1. Report Industry Investment Rating - No relevant content provided 2. Core View of the Report - Today, the container shipping index (European line) futures opened with a significant upward movement and then continued to fluctuate upwards. Except for EC2510, all other contracts saw varying degrees of price increases. The short - term price of the futures is likely to continue a volatile trend, and intraday short - term operations are recommended for unilateral trading. The partial contract price correction today is due to a short - term rebound from last week's low and the emotional bullishness caused by Hamas suspending negotiations with Israel [3]. 3. Summary by Relevant Catalogs 3.1 EC Risk Management Strategy Advice - For position management, if one has existing positions but the shipping capacity is full or the booked cargo volume is poor, and is worried about a decline in freight rates (long spot exposure), to prevent losses, one can short the container shipping index futures (EC2510) to lock in profits at an entry range of 1250 - 1350 [2]. - For cost management, if shipping companies increase blank sailings or the peak season is approaching, and one wants to book cabins according to orders (short spot exposure), to prevent an increase in transportation costs due to rising freight rates, one can buy the container shipping index futures (EC2510) at an entry range of 1000 - 1100 to determine the booking cost in advance [2]. 3.2 Core Contradiction - The container shipping index (European line) futures showed an upward trend today. In the EC2510 contract, long positions decreased by 7 to 26383, short positions increased by 406 to 27849, and trading volume decreased by 8913 to 21070 (bilateral). The price correction of some contracts is due to a short - term rebound from last week's low and the emotional impact of Hamas suspending negotiations with Israel. The SCFIS European line's decline has slightly converged, and the futures price is likely to continue a volatile trend. Unilateral operations are best done intraday [3]. 3.3 Bullish Interpretation - On the 14th local time, Hamas senior official Tahir Nunu stated that Hamas has suspended negotiations with Israel regarding a cease - fire in the Gaza Strip and the exchange of detainees [4]. 3.4 Futures Basis and Price - The futures underlying SCFIS European line continues to decline. The basis of EC2510 on September 16 was 277.14 points, with a daily decrease of 5.50 points and a weekly decrease of 6.32 points. For example, the closing price of EC2510 was 1163.1 points, with a daily increase of 0.48% and a weekly decrease of 9.35% [5]. 3.5 Spot Freight Quotes - According to the "European Line Freight Rate Note" on September 22, the total quote for 20GP of Maersk's ships departing from Shanghai to Rotterdam was $997, and for 40GP was $1669, both remaining the same as the previous period [8]. 3.6 Global Freight Rate Index - The SCFIS European line index was 1440.24 points, a decrease of 126.22 points (- 8.06%) from the previous value; the SCFIS US - West line index was 1349.84 points, an increase of 369.36 points (37.67%) [9]. 3.7 Global Major Port Waiting Times - On September 15, the waiting time at Hong Kong Port was 1.652 days, an increase of 0.173 days from the previous day; the waiting time at Shanghai Port was 1.632 days, an increase of 0.014 days [14]. 3.8 Ship Speed and Waiting Ships in Suez Canal - On September 15, the average speed of 8000 + container ships was 15.666 knots, a decrease of 0.14 knots from the previous day; the number of ships waiting at the Suez Canal port anchor was 10, a decrease of 1 from the previous day [23].

Report Summary 1. Report Industry Investment Rating There is no information provided regarding the report industry investment rating. 2. Core Viewpoints - The container shipping index (European line) futures continued to fluctuate downward. As of the close, all contract prices declined to varying degrees. The EC2510 contract saw a reduction in long positions by 948 lots to 26,451 lots and a reduction in short positions by 1,167 lots to 27,579 lots, with trading volume decreasing by 5,185 lots to 30,843 lots (bilateral). The mainstream shipping companies continued to lower freight rates during the current off - season, and the short - term futures prices are likely to maintain a relatively downward trend. It is recommended to adopt a quick - in - quick - out strategy, while also being cautious of potential rebounds after the futures prices reach short - term lows [3]. 3. Summary by Relevant Catalogs EC Risk Management Strategy Recommendations - For position management, if one has already obtained positions but the shipping capacity is full or the booked cargo volume is poor, and there are concerns about freight rate drops, with a long spot exposure, to prevent losses, one can short the container shipping index futures based on the company's positions to lock in profits. The recommended hedging tool is EC2510, with a selling range of 1300 - 1400 [2]. - For cost management, if shipping companies increase the frequency of blank sailings or the peak season is approaching, and one hopes to book cabins according to order situations, with a short spot exposure, to prevent freight rate increases and rising transportation costs, one can buy the container shipping index futures at present to determine the cabin - booking cost in advance. The recommended hedging tool is EC2510, with a buying range of 1000 - 1100 [2]. Core Contradictions - The container shipping index (European line) futures continued to decline. The reduction in long and short positions in the EC2510 contract and the decrease in trading volume, along with the continuous reduction of freight rate quotes by shipping companies, indicate that short - term futures prices are likely to remain in a downward trend. A quick - in - quick - out trading strategy is recommended, and attention should be paid to potential rebounds [3]. Bullish Interpretations - MSC, Maersk, and HMM have successively announced their Golden Week blank sailing plans [4]. Bearish Interpretations - ONE followed up by lowering the European line quotes for late September in the online cabin - booking quotes of shipping companies. - The attack on Qatar by Israel has led to a tense situation in the region, which may have an impact on the container shipping market [5]. EC Basis and Price Information - The basis of EC contracts shows different degrees of daily and weekly changes. For example, the basis of EC2510 was 408.86 points, with a daily increase of 46.20 points and a weekly increase of 157.70 points [5]. - The closing prices of EC contracts also declined to varying degrees. For example, the closing price of EC2510 was 1157.6 points, with a daily decline of 5.02% and a weekly decline of 7.45% [6]. Container Shipping Spot Cabin Quotes - On September 22, Maersk's 20GP total quote for the Shanghai - Rotterdam route increased by $5 to $997, and the 40GP total quote increased by $10 to $1669 compared to the previous period. - In mid - to - late September, ONE's 20GP total quote for the Shanghai - Rotterdam route decreased by $190 to $1354, and the 40GP total quote decreased by $300 to $1643 compared to the previous period [8]. Global Freight Rate Indexes - SCFIS European route dropped by 11.68% to 1566.46 points; SCFIS US - West route dropped by 3.30% to 980.48 points. - SCFI European route decreased by 12.24% to $1154 per TEU; SCFI US - West route increased by 8.27% to $2370 per FEU [9]. Global Port Waiting Times - The waiting times at ports such as Hong Kong, Shanghai, and Yantian increased on September 11 compared to the previous day, while the waiting times at ports such as Jakarta, Long Beach, and Savannah decreased [16]. Ship Speed and Waiting Ship Numbers in Suez Canal - The average speeds of 8000 + and 3000 + container ships increased slightly on September 11 compared to the previous day, while the average speed of 1000 + container ships decreased slightly. The number of container ships waiting at the Suez Canal port anchorage increased from 8 to 21 [25].

俞俊臣（投资咨询证号：Z0021065） 南华研究院投资咨询业务资格：证监许可【2011】1290号 EC风险管理策略建议 集装箱产业风险管理日报 2025/09/11 | 2025-09-11 | 基差（点） | 日涨跌（点） | 周涨跌（点） | | --- | --- | --- | --- | | EC2510 | 362.66 | 63.60 | -110.24 | | EC2512 | -42.64 | 64.90 | -140.24 | | EC2602 | 69.06 | 26.60 | -185.84 | | EC2604 | 324.46 | 4.00 | -201.34 | | EC2606 | 135.86 | 13.30 | -194.74 | | EC2608 | -28.54 | 5.00 | -194.74 | source： 同花顺iFinD、南华研究 EC价格及价差 | 行为导向 | 情景分析 | 现货敞口 | 策略推荐 | 套保工具 | 买卖方向 建议入场区间 | | --- | --- | --- | --- | --- | --- | | 舱位管理 已入手舱位，但运力 ...

集装箱产业风险管理日报 2025/09/10 傅小燕（投资咨询证号：Z0002675） 南华研究院投资咨询业务资格：证监许可【2011】1290号 EC风险管理策略建议 | 行为导向 | 情景分析 | 现货敞口 | 策略推荐 | 套保工具 | 买卖方向 建议入场区间 | | --- | --- | --- | --- | --- | --- | | 舱位管理 已入手舱位，但运力偏饱满，或订舱货量不佳，旺季不 | 旺，担心运价下跌 | 多 | 为防止损失，可根据企业舱位，做空集运指数期货来 锁定利润 | EC2510 | 卖出 1350~1450 | | 成本管理 船司空班力度加大，或即将进入市场旺季，希望根据订单 | 情况进行订舱 | 空 | 为防止运价上涨而增加运输成本，可以在当前买入集 运指数期货，以提前确定订舱成本 | EC2510 | 买入 1150~1250 | | source： 南华期货 | | | | | | 【核心矛盾】 今日集运指数（欧线）期货早盘开盘后多头抢跑明显，但不敌现货预期疲软，多空胶着，盘整收尾。 截 至收盘，各合约都有不同程度增仓，其中EC2512合约增仓幅度最大，除了反弹的两 ...