Report Industry Investment Rating No relevant content provided. Core Viewpoints - SCFIS maintains an upward trend, and the far - month contracts are making up for the premium. The market is influenced by geopolitical conflicts, tariff policies, and the Middle East situation, with mixed long and short information, leading to wide - range fluctuations in the market. Attention should be paid to tariff policies, the Middle East situation, and spot freight rates. It is recommended to participate with a light position or stay on the sidelines [1][4]. - Short - term, the market may rebound. Risk - preferring investors are advised to take partial profit when the market surges today. In the long - term, take profit when the contracts rise and wait for the market to stabilize after a pullback before making further decisions [1][5]. Summary by Related Catalogs Freight Index - On July 14, compared with July 11, the Shanghai Export Container Settlement Freight Index (SCFIS) for the European route rose 7.3% to 2421.94 points, while the SCFIS for the US - West route fell 18.7% to 1266.59 points. The Ningbo Export Container Freight Index (NCFI) (composite index) dropped 3.19% to 1218.03 points, the NCFI for the European route fell 0.50% to 1435.21 points, and the NCFI for the US - West route rose 0.85% to 1186.59 points. The Shanghai Export Container Freight Index (SCFI) composite index fell 30.20 points, the SCFI for the European route dropped 0.10% to 2099 USD/TEU, and the SCFI for the US - West route rose 5.03% to 2194 USD/FEU. The China Export Container Freight Index (CCFI) (composite index) fell 2.2%, the CCFI for the European route rose 1.9%, and the CCFI for the US - West route fell 5.2% [1]. Economic Data - In the Eurozone in June, the preliminary manufacturing PMI was 49.4, the preliminary services PMI was 50 (a two - month high), and the preliminary composite PMI was 50.2. The Sentix investor confidence index was 0.2. The Caixin China Manufacturing PMI in June was 50.4, up 2.1 points from May. In the US in June, the preliminary Markit manufacturing PMI was 52, the preliminary services PMI was 53.1, and the preliminary composite PMI was 52.8 [2]. Market Situation - Trump continues to impose tariffs on multiple countries, mainly in Southeast Asia, and some shipping companies have announced freight rate increases. The US plans to impose a 30% tariff on Mexico and the EU, and the Middle East situation may ease. The market is filled with mixed long and short information, causing wide - range fluctuations in the market [4]. Trading Strategies - Short - term: The short - term market may rebound. Risk - preferring investors who went long on the 2510 contract below 1300 are advised to take partial profit when the market surges today. For the EC2512 contract, short lightly above 1650 and set stop - loss and take - profit levels. - Arbitrage: In the context of international turmoil, the market is mainly in a positive arbitrage structure with large fluctuations. It is recommended to stay on the sidelines or participate with a light position. - Long - term: Take profit when each contract rises, and wait for the market to stabilize after a pullback before determining the subsequent direction [5]. Contract Adjustments - The daily limit for contracts from 2508 to 2606 is adjusted to 16%. - The company's margin for contracts from 2508 to 2606 is adjusted to 26%. - The daily opening limit for all contracts from 2508 to 2606 is 100 lots [5].

Report Summary 1. Report Industry Investment Rating No industry investment rating is provided in the report. 2. Core Viewpoints - Despite the continuous decline of SCFIS, some liner companies are still pushing up freight rates in mid - early April. The market atmosphere is bullish under the multi - empty game, and the market is oscillating at a relatively high level. Attention should be paid to tariff policies, the Middle East situation, and spot freight rates [2][3]. - The core logic for this year lies in the direction of international tariff policies. In April, the US may have repeated tariff policies towards Canada, Mexico, Europe, etc., which will add a major disturbing factor to the future shipping trend [3]. - It is necessary to focus on the price war between MSK and MSC in the second quarter and the feedback of terminal demand under radical tariff policies [3]. 3. Summary by Related Content Market Data - On March 24, the Shanghai Export Container Settlement Freight Index (SCFIS) for the European route was 1506.17 points, down 3.9% from the previous period; the SCFIS for the US - West route was 1260.05 points, down 16.4% from the previous period [2]. - On March 21, the Ningbo Export Container Freight Index (NCFI) composite index was 870.75 points, up 0.51% from the previous period; the NCFI for the European route was 871.91 points, up 0.62% from the previous period; the NCFI for the US - West route was 1017.39 points, down 1.01% from the previous period [2]. - The Shanghai Export Container Freight Index (SCFI) announced price on March 21 was 1292.75 points, down 26.59 points from the previous period; the SCFI European line price was 1306 USD/TEU, down 6.5% from the previous period; the SCFI US - West route was 1152.74 USD/FEU, down 8.5% from the previous period [2]. - The China Export Container Freight Index (CCFI) composite index on March 21 was 1147.76 points, down 3.7% from the previous period; the CCFI for the European route was 1586.66 points, down 2.2% from the previous period; the CCFI for the US - West route was 859.97 points, down 6.9% from the previous period [2]. - On March 24, the main contract 2506 closed at 2072.0, with a 0.31% increase, a trading volume of 45,600 lots, and an open interest of 43,100 lots, a decrease of 954 lots from the previous day [3]. Economic Indicators - The eurozone's February manufacturing PMI preliminary value was 47.3, the previous value was 46.6; the eurozone's February services PMI preliminary value was 50.7, a 3 - month low; the eurozone's February composite PMI preliminary value was 50.2, the same as the previous value. The eurozone's February Sentix investor confidence index was - 12.7, with an expected value of - 16.3 [2]. - China's January manufacturing PMI was 49.1%, down 1.0 percentage point from the previous month. China's January Caixin manufacturing PMI was 50.1, the previous value was 50.5, remaining above the boom - bust line for the fourth consecutive month [3]. - The US February S&P Global manufacturing PMI preliminary value was 51.6, an 8 - month high; the US February S&P Global services PMI preliminary value was 49.7, a 25 - month low; the US February S&P Global composite PMI preliminary value was 50.4, a 17 - month low [3]. Trading Strategies - Short - term strategy: Risk - preferring investors can try to go long on the 2508 contract in the 1900 - 2000 range for a rebound of the peak - season contract, and set a stop - loss [3]. - Arbitrage strategy: Due to the repeated geopolitical conflicts and the basically determined tariff policies, the arbitrage structure is currently chaotic, with a short window period and large fluctuations. All positions have been advised to take profits [3]. - Long - term strategy: The far - month contracts are currently at a large discount. All positions have been advised to take profits. It is recommended to wait until the price war situation in March becomes clear and the far - month contracts are adjusted to an appropriate price before making a layout [3]. Other Information - Houthi rebels attacked Israel's Ben - Gurion International Airport and the US "Harry Truman" aircraft carrier on March 23, causing the airport to suspend flights for half an hour [3]. - US President Trump has frequently introduced trade - protectionist measures, which has raised concerns about the global economic outlook and may disrupt the global economic and trade order and damage Europe [3].