Report Industry Investment Rating No relevant content provided. Core View The report provides a detailed overview of the market liquidity situation on December 22, 2025, including the trading volume, position value, and trading - position ratio of various sectors such as the stock index, treasury bond, basic metal, precious metal, energy and chemical, agricultural product, and black building materials sectors [1][2]. Summary by Directory 1. Plate Liquidity - The report presents data on the trading - position ratio, trading volume change rate, position volume, position value, trading volume, and trading value of each sector through multiple charts [4][5][8]. 2. Stock Index Plate - On December 22, 2025, the trading volume of the stock index plate was 5203.53 billion yuan, a change of - 32.20% from the previous trading day; the position value was 13056.29 billion yuan, a change of + 0.22% from the previous trading day; the trading - position ratio was 39.81% [1]. - Multiple charts show the price change rate, trading - position ratio, precipitation fund change, precipitation fund trend, trading value change, and the top 20 net position ratio trend of each variety in the stock index plate [5][9]. 3. Treasury Bond Plate - The trading volume of the treasury bond plate was 3789.31 billion yuan, a change of + 18.77% from the previous trading day; the position value was 7682.75 billion yuan, a change of - 0.28% from the previous trading day; the trading - position ratio was 49.34% [1]. - Multiple charts show the price change rate, trading - position ratio, precipitation fund change, precipitation fund trend, trading value change, and the top 20 net position ratio trend of each variety in the treasury bond plate [5]. 4. Basic Metal and Precious Metal (Metal Plate) - The trading volume of the basic metal plate was 7823.95 billion yuan, a change of + 13.66% from the previous trading day; the position value was 7179.92 billion yuan, a change of + 2.81% from the previous trading day; the trading - position ratio was 106.48%. The trading volume of the precious metal plate was 11168.20 billion yuan, a change of - 7.87% from the previous trading day; the position value was 5483.82 billion yuan, a change of + 6.32% from the previous trading day; the trading - position ratio was 302.97% [1]. - Multiple charts show the price change rate, trading - position ratio, precipitation fund change amount, precipitation fund trend, trading value change rate, and the top 20 net position ratio trend of each variety in the metal plate [5]. 5. Energy and Chemical Plate - The trading volume of the energy and chemical plate was 5137.33 billion yuan, a change of + 19.97% from the previous trading day; the position value was 4464.24 billion yuan, a change of + 1.19% from the previous trading day; the trading - position ratio was 111.24% [1]. - Multiple charts show the price change rate, trading - position ratio, precipitation fund change amount, precipitation fund trend, trading value change rate, and the top 20 net position ratio trend of the main varieties in the energy and chemical plate [5]. 6. Agricultural Product Plate - The trading volume of the agricultural product plate was 2803.34 billion yuan, a change of - 3.17% from the previous trading day; the position value was 5720.66 billion yuan, a change of - 1.40% from the previous trading day; the trading - position ratio was 46.56% [1]. - Multiple charts show the price change rate, trading - position ratio, precipitation fund change amount, precipitation fund trend, trading value change rate, and the top 20 net position ratio trend of the main varieties in the agricultural product plate [5]. 7. Black Building Materials Plate - The trading volume of the black building materials plate was 2268.71 billion yuan, a change of + 10.32% from the previous trading day; the position value was 3192.35 billion yuan, a change of + 0.10% from the previous trading day; the trading - position ratio was 64.99% [2]. - Multiple charts show the price change rate, trading - position ratio, precipitation fund change amount, precipitation fund trend, trading value change rate, and the top 20 net position ratio trend of each variety in the black building materials plate [5].

Report Industry Investment Rating - Not provided in the content Core View - The report presents the trading data of various index options on December 19, 2025, including trading volume, PCR, and VIX, to reflect the market situation of index options [1][2][3] Summary by Directory Option Trading Volume - On December 19, 2025, the trading volume of Shanghai Stock Exchange 50 ETF options was 905,000 contracts; that of Shanghai Stock Exchange 300 ETF options was 1,166,600 contracts; that of Shanghai Stock Exchange 500 ETF options was 1,456,800 contracts; that of Shenzhen 100 ETF options was 71,800 contracts; that of ChiNext ETF options was 2,187,000 contracts; that of Shanghai Stock Exchange 50 index options was 55,800 contracts; that of Shanghai Stock Exchange 300 index options was 152,300 contracts; and that of CSI 1000 options was 328,400 contracts [1] - The table also shows the call, put, and total trading volumes of various index ETF options on that day [20] Option PCR - The turnover PCR of Shanghai Stock Exchange 50 ETF options was reported at 0.57, with a month - on - month change of - 0.16; the position PCR was reported at 1.02, with a month - on - month change of - 0.01. Similar data for other types of options are also provided [2] - The table details the turnover PCR, month - on - month change, position PCR, and month - on - month change of various index ETF options [35] Option VIX - The VIX of Shanghai Stock Exchange 50 ETF options was reported at 13.10%, with a month - on - month change of - 0.53%. Similar data for other types of options are also presented [3] - The table shows the VIX and month - on - month change values of various index ETF options [50]

流动性日报 | 2025-12-22 市场流动性概况 2025-12-19，股指板块成交7674.83亿元，较上一交易日变动-1.50%；持仓金额13027.70亿元，较上一交易日变动 -4.12%；成交持仓比为59.02%。 国债板块成交3190.40亿元，较上一交易日变动-12.22%；持仓金额7704.44亿元，较上一交易日变动+2.79%；成交 持仓比为41.06%。 基本金属板块成交6883.55亿元，较上一交易日变动+4.45%；持仓金额6983.98亿元，较上一交易日变动+1.66%；成 交持仓比为102.33%。 贵金属板块成交12121.94亿元，较上一交易日变动+28.09%；持仓金额5157.75亿元，较上一交易日变动-1.74%；成 交持仓比为344.09%。 能源化工板块成交4282.19亿元，较上一交易日变动-2.50%；持仓金额4411.80亿元，较上一交易日变动+0.88%；成 交持仓比为93.53%。 农产品板块成交2895.06亿元，较上一交易日变动+4.07%；持仓金额5802.00亿元，较上一交易日变动-1.10%；成交 持仓比为44.09%。 流动性日报 | 一、板块 ...

1. Report Industry Investment Rating - No relevant content found 2. Core Viewpoints - This week, the long - end US Treasury yield continued to rise, and the curve steepened significantly. The 10 - year US Treasury yield reached 4.16%. The short - end was relatively stable due to easing and improved liquidity, but the long - end fluctuated more due to supply pressure, economic resilience, and rising risk premiums. China's continuous reduction of US Treasury holdings reflects a structural adjustment of re - allocating the internal structure of US dollar assets, shifting from US Treasuries to gold and other assets, rather than a concentrated sell - off or systematic withdrawal from the US Treasury market. The US Treasury has short - term resilience but is still constrained by high debt in the medium - to - long - term [4]. - The latest TIC data shows that in October, the scale of US Treasuries held by overseas investors declined slightly. China's holdings dropped to 68.8 trillion, the lowest since 2008, while Japan, the UK, Belgium and other countries continued to increase their holdings. This pattern of "East selling, West buying" indicates that the US Treasury has not been completely abandoned, but there is an obvious differentiation in the overseas holding structure. China's reduction is a long - term, rhythmic strategic adjustment, not a panic sell - off. Japan's increase in holdings hedges some of the demand gap in the short term, keeping the US Treasury price relatively stable. The US national debt has exceeded 38 trillion US dollars, and the debt - to - GDP ratio continues to rise. The medium - to - long - term supply pressure of US Treasuries is still accumulating. Although factors such as the Fed, overseas official sectors, and stablecoin expansion support the demand for US Treasuries in the short term, the deficit and debt path are important constraints on US Treasury valuation in the medium - to - long - term [11]. - China has been reducing its US Treasury holdings and increasing its gold holdings in recent years, mainly due to concerns about the rising credit risk of US Treasuries, geopolitical uncertainties, and asset safety. As the US debt scale expands rapidly, the fiscal deficit and interest payments continue to rise, and the safe - asset attribute of US Treasuries is being re - evaluated. By reducing reliance on a single US - dollar asset and increasing hard assets such as gold that are difficult to freeze, China aims to enhance the risk - resistance ability of its foreign exchange reserves, rather than short - term gaming operations on US Treasuries [11]. - The US dollar is still the core reserve currency, but its status as the sole anchor is being weakened. Countries tend to diversify risks through gold, local - currency settlement, and diversified asset allocation. This change does not impact the US Treasury market in the short term but reshapes the role of US Treasuries in the global financial system in a slow and structural way [12]. 3. Summary by Relevant Catalogs 3.1 US Treasury Interest Rate Review - As of December 19, the 10 - year US Treasury yield rose 2bp in two weeks, reaching 4.16%. Compared with two weeks ago, the 2 - year US Treasury yield decreased by 8bp, and the 30 - year US Treasury yield increased by 3bp, making the yield curve steeper [5]. 3.2 US Treasury Market Changes - In terms of actual bond issuance, in mid - December, the duration of US Treasury issuance decreased slightly. The issuance of 3 - year, 20 - year, and 30 - year US Treasuries was 57.2 billion, 12.94 billion, and 21.95 billion respectively. The US fiscal deficit in November was 173.28 billion US dollars, and the 12 - month cumulative deficit decreased slightly to 1.6 trillion US dollars [5]. 3.3 Derivatives Market Structure - The net short position in US Treasury futures decreased slightly. As of December 9, the net short positions of speculators, leveraged funds, asset management companies, and primary dealers rose to 5.67 million contracts, indicating that the short - hedging demand in the interest - rate market began to decline in the short term. Meanwhile, the federal funds rate futures market remained in a net short position, dropping to 306,300 contracts [5]. 3.4 US Dollar Liquidity and US Economy - **Monetary Policy**: The core feature of the December Fed meeting was the turning of the policy framework and increased internal differences. The Fed cut interest rates by 25bp for the third consecutive time, in line with expectations, but the dot - plot maintained the guidance of only one interest - rate cut next year, indicating that the pace of easing would slow down significantly. It also announced the start of monthly reserve management purchases of 40 billion US dollars (short - term Treasury bills), marking the shift of policy from the balance - sheet reduction stage to maintaining sufficient liquidity [6]. - **Fiscal Policy**: As of December 17, the US fiscal TGA deposit balance decreased by 104.1 billion US dollars in two weeks, and the Fed's reverse - repurchase tool decreased by 1.6 trillion US dollars in two weeks, reflecting that fiscal expenditure and capital return jointly promoted the net injection of market liquidity [6]. - **Economic Situation**: As of December 13, the Fed's weekly economic indicator was 2.29 (2.26 two weeks ago), showing short - term stability in the economic cycle [6].

Report Industry Investment Rating - Not provided in the content Core Viewpoints - Not provided in the content Summary by Directory Option Trading Volume - On December 18, 2025, the trading volume of SSE 50 ETF options was 1.3697 million contracts; the trading volume of CSI 300 ETF options (Shanghai market) was 1.7561 million contracts; the trading volume of CSI 500 ETF options (Shanghai market) was 1.9057 million contracts; the trading volume of Shenzhen 100 ETF options was 0.0827 million contracts; the trading volume of ChiNext ETF options was 2.0896 million contracts; the trading volume of SSE 50 index options was 0.042 million contracts; the trading volume of CSI 300 index options was 0.2145 million contracts; the total trading volume of CSI 1000 options was 0.3346 million contracts [1] - The table shows the call, put, and total trading volumes of various index ETF options on the same day, such as the call trading volume of SSE 50 ETF options was 0.4096 million contracts, the put trading volume was 0.4954 million contracts, and the total trading volume was 0.905 million contracts [18] Option PCR - The turnover PCR of SSE 50 ETF options was reported at 0.73, with a month - on - month change of - 0.04; the open interest PCR was reported at 1.03, with a month - on - month change of + 0.02. Similar data is provided for other types of options [2] - The table presents the turnover PCR, its month - on - month change, open interest PCR, and its month - on - month change for various index ETF options [31] Option VIX - The VIX of SSE 50 ETF options was reported at 13.63%, with a month - on - month change of - 0.25%; the VIX of CSI 300 ETF options (Shanghai market) was reported at 16.28%, with a month - on - month change of + 0.23%. Similar data is provided for other types of options [3] - The table shows the VIX and its month - on - month change value for various index ETF options [47]

Group 1: Report Industry Investment Rating - The investment rating for both the apple and红枣 industries is neutral [4][8] Group 2: Report Core Views - The apple market is in a weak trading situation, with limited overall transactions of late Fuji apples in cold storage, slow downstream sales, and the market demand being suppressed by the concentrated listing of citrus and other seasonal fruits. The price is expected to remain stable in the short - term, and attention should be paid to terminal consumption recovery, inventory structure differentiation, and pre - holiday trading atmosphere [2][3][4] - The红枣 market has a relatively loose supply pattern due to the superposition of new - season and old - season stocks. Although the traditional peak season is approaching, downstream buyers purchase on demand, and the high inventory and weak demand may continue to put pressure on prices. The price rebound space is limited even if consumption data improves, and attention should be paid to the peak - season consumption performance [7][8] Group 3: Summary by Related Catalogs Apple Market News and Important Data - Futures: The closing price of the apple 2605 contract yesterday was 9068 yuan/ton, a change of - 54 yuan/ton from the previous day, with a decline of - 0.59% [1] - Spot: The price of 80 first - and second - grade late Fuji in Shandong Qixia was 4.10 yuan/jin, unchanged from the previous day; the price of more than 70 semi - commercial late Fuji in Shaanxi Luochuan was 4.20 yuan/jin, also unchanged from the previous day. The spot basis of AP05 was - 868 and - 668 respectively, with a change of + 54 from the previous day [1] Recent Market Information - Cold - storage late Fuji apples have limited overall transactions, with on - demand outbound shipments. The trading atmosphere is still dull. The outbound rhythm in production areas is slow, and the enthusiasm of merchants for purchasing is average [2] Market Analysis - The apple futures price fluctuated and declined yesterday. The cold - storage trading is mainly of small and medium - sized fruits and a small amount of general goods, with limited large - sized fruit transactions. The overall transaction is light, and high - quality goods maintain high prices. The apple market transaction is approaching the end, and the consumption recovery is less than expected [3] Strategy - Maintain a neutral view. The current expectations of storage volume and structure have been reflected in the price. Low - priced citrus is constantly impacting apple sales. Attention should be paid to terminal market consumption recovery, inventory structure differentiation, and pre - holiday trading atmosphere. It is expected that the double - festival stocking may start slightly this week, and the overall market is still in the off - season, with stable prices [4] Red Dates Market News and Important Data - Futures: The closing price of the red dates 2605 contract yesterday was 8920 yuan/ton, a change of + 5 yuan/ton from the previous day, with an increase of + 0.06% [5] - Spot: The spot price of first - grade grey dates in Hebei was 8.50 yuan/kg, a change of - 0.10 yuan/kg from the previous day. The spot basis of CJ05 was - 420, a change of - 105 from the previous day [5] Recent Market Information - The acquisition of grey dates in Xinjiang production areas is coming to an end, with a small amount of remaining and tradable goods. The acquisition price is stable, and the acquisition is decentralized. Downstream buyers mainly purchase on demand and focus on new goods transactions [6] Market Analysis - The red dates futures price rose slightly yesterday. The acquisition in production areas is ending, and the acquisition price is stable. The overall market supply is relatively loose due to the combination of new - season and old - season stocks. The demand in the downstream consumption market lacks highlights, and the fundamental contradiction intensifies, putting pressure on prices [7] Strategy - Maintain a neutral view. The acquisition in production areas is completed, and the supply is sufficient due to the superposition of old and new stocks. Although the traditional peak season is coming, downstream merchants purchase on demand, and the sales are average. High inventory and weak demand may continue to put pressure on prices, and the upward rebound space is limited even if consumption data improves [8]

Report Industry Investment Rating - The short - term outlook for oil prices is volatile and weak, and the medium - term strategy is to take a short position [3] Core Viewpoints - Although oil prices have declined recently, the Brent spread structure remains strong, with the CFD front end still in contango. The main driver is the delayed restart of CPC 3 SPM, which has reduced CPC crude oil exports to below 1 million barrels per day. The restart date has been postponed multiple times, and market confidence in its recovery has decreased. It is currently expected to resume operation in the second half of this month. Two SPMs need to be in operation for CPC crude oil exports to exceed 1.5 million barrels per day [2] Market News and Important Data - The price of light crude oil futures for January 2026 delivery on the New York Mercantile Exchange rose 21 cents, closing at $56.15 per barrel, a 0.38% increase; the price of Brent crude oil futures for February delivery rose 14 cents, closing at $59.82 per barrel, a 0.23% increase. The SC crude oil main contract closed up 0.07% at 429 yuan per barrel [1] - Chevron is preparing to export 1 million barrels of crude oil from Venezuela. Chevron's vessels are not subject to U.S. sanctions and are expected to sail smoothly. More Venezuelan crude oil will be shipped to the U.S. in January, and Chevron has sold at least 10 cargoes [1] - Due to multiple challenges such as oil sanctions, regional tensions, and rising inflation, the Iranian rial has depreciated to a record low against the U.S. dollar. On Wednesday evening, the U.S. dollar to rial exchange rate was slightly below 1.3 million in the unofficial open market in Tehran [1] - Saudi Arabia's crude oil exports increased to 7.1 million barrels per day in October, up from 6.46 million barrels per day in September [1] Strategy - Short - term: Oil prices will be volatile and weak. Medium - term: Take a short position in oil [3]

1. Report Industry Investment Rating - Unilateral: Neutral, with a short - term recommendation of holding off on trading [2] - Inter - period: None [2] - Cross - variety: None [2] - Futures - spot: None [2] - Options: None [2] 2. Core Viewpoints - The external LPG price declined, and the futures market fluctuated within a range. The mainstream transaction price of civil LPG in Shandong decreased, but downstream purchasing enthusiasm increased, and factory shipments improved. The price of ether - post carbon four in Shandong rose, driven by rising crude oil prices and individual low - price sales halts. Overall, the medium - term LPG supply - demand pattern remains in a state of oversupply, with insufficient market drivers, and warranting caution due to potential disruptions from warrant trading [1] 3. Summary by Related Content Market Analysis - On December 18, regional prices were as follows: Shandong market, 4300 - 4410 yuan/ton; Northeast market, 4190 - 4300 yuan/ton; North China market, 4300 - 4350 yuan/ton; East China market, 4320 - 4405 yuan/ton; Yangtze River market, 4550 - 4960 yuan/ton; Northwest market, 4080 - 4380 yuan/ton; South China market, 4440 - 4580 yuan/ton [1] - In the second half of January 2026, the CIF price of frozen propane in East China was 591 US dollars/ton (a decrease of 9 US dollars/ton), and butane was 581 US dollars/ton (a decrease of 9 US dollars/ton). In RMB terms, propane was 4592 yuan/ton (a decrease of 70 yuan/ton), and butane was 4515 yuan/ton (a decrease of 69 yuan/ton). In South China, the CIF price of frozen propane was 584 US dollars/ton (a decrease of 10 US dollars/ton), and butane was 574 US dollars/ton (a decrease of 10 US dollars/ton). In RMB terms, propane was 4538 yuan/ton (a decrease of 77 yuan/ton), and butane was 4460 yuan/ton (a decrease of 77 yuan/ton) [1] - Although there has been a short - term tightening in the international market, the medium - term supply - demand pattern of LPG has not reversed. Supply from the Middle East and North America will continue to grow, while downstream chemical demand lacks growth momentum due to profit constraints, and the market will remain oversupplied [1] Strategy - Unilateral: Neutral, short - term wait - and - see [2] - Inter - period: No strategy provided [2] - Cross - variety: No strategy provided [2] - Futures - spot: No strategy provided [2] - Options: No strategy provided [2]

Report Industry Investment Ratings - Cotton: Neutral to bullish [3] - Sugar: Neutral to bearish [6] - Pulp: Neutral [8] Core Views - Cotton: The 25/26 global cotton production and demand both decrease, and the ending stocks increase slightly. In the short - term, ICE US cotton is under pressure, while in the long - term, it has limited downward space. In China, the supply is abundant in the short - term, but the downstream demand is weak. However, the improvement in spinning profits restricts the downward space of cotton prices [2]. - Sugar: The 25/26 global sugar supply surplus pattern remains unchanged. Although the short - term factors support the rebound of raw sugar prices, the upside space is limited. Zhengzhou sugar has sufficient short - term supply, but its low valuation restricts the further decline [5]. - Pulp: Overseas pulp mills have shutdown and maintenance news. European port pulp inventory has decreased, but the domestic terminal demand is still insufficient. However, the decline in port inventory and the expansion of downstream paper production capacity may support the pulp prices to stabilize gradually [7]. Summary by Related Catalogs Cotton Market News and Important Data - Futures: The closing price of cotton 2605 contract was 13,960 yuan/ton yesterday, up 35 yuan/ton (+0.25%) from the previous day. - Spot: The Xinjiang arrival price of 3128B cotton was 14,978 yuan/ton, unchanged from the previous day; the national average price was 15,139 yuan/ton, down 5 yuan/ton. - Import: In November 2025, China's cotton imports were 120,000 tons, a month - on - month increase of 30,000 tons (34.4%) and a year - on - year increase of 10,000 tons (9.4%). From January to November 2025, the cumulative imports were 890,000 tons, a year - on - year decrease of 64.0% [1]. Market Analysis - International: The USDA's adjustment of global cotton supply - demand data this month is small. The US cotton production increases slightly, and there is greater inventory pressure. The short - term ICE US cotton is under pressure, and the long - term upward driver is not clear. - Domestic: China's cotton production in the 25/26 season continues to increase. The short - term supply is abundant, but the downstream demand is weak. The improvement in spinning profits restricts the downward space of cotton prices [2]. Strategy Be neutral to bullish, focus on the opportunity of going long on the 05 contract at low prices. Pay attention to the change of the cotton target price policy next year [3] Sugar Market News and Important Data - Futures: The closing price of sugar 2605 contract was 5,102 yuan/ton yesterday, down 37 yuan/ton (-0.72%) from the previous day. - Spot: The spot price of sugar in Nanning, Guangxi was 5,270 yuan/ton, down 50 yuan/ton; in Kunming, Yunnan was 5,220 yuan/ton, down 25 yuan/ton. - Import: In November 2025, China's sugar imports were 440,000 tons, a year - on - year decrease of 90,000 tons. From January to November 2025, the cumulative imports were 4.34 million tons, a year - on - year increase of 380,000 tons. As of the end of November in the 25/26 season, the imports were 1.19 million tons, a year - on - year increase of 120,000 tons [4]. Market Analysis - Raw sugar: Brazil's sugarcane harvest is accelerating, India's exports are difficult to increase in the short - term, and Thailand's sugarcane crushing is delayed. Although the short - term raw sugar price rebounds, the 25/26 global sugar supply surplus pattern restricts its upside space. - Zhengzhou sugar: Guangxi sugar mills are starting production, with short - term sufficient supply. However, the low valuation restricts its downward space [5]. Strategy Be neutral to bearish. Pay attention to the impact of capital on the market, and treat it with a low - level consolidation mindset [6] Pulp Market News and Important Data - Futures: The closing price of pulp 2605 contract was 5,500 yuan/ton yesterday, down 6 yuan/ton (-0.11%) from the previous day. - Spot: The spot price of Chilean Silver Star softwood pulp in Shandong was 5,540 yuan/ton, unchanged from the previous day; the price of Russian softwood pulp was 5,095 yuan/ton, down 10 yuan/ton. - Inventory: The total inventory of pulp in 1 region and 8 ports decreased by 1.39% week - on - week, and the decline narrowed by 3.50 percentage points [6]. Market Analysis - Supply: Overseas pulp mills have shutdown and maintenance news, such as Domtar closing the Crofton paper mill and Finns Group's Rauma pulp mill having a temporary shutdown. - Demand: The European port pulp inventory in October decreased, showing some improvement in demand. In China, the terminal demand is insufficient, but the decline in port inventory and the expansion of downstream paper production capacity may support the pulp prices to stabilize [7]. Strategy Be neutral. Although the pulp price has risen strongly recently, the lack of substantial improvement in the supply - demand situation restricts its upside space. Pay attention to the impact of the remaining Russian softwood pulp warehouse receipts on the market [8]

1. Report Industry Investment Rating No relevant content provided. 2. Core Viewpoints of the Report - The 12 - month contract delivery settlement price is gradually becoming clear, with a preliminary estimate between 1600 - 1700 points, and attention should be paid to the actual SCFIS announcement. The EC2602 contract is focusing on the shipping companies' willingness to support prices under high - capacity conditions, and the valuation center is constantly rising. The far - month contracts are facing the pressure of the Suez Canal's resumption of navigation, with the risk of valuation downward revision [4][5][6]. - The strategy suggests that the 12 - month contract will fluctuate, and the February contract will fluctuate strongly. There is no arbitrage strategy for now [8]. 3. Summary According to the Table of Contents 3.1 Futures Prices - As of December 18, 2025, the total position of all contracts of the container shipping index European line futures is 60,961.00 lots, and the single - day trading volume is 31,539.00 lots. The closing prices of EC2602, EC2604, EC2606, EC2608, EC2610, and EC2512 contracts are 1668.60, 1108.80, 1270.50, 1441.30, 1042.20, and 1624.40 respectively [7]. 3.2 Spot Prices - Online quotes from various shipping companies show price changes. For example, Maersk's Shanghai - Rotterdam quote in the first week of January is 1570/2520, and HPL's price in the second half of December is 1535/2535, with the quote in the first half of January being 2135/3535 [1]. - The SCFI (Shanghai - Europe route) price announced on December 12 is 1538 US dollars/TEU, the SCFI (Shanghai - US West route) price is 1780 US dollars/FEU, and the SCFI (Shanghai - US East) price is 2652 US dollars/FEU. The SCFIS (Shanghai - Europe) on December 15 is 1510.56 points, and the SCFIS (Shanghai - US West) is 924.36 points [7]. 3.3 Container Ship Capacity Supply - In December, the average weekly capacity for the remaining 3 weeks is 326,000 TEU, with capacities of 386,400, 290,900, and 300,700 TEU in weeks 51, 52, and 53 respectively. In January, the average weekly capacity is 322,700 TEU, and in February, it is 276,700 TEU. There are 4 TBNs in January (all from the OA alliance) and 9 TBNs and 2 blank sailings (both from the OA alliance) in February [3]. - 2025 is still a big year for container ship deliveries. As of now, 250 container ships have been delivered, with a total capacity of 2.018 million TEU. As of December 23, 2025, 75 ships with a capacity of 12,000 - 16,999 TEU have been delivered, with a total capacity of 1.1315 million TEU, and 12 ships with a capacity of over 17,000 TEU have been delivered, with a total capacity of 253,800 TEU [7]. 3.4 Supply Chain - The mediation plan for the Gaza cease - fire is advancing, and the probability of the Suez Canal resuming navigation in 2026 is high. If it resumes, it means an increase in effective capacity supply and the risk of further depressing freight rates. Currently, CMA's FAL1 route (Europe - Asia) has fully resumed operation since January 2026, and the FAL3 route has started a single trial run [6]. 3.5 Demand and European Economy - There is no direct content in the text about demand and European economy, but the overall shipping market is affected by factors such as the Suez Canal situation, shipping company price - support strategies, and freight volume recovery, which indirectly reflect the relationship between supply and demand and economic conditions [4][5][6].