1. Report Industry Investment Rating - Not provided in the content 2. Core View of the Report - This week, the prices of the container shipping index (European line) futures varied. The main contract EC2602 closed down 5.4%, and the far - month contracts had declines ranging from 2 - 4%. The latest SCFIS European line settlement freight rate index was 1795.83, up 53.19 points from last week, a 3.1% increase. The spot freight rate quotations of leading shipping companies have loosened, and the geopolitical situation may improve, causing the freight rate to drop significantly. The actual implementation of the shipping companies' price increase announcements needs further attention. In addition, China's exports to the US are still under pressure, and the boost effect of the traditional peak season may be weaker than expected. It is recommended that investors be cautious and pay attention to operation rhythm and risk control, and track geopolitical, capacity and cargo volume data in a timely manner [6][35][36] 3. Summary According to the Directory 3.1 Market Review - The main contract price of the container shipping index (European line) futures decreased this week. The EC2602 contract's trading volume and open interest both declined [11][13] - The specific price changes of each contract are shown as follows: EC2602 had a weekly decline of 5.40%, a weekly drop of 98.70, and a closing price of 1729.80; EC2604 had a decline of 1.94%, a drop of 22.70, and a closing price of 1144.50; EC2606 had an increase of 4.04%, a rise of 55.40, and a closing price of 1425.80; EC2608 had an increase of 1.95%, a rise of 29.20, and a closing price of 1525.70; EC2610 had an increase of 3.99%, a rise of 42.30, and a closing price of 1102.20; EC2612 had an increase of 4.11%, a rise of 53.50, and a closing price of 1354.00. The SCFIS index had a weekly increase of 3.10, a rise of 53.19, and a closing price of 1795.83 [9] 3.2 News Review and Analysis - Ukraine's President Zelensky said during a visit to Cyprus that the negotiations with US and European partners have reached a new level, and the conflict with Russia is expected to end in the first half of 2026, which is a bearish factor [16] - A large number of US military planes flew to Europe recently, and the Iranian Foreign Ministry spokesman said that the Iranian armed forces are on high alert, a neutral - bullish factor [16] - China decided to ban the export of dual - use items to Japanese military users and for military purposes, a neutral - bearish factor [16] - The People's Bank of China deployed key tasks for 2026, which is a neutral factor [16] 3.3 Weekly Market Data - The basis and spread of the container shipping index (European line) futures contracts both contracted this week [23] - Global container shipping capacity continued to grow, and the European line capacity increased slightly. The BDI and BPI declined this week, and the freight rates fluctuated slightly [27] - The charter price of Panamax ships decreased this week, and the spread between the offshore and onshore RMB against the US dollar converged [30] 3.4 Market Outlook and Strategy - The prices of the container shipping index (European line) futures varied this week. The main contract EC2602 closed down 5.4%, and the far - month contracts had declines of 2 - 4%. The latest SCFIS European line settlement freight rate index rose 3.1% week - on - week. The spot freight rate quotations of leading shipping companies have loosened, the geopolitical situation may improve, the support for the futures price has weakened, and the freight rate has dropped significantly. The actual implementation of the shipping companies' price increase announcements needs further attention. China's exports to the US are still under pressure, and investors are advised to be cautious and track relevant data in a timely manner [6][35][36]

Report Summary 1. Report Industry Investment Rating No information provided. 2. Core View of the Report - For contract 02, it follows the spot market, and the peak may have occurred in week 4. The subsequent price - cut rhythm is hard to judge, and the risk - reward ratio is poor at the current level, so entry is not recommended [3]. - For contract 04, a short - selling strategy on rallies is suggested. Far - month contracts are greatly affected by geopolitical factors and can't have an independent market in the short term. Based on the long - term logic of expected resumption of shipping and the off - season, a short - selling strategy on rallies is also recommended for contract 10, although it has the lowest price and is most likely to be pushed up by funds when there are geopolitical reversal news [3]. 3. Summary by Relevant Catalogs Contract Information - **Contract Prices and Changes**: EC2602 closed at 1779.1, down 5.00%; EC2604 at 1182.0, down 3.42%; EC2606 at 1422.9, up 0.42%; EC2608 at 1533.0, down 0.01%; EC2610 at 1112.0, up 0.61% [2]. - **Trading Volume and Open Interest**: EC2602 had a trading volume of 43604 and open interest of 21811, a decrease of 3185; EC2604 had a volume of 22083 and open interest of 26339, an increase of 2409; etc. [2]. - **Month - to - Month Spreads**: For EC2502 - 2604, the spread was 597.1, a decrease of 51.8 day - on - day and 37.8 week - on - week; for EC2504 - 2606, it was - 240.9, a decrease of 47.7 day - on - day and 31.1 week - on - week [2]. Spot Market Information - **Spot Indexes**: The spot (European Line) index was 3387.69 on 2025/1/6, down 3.59% from the previous period; the SCFI was 1690 dollars/TEU on 2025/12/26, up 10.24% [2]. - **European Line Spot Quotes**: In week 2, MSK opened at 2500 dollars, with a freight rate center of 2860 dollars, equivalent to about 2000 points on the futures. MSK opened at 2600 dollars in week 3 and 2700 dollars in week 4. CMA planned to raise the price to 3800 dollars in the second half of January but reduced the rate from 3293 to 2893 dollars between January 10 - 15. MSK reduced the Shanghai - Bremen/Gdansk freight from 2700 to 2400 dollars in week 4. HMM and YML announced a rate of 2800 dollars in the second half of January, and MSC also quoted 2800 dollars [4]. Related News On 1/7, Hamas was reshaping its rule in the Gaza ruins, challenging Trump's peace plan. Despite being besieged, Hamas was trying to restore pre - war governance, and it was in the process of reorganizing its armed forces and selecting new political leaders [5].

Group 1: Investment Rating - No investment rating provided in the report Group 2: Core Views - The near - month futures market generally follows the spot price trend, with the market opening high and closing low today, while the far - month market remains volatile due to geopolitical conflicts. The subsequent index center is expected to gradually rise [6]. - The shipping demand from December to January is expected to gradually improve, and the supply of shipping capacity has changed slightly. The geopolitical situation may have an impact on fuel costs and the trade pattern, but currently, the impact on shipping routes is limited [7]. Group 3: Summary by Directory 1. Market Analysis and Strategy Recommendation Market Analysis - On January 7, 2026, EC2602 closed at 1,779.1 points, a - 5% decline from the previous day's closing price. On December 26, the SCFI European line quote was $1,690/TEU, a + 10.24% increase month - on - month. The latest SCFIS European line index released by the Shanghai Shipping Exchange on Monday was 1,795.83 points, a + 3% increase month - on - month, slightly lower than expected [6]. - In terms of spot freight rates, MSK has adjusted its prices. Other shipping companies have also set different price ranges for January. The shipping capacity from Shanghai to the five Nordic ports from January to March 2026 is 306,100/271,900/283,300 TEU per week on average, with slight changes at the beginning of the week. The FAL8 route of the OA Alliance will add an 8,500 - TEU ship at the end of January and an empty voyage in February [7]. Strategy Recommendation - Unilateral trading: Consider closing all long positions in EC2602 at high prices and pay attention to the rhythm of the freight rate reaching the peak [8]. - Arbitrage: Wait for opportunities to enter the market at low prices for the 6 - 10 positive spread arbitrage [9]. 2. Industry News - China is considering tightening the export license review of rare earths to Japan, which may have a significant impact on the Japanese economy [10]. - Trump announced that the interim authorities in Venezuela will transfer 30 - 50 million barrels of high - quality, sanctioned crude oil to the United States [10]. - Iran stated that it is ready to respond decisively to any aggression or hostile behavior [11].

1. Report Industry Investment Rating - No relevant content provided. 2. Core Viewpoints of the Report - MSK's week 4 price still rose by $100, and the spot price was stronger than expected (similar to the 08 contract). It is expected that the 02 contract will operate strongly [2]. - The 04 contract is expected to operate strongly in the near - term due to position transfer and basis convergence. It is still recommended to wait for opportunities to short the 04 contract on rallies [2]. - The far - month contracts are greatly affected by geopolitical factors and are difficult to have an independent market in the short - term. Under the long - term logic of resuming navigation and off - season, the main strategy for the 10 contract is to go short on rallies (as the 10 contract has the lowest price and is most likely to be pulled up by funds in case of geopolitical reversal news) [2]. 3. Summary by Related Catalogs Futures Contract Data - **Yesterday's Closing Price and Changes**: The closing prices of EC2602, FC2604, EC2606, FC2608, and EC2610 were 1872.7, 1223.8, 1417.0, 1533.2, and 1105.3 respectively, with changes of 0.95%, 2.15%, 2.02%, 2.06%, and 2.10% [2]. - **Open Interest Changes**: The open interest of EC2602 decreased by 1050 to 24996, while that of FC2604 increased by 1301 to 23930, EC2606 increased by 125 to 2326, and EC2610 increased by 129 to 6184 [2]. - **Month - to - Month Spread**: The spreads of EC2502 - 2604 and EC2504 - 2606 were 648.9 and - 193.2 respectively, with month - on - month changes of - 8.6 and - 2.2 [2]. Index Data - **Scale Index**: The scale index (European line) was 3387.69 on January 6, 2025 (updated weekly on Mondays), down 3.59% from the previous period [2]. - **SCH Index**: The SCH index (European line) was $1690/TEU on December 26, 2025 (updated weekly on Fridays), up 10.24% from the previous period [2]. European Line Spot Situation - **Week 2**: MSK's price remained flat at $2500, but the opening price at Hamburg Port was $2600 (+100). Some PA prices decreased, while OA prices increased. The central price was $2860, equivalent to about 2000 points on the futures market [2]. News - Some shipping companies issued price increase letters in mid - January. On January 1, MSC announced price increases for 20GP and 40GP containers on the European line to $2400 and $4000 respectively in the second half of January [2]. - MSK's opening price for week 3 was $2600, a $100 increase compared to the previous week. The opening price for week 4 was $2700, also a $100 increase from week 3 [2]. Geopolitical News - On January 1, the Israeli military chief of staff said they would continue to disarm Hamas. - On January 6, the Israeli Defense Forces started to strike Hezbollah and Hamas targets in Lebanon due to cease - fire violations. - On January 7, Iran warned that it might launch pre - emptive strikes if it perceived an imminent threat to its security [3].

Report Information - Report Title: Container Shipping Index Daily Report [1] - Date: January 7, 2026 [2] - Research Team: Macro Financial Research Team [4] - Researchers: He Zhuoqiao, Huang Wenxin, Nie Jiayi [3] Industry Investment Rating - Not provided Core Viewpoints - The SCFIS index rebounded 3.1% to 1795.83 points this week, with good price increases in late December. The freight rate in early January was around $2,880, and the cargo collection was in good condition. There is still an expectation of price increase in late January, and the February contract may have some upside potential. However, the expectation of Red Sea re - navigation after the Spring Festival may heat up, so pay attention to short - selling opportunities for the April contract in the off - season and the positive spread trading opportunity between 02 - 04 contracts [8] Summary by Directory 1. Market Review and Operation Suggestions - Spot market: The SCFIS index rose 3.1% to 1795.83 points this week. The price increase in late December was well - implemented. In early January, the freight rate remained around $2,880, and the cargo collection was good. The late - January quotes are in the range of $2,700 - $3,100, with an expected price increase. The February contract may rise, but pay attention to the April contract's short - selling opportunity in the off - season and the 02 - 04 positive spread trading opportunity [8] 2. Industry News - From December 22 to 26, 2025, the China export container shipping market was positive, with the comprehensive index rising 6.7% to 1656.32 points on December 26. - European routes: The European economy was weak in 2025, facing geopolitical and energy security risks. The freight rate from Shanghai Port to European basic ports rose 10.2% to $1,690/TEU on December 26. - Mediterranean routes: The market was in sync with European routes, and the freight rate from Shanghai Port to Mediterranean basic ports rose 10.9% to $3,143/TEU on December 26. - North American routes: The US employment market showed a small improvement. The freight rates from Shanghai Port to the US West and East basic ports rose 9.8% and 6.6% to $2,188/FEU and $3,033/FEU respectively on December 26. - Multiple shipping companies announced freight rate increases, including MSC, Maersk, Hapag - Lloyd, and CMA CGM. - Military operations in the Middle East continued, and there were uncertainties about Maersk's resumption of Red Sea - Suez Canal navigation [9][10] 3. Data Overview 3.1 Container Shipping Spot Prices - The SCFIS European route index rose 3.1% from 1742.64 points on December 29, 2025, to 1795.83 points on January 5, 2026. The SCFIS US West route index fell 3.9%, from 1301.41 points to 1250.12 points [12] 3.2 Container Shipping Index (European Line) Futures Market - The trading data of multiple container shipping European line futures contracts on January 6, including EC2602, EC2604, etc., were presented, showing information such as opening price, closing price, and trading volume [6] 3.3 Shipping - Related Data Charts - Multiple shipping - related data charts were provided, including the Shanghai Export Container Settlement Freight Rate Index, container ship运力 in Europe, and global container ship orders [13][18][20]

Report Summary 1. Report Industry Investment Rating No relevant content provided. 2. Report's Core View - SCFIS continues to rise, spot freight rates maintain an upward trend, and the market shows a strong and volatile pattern. Attention should be paid to the freight rate trend in February [2]. - The core factor 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 [4]. - After the holiday, the freight rates of liner companies have increased slightly, supporting the market to some extent, but there are differences in the subsequent increase. The overall market is strongly volatile. Attention should be paid to tariff policies, the Middle - East situation, and spot freight rates [4]. 3. Summary by Related Content Freight Rate Index - On January 5, the Shanghai Export Container Settlement Freight Index (SCFIS) for the European route was 1795.83 points, up 3.1% from the previous period; for the US - West route, it was 1250.12 points, down 3.9% from the previous period [3]. - On January 2, the Ningbo Export Container Freight Index (NCFI) (composite index) was 1296.7 points, up 10.40% from the previous period; the NCFI for the European route was 1258.31 points, up 9.96% from the previous period; for the US - West route, it was 1743.56 points, up 38.94% from the previous period [3]. - On December 26, the Shanghai Export Container Freight Index (SCFI) (composite index) was 1656.32 points, up 103.4 points from the previous period; the SCFI for the European route was 1690 USD/TEU, up 10.24% from the previous period; for the US - West route, it was 2188 USD/FEU, up 9.84% from the previous period [3]. - On December 26, the China Export Container Freight Index (CCFI) (composite index) was 1124.73 points, up 0.6% from the previous period; for the European route, it was 1473.90 points, up 0.2% from the previous period; for the US - West route, it was 792.06 points, down 0.9% from the previous period [3]. Economic Data - The eurozone's December composite PMI preliminary value was 51.9, expected to be 52.6, and the previous value was 52.8. The service - sector PMI preliminary value was 52.6, lower than the market expectation of 53.3 [3]. - The eurozone's December Sentix investor confidence index was - 6.2, expected to be - 7, and the previous value was - 7.4 [3]. - 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 [4]. - The US December S&P Global service - sector PMI preliminary value was 52.9, a six - month low, expected to be 54, and the previous value was 54.1. The US December S&P Global composite PMI preliminary value was 53, expected to be 53.9, and the previous value was 54.2 [4]. Market Situation - The US attack on Venezuela has made the international situation tense again, but the expected impact is limited. The US route is facing heavy snow at the end of the year, and the European route is affected by seasonal congestion, both showing different degrees of increase. However, major shipping companies have signaled resuming routes in the Red Sea. The premium space caused by weather and congestion is limited [4]. - On January 5, the main contract 2602 closed at 1855.5, up 1.48%. The trading volume was 22,900 lots, and the open interest was 26,000 lots, an increase of 1916 lots from the previous day [4]. Strategy Suggestions - Short - term strategy: The main contract has reached a new high. It is recommended to take full profits and wait and see. Do not recommend additional positions [5]. - Arbitrage strategy: Under the background 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 light position [5]. - Long - term strategy: It is recommended to take profits when the contracts reach high levels, wait for the correction to stabilize, and then judge the subsequent direction [5]. Contract Adjustments - The daily price limit for contracts 2508 - 2606 is adjusted to 18%. - The company's margin for contracts 2508 - 2606 is adjusted to 28%. - The intraday opening limit for all contracts 2508 - 2606 is 100 lots [5].

Report Summary 1. Report Industry Investment Rating No investment rating information is provided in the report. 2. Core Viewpoints of the Report - The trading logic of the futures market has changed little. For the 02 contract, its price mainly depends on the spot market and enters the delivery logic, making it difficult to predict the future price decline rhythm. It is not recommended to enter the market at the current price level [3]. - The valuation of the 04 contract is moderately high, but there is short - term upward risk. The strategy is to go short on rallies [3]. - The far - month contracts are greatly affected by geopolitical factors. Based on the long - term logic of resuming navigation and the off - season, the 10 contract should be shorted on rallies [3]. 3. Summary by Relevant Data Futures Contract Data - **EC Contracts**: The closing prices of EC2602, EC2604, EC2606, EC2608, and EC2610 are 1855.5, 1198.0, 1389.0, 1502.3, and 1082.6 respectively, with daily increases of 3.01%, 2.74%, 1.54%, 0.15%, and 2.13% [2]. - **Month - to - Month Spreads**: The spreads of EC2502 - 2604 and EC2504 - 2606 are 657.5 and - 191.0 respectively, with day - on - day changes of 22.2 and 10.9, and week - on - week changes of - 12.2 and - 29.6 [2]. Spot Index Data - **SCHIS (European Line)**: On January 6, 2025, it was 3387.69 points, a decrease of 3.59% from the previous period [2]. - **SCFI (European Line)**: On December 26, 2025, it was 1690 dollars/TEU, an increase of 10.24% from the previous period [2]. European Line Spot Situation - **Week 2**: MSK's price remained flat at 2500 dollars, but the opening price at Hamburg Port was 2600 dollars (+100). Some PA routes saw price cuts, while OA routes had price increases. The central price was 2860 dollars, equivalent to about 2000 points on the futures market [4]. - **Price Increase Notices**: Some shipping companies issued price increase notices for the second half of January. For example, on January 1, MSC announced price increases for 20GP and 40GP containers on the European line to 2400/4000 dollars respectively [4]. - **MSK's Week 3 Opening Price**: It was 2600 dollars, and the price at Hamburg was 2700 dollars (+100) [4]. Geopolitical News - On December 31, 2025, the Israeli military chief of staff stated that the Israeli army would continue to disarm Hamas [4]. - On January 5, 2026, the Israeli army warned residents in southern Lebanon to evacuate as it planned to attack Hamas and Hezbollah military facilities [4].

Report Summary 1. Report Industry Investment Rating No relevant content provided. 2. Core Viewpoints - The US raid on Venezuela has led to renewed international tensions, but the expected impact is limited. The US line is facing the biggest blizzard in recent years at the end of the year, and the European line is affected by seasonal route congestion, both showing varying degrees of increase. However, major shipping companies have shown signs of resuming voyages in the Red Sea. The premium space caused by weather and congestion is considered limited. The core issue is the direction of spot freight rates, and the main contract has shown a seasonal rebound. It is recommended to participate with a light position or wait and see [4]. - The main contract has shown a seasonal rebound, but the premium space caused by weather and congestion is limited. The core is the direction of spot freight rates. 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 rate conditions in the future [4]. 3. Summary by Related Content Market Data - On December 29, the Shanghai Export Container Settlement Freight Index (SCFIS) for the European route was 1742.64 points, a 9.7% increase from the previous period; the SCFIS for the US - West route was 1301.41 points, a 35.3% increase from the previous period. The Shanghai Export Container Freight Index (SCFI) announced price was 1656.32 points, a 103.4 - point increase from the previous period; the SCFI European line price was 1690 USD/TEU, a 10.24% increase from the previous period; the SCFI US - West route was 2188 USD/FEU, a 9.84% increase from the previous period [3]. - On January 2, the Ningbo Export Container Freight Index (NCFI) (composite index) was 1296.7 points, a 10.40% increase from the previous period; the NCFI (European route) was 1258.31 points, a 9.96% increase from the previous period; the NCFI (US - West route) was 1743.56 points, a 38.94% increase from the previous period. The China Export Container Freight Index (CCFI) (composite index) was 1124.73 points, a 0.6% increase from the previous period; the CCFI (European route) was 1473.90 points, a 0.2% increase from the previous period; the CCFI (US - West route) was 792.06 points, a 0.9% decrease from the previous period [3]. - On December 31, the main contract 2602 closed at 1801.3, with a 0.52% increase, a trading volume of 21,500 lots, and an open interest of 24,100 lots, a decrease of 3725 lots from the previous day [4]. Economic Indicators - In November, China's Manufacturing Purchasing Managers' Index (PMI) was 49.2%, a 0.2 - percentage - point increase from the previous month, with improved business levels. In October, the Composite PMI Output Index was 49.7, a 0.3 - percentage - point decrease from the previous month, falling below the boom - bust line for the first time since 2023 [4]. - The eurozone's December composite PMI preliminary value was 51.9, lower than the expected 52.6 and the previous value of 52.8. The services PMI preliminary value was 56.6, lower than the market - expected 53.3, indicating a weakening growth momentum in the service industry. The eurozone's December Sentix Investor Confidence Index was - 6.2, better than the expected - 7 and the previous value of - 7.4 [3]. - The US December S&P Global Services PMI preliminary value was 52.9, a six - month low, with an expected value of 54 and a previous value of 54.1. The US December S&P Global Composite PMI value was 53, with an expected value of 53.9 and a previous value of 54.2 [4]. Strategy Recommendations - Short - term strategy: The main contract has reached a new high. It is recommended to take full profits and wait and see in the short term. Do not recommend additional positions [5]. - Arbitrage strategy: Under the background 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 light 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 before judging the subsequent direction [5]. Policy Adjustments - The daily limit for contracts 2508 - 2606 is adjusted to 18%. - The company's margin for contracts 2508 - 2606 is adjusted to 28%. - The daily opening limit for all contracts 2508 - 2606 is 100 lots [5].

Report Summary 1. Report Industry Investment Rating No information provided on the industry investment rating. 2. Core Viewpoints - For the EC2602 contract, as it enters the delivery logic and the subsequent price - decline rhythm is hard to predict, it is not recommended to enter the market at the current level [3]. - The EC2604 contract has a moderately high valuation, but there is a short - term upward risk. The strategy is mainly to go short at high levels [3]. - The far - month contracts are greatly affected by geopolitical factors. Under the long - term logic of resumption of navigation and off - season, the strategy for the EC2610 contract is mainly to go short when the price rises [3]. 3. Summary by Related Content Market Data - **Contract Prices and Changes**: The EC2602 contract closed at 1801.3 with a 0.35% increase; EC2604 at 1166.0 with a 0.50% increase; EC2606 at 1367.9 with a - 0.11% decrease; EC2608 at 1500.0 with a - 0.01% decrease; EC2610 at 1060.0 with a 0.38% increase [2]. - **Volume and Open Interest**: The trading volume of EC2602 was 21505, and the open interest was 24130 with a decrease of 3725; for EC2604, the trading volume was 4507, and the open interest was 20919 with a decrease of 322; for EC2606, the trading volume was 414, and the open interest was 2152 with a decrease of 78; for EC2608, the trading volume was 65, and the open interest was 1195 with a decrease of 1; for EC2610, the trading volume was 319, and the open interest was 6024 with a decrease of 60 [2]. - **Month - to - Month Spreads**: The spread of EC2502 - 2604 was 635.3, with a daily increase of 0.4 and a weekly increase of 0.1; the spread of EC2504 - 2606 was - 201.9, with a daily increase of 7.9 and a weekly decrease of 46.4 [2]. - **Spot Indicators**: The SCEIS (for the European line) was 1742.64 on December 29, 2025, with a 9.66% increase from the previous period and a 5.21% increase from the period before the previous one; the SCH (for the European line) was 1690 dollars/TEU on December 26, 2025, with a 10.24% increase from the previous period and a - 0.3% decrease from the period before the previous one [2]. Spot Situation in the European Line - **Week 2**: MSK's price was flat at 2500 dollars, but the price at Hamburg Port was 2600 dollars (+100). PA had some price drops, and OA had price increases. The central price was 2860 dollars, equivalent to about 2000 points on the disk [4]. - **Price Increase Notices**: Some shipping companies issued price - increase notices for January. MSC announced price increases for 20GP and 40GP containers on the European line to 2400/4000 dollars respectively in the second half of January [4]. - **Week 3**: MSK's opening price was 2600 dollars, and the price at Hamburg was 2700 dollars (+100) [4]. News - **Military Actions**: On January 1, 2026, the Israeli military chief of staff stated that the Israeli army would continue to disarm Hamas. On January 4, Saudi Arabia carried out an air strike on Yemen's eastern province of Mahra [5]. Graphs - The report includes graphs such as the EC main - contract price trend, EC forward curve, price ratio between different contracts (02/04, 04/06), shipping - company quotation structure (converted to the disk), European - line spot freight - rate index, and freight - rate indices of other routes (TCI of various regions) [6][7][11]

Report Summary 1. Investment Rating - No investment rating for the industry is provided in the report. 2. Core Viewpoints - The pre - holiday sentiment is cautious, with the market fluctuating. After suggesting taking profits, short - term investors are advised to wait and see. The tariff issue has a marginal effect, and the current focus is on 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. Attention should be paid to tariff policies, the Middle East situation, and spot freight rates [1][5][6]. 3. Summary by Related Content a. Freight Index - On December 29, the Shanghai Export Container Settlement Freight Index (SCFIS) for the European route was 1742.64 points, up 9.7% from the previous period; for the US - West route, it was 1301.41 points, up 35.3% from the previous period [2]. - On December 26, the Shanghai Export Container Freight Index (SCFI) was 1656.32 points, up 103.4 points from the previous period. The SCFI price for the European route was 1690 USD/TEU, up 10.24% from the previous period; for the US - West route, it was 2188 USD/FEU, up 9.84% from the previous period [3]. - On December 26, the Ningbo Export Container Freight Index (NCFI) composite index was 1094.77 points, up 7.24% from the previous period. The NCFI for the European route was 1144.37 points, up 7.22% from the previous period; for the US - West route, it was 1254.91 points, up 2.16% from the previous period. The China Export Container Freight Index (CCFI) composite index was 1124.73 points, up 0.6% from the previous period. The CCFI for the European route was 1473.90 points, up 0.2% from the previous period; for the US - West route, it was 792.06 points, down 0.9% from the previous period [4]. b. Economic Data - The eurozone's November composite PMI preliminary value was 52.4, slightly lower than October's 52.5, remaining above the boom - bust line of 50. The service sector PMI preliminary value was 53.1, higher than the previous value and the expected value, achieving the best monthly performance in a year and a half. The eurozone's December Sentix investor confidence index was - 6.2, better than the expected - 7 and the previous - 7.4 [5]. - 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, falling below the boom - bust line for the first time since 2023 [5]. - The US November S&P Global services PMI preliminary value was 55, higher than the expected 54.6 and the previous 54.8. The US November S&P Global composite PMI preliminary value was 54.8, rising for the second consecutive month, with an expected 54.6 and a previous 54.6 [5]. c. Futures Market - On December 30, the main contract 2602 closed at 1795.1, down 2.08%. The trading volume was 24,800 lots, and the open interest was 27,900 lots, a decrease of 2582 lots from the previous day. Due to strong pre - holiday caution and some long - position funds leaving the market, the main contract fluctuated downward [6]. d. Investment Strategies - Short - term strategy: After the main contract reached a new high, it was recommended to take full profits. Short - term investors are advised to wait and see and not to add more positions [7]. - Arbitrage strategy: In the context 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 [7]. - Long - term strategy: It was recommended to take profits when each contract reached a high and wait for the price to stabilize after a pullback before making further judgments [7]. e. Contract Adjustments - The daily price 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 [7]. f. Geopolitical Event - On December 28 (local time), the Israeli Defense Forces confirmed that last week, its delegation signed the 2026 tri - military cooperation work plan with the military representatives of Greece and Cyprus in Cyprus, as well as bilateral military cooperation plans between Israel and Greece and between Israel and Cyprus [8].