Yongan Futures(SH:600927) Yong An Qi Huo·2025-12-30 05:14Report Industry Investment Rating - Not provided in the given content Core Viewpoints - For EC2602, the future trend mainly depends on the spot market. It's difficult to predict the peak height and time of freight rates in January and the subsequent price - decline rhythm. It's not recommended to enter the market at the current level, and the strategy is mainly to go short on rallies considering factors like geopolitical reversals, pre - holiday position reduction, and price increase notices after reaching the bottom [3][13] - For EC2604, the valuation is moderately high. There is a short - term upward risk due to factors such as capital position transfer and greater geopolitical influence on far - month contracts. In the long - term logic of resumption of navigation and off - season, the strategy is mainly to go short on rallies [3][13] Summary by Relevant Information Futures Market - Futures Contracts: EC2512 closed at 1604.8 with a - 0.51% change; EC2602 at 1822.9 with a - 0.09% change; EC2604 at 1169.9 with a 1.31% change; EC2606 at 1374.0 with a 4.39% change; EC2608 at 1497.7 with a 0.78% change; EC2610 at 1054.7 with a 0.51% change [2][12] - Month - to - Month Spreads: For example, EC2512 - 2504 was 434.9, with a day - on - day change of - 23.3 and a week - on - week change of - 66.4 [2][12] Spot Market - Indices: SCEIS on December 29, 2025, was 1742.64 points, up 9.66% from the previous period; SCFI on December 26, 2025, was 1690 dollars/TEU, up 10.24% from the previous period; CCFI on December 26, 2025, was 1519.06 points, up 3.06% from the previous period; NCFI on December 26, 2025, was 1144.37 points, up 7.22% from the previous period [2][12] - European Line Spot Situation: In Week 1, MSK opened at 2500 dollars, OA at 2700 - 2800 dollars, PA at 2800 dollars, with a central price of 1950 dollars. In Week 2, MSK remained at 2500 dollars, and the price at Hamburg Port was 2600 dollars (a 100 - dollar increase from the previous period). YML reduced the price of a voyage in Week 2 by 200 dollars to 2600 dollars, and ONE increased the second - half - month quote by 500 dollars to 3335 dollars [4][14] Geopolitical News - On December 30, 2025, US President Trump said he reached an agreement with Israeli Prime Minister Netanyahu on most matters, talked about disarming Hamas, and hoped to enter the second phase of the Gaza plan soon [4][14] - On December 29, 2025, Hamas accused Israel of not fulfilling the cease - fire agreement and called on the US to pressure Israel [5][15]