集运指数（欧线）：逢高布空10，10-12反套逢高减仓

1. Report Industry Investment Rating - The report suggests to short at high prices for the Container Shipping Index (European Line) and reduce positions in the 10 - 12 reverse spread at high prices [1]. 2. Core Viewpoints of the Report - The EC2506 final delivery settlement price may be around 1950 points due to shipping delays and container skipping in June. For EC2508, it's recommended to take a volatile approach (1900 - 2300 points), with July's freight average expected to be between 3000 - 3400 dollars/FEU. The EC2510 can be shorted at high prices as it may reach the lowest price of the year in the off - season. The 10 - 12 reverse spread can be reduced at high prices [1][15][16]. 3. Summary by Related Catalogs 3.1 Fundamental Tracking - Futures Data: EC2506 closed at 1,937.9 with a 0.03% change, EC2508 at 2,068.0 with a 2.76% change, and EC2510 at 1,445.6 with a 3.08% change. Their trading volumes were 1,661, 127,644, and 40,857 respectively, and open interests were 5,442, 44,844, and 28,910 respectively [1]. - Freight Index: The SCFIS European route increased by 29.5% to 1,622.81 points, and the US - West route increased by 27.2% to 2,185.08 points. The SCFI European route increased by 10.6% to 1,844 dollars/TEU, while the US - West route decreased by 26.5% to 4,120 dollars/FEU [1]. - Spot European Line Freight: Different carriers' prices for 40'GP and 20'GP from Shanghai to Rotterdam or Antwerp vary, such as Maersk's 2840 dollars/40'GP and 1700 dollars/20'GP [1]. - Exchange Rate: The US dollar index was 98.15, and the US dollar against the offshore RMB was 7.19 [1]. 3.2 Macro and Industry News - Market Performance: In the past week, the Container Shipping Index fluctuated at a high level. The main 2508 contract oscillated between 2000 - 2200 points, and the second - main 2510 contract rebounded from around 1350 points to 1450 points [11]. - Fundamentals: In the 26th week (June 23 - 29), different shipping alliances had different pricing strategies. With the increase of FAK prices, some BCO customers' orders returned to the long - term agreement market. The US - line freight will continue to decline in late June [12][14]. - Capacity: The average weekly capacity in June was 296,000 TEU. In July, the average weekly capacity is 306,000 TEU without considering pending voyages. In August, the average weekly capacity is 298,000 TEU/week without considering pending voyages and 313,000 TEU with pending voyages [13]. - Geopolitical Impact: The escalation of the Middle East geopolitical situation has little impact on the European line's capacity but may affect demand. The US - line freight will decline, and the situation of bookings after the price adjustment in July needs to be observed [14].