Yongan Futures(SH:600927) Yong An Qi Huo·2025-12-18 05:24Group 1: Report Investment Rating - No information provided Group 2: Core Views - There is no obvious trend in the recent market, and the futures market fluctuates widely around the MSK cabin opening news. For contracts after 02, the focus is on the spot price trend. The contradiction lies in the peak height and time of freight rates in January. Historically, freight rate highs often occur 4 - 5 weeks before the Spring Festival, but high capacity in January may suppress the increase. Currently, the profit - loss ratio for both short and long positions is not high, so it is recommended to wait and see. For contract 04, the short - term downside space is limited, and attention should be paid to short - selling opportunities when it follows the spot price or recovers the basis. For far - month contracts, a positive spread strategy is recommended, and attention should be paid to short - selling opportunities for contract 10 [3][13] Group 3: Summary by Relevant Catalogs Futures Market - Contract Prices and Changes: On December 18, 2025, EC2512 closed at 1632.0 with a 0.03% increase; EC2602 closed at 1699.8 with a 0.77% increase; EC2604 closed at 1124.1 with a 1.02% increase; EC2606 closed at 1283.7 with a 0.49% decrease; EC2608 closed at 1448.1 with a 0.98% decrease; EC2610 closed at 1045.2 with a 0.38% increase [2][12] - Trading Volume and Open Interest: The trading volume of EC2512 was 390, and the open interest was 2218 with a decrease of 348; EC2602 had a trading volume of 24199, and the open interest was 31971 with a decrease of 512; EC2604 had a trading volume of 4585, and the open interest was 19059 with a decrease of 869; EC2606 had a trading volume of 223, and the open interest was 2306 with an increase of 1; EC2608 had a trading volume of - (not clear), and the open interest was 1325 with a decrease of 26; EC2610 had a trading volume of 417, and the open interest was 4795 with an increase of 84 [2][12] - Monthly Spreads: The spread of EC2512 - 2504 was 507.9, a decrease of 10.9 compared to the previous day and 83.2 compared to the previous week; EC2512 - 2602 was - 67.8, a decrease of 12.5 compared to the previous day and 112.7 compared to the previous week; EC2502 - 2604 was 5/5.7, an increase of 1.6 compared to the previous day and 29.5 compared to the previous week [2][12] Spot Market - European Line Spot Freight Rates: In Week 51, MSK opened at 2400 (a month - on - month increase of 200), MSC and OA quoted 2600 - 2700, and PA quoted 2400 US dollars. The current central price was 1760 US dollars, equivalent to about 1760 points on the futures market. In Week 52, MSK opened at 2300 (a month - on - month decrease of 100), and other companies mainly followed the prices in Week 51. MSC opened at 2864 US dollars (a month - on - month increase of 200), equivalent to 2000 points on the futures market. MSK's opening quotes for the China - Europe line to London were 2700 US dollars/FEU (2800 for 40 - foot high - cube containers), and 2500 US dollars/FEU for European base ports such as Rotterdam (2600 for 40 - foot high - cube containers) [4][14] - Spot Freight Rate Indexes: As of December 15, 2025, the SCFI (European Line) was 1510.56 points, a 0.10% increase from the previous period; the freight rate was 1538 US dollars/TEU, a 9.86% increase. As of December 12, 2025, the CCFI was 1470.55 points, a 1.59% increase; the NCFI was 1064.13 points, a 9.98% increase [2][12] Related News - On December 17, the head of the Mossad claimed that Iran still desired to build nuclear weapons, increasing the possibility of further conflict between the two countries [5][15]