集运指数（欧线）：10-12反套、10-02反套轻仓持有

Report Investment Rating - Hold the reverse spreads of 10 - 12 and 10 - 02 in the container shipping index (European Line) lightly [1] Core View - Yesterday, multiple contracts of the container shipping index rose. The 2510 and 2512 contracts increased in positions and prices, with the 10 - 12 spread widening. The 2508 contract rose to repair the subsidy space. For the 2508 contract, the current situation is neutral, and for the 2510 contract, the market is bearish in the long - term but has short - term capital game factors. The strategy is to hold the 10 - 12 and 10 - 02 reverse spreads lightly [1][11][14] Summary by Directory 1. Futures Market - EC2508 contract closed at 2,126.0 points, up 4.77% with a trading volume of 30,362 and a position of 21,555, a decrease of 6,336 in position [1] - EC2510 contract closed at 1,655.6 points, up 15.38% with a trading volume of 107,782 and a position of 46,629, an increase of 13,685 in position [1] - EC2512 contract closed at 1,836.0 points, up 16.06% with a trading volume of 13,026 and a position of 7,434, an increase of 1,056 in position [1] - The 10 - 12 spread widened from - 130 points to - 180 points [11] 2. Freight Index - The SCFIS European route index was 2,421.94 points, up 7.3% week - on - week; the SCFIS US West route index was 1,266.59 points, down 18.7% week - on - week [1] - The SCFI European route index was $2,099/TEU, down 0.1% bi - weekly; the SCFI US West route index was $2,194/FEU, up 5.0% bi - weekly [1] 3. Spot Freight - Maersk's 31 - week Shanghai - Rotterdam opening price was reported at $3,070/FEU (up $70/FEU week - on - week), and the latest quote was updated to $3,110/FEU. Other shipping companies' quotes in late July remained unchanged, and the FAK average in late July was maintained at $3,350/FEU [11] 4. Market Fundamentals - In August, the weekly average capacity was revised up to 321,000 TEU/week. Maersk added 2 additional ships in August, increasing the probability of a lower opening price in the 32nd week [12] - For the 2508 contract, in the neutral scenario, the spot FAK from wk31 to wk34 may be revised down by about $200/FEU, and the 2508 neutral valuation is in the range of 2,050 - 2,100 points [13] - For the 2510 contract, October is the traditional off - season for the European route. The market's fundamental trading logic is to go short on rallies, but short - term capital games are the core driver [14] 5. Macro News - The US and its allies set the end of August as the deadline for reaching an Iran nuclear deal. If not reached, three European powers plan to activate the "snapback" mechanism [10]