Yongan Futures(SH:600927) Yong An Qi Huo·2025-11-07 05:15Report Industry Investment Rating - No relevant content found. Core Viewpoints of the Report - The 12 - contract has multiple price increase announcements in the follow - up, driven by positive factors such as long - term agreement signing from November to December, but the valuation is not low. It is recommended to adopt a "buy on dips" strategy, following the spot market [3][16]. - The valuation of the 02 - contract is difficult to determine with high uncertainty. It is expected to mainly follow the 12 - contract in the next month, and also adopt a "buy on dips" strategy [3][16]. - The 04 - contract is a off - season contract. It maintains a wide - range oscillation in the current peak - season logic. Considering greater supply pressure next year, the off - season in April, and potential resumption of flights, a "short - selling on highs" strategy is recommended [3][16]. Summary by Related Catalogs Futures Contract Information - Closing Prices and Changes: EC2512 closed at 1848.2 with a - 5.03% change; EC2602 at 1601.0 with - 3.09% and - 1.80% changes; EC2604 at 1178.0; EC2606 at 1414.2 with a - 0.83% change; EC2608 at 1484.0 with a - 0.88% change; EC2610 at 1140.0 with a - 0.25% change [2][15]. - Volume and Open Interest: EC2512 had a volume of 35518 and an open interest of 28412 with a change of - 5560; EC2602 had a volume of 9591 and an open interest of 22625 with a change of 273 - 3749; EC2604 had a volume of 2051 and an open interest of 14208; EC2606 had a volume of 132 and an open interest of 1455 with a change of - 9; EC2608 had a volume of 120 and an open interest of 1306 with a change of - 31; EC2610 had a volume of 269 and an open interest of 1432 with a change of 156 [2][15]. - Monthly Spreads: EC2512 - 2504 spread was 670.2 with a day - on - day change of - 76.2 and a week - on - week change of - 6.4; EC2512 - 2602 spread was 247.2 with a day - on - day change of - 46.8 and a week - on - week change of - 17.8; EC2502 - 2604 spread was 423.0 with a day - on - day change of - 29.4 and a week - on - week change of 11.4 [2][15]. Index Information - SCFI (European Line): Updated weekly on Mondays and the ninth day of the week. On 2025/11/3, it was 1208.71 points with a - 7.92% change from the previous period; on 2025/10/31, it was 1344 dollars/TEU with a 7.87% change [2][15]. - CCFI: Updated weekly on the ninth day of the week. On 2025/10/31, it was 1323.81 points with a 2.37% change [2][15]. - NCFI: Updated weekly on the ninth day of the week. On 2025/10/31, it was 965.62 points with a 17.43% change [2][15]. Recent European Line Quotation - Downstream is booking cabins for early November (week 45 - 46). In week 46, PA slightly improved, and shipping companies could fill all cabins, but the capacity was very low. After week 45's cargo - booking ended, the pressure increased in the second half of November. The average price was about 2050 dollars (equivalent to 1430 points on the futures). In the first half of November, PA had the largest price cut. Shipping companies mostly announced price increases to 2500 - 3100 dollars in the second half of November, and MSK quoted 2250 dollars [4][17]. Shipping Company Price Announcements - On Monday, the freight rate remained unchanged. MSC and HPL announced price increases for the second half of November to 3000 and 3100 dollars/FEU respectively. MSK's opening price for the second half of November was 2250 (+50) dollars/FEU, lower than the previous market expectation of 2400 - 2500 dollars. MSK also announced a price increase to 3200 dollars for December on the European line, while MSC's price dropped to 2365 dollars [5][18]. - On Thursday, ONE opened at 2600 dollars, and YML opened at 2550 dollars [6][19].