Group 1 - The European shipping index futures experienced a sharp decline, with the main contract dropping to a low of 1373.0 points and closing at 1402.6 points, reflecting a decrease of 6.61% [1] - The SCFIS (European Route) index reported a rise of 20.7% compared to the previous period, reaching 1639.37 points on November 24 [1] - Major shipping companies, including Maersk, have announced price reductions for December, with Maersk's opening price for the 50th week set at $1420/$2200, a decrease of $300 [1] Group 2 - According to Shenyin Wanguo Futures, the 02 contract for shipping is expected to see a gradual decline in its central price level, influenced by Maersk's aggressive pricing strategy and the market's expectations of peak season [2] - The latest opening prices for Maersk's AE1 route to Rotterdam were reported at $2200, which is unchanged from the second week of November, indicating a lack of upward price momentum [2] - Despite potential demand for shipping before the Chinese New Year, the limited capacity control by shipping companies for December and January may lead to a downward adjustment in the 02 contract's central price [2]

Report Information - Report Title: Container Shipping Index Daily Report [1] - Date: November 26, 2025 [2] - Research Team: Macro Finance Team [4] - Researchers: He Zhuoqiao, Huang Wenxin, Nie Jiayi [3] Industry Investment Rating - Not provided in the report Core Viewpoints - The spot SCFIS index rose 20.7% week-on-week to 1639.37 this week, better than expected, but the shipping companies' price increase in December was less than expected. Maersk's quotes are the most aggressive, suppressing the price increase space of other airlines. There is a possibility that other airlines will follow Maersk to cut prices to attract cargo. Considering that February is a traditional peak season, the market may conduct incentive games for the pre-Spring Festival shipping rush. Shorting is not cost-effective. Pay attention to the possibility that the off-season April contract may be overvalued, and focus on the positive spread opportunity between the 02 and 04 contracts [8] Summary by Directory 1. Market Review and Operation Suggestions - Spot market: The SCFIS index rose 20.7% week-on-week to 1639.37 this week, better than expected, but the shipping companies' price increase in December was less than expected. Maersk's quotes are the most aggressive, suppressing the price increase space of other airlines. There is a possibility that other airlines will follow Maersk to cut prices to attract cargo. Pay attention to the actual implementation of cargo volume and price increases [8] - Operation suggestions: Considering that February is a traditional peak season, the market may conduct incentive games for the pre-Spring Festival shipping rush. Shorting is not cost-effective. Pay attention to the possibility that the off-season April contract may be overvalued, and focus on the positive spread opportunity between the 02 and 04 contracts [8] 2. Industry News - From November 17th to November 21st, the China Export Container Transport Market was basically stable, and the freight rates in the long-haul routes showed an adjustment trend, with the comprehensive index declining. On November 21st, the Shanghai Export Container Composite Freight Index was 1393.56 points, a 4.0% decrease from the previous period [9] - European routes: The initial value of the eurozone's consumer confidence index in November was -14.2, lower than market expectations, indicating that consumers remain cautious about the economic outlook and consumer demand is still suppressed. The recovery prospects of the European economy still face challenges. This week, the shipping demand lacked further growth momentum, and the spot market booking prices declined. On November 21st, the market freight rate from Shanghai Port to basic ports in Europe (ocean freight and ocean freight surcharges) was $1367/TEU, a 3.5% decrease from the previous period [9] - Mediterranean routes: The supply-demand fundamentals are slightly better than those of European routes, and the market freight rates increased slightly. On November 21st, the market freight rate from Shanghai Port to basic ports in the Mediterranean (ocean freight and ocean freight surcharges) was $2055/TEU, a 1.3% increase from the previous period [9] - North American routes: Due to the US government shutdown, the US September non-farm payrolls report was postponed to this week. The number of new jobs in September was 119,000, better than market expectations, but the unemployment rate rose to 4.4%, the highest in four years. The weak performance of the employment market indicates that the future US economic outlook is not optimistic. This week, the shipping demand growth was weak, and the market freight rates continued to decline. On November 21st, the market freight rates from Shanghai Port to basic ports in the US West and US East (ocean freight and ocean freight surcharges) were $1645/FEU and $2384/FEU respectively, a 9.8% and 8.3% decrease from the previous period [10] - Middle East situation: After Israel launched an air strike on Gaza, Hamas threatened to end the ceasefire agreement. The Israeli Defense Forces and Shin Bet carried out a coordinated operation in the Gaza Strip, targeting senior Hamas members involved in major attacks, maritime infiltration, tunnel construction, and hostage-taking. The US has informed mediators and partner countries preparing to join the Gaza International Stabilization Force that if Hamas refuses to disarm, Israel will be allowed to resume military operations. The Israeli military carried out multiple air strikes in Lebanon, and the situation may continue to escalate [10] 3. Data Overview 3.1 Container Shipping Spot Prices | Route | November 24, 2025 | November 17, 2025 | Change | Week-on-Week Change | | --- | --- | --- | --- | --- | | SCFIS: European Routes (Basic Ports) | 1639.37 | 1357.67 | +281.7 | +20.7% | | SCFIS: US West Routes (Basic Ports) | 1107.85 | 1238.42 | -130.57 | -10.5% | [12] 3.2 Container Shipping Index (European Routes) Futures Market | Contract | Previous Settlement Price | Opening Price | Closing Price | Settlement Price | Change | Change Rate | Trading Volume | Open Interest | Change in Open Interest | | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | | EC2512 | 1,779.7 | 1,792.3 | 1,650.0 | 1,697.4 | -129.7 | -7.29% | 6884 | 6454 | -408 | | EC2602 | 1,576.2 | 1,590.0 | 1,453.5 | 1,501.8 | -122.7 | -7.78% | 51412 | 48279 | 4946 | | EC2604 | 1,141.0 | 1,159.0 | 1,126.4 | 1,140.2 | -14.6 | -1.28% | 5004 | 17016 | 920 | | EC2606 | 1,363.9 | 1,378.4 | 1,338.0 | 1,354.1 | -25.9 | -1.90% | 272 | 1629 | 95 | | EC2608 | 1,481.1 | 1,498.0 | 1,464.0 | 1,471.6 | -17.1 | -1.15% | 171 | 1399 | 74 | | EC2610 | 1,108.1 | 1,113.0 | 1,108.0 | 1,111.3 | -0.1 | -0.01% | 563 | 2556 | 65 | [6] 3.3 Shipping-related Data Charts - The report provides charts on European container ship capacity, global container ship orders on hand, Shanghai - European basic port freight rates, and Shanghai - Rotterdam spot freight rates, with data sources from Wind and the Research and Development Department of Jianxin Futures [17][21]

Report Information - Report Title: Container Shipping Index Daily Report [1] - Date: November 21, 2025 [2] - Research Team: Macro Financial Team [4] - Researchers: He Zhuoqiao, Huang Wenxin, Nie Jiayi [3] Investment Rating - Not provided Core View - The expectation of the pre - Spring Festival shipment rush further fermented in the February contract, while the December contract was weak due to the falling - short of price increase expectations. The SCFIS index declined 9.8% week - on - week to 1357.67, and shipping companies haven't formed a unified price - support force. There is a long - term price increase expectation, which may overvalue the April contract. It is advisable to focus on the positive spread trading opportunity between the February and April contracts [8]. Summary by Section 1. Market Review and Operation Suggestions - **Market Performance**: After the Shanghai Futures Exchange clarified the last trading day of the February contract on Friday, the expectation of the pre - Spring Festival shipment rush affected the February contract, while the December contract was weak due to unmet price increase expectations. The SCFIS index dropped 9.8% week - on - week to 1357.67, and shipping companies' online quotes changed little. The price increase of CMA CGM is expected to be difficult to implement, and the price increase in December fell short of expectations. However, there is a long - term price increase expectation, which may overvalue the April contract, so pay attention to the positive spread trading opportunity between the February and April contracts [8]. 2. Industry News - **Overall Market**: From November 10 to 14, the China export container shipping market was generally stable, with the freight rates of ocean routes showing a differentiated trend, and the comprehensive index slightly declined. In October, the industrial added value of large - scale industries increased by 4.9% year - on - year, indicating a stable and progressive economic development [9]. - **European Routes**: On November 14, the Shanghai Export Containerized Freight Index was 1451.38 points, down 2.9% from the previous period. The ZEW economic sentiment index in the eurozone in November was 25, up from the previous value, showing a recovery in market confidence in the European economic outlook. The freight rate of the Shanghai - Europe basic port market increased by 7.1% to 1417 US dollars/TEU [9]. - **Mediterranean Routes**: The supply - demand relationship remained balanced, and the market freight rate was stable at 2029 US dollars/TEU on November 14 [9]. - **North American Routes**: The US Congress passed a temporary appropriation bill, ending the government shutdown. It is estimated that the shutdown will reduce the US GDP in the fourth quarter by 1.5 percentage points. The freight rate of the Shanghai - US West and US East basic port markets decreased by 17.6% and 8.7% respectively to 1823 US dollars/FEU and 2600 US dollars/FEU on November 14 [10]. - **International Situation**: There are complex political and military situations in the Gaza Strip and Israel - Turkey relations, which may have an impact on the shipping market [10]. 3. Data Overview 3.1 Container Shipping Spot Prices - **SCFIS**: The SCFIS for European routes decreased from 1504.8 to 1357.67, a week - on - week decline of 9.8%. The SCFIS for US West routes decreased from 1329.71 to 1238.42, a week - on - week decline of 6.9% [12]. 3.2 Container Shipping Index (European Routes) Futures Market - **Futures Data**: The trading data of multiple contracts such as EC2512, EC2602 are provided, including opening price, closing price, settlement price, price change, price change rate, trading volume, open interest, and open interest change [6]. 3.3 Shipping - Related Data Charts - **Charts**: Include the Shanghai Export Containerized Freight Index, container shipping futures contract trends, European container ship capacity, global container ship orders, and Shanghai - Europe basic port freight rates [13][18]

Report Information - Report Title: Container Shipping Index Daily Report [1] - Date: November 19, 2025 [2] - Researchers: He Zhuoqiao, Huang Wenxin, Nie Jiayi [3] Core View - The 12 - month contract was weak due to the under - expected price increase implementation, while the far - month price increase expectation has fermented in advance, which may lead to over - valuation of the 04 contract. It is advisable to focus on the positive spread trading opportunity between 02 - 04 contracts [8]. Summary by Directory 1. Market Review and Operation Suggestions - On Friday after the market, the Shanghai Futures Exchange clarified that the last trading day of the February contract is February 9, and the expectation of the pre - Spring Festival shipping rush further fermented in the February contract. The December contract was weak as the price increase implementation was less than expected. The SCFIS index fell 9.8% week - on - week to 1357.67 this week. Shipping companies' online quotes changed little. Airlines have not formed a unified price - holding force, and the price increase implementation in December was less than expected, but there is still a far - month price increase expectation [8]. 2. Industry News - From November 10 to November 14, the China export container shipping market was generally stable, and the freight rates of ocean routes continued to show a differentiated trend, with the composite index slightly declining. In October, the added value of industrial enterprises above designated size increased by 4.9% year - on - year. On November 14, the Shanghai Export Containerized Freight Index was 1451.38 points, down 2.9% from the previous period. The eurozone's November ZEW economic sentiment index was 25, up from the previous value. The freight rate of the European route increased by 7.1%, the Mediterranean route was stable, and the North American route continued to adjust. There were also statements from Israeli and Turkish officials regarding the Palestinian - Israeli issue [9][10]. 3. Data Overview 3.1 Container Shipping Spot Prices - On November 17, 2025, the SCFIS for the European route (basic ports) was 1357.67, down 9.8% from November 10; the SCFIS for the US - West route (basic ports) was 1238.42, down 6.9% from November 10 [12]. 3.2 Container Shipping Index (European Line) Futures Market - Provided trading data for multiple contracts of container shipping European line futures on November 18, including pre - settlement price, opening price, closing price, settlement price, change, change rate, trading volume, open interest, and open interest change [6]. 3.3 Shipping - Related Data Charts - Included multiple charts such as container ship capacity in Europe, global container ship orders on hand, Shanghai - European basic port freight rates, and Shanghai - Rotterdam spot freight rates [18][23]

Report Summary 1. Report Information - Report Title: Container Shipping Index Daily Report [1] - Date: November 14, 2025 [2] - Research Team: Macro Financial Team [4] - Researchers: He Zhuoqiao, Huang Wenxin, Nie Jiayi [3] 2. Investment Rating - No investment rating is provided in the report. 3. Core View - Although the actual demand may not support a large price increase, the freight rate is likely to form a bottom - up trend, and the bottom of the freight rate within the year may have appeared. It is recommended to pay attention to short - selling the off - season 04 contract on rallies [8]. 4. Summary by Directory 4.1 Market Review and Operation Suggestions - The SCFIS index rose 24.5% week - on - week to 1504.8 this week, better than expected. The price increase in the first half of November was well - implemented, but the second - half increase fell short. Shipping companies' quoted price increases in November and December were lower than before. The 12 - month contract is in a premium state, and the market is considering the price increase space and implementation. The 02 contract has strong expectations of the pre - Spring Festival shipping peak, driving up far - month contracts [8]. 4.2 Industry News - From November 3 to 7, the China export container shipping market was generally stable, with freight rates diverging by route. The comprehensive index declined slightly. China's exports in October decreased by 1.1% year - on - year in US dollars, and the growth rate slowed down compared to September. In the European route, the eurozone's composite PMI in October reached 52.5, but different countries had different economic performances. The freight rate in the European route declined after continuous increases, while the Mediterranean route's freight rate increased slightly. In the North American route, the US government shutdown has lasted for 36 days, and the freight rate dropped from a high level. The situation in northern Israel is tense, and Egypt has proposed a new plan [9][10]. 4.3 Data Overview - **Container Shipping Spot Prices**: The SCFIS European route index rose from 1208.71 to 1504.8, a 24.5% increase; the US - West route index rose from 1267.15 to 1329.71, a 4.9% increase [12]. - **Container Shipping Index (European Line) Futures Quotes**: The trading data of different contracts on November 13 are shown in Table 1, including opening price, closing price, settlement price, price change, and trading volume [6]. - **Shipping - Related Data Charts**: There are multiple charts showing data such as container ship capacity in Europe, global container ship orders, and shipping freight rates [13][18][19]

1. Report Information - Report Type: Daily Report on Freight Index for Container Shipping to Europe [1] - Date: November 13, 2025 [2] - Researcher: He Zhuoqiao (Macro Precious Metals), Huang Wenxin (Treasury Bonds and Container Shipping), Nie Jiayi (Stock Index Futures) [3] 2. Industry Investment Rating - Not provided 3. Core Viewpoints - This week, the SCFIS index rose 24.5% week-on-week to 1504.8, better than expected. Although the actual demand may not support a large increase in freight rates, the market is likely to form a bottoming-out and recovery trend, and the bottom of freight rates within the year may have appeared. However, with the December contract in a premium state, the market is starting to consider the potential for rate increases and the likelihood of them materializing. The February contract incorporates strong expectations of a pre - Spring Festival shipping rush, which drives up the prices of far - month contracts. It is recommended to consider shorting the off - season April contract [8]. 4. Summary by Directory 4.1 Market Review and Operation Suggestions - The SCFIS index rose 24.5% week - on - week to 1504.8 this week. The price increase in the first half of November was well - implemented, but the attempt to raise prices in the second half fell short. Shipping companies have lowered their quoted price increases for November and December. For example, the Premier Alliance aggressively reduced the first - half November quote for the Shanghai - Rotterdam route to $1806 - 1935 per forty - foot equivalent unit (FEU), and maintained the second - half quote at $2535 per FEU. The OCEAN Alliance also slightly lowered the first - half November quote to $2150 - 2520 per FEU, and most maintained the second - half quote at $2800 - 3000, except for CMA CGM, whose quote for the second half of November to the first half of December was $3170 - 3920, but lower than the previous quote. It is recommended to pay attention to shorting the off - season April contract [8]. 4.2 Industry News - From November 3 to November 7, the overall China export container shipping market was stable, with freight rates on different routes diverging due to supply - demand fundamentals. The composite index declined slightly. In October, China's exports decreased by 1.1% year - on - year in US dollars, with the growth rate slowing compared to September. In the first 10 months of 2025, China's exports showed a stable growth trend. On November 7, the Shanghai Export Containerized Freight Index (SCFI) was 1495.10 points, down 3.6% from the previous period. - In the European route, the eurozone's composite PMI in October reached 52.5, better than expected. Germany's service industry recovered strongly, while France's economy was weak. Freight demand remained stable this week, and freight rates fell after continuous increases. On November 7, the freight rate from Shanghai Port to basic European ports was $1323 per twenty - foot equivalent unit (TEU), down 1.6% from the previous period. - In the Mediterranean route, the market situation was similar to that of the European route, with slightly better supply - demand fundamentals and a slight increase in spot booking prices. On November 7, the freight rate from Shanghai Port to basic Mediterranean ports was $2029 per TEU, up 2.3% from the previous period. - In the North American route, the US government shutdown has lasted for 36 days, which may cause greater economic damage. The labor demand in the US job market is slowing, and wage growth has stagnated. Freight demand was relatively stable this week, and spot booking prices fell from high levels. On November 7, the freight rates from Shanghai Port to basic ports in the US West and East were $2212 per FEU and $2848 per FEU respectively, down 16.4% and 17.2% from the previous period. - The situation in northern Israel is tense. The Israeli Defense Forces carried out large - scale air strikes on Hezbollah military targets in southern Lebanon, and both sides are on high alert. Egypt proposed a new plan, asking Hamas to provide information on tunnels to be destroyed in exchange for allowing 200 Hamas militants in the Rafah tunnels to return to the Hamas - controlled area with weapons. Israel has not responded to this plan [9][10]. 4.3 Data Overview 4.3.1 Spot Freight Rates for Container Shipping - The SCFIS for the European route (basic ports) on November 10, 2025, was 1504.8, up 24.5% from 1208.71 on November 3. The SCFIS for the US West route (basic ports) was 1329.71, up 4.9% from 1267.15 on November 3 [12]. 4.3.2 Futures Market of Container Shipping Index (European Route) - The trading data of container shipping futures to Europe on November 12 shows that different contracts had different price changes, trading volumes, and open interest changes. For example, the EC2512 contract had a previous settlement price of 1811.3, a closing price of 1749.4, a decline of 61.9, and a decline rate of 3.42%. The trading volume was 22,970, and the open interest decreased by 4,048 [6]. 4.3.3 Shipping - Related Data Charts - The report provides multiple data charts, including those on container shipping spot prices, futures trends, container ship capacity in Europe, global container ship orders, and freight rates between Shanghai and European ports [13][19][22]

1. Report Industry Investment Rating - The report does not explicitly mention the industry investment rating. 2. Core Viewpoints of the Report - The market continued to weaken in a volatile manner on Friday, with a neutral valuation for December. Considering the upcoming peak season and the long - term contract signing period in December, it is recommended to adopt a strategy of buying on dips. The market is expected to follow the December trend in the short term. If the peak season materializes, the valuation of the February contract is harder to determine, and it may have more upside potential. - The April contract is for the off - season. It will maintain a narrow - range volatile operation in the short - term within the peak - season logic. Given the expected greater supply pressure next year and the off - season in April, a strategy of selling on rallies is recommended. - For the recent European line quotes, the cargo booking for Week 45 was completed, and shipping companies could fill their ships. The cargo collection in Week 46 on the PA route improved slightly, but the shipping capacity in this week was extremely low. The pressure will increase in the second half of November, while the cargo volume may pick up. [3] 3. Summary by Related Catalogs Futures Market - **Futures Contract Prices and Changes**: On November 10, 2025, the closing prices of EC2512, EC2602, EC2604, EC2606, EC2608, and EC2610 were 1812.0, 1592.0, 1164.6, 1376.1, 1499.2, and 1133.4 respectively, with changes of - 1.96%, - 0.56%, - 1.14%, - 2.69%, 1.02%, and - 0.58% compared to the previous day. Their open interest changed by - 2525, 314, 122, - 3, 5, and 32 respectively. [2] - **Monthly Spread Changes**: The monthly spreads of EC2512 - 2504, EC2512 - 2602, and EC2502 - 2604 were 647.4, 220.0, and 427.4 respectively on November 10, 2025. Compared to the previous day, they changed by - 22.8, - 27.2, and 4.4 respectively. [2] Spot Market - **Spot Indexes**: As of November 3, 2025, the SCFIS was 1208.71 points, a decrease of 7.92% from the previous period. As of November 7, 2025, the SCFI (European line) was 1323 dollars/TEU, a decrease of 1.56% from the previous period; the CCFI was 1366.85 points, an increase of 3.25% from the previous period; and the NCFI was 911.73 points, a decrease of 5.58% from the previous period. [2] News and Quotes - **Palestinian - Israeli Conflict News**: On November 9, the Qassam Brigades of Hamas stated that armed personnel in the Rafah area under Israeli control would not surrender to Israel. On November 10, the Houthi rebels warned that if the cease - fire in Gaza breaks down, they will resume attacks on Israel and ban Israeli ships from sailing in the Red Sea and the Arabian Sea. [4] - **European Line Quotes**: In Week 45, the average landed price was about 2050 dollars (equivalent to 1450 points on the futures market). In Week 46, it was 2000 dollars (equivalent to 1400 points on the futures market). Shipping companies announced a price increase to 2365 - 2950 dollars for the second half of November, but MSK opened at 2250 dollars (a 50 - dollar increase from the previous period), and it is expected that other shipping companies will gradually lower their quotes this week. There may also be an announced price increase for December. [3]

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]

Report Information - Report Name: "集运指数日报" [1] - Date: November 7, 2025 [2] - Research Team: Macro Financial Team [4] - Researchers: He Zhuoqiao, Huang Wenxin, Nie Jiayi [3] Report Summary - **Industry Investment Rating**: Not provided - **Core View**: Although actual demand may not support a large price increase, the bottom of container shipping rates within the year may have appeared, and it is recommended to maintain the idea of buying on dips for the December contract. The conflict in the Middle East is expected to be difficult to resolve within the year, and the Red Sea may still be difficult to resume shipping in the short term [8] Section Summaries 1. Market Review and Operation Suggestions - **Market Situation**: As the year - end peak season and long - term contract season approach, shipping companies continue to raise quotes for November and December, but the increase is lower than before. The SCFIS index has declined again, and it is difficult for price increases to fully materialize. The actual demand may not support large price increases, but the bottom of container shipping rates within the year may have appeared. The conflict in the Middle East is frequent and difficult to resolve, and the Red Sea may not resume shipping in the short term [8] - **Operation Suggestions**: Continue to maintain the idea of buying on dips for the December contract [8] 2. Industry News - **Market Conditions in Late October**: From October 27 to 31, the China export container shipping market was good, with stable overall transport demand. Most route market freight rates continued to rise, driving the comprehensive index up. The Shanghai Export Containerized Freight Index on October 31 was 1550.70 points, up 10.5% from the previous period [9] - **European Routes**: In October, the eurozone's composite PMI rose to 52.2, better than market expectations. The market freight rate continued to rise, and on October 31, the freight rate from Shanghai Port to European basic ports was 1344 US dollars/TEU, up 7.9% from the previous period [9] - **Mediterranean Routes**: The market situation was basically the same as that of European routes, and the spot booking price continued to rise. On October 31, the freight rate from Shanghai Port to Mediterranean basic ports was 1983 US dollars/TEU, up 12.4% from the previous period [9] - **Military News in the Middle East**: Israel carried out military operations in Lebanon and Gaza, and the situation in the region remained tense [10] - **Sino - US Trade Consensus**: After the talks between Chinese and US leaders in Busan, South Korea, the two sides reached a new trade consensus. China will suspend additional export controls on rare earths and other key minerals, terminate antitrust and anti - dumping investigations against US semiconductor supply chain - related enterprises, and the US will take corresponding measures [10][11] 3. Data Overview 3.1 Container Shipping Spot Prices | Route | Price on 2025/11/3 | Price on 2025/10/27 | Change | Month - on - Month (%) | | --- | --- | --- | --- | --- | | SCFIS: European Routes (Basic Ports) | 1208.71 | 1312.71 | - 104 | - 7.9% | | SCFIS: US West Routes (Basic Ports) | 1267.15 | 1107.32 | 159.83 | 14.4% | [13] 3.2 Container Shipping Index (European Routes) Futures Quotes | Contract | Previous Settlement Price | Opening Price | Closing Price | Settlement Price | Change | Change (%) | Trading Volume | Open Interest | Open Interest Change | | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | | EC2512 | 1,923.4 | 1,899.0 | 1,848.2 | 1,845.1 | - 75.2 | - 3.91 | 35518 | 28412 | - 5660 | | EC2602 | 1,631.4 | 1,622.0 | 1,601.0 | 1,597.1 | - 30.4 | - 1.86 | 9591 | 22625 | 273 | | EC2604 | 1,195.8 | 1,194.0 | 1,178.0 | 1,176.4 | - 17.8 | - 1.49 | 2051 | 14208 | - 329 | | EC2606 | 1,419.8 | 1,428.8 | 1,414.2 | 1,404.7 | - 5.6 | - 0.39 | 132 | 1455 | - 9 | | EC2608 | 1,498.1 | 1,490.1 | 1,484.0 | 1,497.0 | - 14.1 | - 0.94 | 120 | 1306 | - 31 | | EC2610 | 1,140.0 | 1,140.0 | 1,140.0 | 1,138.6 | 0.0 | 0.00 | 269 | 1432 | 156 | [6] 3.3 Shipping - Related Data Charts - The report also provides multiple charts, including the Shanghai Export Containerized Freight Index, container shipping index (European routes) futures trends, European container ship capacity, global container ship order backlog, Shanghai - European basic port freight rates, and Shanghai - Rotterdam spot freight rates, with data sources from Wind and the Research and Development Department of Jianxin Futures [13][17][19]

Report Industry Investment Rating - No relevant content found. Core Viewpoints of the Report - The 12 - contract has multiple price increase announcements in the follow - up, driven by positive factors such as long - term agreement signing from November to December, but the valuation is not low. It is recommended to adopt a "buy on dips" strategy, following the spot market [3][16]. - The valuation of the 02 - contract is difficult to determine with high uncertainty. It is expected to mainly follow the 12 - contract in the next month, and also adopt a "buy on dips" strategy [3][16]. - The 04 - contract is a off - season contract. It maintains a wide - range oscillation in the current peak - season logic. Considering greater supply pressure next year, the off - season in April, and potential resumption of flights, a "short - selling on highs" strategy is recommended [3][16]. Summary by Related Catalogs Futures Contract Information - **Closing Prices and Changes**: EC2512 closed at 1848.2 with a - 5.03% change; EC2602 at 1601.0 with - 3.09% and - 1.80% changes; EC2604 at 1178.0; EC2606 at 1414.2 with a - 0.83% change; EC2608 at 1484.0 with a - 0.88% change; EC2610 at 1140.0 with a - 0.25% change [2][15]. - **Volume and Open Interest**: EC2512 had a volume of 35518 and an open interest of 28412 with a change of - 5560; EC2602 had a volume of 9591 and an open interest of 22625 with a change of 273 - 3749; EC2604 had a volume of 2051 and an open interest of 14208; EC2606 had a volume of 132 and an open interest of 1455 with a change of - 9; EC2608 had a volume of 120 and an open interest of 1306 with a change of - 31; EC2610 had a volume of 269 and an open interest of 1432 with a change of 156 [2][15]. - **Monthly Spreads**: EC2512 - 2504 spread was 670.2 with a day - on - day change of - 76.2 and a week - on - week change of - 6.4; EC2512 - 2602 spread was 247.2 with a day - on - day change of - 46.8 and a week - on - week change of - 17.8; EC2502 - 2604 spread was 423.0 with a day - on - day change of - 29.4 and a week - on - week change of 11.4 [2][15]. Index Information - **SCFI (European Line)**: Updated weekly on Mondays and the ninth day of the week. On 2025/11/3, it was 1208.71 points with a - 7.92% change from the previous period; on 2025/10/31, it was 1344 dollars/TEU with a 7.87% change [2][15]. - **CCFI**: Updated weekly on the ninth day of the week. On 2025/10/31, it was 1323.81 points with a 2.37% change [2][15]. - **NCFI**: Updated weekly on the ninth day of the week. On 2025/10/31, it was 965.62 points with a 17.43% change [2][15]. Recent European Line Quotation - Downstream is booking cabins for early November (week 45 - 46). In week 46, PA slightly improved, and shipping companies could fill all cabins, but the capacity was very low. After week 45's cargo - booking ended, the pressure increased in the second half of November. The average price was about 2050 dollars (equivalent to 1430 points on the futures). In the first half of November, PA had the largest price cut. Shipping companies mostly announced price increases to 2500 - 3100 dollars in the second half of November, and MSK quoted 2250 dollars [4][17]. Shipping Company Price Announcements - On Monday, the freight rate remained unchanged. MSC and HPL announced price increases for the second half of November to 3000 and 3100 dollars/FEU respectively. MSK's opening price for the second half of November was 2250 (+50) dollars/FEU, lower than the previous market expectation of 2400 - 2500 dollars. MSK also announced a price increase to 3200 dollars for December on the European line, while MSC's price dropped to 2365 dollars [5][18]. - On Thursday, ONE opened at 2600 dollars, and YML opened at 2550 dollars [6][19].