Group 1: Report Industry Investment Rating - No information provided Group 2: Core View of the Report - In the face of high capacity pressure and the approaching off - season of demand, freight rates will be under pressure in the future [1] Group 3: Summary of Key Information EC Futures Contracts and Forward Curve - EC futures contract prices show different trends, with varying degrees of decline and increase in different contract periods, such as EC2508 at 2121.6 with a decline of - 724, and EC2510 at 1425.1 with a decline of - 2.63 [1] - The monthly spread of EC contracts also shows different changes, for example, EC2508 - 2510 is - 267.2, with a day - on - day change of 2.1 [1] Freight Rate Indexes - SCFIS decreased by 3.50% compared with the previous period, and SCFI increased by 0.53%. CCFI (European route) increased by 4.46%, and NCE increased by 0.35%. TCI remained unchanged at 0.00% [1] European Route Capacity and Freight Volume - In August and September (temporarily), the average weekly capacity of the European - American route is 325,000 and 324,000 TEU respectively. The capacity in weeks 32, 33, 34, and 35 is 330,000, 305,000, 350,000, and 330,000 TEU respectively. The overall capacity pressure is high, especially in the second half of August [1] - There is still some support for the basic cargo volume in the first half of August, but the freight forwarders' perception is poor [1] Recent European Route Quotations - Downstream is currently booking cabins for early August (weeks 31 - 32). The landing price in week 32 is about $3300 (equivalent to 2300 points on the disk), and the landing price in week 33 is about 2150 points. MSK's opening quotation for week 33 is $2800, and other shipping companies mainly follow the previous quotations [1] - Shipping companies have adjusted their quotations in the past few days. For example, HPL reduced the price by $200 to $3100 on Tuesday, and MSC reduced the price by $300 to $3340 on Wednesday [1] Seasonal Trends of Freight Rate Indexes - The report presents the seasonal trends of freight rate indexes for multiple routes, including European routes, TCI (East Mediterranean), TCI (West Mediterranean), TCI (East America), TCI (West America), TCI (South - West America), TCI (East Africa), TCI (Persian Gulf), TCI (South Africa), and TCI (West Africa) [1][5]

1. Report Industry Investment Rating - Not provided in the given content 2. Core View of the Report - Under the suppression of high capacity, as demand gradually enters the off - season, freight rates will face pressure in the future [1] 3. Summary by Related Catalogs EC Futures Contracts - EC2508 had a yesterday's trading price of 2183.2, a decline of 1.33%, a spread of 133.4, a trading volume of 2525, an open interest of 7369, and an open interest change of - 989 [1] - EC2510 had a trading price of 1502.8, a decline of 1.62%, a spread of 813.8, a trading volume of 56014, and an open interest change of 717 [1] - EC2512 had a trading price of 1737.8, an increase of 1.02%, a spread of 578.8, a trading volume of 1530, and an open interest change of 79 [1] - EC2602 had a trading price of 1541.0, an increase of 1.46%, a spread of 775.6, a trading volume of 2813, an open interest of 4456, and an open interest change of - 23 [1] - EC2604 had a trading price of 1370.0, an increase of 0.61%, a spread of 946.6, a trading volume of 2340, an open interest of 5242, and an open interest change of - 283 [1] - EC2606 had a trading price of 1493.6, a decline of 1.61%, a spread of 823.0, a trading volume of 323, an open interest of 832, and an open interest change of 44 [1] Month - to - Month Spreads - EC2508 - 2510 had a spread of 680.4 compared to 685.1 the previous day and 661.0 three days ago, a daily change of - 4.7, and a weekly change of - 21.3 [1] - EC2510 - 2512 had a spread of - 235.0 compared to - 192.7 the previous day and - 196.0 three days ago, a daily change of - 42.3, and a weekly change of - 74.3 [1] - EC2512 - 2602 had a spread of 196.8 compared to 201.4 the previous day and 217.6 three days ago, a daily change of - 4.6, and a weekly change of - 51.4 [1] Freight Rate Indexes - The Terdar index on July 28, 2025, was 2316.56, a decline of 3.50% from the previous period and 0.89% from two periods ago [1] - The SCFI (European Line) on July 25, 2025, was 2090 dollars/TEU, an increase of 0.53% from the previous period and a decline of 0.95% from two periods ago [1] - The CCFI (European Line) on July 25, 2025, was 1787.24, a decline of 0.90% from the previous period and an increase of 4.46% from two periods ago [1] - The NCFI on July 25, 2025, was 1422.9, a decline of 1.20% from the previous period and an increase of 0.35% from two periods ago [1] - The TCI on July 18, 2025, was 1054.56, a decline of 0.75% from the previous period and no change from two periods ago [1] European Line Supply and Demand - The average weekly capacity in August and September (tentatively) is 325,000 and 324,000 TEU respectively. The capacity in weeks 32, 33, 34, and 35 is 330,000, 305,000, 350,000, and 316,000 TEU respectively, with high capacity pressure, especially in the second half of August [1] - There is a situation of transfer from the US line in the European line schedule. Supported by the base cargo volume of shipping companies, the loading rate of shipping companies in late July had no significant pressure. In early August, the base cargo still provided some support, but the cargo volume declined marginally and gradually entered the off - season [1] Recent European Line Quotation - In July, the price remained stable at around 2400 points. In August, the PA Alliance dropped by 200 - 300 to 3100 US dollars, MSK's opening price dropped slightly (2900 - 3000 US dollars) and then rose slightly, and OA continued to use 3400 - 3500 US dollars. The price in week 31 landed at about 3300 US dollars (equivalent to 2300 points on the disk) [2] Related News - On July 28, the US - EU trade agreement may mean a long - term suspension of interest rate cuts by the European Central Bank. The risk balance may lean towards no interest rate cut at all [3] - On July 29, Israel is considering a full - scale military occupation of the Gaza Strip [3] - On July 29, the US State Department refused to hold a "two - state solution" meeting on the Gaza issue [3] - On July 29, German government will approve the 2026 budget with record - high investment [3]

Group 1: Report Overview - Report Date: July 24, 2025 [2] - Research Team: Energy and Chemicals Team of the Research Center [2] Group 2: EC Futures Contracts - EC2508: Yesterday's closing price was 2239.7, down 0.44%, with an open interest of 11039, a decrease of 1354 [2] - EC2510: Yesterday's closing price was 1537.0, down 0.71%, with an open interest of 50131, a decrease of 1603 [2] - EC2512: Yesterday's closing price was 1701.8, down 0.40%, with an open interest of 8446, a decrease of 87 [2] - EC2602: Yesterday's closing price was 1477.3, up 1.15%, with an open interest of 4094, an increase of 112 [2] - EC2604: Yesterday's closing price was 1324.0, up 0.32%, with an open interest of 5800, an increase of 262 [2] - EC2606: Yesterday's closing price was 1468.8, up 0.60%, with an open interest of 807, an increase of 28 [2] Group 3: Month Spread - EC2508 - 2510: The previous day's spread was 702.7, with a target ratio of 1.0 and a week - on - week increase of 119.5 [2] - EC2510 - 2512: The previous day's spread was - 164.8, with a target ratio of - 4.1 and a week - on - week increase of 10.2 [2] - EC2512 - 2602: The previous day's spread was 224.5, with a target ratio of - 23.7 and a week - on - week decrease of 46.1 [2] Group 4: Shipping Indexes - TT Index: Updated weekly, announced on July 21, 2025, at 2400.5 points, down 0.89% from the previous period [2] - SCFI (European Line): Updated weekly, announced on July 18, 2025, at 2079 dollars/TEU, down 0.95% from the previous period [2] - CCFI (European Line): Updated weekly, announced on July 18, 2025, at 1803.42 points, up 4.46% from the previous period [2] - NCFI: Updated weekly, announced on July 18, 2025, at 1440.25 points, up 0.35% from the previous period [2] - TCI: Updated daily, announced on July 18, 2025, at 1054.56 points, down 0.75% from the previous period [2] Group 5: European Line Market Analysis - European Line Demand in August: The weekly average capacity in August is as high as 320,000 TEU, a month - on - month increase of 8%. However, there is still support for cargo at the beginning of August. The market may remain stable or see a slight decline in some routes in the next half - month [2] - Recent European Line Quotations: Downstream is currently booking spaces for early August (week 31 - 32). In July, prices remained stable at around 2400 points. In August, although some shipping companies announced price increases, currently, most shipping companies are still using the previous prices, with MSK (shanghai - rotterdam) reducing the price by 100 to 2900 dollars and MSK (shanghai - antwerp) keeping the price stable at 2900 dollars, and MSK's加班船 (BEIJING MAERSK) quoting 2700 dollars [2] Group 6: News - July 24: The Israeli military said it was advancing military operations in northern Gaza, launching air strikes on more than a hundred military targets [3] - July 23: According to the Israeli Public Broadcasting Corporation, Hamas has made a preliminary response to the mediators' proposal regarding Gaza. The Israeli president told soldiers in Gaza that intensive negotiations were underway, hoping for good news soon [3] - July 23: US Treasury Secretary Bessent said that Chinese and US economic and trade officials will hold the third round of trade consultations in Stockholm, Sweden next week [3]

1. Report Industry Investment Rating No relevant information provided. 2. Core View of the Report - The shipping industry, especially the European line, shows a complex market situation. In August, the shipping capacity is relatively high, with an average weekly capacity of 320,000 TEU, a month - on - month increase of 8%. However, the bottom - loading cargo in early August still provides support, and the market may remain stable or experience a slight decline in the quotes of some shipping companies in the next half - month [2][30]. 3. Summary by Related Catalogs EC Futures Contracts - EC2508 closed at 2468.7 with a 4.28% increase, EC2510 at 1676.4 with a 1.93% increase, EC2512 at 1860.4 with a 1.90% increase, EC2602 at 1513.9 with a 0.62% increase, EC2604 at 1370.2 with a 1.51% increase, and EC2606 at 1465.7 with a 0.77% increase [2][30]. - Regarding the month - spreads, EC2508 - 2510 was 69.7 (previous day: 792.3), EC2510 - 2512 was - 3.0 (previous day: - 184.0), and EC2512 - 2602 was 25.3 (previous day: 346.5) [2][30]. Indexes - The current spot price was 2400.5 on 2025/7/21, a - 0.89% change from the previous period [2][30]. - SCFI (European line) was 2079 USD/TEU on 2025/7/18, a - 0.95% change from the previous period [2][30]. - CCFI (European line) was 1803.42 on 2025/7/18, a 4.46% increase from the previous period [2][30]. - NCFI was 1440.25 on 2025/7/18, a 0.35% increase from the previous period [2][30]. - TCI was 1054.56 on 2025/7/18, a - 0.7/5% change from the previous period [2][30]. European Line Quotations - Downstream is currently booking spaces for early August (week 30 - 31). The prices in July remained stable, around 2400 points. In the fifth week of July (week 31), the quote was 3400 USD, which was still around 2400 points on the futures market [3][31]. - In August, some shipping companies announced price adjustments: EMC increased by 100, CMA by 400, HPL by 200, MSC by 200. MSK (Shanghai - Rotterdam) decreased by 100 to 2900 USD, and MSK (Shanghai - Antwerp) remained stable at 2900 USD [3][31]. Seasonal Trends - Multiple charts show the seasonal trends of various shipping indexes, including SCFIS (European line), TCI (European line, Mediterranean East, US West, South American West, Persian Gulf, South Africa, West Africa, Mediterranean West, US East, East Africa), NCFI (European line), and XSI - C (European line) [12][19][40].

1. Report Industry Investment Rating - No relevant content provided 2. Core Views - The overall pressure on shipping capacity remains high, with weekly average capacities of 295,000 and 322,300 TEU in July and August 2025 respectively. According to market rumors, the weekly average capacity in August will drop to 310,000 TEU, but the pressure is still significant [2] - The downstream is booking shipping space for the second half of July (week 29 - 30). Shipping company quotes for the second half of July are mainly stable, but some companies have secretly lowered prices for the last week of July [3] 3. Summary by Related Catalogs 3.1 Futures Contract Prices - EC2508 closed at 2027.2, down 0.17%; EC2510 closed at 1440.7, up 4.25%; EC2512 closed at 1580.5, up 2.57%; EC2602 closed at 1386.1, up 3.13%; EC2604 closed at 1218.6, up 2.22%; EC2606 closed at 1382.2, up 3.78% [2] - The month - to - month spreads of different contracts have changed, such as EC2508 - 2510 being 586.5, down from the previous day [2] 3.2 Spot Freight Indexes - SCFIS (European line) on July 14, 2025, was 2421.94/2099 dollars/TEU, up 7.26%/-0.10% from the previous period [2] - CCFI on July 11, 2025, was 1726.41, up 1.90% from the previous period; NCFI was 1435.21, down 0.50%; TCI was 1019.55, unchanged [2] 3.3 Shipping Capacity Arrangement - The weekly average shipping capacities in July and August 2025 are 295,000 and 322,300 TEU respectively. According to market rumors, the weekly average capacity in August will drop to 310,000 TEU, and the capacities from week 31 - 35 are 311,000, 314,000, 310,000, and 294,000 TEU respectively [2] 3.4 Recent European Line Quotes - The downstream is booking shipping space for the second half of July (week 29 - 30). Shipping company quotes for the second half of July are mainly stable. Week 29's quotes are around 3400 dollars, and some companies have secretly lowered prices for week 30 by about 200 dollars, with an average of 3300 dollars (equivalent to 2300 points on the disk) [3]

| | | | | | | 研究中心能化团队 | | | 2025/7/14 | | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | | | ਵ ਦੇ ਕੋ | | 昨日收费份 | 涨跌 (%) | 直差 | 昨日成交量 | | 昨日持仓量 | 持仓变动 | | | EC2508 | | 2030.6 | 0.40 | 227.4 | 22950 | | 28900 | -2045 | | | EC2510 | | 1382.0 | -1.36 | 876.0 | 12016 | | 28973 | -984 | | | EC2512 | | 1540.9 | -1.00 | 717.1 | | 1390 | 5923 | -109 | | | EC2602 | | 1344.0 | -1.59 | 914.0 | | 283 | 3759 | -40 | | 说是 | EC2604 | | 1192.1 | -0.99 | 1065.9 | | 611 | રેરેત્રે સ્વેન | -29 | | | EC2606 | | 13 ...

Group 1: EC Futures Contract Price and Related Data - EC2508 had a closing price of 2012.5 with a 0.31% increase, a base difference of 245.5, trading volume of 25398, and an open interest of 31348 with a decrease of 3709 [1] - EC2510 had a closing price of 1390.0 with a -0.34% decrease, a base difference of 868.0, trading volume of 10290, and an open interest of 29642 with a decrease of 786 [1] - EC2512 had a closing price of 1553.7 with a -1.37% decrease, a base difference of 704.3, trading volume of 2082, and an open interest of 1001 with a decrease of 78 [1] - EC2602 had a closing price of 1353.4 with a -0.38% decrease, a base difference of 904.6, trading volume of 313, and an open interest of 3775 with a decrease of 51 [1] - EC2604 had a closing price of 1190.8 with a 0.40% increase, a base difference of 1067.2, trading volume of 657, and an open interest decrease of 164 [1] - EC2606 had a closing price of 1332.5 with a -0.19% decrease, a base difference of 925.5, trading volume of 100, and an open interest of 430 with a decrease of 6 [1] Group 2: Month - to - Month Spread - The spread of EC2508 - 2510 was 622.5 on the day, compared to 611.5 the previous day [1] - The spread of EC2510 - 2512 was - 163.7 on the day, compared to - 180.6 the previous day [1] - The spread of EC2512 - 2602 was 200.3 on the day, compared to 216.7 the previous day [1] Group 3: Spot and Index Data - The TEDA index on 2025/7/7 was 2258.04 points, with a 6.35% increase from the previous period and a 9.61% increase the period before that [1] - The SCFI (European Line) on 2025/7/4 was 2101 dollars/TEU, with a 3.50% increase from the previous period and a 10.63% increase the period before that [1] - The CCFI (European Line) on 2025/7/4 was 1694.3 points, with a 3.27% increase from the previous period and a 3.94% increase the period before that [1] - The NCFI on 2025/7/4 was 1442.46, with a - 0.03% decrease from the previous period and an 11.03% increase the period before that [1] - The TCI on 2025/7/9 was 1019.55, with no change from the previous period and the period before that [1] Group 4: Capacity Arrangement - In July and August 2025, the weekly average capacity was 295,000 and 313,000 TEU respectively [1] - The second - week receiving in July was neutral, with some routes over - booked; the third - week capacity was 320,000 TEU, the fourth - week capacity was 290,000 TEU, and the first - week capacity in August reached 340,000 TEU. The decreasing cargo volume is expected to put pressure on subsequent freight rates [1] Group 5: Recent European Line Quotation - On Wednesday, MSK's European Line quotation was flat at 2900 US dollars, and MSC's online quotation dropped from 3600 to 3400 US dollars [2] - Downstream is currently booking space for the second half of July (week 29 - 30) [2] - The freight rate in the first half of July (week 27 - 28) was around 3380 US dollars (equivalent to 2350 points on the futures market) [2] - Shipping companies' quotations in the second half of July are generally stable. MSK's third - week quotation was flat at 2950 US dollars, and the current quotation range is 2900 - 3500 US dollars, with an average of 3400 US dollars (equivalent to 2400 points on the futures market) [2] Group 6: News - According to British media on 7/8, there is only one issue remaining in the Gaza cease - fire negotiation. Israel and Hamas still have differences on the status and presence of the Israeli Defense Forces in Gaza, while they have bridged major differences on several other issues [3]

1. Report Industry Investment Rating - No relevant content provided 2. Core View of the Report - The shipping market, especially the European route, is being closely monitored with details on EC futures contracts, spot prices, and shipping rates. The increasing weekly average shipping capacity from July to August is expected to put significant downward pressure on subsequent freight rates [2] 3. Summary by Related Catalogs EC Futures Contracts - The closing prices of various EC futures contracts on July 7, 2025, showed declines, with EC2508 at 1849.9 (down 2.48%), EC2510 at 1341.9 (down 1.61%), etc [2] - The volume and open interest of different contracts also varied, with EC2508 having a volume of 47769 and an open interest of 36378 (up 431) [2] - The month - spreads between different contracts, such as EC2508 - 2510 at 508.0, showed changes compared to previous days [2] Spot and Index Data - The spot price on June 30, 2025, was 2123.24, with a 9.61% increase from the previous period [2] - SCFI (European route) on July 4, 2025, was 2101 dollars/TEU, up 3.50% from the previous period [2] - CCFI (European route) on July 4, 2025, was 1694.3, up 3.27% from the previous period [2] Shipping Capacity and Rates - The weekly average shipping capacity in July and August 2025 is 295,000 and 313,000 TEU respectively. The shipping capacity in the third week of July is 320,000 TEU, and the first week of August is 340,000 TEU [2] - The freight rates in the first half of July landed at around 3380 US dollars (equivalent to 2350 points). The shipping company quotes in the second half of July are generally stable, with an average of 3500 US dollars (equivalent to 2500 points) [3] Related News - On July 7, indirect cease - fire negotiations in Gaza restarted in Doha, Qatar. Trump will meet with Netanyahu on Monday to discuss details of the Gaza cease - fire agreement [4]

| | | | | | | | 研究中心能化团队 2025/6/20 | | | | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | | | 导演 | | 昨日收盘价 | 涨跌 (%) | 基美 | 昨日成交量 | 昨日持仓量 | 持仓变动 | | | | EC2506 | | 1891.5 | -0.34 | -268.7 | 731 | | 3840 | -393 | | | EC2508 | | 2022,2 | -3.34 | -399.4 | 49426 | | 42575 | -192 | | | EC2510 | | 1406.1 | -1.53 | 216.7 | 10374 | | 28919 | -203 | | | EC2512 | | 1590.5 | -0.32 | 32.3 | 1243 | | 6167 | 23 | | | EC2602 | | 1438.0 | 0.55 | 184.8 | 303 | | 2923 | 42 | | | | EC2604 | 1236.9 | -0.55 | 385.9 ...

| | | | | | | | 研究中心能化团队 2025/6/17 | | | | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | | | 合约 | | 昨日收盘价 | 涨跌 (%) | 基美 | 昨日成交量 | 作目寄合量 | | 持仓变动 | | | EC2506 | | 1934.3 | -0.19 | -681.5 | 1661 | | 5204 | -238 | | | EC2508 | | 2030.0 | -1.84 | -777.2 | 65871 | | 43658 | -1186 | | | EC2510 | | 1414.7 | -214 | -161.9 | 17666 | | 29238 | 328 | | | EC2512 | | 1611.2 | -1.39 | -358.4 | 2908 | | 6332 | -(54 | | | EC2602 | | 1453.6 | -1.30 | -200.8 | 754 | | 3131 | 84 | | | EC2604 | | 1273.7 | -1.12 | ...