1. Report Industry Investment Rating - Not mentioned in the provided content 2. Core Viewpoints of the Report - The tariff issue has a marginal effect, and the current core is the trend of spot freight rates. The main contract has shown a seasonal rebound, and it is recommended to participate with a light position or wait and see [3] - The market's optimism has diminished, some liner companies' latest quotes are below expectations, and the market fluctuated downward under the game between long and short positions. Attention should be paid to tariff policies, the Middle - East situation, and spot freight rates [3] 3. Summary by Related Catalogs 3.1 Freight Index - On December 15, the Shanghai Export Container Settlement Freight Index (SCFIS) for the European route was 1510.56 points, up 0.1% from the previous period; the SCFIS for the US - West route was 924.36 points, down 3.8% from the previous period [2] - On December 12, the Ningbo Export Container Freight Index (NCFI) (composite index) was 1060.86 points, up 10.23% from the previous period; the NCFI for the European route was 1064.13 points, up 9.98% from the previous period; the NCFI for the US - West route was 1029.8 points, up 17.28% from the previous period [2] - On December 12, the Shanghai Export Container Freight Index (SCFI) announced price was 1506.461 points, up 108.83 points from the previous period; the SCFI European - line price was 1538 USD/TEU, up 9.86% from the previous period; the SCFI US - West route was 1780 USD/FEU, up 14.84% from the previous period [2] - On December 12, the China Export Container Freight Index (CCFI) (composite index) was 1118.07 points, up 0.3% from the previous period; the CCFI for the European route was 1470.55 points, up 1.6% from the previous period; the CCFI for the US - West route was 798.95 points, down 2.3% from the previous period [2] 3.2 Economic Data - The preliminary value of the Eurozone's November composite PMI was 52.4, slightly lower than the October data of 52.5 and remaining above the boom - bust line of 50. The service - sector PMI preliminary value was 53.1, higher than the previous value of 53 and the expected value of 52.8, achieving the best monthly performance in a year and a half [2] - The Eurozone's December Sentix Investor Confidence Index was - 6.2, with an expected value of - 7 and a previous value of - 7.4 [2] - In November, the manufacturing purchasing managers' index (PMI) was 49.2%, up 0.2 percentage points from the previous month, and the business climate improved. In October, the composite PMI output index was 49.7, down 0.3 percentage points from the previous month, and it fell below the boom - bust line for the first time since 2023 [3] - The preliminary value of the US November S&P Global Services PMI was 55, with an expected value of 54.6 and a previous value of 54.8. The preliminary value of the US November S&P Global Composite PMI was 54.8, rising for the second consecutive month, with an expected value of 54.6 and a previous value of 54.6 [3] 3.3 Market Conditions of the Main Contract - On December 16, the main contract 2602 closed at 1686.8, with a decline of 1.62%, a trading volume of 27,800 lots, and an open interest of 32,500 lots, a decrease of 582 lots from the previous day [3] 3.4 Investment Strategies - Short - term strategy: The main contract rebounds after a pullback, and the volatility of far - month contracts slows down. Risk - preferring investors have been advised to try to go long on the main contract with a light position, and all positions have been advised to take profits. It is not recommended to add more positions or hold losing positions, and stop - losses should be set [4] - Arbitrage strategy: Against the backdrop of international geopolitical turmoil, each contract still follows the seasonal logic and has large fluctuations. It is recommended to wait and see or try with a light position [4] - Long - term strategy: Each contract has been advised to take profits when the price rises to a high level, and then judge the subsequent direction after waiting for the price to stabilize after a pullback [4] 3.5 Contract Rules Adjustments - The price limit for contracts from 2508 to 2606 has been adjusted to 18% [4] - The company's margin for contracts from 2508 to 2606 has been adjusted to 28% [4] - The daily opening - position limit for all contracts from 2508 to 2606 is 100 lots [4]

Report Summary 1) Report Industry Investment Rating No information provided. 2) Core Viewpoints -节前 shipping volume led to a slight increase in freight rates, and the market oscillated upward, meeting the daily report's expectations. The main contract has shown a seasonal rebound, and attention should be paid to tariff policies, Middle - East situations, and spot freight rates [1][3]. - The tariff issue has a marginal effect, and the current focus is on the direction of spot freight rates [3]. 3) Summary by Related Content a. Freight Rate Index - On December 15, SCFIS (European route) was 1510.56 points, up 0.1% from the previous period; SCFIS (US West route) was 924.36 points, down 3.8% [2]. - On December 12, NCFI (composite index) was 1060.86 points, up 10.23%; NCFI (European route) was 1064.13 points, up 9.98%; NCFI (US West route) was 1029.8 points, up 17.28% [2]. - On December 12, SCFI was 1506.461 points, up 108.83 points; SCFI (European route) was 1538 USD/TEU, up 9.86%; SCFI (US West route) was 1780 USD/FEU, up 14.84% [2]. - On December 12, CCFI (composite index) was 1118.07 points, up 0.3%; CCFI (European route) was 1470.55 points, up 1.6%; CCFI (US West route) was 798.95 points, down 2.3% [2]. b. Economic Data - The preliminary value of the Eurozone's November composite PMW was 52.4, slightly lower than October's 52.5, remaining above the boom - bust line of 50. The service industry PMM was 53.1, better than expected [2]. - The Eurozone's December Sentix investor confidence index was - 6.2, expected - 7, previous value - 7.4 [2]. - In November, China's manufacturing PMI was 49.2%, up 0.2 percentage points from the previous month. In October, the composite PMI output index was 49.7, down 0.3 percentage points from the previous month [3]. - The preliminary value of the US November S&P Global services PMI was 55, expected 54.6, previous value 54.8. The preliminary value of the US November S&P Global composite PMI was 54.8, rising for the second consecutive month [3]. c. Market Conditions - On December 15, the main contract 2602 closed at 1746.0, up 3.30%, with a trading volume of 28,300 lots and an open interest of 33,100 lots, an increase of 1401 lots from the previous day [3]. d. Trading Strategies - Short - term strategy: The main contract rebounded after a pullback, and the fluctuation of far - month contracts slowed down. Risk - takers were advised to go long on the main contract with a light position, and all positions were advised to take profit. No additional positions were recommended, and no positions should be held against losses. Stop - losses should be set [4]. - Arbitrage strategy: In the context 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: Each contract was advised to take profit when reaching a high, wait for a pullback to stabilize, and then judge the subsequent direction [4]. e. Contract Adjustments - The daily limit for contracts 2508 - 2606 was adjusted to 18%. - The company's margin for contracts 2508 - 2606 was adjusted to 28%. - The daily opening limit for all contracts 2508 - 2606 was 100 lots [4].

Report Summary 1. Report Industry Investment Rating - Not provided in the given content 2. Core Viewpoints - Spot freight rates have stabilized, and the market is filled with optimistic sentiment. Amid the tug - of - war between bulls and bears, the market shows wide - range fluctuations. Future attention should be paid to tariff policies, the Middle East situation, and spot freight rates [1][2] - The issue of Sino - US tariffs has a marginal effect, and the current core lies in the direction of spot freight rates. The main contract has shown a seasonal rebound, and it is recommended to participate with a light position or wait and see [2] 3. Summary by Related Catalogs Freight Index - On December 5, the Shanghai Export Container Settlement Freight Index SCFIS (European route) was 1509.10 points, up 1.7% from the previous period; SCFIS (US West route) was 960.51 points, up 1.2% from the previous period. The Shanghai Export Container Freight Index SCFI announced a price of 1397.63 points, down 5.5 points from the previous period; the SCFI European line price was 1400 USD/TEU, down 0.28% from the previous period [1] - On December 5, the Ningbo Export Container Freight Index NCFI (composite index) was 972.63 points, up 2.77% from the previous period; NCFI (European route) was 1024.64 points, up 7.67% from the previous period. The China Export Container Freight Index CCFI (composite index) was 1121.80 points, down 0.1% from the previous period; CCFI (European route) was 1449.34 points, up 1.1% from the previous period [1] - On December 8, the Ningbo Export Container Freight Index NCFI (US West route) was 881.66 points, down 7.77% from the previous period. The Shanghai Export Container Freight Index SCFI US West route was 1550 USD/FEU, down 5.02% from the previous period. The China Export Container Freight Index CCFI (US West route) was 841.86 points, down 1.1% from the previous period [1] Economic Data - In October, China's manufacturing PMI was 49.0%, down 0.8 percentage points from the previous month, indicating a decline in manufacturing prosperity. The composite PMI output index was 50.0%, down 0.6 percentage points from the previous month, indicating overall stability in the production and operation of Chinese enterprises [2] - The preliminary value of the Eurozone's November composite PMI was 52.4, slightly lower than the October figure of 52.5, remaining above the boom - bust line of 50. The service sector and manufacturing sector showed a divergence, with the preliminary value of the service sector PMI at 53.1, higher than the previous value of 53 and better than the expected value of 52.8, achieving the best monthly performance in a year and a half. The Eurozone's December Sentix investor confidence index was - 6.2, with an expected value of - 7 and a previous value of - 7.4 [1] - The preliminary value of the US October S&P Global services PMI was 55.2 (expected 53.5, previous 54.2), the manufacturing PMI preliminary value was 52.2 (expected 52, previous 52), and the composite PMI preliminary value was 54.8 (expected 53.1, previous 53.9) [2] Trading Strategy - Short - term strategy: The main contract rebounds after a pullback, and the fluctuation of far - month contracts slows down. Risk - takers who had been advised to try long positions with a light position in the main contract are now advised to take all profits, not to add positions, not to hold losing positions, and to set stop - losses. The logic of freight rate trends still returns to traditional seasonality and when shipping routes in the Red Sea will resume. Currently, spot prices have slightly decreased [2] - Arbitrage strategy: Against the backdrop of international turmoil, each contract still follows the seasonal logic with large fluctuations. It is recommended to wait and see temporarily or try with a light position [2] - Long - term strategy: It has been advised to take profits when the contracts reach high points, wait for the price to stabilize after a pullback, and then judge the subsequent situation [2] Contract Information - On December 11, the main contract 2602 closed at 1689.0, up 2.04%, with a trading volume of 18,700 lots and an open interest of 31,600 lots, an increase of 241 lots from the previous day [2] - The price limit for the 2508 - 2606 contracts has been adjusted to 18% [2] - The company's margin for the 2508 - 2606 contracts has been adjusted to 28% [2] - The intraday opening limit for all 2508 - 2606 contracts is 100 lots [2] Geopolitical Events - On December 9 local time, the UN Secretary - General's spokesman expressed "deep shock and serious concern" over the Yemeni Houthi rebels' continued arbitrary detention of a large number of international agency personnel and strongly condemned their practice of handing over UN staff to a special criminal court. He called on the Houthi rebels to withdraw the relevant hand - over decision and immediately release all detained UN, non - governmental organization, and diplomatic personnel [3] - On December 9, Hamas senior official Hussam Badran stated that any discussion about the second - stage cease - fire in Gaza must be based on the negotiation mediators, the US, and all relevant parties pressuring Israel to ensure the full implementation of all terms of the first - stage agreement. He refuted the Israeli military's claim that the "yellow line" is the "new border" in the Gaza Strip, saying that such remarks exposed Israel's non - compliance with the cease - fire agreement. As long as Israel continues to violate the agreement, the second - stage cease - fire in Gaza cannot be launched [3]

Report Industry Investment Rating - Not provided in the content Core Viewpoints - The main contract has recovered all its losses, and it is recommended to take full profits, which is in line with the daily report's expectations. Attention should be paid to the pre - Spring Festival shipping market, and there is no obvious fluctuation in freight rates. The core of the freight rate trend lies in traditional seasonality and when shipping resumes in the Red Sea, and the tariff issue has a marginal effect. It is recommended to participate with a light position or wait and see [2][4] - After the market fluctuates upward, attention should be paid to tariff policies, the Middle East situation, and spot freight rates [4] Summary by Related Content Freight Indexes - On December 8, the Shanghai Export Container Settlement Freight Index (SCFIS) for the European route was 1509.10 points, up 1.7% from the previous period; the SCFIS for the US - West route was 960.51 points, up 1.2% from the previous period. On December 5, the Shanghai Export Container Freight Index (SCFI) was 1397.63 points, down 5.5 points from the previous period; the SCFI for the European line was 1400 USD/TEU, down 0.28% from the previous period; the SCFI for the US - West route was 1550 USD/FEU, down 5.02% from the previous period [3] - On December 5, the Ningbo Export Container Freight Index (NCFI) composite index was 972.63 points, up 2.77% from the previous period; the NCFI for the European route was 1024.64 points, up 7.67% from the previous period; the NCFI for the US - West route was 881.66 points, down 7.77% from the previous period. The China Export Container Freight Index (CCFI) composite index was 1121.80 points, down 0.1% from the previous period; the CCFI for the European route was 1449.34 points, up 1.1% from the previous period; the CCFI for the US - West route was 841.86 points, down 1.1% from the previous period [3] Economic Data - The preliminary value of the eurozone's November composite PMI was 52.4, slightly lower than October's 52.5, remaining above the boom - bust line of 50. The services PMI was 53.1, higher than the previous value of 53 and better than the expected value of 52.8, achieving its best monthly performance in a year and a half. The eurozone's December Sentix investor confidence index was - 6.2, with an expected value of - 7 and a previous value of - 7.4 [3] - In October, China's manufacturing PMI was 49.0%, down 0.8 percentage points from the previous month, and the manufacturing prosperity level declined. The composite PMI output index was 50.0%, down 0.6 percentage points from the previous month, indicating overall stability in Chinese enterprises' production and operation activities. The preliminary value of the US's October S&P Global services PMI was 55.2 (expected 53.5, previous 54.2); the preliminary value of the manufacturing PMI was 52.2 (expected 52, previous 52); the preliminary value of the composite PMI was 54.8 (expected 53.1, previous 53.9) [4] Contract Information - On December 10, the main contract 2602 closed at 1665.2, up 3.41%, with a trading volume of 35,900 lots and an open interest of 31,400 lots, an increase of 669 lots from the previous day [4] Investment Strategies - Short - term strategy: The main contract has rebounded after a pullback, and the fluctuation of far - month contracts has slowed down. Risk - takers are advised to go long with a light position on the main contract, take full profits, not add more positions, not hold on to losing positions, and set stop - losses [5] - Arbitrage strategy: Against the backdrop of international turmoil, each contract still follows seasonal logic with large fluctuations. It is recommended to wait and see or try with a light position [5] - Long - term strategy: It is recommended to take profits when each contract reaches a high, wait for the price to stabilize after a pullback, and then determine the subsequent direction [5] Contract Adjustments - The daily limit for contracts 2508 - 2606 is adjusted to 18% [5] - The margin of the company for contracts 2508 - 2606 is adjusted to 28% [5] - The daily opening limit for all contracts 2508 - 2606 is 100 lots [5]

1. Report Industry Investment Rating - Not provided in the content 2. Core View of the Report - The bullish sentiment is strong. Under the long - short game, the market is oscillating strongly. The spot price has slightly decreased, and the main contract has shown a seasonal rebound. It is recommended to participate with a light position or wait and see. Attention should be paid to tariff policies, the Middle East situation, and spot freight rates [2][3] 3. Summary by Related Content 3.1 Freight Index - On December 8, the Shanghai Export Container Settlement Freight Index (SCFIS) for the European route was 1,509.10 points, up 1.7% from the previous period; the SCFIS for the US - West route was 960.51 points, up 1.2% from the previous period [2] - On December 5, the Ningbo Export Container Freight Index (NCFI) (composite index) was 972.63 points, up 2.77% from the previous period; the NCFI for the European route was 1,024.64 points, up 7.67% from the previous period; the NCFI for the US - West route was 881.66 points, down 7.77% from the previous period [2] - On December 5, the Shanghai Export Container Freight Index (SCFI) announced price was 1,397.63 points, down 5.5 points from the previous period; the SCFI European route price was 1,400 USD/TEU, down 0.28% from the previous period; the SCFI US - West route price was 1,550 USD/FEU, down 5.02% from the previous period [2] - On December 5, the China Export Container Freight Index (CCFI) (composite index) was 1,121.80 points, down 0.1% from the previous period; the CCFI for the European route was 1,449.34 points, up 1.1% from the previous period; the CCFI for the US - West route was 841.86 points, down 1.1% from the previous period [2] 3.2 PMI and Investor Confidence Index - The preliminary value of the Eurozone's October manufacturing PMI was 45.9 (expected 45.1, previous value 45); the preliminary value of the service industry PMI was 51.2 (expected 51.5, previous value 51.4); the preliminary value of the composite PMI was 49.7 (expected 49.7, previous value 49.6). The Eurozone's October Sentix Investor Confidence Index had a previous value of - 9.2 and a forecast value of - 8.5 [2] - 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 [2] - The preliminary value of the US October S&P Global service industry PMI was 55.2 (expected 53.5, previous value 54.2); the preliminary value of the manufacturing PMI was 52.2 (expected 52); the preliminary value of the composite PMI was 54.8 (expected 53.1, previous value 53.9) [3] 3.3 Market and Contract Information - On December 9, the main contract 2602 closed at 1,619.8, up 1.17%, with a trading volume of 19,000 lots and an open interest of 30,700 lots, a decrease of 753 lots from the previous day [3] - The trading limits of contracts from 2508 to 2606 were adjusted to 18%; the company's margin for these contracts was adjusted to 28%; the daily opening limit for all contracts from 2508 to 2606 was 100 lots [4] 3.4 Investment Strategies - Short - term strategy: The main contract rebounds after a pullback, and the fluctuation of far - month contracts slows down. Risk - takers are recommended to try a light position in the main contract. When the market dips slightly, it is not recommended to add positions or hold losing positions, and stop - loss should be set [4] - Arbitrage strategy: Against the backdrop of international turmoil, each contract still follows the 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 reaches a high and wait for the price to stabilize after a pullback before judging the subsequent direction [4]

Report Summary 1. Report Industry Investment Rating No information provided in the report. 2. Core Viewpoints - The market is experiencing a strong long - sentiment. Amid the long - short game, the market is oscillating strongly. It is recommended to take a small - position trial long and focus on the pre - Spring Festival shipping market. The freight rates have no significant fluctuations [2]. - The tariff issue has a marginal effect. The current core is the trend of spot freight rates. The main contract has shown a seasonal rebound. It is recommended to participate with a light position or wait and see [3]. - The market is in a long - short game. The SCFIS has a slight upward movement, indicating an optimistic attitude towards the February freight rate increase. The market is oscillating strongly. Attention should be paid to tariff policies, the Middle - East situation, and spot freight rate conditions [3]. 3. Summary by Related Content Freight Rate Index - On December 8, the Shanghai Export Container Settlement Freight Index (SCFIS) for the European route was 1509.10 points, up 1.7% from the previous period; the SCFIS for the US - West route was 960.51 points, up 1.2% from the previous period [2]. - On December 5, the Ningbo Export Container Freight Index (NCFI) (composite index) was 972.63 points, up 2.77% from the previous period; the NCFI for the European route was 1024.64 points, up 7.67% from the previous period; the NCFI for the US - West route was 881.66 points, down 7.77% from the previous period [2]. - On December 5, the Shanghai Export Container Freight Index (SCFI) announced a price of 1397.63 points, down 5.5 points from the previous period; the SCFI price for the European route was 1400 USD/TEU, down 0.28% from the previous period; the SCFI for the US - West route was 1550 USD/FEU, down 5.02% from the previous period [2]. - On December 5, the China Export Container Freight Index (CCFI) (composite index) was 1121.80 points, down 0.1% from the previous period; the CCFI for the European route was 1449.34 points, up 1.1% from the previous period; the CCFI for the US - West route was 841.86 points, down 1.1% from the previous period [2]. PMI Data - Eurozone's October manufacturing PMI preliminary value was 45.9 (expected 45.1, previous 45); services PMI preliminary value was 51.2 (expected 51.5, previous 51.4); composite PMI preliminary value was 49.7 (expected 49.7, previous 49.6). The October Sentix investor confidence index's previous value was - 9.2, forecast - 8.5 [2]. - In October in China, the manufacturing PMI was 49.0%, down 0.8 percentage points from the previous month, with the manufacturing prosperity level declining. The composite PMI output index was 50.0%, down 0.6 percentage points from the previous month, indicating overall stability in the production and operation activities of Chinese enterprises [2]. - The preliminary value of the US October S&P Global services PMI was 55.2 (expected 53.5, previous 54.2); manufacturing PMI preliminary value was 52.2 (expected 52); composite PMI preliminary value was 54.8 (expected 53.1, previous 53.9) [3]. Contract Information - On December 9, the main contract 2602 closed at 1619.8, up 1.17%, with a trading volume of 19,000 lots and an open interest of 30,700 lots, a decrease of 753 lots from the previous day [3]. Strategy Recommendations - Short - term strategy: The main contract rebounds after a pullback, and the fluctuation of far - month contracts slows down. Risk - takers are recommended to take a light - position trial long on the main contract. When the market dives slightly, it is not recommended to add more positions or hold losing positions. Set stop - losses [4]. - Arbitrage strategy: Against the backdrop of international turmoil, each contract still follows the seasonal logic with large fluctuations. It is recommended to wait and see temporarily or take a light - position attempt [4]. - Long - term strategy: It is recommended to take profits when each contract reaches a high and wait for a pullback and stabilization before judging the subsequent direction [4]. Contract Adjustments - The daily limit for contracts 2508 - 2606 is adjusted to 18% [4]. - The company's margin for contracts 2508 - 2606 is adjusted to 28% [4]. - The daily opening limit for all contracts from 2508 - 2606 is 100 lots [4]. Geopolitical Situation - Israel plans to ensure the return of the remains of the last detained person, promote the second - stage ceasefire in Gaza, aiming for the disarmament of Hamas and the demilitarization of Gaza. Hamas is willing to discuss disarmament within the framework of establishing a Palestinian state, proposing a 5 - to 10 - year long - term ceasefire for negotiation. Hamas welcomes UN forces to monitor the ceasefire near the Gaza border but does not accept their authorization to act within Palestinian territories [5].

1. Report Industry Investment Rating No relevant content provided. 2. Core Viewpoints of the Report - The tariff issue has shown a marginal effect, and the current core is the direction of spot freight rates. The main contract has shown a seasonal rebound. It is recommended to participate with a light position or wait and see [3]. - After the optimistic sentiment fades and the long - short game is fierce, the SCFIS rises slightly, and the prices fluctuate between gains and losses at the time of market settlement. Attention should be paid to tariff policies, the Middle East situation, and spot freight rates [3]. 3. Summary by Related Content 3.1 Freight Index - On December 8, the Shanghai Export Container Settlement Freight Index (SCFIS) for the European route was 1509.10 points, up 1.7% from the previous period; for the US West route, it was 960.51 points, up 1.2% from the previous period [2]. - On December 5, the Ningbo Export Container Freight Index (NCFI) (composite index) was 972.63 points, up 2.77% from the previous period; the NCFI for the European route was 1024.64 points, up 7.67% from the previous period; the NCFI for the US West route was 881.66 points, down 7.77% from the previous period [2]. - On December 5, the Shanghai Export Container Freight Index (SCFI) announced a price of 1397.63 points, down 5.5 points from the previous period; the SCFI European line price was 1400 USD/TEU, down 0.28% from the previous period; the SCFI US West route was 1550 USD/FEU, down 5.02% from the previous period [2]. - On December 5, the China Export Container Freight Index (CCFI) (composite index) was 1121.80 points, down 0.1% from the previous period; the CCFI for the European route was 1449.34 points, up 1.1% from the previous period; the CCFI for the US West route was 841.86 points, down 1.1% from the previous period [2]. 3.2 PMI and Investor Confidence Index - The preliminary value of the Eurozone's manufacturing PMI in October was 45.9 (expected 45.1, previous 45); the preliminary value of the service PMI was 51.2 (expected 51.5, previous 51.4); the preliminary value of the composite PMI was 49.7 (expected 49.7, previous 49.6). The Sentix investor confidence index in October had a previous value of - 9.2 and a predicted value of - 8.5 [2]. - In October, China's manufacturing PMI was 49.0%, down 0.8 percentage points from the previous month, and the manufacturing prosperity level declined. The composite PMI output index was 50.0%, down 0.6 percentage points from the previous month, indicating that the overall production and operation activities of Chinese enterprises were stable [2]. - The preliminary value of the US S&P Global service PMI in October was 55.2 (expected 53.5, previous 54.2); the preliminary value of the manufacturing PMI was 52.2 (expected 52); the preliminary value of the composite PMI was 54.8 (expected 53.1, previous 53.9) [3]. 3.3 Main Contract Information - On December 8, the main contract 2602 closed at 1615.3, with a gain of 0.07%, a trading volume of 19,300 lots, and an open interest of 31,500 lots, a decrease of 749 lots from the previous day [3]. 3.4 Trading Strategies - **Short - term strategy**: The main contract rebounds after a pull - back, and the fluctuation of the far - month contract slows down. Risk - takers are recommended to try a light position in the main contract. When the market dips slightly, it is not recommended to add more positions or hold losing positions. Set stop - losses [4]. - **Arbitrage strategy**: Against the backdrop of international turmoil, each contract still follows the seasonal logic with large fluctuations. It is recommended to wait and see or try a light position [4]. - **Long - term strategy**: It is recommended to take profits when each contract reaches a high point, wait for a pull - back and stabilization, and then judge the subsequent direction [4]. 3.5 Contract Rules Adjustment - The daily limit for contracts from 2508 to 2606 is adjusted to 18% [4]. - The company's margin for contracts from 2508 to 2606 is adjusted to 28% [4]. - The daily opening limit for all contracts from 2508 to 2606 is 100 lots [4]. 3.6 Geopolitical Situation - On December 7, Israeli Prime Minister Netanyahu said that the first phase of the Gaza cease - fire agreement was basically completed. Israel will ensure the return of the remains of the last detainee, promote the cease - fire in Gaza to enter the second phase to achieve the disarmament of Hamas and the demilitarization of the Gaza Strip, and then promote the third phase of "deradicalizing" the Gaza Strip. Hamas member Basem Naim said that Hamas still adheres to the "right to resist" but is willing to discuss disarmament within the framework of promoting the establishment of a Palestinian state and proposes a long - term cease - fire of 5 to 10 years for negotiation. Naim also welcomes the deployment of UN troops near the Gaza border to monitor the cease - fire but does not accept the authorization of UN troops to operate or exercise power within Palestinian territory [5].

Group 1: Report Industry Investment Rating - No relevant content Group 2: Core Viewpoints - The market is experiencing a tug - of - war between bulls and bears, with the market fluctuating widely. It is recommended to take a small - position long position and focus on the pre - Spring Festival shipping market, but there is no significant fluctuation in freight rates. The tariff issue has a marginal effect, and the current focus is on the trend of spot freight rates. The main contract has shown a seasonal rebound, and it is recommended to participate with a light position or wait and see. Attention should be paid to tariff policies, the Middle East situation, and spot freight rates [2][4] - The short - term strategy suggests that risk - takers can take a light - position long on the main contract. When the market dips slightly, it is not recommended to add positions or hold losing positions, and stop - losses should be set. The arbitrage strategy suggests waiting and seeing or taking a light - position attempt. The long - term strategy suggests taking profits when the contract price rises and waiting for a pullback to stabilize before judging the subsequent direction [5] Group 3: Summary by Related Catalogs Freight Index - On November 28 - December 1, the Shanghai Export Container Settlement Freight Index (SCFIS) for the European route was 1483.65 points, down 9.5% from the previous period; the SCFIS for the US West route was 948.77 points, down 14.4% from the previous period. The Ningbo Export Container Freight Index (NCFI) composite index was 972.63 points, up 2.77% from the previous period; the NCFI for the European route was 1024.64 points, up 7.67% from the previous period; the NCFI for the US West route was 881.66 points, down 7.77% from the previous period [3] - The Shanghai Export Container Freight Index (SCFI) announced price was 1403.13 points, up 9.57 points from the previous period; the SCFI European line price was 1404 USD/TEU, up 2.71% from the previous period; the SCFI US West route was 1632 USD/FEU, down 0.79% from the previous period. The China Export Container Freight Index (CCFI) composite index was 1121.80 points, down 0.1% from the previous period; the CCFI for the European route was 1449.34 points, up 1.1% from the previous period; the CCFI for the US West route was 841.86 points, down 1.1% from the previous period [3] Economic Data - In the 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 had a previous value of - 9.2 and a forecast of - 8.5 [3] - In China in October, the manufacturing PMI was 49.0%, down 0.8 percentage points from the previous month, and the comprehensive PMI output index was 50.0%, down 0.6 percentage points from the previous month. In the 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), and the preliminary composite PMI was 54.8 (expected 53.1, previous 53.9) [3][4] Contract Information - On December 3, the main contract 2602 closed at 1540.1, up 0.92%, with a trading volume of 22,300 lots and an open interest of 35,000 lots, a decrease of 1354 lots from the previous day [4] - The daily limit for contracts 2508 - 2606 was adjusted to 18%, the margin of the company for contracts 2508 - 2606 was adjusted to 28%, and the daily opening limit for all contracts 2508 - 2606 was 100 lots [5] Geopolitical Information - On December 2 (local time), Iranian Parliament Speaker Gholam - Ali Haddad - Adel said that the US has no intention of truly negotiating with Iran or reaching a fair agreement, and Iran will resist any imposed will and unilateral pressure. He also criticized the International Atomic Energy Agency for its silence on US and Israeli attacks on Iranian nuclear facilities [8]

Report Summary 1. Report Industry Investment Rating - Not provided in the given content 2. Core View of the Report - The retracement may be in place, and the main contract has rebounded continuously. It is recommended to take a small - position long in the main contract and focus on the pre - Spring Festival shipping market. The freight rate has no obvious fluctuation. The tariff issue has a marginal effect, and the current core is the direction of spot freight rates. The main contract has shown a seasonal rebound, and it is suggested to participate with a small position [2][4] - With the interweaving of long and short information such as some liner companies' price increase announcements and the decline of the latest SCFIS index, the contracts rise and fall differently. Attention should be paid to tariff policies, the Middle East situation, and spot freight rates [4] 3. Summary by Related Content 3.1 Freight Index Information - On December 1, the Shanghai Export Container Settlement Freight Index (SCFIS) for the European route was 1483.65 points, down 9.5% from the previous period; the SCFIS for the US - West route was 948.77 points, down 14.4% from the previous period. The Ningbo Export Container Freight Index (NCFI) composite index was 972.63 points, up 2.77% from the previous period; the NCFI for the European route was 1024.64 points, up 7.67% from the previous period; the NCFI for the US - West route was 881.66 points, down 7.77% from the previous period [3] - On November 28, the Shanghai Export Container Freight Index (SCFI) announced price was 1403.13 points, up 9.57 points from the previous period; the SCFI European line price was 1404 USD/TEU, up 2.71% from the previous period; the SCFI US - West route was 1632 USD/FEU, down 0.79% from the previous period. The China Export Container Freight Index (CCFI) composite index was 1121.80 points, down 0.1% from the previous period; the CCFI for the European route was 1449.34 points, up 1.1% from the previous period; the CCFI for the US - West route was 841.86 points, down 1.1% from the previous period [3] 3.2 Economic Data - In October, China's manufacturing PMI was 49.0%, down 0.8 percentage points from the previous month, and the manufacturing prosperity level declined. The composite PMI output index was 50.0%, down 0.6 percentage points from the previous month, indicating that the overall production and operation activities of Chinese enterprises were stable [4] - In the US in October, the S&P Global services PMI preliminary value was 55.2 (expected 53.5, previous value 54.2); the manufacturing PMI preliminary value was 52.2 (expected 52, previous value 52); the composite PMI preliminary value was 54.8 (expected 53.1, previous value 53.9) [4] - In the eurozone in October, the manufacturing PMI preliminary value was 45.9 (expected 45.1, previous value 45); the services PMI preliminary value was 51.2 (expected 51.5, previous value 51.4); the composite PMI preliminary value was 49.7 (expected 49.7, previous value 49.6). The Sentix investor confidence index was expected to be - 8.5, with the previous value of - 9.2 [3] 3.3 Contract Information - On December 2, the main contract 2602 closed at 1534.2, with a gain of 2.16%, a trading volume of 24,700 lots, and an open interest of 36,300 lots, a decrease of 1882 lots from the previous day [4] 3.4 Strategy Suggestions - **Short - term strategy**: For risk - preference investors, it is recommended to take a small - position long in the main contract. When the market dips slightly, do not add more positions, do not hold losses, and set stop - losses [5] - **Arbitrage strategy**: In the context of international situation turmoil, each contract still follows the seasonal logic with large fluctuations. It is recommended to wait and see or try with a small position [5] - **Long - term strategy**: It is recommended to take profits when each contract rises to a high level, wait for the callback to stabilize, and then judge the subsequent direction [5] 3.5 Other Information - Some liner companies have announced price increases for late December, but the latest SCFIS index is declining, with long and short information intertwined, and the contracts rise and fall differently [4] - The Iran - Israel situation: Iran is seeking to restore its military potential and re - arm regional forces to confront Israel, including restoring the military capabilities of the Houthi armed forces and smuggling weapons to the West Bank for attacks on Israel [6] - The daily limit for contracts 2508 - 2606 is adjusted to 18%, the margin of the company for these contracts is adjusted to 28%, and the daily opening limit for all contracts 2508 - 2606 is 100 lots [5]

Report Summary 1. Investment Rating No investment rating for the industry is provided in the report. 2. Core Viewpoints - Pessimistic sentiment has been slightly digested, with the near - month contracts showing weak and volatile trends, and the far - month contracts having a stronger downward amplitude possibly due to Red Sea resumption information. The focus should be on tariff policies, the Middle East situation, and spot freight rates [2][4]. - The tariff issue has a marginal effect, and the current core is the direction of spot freight rates. The main contract has shown a seasonal rebound, and it is recommended to participate with a light position or wait and see [4]. 3. Specific Summaries 3.1 SCFIS, NCFI and Other Price Indexes - 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) (composite 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) (composite 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] 3.2 Market Conditions and Contract Information - On November 27, the main contract 2602 closed at 1387.7, with a decline of 0.69%, a trading volume of 25,000 lots, and an open interest of 43,000 lots, a decrease of 1089 lots from the previous day [4]. - The main contract has retraced, and the far - month contracts are relatively strong. Risk - preferring investors are recommended to lightly test long positions in the EC2602 contract in the 1550 - 1600 range. If the market plunges, do not add positions, do not hold losing positions, and set stop - losses [5]. 3.3 Strategies - Short - term strategy: For the main contract retracement and strong far - month contracts, risk - preferring investors can try to go long on the EC2602 contract in the 1550 - 1600 range with a light position. Do not add positions when the market drops sharply, and set stop - losses. For the arbitrage strategy, due to the large fluctuations under the unstable international situation, it is recommended to wait and see or try with a light position [5]. - 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 [5]. 3.4 Other Information - In October, the eurozone's manufacturing PMI preliminary value was 45.9, the service PMI preliminary value was 51.2, and the composite PMI preliminary value was 49.7. In the US, the service PMI preliminary value in October was 55.2, the manufacturing PMI preliminary value was 52.2, and the composite PMI preliminary value was 54.8 [3][4]. - In China, the manufacturing PMI in October 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 [3]. - The Sino - US tariff issue is still resolved in the form of an extension in the short term. The logic of the freight rate trend returns to traditional seasonality and the issue of when the Red Sea will resume navigation [4].