投资咨询业务资格：证监许可【2012】31号 航运衍生品数据日报 国贸期货研究院 能源化工研究中心 卢钉毅 数据来源：Clarksons、Wind 论 逻辑: 从现货运价端来看,马士基已发布 3 月第一周欧洲航线运价,报价维持 2000 美元，维持 2 月水平,船司此前 提出的 3 月涨价预期并未兑现。马士基延续稳健务实的定价策略,行业内其余船司及航运联盟大概率初期同步跟进 该定价水平;若春节后货量复苏力度偏弱,现货运价存在进一步下调可能,整体运行节奏或与 2025年同期相仿。 本周春节前最后一个交易周,新挂牌合约成交活跃度偏低。后续需重点关注其他船司 3 月运价的跟进情况、节后货 量修复进度,以及前期港口拥堵所引发的运力被动空班变动。短期盘面维持区间震荡格局。 投资咨询号: Z0021177 从业资格号: F03101843 2026/2/12 | | 运价指数 | 上海出口集装箱运价 | 中国出口集装箱运价 | SCFI-美西 | SCFIS-美西 | SCFI-美东 | SCFI-西北欧 | | --- | --- | --- | --- | --- | --- | --- | --- | | | | ...

FICC日报 | 2026-02-12 主力合约短期走势震荡，关注节后马士基3月第二周开价态 度 市场分析 线上报价方面。 Gemini Cooperation：马士基上海-鹿特丹 WEEK8 报价1210/1920，WEEK9报价 1200/1900，WEEK11报价 1205/1910（其中上海-伦敦基本港WEEK11周报价涨至1320/2100）；HPL 2月上半月船期报价1135/1835，2月下半 月船期报价1135/1835，3月份船期报价1835/2935 。HPL发布3月份涨价函1900/3100 MSC+Premier Alliance：MSC 2月上半月价格1280/2140，2月下半月船期价格1280/2140；ONE 2月上半月船期报 价1290/2035，2月下半月船期报价1290/2035，3月上半月船期报价1620/2535；HMM上海-鹿特丹2月上半月船期报 价1233/2036，2月下半月船期1233/2036 ，3月份船期报价1783/3136.MSC发布3月份涨价函1800/3000. Ocean Alliance：CMA 上海-鹿特丹2月份上半月船期价格1359/229 ...

1. Report Industry Investment Rating - Not provided in the content 2. Core Viewpoints of the Report - The current valuation of the 04 contract is neutral with limited downside potential. In the medium term, the recommended strategy is to short on rallies [3][29]. - For far - month contracts, it is difficult to anchor the valuation of peak - season contracts, and shipping companies have a large scope for price adjustment. Prudent operation is advised. The 10 - contract valuation is moderately high, and the short - on - rallies strategy should be maintained [3][29]. - For new contracts, based on historical seasonality and the valuation of old contracts, the reasonable valuation ranges for the 09 and 07 contracts are 1100 - 1300 and 1600 - 1800 points respectively. The subsequent strategy is to short the 09 contract and long the 07 contract, but the current valuation on the market is relatively reasonable. The 05 contract is at the node of the off - season transition, and attention should be paid to the 4 - 5 reverse spread form [3][29]. - Due to frequent capital liquidation operations before the Spring Festival holiday, significant market fluctuations are expected. Prudent operation is recommended this week [3][29]. 3. Summary by Relevant Catalogs Futures - **Contract Prices and Changes**: The closing prices of EC2604, EC2605, EC2606, EC2607, EC2608, EC2609, EC2610, and EC2612 are 1177.9, 1275.3, 1501.0, 1719.9, 1581.0, 1240.0, 1105.0, and 1395.0 respectively, with price changes of - 0.09%, 0.18%, 0.08%, 0.08%, 0.30%, 0.40%, - 0.53%, and 1.09% [2][28]. - **Volume and Open Interest**: The trading volumes of EC2604, EC2605, EC2606, EC2607, EC2608, EC2609, EC2610, and EC2612 are 17204, 84, 14185, 42, 263, 64, 4, and 125 respectively. The open interests are 33027, 214, 14185, 119, 1371, 134, 8308, and 125 respectively, with changes of - 872, - 14, 14, - 45, 7, 237, and - 2 [2][28]. - **Monthly Spreads**: The spreads of EC2604 - 2606, EC2604 - 2605, and EC2606 - 2610 are - 323.1, - 97.4, and 396.0 respectively, with daily changes of - 2.3, - 3.4, and 7.1, and weekly changes of - 23.1, and - 9.1 [2][28]. Spot (European Line) - **Spot Price and Index**: The spot price on 2026/2/9 is 1657.94, with a change of - 7.49% compared to the previous period. The SCFI index on 2026/2/6 is 1403 dollars/TEU, with a change of - 1.06% compared to the previous period [2][28]. - **Shipping Company Quotes**: In Week 7, MSK opened at 1950 (down 100 from the previous period), PA was around 2000, MSC was 2140, and OA was 2300 dollars. The central price was 2130 dollars, equivalent to 1500 points on the market. From Week 8 - 9, MSK's opening price remained at 1950 dollars. Last week, MSC issued a price - increase notice, followed by CMA, COSCO, and HPL. The European line price is expected to increase to 3000 - 3100 dollars. On Tuesday, MSK opened at 1950 dollars for the first week of March (Week 10), unchanged from the previous period [4][30]. Relevant News - On 2/11, the Iranian President stated that Iran has no intention of manufacturing nuclear weapons and is willing to accept any form of inspection. On 2/12, the Iranian Supreme Leader's advisor said that Iran is in consultation with the US to determine the time for the next round of negotiations [5][31].

声明：市场有风险，投资需谨慎。本文基于第三方数据库自动发布，不代表新浪财经观点，任何在本文 出现的信息均只作为参考，不构成个人投资建议。如有出入请以实际公告为准。如有疑问，请联系 biz@staff.sina.com.cn。 800现金流ETF汇添富（563680）业绩比较基准为中证800自由现金流指数收益率，管理人为汇添富基金 管理股份有限公司，基金经理为何丽竹，成立（2025-04-30）以来回报为33.75%，近一个月回报为 5.42%。 来源：新浪基金∞工作室 2月12日，800现金流ETF汇添富（563680）开盘跌0.30%，报1.337元。800现金流ETF汇添富（563680） 重仓股方面，中国海油开盘涨0.55%，上汽集团跌0.14%，格力电器跌0.21%，中远海控涨0.07%，牧原 股份跌0.48%，中国铝业跌0.45%，TCL科技跌0.21%，宝钢股份跌0.14%，长城汽车涨0.29%，正泰电器 涨0.13%。 ...

Core Viewpoint - The article discusses the implications of the Panama Supreme Court's ruling that invalidated the port concession contracts of Li Ka-shing's Cheung Kong Group, transferring operational rights to Maersk, highlighting the geopolitical tensions between China and the U.S. in the maritime sector [5][6]. Group 1: Geopolitical Context - The ruling is seen as a critical event in the ongoing geopolitical struggle between China and the U.S., particularly in the maritime domain, where the U.S. has been promoting narratives of "Chinese maritime threats" [5][6]. - The U.S. maritime system relies on layered control and offshore outsourcing, leveraging its naval power for global shipping security, while China is developing an independent maritime system that challenges U.S. hegemony [6][11]. Group 2: Systemic Competition - The article emphasizes the need for a systemic analysis of significant commercial actions within the global shipping logistics sector, as they reflect power struggles over control of key supply chain segments [8][9]. - The sale of Cheung Kong's port network to a consortium led by MSC and BlackRock signifies a shift in global shipping dynamics, with potential implications for China's maritime enterprises [8][9]. Group 3: U.S. Strategic Responses - The U.S. has adopted a defensive posture, moving from offshore outsourcing to reshaping its domestic supply chains in response to perceived threats from China's maritime industry [28][30]. - Specific actions include legislative efforts to restrict the procurement of Chinese-made port equipment and investigations into China's shipbuilding capabilities, indicating a comprehensive strategy to limit China's maritime influence [29][30]. Group 4: China's Maritime Development - China's maritime industry has developed an independent and resilient supply chain, rooted in a comprehensive industrial system established over decades, which is now increasingly self-sufficient [21][24]. - The growth of China's shipping industry is driven by internal demand and has led to significant advancements in shipbuilding, port operations, and logistics, positioning it as a global leader in these sectors [24][25]. Group 5: Future Implications - The competition between the U.S. and China in the maritime sector is expected to be long-term and complex, with both nations vying for dominance in a system that is not merely about market share but involves deeper structural and geopolitical considerations [33][31]. - The evolving dynamics of global shipping will likely reshape supply chain risks and structures, reflecting the ongoing power struggle between the two nations [33][32].

来源：新浪基金∞工作室 2月11日，景顺长城国证港股通红利低波动率ETF（159569）收盘涨1.12%，成交额5714.57万元。 港股红利低波ETF（159569）成立于2024年8月14日，基金全称为景顺长城国证港股通红利低波动率交 易型开放式指数证券投资基金，基金简称为景顺长城国证港股通红利低波动率ETF。该基金管理费率每 年0.50%，托管费率每年0.08%。港股红利低波ETF（159569）业绩比较基准为国证港股通红利低波动率 指数收益率(使用估值汇率折算)。 规模方面，截止2月10日，港股红利低波ETF（159569）最新份额为3.37亿份，最新规模为4.83亿元。回 顾2025年12月31日，港股红利低波ETF（159569）份额为3.49亿份，规模为4.66亿元。即该基金今年以 来份额减少3.44%，规模增加3.64%。 流动性方面，截止2月11日，港股红利低波ETF（159569）近20个交易日累计成交金额10.00亿元，日均 成交金额4999.71万元；今年以来，28个交易日，累计成交金额12.69亿元，日均成交金额4530.69万元。 港股红利低波ETF（159569）现任基金经理为龚 ...

1. Report's Industry Investment Rating - No relevant content provided 2. Core Viewpoints of the Report - MSK's price quotes for the first week of March remain mostly the same, weakening the price - increase expectation, and the EC futures market is expected to continue to fluctuate weakly. Given the off - season in April and ongoing geopolitical risks during the Spring Festival, it is recommended to stay on the sidelines for unilateral trading and conduct rolling operations on the 6 - 10 calendar spread [6][8]. 3. Summary by Relevant Catalogs 3.1 Container Shipping - Container Freight Index (European Line) 3.1.1 Futures Market - The closing prices, price changes, price change rates, trading volumes, trading volume change rates, open interests, and open interest change rates of different EC futures contracts are presented. For example, EC2604 closed at 1,177.9 points, down 0.09% from the previous day, with a trading volume of 17,204.0 lots (down 41.80%) and an open interest of 33,027.0 lots (down 2.57%) [3]. - The price differences and their changes between different futures contracts are also provided. For instance, the price difference between EC04 and EC06 is - 323, down 2.3 [3]. 3.1.2 Container Freight Rates - Weekly container freight rates and their week - on - week and year - on - year changes are given. The SCFIS European Line index is 1657.94 points, down 7.49% week - on - week and 29.54% year - on - year. SCFI: Shanghai - Europe is 1403 USD/TEU, down 1.06% week - on - week and 34.65% year - on - year [3]. 3.1.3 Fuel Costs - The prices, week - on - week, and year - on - year changes of WTI and Brent crude oil near - month contracts are provided. WTI crude oil near - month contract is at 64.07 dollars per barrel, down 0.48% week - on - week and 10.78% year - on - year; Brent crude oil near - month contract is at 68.41 dollars per barrel, down 0.13% week - on - week and 9.2% year - on - year [3]. 3.2 Market Analysis and Strategy Recommendations 3.2.1 Market Analysis - Spot freight rates are weak, with the price - increase expectation weakening. MSK's WK10 Shanghai - Rotterdam quote is 2000 USD/40HC, the same as last week. From a fundamental perspective, demand is peaking and then declining, and the overall shipping capacity deployment has little change compared to the previous period. Geopolitical situations are volatile, and it is still difficult for a large - scale resumption of European - line shipping in the first half of the year [6][7]. 3.2.2 Strategy Recommendations - Unilateral trading: Given that Maersk's freight rates in March are mostly unchanged and it is the off - season in April, the market is expected to fluctuate. Due to ongoing geopolitical risks during the Spring Festival, it is recommended to stay on the sidelines [8]. - Arbitrage: Conduct rolling operations on the 6 - 10 calendar spread [9]. 3.3 Industry News - Local time on the 10th, US President Trump stated that "Iran will not have nuclear weapons or missiles." Iranian officials said that if the US - Iran nuclear talks are successful, the dialogue may expand to other areas. Trump said that if the talks fail, he might send another aircraft carrier strike group to the Middle East [10][11]. 3.4 Related Attachments - Multiple charts are presented, including the SCFIS European Line index and the SCFIS US West Line index, the SCFI comprehensive index, and container freight rates for different routes such as Shanghai - US West, Shanghai - US East, and Shanghai - Europe. There are also charts showing the basis of EC04 and EC06 contracts [13][15][20].

Group 1 - The Invesco Great Wall CSI National New Hong Kong Stock Connect Central Enterprise Dividend ETF (520990) closed at a gain of 0.86% with a trading volume of 116 million yuan on February 11 [1] - The fund was established on June 26, 2024, with an annual management fee of 0.50% and a custody fee of 0.10% [1] - As of February 10, 2025, the fund's latest share count was 5.766 billion shares, with a total size of 6.088 billion yuan, reflecting a 1.50% increase in shares and a 7.16% increase in size year-to-date [1] Group 2 - The current fund managers are Gong Lili and Wang Yang, with returns of 24.42% and 10.08% respectively during their management periods [2] - The latest report indicates that the top holdings of the fund include China National Offshore Oil Corporation, China Shenhua Energy, China Petroleum & Chemical Corporation, and China Mobile, among others [2] Group 3 - The top holdings and their respective weights in the fund are as follows: - China National Offshore Oil Corporation: 10.04% with a market value of 571 million yuan - China Shenhua Energy: 9.99% with a market value of 568 million yuan - China Petroleum & Chemical Corporation: 9.82% with a market value of 558 million yuan - China Mobile: 9.65% with a market value of 548 million yuan - China National Petroleum Corporation: 8.21% with a market value of 467 million yuan - COSCO Shipping Holdings: 5.74% with a market value of 326 million yuan - China Telecom: 4.76% with a market value of 270 million yuan - China Unicom: 3.14% with a market value of 179 million yuan - China Tower: 2.83% with a market value of 161 million yuan - China Merchants Bank: 2.07% with a market value of 118 million yuan [3]

港股通央企红利ETF（159266）现任基金经理为刘庭宇、蔡路平。刘庭宇自2025年7月23日管理（或拟 管理）该基金，任职期内收益3.01%；蔡路平自2025年11月5日管理（或拟管理）该基金，任职期内收 益0.17%。 最新定期报告显示，港股通央企红利ETF（159266）重仓股包括中远海控、中国神华、中国海洋石油、 中石化炼化工程、中国外运、中国船舶租赁、中信国际电讯、中国石油股份、中煤能源、建设银行，持 仓占比如下。 股票代码股票名称持仓占比持仓股数（股）持仓市值（元）01919中远海控4.14%203.75万2530.43万 01088中国神华2.69%47.00万1647.11万00883中国海洋石油2.58%81.90万1575.64万02386中石化炼化工程 2.57%227.40万1573.30万00598中国外运2.54%353.70万1549.42万03877中国船舶租赁2.46%794.00万 1506.03万01883中信国际电讯2.39%654.70万1460.61万00857中国石油股份2.38%192.40万1456.27万01898 中煤能源2.38%161.90万1455. ...

FICC日报 | 2026-02-11 3月份涨价能否成功尚不明，主力合约短期走势震荡 市场分析 线上报价方面。 Gemini Cooperation：马士基上海-鹿特丹 WEEK7报价1270/2040，WEEK8 报价1210/1920，WEEK9报价 1200/1900，WEEK11报价1200/1900（其中上海-伦敦基本港WEEK11周报价涨至1320/2100）；HPL 2月上半月船期 报价1135/1835，2月下半月船期报价1135/1835，3月份船期报价1835/2935 。HPL发布3月份涨价函1900/3100 MSC+Premier Alliance：MSC 2月上半月价格1280/2140，2月下半月船期价格1280/2140；ONE 2月上半月船期报 价1290/2035，2月下半月船期报价1290/2035，3月上半月船期报价1620/2535；HMM上海-鹿特丹2月上半月船期报 价1233/2036，2月下半月船期1233/2036 ，3月份船期报价1783/3136.MSC发布3月份涨价函1800/3000. Ocean Alliance：CMA 上海-鹿特丹2月份上半月船 ...