Yongan Futures(SH:600927) Yong An Qi Huo·2025-09-24 02:14Report Summary 1. Report Industry Investment Rating No relevant information provided. 2. Core Viewpoints - In the short - term, the EC futures market is under pressure from spot prices. The price in early October is expected to decline, with a potential rebound in late October (before the National Day), but more likely to stabilize due to the off - season [1]. - From a medium - term perspective, considering multiple upward drivers, the 02 contract has a higher cost - performance for long - position allocation as the Spring Festival in 2026 is relatively late (February 17, 2026), which may lead to a higher settlement price. The 04 contract, being an off - season contract, is suitable for short - position allocation in the short term, but its low liquidity may cause price fluctuations. Attention should be paid to the 02 and 04 contracts. Also, be aware of the pre - holiday position - reduction volatility and the capital transfer risk of the 10 contract [8]. 3. Summary by Related Catalogs 3.1 EC Futures Contract Price and Trading Volume - Contract Prices: The prices of EC2510, EC2512, EC2602, EC2604, and EC2606 contracts are 1100.0, 1623.4, 1535.6, 1234.6, and 1421.3 respectively, with daily changes of 0.58%, - 1.84%, - 2.41%, - 3.17%, and - 2.28% [1]. - Trading Volumes: The trading volumes of EC2510, EC2512, EC2602, EC2604, and EC2606 contracts are 28527, 12535, 2521, 1838, and 157 respectively [1]. - Open Interest: The open interest of EC2510, EC2512, EC2602, EC2604, and EC2606 contracts are 41508, 22118, 7601, 8854, and 961 respectively, with changes of - 4522, 162, 203, - 68, and 11 [1]. 3.2 Month - to - Month Spreads - EC2510 - 2512: The spread is - 523.4, with a daily increase of 36.8 and a weekly increase of 38.9 [1]. - EC2512 - 2602: The spread is 87.8, with a daily increase of 7.5 and a weekly decrease of 5.4 [1]. 3.3 Spot Freight Rate Indexes - TCI: Updated every Monday, as of September 15, 2025, it is 1440.24 points, down 8.06% from the previous period and 11.68% from the period before that [1]. - SCFI (European Line): Updated weekly, as of September 19, 2025, it is 1052 dollars/EU, down 8.84% from the previous period and 12.24% from the period before that [1]. - CCFI (European Line): Updated every Friday, as of September 19, 2025, it is 1470.97 points, down 4.31% from the previous period and 6.19% from the period before that [1]. - NCFI (European Line): Updated every Friday, as of September 19, 2025, it is 673.61 points, down 7.65% from the previous period and 14.78% from the period before that [1]. 3.4 European Line Spot Quotations - Week 39: The average quotation is 1600 dollars (equivalent to 1150 points on the disk). MSK's quotation is 1500 dollars (later rising to 1570), PA Alliance's is 1550 - 1600 dollars, and OA Alliance's is 1600 - 1720 dollars [2]. - Week 40 - 41: The average quotation is 1450 dollars (equivalent to 1020 points on the disk). MSK's is 1400 dollars; PA's is 1300 - 1500 dollars, with YML's 1300 dollars being the lowest price of the year; OA's is 1400 - 1600 dollars [2]. 3.5 Related News - On September 23, the Polish Prime Minister decided to reopen the border crossing with Russia. The Polish Interior Minister is expected to issue a relevant order, and border traffic is expected to resume between Wednesday and Thursday midnight [3]. - On September 23, Trump expected the meeting on the Gaza issue to be successful and hoped for an end to the war in Gaza [3]. - A UN investigation report showed that the Israeli government intends to establish permanent control in the Gaza Strip [3].