Report Summary 1. Report Industry Investment Rating - Not provided in the given content. 2. Core Viewpoints - The spot index's sharp rise drives the far - month contracts. Risk - preferring investors are advised to pre - layout the 02 contract and focus on the freight rate support logic in December [1]. - The tariff issue has a marginal effect, and the current core 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 [3]. 3. Summary by Related Content Freight Index - On November 3, the Shanghai Export Container Settlement Freight Index (SCFIS) for the European route was 1504.80 points, up 24.5% from the previous period; the SCFIS for the US - West route was 1329.71 points, up 4.9% from the previous period [2]. - On November 7, the Ningbo Export Container Freight Index (NCFI) (composite index) was 1053.62 points, down 4.24% from the previous period; the NCFI for the European route was 911.73 points, down 5.58% from the previous period; the NCFI for the US - West route was 1349.1 points, down 7.14% from the previous period [2]. - On November 7, the Shanghai Export Container Freight Index (SCFI) published price was 1495.10 points, down 3.6 points from the previous period; the SCFI European route price was 1323 USD/TEU, down 1.6% from the previous period; the SCFI US - West route was 2212 USD/FEU, down 16.4% from the previous period [2]. - On November 7, the China Export Container Freight Index (CCFI) (composite index) was 1058.17 points, up 3.6% from the previous period; the CCFI for the European route was 1366.85 points, up 3.3% from the previous period; the CCFI for the US - West route was 814.14 points, up 5.4% from the previous period [2]. Economic Data - In October, China's manufacturing PMI was 49.0%, down 0.8 percentage points from the previous month; the composite PMI output index was 50.0%, down 0.6 percentage points from the previous month [3]. - The initial value of the US S&P Global services PMI in October was 55.2 (expected 53.5, previous value 54.2); the initial value of the manufacturing PMI was 52.2 (expected 52, previous value 52); the initial value of the composite PMI was 54.8 (expected 53.1, previous value 53.9) [3]. - The initial value of the euro - zone manufacturing PMI in October was 45.9 (expected 45.1, previous value 45); the initial value of the services PMI was 51.2 (expected 51.5, previous value 51.4); the initial value of the composite PMI was 49.7 (expected 49.7, previous value 49.6). The euro - zone Sentix investor confidence index in October had a previous value of - 9.2 and a forecast value of - 8.5 [2]. Contract Information - On November 11, the main contract 2512 closed at 1746.1, down 1.87%, with a trading volume of 32,200 lots and an open interest of 25,200 lots, a decrease of 1475 lots from the previous day [3]. - The trading limits of contracts 2508 - 2606 are 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 [4]. Strategy Recommendations - Short - term strategy: The main contract retraces while the far - month contracts are strong. Risk - preferring investors are advised to try long positions lightly in the 1550 - 1600 range of the EC2602 contract, focus on the spot trend, avoid holding losing positions, and set stop - losses [4]. - Arbitrage strategy: Against the backdrop of international turmoil, each contract maintains a seasonal logic with large fluctuations. It is recommended to wait and see or try with a light position [4]. - Long - term strategy: It is recommended to take profits when each contract rises, wait for the callback to stabilize, and then judge the subsequent direction [4].

Report Summary 1. Report Industry Investment Rating No relevant content provided. 2. Core Viewpoints - SCFIS shows a continuous upward trend, and the freight rate range has seasonally shifted upwards again. Risk - takers can pre - layout the 02 contract and focus on the freight rate support logic in December [2]. - The tariff issue has a marginal effect, and the current core is the trend of spot freight rates. The main contract may be in the bottom - building process, suggesting light - position participation or waiting and seeing [3]. - In the short term, the main contract is retracting while the far - month contract is strong. Risk - takers are advised to lightly test long positions in the EC2602 contract in the 1550 - 1600 range, pay attention to the spot trend, not hold losing positions, and set stop - losses. For the long - term, it is recommended to take profits when the contracts rise, wait for the callback to stabilize, and then judge the subsequent direction [4]. 3. Summaries by Related Contents Market Data - **11月3日**: The Shanghai Export Container Settlement Freight Index (SCFIS) for the European route was 1504.80 points, up 24.5% from the previous period; the SCFIS for the US West route was 1329.71 points, up 4.9% from the previous period [2]. - **11月7日**: The Ningbo Export Container Freight Index (NCFI) (composite index) was 1053.62 points, down 4.24% from the previous period; the NCFI for the European route was 911.73 points, down 5.58% from the previous period; the NCFI for the US West route was 1349.1 points, down 7.14% from the previous period. The Shanghai Export Container Freight Index (SCFI) announced price was 1495.10 points, down 3.6 points from the previous period; the SCFI European route price was 1323 USD/TEU, down 1.6% from the previous period; the SCFI US West route was 2212 USD/FEU, down 16.4% from the previous period. The China Export Container Freight Index (CCFI) (composite index) was 1058.17 points, up 3.6% from the previous period; the CCFI for the European route was 1366.85 points, up 3.3% from the previous period; the CCFI for the US West route was 814.14 points, up 5.4% from the previous period [2]. - **11月10日**: The main contract 2512 closed at 1778.2, with a decline of 1.84%, a trading volume of 20,400 lots, and an open interest of 26,700 lots, an increase of 793 lots from the previous day [3]. Economic Indicators - Eurozone's October manufacturing PMI preliminary value was 45.9 (expected 45.1, previous value 45), services PMI preliminary value was 51.2 (expected 51.5, previous value 51.4), and composite PMI preliminary value was 49.7 (expected 49.7, previous value 49.6). The Eurozone's October Sentix investor confidence index's previous value was - 9.2, and the predicted value was - 8.5 [2]. - In October, China's manufacturing PMI was 49.0%, down 0.8 percentage points from the previous month, and the comprehensive PMI output index was 50.0%, down 0.6 percentage points from the previous month [3]. - The US October S&P Global services PMI preliminary value was 55.2 (expected 53.5, previous value 54.2), manufacturing PMI preliminary value was 52.2 (expected 52, previous value 52), and composite PMI preliminary value was 54.8 (expected 53.1, previous value 53.9) [3]. Strategy Recommendations - **Short - term strategy**: For risk - takers, it is recommended to lightly test long positions in the EC2602 contract in the 1550 - 1600 range, pay attention to the spot trend, not hold losing positions, and set stop - losses [4]. - **Arbitrage strategy**: In the context of international turmoil, each contract still follows the seasonal logic with large fluctuations. It is recommended to wait and see or lightly try [4]. - **Long - term strategy**: It is recommended to take profits when the contracts rise, wait for the callback to stabilize, and then judge the subsequent direction [4]. Other Information - The daily trading limit for contracts 2508 - 2606 is adjusted to 18% [4]. - The company's margin for contracts 2508 - 2606 is adjusted to 28% [4]. - The daily opening limit for all contracts 2508 - 2606 is 100 lots [4]. - There are geopolitical conflict events, extreme weather, and sharp fluctuations in the external crude oil market that need attention [6].

Report Summary 1. Report Industry Investment Rating No information provided. 2. Core Viewpoints - Recently, the futures market has been strong due to shipping companies adding sailings and good cargo receipts on multiple routes at the end of October. The valuation of the December contract is currently high, but considering the upcoming price - increase announcements and the upward drive during the long - term contract signing season, the logic of going long on dips for the December contract remains unchanged. There may be short - term downward fluctuations, and attention should be paid to possible price cuts by shipping companies in early November. - Against the backdrop of geopolitical uncertainties, the February contract may have more upside potential with the arrival of the peak season, but geopolitical fluctuations also exist. - The April contract maintains a short - selling view, but it may fluctuate strongly following the near - term contracts during the peak season from November to January, and positions can be gradually established [2]. 3. Summary by Relevant Content EC Futures Contracts | Contract | Yesterday's Price | Change (%) | Volume | Open Interest | Open Interest Change | | ---- | ---- | ---- | ---- | ---- | ---- | | EC2510 | 1137.8 | 0.15 | 817 | 4292 | - 526 | | EC2512 | 1831.0 | 2.11 | 35117 | 30249 | 1335 | | EC2602 | 1601.0 | 1.20 | 3971 | 11509 | 971 | | EC2604 | 1179.6 | 0.67 | 1726 | 14224 | 170 | | EC2606 | 1397.9 | 1.68 | 285 | 1377 | - 25 | [2] Month - to - Month Spreads | Spread | Previous Day | Two Days Ago | Three Days Ago | Daily Report | Friday | | ---- | ---- | ---- | ---- | ---- | ---- | | EC2510 - 2512 | - 693.2 | - 657.0 | - 651.7 | - 36.2 | - 111.3 | | EC2512 - 2602 | 230.0 | 211.1 | 205.4 | 18.9 | 70.0 | [2] Spot Freight Indexes | Index | Update Frequency | Announcement Date | Unit | Current Period | Previous Period | Two Periods Ago | Current Change | | ---- | ---- | ---- | ---- | ---- | ---- | ---- | ---- | | SCFI (Euro - line) | Weekly | 2025/10/20<br>2025/10/24 | USD/TEU | 1140.38<br>1246 | 1031.80<br>1145 | 1046.50<br>1068 | 10.52%<br>8.82% | | CCFI | Weekly | 2025/10/24 | - | 1293.12 | 1267.91 | 1287.15 | 1.99% | | NCFI | - | 2025/10/24 | - | 822.3 | 803.21 | 698.67 | 2.38% | [2] Recent Euro - line Quotations - Currently, downstream customers are booking space for the end of October and early November (Week 44 - 45). In Week 44, offline quotes are PA $1400, GEMINI $1600, and OA $1800. - Shipping companies plan to raise prices in November, with most announcements in the range of $2500 - $2700, and the average converted to the futures price is about 1800 points. On Tuesday, MSK opened at $2350, in line with expectations [3]. Related News - On October 27, US Treasury Secretary Yellen stated that after two - day talks in Kuala Lumpur, the US and China reached a "very substantial framework agreement," and the US "will no longer consider" imposing a 100% tariff on China. - On October 27, the Israeli government spokesman said that Israel will maintain full security control over the Gaza Strip [4].

Report Industry Investment Rating - Not provided in the given content Core Views - The market may be optimistic about future freight rates, leading to an upward trend in the market, but it is not recommended to increase positions. Instead, stop - loss should be set [1]. - The tariff issue has a marginal effect, and the core 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]. - In the short - term, for risk - preference investors, it is recommended to try to build positions in the EC2512 contract below 1500. Attention should be paid to the subsequent market trend, and it is not recommended to hold losing positions. In the long - term, it is recommended to take profits when the contracts rise and wait for the callback to stabilize before making further judgments [2]. - In the context of international situation instability, each contract still follows seasonal logic with large fluctuations. It is recommended to wait and see or try with a light position for the arbitrage strategy [2]. Summary by Relevant Contents Freight Rate Index Changes - On October 20, the Ningbo Export Container Freight Index (NCFI) (composite index) was 956.45 points, up 16.79% from the previous period. The Shanghai Export Container Settlement Freight Index (SCFIS) (European route) was 1140.38 points, up 10.5%; the NCFI (European route) was 803.21 points, up 14.96%; the SCFIS (US West route) was 863.46 points, up 0.1%; the NCFI (US West route) was 1254.46 points, up 48.56% [2]. - On October 17, the Shanghai Export Container Freight Index (SCFI) was 1310.32 points, up 149.90 points from the previous period. The China Export Container Freight Index (CCFI) (composite index) was 973.11 points, down 4.1%; the SCFI European line price was 1145 USD/TEU, up 7.2%; the CCFI (European route) was 1267.91 points, down 1.5%; the SCFI US West route was 1936 USD/FEU, up 31.9%; the CCFI (US West route) was 725.47 points, down 6.7% [2]. Economic Data - The eurozone's September manufacturing PMI preliminary value was 49.5, falling below the boom - bust line, lower than analysts' expectations and the previous value of 50.7. The service PMI preliminary value rose from 50.5 to 51.4, exceeding the expected 50.5. The composite PMI preliminary value was 51.2, exceeding analysts' expectations. The Sentix investor confidence index was - 9.2, with an expected - 2 and a previous value of - 3.7 [2]. - In August, China's manufacturing PMI was 49.4%, up 0.1 percentage point from the previous month, and the manufacturing prosperity level improved. The composite PMI output index was 50.5%, up 0.3 percentage points from the previous month, indicating that the overall expansion of enterprises' production and operation activities accelerated [2]. - The preliminary value of the US September S&P Global manufacturing PMI was 52 (the final value in August was 53); the service PMI preliminary value was 53.9 (the final value in August was 54.5); the composite PMI preliminary value was 53.6 (the final value in August was 54.6) [2]. Market and Contract Information - On October 21, the main contract 2512 closed at 1769.3, up 5.10%, with a trading volume of 42,900 lots and an open interest of 28,400 lots, an increase of 2333 lots from the previous day [2]. - The daily limit for contracts 2508 - 2606 was adjusted to 18%, the company's margin was adjusted to 28%, and the daily opening limit for all contracts 2508 - 2606 was 100 lots [2]. Geopolitical and Industry News - Hamas is discussing the next - stage Gaza cease - fire agreement in Cairo, Egypt. The issue of Hamas disarmament has been put on the agenda and needs to be resolved through consensus and in - depth dialogue among Palestinian political parties [2]. - The International Maritime Organization (IMO) agreed to adjourn the special meeting of the Marine Environment Protection Committee (MEPC) to review and adopt the draft amendment to Annex VI of the MARPOL Convention, including the IMO net - zero framework. The meeting will reconvene in 12 months [2].

1. Report Industry Investment Rating - Not provided in the content 2. Core View of the Report - Week39 ship - company average is $1660 (equivalent to 1150 points on the discounted market). The basis for October is -117.4 points, and the spread between October and December is -406.6 points. Today's spot change is due to Maersk opening bookings at $1550 in Week39, with PA dropping to $1600 - $1700 and OA quoting $1650 - $1700. There is still room below the October valuation, so short positions can be held. The October - December spread is reasonable. Currently, the spot is in a downward phase. With high weekly average capacity in the second half of September and low ship - company loading rates, the overall driver is downward. It is expected that the December futures will mainly trade on the downward driver and operate weakly in the short term [2] 3. Summary According to Related Catalogs 3.1 Futures Data - **Contract Prices and Changes**: EC2510 closed at 1267.4 with a -0.10% change, EC2512 at 1674.0 with a -0.5% change, EC2602 at 1524.0 with a -0.22% change, EC2604 at 1246.0 with a -0.85% change, and EC2606 at 1443.9 with a 0.66% change [2] - **Trading Volumes and Open Interest Changes**: EC2510 had a trading volume of 15226 and an open - interest change of 114; EC2512 had a trading volume of 8134 and an open - interest change of 7249; EC2602 had a trading volume of 885 and an open - interest change of 23; EC2604 had a trading volume of 447 and an open - interest change of 22; EC2606 had a trading volume of 100 and an open - interest change of 43 [2] - **Month - to - Month Spreads**: The spread between EC2510 - 2512 was -406.6 (with a day - on - day increase of 7.6 and a week - on - week decrease of 31.3), and the spread between EC2512 - 2602 was 150.0 (with a day - on - day decrease of 5.5 and a week - on - week decrease of 7.3) [2] 3.2 Spot Index Data - **SCHIS SCFI**: On September 8, 2025, it was 1566.46 points, down 11.68% from the previous period and 11.21% compared to two periods ago [2] - **SCHIS SCFI (Container Discount)**: On September 5, 2025, it was $1315 per TEU, down 11.21% from the previous period [2] - **CCFI (European Route)**: On September 5, 2025, it was 1638.77 points, down 2.79% from the previous period [2] - **NCFI**: On September 5, 2025, it was 855.93 points, down 7.92% from the previous period [2] 3.3 Recent European Route Quotation Data - **Week37**: The average quotation was $2100 (equivalent to 1450 points on the discounted market). MSK started at $1900 and then rose to $1950, PA quoted $2100 - $2150, and OA quoted $2100 - $2300 [3] - **Week38**: The average quotation was $1800 (equivalent to 1260 points on the discounted market). MSK started at $1700 and then rose to $1760, PA and MSC quoted $1800 - $1950, and OA quoted $1650 - $2020 [3] - **Week39**: The average quotation was $1660 (equivalent to 1150 points on the discounted market). MSK opened bookings at $1550, PA dropped to $1600 - $1700, and OA quoted $1650 - $1700 [2][3]

Report Industry Investment Rating No information provided Core Viewpoints - Geopolitical conflicts and tariff uncertainties increase the difficulty of market gaming, so it is recommended to participate with a light position or stay on the sidelines [4] - Commodities remain in a bearish trend, with the market under pressure and fluctuating at a low level. It is not recommended to increase positions and stop - loss should be set [1] Summary by Related Content Shipping Freight Index - On August 25, the Shanghai Export Container Settlement Freight Index (SCFIS) for the European route was 1990.20 points, down 8.7% from the previous period; the SCFIS for the US - West route was 1041.38 points, down 5.9% from the previous period. The Ningbo Export Container Freight Index (NCFI) for the European route was 1083.74 points, down 8.83% from the previous period; the NCFI for the US - West route was 963.54 points, down 1.79% from the previous period. The NCFI (composite index) was 1035.79 points, down 1.59% from the previous period [2] - On August 22, the Shanghai Export Container Freight Index (SCFI) was 1415.36 points, down 44.83 points from the previous period; the SCFI for the European route was 1668 USD/TEU, down 8.35% from the previous period; the SCFI for the US - West route was 1759 USD/FEU, down 6.54% from the previous period. The China Export Container Freight Index (CCFI) (composite index) was 1174.87 points, down 1.5% from the previous period; the CCFI for the European route was 1757.74 points, down 1.8% from the previous period; the CCFI for the US - West route was 799.19 points, down 2.9% from the previous period [2] Economic Data of Different Regions - The preliminary value of the Eurozone's manufacturing PMI in August was 50.5 (estimated 49.5, previous value 49.8); the preliminary value of the service PMI was 50.7 (estimated 50.8, previous value 51); the composite PMI rose to 51.1, higher than July's 50.9, and reached the highest level since May 2024. The Eurozone's Sentix investor confidence index in August was - 3.7 (expected 8, previous value 4.5). In July, the manufacturing PMI was 49.3%, down 0.4 percentage points from the previous month [2] - The preliminary value of the US S&P Global manufacturing PMI in August was 53.3 (estimated 49.5, previous value 49.8), reaching a 39 - month high; the preliminary value of the service PMI was 55.4 (estimated 54.2, previous value 55.7). The preliminary value of the US Markit manufacturing PMI in August was 53.3, the highest level since May 2022 (expected 49.7, previous value 49.8) [3] Trade and Tariff Issues - The extension of China - US tariffs continues, and there is no substantial progress in the negotiations. The tariff war has evolved into a trade negotiation issue between the US and other countries, and the spot price has slightly decreased [4] - On August 26, the US Department of Commerce announced an anti - dumping preliminary ruling on polypropylene corrugated boxes imported from China, with a preliminary ruling of a unified national tax rate of 83.64% (the margin after offsetting subsidies was adjusted to 73.10%). The anti - dumping final ruling is expected to be combined with the counter - subsidy final ruling on November 12, 2025 [5] Trading Strategies - Short - term strategy: The main contract is weak, and the far - month contract is strong. Risk - preference investors are recommended to lightly test long positions around 1300 for the 2510 contract and add long positions around 1600 for the 2512 contract. Pay attention to the subsequent market trend, do not hold losing positions, and set stop - loss [4] - Arbitrage strategy: Under the background of international situation turmoil, each contract still follows the seasonal logic with large fluctuations. It is recommended to wait and see temporarily or try with a light position [4] - Long - term strategy: High - level profit - taking is recommended for each contract. Wait for the callback to stabilize and then judge the subsequent direction [4] Contract Information - On August 28, the main contract 2510 closed at 1285.0, down 3.31%, with a trading volume of 25,300 lots and an open interest of 54,200 lots, an increase of 523 lots from the previous day [4] - The daily limit and lower limit for contracts 2508 - 2606 were adjusted to 18% [4] - The company's margin for contracts 2508 - 2606 was adjusted to 28% [4] - The daily opening limit for all contracts 2508 - 2606 is 100 lots [4] Geopolitical Events - On August 27, the Houthi armed forces issued a statement saying that their missile forces carried out a military strike on targets in Israel to respond to Israel's continuous military operations in the Gaza Strip. A "Palestine - 2" hypersonic ballistic missile was used to strike Ben - Gurion International Airport south of Tel Aviv, causing the airport to suspend operations [5]

Group 1: Report Industry Investment Rating - Not provided in the document Group 2: Core View of the Report - The overall strategy maintains the logic of shorting on rallies because the overall situation in September is loose, the subsequent driving force continues to be weak, the current October contract is at a discount of about 450 points to the spot, and there is still room for decline; the valuation of the far - month contract is vague, more affected by the driving force, and due to the small open interest, it is greatly affected by macro and capital behavior [2] Group 3: Summary of Related Content Futures Contract Information - For EC2508, the closing price was 2125.0, with a change of 0.09%, the basis was 55.2, the trading volume was 156, the open interest was 2060, and the change in open interest was - 109 [2] - For EC2510, the closing price was 1325.0, with a change of - 2.21%, the basis was 855.2, the trading volume was 35008, the open interest was 54293, and the change in open interest was 2566 [2] - For EC2512, the closing price was 1721.4, with a change of - 3.07%, the basis was 458.8, the trading volume was 7519, and the open interest was 12209 [2] - For EC2602, the closing price was 1513.0, with a change of - 1.24%, the basis was 667.2, the trading volume was 1211, the open interest was 4403, and the change in open interest was 35 [2] - For EC2604, the closing price was 1289.5, with a change of - 1.89%, the basis was 890.7, the trading volume was 1160, the open interest was 5716, and the change in open interest was 89 [2] - For EC2606, the closing price was 1470.1, with a change of - 0.67%, the basis was 710.1, the trading volume was 95, the open interest was 820, and the change in open interest was - 6 [2] Month - spread Information - The EC2508 - 2510 month - spread was 800.0, compared with 768.0 the previous day, 757.0 two days ago, and the week - on - week change was 89.8 [2] - The EC2510 - 2512 month - spread was - 396.4, compared with - 420.9 the previous day, - 404.7 two days ago, and the week - on - week change was - 7.0 [2] - The EC2512 - 2602 month - spread was 208.4, compared with 243.9 the previous day, 239.6 two days ago, and the week - on - week change was - 24.5 [2] Spot Index Information - The SCEIS index on August 18, 2025, was 2180.17 points, down 2.47% from the previous period and 2.71% from two periods ago [2] - The SCFI (European Line) on August 15, 2025, was 1820 dollars/TEU, down 7.19% from the previous period and 4.39% from two periods ago [2] - The CCFI on August 15, 2025, was 1790.47 points, down 0.48% from the previous period and up 0.53% from two periods ago [2] - The NCFI on August 15, 2025, was 1188.69 points, down 5.49% from the previous period and 8.37% from two periods ago [2] Booking and Capacity Information - Currently, downstream customers are booking spaces for the end of August and early September (week35 - 36). In week35, the average price was 2575 dollars (equivalent to 1770 points on the futures market). The PA Alliance offered 2500 dollars, MSK initially opened at 2300 dollars and then rose to 2490 dollars, and the OA Alliance offered 2700 - 2800 dollars [2][3] - The weekly average capacities in August, September (tentative), and October (tentative) 2025 were 328,000, 312,000, and 315,000 TEU respectively. After considering all TBN as sailings cancelled, they were 328,000, 297,000, and 283,000 TEU respectively [2] Other Information - In week36, the latest quotes from shipping companies were between 2120 - 2420 dollars, with an average of 2250 dollars (1550 points). On Tuesday, MSK opened at 2100 dollars, and some routes rose to 2200 dollars; CMA's quote dropped from 3420 to 2620 dollars. On Wednesday, OOCL opened at 2300 dollars. On Thursday, CMA dropped 200 to 2420 dollars, HMM dropped 300 to 2200 dollars, and HPI dropped 200 to 2235 dollars [9]

Price Trends - Shanghai Export Container Freight Index (SCFIS) for Europe route is at 2180.17 points, down 2.5% from the previous period[3] - Ningbo Export Container Freight Index (NCFI) for Europe route is at 1188.7 points, down 5.5% from the previous period[3] - SCFIS for the US West route is at 1106.29 points, up 2.2% from the previous period[3] Market Conditions - Current spot prices are experiencing slight declines amid geopolitical tensions and tariff negotiations, suggesting a cautious market outlook[5] - The main contract closed at 1355.0, with a decline of 1.33% and a trading volume of 27,500 contracts[5] Economic Indicators - Eurozone July Manufacturing PMI is at 49.8, slightly above the expected 49.7, indicating a marginal improvement in manufacturing conditions[3] - US July Manufacturing PMI preliminary value is at 49.5, below the expected 52.7, indicating a contraction in manufacturing activity[4] Strategic Recommendations - Short-term strategy suggests maintaining a weak position in main contracts while considering light positions around 1300 for contract 2510[6] - Long-term strategy advises waiting for stabilization before making further directional judgments on contracts[6]

1. Report Industry Investment Rating - Not provided in the document 2. Core View of the Report - The overall strategy maintains the logic of shorting on rallies. This is because the overall situation in September is loose, the subsequent drivers continue to be weak; currently, the October contract is at a discount of about 450 points to the spot, and there is still expected to be room for decline; the valuation of the far - month contracts is unclear, more affected by drivers, and due to low positions, they are greatly affected by macro and capital behaviors [2][16] 3. Summary by Relevant Content 3.1 EC Futures Contract Price and Month - spread - **Contract Prices**: On August 21, 2025, the closing prices of EC2508, EC2510, EC2512, EC2602, EC2604, and EC2606 were 2123.0, 1355.0, 1775.9, 1532.0, 1314.3, and 1480.0 respectively, with changes of - 0.20%, - 1.12%, 0.05%, - 0.22%, - 0.67%, and - 0.82% [2][16] - **Month - spreads**: The month - spreads of EC2508 - 2510, EC2510 - 2512, and EC2512 - 2602 on the previous day were 768.0, - 420.9, and 243.9 respectively, with daily changes of 11.0, - 16.2, and 4.3 [2][16] 3.2 Shipping Indexes - **SCF (European Line)**: On August 18, 2025, the value was 2180.17, a decrease of 2.47% from the previous period [2][16] - **CCFI**: On August 15, 2025, it was 1790.47 points, a decrease of 0.48% from the previous period [2][16] - **NCFI**: On August 15, 2025, it was 1188.69 points, a decrease of 5.49% from the previous period [2][16] 3.3 Weekly Booking Situation - **Week 34 - 35**: Currently, downstream is booking week 34 - 35 (end of August) positions. The final average price of week 34 was 2850 US dollars (2000 points). The current average quote of week 35 is 2625 US dollars (1840 points), with PA Alliance at 2500 US dollars, MSK at 2300 US dollars, and OA Alliance at 2700 - 2800 US dollars. Fundamentally, MSK is better, OA is average, and PA is worse [2][16] - **Week 35 - 36**: Currently, downstream is booking week 35 - 36 (end of August to early September) positions. The average price of week 35 is 2575 US dollars (1770 points), and that of week 36 is 2400 US dollars (1630 points) [3][17] 3.4 Shipping Capacity - The weekly average shipping capacities in August, September (tentatively), and October 2025 are 328,000, 312,000, and 315,000 TEU respectively. After planning all TBN sailings to be cancelled, they are 328,000, 297,000, and 283,000 TEU [2][16]

1. Report Industry Investment Rating No relevant information provided. 2. Core View of the Report - Amid geopolitical conflicts and tariff uncertainties, the game is challenging, and it's recommended to participate with a light position or stay on the sidelines [2] - Due to the complex situation, short - term trading strategies should be cautious, and long - term strategies should wait for the market to stabilize [3] 3. Summary by Related Content SCFIS, NCFI, and Other Shipping Indexes - On August 1st, compared with the previous period, the NCFI (composite index) was 1087.66 points, down 2.06%; the SCFIS (European route) was 2400.50 points, down 0.9%; the NCFI (European route) was 1372.67 points, down 3.53%; the SCFIS (US West route) was 1301.81 points, up 2.8%; the NCFI (US West route) was 1114.45 points, down 0.54% [1] - Also on August 1st, the SCFI was 1550.74 points, down 41.85 points; the CCFI (composite index) was 1232.29 points, down 2.3%; the SCFI European route price was 2051 USD/TEU, down 1.86%; the CCFI (European route) was 1789.50 points, up 0.1%; the SCFI US West route was 2021 USD/FEU, down 2.23%; the CCFI (US West route) was 876.57 points, down 0.5% [1] Economic Data of Different Regions - The Eurozone's July manufacturing PMI initial value was 49.8, higher than the expected 49.7; the service industry PMI was 51.2, exceeding the expected 50.7; the composite PMI initial value was 51, higher than the expected 50.8. The July SENTIX investor confidence index rose to 4.5, the highest since April 2022 [1] - In July, the US manufacturing PMI was 49.5 (expected 52.7), the service industry PMI initial value was 55.2 (expected 53), and the composite PMI initial value was 54.6, a new high since December 2024 [2] - China's July manufacturing PMI was 49.3%, down 0.4 percentage points from the previous month [2] Market and Policy Influences - Trump's tariff hikes on multiple countries, mainly in Southeast Asia, have increased the difficulty of the game in the shipping market. Some shipping companies have announced price increases, and the Trump administration postponed the tariff negotiation date to August 1st [2] - The spot market has set a price range and made small price increases to test the market, leading to a small rebound in the market [2] Trading and Contract Information - On August 1st, the main contract 2510 closed at 1424.0, with a decline of 0.29%, a trading volume of 35,700 lots, and an open interest of 52,400 lots, an increase of 558 lots from the previous day [2] - Short - term strategy: The short - term market may rebound. Risk - takers are advised to take partial profits from the long positions in the 2510 contract below 1300 and short the EC2512 contract lightly and take profits. Set stop - losses [3] - Arbitrage strategy: Amid international turmoil, the market shows a positive spread structure with large fluctuations. It's recommended to stay on the sidelines or try with a light position [3] - Long - term strategy: It's recommended to take profits when the contracts rise and wait for the market to stabilize after a pullback before making further decisions [3] - The daily limit for contracts from 2508 - 2606 is adjusted to 18%, and the company's margin for these contracts is adjusted to 28%. The daily opening limit for all 2508 - 2606 contracts is 100 lots [3]