集运指数（欧线）：震荡市

Report Overview - The report focuses on the container shipping index (European routes) as of September 11, 2025, providing an analysis of its market trends, fundamental data, and investment strategies [1]. 1. Report Industry Investment Rating - Not provided in the given content. 2. Report's Core View - The container shipping index (European routes) is in a volatile market. The 2510 contract is expected to show narrow - range fluctuations, the 2512 contract should be treated with a wide - range oscillation mindset, and the 2602 contract may not necessarily be at a discount to the 12 contract [1][12][15]. 3. Summary by Relevant Catalogs 3.1 Futures Contract Data - EC2510 closed at 1,267.4 points, down 0.42%, with an increase of 114 positions; EC2512 closed at 1,674.0 points, down 0.02%, with an increase of 729 positions; EC2602 closed at 1,524.0 points, up 0.14% [1]. 3.2 Freight Index Data - SCFIS European route index was 1,566.46 points, down 11.7% week - on - week; SCFIS US West route index was 980.48 points, down 3.3% week - on - week. SCFI European route was $1,315/TEU, down 11.2% bi - weekly; SCFI US West route was $2,189/FEU, up 13.8% bi - weekly [1]. 3.3 Spot Freight Rates - In week 38, spot freight rates further declined, with the central value around $1,700/FEU. It is conservatively estimated that the cumulative decline in weeks 39 and 40 will be $100/FEU, and the central value may fall to around $1,600/FEU [13]. 3.4 Supply - Side Fundamentals - In October, the weekly average capacity was slightly revised down from 27.6 to 26.7 TEU/week, with a year - on - year growth rate of 1.1%. In November, without considering undetermined voyages, the weekly average capacity is currently 30.2 TEU/week [14]. 3.5 Contract Analysis - For the 2510 contract, it may mainly reflect the freight quotes from weeks 40 - 42, and is expected to show narrow - range fluctuations. For the 2512 contract, it should be treated with a wide - range oscillation mindset. For the 2602 contract, it may not necessarily be at a discount to the 12 contract [15]. 3.6 Investment Strategy - This week, take profit on the 2510 contract on dips. In the medium - to - long - term, consider going long on the 02 - 04 and 12 - 04 calendar spreads on dips [16].