Group 1: Report Industry Investment Rating - No information provided Group 2: Core Viewpoints of the Report - Currently, downstream customers are booking shipping space for the end of August and early September (week35 - 36). Week35's final average price is $2550 (1800 points), and week36's current average quoted price is $2300 (1600 points). Most shipping companies face cargo - receiving pressure at the end of the month, and the shipping capacity in September is generally reduced. The overall situation in September is loose, and the subsequent driving force remains weak. However, the valuation in October is approaching the annual low (1250 - 1300), with limited downside space. Attention can be paid to the long - allocation opportunity of the 12 - contract [2] Group 3: Summary by Related Catalogs EC Futures Contract Information - For EC2510, the closing price is 1285.0, with a decline of 2.36%, the base bond is 705.2, the trading volume is 25330, the open interest is 54248, and the open interest change is 523. Similar data is provided for other contracts such as EC2512, EC2602, etc [2] - The month - spread of EC2510 - 2512 is - 286.0, with a daily increase of 18.5 and a weekly increase of 66.2. The month - spread of EC2512 - 2602 is 171.0, with a daily decrease of 8.7 and a weekly decrease of 25.2 [2] Spot Rate Index Information - The SCFIS (European line) index on August 25, 2025, is 1990.2, with a decline of 8.35% compared to the previous period. The CCFI on August 22, 2025, is 1757.74, with a decline of 1.83% compared to the previous period. The NCFI on August 22, 2025, is 1083.74, with a decline of 8.83% compared to the previous period [2] Recent European Line Quotation Information - For week36, the latest quoted price of shipping companies ranges from $2120 to $2420, with an average of $2250 (1550 points). For week37, the latest average quoted price is $2200 (1500 points) [3] Shipping Capacity Information - The weekly average shipping capacity in September and October 2025 is 300,000 and 320,000 TEU respectively. After considering all TBN as suspended sailings, it is 290,000 and 290,000 TEU respectively. On August 26, the suspension of the FE4 route of the PA Alliance in week38 of September was filled by HMM AOUAMARINE, increasing the weekly average shipping capacity in September to 305,000 TEU [2] Related News - On August 29, the Israeli military stated that it was preparing to expand military operations against Hamas in Gaza City. The Houthi armed leader accused Israel of carrying out large - scale massacres against Palestine [4]

Report Summary 1) Report Industry Investment Rating There is no information about the report industry investment rating in the provided content. 2) Core Viewpoint The overall pattern in September is loose, and the subsequent driving force remains weak. However, the valuation in October is gradually approaching the annual low (1250 - 1300), leaving limited downside potential. Investors can focus on the long - allocation opportunities of the 12 - contract [1]. 3) Summary by Related Catalogs EC Futures Contracts - **Contract Prices**: The closing prices of EC2510, EC2512, EC2602, EC2604, and EC2606 are 1316.0, 1620.5, 1440.8, 1248.8, and 1405.7 respectively, with price declines of - 0.22%, - 1.42%, - 1.94%, - 1.91%, and - 0.77% [1]. - **Trading Volume and Open Interest**: The trading volumes of EC2510, EC2512, EC2602, EC2604, and EC2606 are 18011, 5472, 771, 974, and 88 respectively. The open interests are 53725, 14317, 4558, 6242, and 873 respectively, with changes of - 684, 447, 54, 306, and 5 [1]. - **Month - to - Month Spreads**: The spreads of EC2510 - 2512, EC2512 - 2602 have changed. The spread of EC2510 - 2512 has a day - on - day increase of 20.5 and a week - on - week increase of 91.9. The spread of EC2512 - 2602 has a day - on - day increase of 5.1 and a week - on - week decrease of - 28.7 [1]. Spot Market - **SCFI (European Line)**: As of August 25, 2025, the index is 1990.2, a decrease of 8.71% from the previous period [1]. - **CCFI**: As of August 22, 2025, the index is 1757.74, a decrease of 1.83% from the previous period [1]. - **NCFI**: As of August 22, 2025, the index is 1083.74, a decrease of 8.83% from the previous period [1]. Booking Situation - **Week 35 - 36**: Downstream is booking spaces for the end of August to early September. The average price for Week 35 is 2550 US dollars (1800 points), and the current average quote for Week 36 is 2300 US dollars (1600 points). PA Alliance quotes 2200 - 2300 US dollars, MSK quotes 2100 US dollars (later increased to 2200 US dollars), and OA Alliance quotes 2300 - 2400 US dollars [1]. - **Week 36 - 37**: For Week 36, the latest quotes from shipping companies range from 2120 to 2420 US dollars, with an average of 2250 US dollars (1550 points). For Week 37, the latest average quote is 2200 US dollars (1500 points), with MSK's opening quote at 1900 US dollars (1300 points), and OOCL reducing the price to 2100 US dollars [2]. Shipping Capacity - The weekly average shipping capacity in September and October 2025 is 300,000 and 320,000 TEU respectively. After considering all TBN as suspended, it is 290,000 TEU for both months. However, on August 26, the suspension of the FE4 route of PA Alliance in Week 38 of September was filled by HMM AOUAMARINE, increasing the weekly average shipping capacity in September to 305,000 TEU [1]. Related News - On August 23, 2025, US President Trump announced a major tariff investigation on imported furniture, to be completed within 50 days [3]. - On August 26, 2025, Trump threatened to impose up to 200% tariffs on Chinese goods exported to the US if the export of rare - earth magnets is restricted [3]. - On August 28, 2025, the Israeli military chief of staff stated that the Israeli army is advancing ground operations in Gaza City [3].

1. Report Industry Investment Rating No information provided in the given content. 2. Core Viewpoints of the Report - Currently, downstream customers are booking shipping space for the end of August to early September (week 35 - 36). Week 35's final average price is $2550 (equivalent to 1800 points), and week 36's current average quoted price is $2300 (equivalent to 1600 points). Among them, PA Alliance quotes $2200 - 2300, MSK quotes $2100 (later increased to $2200), and OA Alliance quotes $2300 - 2400. From a fundamental perspective, MSK has relatively less pressure to receive goods due to its large price cut, but most shipping companies have pressure to receive goods at the end of the month [1]. - In September 2025, the overall shipping capacity is adjusted downwards because OA Alliance's FAL8 adds a suspension of service in week 37. The average weekly shipping capacity in September and October 2025 is 300,000 and 320,000 TEU respectively. After considering all TBN as suspensions, it is 290,000 TEU for both months. Overall, the situation in September is loose, and the subsequent driving force continues to be weak. However, the valuation in October is gradually approaching the annual low (1250 - 1300), and the downward space may be limited. Subsequently, attention can be paid to the long - allocation opportunity of the December contract [1]. 3. Summary by Relevant Catalogs 3.1 Futures Contract Information - EC2508 closed at 2127.7 yesterday, up 0.13%, with a basis of 52.5, a trading volume of 120, an open interest of 1968, and a change in open interest of - 92 [1]. - EC2510 closed at 1309.0 yesterday, down 1.21%, with a basis of 871.2, a trading volume of 25350, an open interest of 54255, and a change in open interest of - 38 [1]. - EC2512 closed at 1661.2 yesterday, down 3.50%, with a basis of 519.0, a trading volume of 8311, an open interest of 13295, and a change in open interest of 1086 [1]. - EC2602 closed at 1465.0 yesterday, down 3.17%, with a basis of 715.2, a trading volume of 1372, an open interest of 4455, and a change in open interest of 52 [1]. - EC2604 closed at 1264.5 yesterday, down 1.94%, with a basis of 915.7, a trading volume of 1364, an open interest of 5836, and a change in open interest of 120 [1]. - EC2606 closed at 1430.0 yesterday, down 2.73%, with a basis of 750.2, a trading volume of 203, an open interest of 879, and a change in open interest of 20 [1]. 3.2 Month - spread Information - The month - spread of EC2508 - 2510 was 818.7 the previous day, with a day - on - day increase of 18.7 and a week - on - week increase of 103.6 [1]. - The month - spread of EC2510 - 2512 was - 352.2 the previous day, with a day - on - day increase of 44.2 and a week - on - week increase of 64.4 [1]. - The month - spread of EC2512 - 2602 was 196.2 the previous day, with a day - on - day decrease of 12.2 and a week - on - week increase of 556 [1]. 3.3 Spot Index Information - The SCHIS index on August 18, 2025, was 2180.17 points, down 2.47% from the previous period and down 2.71% from the period before the previous one [1]. - The SCFI (European line) index was $1668/TEU, down 8.35% from the previous period and down 7.9% from the period before the previous one [1]. - The CCFI (European line) index on August 22, 2025, was 1757.74 points, down 1.83% from the previous period and down 0.48% from the period before the previous one [1]. - The NCFI (European line) index on August 22, 2025, was 1083.74 points, down 8.83% from the previous period and down 5.49% from the period before the previous one [1]. 3.4 Other Information - As of August 24, a Hamas senior official said that Israeli Prime Minister Netanyahu was deliberately undermining negotiations and insisting on continuing the offensive [3]. - On August 21, the US and the EU reached an agreement on the "Framework Agreement on Reciprocal, Fair, and Balanced Trade". The US will impose a 15% tariff on most EU goods such as automobiles, pharmaceuticals, semiconductors, and timber. The EU promised to cancel tariffs on US industrial products, provide preferential market access for US seafood and agricultural products, plan to purchase $750 billion of US liquefied natural gas, oil, and nuclear products by 2028, another $40 billion of US artificial intelligence chips, and significantly increase the purchase of US military and defense equipment. EU companies will also invest an additional $600 billion in US strategic industries [4]. - The XSI - C index is delayed by three working days for publication [5].

Report Industry Investment Rating - Not provided in the given content Core Viewpoints - The current major contradiction in the EC market is the decline rate during the off - season, affected by uncertainties in geopolitics and tariffs and the repeated domestic macro - sentiment [2][17] - In terms of fundamentals, in Week 33, the collection situation of the MSK improved, OA was average, and PA was poor; in Week 34, the collection significantly declined [2][17] - EMC canceled its independent ship in Week 35, and OA added a sailing suspension in Week 39. The weekly average capacities in August, September, and October 2025 (tentatively) are still high, with a slight decline [2][17] - Currently, the October contract is at a large discount to the spot. The decline of shipping companies in the past two weeks is in line with market expectations. The decline of the December contract did not drive the market down further. Due to the high liquidity and the support from continuous position - shifting, but the overall future drive is downward, and there is still room for valuation adjustment. It is recommended to hold the short position of the October contract and maintain the logic of shorting on rallies [2][17] Summary by Related Catalogs Futures Contract Information - EC2508: Yesterday's closing price was 2083.9, with a change of 0.04%, trading volume of 92, open interest of 2556, and a change in open interest of - 73 [2][17] - EC2510: Closing price of 1359.5, change of 1.98%, trading volume of 32077, open interest of 56698, and a change in open interest of - 4042 [2][17] - EC2512: Closing price of 1723.3, change of 1.36%, trading volume of 6322, open interest of 11131, and a change in open interest of - 334 [2][17] - EC2602: Closing price of 1521.4, change of 2.24%, trading volume of 1393, open interest of 4424, and a change in open interest of - 35 [2][17] - EC2604: Closing price of 1335.0, change of 0.48%, trading volume of 1327, open interest of 5459, and a change in open interest of - 92 [2][17] - EC2606: Closing price of 1495.0, change of 1.49%, trading volume of 107, open interest of 832, and a change in open interest of 7 [2][17] Month - to - Month Spread - EC2508 - 2510: The spread was 724.4, with a day - on - day change of - 25.5 [2][17] - EC2510 - 2512: The spread was - 363.8, with a day - on - day change of 3.2 [2][17] - EC2512 - 2602: The spread was 201.9, with a day - on - day change of - 10.2 [2][17] Spot Index Information - SCHIS: Updated weekly on Mondays. On August 11, 2025, it was 2235.48 points, with a decline of 2.71% from the previous period and a decline of 0.81% in the previous period [2][17] - SCH (European line): Updated weekly on Fridays. On August 8, 2025, it was 1961 dollars/TEU, with a decline of 4.39% from the previous period and a decline of 1.87% in the previous period [2][17] - CCFI: Updated weekly on Fridays. On August 8, 2025, it was 1799.05 points, with a change of 0 - 3% from the previous period and an increase of 0.13% in the previous period [2][17] - NCFI: On August 8, 2025, it was 1257.71 points, with a decline of 8.57% from the previous period and a decline of 3.53% in the previous period [2][17] Recent European Line Quotations - Week 34: Shipping companies' prices dropped by 200 - 300 dollars, with an average of 2850 dollars (2000 points). PA Alliance was 2700 dollars, MSK was 2600 dollars, and OA Alliance was 2900 - 3000 dollars [3][18] - Week 35: The current average shipping company quotation is 2630 dollars (1800 points). MSK opened at 2200 dollars. HPL dropped 400 dollars to 2435 dollars, EMC dropped 200 dollars to 2934 dollars. On Thursday, HMM dropped 200 dollars to 2500 dollars, OOCL dropped 300 dollars to 2800 dollars, and ONE dropped 200 dollars to 2508 dollars [3][18] Related News - On August 14, Hamas proposed a cease - fire request, promising to evacuate and ensure the safety of the detained personnel [3][18] - On August 14, Israeli Deputy Foreign Minister Haskell said that there must be a non - Israeli, peaceful, and non - armed government in Gaza after the war [3][18] Index Release Delay - The release of the XSI - C index was delayed by three working days [4][19]

Group 1: Report Industry Investment Rating - Not provided Group 2: Core View of the Report - The current main contradictions in the EC market are the decline slope during the off - season, uncertainties in geopolitics and tariffs, and the repeated domestic macro - sentiment. It is recommended to continue holding short positions on the October contract and maintain the logic of shorting on rallies [2] Group 3: Summary Based on Relevant Contents Futures Contract Information - For the EC2508 contract, the previous closing price was 2083.9, with a change of 0.04%, a basis of 151.6, a previous trading volume of 92, and a previous open interest of 2556 with a change of - 73. Other contracts like EC2510, EC2512, etc. also have their respective price, change, basis, trading volume, and open interest data [2] - The month - to - month spreads such as EC2508 - 2510, EC2510 - 2512, etc. have their previous - day, two - day - ago, and day - on - day change data [2] Index Information - The SCHIS SCFI (European line) was updated on August 11, 2025, at 2235.48 points, down 2.71% from the previous period and 4.39% from two periods ago. The CCFI was updated on August 8, 2025, at 1799.05 points, up 0.53% from the previous period. The NCFI was updated on August 8, 2025, at 1257.71 points, down 8.7% from the previous period [2] Shipping Company Quotation Information - In week 34, shipping companies' prices dropped by 200 - 300 US dollars, with an average of 2850 US dollars (2000 points). In week 35, the average shipping company quote was 2630 US dollars (1800 points) [3] - On Monday, MSK opened at 2200 US dollars; HPL dropped 400 to 2435 US dollars. On Wednesday, EMC dropped 200 to 2934 US dollars [9] News Information - On August 14, Hamas proposed a cease - fire request to Egypt, promising to evacuate and ensure the safety of the detained personnel. Israeli Deputy Foreign Minister Haskell said that after the war, Gaza must have a non - Israeli, peaceful and non - armed government [4]

Group 1: Report Industry Investment Rating - No information provided Group 2: Core Viewpoints of the Report - The current main contradictions in the EC market are the decline slope during the off - season, uncertainties in geopolitics and tariffs, and the repeated domestic macro - sentiment [2][17] - Fundamentally, in the second week of August (week33), the MSK alliance had better performance, while the OA and PA alliances had poor performance in terms of receiving goods; the goods - receiving situation in week34 significantly weakened [2][17] - EMC cancelled its independent operation ship in week35 this week, and OA added new operations in week39. The weekly average capacities in August, September (tentatively), and October (tentatively) 2025 are 327,000, 321,000, and 319,000 TEU respectively. After considering all TBN as suspended operations, they are 327,000, 300,000, and 287,000 TEU [2][17] - From the perspective of the market, the current 10 - contract is at a discount to the spot, which has not led to a further decline in the market; the 12 - contract is given the attribute of the peak - season contract, and the continuous roll - over of positions supports it. However, the overall future drive is downward, and there is still some room for valuation. It is recommended to continue holding short positions in the 10 - contract and maintain the logic of shorting on rallies [2][17] Group 3: Summary According to Related Catalogs 1. Futures Market Data - For EC2508, the closing price was 2080.0, with a change of +0.43%, trading volume of 242, and open interest of 3330 with a change of - 102 [2][17] - For EC2510, the closing price was 1408.8, with a change of - 1.89%, trading volume of 44961, and open interest of 56688 with a change of +86 [2][17] - For EC2512, the closing price was 1750.0, with a change of - 0.57%, trading volume of 5/74 (might be a data error), and open interest of 10238 with a change of +33 [2][17] - For EC2602, the closing price was 1517.1, with a change of - 0.87%, trading volume of 1471, and open interest of 4202 with a change of +67 [2][17] - For EC2604, the closing price was 1344.9, with a change of - 0.60%, trading volume of 822, and open interest of 5295 with a change of - 108 [2][17] - For EC2606, the closing price was 1497.1, with a change of +0.44%, trading volume of 136, and open interest of 770 with a change of +30 [2][17] 2. Month - to - Month Spreads - The spread of EC2508 - 2510 was 671.2, with a day - on - day change of +36.2 and a week - on - week change of - 4.6 [2][17] - The spread of EC2510 - 2512 was - 341.2, with a day - on - day change of - 17.2 and a week - on - week change of - 63.7 [2][17] - The spread of EC2512 - 2602 was 232.9, with a day - on - day change of +3.3 and a week - on - week change of +34.8 [2][17] 3. Index Data - The SCHIS index on August 11, 2025, was 2235.48 points, with a change of - 2.71% compared to the previous period and - 0.81% in the previous change [2][17] - The SCF (European route) index on August 8, 2025, was 1961 dollars/TEU, with a change of - 4.39% compared to the previous period and - 1.87% in the previous change [2][17] - The CCFI index on August 8, 2025, was 1799.05 points, with a change of +0.53% compared to the previous period and +0.13% in the previous change [2][17] - The NCFI index on August 8, 2025, was 1257.71 points, with a change of - 8.37% compared to the previous period and - 3.3% in the previous change [2][17] 4. Recent European Route Quotation - The average quotation in week33 was about 3150 US dollars (equivalent to about 2200 points on the disk). Currently, downstream customers are booking spaces for mid - August (week33 - 34). In week34, the quotations of various shipping companies dropped by 200 - 300 US dollars, with an average of 2850 US dollars (2000 points). Among them, the PA alliance's quotation was 2700 US dollars, MSK's was 2600 US dollars, and the OA alliance's was 2900 - 3000 US dollars [3][18] - In week35, MSK opened bookings at 2200 US dollars [3][18] 5. News - On August 12, China and the US once again suspended the implementation of a 24% tariff for 90 days [3][18] - On August 11, Trump and Netanyahu discussed the "plan to take over Gaza City" [4][19] - On August 12, Egypt and Qatar proposed a new Gaza cease - fire plan, and a Hamas delegation will visit Egypt to restart the Gaza cease - fire negotiation [4][19]

Group 1: EC Futures Contract Information - EC2506 had a closing price of 1883.0 with a -0.42% change, a base of 54.1, a trading volume of 635, an open interest of 3361, and an open interest change of -172 [2] - EC2508 had a closing price of 1875.0 with a -0.79% change, a base of 62.1, a trading volume of 70521, an open interest of 47053, and an open interest change of 1085 [2] - EC2510 had a closing price of 1370.0 with a 0.74% change, a base of 567.1, a trading volume of 15474, an open interest of 31514, and an open interest change of 17/29 [2] - EC2512 had a closing price of 1530.1 with a -0.64% change, a base of 407.0, a trading volume of 2667, an open interest of 6656, and an open interest change of 460 [2] - EC2602 had a closing price of 1372.1 with a -0.64% change, a base of 565.0, and an open interest of 2939 with an open interest change of -39 [2] - EC2604 had a closing price of 1209.8 with a 0.72% change, a base of 727.3, a trading volume of 797, an open interest of 4156, and an open interest change of 169 [2] Group 2: Month - to - Month Spread - The EC2506 - 2508 spread was 8.0, compared to 1.0 the previous day, with a daily change of -130.7 and a weekly change of 144.2 [2] - The EC2508 - 2510 spread was 505.0, compared to 530.0 the previous day, with a daily change of 616.1 and a weekly change of -116.9 [2] - The EC2506 - 2510 spread was 513.0, compared to 531.0 the previous day, with a daily change of 485.4 and a weekly change of 27.3 [2] - The EC2510 - 2512 spread was -160.1, compared to -180.0 the previous day, with a daily change of -184.4 and a weekly change of 34.8 [2] - The EC2512 - 2602 spread was 158.0, compared to 159.0 the previous day, with a daily change of 152.5 and a weekly change of -21.5 [2] Group 3: Spot Market Indicators - The SCHIS spot index on 2025/6/23 was 1937.14, up 14.11% from the previous period and 4.61% from two periods ago [2] - The SCFI (European Line) on 2025/6/20 was $1835/TEU, down -0.49% from the previous period and up 10.62% from two periods ago [2] - The CCFI (European Line) on 2025/6/20 was 1578.6 points, up 6.03% from the previous period and 6.57% from two periods ago [2] - The NCFI on 2025/6/20 was 1299.58 points, down -0.64% from the previous period and up 16.40% from two periods ago [2] - The TCI on 2025/6/20 was 930.54 points, with no change from the previous period and up 6.97% from two periods ago [2] Group 4: Capacity Arrangement - The average weekly capacity in July and August 2025 was 293,000 and 304,000 TEU respectively [2] - The OA Alliance's FAL7 route week28 added a blank sailing this week [2] - Supply pressure in the first week of July was neutral, low in the third week, and high in the second and fourth weeks [2] Group 5: Recent European Line Quotations - Shipping companies announced price increases for July. MSK opened at $3400, and others were mostly between $3500 - $4000 [3] - Some shipping companies later lowered prices. MSK dropped to $3100, others were around $3500, with an average of $3400, equivalent to 2400 points on the futures [3] Group 6: News - On June 24, Trump announced that Israel and Iran had agreed to a full cease - fire. Iran would start first, and Israel would follow after 12 hours [4] - White House senior officials said Israel agreed to the cease - fire on the condition that Iran would not launch further attacks, and Iran signaled it would not attack [4] - An advisor to the Iranian Parliament Speaker called Trump's cease - fire statement a provocation [4]