建信期货集运指数日报-20251120

Report Information - Report Title: "集运指数日报" [1] - Date: November 20, 2025 [2] - Researchers: He Zhuoqiao (Macro Precious Metals), Huang Wenxin (Treasury Bonds and Container Shipping), Nie Jiayi (Stock Index) [3] 1. Report Industry Investment Rating - Not provided in the given content 2. Report's Core View - The expectation of the pre - Spring Festival shipment surge further fermented in the February contract after the Shanghai Futures Exchange clarified the last trading day of the February contract on Friday. The December contract was weak due to the under - expected price increase. The SCFIS index fell 9.8% week - on - week to 1357.67. Shipping companies have not formed a unified price - holding force, and the December price increase is less than expected. However, there is still a far - month price increase expectation, which may lead to over - valuation of the 04 contract in the off - season. It is advisable to pay attention to the positive spread trading opportunity between the 02 and 04 contracts [8] 3. Summary by Directory 3.1行情回顾与操作建议 - The last trading day of the February contract was clarified as February 9. The expectation of the pre - Spring Festival shipment surge affected the February contract, while the December contract was weak due to under - expected price increases. The SCFIS index decreased by 9.8% week - on - week. Shipping companies' price increases are difficult to implement, but there is a far - month price increase expectation, and the 02 - 04 positive spread trading opportunity is worth noting [8] 3.2行业要闻 - From November 10 to 14, the China export container shipping market was generally stable, with ocean - going routes showing a differentiated trend and the comprehensive index slightly declining. In October, the added value of industrial enterprises above designated size increased by 4.9% year - on - year. The Shanghai Export Containerized Freight Index on November 14 was 1451.38 points, down 2.9% from the previous period. The eurozone's November ZEW economic sentiment index was 25, indicating a recovery of market confidence in the European economy. The freight rate of European routes increased by 7.1%, the Mediterranean routes were stable, and the North American routes decreased. There were also developments in the Israel - Palestine conflict and related international stances [9][10] 3.3数据概览 3.3.1集运现货价格 - On November 17, the SCFIS for European routes was 1357.67, down 9.8% from November 10; the SCFIS for US - West routes was 1238.42, down 6.9% from November 10 [12] 3.3.2集运指数（欧线）期货行情 - Data on the trading of container shipping futures on the European line on November 19 were provided, including information such as the previous settlement price, opening price, closing price, settlement price, price change, change rate, trading volume, open interest, and open interest change for contracts EC2512, EC2602, EC2604, EC2606, EC2608, and EC2610 [6] 3.3.3航运相关数据走势图 - Multiple charts related to shipping data were presented, including the Shanghai Export Containerized Freight Index, container shipping futures on the European line, European container ship capacity, global container ship orders, Shanghai - Europe basic port freight rates, and Shanghai - Rotterdam spot freight rates, with data sources from Wind and the Research and Development Department of CCB Futures [13][18][23]