集运指数（欧线）：10承压运行，12、02宽幅震荡

1. Report Industry Investment Rating - Not provided in the given content 2. Core Viewpoints of the Report - The container shipping index (European Line) showed a weak performance in the past week. The main 2510 contract closed at 1157.6 points on Friday, down 157 points week-on-week, and the secondary main 2512 contract closed at 1610.2 points, down 105 points week-on-week. The 2510 contract is expected to see reduced volatility, while the 2512 contract is expected to fluctuate widely between 1550 - 1800 points, and the 2602 contract may not necessarily be at a discount to the 12 contract in years with a late Spring Festival [12][15]. - In terms of freight rates, the SCFI announced on September 12 was the same as that on May 16, at $1154/TEU. The freight rate center in the 38th week dropped further to around $1650/FEU, and it is conservatively estimated that the cumulative decline in the 39th and 40th weeks will be $100/FEU, with the center possibly falling to around $1550/FEU. The freight rate trend in the 42nd - 43rd weeks after the National Day holiday is uncertain [13]. - On the supply side, the average weekly capacity in October is 265,000 TEU/week, with a year-on-year growth rate of 1.1%, which has significantly declined compared to the capacity growth rate from July - September. The average weekly capacity in November (weeks 44 - 48) is currently 307,000 TEU/week, with a year-on-year increase of 9% and a month-on-month increase of 16%, but this still needs to be observed due to a large number of undetermined voyages [14]. 3. Summary by Related Catalogs 3.1 Fundamental Tracking - Contract Data: EC2510 closed at 1,157.6 points, down 5.27% daily, with a trading volume of 27,358 and an open interest of 47,611, a decrease of 1,896. EC2512 closed at 1,610.2 points, down 1.41% daily, with a trading volume of 9,853 and an open interest of 19,637, an increase of 612. EC2602 closed at 1,500.8 points, down 0.56% daily, with a trading volume of 1,680 and an open interest of 6,327, an increase of 326 [1]. - Shipping Company Freight Rates: Different shipping companies have different freight rate adjustments. For example, Maersk's opening price for the Shanghai - Rotterdam route in the 39th week was reported at $1550/FEU, a decrease of $150/FEU compared to the previous period; MSC decreased from $1740 to $1590/FEU on September 17 [13]. 3.2 Macro News - Israeli - Palestinian conflict: Israeli officials notified the US only a few minutes before attacking Qatar. The Israeli military issued three evacuation warnings in one day and attacked high - rise buildings in Gaza City again. The Qatari Prime Minister stated that Israel's attacks would not lead to any results and would only "abort" efforts to ease tensions, and Qatar will continue to mediate the Gaza conflict [11]. - China - US economic and trade talks: Chinese Vice Premier He Lifeng will lead a delegation to Spain to hold talks with the US from September 14 - 17 to discuss issues such as US unilateral tariff measures, abuse of export controls, and TikTok [11]. 3.3 Strategy - For the 2510 contract, it was recommended to take profits on dips in last week's report. If there is a rebound due to shipping companies "calling for price increases" or pre - holiday position reduction, consider lightly shorting again, with an upper resistance level of 1300 points. For the 02 - 04 and 12 - 04 positive spreads, enter the market on dips [16].