今日周五(11月28日)亚盘时段，白银td目前交投于12621一线上方，今日开盘于12469元/千克，截至发 稿，白银td暂报12653元/千克，上涨2.30%，最高触及12707元/千克，最低下探12360元/千克，目前来 看，白银td盘内短线偏向震荡走势。 【要闻速递】 中东冲突再起，当地时间11月27日，以色列与黎巴嫩真主党达成停火协议满一周年当天，以色列军方对 黎巴嫩南部真主党目标又发动了空袭，杰济纳地区的马哈穆迪亚和贾尔马克两地遭到了"连环突袭"。 以色列国防军声明说，以军摧毁了多个真主党武器储存点、真主党用于发动袭击的军事哨所以及其他一 些基础设施。这些基础设施的存在以及真主党在这些地区的活动，违反了以色列和黎巴嫩之间的停火协 议。以军将继续采取行动，消除对以色列的任何威胁。 按照2024年11月27日生效的停火协议，真主党应将其全部武装力量撤至利塔尼河以北，该河位于以黎边 界以北约30公里处，并彻底拆除其在该区域以南的所有军事设施。黎巴嫩军队则需在2024年底前，清理 利塔尼河以南的真主党军事基础设施，后续逐步在全国范围内实现"仅国家武装力量合法存在"。 但自停火协议达成以来，以色列不仅拒绝从黎 ...

Report Overview - Report Date: November 26, 2025 [1] - Report Type: Container Shipping Daily Report - Research Group: Shipping Research Group Industry Investment Rating - Not provided in the report Core Viewpoints - The rumor of resuming shipping routes caused a significant drop in the futures market, but the official has refuted it. The market is mainly affected by trading sentiment, and there is no obvious fluctuation in freight rates. It is recommended to wait and see [2]. - The core factors affecting freight rates are traditional seasonality and the resumption of shipping in the Red Sea. The tariff issue has a marginal effect. The main contract has shown a seasonal rebound, and it is recommended to participate lightly or wait and see [4]. - Attention should be paid to tariff policies, the Middle East situation, and spot freight rates [4]. Summary by Content Freight Rate Index - On November 24, the Shanghai Export Container Settlement Freight Index (SCFIS) for the European route was 1639.37 points, up 20.7% from the previous period; the SCFIS for the US West route was 1107.85 points, down 10.5% from the previous period [3]. - On November 21, the Ningbo Export Container Freight Index (NCFI) for the comprehensive index was 946.44 points, down 5.33% from the previous period; the NCFI for the European route was 951.65 points, down 2.83% from the previous period; the NCFI for the US West route was 955.93 points, down 9.17% from the previous period [3]. - On November 21, the Shanghai Export Container Freight Index (SCFI) was 1393.56 points, down 57.82 points from the previous period; the SCFI for the European route was 1367 USD/TEU, down 3.53% from the previous period; the SCFI for the US West route was 1645 USD/FEU, down 9.76% from the previous period [3]. - On November 21, the China Export Container Freight Index (CCFI) for the comprehensive index was 1122.79 points, up 2.6% from the previous period; the CCFI for the European route was 1432.96 points, up 2.1% from the previous period; the CCFI for the US West route was 850.96 points, up 0.6% from the previous period [3] Market Conditions - On November 25, the main contract 2602 closed at 1453.5, a decrease of 7.78%, with a trading volume of 51,400 lots and an open interest of 48,200 lots, a decrease of 4946 lots from the previous day [4]. - The market dropped significantly, with heavy trading volume and intense long - short competition. The market fluctuated widely [4]. Strategy Recommendations Short - term Strategy - For risk - takers, it was previously recommended to lightly try long positions in the EC2602 contract in the 1550 - 1600 range. After the significant drop in the market, it is not recommended to add positions or hold losses. Stop - loss should be set [5]. Arbitrage Strategy - In the context of international situation turmoil, each contract maintains a seasonal logic with large fluctuations. It is recommended to wait and see or try lightly [5]. Long - term Strategy - It is recommended to take profits when each contract rises and wait for the market to stabilize after a correction before making further decisions [5]. Contract Adjustments - The daily limit for contracts from 2508 to 2606 is adjusted to 18% [5]. - The margin for contracts from 2508 to 2606 is adjusted to 28% [5]. - The daily opening limit for all contracts from 2508 to 2606 is 100 lots [5].

Report Summary 1. Report Industry Investment Rating No information provided. 2. Core Views of the Report - SCFIS is continuously declining, indicating that the actual price increase implementation is not ideal, leading to a decline in bullish sentiment and a weak overall market oscillation. The core now lies in the direction of spot freight rates, and the main contract may be in the process of bottom - building. Attention should be paid to tariff policies, the Middle - East situation, and spot freight rates [2][6]. - The issue of tariffs has shown a marginal effect, and the current focus is on the trend of spot freight rates [6]. 3. Summary by Related Content 3.1 Freight Indexes - **SCFIS**: On November 17, the Shanghai Export Container Settlement Freight Index (SCFIS) for the European route was 1357.67 points, down 9.8% from the previous period; for the US - West route, it was 1238.42 points, down 6.9% from the previous period [3]. - **SCFI**: On November 14, the announced price of the Shanghai Export Container Freight Index (SCFI) was 1451.38 points, down 43.72 points from the previous period. The SCFI price for the European route was 1417 USD/TEU, up 7.1% from the previous period; for the US - West route, it was 1823 USD/FEU, down 17.59% from the previous period [4]. - **NCFI**: On November 14, the Ningbo Export Container Freight Index (NCFI) for the comprehensive index was 999.69 points, down 5.12% from the previous period; for the European route, it was 979.34 points, up 7.42% from the previous period; for the US - West route, it was 1052.43 points, down 21.99% from the previous period [5]. - **CCFI**: On November 14, the China Export Container Freight Index (CCFI) for the comprehensive index was 1094.03 points, up 3.4% from the previous period; for the European route, it was 1403.64 points, up 2.7% from the previous period; for the US - West route, it was 846.24 points, up 3.9% from the previous period [5]. 3.2 Economic Data - Eurozone: In October, the preliminary manufacturing PMI was 45.9 (expected 45.1, previous 45), the preliminary services PMI was 51.2 (expected 51.5, previous 51.4), the preliminary composite PMI was 49.7 (expected 49.7, previous 49.6), and the Sentix investor confidence index was expected to be - 8.5 (previous - 9.2) [5]. - China: In October, the manufacturing PMI was 49.0%, down 0.8 percentage points from the previous month, and the composite PMI output index was 50.0%, down 0.6 percentage points from the previous month [5]. - US: In October, the preliminary S&P Global services PMI was 55.2 (expected 53.5, previous 54.2), the preliminary manufacturing PMI was 52.2 (expected 52, previous 52), and the preliminary composite PMI was 54.8 (expected 53.1, previous 53.9) [6]. 3.3 Market Conditions of Contracts - On November 18, the main contract 2602 closed at 1678.1, down 2.88%, with a trading volume of 29,200 lots and an open interest of 38,900 lots, a decrease of 20 lots from the previous day [6]. 3.4 Strategies - **Short - term Strategy**: For risk - preferring investors, it is recommended to lightly test long positions in the EC2602 contract in the 1550 - 1600 range, consider partial profit - taking, pay attention to spot trends, avoid holding losing positions, and set stop - losses [7]. - **Arbitrage Strategy**: In the context of international turmoil, each contract still follows seasonal logic with large fluctuations. It is recommended to temporarily wait and see or lightly attempt [7]. - **Long - term Strategy**: It is recommended to take profits when each contract rises, wait for the callback to stabilize, and then judge the subsequent direction [7]. 3.5 Other Adjustments - The daily limit for contracts 2508 - 2606 has been adjusted to 18% [7]. - The company's margin for contracts 2508 - 2606 has been adjusted to 28% [7]. - The daily opening limit for all contracts 2508 - 2606 is 100 lots [7].

Core Points - Russian President Putin and Israeli Prime Minister Netanyahu discussed the Middle East situation, focusing on the ceasefire agreement in Gaza and the exchange of hostages [1] - The leaders also addressed the current status of Iran's nuclear program and efforts to promote stability in Syria [1] - Putin reiterated Russia's consistent position on resolving the Palestinian issue based on international law during their previous conversation on October 6 [1] Summary by Categories Ceasefire and Hostage Exchange - The conversation included discussions on the implementation of the ceasefire agreement in Gaza and the progress on the exchange of detained individuals [1] Iran's Nuclear Program - The leaders discussed the current status of Iran's nuclear program, indicating ongoing geopolitical concerns in the region [1] Syrian Stability - Efforts to further promote stability in Syria were also a topic of discussion, highlighting Russia's involvement in the region [1] Historical Context - The last conversation between Putin and Netanyahu occurred on October 6, where they discussed the Middle East situation in the context of the U.S. proposed "20-point plan" [1] - Putin emphasized Russia's longstanding friendly relations with Syria during a meeting with Syrian leadership on October 15 [1]

Core Viewpoint - The conversation between Russian President Putin and Israeli Prime Minister Netanyahu focused on the developments in the Middle East, including the situation in Gaza, Iran's nuclear program, and the situation in Syria [1]. Group 1: Middle East Situation - Putin and Netanyahu engaged in extensive discussions regarding the situation in Gaza, particularly in the context of implementing ceasefire agreements and the exchange of detained individuals [1]. - The dialogue included a focus on the evolving circumstances in Gaza amid ongoing conflicts and humanitarian concerns [1]. Group 2: Iran's Nuclear Program - The discussions also touched upon Iran's nuclear program, indicating ongoing geopolitical tensions and concerns regarding nuclear proliferation in the region [1]. Group 3: Syrian Situation - The situation in Syria was another key topic of discussion, reflecting the complexities of regional security and the impact of various conflicts on broader Middle Eastern stability [1].

（文章来源：央视新闻客户端） 当地时间11月15日，克里姆林宫通报称，当天，俄罗斯总统普京与以色列总理内塔尼亚胡通电话，双方 就中东局势进行深入交流，包括加沙地带局势发展、伊朗核计划、叙利亚局势等议题。 ...

Report Summary 1. Report Industry Investment Rating - Not provided in the given content. 2. Core Viewpoints - The spot index's sharp rise drives the far - month contracts. Risk - preferring investors are advised to pre - layout the 02 contract and focus on the freight rate support logic in December [1]. - The tariff issue has a marginal effect, and the current core is the direction of spot freight rates. The main contract may be in the bottom - building process, and it is recommended to participate with a light position or wait and see [3]. 3. Summary by Related Content Freight Index - On November 3, the Shanghai Export Container Settlement Freight Index (SCFIS) for the European route was 1504.80 points, up 24.5% from the previous period; the SCFIS for the US - West route was 1329.71 points, up 4.9% from the previous period [2]. - On November 7, the Ningbo Export Container Freight Index (NCFI) (composite index) was 1053.62 points, down 4.24% from the previous period; the NCFI for the European route was 911.73 points, down 5.58% from the previous period; the NCFI for the US - West route was 1349.1 points, down 7.14% from the previous period [2]. - On November 7, the Shanghai Export Container Freight Index (SCFI) published price was 1495.10 points, down 3.6 points from the previous period; the SCFI European route price was 1323 USD/TEU, down 1.6% from the previous period; the SCFI US - West route was 2212 USD/FEU, down 16.4% from the previous period [2]. - On November 7, the China Export Container Freight Index (CCFI) (composite index) was 1058.17 points, up 3.6% from the previous period; the CCFI for the European route was 1366.85 points, up 3.3% from the previous period; the CCFI for the US - West route was 814.14 points, up 5.4% from the previous period [2]. Economic Data - In October, China's manufacturing PMI was 49.0%, down 0.8 percentage points from the previous month; the composite PMI output index was 50.0%, down 0.6 percentage points from the previous month [3]. - The initial value of the US S&P Global services PMI in October was 55.2 (expected 53.5, previous value 54.2); the initial value of the manufacturing PMI was 52.2 (expected 52, previous value 52); the initial value of the composite PMI was 54.8 (expected 53.1, previous value 53.9) [3]. - The initial value of the euro - zone manufacturing PMI in October was 45.9 (expected 45.1, previous value 45); the initial value of the services PMI was 51.2 (expected 51.5, previous value 51.4); the initial value of the composite PMI was 49.7 (expected 49.7, previous value 49.6). The euro - zone Sentix investor confidence index in October had a previous value of - 9.2 and a forecast value of - 8.5 [2]. Contract Information - On November 11, the main contract 2512 closed at 1746.1, down 1.87%, with a trading volume of 32,200 lots and an open interest of 25,200 lots, a decrease of 1475 lots from the previous day [3]. - The trading limits of contracts 2508 - 2606 are adjusted to 18%. The company's margin for contracts 2508 - 2606 is adjusted to 28%. The daily opening limit for all contracts 2508 - 2606 is 100 lots [4]. Strategy Recommendations - Short - term strategy: The main contract retraces while the far - month contracts are strong. Risk - preferring investors are advised to try long positions lightly in the 1550 - 1600 range of the EC2602 contract, focus on the spot trend, avoid holding losing positions, and set stop - losses [4]. - Arbitrage strategy: Against the backdrop of international turmoil, each contract maintains a seasonal logic with large fluctuations. It is recommended to wait and see or try with a light position [4]. - Long - term strategy: It is recommended to take profits when each contract rises, wait for the callback to stabilize, and then judge the subsequent direction [4].

Report Summary 1. Report Industry Investment Rating No information provided on the report industry investment rating. 2. Core Viewpoints - SCFIS shows a continuous upward trend, with the freight rate range seasonally shifting upwards again. The core issue is the direction of spot freight rates, and the main contract may be in the bottom - building process. It is recommended to participate with a light position or observe [2][3]. - The game between long and short positions is intensifying, and attention should be paid to tariff policies, the Middle - East situation, and spot freight rate conditions [3]. 3. Summary by Content Freight Rate Index - On November 3, SCFIS (European route) was 1504.80 points, up 24.5% from the previous period; SCFIS (US West route) was 1329.71 points, up 4.9% from the previous period [2]. - On November 7, NCFI (composite index) was 1053.62 points, down 4.24% from the previous period; NCFI (European route) was 911.73 points, down 5.58% from the previous period; NCFI (US West route) was 1349.1 points, down 7.14% from the previous period [2]. - On November 7, SCFI published price was 1495.10 points, down 3.6 points from the previous period; SCFI European line price was 1323 USD/TEU, down 1.6% from the previous period; SCFI US West route was 2212 USD/FEU, down 16.4% from the previous period [2]. - On November 7, CCFI (composite index) was 1058.17 points, up 3.6% from the previous period; CCFI (European route) was 1366.85 points, up 3.3% from the previous period; CCFI (US West route) was 814.14 points, up 5.4% from the previous period [2]. Economic Data - In October, China's manufacturing PMI was 49.0%, down 0.8 percentage points from the previous month; the composite PMI output index was 50.0%, down 0.6 percentage points from the previous month [3]. - In the eurozone in October, the manufacturing PMI initial value was 45.9, the service PMI initial value was 51.2, and the composite PMI initial value was 49.7 [2]. - In the US in October, the S&P Global service PMI initial value was 55.2, the manufacturing PMI initial value was 52.2, and the composite PMI initial value was 54.8 [3]. Market Conditions of Contracts - On November 10, the main contract 2512 closed at 1778.2, down 1.84%, with a trading volume of 20,400 lots and an open interest of 26,700 lots, an increase of 793 lots from the previous day [3]. Strategies - Short - term strategy: For risk - preferring investors, it is recommended to lightly test long in the 1550 - 1600 range of the EC2602 contract, pay attention to the spot trend, not hold losing positions, and set stop - losses [4]. - Arbitrage strategy: In the context of international situation instability, it is recommended to temporarily observe or lightly attempt [4]. - Long - term strategy: It is recommended to take profits when the contracts rise, wait for the callback to stabilize, and then judge the subsequent direction [4]. Other Information - The daily trading limit for contracts 2508 - 2606 is adjusted to 18% [4]. - The margin for contracts 2508 - 2606 is adjusted to 28% [4]. - The daily opening limit for all contracts 2508 - 2606 is 100 lots [4].

Core Points - Iran is prepared to respond to any potential attacks from Israel, indicating a high state of alert across various levels of its military and defense systems [1][3] - Iranian Foreign Minister Zarif warned that Israel would face severe consequences if it initiates further military actions against Iran, emphasizing the lessons learned from recent conflicts [3] - Iran's stance is that Israel's attempts to expand regional conflict through attacks on Iranian oil facilities will be met with strong resistance [3] Summary by Sections - **Iran's Preparedness**: Iran has reached the highest level of readiness for any hostile actions from Israel, anticipating potential future conflicts [3] - **Consequences for Israel**: Zarif stated that Israel will again suffer defeat in any future war, highlighting Iran's confidence in its military capabilities [3] - **Regional Dynamics**: Iran's officials have criticized Israel's military actions supported by the U.S., asserting that Israel's ambitions for regional dominance are unrealistic and unattainable [3]

Report Investment Rating - No investment rating information provided Core Viewpoints - The potential meeting between Chinese and US leaders has led to a positive macro sentiment, driving up the market, which aligns with the daily report's rebound expectation. It is not recommended to increase positions, and stop - loss should be set. The tariff issue has a marginal effect, and the core is the trend of spot freight rates. The main contract may be in the bottom - building process, and it is recommended to participate lightly or wait and see [1]. - In the short - term, the main contract is weak while the far - month contracts are strong, which is in line with the bottom - building judgment. Risk - preferring investors are advised to try to build positions in the EC2512 contract below 1500. Attention should be paid to the subsequent market trend, and it is not recommended to hold losing positions. In the long - term, it is recommended to take profits when the contracts rise, wait for the callback to stabilize, and then judge the subsequent trend. For the arbitrage strategy, due to the volatile international situation, each contract still follows the seasonal logic with large fluctuations, so it is recommended to wait and see or participate lightly [1]. Content Summary by Related Information Freight Index - On October 27, the Shanghai Export Container Settlement Freight Index SCFIS (European route) was 1312.71 points, up 15.1% from the previous period, and the SCFIS (US West route) was 1107.32 points, up 28.2% from the previous period. On October 24, the Ningbo Export Container Freight Index NCFI (composite index) was 977.21 points, up 2.17% from the previous period, the NCFI (European route) was 822.3 points, up 2.38% from the previous period, and the NCFI (US West route) was 1293.75 points, up 3.13% from the previous period [1]. - On October 24, the Shanghai Export Container Freight Index SCFI announced price was 1403.46 points, up 93.14 points from the previous period. The SCFI European route price was 1246 USD/TEU, up 8.8% from the previous period, and the SCFI US West route was 2153 USD/FEU, up 11.2% from the previous period. The China Export Container Freight Index CCFI (composite index) was 992.74 points, up 2.0% from the previous period, the CCFI (European route) was 1293.12 points, up 2.0% from the previous period, and the CCFI (US West route) was 736.23 points, up 1.5% from the previous period [1]. PMI Data - The eurozone's September manufacturing PMI preliminary value was 49.5, falling below the boom - bust line, lower than analysts' expectations and the previous value of 50.7. The service PMI preliminary value rose from 50.5 to 51.4, exceeding the expected 50.5. The eurozone's September composite PMI preliminary value was 51.2, exceeding analysts' expectations. The eurozone's September Sentix investor confidence index was - 9.2, with an expected - 2 and a previous value of - 3.7 [1]. - In August, China's manufacturing PMI was 49.4%, up 0.1 percentage points from the previous month, and the composite PMI output index was 50.5%, up 0.3 percentage points from the previous month, indicating an accelerated overall expansion of Chinese enterprises' production and business activities [1]. - The preliminary value of the US September S&P Global manufacturing PMI was 52 (the final value in August was 53), the preliminary value of the service PMI was 53.9 (the final value in August was 54.5), and the preliminary value of the composite PMI was 53.6 (the final value in August was 54.6) [1]. Market and Contract Information - On October 29, the main contract 2512 closed at 1871.0, with a涨幅 of 5.08%, a trading volume of 34,500 lots, and an open interest of 31,900 lots, an increase of 3006 lots from the previous day [1]. - The daily limit for contracts 2508 - 2606 was adjusted to 18%, the margin for contracts 2508 - 2606 was adjusted to 28%, and the intraday opening limit for all contracts 2508 - 2606 was 100 lots [1]. Other Information - The Israel Defense Forces announced on October 29 that they had started to re - implement the Gaza cease - fire agreement after a series of strikes on "terrorist targets" and "terrorists". China's President Xi Jinping will meet with US President Trump in Busan, South Korea on October 30 to exchange views on Sino - US relations and issues of common concern [2].