Yongan Futures(SH:600927) Yong An Qi Huo·2025-10-27 05:34Report Industry Investment Rating - Not provided in the content Core Viewpoints - The recent market has been strong due to shipping companies' additional sailings cancellations and good cargo receipts on multiple routes at the end of October. The current valuation of the December contract is high, but due to multiple expected price increase nodes and the upward drive during the long - term contract signing season, the logic of going long on dips for the December contract remains unchanged. There may be short - term downward disturbances, and attention should be paid to possible price cuts by shipping companies in early November. Against the backdrop of geopolitical uncertainties, the February contract may have more upside potential with the arrival of the peak season, but there are also geopolitical fluctuations. The April contract maintains the view of shorting on rallies, but it may follow the near - term contracts and fluctuate strongly during the peak season from November to January and can be gradually short - positioned [2][22]. Summary by Relevant Catalogs EC Futures Contract Information - EC2510: Yesterday's closing price was 1137.8, up 0.15%, with a direct difference of 2.6, yesterday's trading volume was 817, yesterday's open interest was 4292, and open interest decreased by 526 [2][22]. - EC2512: Yesterday's closing price was 1831.0, up 2.11%, with a direct difference of - 690.6, yesterday's trading volume was 35117, yesterday's open interest was 30249, and open interest increased by 1335 [2][22]. - EC2602: Yesterday's closing price was 1601.0, up 1.20%, with a direct difference of - 460.6, yesterday's trading volume was 3971, yesterday's open interest was 11509, and open interest increased by 971 [2][22]. - EC2604: Yesterday's closing price was 1179.6, up 0.67%, with a direct difference of - 39.2, yesterday's trading volume was 1726, yesterday's open interest was 14224, and open interest increased by 170 [2][22]. - EC2606: Yesterday's closing price was 1397.9, up 1.68%, with a direct difference of - 257.5, yesterday's trading volume was 585, yesterday's open interest was 1377, and open interest decreased by 25 [2][22]. Month - to - Month Spread - EC2510 - 2512: The previous day's spread was - 693.2, the spread decreased by 36.2 compared to the previous day, and decreased by 111.3 compared to last Friday [2][22]. - EC2512 - 2602: The previous day's spread was 230.0, the spread increased by 18.9 compared to the previous day, and increased by 70.0 compared to last Friday [2][22]. Spot Freight Index - SCFI (European Line): Updated weekly, as of October 24, 2025, it was 1246 US dollars/TEU, up 8.82% from the previous period and 7.21% from two periods ago [2][22]. - CCFI: Updated weekly, as of October 24, 2025, it was 1293.12, up 1.99% from the previous period and down 1.49% from two periods ago [2][22]. - NCFI: Updated weekly, as of October 24, 2025, it was 822.3, up 2.38% from the previous period and 14.96% from two periods ago [2][22]. Recent European Line Quotations - Currently, downstream customers are booking spaces for the end of October and early November (Week 44 - 45). In Week 44, the offline quotes were PA 1400, GEMINI 1600, and OA 1800 US dollars. Shipping companies plan to increase prices in November, mostly in the range of 2500 - 2700 US dollars, with an average equivalent to about 1800 points on the futures market. On Tuesday, MSK opened bookings at 2350 US dollars, in line with expectations [3][23]. Relevant News - On October 27, US Treasury Secretary Yellen said that the US would no longer consider imposing a 100% tariff on China. On October 26, the China - US economic and trade teams concluded a two - day negotiation in Kuala Lumpur, Malaysia. This was the fifth face - to - face negotiation between the two teams since May this year [4][24]. - On October 27, the Israeli government spokesman said that Israel would maintain full security control over the Gaza Strip [4][24].