Report Summary 1. Report's Industry Investment Rating - Not mentioned in the provided content 2. Core View of the Report - The spot freight rate of the European route has increased, with the freight rate center in late December rising by over $200 compared to early December. The leading shipping companies' price - holding actions have strengthened market confidence. The supply - demand situation shows that the seasonal stocking in Europe has increased the cargo volume and the shipping companies' loading rate. The weekly average capacity of the European route has shrunk in late December, and the effective supply is not overly loose. The resumption of shipping in the Red Sea has made limited progress, and the previous extremely pessimistic expectations in the market are gradually being revised, driving the market to fluctuate upwards. However, the strategy suggests short - selling the 02 contract with a small position at high prices. [9][10] 3. Summary by Relevant Catalogs Shipping Freight Index - The current values of Shanghai Export Container Freight Composite Index (SCFI), China Export Container Freight Index (CCFI), SCFI - US West, SCFIS - US West, SCFI - US East, SCFI - Northwest Europe, SCFIS - Northwest Europe, and SCFI - Mediterranean are 1506, 1118, 1780, 924, 2652, 1538, 1510, and 2737 respectively. The corresponding previous values are 1398, 1115, 1550, 960, 2315, 1400, 1509, and 2300, with the respective growth rates being 7.79%, 0.29%, 14.84%, - 3.75%, 14.56%, 9.86%, 0.07%, and 19.00%. [5] Shipping Derivative Contracts - For contracts EC2506, EC2608, EC2610, EC2512, EC2602, and EC2604, the current values are 1290.0, 1462.4, 1041.2, 1631.5, 1686.8, and 1112.7 respectively. The previous values are 1306.7, 1479.9, 1053.8, 1649.8, 1746.0, and 1149.7, with the growth rates of - 1.28%, - 1.18%, - 1.20%, - 1.11%, - 3.39%, and - 3.22%. [5] Shipping Contract Positions - The current positions of EC2606, EC2608, EC2610, EC2512, EC2602, and EC2604 are 2305, 1351, 4711, 2566, 32483, and 19928 respectively. The previous positions are 2335, 1441, 4739, 2724, 33065, and 19657, with the changes of - 30, - 90, - 28, - 158, - 582, and 271. [5] Shipping Contract Month - to - Month Differences - The month - to - month differences of 12 - 02, 12 - 04, and 02 - 04 are currently - 55.3, 518.8, and 574.1 respectively. The previous values are - 96.2, 500.1, and 596.3, with the changes of 40.9, 18.7, and - 22.2. [5] Market News and Trends - CMA CGM has announced that its INDAMEX route will use the Suez Canal for both forward and return voyages between India/Pakistan and the US East Coast, which is seen as a significant step in the large - scale return of container ships to the Red Sea route. The traffic through the Bab el - Mandeb Strait has reached the highest level since January 2024. The FEWB route in December has a low blank sailing rate of 0.9% and reduced capacity due to ship maintenance. Ports in Northern Europe and the Mediterranean are congested, and strong e - commerce demand supports freight rates. The TAWB route has serious congestion in Nordic and Mediterranean ports due to labor disputes, and there is a shortage of containers and trailers in many European countries. [6] EC Market Review - The EC market is in a downward trend. The spot prices in early December from MSK, HPL, OOCL, CMA, EM3, QNE, and MSC are $2500, $2350, $2300, $350, $3100, $2450, and $2450 respectively. In late December, the prices from MSK, HPL, and CMA are $2400, $2050, and $350. MSK plans to raise the price to $3500 in January. [7] Market Logic and Strategy - In the spot market, the PA alliance's low - price cargo collection in the early stage led to a large number of "rolled cargoes". The blank sailing on the FE3 route in week 51 alleviated the cargo - collection pressure, and the freight rate stabilized at $2400. The leading shipping companies' price - holding actions have strengthened market confidence. In terms of supply and demand, the seasonal stocking in Europe has increased the cargo volume, and the shipping companies' loading rate has improved. The weekly average capacity of the European route has shrunk in late December, and the effective supply is not overly loose. The resumption of shipping in the Red Sea has made limited progress, and the previous extremely pessimistic expectations in the market are gradually being revised. The strategy is to short - sell the 02 contract with a small position at high prices. [9][10]

Report Summary 1. Report Industry Investment Rating - No information provided on the industry investment rating. 2. Core View of the Report - The European shipping market is expected to see the cargo volume reach the bottom in October and turn around in November based on EPMI data. From late September to late October, shipping companies will compete for cargo, but the "ROLLINGPOOL" strategy during the off - season may intensify the decline in freight rates. It is predicted that the offline freight rates will drop to the May low in late October, and shipping companies will start to support prices through contracts after the cargo volume recovers in November. The suspension of some shipping capacities during the National Day holiday, which will not resume after the holiday, has limited impact on the market due to the low cargo volume [8]. 3. Summary by Relevant Catalogs 3.1 Shipping Freight Index - **Spot Freight Index**: The current value of the Shanghai Export Container Freight Index (SCFI) is 1398, down 3.21% from the previous value; the China Export Container Freight Index (CCFI) is 1125, down 2.07%. Among different routes, SCFI - US West increased by 8.27%, SCFIS - US West decreased by 3.26%, SCFI - US East increased by 7.61%, SCFI - Northwest Europe decreased by 12.24%, SCFIS - Northwest Europe decreased by 11.68%, and SCFI - Mediterranean decreased by 11.82% [6]. - **Derivative Contracts**: For shipping derivative contracts such as EC2506, EC2608, etc., most showed a downward trend. For example, EC2506 decreased by 0.92%, EC2608 decreased by 0.31%, EC2510 decreased by 5.02%, etc. [6]. - **Contract Positions**: The positions of some contracts increased. For example, the position of EC2606 increased by 6, EC2410 increased by 2187, etc. [6]. - **Monthly Spread**: The 10 - 12 monthly spread increased by 1.3, the 12 - 2 monthly spread decreased by 38.3, and the 12 - 4 monthly spread decreased by 60.9 [6]. 3.2 Market News - All eyes are on the meeting between Beisente and Chinese Vice - Premier He Lifeng in Madrid on Monday, but expectations should be moderate, with the best - case scenario being no escalation of the current situation. Mediterranean Shipping Company (MSC) has adjusted its US route network to deal with the port fees that the US is about to impose on Chinese - built or - operated ships and stated that it will absorb the costs without passing them on to customers. US President Donald Trump plans to urge G7 countries to impose a 50% - 100% high - tariff on India and China's purchase of Russian oil. The US is experiencing a stagflation - like situation for the first time in forty years [7]. 3.3 EC Market - **Market Conditions**: The market is in a downward trend. The spot prices in September, such as GEMINI, QA, PA, and MSC, have all declined. The freight rate center of PAK in the market in late September is 1750 [8]. - **Strategy**: The recommended strategy is to short in October and conduct a 10 - 12 reverse spread [9].

1. Report Industry Investment Rating No relevant content provided. 2. Core Views of the Reports - The reports present a comprehensive analysis of various futures markets including stock index futures, treasury bond futures, precious metal futures, and shipping industry futures on June 24, 2025. They cover aspects such as price differences, basis, yields, exchange rates, and fundamental data, providing investors with a multi - dimensional view of market conditions [1][2][5][8]. 3. Summaries by Related Catalogs Stock Index Futures - **Price Differences**: The report provides the price differences of various contracts such as IF, IH, IC, and IM, including spot - futures price differences, inter - period price differences, and cross - variety ratios. For example, the IF spot - futures price difference is - 60.50, with a change of 12.54 compared to the previous day [1]. - **Historical Percentiles**: It also shows the historical 1 - year and full - history percentiles of these price differences, which can help investors understand the relative position of current price differences in history [1]. Treasury Bond Futures - **Basis and IRR**: The basis and implied repo rate (IRR) of TS, TF, T, and TL are presented. For instance, the TS basis is 1.8674, with a change of - 0.0681 compared to the previous day, and the IRR percentile is 43.20% [2]. - **Inter - period and Cross - variety Price Differences**: Inter - period price differences and cross - variety price differences are also provided, such as the TS inter - period price difference between the next quarter and the current quarter is - 0.2380 [2]. Precious Metal Futures - **Prices and Changes**: The domestic and foreign futures closing prices, spot prices, basis, and ratios of gold and silver are reported. For example, the AU2508 contract closed at 781.30 yuan/gram on June 23, with a gain of 0.35% [5]. - **Yields and Exchange Rates**: The yields of US Treasury bonds and exchange rates such as the US dollar index and offshore RMB exchange rate are also included, which can affect the prices of precious metals [5]. Shipping Industry Futures - **Spot Quotes**: The spot quotes of shipping companies such as MAERSK, CMA, and MSC are provided, along with the changes in shipping rates. For example, the MAERSK shipping rate decreased by 3.31% from June 23 to June 24 [8]. - **Index and Futures Prices**: The settlement price indices of shipping routes and the prices of shipping futures contracts are reported, as well as the basis of the main contract [8]. - **Fundamental Data**: Data on global container运力 supply, port - related indicators, overseas economic indicators, and OECD leading indicators are presented, which can help analyze the fundamentals of the shipping industry [9]. Data and Information - **Overseas Data**: Economic indicators such as the US first - quarter current account and June consumer confidence index are provided [11]. - **Domestic Data**: Economic indicators and events related to black and non - ferrous metals, energy chemicals, and special commodities in the domestic market are reported, such as port inventories of iron ore and manganese ore [11].