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. Industry Investment Rating - Not provided in the given content 2. Core Viewpoints - The market continued to fluctuate weakly on Friday. With the subsequent peak season and the long - term contract signing period in December as positive drivers, it is recommended to take a dip - buying approach overall. The market is expected to mainly follow the trend of the December contract in the short term. Observe the cargo - picking situation during the peak season. Freight rate highs usually occur 4 - 5 weeks before the Spring Festival (mid - January next year). If the peak season is gradually realized, the February contract may have more upside potential. The April contract is for the off - season, and it is recommended to take a short - selling approach considering the expected greater supply pressure and the off - season in April next year [3] 3. Summary by Relevant Catalogs Futures Market - **Contract Prices and Changes**: The EC2512 contract closed at 1812.0, down 1.96% (-603.3); EC2602 at 1592.0, down 0.56% (-383.3); EC2604 at 1164.6, down 1.14% (44.1); EC2606 at 1376.1, down 2.69% (-167.4); EC2608 at 1499.2, up 1.02% (-290.5); EC2610 at 1133.4, down 0.58% (75.3) [2] - **Volume and Open Interest**: The trading volume of EC2512 was 17121, and the open interest was 25887 with a decrease of 2525; EC2602 had a volume of 5303, open interest of 22939 with an increase of 314; EC2604 had a volume of 1193, open interest of 14330 with an increase of 122; EC2606 had a volume of 74, open interest of 1452 with a decrease of 3; EC2608 had a volume not fully shown, open interest of 1311 with an increase of 5; EC2610 had a volume of 154, open interest of 1464 with an increase of 32 [2] - **Month - to - Month Spreads**: The spread of EC2512 - 2504 was 647.4, with a daily decrease of 22.8 and a weekly decrease of 20.5; EC2512 - 2602 was 220.0, with a daily decrease of 27.2 and a weekly decrease of 40.8; EC2502 - 2604 was 427.4, with a daily increase of 4.4 and a weekly increase of 20.3 [2] Spot Market - **SCFIS**: Updated weekly on Mondays, as of November 3, 2025, it was 1208.71 points, down 7.92% from the previous period [2] - **SCFI (European Line)**: Updated weekly on a day described as "weekly nine", as of November 7, 2025, it was 1323 dollars/TEU, down 1.56% from the previous period [2] - **CCFI (European Line)**: Updated weekly on a day described as "weekly nine", as of November 7, 2025, it was 1366.85 points, up 3.25% from the previous period [2] - **NCFI**: Updated weekly on a day described as "weekly nine", as of November 7, 2025, it was 911.73 points, down 5.58% from the previous period [2] Recent European Line Quotation - **45th Week**: The average landed price was about 2050 US dollars (equivalent to 1450 points on the futures market) [3] - **46th Week**: The average landed price was 2000 US dollars (equivalent to 1400 points on the futures market). Shipping companies announced a price increase to 2365 - 2950 US dollars for the second half of November, but MSK opened at 2250 US dollars (a 50 - dollar increase from the previous period), and it is expected that other shipping companies' quotes will be gradually lowered this week. There may also be a price increase announcement for December [3] Related News - On November 9, the Qassam Brigades of Hamas stated that armed personnel in the Rafah area under Israeli control would not surrender to Israel. They urged mediators to take responsibility to avoid the breakdown of the cease - fire. Egypt had proposed a plan allowing about 200 armed personnel in Rafah to have safe passage on the condition of handing over weapons and providing the location of underground tunnels, but the Qassam Brigades strongly rejected it [4] - On November 10, the Houthi armed forces warned that if the cease - fire in the Gaza Strip breaks down, they will resume attacks on Israel and ban Israeli ships from sailing in the Red Sea and the Arabian Sea [4] Index Delay - The XSI - C index is delayed by three working days [5]

1. Report Industry Investment Rating No relevant content provided. 2. Core Viewpoints of the Report - On Wednesday, the market strengthened significantly due to rumors of MSK opening bookings and raising prices. The far - month contracts were slightly driven up by the near - month contracts. The December contract has multiple positive drivers such as price increase announcements and long - term contract signings from November to December, but its valuation is not low, and it will follow the spot market in the future. It is recommended to take a long position on dips. [2] - The February 2026 contract has high uncertainty and is expected to mainly follow the December contract's trend in the next month. [2] - The April 2026 contract is a off - season contract, which maintains a narrow - range oscillation under the current peak - season logic. Considering greater supply pressure next year, the off - season in April, and potential resumption of shipping, it is recommended to take a short position on rallies. [2] 3. Summary by Relevant Catalogs Futures Market - **Contract Prices and Changes**: The closing prices of EC2512, EC2602, EC2604, EC2606, EC2608, and EC2610 contracts were 1946.0, 1652.0, 1199.6, 1426.1, 1497.1, and 1142.8 respectively, with daily increases of 1.89%, 3.66%, 0.81%, 1.07%, 0.81%, and 0.69% respectively. [2] - **Month - to - Month Spreads**: The spreads of EC2512 - 2504, EC2512 - 2602, and EC2502 - 2604 were 746.4, 294.0, and 452.4 respectively, with day - on - day changes of 26.5, - 22.2, and 48.7 respectively. [2] Spot Market - **Spot Freight Indexes**: The SCFIS index on November 3, 2025, was 1208.71 points, a decrease of 7.92% from the previous period; the SCFI (European line) on October 31, 2025, was 1344 US dollars/TEU, an increase of 7.87% from the previous period; the CCFI on October 31, 2025, was 1323.81 points, an increase of 2.37% from the previous period; the NCFI on October 31, 2025, was 965.62 points, an increase of 17.43% from the previous period. [2] Recent European Line Quotation Situation - **Early November**: PA's price dropped the most to 1700 - 1900 US dollars, GEMIN dropped to 2100 - 2200 US dollars, and OA dropped to 2250 US dollars, with an average of about 2050 US dollars (equivalent to 1430 points on the futures market). [3] - **Late November**: Shipping companies mostly announced price increases to 2500 - 3100 US dollars, and MSK quoted 2250 US dollars. [3] News - **Price Increase Notices**: On Tuesday, MSC and HPL issued price increase notices for the second half of November, announcing price increases to 3000 and 3100 US dollars/FEU respectively. MSK's opening quotation for the second half of November was 2250 (+50) US dollars/FEU, lower than the previous market rumors/expectations of 2400 - 2500 US dollars; MSK also issued a price increase notice for December, raising the European line price to 3200 US dollars, while MSC's price dropped to 2365 US dollars. [4] - **Related Geopolitical News**: On November 5, the Israeli Defense Minister stated that the Israeli army would unrestrictedly destroy Hamas tunnels and armed personnel in the controlled areas of the Gaza Strip. [5]

Group 1: Report Industry Investment Rating - No relevant content provided Group 2: Core Views of the Report - The current valuation of the December contract is moderately high. With multiple price increase announcements and long - term contract signings from November to December as positive drivers, it is recommended to adopt a "buy - on - dips" strategy, waiting for next week or continue to trade based on the PA price cut/MSK's flat opening [3]. - The February contract's valuation is difficult to anchor, with high uncertainty. It is expected to follow the December contract's trend in the next month [3]. - The April contract is for the off - season. It will fluctuate within a narrow range under the current peak - season logic and face greater supply pressure next year. A "sell - on - rallies" strategy is recommended [3]. Group 3: Summary by Relevant Catalogs Futures Market Data - For EC2512, the closing price was 1804.0, down 2.16%, with a basis of - 491.3, trading volume of 59519, and an open interest of 31365, an increase of 1259 [2]. - For EC2602, the closing price was 1553.6, down 1.86%, with a basis of - 240.9, trading volume of 11387, and an open interest of 18455, an increase of 2222 [2]. - For EC2604, the closing price was 1161.1, down 1.26%, with a basis of 151.6, trading volume of 4119, and an open interest of 14910, an increase of 450 [2]. - For EC2606, the closing price was 1379.6, down 1.69%, with a basis of - 66.9, trading volume of 366, and an open interest of 1521, an increase of 110 [2]. - For EC2608, the closing price was 1471.1, down 1.10%, with a basis of - 158.4, trading volume of 226, and an open interest of 1352, an increase of 23 [2]. - For EC2610, the closing price was 1132.0, down 0.04%, with a basis of 180.7, trading volume of 442, and an open interest of 1280, an increase of 218 [2]. Month - spread Data - The EC2512 - 2504 month - spread was 642.9, down 25.0 day - on - day and up 21.6 week - on - week [2]. - The EC2512 - 2602 month - spread was 250.4, down 10.4 day - on - day and up 39.3 week - on - week [2]. - The EC2502 - 2604 month - spread was 392.5, down 14.6 day - on - day and down 17.7 week - on - week [2]. Spot Index Data - The SCFIS (European Line) index on October 27, 2025, was 1312.71, up 15.11% from the previous period [2]. - The SCFI (European Line) on October 31, 2025, was 1344 dollars/TEU, up 8.82% from the previous period [2]. - The CCFI on October 31, 2025, was 1323.81, up 2.37% from the previous period [2]. - The NCFI on October 31, 2025, was 965.62, up 17.43% from the previous period [2]. Fundamental Analysis - In terms of fundamentals, in week 49, there was one additional sail - canceling, and two ships postponed departure. The average weekly capacity in November and December is 290,000 and 336,000 TEU respectively. After considering all TBN as sail - canceling, it is 286,000 and 313,000 TEU. The capacity in week 45/46/47/48 of November was 310,000/250,000/277,000/325,000 TEU respectively, with greater pressure in the second half of November [2]. - In the first half of November, OA and MSK had no pressure in receiving goods, while the PA alliance was short of goods and led the price cut [2]. Recent European Line Quotation - Downstream customers are finalizing the cabin bookings for early November (week 45). In the first half of November, the PA alliance cut prices the most, to 1700 - 1900 US dollars, GEMIN to 2100 - 2200 US dollars, and OA to 2250 US dollars, with an average of about 2050 US dollars (equivalent to 1430 points on the futures market) [4]. Related News - On October 31, Israel attacked Gaza for the third consecutive night, impacting the cease - fire agreement. The cease - fire agreement mediated by the US has been in effect for three weeks, but issues such as Hamas' disarmament and Israel's withdrawal schedule from Gaza remain unsolved [5]. - On November 1, Qatar warned that Gaza might fall into a "neither war nor peace" situation, calling on the international community to intervene [5]. - On November 3, the Houthi armed forces stated that they would strongly respond to any Israeli aggression [5].

1. Report Industry Investment Rating No relevant information provided. 2. Core Viewpoints of the Report - High - frequency economic data focuses on: production end is differentiated with some开工率 decreasing and some increasing; commercial housing transactions decline marginally while land supply area rises continuously; prices are stable with an upward trend; shipping prices at home and abroad show opposite trends. Short - term attention should be paid to anti - involution, incremental policy implementation, and the recovery of the real estate market [2][30]. 3. Summary by Relevant Catalogs Production - Steel: Coke oven capacity utilization decreased by 0.42 pct, blast furnace operating rate decreased by 2.96 pct, and rebar output increased by 5.52 tons [2][9]. - Petroleum asphalt: Operating rate increased by 0.4 pct [9]. - Chemical industry: PX operating rate increased by 1.6 pct, PTA operating rate increased by 2.4 pct [9]. - Automobile tires: Full - steel tire operating rate decreased by 0.24 pct, semi - steel tire operating rate decreased by 0.26 pct [10]. Demand - Real estate: Commercial housing transaction area declined marginally, inventory - to - sales ratio decreased, land supply area increased continuously, and residential land transaction premium rate increased [13]. - Movie box office: Decreased by 0.53 billion yuan compared with the previous week [13]. - Automobile: Daily average retail sales of manufacturers increased by 0.6 million vehicles, and daily average wholesale sales increased by 1.5 million vehicles [15]. - Shipping index: SCFI increased by 10.49%, CCFI increased by 2.89%, BDI decreased by 1.26% [18]. Prices - Energy: Brent crude oil price decreased by 1.32% to $65.07 per barrel, coking coal futures price increased by 3.52% to 1295.5 yuan per ton [20]. - Metals: LME copper, aluminum, and zinc futures prices changed by - 0.51%, + 1.1%, and + 1.01% respectively, and domestic rebar futures price increased by 1.83% [21]. - Agricultural products: The overall price rose rapidly, with the wholesale price index of agricultural products 200 increasing by 2.23%. Pork, egg, vegetable, and fruit prices changed by + 0.39%, - 0.14%, + 5.96%, and + 0.28% respectively compared with the previous week [23]. Logistics - Subway passenger volume: Beijing decreased slightly, Shanghai increased slightly [26]. - Flight volume: Both domestic (excluding Hong Kong, Macao, and Taiwan) and international flight volumes decreased [28]. - Urban traffic: The peak congestion index in first - tier cities continued to decline [28].

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].

Report Summary 1. Report Industry Investment Rating - No information provided in the content 2. Core View of the Report - After the holiday, there are multiple upward drivers including multiple price increase announcements, high operational space for shipping companies such as speed reduction and suspension of voyages, and the long - term agreement signing season from December to January. However, the economies in Northwest Europe are deteriorating and new ships are being launched successively. Overall, the valuations of contracts 12 and 02 are already high, and it is not recommended to chase the high prices. The short - term trend is expected to be volatile. Contract 04 currently has a high valuation, and as an off - season contract, it is more suitable for short - selling in the short term, but attention should be paid to the low liquidity which may cause short - term fluctuations [2] 3. Summary by Relevant Catalogs 3.1 Futures Contract Information - For EC2510, the closing price was 1139.0, with a decline of 2.90%, a basis of 115.9, trading volume of 22035, and open interest of 32431 with a decrease of 3095 [1] - For EC2512, the closing price was 1777.0, a decline of 0.34%, a basis of - 522.1, trading volume of 19314, and open interest of 21695 with a decrease of 1300 [1] - For EC2602, the closing price was 1685.0, a decline of 0.66%, a basis of - 430.1, trading volume of 6466, and open interest of 8768 [1] - For EC2604, the closing price was 1268.6, a decline of 1.28%, a basis of - 13.7, trading volume of 1657, and open interest of 9099 with an increase of 142 [1] - For EC2606, the closing price was 1483.5, an increase of 0.08%, a basis of - 228.6, trading volume of 97, and open interest of 938 with a decrease of 14 [1] - The spread of EC2510 - 2512 was - 638.0, with a day - on - day decrease of 27.9 and a week - on - week decrease of 77.8 [1] - The spread of EC2512 - 2602 was 92.0, with a day - on - day increase of 5.1 and a week - on - week increase of 11.7 [1] 3.2 Spot Index Information - The SCHIS SCFI (European line) index was 1254.92 points on September 22, 2025, a decrease of 12.87% from the previous period and 8.06% from two periods ago. The price was 971 dollars/TEU on September 26, 2025, a decrease of 7.70% from the previous period and 8.84% from two periods ago [1] - The CCFI index was 1401.91 points on September 26, 2025, a decrease of 4.69% from the previous period and 4.31% from two periods ago [1] - The NCFI index was 614.14 points on September 26, 2025, a decrease of 8.83% from the previous period and 7.65% from two periods ago [1] 3.3 European Line Quotation Situation - For week 39 (end of September), the average quotation was 1600 US dollars (equivalent to 1150 points on the futures market). MSK quoted 1500 US dollars (later increased to 1570), PA Alliance quoted 1550 - 1600 US dollars, and OA Alliance quoted 1600 - 1720 US dollars [3] - For weeks 40 - 41 (beginning of October), the average quotation was 1450 US dollars (equivalent to 1020 points on the futures market). MSK quoted 1400 US dollars, PA quoted 1300 - 1500 US dollars (YML's 1300 US dollars was the lowest price of the year), and OA quoted 1400 - 1600 US dollars [3] - For week 42, MSK's opening quotation was 1800 US dollars (a 400 - dollar increase from the previous period), and other shipping companies successively announced post - holiday price increases to 2000 US dollars [3] 3.4 Related News - On September 29, Trump claimed that the Middle East peace agreement "will surely be reached". He will meet with Israeli Prime Minister Netanyahu on Monday to finalize the agreement framework [4] - On September 28, Hamas stated that it had not received a new cease - fire proposal, and the Israel - Palestine negotiations were at an impasse [4] - On September 28, the Israeli Defense Minister said that it would not stop military operations in the Gaza Strip [4]

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]

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 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]