Report Industry Investment Rating - No relevant information provided Core Viewpoints - On Monday, the futures market showed slight fluctuations. The EC2512 contract decreased slightly due to the expected price drop in November, while the spreads of EC2512 - EC2602 and EC2602 - EC2604 strengthened. The valuation of EC2512 is neutral, and considering the upcoming peak season and the long - term contract signing period in December, a strategy of reducing long positions is recommended. The valuation of EC2602 is harder to determine and is expected to follow the trend of EC2512 in the short term. If the peak season is realized, EC2602 may have more upside potential. The EC2604 contract is for the off - season, and it is recommended to take a short - selling approach considering the expected greater supply pressure in April [2]. Summary by Related Catalogs Futures Contracts - **Contract Prices and Changes**: The closing prices and price changes of multiple EC futures contracts are presented. For example, EC2512 closed at 1778.2 with a - 1.87% change, EC2602 at 1604.9 with a 0.81% change, etc. [2] - **Month - to - Month Spreads**: The spreads between different contract months are given, such as EC2512 - EC2504 was 612.1, showing a - 35.3 change from the previous day and - 30.8 from the previous week [2]. Spot Indexes - **SCFIS**: Updated weekly, as of 2025/11/10, it was 1504.80 points, with a 24.50% increase from the previous period and a - 7.92% change in the previous period [2]. - **SCFI (European Line)**: Updated every Friday, as of 2025/11/7, it was 1323 dollars/TEU, with a - 1.56% change from the previous period and a 7.87% change in the previous period [2]. - **CCFI**: Updated every Friday, as of 2025/11/7, it was 1366.85 points, with a 3.25% change from the previous period and a 2.37% change in the previous period [2]. - **NCFI**: Updated every Friday, as of 2025/11/7, it was 911.73 points, with a - 5.58% change from the previous period and a 17.43% change in the previous period [2]. Recent European Line Quotations - **45th Week**: The average landed price was about 2050 US dollars (equivalent to 1450 points on the disk) [2]. - **46th Week**: The average landed price was 2000 US dollars (equivalent to 1400 points on the disk) [2]. - **Second Half of November**: The pressure is expected to increase, and the cargo volume may recover. The quoted price is between 2365 - 2950 US dollars, but MSK opened at 2250 US dollars (a 50 - dollar increase from the previous period), and other shipping companies are expected to lower their quotes this week. There may also be a price increase announcement for December [2]. News - **Gaza Cease - fire**: As of November 10, the first - stage cease - fire agreement between Israel and Hamas was in its second month, but the second - stage negotiation was still "far off". The implementation of the agreement was full of setbacks, and there were concerns that the cease - fire might be terminated [3]. - **Shipping Policy**: Starting from 13:01 on November 10, 2025, China will suspend the implementation of relevant policies on charging special port fees for US ships for one year in synchronization with the US suspension of the final measures of the 301 investigation on China's maritime logistics and shipbuilding industries [3]. - **Index Delay**: The XSI - C index will be delayed by three working days for release [4]

Core Viewpoint - The domestic futures market shows mixed performance, with the European shipping index futures experiencing a downward trend and fluctuations in pricing, influenced by various market factors [1][2]. Group 1: Shipping Index Performance - The European shipping index futures opened at 1806.0 points, with a maximum of 1834.1 points and a minimum of 1780.0 points, reflecting a decline of approximately 1.74% [1]. - The current trend indicates a weak and fluctuating market for the European shipping index, with expectations of continued volatility in the near term [1]. Group 2: Market Analysis and Predictions - Nanhua Futures predicts a short-term weak and fluctuating pattern for the European shipping index futures, driven by the interplay between the resumption of Red Sea routes and actual demand [1]. - Traders are advised to monitor support levels between 1800-1850 and resistance levels between 2000-2050, while arbitrage opportunities may arise from the price differences between near and far month contracts [1]. - Ruida Futures highlights the potential impact of improved trade relations and easing geopolitical tensions, alongside the upcoming peak shipping season in Q4, which may influence market dynamics [1]. Group 3: Pricing and Market Sentiment - Guotou Anxin Futures notes that Maersk has raised December freight rates to $3200/FEU, setting a benchmark for the market, although the actual realization of this increase remains uncertain due to a weak spot market [2]. - Several shipping companies have announced increased rates for late November, with YML and ONE raising rates to $2550/FEU and $2600/FEU respectively, while EMC reported $2710/FEU [2]. - MSC's addition of a new service with a 15000 TEU vessel may alleviate supply pressure and support an upward adjustment in freight rates for late November [2].

Report Industry Investment Rating - Not provided in the content Core Viewpoints - Driven by positive factors such as long - term contract signing from November to December, but the valuation is not low. The market will follow the spot market, and it is recommended to adopt a dip - buying strategy overall [3] - The 12 - contract has multiple price increase announcements in the future [3] - The valuation of the 02 - contract is difficult to determine, with high uncertainty. It is expected to follow the 12 - contract in the next month, and a dip - buying strategy is also recommended [3] - The 04 - contract is a off - season contract. It maintains a narrow - range oscillation in the current peak - season logic. Given greater supply pressure next year, the off - season in April, and potential resumption of navigation, a short - selling strategy on rallies is recommended [3] Summary by Related Content Futures Market - EC2512 closed at 1848.2 yesterday, down 5.03%, with a trading volume of 35,518 and an open interest of 28,412, a decrease of 5,660 [2] - EC2602 closed at 1601.0, down 3.09%; EC2604 closed at 1178.0, down 1.80%; EC2606 closed at 1414.2, down 0.83%; EC2608 closed at 1484.0, down 0.88%; EC2610 closed at 1140.0, down 0.25% [2] - For the month - spread, EC2512 - 2504 was 670.2, a day - on - day decrease of 76.2 and a week - on - week decrease of 6.4; EC2512 - 2602 was 247.2, a day - on - day decrease of 46.8 and a week - on - week decrease of 17.8; EC2502 - 2604 was 423.0, a day - on - day decrease of 29.4 and a week - on - week increase of 11.4 [2] Spot Market (European Line) - As of November 3, 2025, the SCEIS was 1208.71 points, down 7.92% from the previous period [2] - As of October 31, 2025, the SCFI was 1344 dollars/TEU, up 7.87% from the previous period; the CCFI was 1323.81 points, up 2.37% from the previous period; the NCFI was 965.62 points, up 17.43% from the previous period [2] Recent European Line Quotations - Downstream is booking space for early November (week 45 - 46). The cargo - booking for week 45 is completed, and each shipping company can fill up; the situation in week 46 in the PA route has slightly improved [3] - In the first half of November, the PA route had the largest price cut, to 1700 - 1900 dollars, GEMINI dropped to 2100 - 2200 dollars, and OA dropped to 2250 dollars, with an average of about 2050 dollars (equivalent to 1430 points on the disk) [3] - In the second half of November, shipping companies mostly announced price increases to 2500 - 3100 dollars. MSK quoted 2250 dollars [3] - On Tuesday, MSC and HPL announced price increases for the second half of November to 3000 and 3100 dollars/FEU respectively [3] - On Wednesday, MSK opened the booking for the second half of November at 2250 (+50) dollars/FEU, lower than the previous market rumor/expectation of 2400 - 2500 dollars; MSK announced a price increase for December, with the European line rising to 3200 dollars; MSC dropped to 2365 dollars [3] - On Thursday, ONE opened the booking at 2600 dollars, and YML at 2550 dollars [4] Related News - On November 5, the Israeli Defense Minister said that the Israeli army would unrestrictedly destroy Hamas tunnels and armed personnel in the Gaza - controlled area [5] - On November 6, the Israeli army said it carried out an air strike in southern Lebanon, killing a Hezbollah member [5]

1. Report Industry Investment Rating - Unilateral: The 12 - contract is expected to be oscillating upward [7] - Arbitrage: None at present [7] 2. Core Viewpoints of the Report - The actual freight - booking prices in the second half of the month are gradually being reported, and the freight rate center may rise slightly again [1] - The 12 - month contract trading focuses on the rhythm, and the overall valuation support is constantly rising. Shipping companies will adjust the supply to keep freight rates at a relatively high level for the next - year long - term agreement negotiation [4] - The 2026 February contract may have a large expectation gap, but it is currently suppressed by the resumption of navigation expectations [5] - The reduction of the 10% "fentanyl tariff" is conducive to promoting the recovery of Sino - US trade, which will drive the demand on the US route to pick up and support the European route prices to some extent [3] 3. Summary According to the Directory 3.1 Futures Prices - As of November 6, 2025, the total open interest of all container shipping index European line futures contracts was 69,438.00 lots, and the daily trading volume was 47,681.00 lots. The closing prices of EC2602, EC2604, EC2606, EC2608, EC2610, and EC2512 contracts were 1601.00, 1178.00, 1414.20, 1484.00, 1140.00, and 1848.20 respectively [5] 3.2 Spot Prices - Online quotes of different shipping companies show price increases in the second half of November and December. For example, HPL's 11 - month second - half - month shipping schedule quote increased from 1185/1935 in the first half of November to 1935/3135, and the December first - half - month shipping schedule quote is 1935/3135 [1] - The SCFI (Shanghai - Europe route) price announced on October 31 was 1344 US dollars/TEU, the SCFI (Shanghai - US West route) price was 2647 US dollars/FEU, and the SCFI (Shanghai - US East) price was 3438 US dollars/FEU. The SCFIS (Shanghai - Europe) on November 3 was 1208.71 points, and the SCFIS (Shanghai - US West) was 1267.15 points [5] 3.3 Container Ship Capacity Supply - In November, the monthly average weekly capacity from China to European base ports was 286,000 TEU, and in December, it was 322,900 TEU. There were 10 blank sailings and 1 TBN in November and 6 TBNs in December [3] - As of October 31, 2025, 218 container ships with a total capacity of 1.784 million TEU had been delivered in 2025. Among them, 67 ships with a capacity of 12,000 - 16,999 TEU (total 1.008 million TEU) and 11 ships with a capacity of over 17,000 TEU (total 236,320 TEU) were delivered [6] 3.4 Supply Chain - Geopolitical factors: The Israeli Defense Minister instructed the Israeli army to divide the area near the Israeli - Egyptian border into a closed military zone and adjust the rules of engagement [2] - The US will cancel the 10% so - called "fentanyl tariff" on Chinese goods, and the 24% reciprocal tariff on Chinese goods will continue to be suspended for one year. The US will also suspend the implementation of its 301 investigation measures on China's maritime, logistics, and shipbuilding industries for one year. In response, China will also suspend its counter - measures against the US for one year [3] 3.5 Demand and European Economy - The reduction of the 10% fentanyl tariff is helpful for the recovery of Sino - US trade, which will drive the demand on the US route to pick up and support the European route prices to some extent [3] - The shipping companies will adjust the supply to keep the freight rates at a relatively high level in the fourth quarter to prepare for the next - year long - term agreement negotiation [4]

Report Industry Investment Rating - Unilateral: Contract 12 fluctuates with a bullish bias - Arbitrage: None [7] Core View of the Report - The 12 - month contract trading focuses on the rhythm, with expectations and reality intertwined. Shipping companies will adjust supply to keep freight rates high. The valuation of the 12 - month contract may have a top around 2100 - 2200 points, and its valuation bottom is rising. The February 2026 contract may have a large expectation gap but is currently suppressed by the resumption of navigation expectations [4][5] Summary According to the Table of Contents 1. Futures Prices - As of November 5, 2025, the total open interest of all container shipping index European line futures contracts is 75,038 lots, and the single - day trading volume is 54,169 lots. The closing prices of EC2602, EC2604, EC2606, EC2608, EC2610, and EC2512 contracts are 1652.00, 1199.60, 1426.10, 1497.10, 1142.80, and 1946.00 respectively [6] 2. Spot Prices - On October 31, the SCFI (Shanghai - Europe route) price was 1344 dollars/TEU, the SCFI (Shanghai - US West route) price was 2647 dollars/FEU, and the SCFI (Shanghai - US East) price was 3438 dollars/FEU. On November 3, the SCFIS (Shanghai - Europe) was 1208.71 points, and the SCFIS (Shanghai - US West) was 1267.15 points [6] 3. Container Ship Capacity Supply - In November, the average weekly capacity from China to European base ports was 286,000 TEU, and in December, it was 322,900 TEU. In November, there were 10 blank sailings and 1 TBN; in December, there were 6 TBNs. As of October 31, 2025, 218 container ships had been delivered in 2025, with a total capacity of 1.784 million TEU [3][6] 4. Supply Chain - The Suez Canal Authority held a meeting with 20 major shipping companies and agency representatives to discuss the development of the Red Sea situation and invited shipping companies to conduct trial voyages [2] 5. Demand and European Economy - The US will cancel the 10% so - called "fentanyl tariff" on Chinese goods, and the 24% reciprocal tariff will be suspended for another year. The US will also suspend the 301 investigation measures on China's maritime, logistics, and shipbuilding industries for one year. This is conducive to the recovery of Sino - US trade, which will drive the recovery of demand on the US route and support the prices of European routes to some extent [3]

期 货 眼 ·日 迹 每日早盘观察 银河期货研究所 2025 年 11 月 5 日 0 / 46 研究所 期货眼·日迹 | 股指期货：美股大跌影响情绪 A 股再试支撑 3 | | --- | | 国债期货：央行小幅购债，外围风偏回落 4 | | 豆粕：供应压力仍存 | 价格阶段性调整 6 | | --- | --- | | 白糖：外盘再次大跌 | 郑糖价格弱势 6 | | 油脂板块：震荡磨底阶段 7 | | | 玉米/玉米淀粉：现货反弹，盘面高位震荡 8 | | | 生猪：供应压力较大 | 价格阶段性回落 9 | | 花生：花生现货继续反弹，花生短期底部震荡 10 | | | 鸡蛋：淘鸡有所增加 | 蛋价有所企稳 10 | | 苹果：入库数据即将公布 | 市场交易入库预期 11 | | 棉花-棉纱：收购进入高峰 | 棉价震荡略偏强 12 | | 钢材：铁水产量收缩，钢价区间震荡 14 | | --- | | 双焦：震荡整理 等待回调后做多的机会 14 | | 铁矿：偏空思路对待 15 | | 铁合金：库存持续攀升，继续逢高做空 16 | | 贵金属：美元延续涨势，贵金属市场承压 17 | | --- | | ...

Report Industry Investment Rating - Not provided in the given content Core Viewpoints - The 12 - month futures contract for shipping has a strong price increase expectation, and the valuation keeps rising. Shipping companies will adjust the supply to keep freight rates at a high level for the next - year long - term contract negotiation. The 12 - month contract trading will focus on the rhythm of price increase expectations and actual implementation of price increase letters. The price of the second half of December may reach around 3000 dollars/FEU, and the valuation ceiling of the 12 - month contract may be around 2100 - 2200 points. The 2026 February contract may have a large expectation difference but is currently suppressed by the resumption of flights expectation [4][5] - The decline of the 10% "fentanyl tariff" is conducive to promoting the recovery of Sino - US trade, driving the demand recovery of the US - bound routes, and providing some support for the European route prices [3] - The strategy for futures trading is that the 12 - month contract is expected to be volatile and bullish, and there is no arbitrage strategy for now [7] Summary by Directory 1. Futures Price - As of November 4, 2025, the total open interest of all contracts of the container shipping index European line futures is 69023.00 lots, and the single - day trading volume is 37617.00 lots. The closing prices of EC2602, EC2604, EC2606, EC2608, EC2610, and EC2512 contracts are 1593.70, 1190.00, 1411.00, 1485.00, 1135.00, and 1909.90 respectively [6] 2. Spot Price - On October 31, 2025, the SCFI (Shanghai - Europe route) price is 1344 dollars/TEU, the SCFI (Shanghai - US West route) price is 2647 dollars/FEU, and the SCFI (Shanghai - US East) price is 3438 dollars/FEU. On November 3, the SCFIS (Shanghai - Europe) is 1208.71 points, and the SCFIS (Shanghai - US West) is 1267.15 points [6] 3. Container Ship Capacity Supply - In November 2025, the average weekly capacity of China - European base ports is 286,000 TEU, and the capacities of Week 45/46/47/48/49 are 310,700/273,000/296,500/270,000/299,900 TEU respectively. In December, the average weekly capacity is 322,900 TEU, and the capacities of Week 50/51/52/53 are 336,400/299,400/335,600/320,400 TEU respectively. There are 10 blank sailings and 1 TBN in November and 6 TBNs in December [3] - As of October 31, 2025, 218 container ships have been delivered in 2025, with a total capacity of 1.784 million TEU. 67 ships with a capacity of 12,000 - 16,999 TEU have been delivered, with a total capacity of 1.008 million TEU; 11 ships with a capacity of over 17,000 TEU have been delivered, with a total capacity of 236,320 TEU [6] 4. Supply Chain - Not provided with specific summarized information in the content 5. Demand and European Economy - Not provided with specific summarized information in the content

1. Report Industry Investment Rating - The trend strength of the Container Shipping Index (European Line) is rated as neutral, with a value of 0 [12]. 2. Core Viewpoints of the Report - The Container Shipping Index (European Line) opened lower and moved higher yesterday. The SCFIS index being lower than market expectations and the information of the 46th - week quotation readjustment put pressure on the morning session, while the market pulled up during the afternoon session when Maersk opened bookings [9]. - For the 2512 contract, it is advisable to wait and see for the moment. It is valued around 1900 points (roughly corresponding to $2600/FEU), factoring in the expected implementation of three rounds of price increases [11]. - The 2602 contract has a stronger speculative nature, involving speculations on the late - coming Spring Festival, the possibility of resuming voyages, and the height of December freight rates [12]. - For the 2604 contract, it is recommended to short at high levels on a quarterly basis [12]. 3. Summary by Related Catalogs 3.1 Fundamental Tracking 3.1.1 Futures - EC2512 closed at 1909.9, up 3.82%, with a trading volume of 29,673 and an open interest of 30,915, an increase of 1595 in open interest [1]. - EC2602 closed at 1593.7, up 0.73%, with a trading volume of 5,808 and an open interest of 19,690, an increase of 909 in open interest [1]. - EC2604 closed at 1190.0, up 0.87%, with a trading volume of 1,899 and an open interest of 14,356, a decrease of 151 in open interest [1]. 3.1.2 Freight Rates - The SCFIS European route index was 1208.71, down 7.9% week - on - week; the SCFIS US - West route index was 1267.15, up 14.4% week - on - week [1]. - The SCFI European route index was $1344/TEU, up 7.9% bi - weekly; the SCFI US - West route index was $2647/FEU, up 22.9% bi - weekly [1]. 3.1.3 Spot Freight Rates - In the 46th week, the lowest market price quote came from the PA Alliance, with FAK readjusted to $1700 - 1800/FEU and the lowest SPOT quote at $1500/FEU. The Gemini Alliance's online quotes ranged from $1900 - 2300/FEU, with HPL reducing its quote by $200 to $1900/FEU. The OA Alliance had the highest quotes but they were also being adjusted downwards. MSC's face - value remained at $2265/FEU, with an offline SPOT of $1840/FEU [10]. 3.2 Macro News - The White House stated that the trade teams are still having serious consultations regarding US - India relations, and Trump and Indian Prime Minister Modi often communicate [8]. - The US government shutdown deadlock continues, and the record of 35 days is about to be broken as the US Senate failed to pass the federal government's temporary appropriation bill on November 4th [8].

1. Report Industry Investment Rating - Not provided in the given content 2. Core Viewpoints of the Report - Attention should be paid to Maersk's quotes in the second half of November [1] - The 12 - month contract is expected to be volatile and on the stronger side, and the 2026 February contract may have a large expectation gap but is currently suppressed by the resumption of flights [4][5] - The reduction of the fentanyl tariff by 10% is conducive to promoting the recovery of Sino - US trade, driving the recovery of demand on the US route, and providing some support for European route prices [3] 3. Summary According to the Directory I. Futures Prices - As of November 3, 2025, the total open interest of all contracts of the container shipping index European line futures was 66,706.00 lots, with a single - day trading volume of 26,649.00 lots. The closing prices of EC2602, EC2604, EC2606, EC2608, EC2610, and EC2512 contracts were 1592.20, 1184.40, 1400.80, 1483.50, 1139.30, and 1851.70 respectively [5] II. Spot Prices - On October 31, 2025, the SCFI (Shanghai - Europe route) price was 1344 dollars/TEU, the SCFI (Shanghai - US West route) price was 2647 dollars/FEU, and the SCFI (Shanghai - US East) price was 3438 dollars/FEU. On November 3, the SCFIS (Shanghai - Europe) was 1208.71 points, and the SCFIS (Shanghai - US West) was 1267.15 points [5] III. Container Ship Capacity Supply - In November, the average weekly capacity from China to European base ports was 286,000 TEU, and the capacities in weeks 45, 46, 47, 48, and 49 were 310,700, 273,000, 296,500, 270,000, and 299,900 TEU respectively. In December, the average weekly capacity was 322,900 TEU, and the capacities in weeks 50, 51, 52, and 53 were 336,400, 299,400, 335,600, and 320,400 TEU respectively. There were 10 blank sailings and 1 TBN in November and 6 TBNs in December [3] - As of October 31, 2025, 218 container ships with a total capacity of 1.784 million TEU had been delivered in 2025. Among them, 67 ships with a capacity of 12,000 - 16,999 TEU and a total capacity of 1.008 million TEU were delivered, and 11 ships with a capacity of over 17,000 TEU and a total capacity of 236,320 TEU were delivered [6] IV. Supply Chain - Not provided in the given content V. Demand and European Economy - Not provided in the given content

Report Industry Investment Rating No information provided. Core Viewpoints - The 10% reduction in fentanyl tariffs helps promote the recovery of Sino-US trade, drives the recovery of demand on the US route, and supports the prices of European routes to some extent [3]. - In the fourth quarter, shipping companies will adjust supply to keep freight rates at a high level for the next year's long - term agreement negotiation. The 12 - month contract is expected to first trade the price increase expectation, then the actual implementation of the price increase letter, and so on until delivery [4]. - The 2026 February contract may have a large expectation difference, but it is currently suppressed by the expectation of resumed voyages [5]. - The strategy for the 12 - month contract is to be volatile and bullish, and there is no arbitrage strategy for now [7]. Summary by Directory 1. Futures Price - As of October 30, 2025, the total open interest of all container shipping index European line futures contracts is 64,604.00 lots, and the single - day trading volume is 24,647.00 lots. The closing prices of EC2602, EC2604, EC2606, EC2608, EC2610, and EC2512 contracts are 1583.00, 1175.90, 1403.30, 1487.50, 1132.50, and 1843.80 respectively [6]. 2. Spot Price - On October 24, 2025, the SCFI (Shanghai - Europe route) price is 1246 US dollars/TEU, the SCFI (Shanghai - US West route) price is 2153 US dollars/FEU, and the SCFI (Shanghai - US East) price is 3032 US dollars/FEU. On October 27, the SCFIS (Shanghai - Europe) is 1312.71 points, and the SCFIS (Shanghai - US West) is 1107.32 points [6]. 3. Container Ship Capacity Supply - From October to December 2025, the weekly average capacities of China - European base ports are 324,100 TEU, 283,900 TEU, and 321,800 TEU respectively. There are 8 blank sailings and 3 TBNs in November and 5 TBNs in December [3]. - As of October 26, 2025, 215 container ships have been delivered in 2025, with a total capacity of 1.7618 million TEU. Among them, 66 ships of 12,000 - 16,999 TEU with a total of 995,500 TEU and 11 ships of over 17,000 TEU with a total of 236,320 TEU have been delivered [6]. 4. Supply Chain No specific summarized information provided. 5. Demand and European Economy No specific summarized information provided.