Report Summary 1. Report Industry Investment Rating No information provided in the given content. 2. Core View of the Report - Thursday saw slight fluctuations in the freight index (European line) futures prices, with the main contract EC2602 closing up 0.13% and far - month contracts showing varying performances from - 1% to 1%. The latest SCFIS European line settlement freight rate index was 1589.20, up 78.64 points from the previous week, a 5.2% week - on - week increase. The SCFI rebounded for the second consecutive week, rising 46.46 points to 1552.92, a 3.08% increase. With shipping companies achieving full loads, it drove the futures prices up. China's manufacturing PMI in November showed a slight recovery, and the new export order index rose to 47.9, indicating a pre - Christmas recovery in terminal transportation demand. - The geopolitical situation in the Red Sea has a better expectation of resuming navigation. The eurozone economy continues to show a warming trend, and Germany's service industry has a strong recovery. The overall eurozone economy is expected to maintain its relative strength since the third quarter. - The improvement of the trade war situation and the arrival of the shipping peak season are beneficial to the recovery of futures prices, while the short - term impact of the geopolitical situation on freight rates is weakened. The current freight rate market is mainly affected by seasonal demand. Investors are advised to be cautious, pay attention to the operation rhythm and risk control, and track geopolitical, capacity and cargo volume data in a timely manner [1]. 3. Summary by Relevant Catalogs 3.1 Futures Data - EC main contract closing price: 1799.70, up 2.4; EC secondary main contract closing price: 1164.5, up 3.5. - EC2602 - EC2604 spread: 635.20, up 4.4; EC2602 - EC2606 spread: 479.70, up 2.9. - EC contract basis: - 210.50, down 3.9. - EC main contract position: 34250 hands, down 66 [1]. 3.2 Spot Price Data - SCFIS (European line) (weekly): 1589.20, up 78.64; SCFIS (US West line) (weekly): 962.10, up 37.74. - SCFI (composite index) (weekly): 1552.92, up 46.46; container ship capacity: 1227.97 million TEUs, unchanged. - CCFI (composite index) (weekly): 1124.73, up 6.66; CCFI (European line) (weekly): 1473.90, up 3.35. - Baltic Dry Index (daily): 1877.00, up 12.00; Panamax Freight Index (daily): 1267.00, down 1.00. - Average charter price (Capesize ship): 22120.00, unchanged; average charter price (Panamax ship): down 4660.00 [1]. 3.3 Industry News - The central bank's monetary policy committee held its fourth - quarter regular meeting, emphasizing the integrated effect of incremental and existing policies, strengthening monetary policy regulation, and maintaining the stability of the capital market without mentioning the real estate market. - Ukrainian President Zelensky announced the 20 - point details of the Russia - Ukraine "peace plan" draft, but the key territorial issue remains unresolved. Zelensky said Ukraine will not give up its aspiration to join NATO [1]. 3.4 Key Data to Focus On - At 07:30 on December 26, Japan's November unemployment rate [1].

Group 1: Report Investment Rating - No information provided on the industry investment rating Group 2: Core Viewpoints - On Tuesday, the freight index (European line) futures prices fluctuated slightly. The main contract EC2602 closed down 0.86%, while the far - month contracts rose between 1 - 2%. The latest SCFIS European line settlement freight rate index was 1589.20, rising 78.64 points from last week, a 5.2% increase. The SCFI rebounded for the second consecutive week, rising 46.46 points to 1552.92, a 3.08% increase. The full - load of shipping companies drove the futures prices up. The manufacturing PMI data in November showed a slight recovery, and the new export order index rose to 47.9, indicating a pre - Christmas recovery of terminal transportation demand. The 52 - week average spot freight rate for large containers was 2450 US dollars, and some voyages were over - booked. The "peace plan" between the US and Ukraine was initially completed, improving the Red Sea re - navigation expectation. The euro - zone economy continued to recover. Overall, the improvement of the trade - war situation and the arrival of the shipping peak season are favorable for the futures price recovery, while the short - term impact of the geopolitical situation on freight rates has weakened. The freight rate market is mainly affected by seasonal demand, so investors should be cautious, pay attention to operation rhythm and risk control, and track geopolitical, shipping capacity and cargo volume data [1] Group 3: Summary by Relevant Catalogs Futures Market Data - EC main contract closing price: 1806.600, - 15.7↓; EC second - main contract closing price: 1158, + 3.40↑ - EC2602 - EC2604 spread: 648.60, - 56.40↓; EC2602 - EC2606 spread: 474.90, - 76.90↓ - EC contract basis: - 217.40, + 65.20↑ - EC main contract open interest: 35004, - 1506↓ [1] Spot Market Data - SCFIS (European line) (weekly): 1589.20, 78.64↑; SCFIS (US West Coast line) (weekly): 962.10, 37.74↑ - SCFI (composite index) (weekly): 1552.92, 46.46↑ - CCFI (composite index) (weekly): 1124.73, 6.66↑; CCFI (European line) (weekly): 1473.90, 3.35↑ - Baltic Dry Index (daily): 2023.00, - 44.00↓; Panamax Freight Index (daily): 1323.00, - 41.00↓ - Average charter price (Panamax ship): 0.00, 0.00↑; Average charter price (Capesize ship): 28125.00, 1345.00↑ - Container ship capacity (10,000 TEUs): 1227.97, 0.00↑ [1] Industry News - Premier Li Qiang chaired a meeting on the preparation of the "15th Five - Year" Plan Outline Draft, emphasizing the planning of major projects - The Ukrainian delegation completed negotiations with the US in Miami, and the 20 - point "peace plan" was initially completed - The EU extended economic sanctions against Russia for 6 months until July 31, 2026, and introduced anti - circumvention measures [1] Key Data to Watch - US initial jobless claims for the week ending December 20, to be released on December 24 at 21:30 [1]

Industry Investment Rating - No information provided about the industry investment rating Core View - The SCFIS index has slightly rebounded and stabilized this week. Shipping companies continue to raise prices, boosting the market's sentiment. MSC followed Maersk to announce a price increase for January quotes, with the price of large containers on European routes rising to $3,700. The current prices of major shipping companies in the second half of December are around $3,000 - $3,500, and the quotes for the first half of January are between $3,500 - $3,700. The current price - raising trend of major shipping companies will strongly support the market's expectation of price increases before the Spring Festival. It is difficult to prove whether the 02 contract is over - valued in the short term, and the cost - performance of short - selling is not high. Attention should be paid to the possibility of the off - season April contract being over - valued, and the positive spread opportunity between 02 - 04 contracts [8] Summary by Directory 1. Market Review and Operation Suggestions - **Spot Market**: This week, the SCFIS index slightly rebounded and stabilized. Shipping companies continued to raise prices, and MSC followed Maersk to announce a price increase for January quotes. The current prices of major shipping companies in the second half of December are around $3,000 - $3,500, and the quotes for the first half of January are between $3,500 - $3,700. The joint price - raising trend of major shipping companies will support the market's expectation of price increases before the Spring Festival [8] - **Operation Suggestion**: It is difficult to prove whether the 02 contract is over - valued in the short term, and the cost - performance of short - selling is not high. Attention should be paid to the possibility of the off - season April contract being over - valued, and the positive spread opportunity between 02 - 04 contracts [8] 2. Industry News - **Shipping Market**: From December 8th to 12th, China's export container transport demand was generally stable. The spot freight rates of some major ocean routes increased due to the year - end contract signing season, and the comprehensive index rose. On December 12th, the Shanghai Export Containerized Freight Index was 1,506.46 points, up 7.8% from the previous period. The freight rates on European, Mediterranean, and North American routes all increased to varying degrees. Many shipping companies such as MSC, Maersk, and Hapag - Lloyd announced price increases or surcharge adjustments [9][10] - **Other News**: There are developments in the Gaza peace process, military operations in Israel, the situation of shipping routes through the Suez Canal, and an amnesty application by the Israeli Prime Minister [10] 3. Data Overview - **Container Shipping Spot Price**: On December 15th, 2025, the SCFIS for European routes (basic ports) was 1,510.56, up 0.1% from December 8th; the SCFIS for US - West routes (basic ports) was 924.36, down 3.8% from December 8th [12] - **Container Shipping Index (European Routes) Futures Market**: The trading data of container shipping European routes futures on December 16th shows that different contracts have different price changes, trading volumes, and open interest changes [6] - **Shipping - Related Data Charts**: There are charts showing the Shanghai Export Containerized Freight Index, the trend of the main and secondary main contracts of container shipping European routes futures, European container ship capacity, global container ship orders, and shipping freight rates [13][15][16]

Core Viewpoint - The domestic futures market shows a predominantly bearish trend, with the European shipping index futures experiencing fluctuations and a current increase of approximately 3.73% [1] Group 1: Market Performance - The European shipping index futures opened at 1600.3 points, reaching a high of 1641.0 points and a low of 1585.5 points during the trading session [1] - The current market performance indicates a strong upward trend, with expectations of increased volatility in the future [2] Group 2: Institutional Insights - Ruida Futures suggests that improvements in trade tensions and a seasonal peak in shipping demand are influencing the market, but advises caution due to potential volatility and the need for careful monitoring of geopolitical and capacity data [2] - Shenwan Hongyuan Futures expresses skepticism about the upward price potential for December and January, citing historical trends of decreased export volumes from China to Europe in January compared to December [2] - Guotou Anxin Futures highlights a significant increase in market confidence due to Maersk's announced price increase for January, which is expected to boost market sentiment, although actual price support will depend on the verification of seasonal demand characteristics [3]

1. Report Industry Investment Rating - No relevant information provided 2. Core Views - The report presents comprehensive data on stock index futures spreads, bond futures basis and spreads, and container shipping industry spot - futures information. It includes current values, changes from the previous day, and historical percentile rankings, enabling investors to understand market trends and price relationships in different financial sectors [1][2][3] 3. Summary by Related Catalogs Stock Index Futures Spreads (Doc 1) - **Futures - Spot Spreads**: F期现价差 is - 22.80 with a 1 - year historical percentile of 40.50%, H期现价差 is - 2.67 (27.00%), IC期现价差 is - 55.08 (41.30%), and IM期现价差 is - 78.45 (65.00%) [1] - **Inter - delivery Spreads**: For example, F跨期价差 in the 次月 - 当月 is - 15.60 (27.40%), and in the 远月 - 当月 is - 77.80 (29.50%) [1] - **Cross - variety Ratios**: 中证500/沪深300 is 2.3387 (75.00%), IC/IF is 1.5350 (72.90%), etc [1] Bond Futures (Doc 2) - **Basis**: On November 27, 2025, TS基差 is 1.6325 (- 0.0029, 28.60%), TF基差 is 1.6069 (- 0.0583, 43.10%), T基差 is 1.6707 (- 0.0653, 57.90%), and TL基差 is 1.7589 (- 0.2304, 65.20%) [2] - **Inter - delivery Spreads**: For TS跨期代套, the 标签 - 标示 is - 0.0260 (- 0.0360, 17.70%); for TF跨期价差, the 류출 is - 0.1150 (- 0.0150, 20.10%); for T跨期价差, the 류출 - 발굴 is 0.1400 (- 0.0150, 28.60%); for TL跨期价差, the 下李 - 隔季 is - 0.1700 (0.0400) [2] - **Cross - variety Spreads**: On November 27, 2025, TS - TF is - 3.3800 (- 0.0150, 11.90%), TS - T is - 5.5050 (- 0.0250, 16.00%), TF - T is - 2.1250 (- 0.0100, 17.40%) [2] Container Shipping Industry (Doc 3) - **Shipping Indexes**: SCFIS (European route) on November 24 is 1639.37, up 20.75% from November 17; SCFIS (US West route) on November 24 is 1107.85, down 10.54% from November 17 [3] - **Shanghai Export Container Freight Rates**: SCFI综合指数 on November 21 is 1451.38, down 2.92% from November 14; SCFI (Europe) is 1367, down 3.53%; SCFI (US West) is 1645, down 9.76%; SCFI (US East) is 2384, down 8.31% [3] - **Futures Prices and Basis**: EC2602 (主力) on November 27 is 1387.7, up 0.02% from November 26; the 基差(主力) is 328.6, up 29.73% from November 26 [3] - **Fundamental Data**: Global container shipping capacity supply on November 27 is 3349.31 million TEU, up 0.01% from November 26; Shanghai port on - time rate in November is 49.08%, up 14.75% from October; monthly export amount in November is 3053.53 billion US dollars, down 7.03% from October [3]

Report Information - Report Title: Container Shipping Index Daily Report [1] - Date: November 28, 2025 [2] - Research Team: Macro Financial Team [4] - Researchers: He Zhuoqiao, Huang Wenxin, Nie Jiayi [3] Industry Investment Rating - Not provided Core Viewpoints - The SCFIS index rose 20.7% week-on-week to 1639.37 this week, better than expected, but the shipping company's price increase in December was less than expected. Maersk's price is the most aggressive, suppressing the price increase space of other airlines. Considering that February is a traditional peak season, the market may conduct incentive games for the pre-Spring Festival shipping rush, and the cost-effectiveness of shorting is not high. Pay attention to the possibility of the April contract being overestimated and the positive spread opportunity between the February and April 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 company's price increase in December was less than expected. Maersk's price is 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 situation of cargo volume and price increase [8] - Operation Suggestion: Considering that February is a traditional peak season, the market may conduct incentive games for the pre-Spring Festival shipping rush, and the cost-effectiveness of shorting is not high. Pay attention to the possibility of the April contract being overestimated and the positive spread opportunity between the February and April contracts [8] 2. Industry News - China's Export Container Shipping Market: From November 17th to November 21st, China's export container shipping market was basically stable, and the freight rates in the long-distance routes showed an adjustment trend, with the composite index falling. 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. The transportation demand lacked further growth momentum, and the spot market booking prices declined. On November 21st, the market freight rate from Shanghai Port to European basic ports was 1367 US dollars/TEU, a 3.5% decrease from the previous period [9] - Mediterranean Routes: The supply-demand fundamentals were slightly better than those of the European routes, and the market freight rates increased slightly. On November 21st, the market freight rate from Shanghai Port to Mediterranean basic ports was 2055 US dollars/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. Although the number of new jobs in September was better than expected, the unemployment rate rose to a four-year high of 4.4%. The transportation demand growth was weak, and the market freight rates continued to decline. On November 21st, the market freight rates from Shanghai Port to the basic ports in the western and eastern United States were 1645 US dollars/FEU and 2384 US dollars/FEU respectively, a 9.8% and 8.3% decrease from the previous period [10] - International Situation: Tensions between Israel and Hamas escalated, and the situation in the Middle East was tense. The United States has informed mediators and partner countries that if Hamas refuses to disarm, Israel will be allowed to resume military operations [10] 3. Data Overview 3.1 Container Shipping Spot Prices - SCFIS Index: The SCFIS index for European routes rose 20.7% week-on-week to 1639.37, while the index for US Western routes fell 10.5% to 1107.85 [12] 3.2 Container Shipping Index (European Routes) Futures Market - Futures Contracts: The trading data of container shipping futures contracts on November 27th showed that most contracts declined, with the EC2606 contract having the largest decline of 5.40% [6] 3.3 Shipping-Related Data Trends - Shipping Data: The report provides trends in shipping-related data such as European container ship capacity, global container ship orders, and Shanghai-Europe basic port freight rates [17][21]

Report Summary 1. Report Industry Investment Rating No information provided. 2. Core Viewpoints - The freight rate market is currently influenced by multiple factors. The spot freight rate expectations continue to decline as the price - holding actions of shipping companies have not fully materialized. The geopolitical conflict between Russia and Ukraine remains stalemated, but the German economy's better - than - expected performance boosts market confidence in the eurozone. Overall, the futures price is expected to experience more volatile fluctuations, and investors are advised to be cautious, pay attention to operation rhythm and risk control, and track geopolitical, shipping capacity, and cargo volume data in a timely manner. [1] 3. Summary by Relevant Catalogs Futures Disk - The closing price of the EC main contract decreased by 5.2, and the closing price of the EC secondary main contract decreased by 7.7 to 1358.2. The spread between EC2602 - EC2604 increased by 3.60 to 426.50, and the spread between EC2602 - EC2606 increased by 4.30 to 210.40. The EC contract basis decreased by 12.50 to 70.77. The main contract's open interest increased by 135 to 16096. [1] Spot Price - The SCFIS (European Line) (weekly) increased by 281.70 to 1639.37, while the SCFIS (US West Coast Line) (weekly) decreased by 130.57 to 1,107.85. The SCFI (Comprehensive Index) (weekly) decreased by 57.82 to 1393.56, and the container ship capacity increased by 0.11 to 1,227.97 (in ten thousand TEUs). The CCFI (Comprehensive Index) (weekly) increased by 28.76 to 1122.79, and the CCFI (European Line) (weekly) increased by 29.32 to 1,432.96. The Baltic Dry Index (daily) decreased by 5.00 to 2275.00, and the Panamax Freight Index (daily) decreased by 16.00 to 1,928.00. The average charter price of Panamax ships remained unchanged at 17564.00, and that of Capesize ships increased by 118.00 to 30,315.00. [1] Industry News - China's permanent representative to the United Nations, Fu Cong, clarified China's position on Japanese Prime Minister Kaochi Sanae's wrong remarks regarding Taiwan. Multiple Federal Reserve officials signaled potential interest - rate cuts, but Dallas Fed President Logan thought it might be necessary to keep rates unchanged in December due to high asset valuations. The US and Ukraine representatives held talks on the "28 - point plan to end the Russia - Ukraine conflict" in Geneva without reaching an agreement on key elements. [1] Key Data to Focus On - November 25, 15:00, Germany's final Q3 unadjusted GDP annual rate; November 25, 21:30, US September retail sales monthly rate; November 25, 21:30, US September PPI annual rate; November 25, 22:00, US September FHFA housing price index monthly rate; November 25, 22:00, US September S&P/CS20 major cities unadjusted housing price index annual rate. [1]

Report Summary 1. Report Industry Investment Rating No information provided regarding the report industry investment rating. 2. Core View The report focuses on the Container Shipping Index (European Line). It presents short - term and medium - term outlooks, with the short - term being a subsidy water situation and the medium - term a volatile market. It also provides comprehensive data on the fundamentals of the index, including futures prices, freight rates, and vessel schedules [1]. 3. Summary by Relevant Catalogs 3.1 Fundamentals Tracking - **Futures Data**: For EC2512, the closing price was 1,790.0 with a 1.57% daily increase, trading volume of 6,881, and an open interest of 14,520 (a decrease of 1,922). For EC2602, the closing price was 1,605.0 with a 1.16% daily decrease, trading volume of 20,006, and an open interest of 38,043 (an increase of 759). For EC2604, the closing price was 1,157.7 with a 0.92% daily decrease, trading volume of 2,180, and an open interest of 15,618 (an increase of 197). The spread between EC2512 and EC2604 was 632.3, and between EC2602 and EC2604 was 447.3 [1]. - **Freight Rate Index**: The SCFIS for the European route was 1,504.80 points, with a 24.5% weekly increase; for the US - West route, it was 1,329.71 points, with a 4.9% weekly increase. The SCFI for the European route was $1,417/TEU, with a 7.1% bi - weekly increase; for the US - West route, it was $1,823/FEU, with a 17.6% bi - weekly decrease [1]. - **Spot Freight Rates**: Multiple carriers' spot freight rates from Shanghai to Rotterdam were provided. For example, Maersk's $/40'GP was 2030 and $/20'GP was 1215, with a 38 - day voyage starting on November 27, 2025 [1]. - **Exchange Rates**: The US dollar index was 99.29, and the US dollar against the offshore RMB was 7.10 [1]. 3.2 Macro News - Military - related news in the Middle East included the Israeli military chief stating the possibility of a full - scale offensive in the Gaza Strip, and the Israeli defense minister's plan for a US - led international force to disarm Hamas in the Gaza Strip [8][9]. - Israel hoped that US President Trump would link the sale of F - 35s to Saudi Arabia with normalizing relations with Israel [9]. - The Israeli government planned to set up an independent commission to review security failures during the Hamas attack on October 7, 2023 [9]. 3.3 Trend Intensity The trend intensity of the Container Shipping Index (European Line) was 1, indicating a relatively neutral stance within the [-2, 2] range [10].

Report Information - Report Type: Container Shipping Index Daily Report [1] - Date: November 5, 2025 [2] - Research Team: Macro Financial Team [4] - Researchers: He Zhuoqiao, Huang Wenxin, Nie Jiayi [3] Investment Rating - No investment rating is provided in the report. Core View - Although the actual demand may not support a large price increase, the shipping rates are likely to have bottomed out and are expected to recover. It is recommended to maintain a bullish position on the December contract [8]. Summary by Section 1. Market Review and Operation Suggestions - Market Expectations: With the arrival of the year - end peak season, market expectations have improved, and shipping companies have continued to raise their quotes for November and December. However, considering the current average demand and the decline of the SCFIS index, the price increase may not fully materialize [8]. - Regional Situation: The conflict in the Middle East remains unresolved, and the Red Sea is unlikely to resume normal shipping in the short term [8]. - Operation Suggestion: Continue to maintain a bullish position on the December contract and buy on dips [8]. 2. Industry News - Market Conditions: From October 27 to 31, the China Export Container Shipping Market showed positive trends. The overall transportation demand was stable, and the freight rates of most routes continued to rise, driving up the comprehensive index [9]. - European Route: In October, the euro - zone's composite PMI rose to 52.2, and the freight rates in the European route continued to increase. On October 31, the freight rate from Shanghai Port to European basic ports was $1344/TEU, up 7.9% from the previous period [9]. - Mediterranean Route: The market conditions were similar to those of the European route. The supply - demand fundamentals were stable, and the spot booking prices continued to rise. On October 31, the freight rate from Shanghai Port to Mediterranean basic ports was $1983/TEU, up 12.4% from the previous period [9]. 3. Data Overview 3.1 Container Shipping Spot Prices - SCFIS Index: On November 3, 2025, the SCFIS for the European route (basic ports) was 1208.71, down 7.9% from October 27; the SCFIS for the US West route (basic ports) was 1267.15, up 14.4% from October 27 [12]. 3.2 Container Shipping Index (European Route) Futures Market - Futures Data: The report provides trading data for various contracts on November 4, including EC2512, EC2602, etc., such as opening price, closing price, settlement price, and trading volume [6]. 3.3 Shipping - Related Data Charts - The report includes multiple charts showing data such as European container ship capacity, global container ship orders, Shanghai - Europe basic port freight rates, etc. [17][18][20]

Core Viewpoint - The article discusses three main factors driving the recent increase in shipping rates, including proactive price increases by shipping companies, geopolitical tensions boosting market sentiment, and strikes at key European ports disrupting supply chains [4]. Group 1: Price Increases by Shipping Companies - Major shipping companies such as Mediterranean Shipping Company, Maersk, CMA CGM, and Hapag-Lloyd have announced price increases for November, with rates for a 20-foot container rising to the range of $1,500 to $1,700 and for a 40-foot container to $2,500 to $2,700, reflecting an increase of nearly 30% compared to the end of October [8]. Group 2: Geopolitical Factors - China's response to the U.S. 301 investigation, which includes imposing special port fees on U.S. vessels, has significantly boosted market sentiment. The Chinese Ministry of Transport announced the implementation of these fees starting October 14, while also launching an investigation into the impact on the shipping and shipbuilding industries [10][11]. Group 3: Supply Chain Disruptions - Strikes at key European ports, specifically Rotterdam and Antwerp, have led to cargo delays and operational disruptions, resulting in capacity losses for shipping companies [13]. Group 4: Market Outlook - In the short term, current prices reflect some expectations of price increases, but further upward movement will require new catalysts, with a forecast of wide fluctuations. In the medium to long term, expectations of the Red Sea reopening may suppress the valuation of long-term contracts, maintaining a bearish outlook [5][15]. - The strategy suggests capturing structural opportunities in the market, particularly focusing on the spread between contracts 2512 and 2606 [5].