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 ...

EEAE FA | | | | | | | 研究中心能化团队 | | | 2026/2/12 | | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | | | 合约 EC2604 | | 昨日收盘价 1177.9 | 涨跌 -0.09% | 基差 480.0 | 昨日成交量 17204 | | 昨日持仓量 33027 | 持仓变动 -872 | | | EC2605 EC2606 | | 1275.3 1501.0 | 0.18% 0.08% | 382.6 156.9 | 84 રે રેસ્ટર | | 214 14185 | -14 Fires | | | EC2607 | | 1719.9 | 0.08% | -62.0 | 42 | | 119 | 14 | | | EC2608 | | 1581.0 | 0.30% | 76.9 | 263 | | 1371 | -45 | | | EC2609 | | 1240.0 | 0.40% | 417.9 | 64 | | 134 | 7 | | 期货 | EC2610 | | 110 ...

Karman (NYSE: KRMN) FY Conference Summary Company Overview - Karman is positioned as a new kind of space and defense company, having gone public in February 2025, with a focus on enabling prime contractors and providing integrated solutions across various defense sectors [4][22] - The company has over 1,500 employees and emphasizes its role in accelerating access to space and supporting national defense [2] Financial Performance - Karman reported a 24% compound annual growth rate (CAGR) in revenue from 2022 to 2024, with a 31% adjusted EBITDA margin for 2024 [7][19] - The funded backlog grew from mid-200 million to over 500 million by the end of 2024, with estimates of 750-780 million in Q3 [20] - The company maintains a diversified revenue base across over 130 programs, with the largest program accounting for only 11% of revenue [21] Market Segments and Growth Opportunities - Karman operates in high-growth segments such as hypersonics, strategic missile defense, tactical missiles, drones, and maritime defense, particularly following the acquisition of Seemann Composites and MSC [9][10] - The maritime defense market is highlighted as a significant growth area, with $25 billion in funding for Columbia-class and Virginia-class submarines in FY26 [25] - The company is focused on U.S. markets, with limited international revenue primarily through Foreign Military Sales (FMS) [10][38] Strategic Acquisitions - Karman has a history of strategic acquisitions to enhance its capabilities, including recent acquisitions of MTI, ISP, Five Axis Industries, and Seemann Composites [15][16][17] - The acquisitions are aimed at expanding the company's technological capabilities and market reach, particularly in composite materials and liquid-fueled rocket engines [16][30] Competitive Positioning - Karman differentiates itself through its vertically integrated manufacturing capabilities, allowing it to provide end-to-end solutions for prime contractors [13][15] - The company emphasizes its strong IP portfolio and the importance of maintaining qualified positions on key programs, which are difficult for competitors to replicate [14][33] Challenges and Capacity Expansion - Karman is actively preparing for increased demand from the Department of Defense (DoD) by investing in capital expenditures (CAPEX), hiring, and enhancing manufacturing throughput [27] - The company is focused on avoiding bottlenecks in its supply chain to meet customer demand effectively [28] Future Outlook - Karman is optimistic about the growth of all its end markets and is well-positioned to capitalize on increasing demand for defense solutions [24] - The company is exploring opportunities in international markets, particularly through FMS, as NATO allies increase their defense spending [38] Conclusion - Karman is positioned as a leading merchant supplier in the space and defense sector, with a strong focus on growth, diversification, and strategic acquisitions to enhance its capabilities and market presence [22][23]

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 ...

Group 1: Report Industry Investment Rating - Not provided Group 2: Core Viewpoints of the Report - The current valuation of the 04 contract is neutral. In the medium term, the recommended strategy is to short on rallies [3]. - For far - month contracts, it's difficult to anchor the valuation of peak - season contracts, and it's hard to predict shipping companies' price - adjustment behavior. So, cautious operation is advised. The 10 - contract valuation is moderately high, and the strategy of shorting on rallies should be maintained [3]. - For new contracts, referring to historical seasonality and the valuation of old contracts, the reasonable valuation ranges of the 09 and 07 contracts are 1100 - 1300 and 1600 - 1800 points respectively. The subsequent strategy is mainly to short the 09 contract and long the 07 contract, but the valuation given by the market is already relatively reasonable. The 05 contract is at the off - peak to peak season transition point, and attention should be paid to the 4 - 5 reverse spread form [3]. - Before the Spring Festival holiday, frequent position - closing operations by funds are expected to cause large market fluctuations. Prudent operation is advised this week [3]. Group 3: Summary of Related Catalogs Futures Contract Information - EC2604 closed at 1179.0 with a - 4.77% change, EC2605 at 1273.0, EC2606 at 1499.8 with a - 3.43% change, EC2608 at 1576.3 with a - 2.38% change, EC2610 at 1110.9 with a - 1.35% change, and EC2612 at 1380.0 with a - 3.19% change [2]. - The trading volume of EC2604 and EC2605 combined was 29560, and the open interest was 33899 with a change of 2767. The trading volume of EC2606 was 4155, and the open interest was 14740 with a change of 14. The trading volume of EC2608 was 340, and the open interest was 1416 with a change of 2. The trading volume of EC2610 was 1093, and the open interest was 8071 with a change of 178. The trading volume of EC2612 was 38, and the open interest was 127 with a change of - 11 [2]. - The month - spread of EC2604 - 2606 was - 320.8 (day - on - day change: - 5.8, week - on - week change: - 34.4), and the month - spread of EC2606 - 2610 was 388.9 (day - on - day change: - 38.0, week - on - week change: 5.8) [2]. Spot Market Information - The spot price (European line) on 2026/2/9 was 1657.94 points, a - 7.49% change from the previous period [2]. - The SCFI (European line) on 2026/2/6 was 1403 dollars/TEU, a - 1.06% change from the previous period [2]. - In Week 7, MSK's opening price was 1950 dollars (a decrease of 100 dollars compared to the previous period), PA was around 2000 dollars, MSC was 2140 dollars, OA was 2300 dollars. The central price was 2130 dollars, equivalent to 1500 points on the futures market. In Week 8 - 9, MSK's opening price remained at 1950 dollars. In March, MSC led a price - increase notice, followed by CMA, COSCO, and HPL, with the European line price expected to rise to 3000 - 3100 dollars. On Tuesday, MSK's opening price for Week 10 remained at 1950 dollars [4]. Related News - On February 10, Israel's Defense Forces were formulating a plan to launch a new offensive in the Gaza Strip to disarm Hamas [5]. - On February 11, the US military in Qatar loaded missiles onto mobile platforms. Since January, as the tension between the US and Iran escalated, the US military at the Al - Udeid Air Base in Qatar loaded missiles onto mobile launch platforms this month [5].

研究所 航运研发报告 航运日报 2026 年 2 月 10 日 航运日报 第一部分 集装箱航运——集运指数（欧线） 期货从业证号： F3084078 投资咨询证号： Z0018656 联系方式： :jiaruilin_qh@chinastock.com.cn | 银河期货集运指数 | | | | （欧线） 日报 | | | | | --- | --- | --- | --- | --- | --- | --- | --- | | 期货盘面 | | | | | | | | | 期货合约 | 收盘价 | 涨跌 | 涨跌幅 | 成交量（手） | 增减幅 | 持仓量(手) | 增减幅 | | EC2604 | 1,179.0 | -59.0 | -4.77% | 29,560.0 | 105.51% | 33,899.0 | 8.89% | | EC2605 | 1,273.0 | 1,273.0 | / | 271.0 | / | 228.0 | / | | EC2606 | 1,499.8 | -53.2 | -3.43% | 4,155.0 | 88.35% | 14,740.0 | 0.10% | | EC2 ...

1. Report Industry Investment Rating No relevant content provided. 2. Core Viewpoints - The China - Southeast Asia shipping route is the world's largest trade corridor, showing resilience in trade tensions. The Southeast Asian container shipping market has strong growth momentum driven by economic growth and industrial transfer [8][33]. - In 2025, the North Asia - Southeast Asia route had the highest capacity share and the fastest growth rate among intra - Asia trades. However, future capacity growth may be constrained by the high average age and low orderbook of feeder vessels [26][34]. - Southeast Asian shipping routes generally have lower freight rate volatility than long - haul routes, with certain correlations to Northern Europe rates. New contracts listed by the Shanghai International Energy Exchange provide more options for hedging [2][35]. 3. Summary by Directory 3.1 Current Situation of the Southeast Asia Container Shipping Market - The China - Southeast Asia route is the world's largest trade corridor. In 2025, the trade value between China and ASEAN reached 1,055.87 billion USD, up 7.3% year - on - year. Asian intra - regional routes are the world's largest container shipping market. From January to October 2025, the cargo volume in this regional market reached 41.234 million TEUs, accounting for 25.9% of the global total, with a year - on - year growth rate of 5.1% [8]. - Due to short shipping distances, the China - Southeast Asia route is highly competitive, with carriers including global giants and regional specialists. Major routes include services from China to Singapore/Malaysia, Thailand/Vietnam, and Indonesia [11]. - Freight rates on Southeast Asian routes generally have lower volatility than long - haul routes, with seasonal patterns. Rates usually retreat from highs in January and February, rebound in early March, and are driven up in mid - April by the Songkran Festival. In 2025, due to tariff - driven front - running, rates surged prematurely between March and May, fell during the traditional peak period (June - August), hit a floor in the August - September off - season, and rebounded in October [12][13]. 3.2 Demand in Southeast Asian Shipping Market - The six major economies of ASEAN (Singapore, Indonesia, the Philippines, Malaysia, Thailand, and Vietnam) have shown economic resilience, with a three - year compound GDP growth rate of 3% in 2024, surpassing the overall GDP growth rate of Asia by 0.3 percentage points [16]. - The trade war between China and the United States has led to a global supply chain restructuring, and Southeast Asia has become an important destination for industrial transfer. From January to November 2025, China's exports to five ASEAN countries reached 492.33 billion US dollars, a year - on - year increase of 14.6%. By October 2025, the container cargo volume in the Asian market reached 41.234 million TEUs, a cumulative year - on - year increase of 5.3% [20]. - Among the commodities transported by general cargo containers, Vietnam accounts for the highest proportion (31.5%) of China's exports to the five ASEAN countries. In 2025, the total value of China's exports of 33 categories of commodities to the five ASEAN countries reached US$202.48 billion [24]. 3.3 Southeast Asian market capacity and competition landscape - In 2025, the North Asia - Southeast Asia route had the highest capacity share (56.1%) and the fastest growth rate (19.1% year - on - year) among all intra - Asia trades. By the end of 2025, the total capacity deployed by carriers within the intra - Asia market reached 3.415 million TEUs, a year - on - year increase of 11.7% [26]. - Regional carriers such as Wan Hai, SITC, and TS Lines maintain a strong presence in the intra - Asia market. They focus on strategic layouts within Southeast Asian feeder routes and offer differentiated services, serving as essential supplements to regional market coverage [30]. 3.4 Outlook - From a demand perspective, the Southeast Asian market shows diversified and high - growth characteristics in importing Chinese goods, driven by economic growth and industrial transfer dividends [33]. - Future capacity growth may be constrained by the high average age and low orderbook of feeder vessels. - Southeast Asian routes typically have lower freight rate volatility than long - haul routes, with a 75.8% correlation between rates from China to Singapore and Malaysia and Northern Europe rates, and a 51.7% correlation for Thailand, Vietnam, and the Philippines. New contracts EC2605, EC2607, and EC2609 listed on February 10th provide more options for hedging [35].

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 投资咨询号: Z0021177 从业资格号: F03101843 2026/2/10 | | 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 | | --- | --- | --- | --- | --- | --- | --- | --- | | | | 综合指数scFI | 指数CCFI | | | | | | 業 | 现值 | 1267 | 1122 | 1801 | 1155 | 2530 | 1403 | | | 前值 | 1317 | 1176 | 1867 | 1101 | 2605 | 1418 | | 运 | 涨跌幅 | -3.81% | -4.55% | -3.54% | 4.90% | -2.88% | -1.06% | | # | | SCFIS-西北欧 | SCFI-地中海 | | | | | | 数 | | | | | | | | | | 现值 ...

2026年2月10日 欧线)。总近月关注开舱指引 投资咨询从业资格号：Z0021502 郑玉洁 zhengyujie@gtht.com 黄柳楠 投资咨询从业资格号:Z0015892 huangliunan@gtht.com 【基本面跟踪】 表 1:集运指数(欧线)基本面数据 | 期货 | | 昨日收盘价 | 日 涨跌 | | 昨日成交 5 昨日持仓 | | | 持仓变动 昨日成交/持仓 | | 前日成交/持仓 | | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | | | EC2604 | 1.238.0 | -0. 39% | | 14. 384 | 31.132 | -295 - | 0. 46 | | 0. 94 | | | EC2606 | 1.553.0 | -0. 03% | | 2. 206 | 14.726 | -86 | 0. 15 | | 0. 33 | | | | | 本期 | | 2026/2/9 | | 单位 | | 周涨幅 | | | | SCFIS:欧洲航线 | | | 1.657.94 | | ...