集运指数（欧线）：02短期补贴水，中期震荡市

Report Summary 1. Report Industry Investment Rating No information provided regarding the report industry investment rating. 2. Core View The report focuses on the Container Shipping Index (European Line). It presents short - term and medium - term outlooks, with the short - term being a subsidy water situation and the medium - term a volatile market. It also provides comprehensive data on the fundamentals of the index, including futures prices, freight rates, and vessel schedules [1]. 3. Summary by Relevant Catalogs 3.1 Fundamentals Tracking - Futures Data: For EC2512, the closing price was 1,790.0 with a 1.57% daily increase, trading volume of 6,881, and an open interest of 14,520 (a decrease of 1,922). For EC2602, the closing price was 1,605.0 with a 1.16% daily decrease, trading volume of 20,006, and an open interest of 38,043 (an increase of 759). For EC2604, the closing price was 1,157.7 with a 0.92% daily decrease, trading volume of 2,180, and an open interest of 15,618 (an increase of 197). The spread between EC2512 and EC2604 was 632.3, and between EC2602 and EC2604 was 447.3 [1]. - Freight Rate Index: The SCFIS for the European route was 1,504.80 points, with a 24.5% weekly increase; for the US - West route, it was 1,329.71 points, with a 4.9% weekly increase. The SCFI for the European route was $1,417/TEU, with a 7.1% bi - weekly increase; for the US - West route, it was $1,823/FEU, with a 17.6% bi - weekly decrease [1]. - Spot Freight Rates: Multiple carriers' spot freight rates from Shanghai to Rotterdam were provided. For example, Maersk's $/40'GP was 2030 and $/20'GP was 1215, with a 38 - day voyage starting on November 27, 2025 [1]. - Exchange Rates: The US dollar index was 99.29, and the US dollar against the offshore RMB was 7.10 [1]. 3.2 Macro News - Military - related news in the Middle East included the Israeli military chief stating the possibility of a full - scale offensive in the Gaza Strip, and the Israeli defense minister's plan for a US - led international force to disarm Hamas in the Gaza Strip [8][9]. - Israel hoped that US President Trump would link the sale of F - 35s to Saudi Arabia with normalizing relations with Israel [9]. - The Israeli government planned to set up an independent commission to review security failures during the Hamas attack on October 7, 2023 [9]. 3.3 Trend Intensity The trend intensity of the Container Shipping Index (European Line) was 1, indicating a relatively neutral stance within the [-2, 2] range [10].