OA Alliance will add a blank sailing in week 37. The FE3 of PA&MSC will add blank sailings in weeks 39 and 41 respectively, and the FE4 will add a blank sailing in week 41 [2] - The average weekly shipping capacity in September and October is 296,000 and 309,000 TEU respectively. After considering all TBN as blank sailings, it will be 296,000 and 281,000 TEU [2] - The market pattern in September is loose, and the upward momentum will continue for at least the next two weeks. The decline in October depends on the shipping companies' blank - sailing behavior. In terms of valuation, the price of the 10 - contract is close to the annual low (1250 - 1300), with limited downside. The 12 - contract may decline in the short - term but is in the peak season and long - term contract negotiation season, so opportunities to go long on dips can be considered [2] Group 6: Recent European Line Quote Information - For week 36, the latest quotes from shipping companies range from 2120 to 2420 dollars, with an average of 2250 dollars (1550 points). The PA Alliance quotes 2200 - 2300 dollars, MSK quotes 2100 dollars (later rising to 2200 dollars), and the OA Alliance quotes 2300 - 2400 dollars [3] - For week 37, the latest average quote is 2100 dollars (equivalent to 1450 points on the disk). MSK quotes 1900 dollars (later rising to 1950 dollars), the PA Alliance quotes 2100 - 2150 dollars, and the OA Alliance quotes 2100 - 2300 dollars [3] Group 7: Related News - On September 1, US media disclosed the US plan to rebuild Gaza, aiming to control the region for at least 10 years [4] - On September 1, the Yemeni Houthi rebels said they attacked the "ScarletRay" oil tanker in the northern Red Sea. The Israeli Defense Forces launched an air strike on Sanaa on August 28. On August 31, Houthi leader Abdul Malik Houthi said they would retaliate and escalate military attacks and shipping blockades against Israel [4] Group 8: Note - The XSI - C index is released with a three - day delay [5]

Report Industry Investment Rating - Not provided in the content Core Viewpoints - Currently, downstream customers are booking shipping space for the second half of August (week 34 - 35). The average price for week 34 is $2,850 (2,000 points), and the current average quote for week 35 is $2,575 (1,770 points). Among them, the PA Alliance offers $2,500, MSK offers $2,300, and the OA Alliance offers $2,700 - $2,800. From a fundamental perspective, in week 33, MSK had better cargo collection, OA was average, and PA was poor. In week 34, cargo collection significantly declined, and some shipping companies faced pressure to accept cargo. This week, the overall shipping capacity for September has been reduced due to an additional suspension of sailings by the PA Alliance in week 37. The average weekly shipping capacities in August, September (tentatively), and October (tentatively) 2025 are 328,000, 312,000, and 315,000 TEU respectively. After considering all TBN as suspended sailings, the capacities are 328,000, 297,000, and 283,000 TEU. In terms of strategy, the overall logic of shorting on rallies remains unchanged. This is mainly because the overall situation in September is loose, and the subsequent driving forces are weak. Currently, the October contract is at a discount of about 450 points to the spot price, and it is expected that there is still room for further decline. The valuation of the far - month contracts is unclear and is more affected by driving forces. However, due to low positions, they are greatly affected by macro and capital behaviors [2][3]. Summary by Related Catalogs Futures Contract Information - For the EC2508 contract, the previous closing price was 2,088.2, with a change of 0.21%, a basis of 147.3, a previous trading volume of 250, a previous open interest of 2,452, and an open interest change of - 54. For other contracts (EC2510, EC2512, etc.), detailed price, change, basis, trading volume, open interest, and open interest change data are also provided [2]. - Regarding the month - to - month spreads, for example, the EC2508 - 2510 spread was 715.1, with comparisons to the previous one, two, and three days and percentage changes also given [2]. Spot Index Information - The SCHIS index, updated weekly on Mondays, was 2,235.48 on August 11, 2025, with a change of - 2.71% compared to the previous period. The SCFI index, updated weekly on Fridays, was $1,820/TEU on August 15, 2025, with a change of - 7.19% compared to the previous period. The CCFI index, updated weekly on Fridays, was 1,790.47 on August 15, 2025, with a change of - 0.48% compared to the previous period. The NCFI index was 1,188.69 on August 15, 2025, with a change of - 5.49% compared to the previous period [2]. Recent European Line Quotation Information - Currently, downstream customers are booking shipping space for the second half of August (week 34 - 35). The average price for week 34 is $2,850 (2,000 points), and the current average quote for week 35 is $2,575 (1,770 points). On Monday, EMC's price dropped by $200 to $2,760, MSC's price dropped by $250 to $2,590, and MSK's price rose from $2,300 to $2,490 [3]. Related News - On August 19, Middle - East media reported that Hamas agreed to a 60 - day cease - fire and release half of the detainees. Israeli media reported that Israel received Hamas' latest cease - fire proposal. Note that the XSI - C index is released with a three - day delay [4]

Group 1: Futures Contract Information - EC2508 yesterday's closing price was 2088.8, down 1.58%, with a basis of 209.1, trading volume of 704, and open interest of 3946, a decrease of 42 [2] - EC2510 yesterday's closing price was 1413.0, down 0.62%, with a basis of 884.9, trading volume of 30602, and open interest of 52108, an increase of 105 [2] - EC2512 yesterday's closing price was 1690.5, up 0.79%, with a basis of 607.4, trading volume of 2776, and open interest of 8208, a decrease of 179 [2] - EC2602 yesterday's closing price was 1492.4, up 1.51%, with a basis of 805.5, trading volume of 718, and open interest of 4116, a decrease of 23 [2] - EC2604 yesterday's closing price was 1331.0, up 1.21%, with a basis of 966.9, trading volume of 754, and open interest of 5195, an increase of 49 [2] - EC2606 yesterday's closing price was 1471.6, up 1.27%, with a basis of 826.3, trading volume of 83, and open interest of 789, a decrease of 6 [2] Group 2: Month - Spread Information - EC2508 - 2510 month - spread was 675.8, down 24.7 from the previous day and up 5.5 week - on - week [2] - EC2510 - 2512 month - spread was - 277.5, down 22.1 from the previous day and down 8.2 week - on - week [2] - EC2512 - 2602 month - spread was 198.1, down 8.9 from the previous day and down 7.9 week - on - week [2] Group 3: Spot Index Information - SCHIS on August 4, 2025, was 2297.86 points, down 0.81% from the previous period and down 3.50% from two periods ago [2] - SCFI (European Line) on August 1, 2025, was 2051 dollars/TEU, down 1.87% from the previous period and up 0.3% from two periods ago [2] - CCFI (European Line) on August 1, 2025, was 1789.5, up 0.13% from the previous period and down 0.90% from two periods ago [2] - NCFI on August 1, 2025, was 1372.7 points, down 3.55% from the previous period and down 1.20% from two periods ago [2] Group 4: European Line Supply and Demand and Pricing - In the first week of August (week 32), the European Line had good cargo collection but few available containers. In week 33, the cargo collection situation of each alliance varied, with MSK improving, OA average, and PA poor. MSK's price dropped by 100 dollars, and OA and PA shipping companies gradually reduced prices by about 200 dollars [2] - Starting from late August, the supply pressure on the European Line is very high. The capacity in week 34/35 is 340,000 TEU. The average fixed capacity in September 2025 (tentatively) is 343,000 FEU, and 33,000 TEU after excluding TBN [2] - Currently, downstream is booking space for the second and third weeks of August (week 33 - 34). The week 33 quote dropped to 2800 - 3200 dollars, with an average of 3000 dollars (equivalent to about 2100 points on the disk). On Monday, CMA dropped 200 to 3245 dollars, HPL dropped 300 to 2835 dollars, MSC dropped 300 to 3040 dollars, and OOCL dropped 100 to 3100 dollars. MSK opened the week 34 booking at 2600 dollars, a weekly decline of 200 dollars, and then rose to 2640 dollars after opening. The current average quote for week 34 is equivalent to about 2050 points on the disk [3] Group 5: News - On August 4, the EU Commission spokesperson said that the EU would suspend two sets of counter - measures against US tariffs for six months after reaching an agreement with US President Trump. These counter - measures are divided into two parts, targeting US tariffs on steel and aluminum products, as well as the Trump administration's benchmark tariffs and auto tariffs [3] - On August 6, it was reported that Israeli Prime Minister Netanyahu decided to fully occupy Gaza, and the plan will be submitted for a vote on August 7. As of August 5, the Israeli military has controlled about 75% of the Gaza Strip, and the new plan will advance the occupation of the remaining area [4]

Report Summary 1. Report Industry Investment Rating - No information provided. 2. Core Viewpoints - In the week 32 of August, the container receiving was good but there were mostly empty containers. In week 33, the container receiving situation of different alliances varied, with MSK performing better while OA and PA deteriorating. MSK's price dropped by $100, and OA and PA's shipping companies gradually reduced prices by about $200. Starting from late August, the supply pressure on the European route is very high, with the weekly average capacity in September 2025 (tentatively) at 343,000 TEU, and 323,000 TEU after excluding TBN [2][3]. 3. Summary by Related Catalogs EC Futures Contract Information - **Contract Prices and Changes**: The closing prices and price changes of different EC futures contracts (such as EC2508, EC2510, etc.) are presented, with the closing price of EC2508 at 190.1, EC2510 at 892.6, etc., and corresponding percentage changes [1]. - **Month - to - Month Spreads**: The month - to - month spreads between different contracts (e.g., EC2508 - 2510, EC2510 - 2512) and their daily and previous - period comparisons are provided. For example, the spread of EC2508 - 2510 is 702.5, with a daily change of 6.0 [1][2]. Index Information - **SCEIS**: Updated on July 28, 2025, the index value is 2316.56, showing a - 3.50% change from the previous period and a - 0.89% change from the period before that [2]. - **SCFI (European Route)**: Updated on August 1, 2025, the value is $2051 per TEU, with a - 1.87% change from the previous period and a 0.53% change from the period before that [2]. - **CCFI**: Updated on August 1, 2025, the value is 1789.5 points, showing a 0.13% change from the previous period and a - 0.90% change from the period before that [2]. - **NCFI**: Updated on August 1, 2025, the value is 1372.7, with a - 3.53% change from the previous period and a - 1.20% change from the period before that [2]. European Route Supply and Demand and Pricing - **Supply**: Starting from late August, the supply pressure on the European route is high, with the weekly average capacity in week 34/35 at 340,000 TEU, and in September 2025 (tentatively) at 343,000 TEU, 323,000 TEU after excluding TBN [3]. - **Pricing**: Currently, downstream customers are booking spaces for the first half of August (week 32 - 33). The price in week 32 may settle at around $3200 (equivalent to 2250 points on the futures market), and the current average quote in week 33 is about $3150 (equivalent to around 2200 points on the futures market) [3]. Related News - The United States will impose tariffs ranging from 15 - 41% on 67 countries/regions starting from August 7 [4]. - The cease - fire negotiation in Gaza is on the verge of collapse, and Israel is considering expanding military operations [4].