Yong An Qi Huo·2025-12-08 02:43Report Summary 1. Report Industry Investment Rating - Not provided in the content. 2. Core Viewpoints - The EC12 contract is moving towards the delivery logic with little deviation. P1 is around 1550 - 1600 points, P2 is between 1650 - 1700 points, and P3 is expected to be flat [3]. - The EC02 contract has a neutral valuation with short - term upward drivers. Due to the improvement in cargo volume, there are expectations of stable freight rates in late December and price increases in January. Historically, freight rate peaks often occur 4 - 5 weeks before the Spring Festival (mid - to - late January 2026). However, the large amount of available capacity in January 2026 may suppress the peak. A cautious long - position view is maintained [3]. - The EC04 contract has limited short - term downside space. Attention should be paid to the short - selling opportunities when it may rise following the near - month contract [3]. 3. Summary by Category Futures Contract Data - EC2512: Yesterday's closing price was 1658.6, up 0.58% with a trading volume of 443 and an open interest of 3500, a decrease of 231 [2]. - EC2602: Yesterday's closing price was 1609.9, up 1.57% with a trading volume of 37284 and an open interest of 32215, a decrease of 2007 [2]. - EC2604: Yesterday's closing price was 1092.9, up 0.26% with a trading volume of 4598 and an open interest of 19350, an increase of 229 [2]. - EC2606: Yesterday's closing price was 1252.5, down 0.21% with a trading volume of 180 and an open interest of 2108, a decrease of 33 [2]. - EC2608: Yesterday's closing price was 1367.1, down 1.34% with a trading volume of 88 and an open interest of 1226, an increase of 10 [2]. - EC2610: Yesterday's closing price was 1040.0, down 0.02% with a trading volume of 406 and an open interest of 3976, an increase of 15 [2]. Month - spread Data - EC2512 - 2504: The month - spread was 565.7, with a day - on - day increase of 6.7 [2]. - EC2512 - 2602: The month - spread was 48.7, with a day - on - day decrease of 15.4 [2]. - EC2502 - 2604: The month - spread was 517.0, with a day - on - day increase of 22.1 [2]. Index Data - SCFIS (European Line): Updated on 2025/12/5, at 1400 dollars/TEU, down 0.28% [2]. - CCFI: Updated on 2025/12/5, at 1447.56 points, down 0.12% [2]. - NCFI: Updated on 2025/12/5, at 967.55 points, down 5.57% [2]. European Line Spot Freight Situation - Week 50: Maersk's opening price dropped to $2200, setting the tone. Other shipping companies followed suit, with OA at $2300 - 2400 and PA at $1900 - 2100. The current central price is $2200, equivalent to 1550 points on the futures market [4]. - Week 51: Maersk's opening price was $2400 (+$200), and COSCO's offline price was $2400 (+$200). Maersk announced a price increase for January, with the freight for 20 - foot/40 - foot containers on the European line rising to $2275/$3500 respectively [4].